Wrap Text
Audited group results and dividend declaration for the year ended 30 June 2012
SASFIN HOLDINGS LIMITED
Incorporated in the Republic of South Africa
(Company registration number 1987/002097/06)
(“Sasfin” or “the Group” or “the Company”)
(Ordinary share code: SFN | ISIN: ZAE000006565)
(Preference share code: SFNP | ISIN: ZAE000060273)
Audited group results and dividend declaration for the year ended 30
June 2012
– Profit before tax up 30% to R174 million(2011: R134 million)
– Profit for the year up 17% to R133 million (2011: R114 million)
– Headline earnings up 16% to R111 million(2011: R96 million)
– Headline earnings per ordinary share up 16% to 344 cents (2011: 297
cents)
– Dividends per ordinary share up 16% to 137 cents (2011: 118 cents)
– Total assets up 25% to R5,5 billion (2011: R4,4 billion)
– Total equity up 6% to R1,2 billion (2011: R1,1 billion)
– Gross loans and advances up 21% to R2,9 billion (2011: R2,4 billion)
– Funding base up 36% to R3,8 billion (2011: R2,8 billion)
– Funds under advisement and management up 22% to R55 billion (2011: R45
billion)
– Return on ordinary shareholders’ average equity up 1bps to 12% (2011:
11%)
– Group capital adequacy ratio down 2bps to 30%(2011: 32%)
Financial highlights
% 30 June 30 June
change 2012 2011
Consolidated statement of financial
position
Total assets (Rm’s) 25 5 472 4 373
Total gross loans and advances (Rm’s) 21 2 931 2 429
Non-performing loans and advances 189 189
(Rm’s)
Income statement
Earnings attributable to ordinary
shareholders (Rm’s) 16 114 98
Headline earnings (Rm’s) 16 111 96
Financial performance
Return on ordinary shareholders’
average equity (bps) 1 12 11
Return on total average assets (bps) 2 2
Operating performance
Non-interest income to total income
(bps) 5 69 64
Efficiency ratio (bps) 1 70 69
Credit loss ratio (bps) (1) 0,6 1,7
Non-performing advances to total gross
loans and advances (bps) (2) 6 8
Share statistics
Earnings per ordinary share (cents) 17 355 304
Headline earnings per ordinary share
(cents) 16 344 297
Diluted earnings per ordinary share
(cents) 17 355 304
Diluted headline earnings per ordinary
share (cents) 16 344 297
Number of ordinary shares in issue at
end of the year (’000) 32 237 32 237
Weighted average number of ordinary
shares in issue (’000) 32 237 32 224
Diluted weighted average ordinary
shares in issue (’000) 32 237 32 229
Dividends per ordinary share relating
to profit for the year (cents) 16 137 118
Preference share dividend number 16
(cents) 351,55 –
Preference share dividend number 15
(cents) 340,27 –
Preference share dividend number 14
(cents) – 334,73
Preference share dividend number 13
(cents) – 362,05
Net asset value per ordinary share
(cents) 8 2 986 2 771
Capital adequacy (unaudited)
Group capital to risk weighted assets
(bps) (2) 30 32
Sasfin Bank Limited and its
subsidiaries capital to risk weighted
assets (bps) (10) 26 36
Employees
Permanent staff complement 14 664 583
Consolidated statement of financial position
% 30 30
change June June
All figures in R’000 2012 2011
Assets
Cash and cash balances 84 1 477 648 805 233
Short-term negotiable securities 69 056 72 405
Loans and advances to customers 21 2 834 420 2 332 986
Other receivables 449 382 370 925
Non-current assets held for sale 50 614 –
Investment securities 342 145 405 176
Investments in associated companies 89 898 77 932
Property, plant and equipment (67) 57 392 175 379
Investment property – 51 038
Taxation 8 480 4 534
Intangible assets and goodwill 85 506 69 244
Deferred tax asset 7 952 8 412
Total assets 25 5 472 493 4 373 264
Liabilities
Interbank funding 137 717 60 453
Deposits from customers 47 1 787 300 1 215 446
Debt securities issued 1 297 986 1 297 614
Long-term loans >100 538 576 242 897
Other payables 455 357 374 922
Taxation 5 037 9 246
Deferred tax liability 70 305 63 815
Total liabilities 32 4 292 278 3 264 393
Equity
Ordinary share capital and share
premium 162 732 162 732
Reserves 799 964 730 425
Preference share capital and share
premium 199 278 199 278
Total equity attributable to equity
holders of the Group 1 161 974 1 092 435
Non-controlling interest 18 241 16 436
Total equity 1 180 215 1 108 871
Total liabilities and equity 25 5 472 493 4 373 264
Commitments and contingent liabilities 287 273 67 711
Consolidated income statement
% 30 June 30 June
All figures in R’000 change 2012 2011*
Interest income 434 000 359 256
Interest expense 231 914 168 676
Net interest income 6 202 086 190 580
Non-interest income 448 230 345 431
Total income 21 650 316 536 011
Impairment charges on loans and
advances (56) 16 594 37 712
Net income after impairments 633 722 498 299
Operating costs 26 474 659 376 490
Staff costs 245 774 199 259
Other operating expenses 228 885 177 231
Profit from operations 159 063 121 809
Share of associated companies’ income 15 452 12 205
Profit before income tax 30 174 515 134 014
Income tax expense 41 561 20 161
Profit for the year 17 132 954 113 853
Profit attributable to:
Non-controlling interest 5 741 1 693
Preference shareholders 12 859 14 147
Equity holders of the Group 17 114 354 98 013
Profit for the year 17 132 954 113 853
Earnings per ordinary share (cents) 355 304
Diluted earnings per ordinary share
(cents) 355 304
Consolidated statement of comprehensive income
% 30 June 30 June
All figures in R’000 change 2012 2011
Profit for the year 17 132 954 113 853
Other comprehensive loss for the year,
net of income tax 4 162 (10 396)
Foreign currency translation reserve 25 875 (25 163)
Net gains on re-measurement of
available-for-sale financial assets – 335
Net gain on hedge of net investment in
foreign operations (21 713) 14 432
Total comprehensive income for the
year 33 137 116 103 457
Attributable to:
Non-controlling interest 5 741 1 804
Preference shareholders 12 859 14 147
Equity holders of the Group 118 516 87 506
Total comprehensive income for the
year 33 137 116 103 457
Summarised consolidated statement of cash flows
30 June 30 June
All figures in R’000 2012 2011*
Cash flows from operating activities 99 457 61 320
Movement in operating assets and liabilities 358 742 233 233
Change in loans and advances (518 028) (468 198)
Change in funding 297 856 433 628
Change in other receivables (75 428) (71 728)
Change in deposits 571 854 303 887
Change in other payables 82 488 35 644
Net cash flows from operating activities 458 199 294 553
Net cash flows from investing activities 129 124 (30 628)
Net cash flows from financing activities – 1 391
Net increase in cash and cash equivalents 587 323 265 316
Cash and cash equivalents at beginning of the
year 817 185 539 353
Effect of exchange rate fluctuations on cash held 4 479 12 516
Cash and cash equivalents at end of the year 1 408 987 817 185
Cash and cash balances 1 477 648 805 233
Short-term negotiable securities 69 056 72 405
Interbank funding (137 717) (60 453)
Cash and cash equivalents at end of the year 1 408 987 817 185
Summarised headline earnings reconciliation
% 30 June 30 June
All figures in R’000 change 2012 2011
Earnings are determined as follows:
Earnings attributable to equity
holders of the Group 17 114 354 98 013
Headline adjustable items (3 413) (2 402)
(Profit)/loss on sale of property and
equipment (76) 11
Gross (106) 15
Tax impact 30 (4)
Profit on disposal of land and
buildings (7 370) –
Gross (10 501) –
Tax impact 3 131 –
Impairment of goodwill 3 728 –
Write down of non-current assets held
for sale 305 –
Gross 424 –
Tax impact (119) –
Revaluation of investment property – (2 413)
Headline earnings 16 110 941 95 611
Headline earnings per ordinary share
(cents) 16 344 297
Summarised segmental analysis
30 June 30 June
All figures in R’000 2012 2011*
Segment result
Business Banking 90 561 87 904
Capital 60 3 942
Treasury 5 856 5 919
Wealth Management 31 518 20 887
Commercial Solutions 19 246 6 941
Group and Inter-segment eliminations (14 287) (11 740)
Profit for the year 132 954 113 853
Segment revenue
Business Banking 475 264 442 293
Capital 62 153 73 453
Treasury 160 465 131 694
Wealth Management 137 007 113 008
Commercial Solutions 138 069 67 479
Group and Inter-segment eliminations (75 276) (111 035)
Total segment revenue 897 682 716 892
Segment assets
Business Banking 3 122 870 2 744 334
Capital 418 578 550 840
Treasury 2 280 610 1 605 975
Wealth Management 309 796 248 346
Commercial Solutions 220 122 117 958
Group and Inter-segment eliminations (879 483) (894 189)
Total segment assets 5 472 493 4 373 264
Segment liabilities
Business Banking 2 844 863 2 447 481
Capital 369 906 505 098
Treasury 2 272 593 1 602 800
Wealth Management 216 033 169 242
Commercial Solutions 113 884 51 215
Group and Inter-segment eliminations (1 525 001) (1 511 443)
Total segment liabilities 4 292 278 3 264 393
* Limited reclassifications were made to improve disclosure.
Summarised consolidated statement of changes in equity
30 June 30 June
All figures in R’000 2012 2011
Opening total shareholders’ equity 1 108 871 1 063 900
Total comprehensive income for the year 137 116 103 457
Profit for the year 132 954 113 853
Other comprehensive income for the year
Foreign currency translation reserve 25 875 (25 163)
Hedging reserve (21 713) 14 432
Available-for-sale reserve – 335
Transactions with owners recorded directly in
equity
Movement in non-controlling interest (3 936) (1 579)
Issue of ordinary shares – 1 391
Changes in ownership interests in subsidiaries (10 498) –
Share-based payment reserve movements (363) (221)
Preference share dividend (12 859) (14 147)
Ordinary share dividend (38 116) (43 930)
Closing balance 1 180 215 1 108 871
Acquisition of subsidiary
During the period under review, Sasfin acquired a controlling equity
stake in IQuad Group Limited (“IQuad”), a diversified group of
specialist financial and business services companies listed on the AltX
of the JSE.
Sasfin is seeking to add complementary services for its clients through
the acquisition of businesses complementary to Sasfin’s non-banking
activities. Significant cross-selling opportunities exist within the
broader Sasfin Group in terms of both potential corporate and private
clients. IQuad has a solid track record in performance and has proven
systems and procedures in place to take advantage of Sasfin’s networks
to grow the existing businesses of both Sasfin and IQuad.
Acquisition of shares in IQuad:
Purchase
Cost Consi-
Number % per share deration
Date of shares acquired cents R’000
Friday, 9 September 2011 12 042 344 42,9 2,57 30 949
Wednesday, 16 November 2011 2 290 000 8,2 2,57 5 885
Effective control gained 14 332 344 51,1 2,57 36 834
Friday, 2 December 2011 4 880 472 17,3 2,57 12 543
Total investment 19 212 816 68,4 2,57 49 377
Sasfin Group executive directors have been appointed to the board of
IQuad with Tyrone Soondarjee assuming the role of non-executive
chairman. From the date of control, the results of IQuad have been
consolidated and are reflected under the Commercial Solutions segment.
The following summarises the major classes of assets acquired and
liabilities assumed at the acquisition date:
Fair value of identifiable assets and liabilities at the
date of control R’000
Cash and cash equivalents 9 163
Trade and other receivables 37 849
Property, plant and equipment 28 879
Intangible assets 4 881
Trade and other payables (36 677)
Fair value of net assets acquired 44 092
Goodwill on acquisition of control
In terms of the fair value of the net assets acquired, goodwill of R14,3
million arose on acquisition. The goodwill is mainly attributable to the
intellectual property of IQuad and the synergies expected from the
existing customer base of IQuad through increased cross selling.
Goodwill will be assessed annually for impairment in accordance with
Sasfin’s accounting policy. Based on the Group’s assessment at the
reporting date, goodwill is not impaired. Goodwill is a
non-deductable tax item.
R’000
Fair value of net assets acquired 44 092
Total consideration transferred 36 834
Sasfin’s 51,1% share of net assets acquired (22 531)
Goodwill on acquisition 14 303
Non-controlling interest
Non-controlling interests, based on their proportionate
interest (48,9%) in the fair value of
recognised assets and liabilities 21 561
Further acquisition of 17,3% by Sasfin (8 238)
Non-controlling interest 13 323
Acquisition-related costs
The Group incurred acquisition-related costs of R1,2 million related to
external fees and due diligence costs. These costs have been recognised
in administrative expenses in the Group’s consolidated statement of
comprehensive income.
In the eight months to 30 June 2012, IQuad contributed revenue of R62
million and profit of R9 million. If the acquisition had occurred on 1
July 2011, management estimates that revenue would have been R87 million
and consolidated profit for the year would have been R13 million. In
determining these amounts, management has assumed that the fair value
adjustments, determined provisionally, that arose on the date of
acquisition would have been the same if the acquisition had occurred on
1 July 2011.
Commentary
Nature of business
Sasfin is a bank-controlling company listed in the “Financials:
Investment Services” sector of the JSE Limited (“the JSE”). Sasfin’s
subsidiaries provide a wide range of complementary banking, financial
and related services.
Business review: Group performance
Business environment
– The South African economy remained soft during the year under review,
with signs of recovery, albeit at a relatively slow place. The continued
uncertainty and volatility stemming from the global economy, in
particular the Eurozone, deepened, where fears of sovereign credit
default and recessionary concerns persisted. These factors materially
affected the domestic markets and heightened growth concerns needed to
stimulate the economy. Unemployment levels remained stubbornly high,
with increased levels of consumer debt driven largely by unsecured
lending.
– Despite the damaging events to the global banking industry of late,
the local banking sector remained stable showing signs of recovery and a
return of credit appetite in certain areas. The on-going changing
regulatory environment has impacted growth opportunities and
significantly increased costs of compliance.
Group overview
– Sasfin continued on its growth trajectory in its core business
activities and delivered a positive set of results with profit for the
year of R133 million, a 17% increase on 2011. Profit before tax
reflected a strong increase of 30% year on year, following strong
revenue flows and a significantly lower impairment charge when compared
to last year. However, a higher effective tax rate of 24% (2011: 15%) in
the current year resulted in profits after tax of
R133 million. The higher tax arose primarily through a combination of a
change in capital gains tax rate, a shift in profits to higher tax rates
and capital gains tax on profit on disposal of fixed property.
– After accounting for non-controlling interest and preference share
dividends, earnings attributable to equity holders amounted to R114
million, which is a 17% increase when compared to the same period in
2011. Headline earnings of R111 million, after adjusting for certain
non-headline earnings items, is a 16% increase on 2011, with headline
earnings per share of 344 cents also showing a similar increase.
– Once again, total assets grew in excess of 25% to R5,5 billion year on
year, underpinned by further solid growth in the Business Banking
division, where gross loans and advances reached R2,9 billion, a 21%
increase over the corresponding period. The Group strengthened its
balance sheet by expanding and lengthening its funding base and
liquefying some of its long-term fixed assets. This has resulted in
significant surplus cash in excess of
R1,5 billion at June 2012.
– In line with its strategy to broaden its non-banking activities and
increase its revenue generation capacity, the Group acquired a 68,4%
majority stake in Commercial Solutions listed company, IQuad Group
Limited (“IQuad”) in November 2011. The primary driver for this
acquisition was to expand the Group’s service and product offering and
leverage off IQuad’s client base.
– Total income grew by 21%, largely driven by the Group’s increasing
top-line growth objectives and expansion of the non-interest revenue
base. Whilst interest income grew by 21%, the increased costs of
funding, particularly in the form of new long-term funding weighed
heavily on net interest income, resulting in a 6% growth in net interest
income over the corresponding period.
– Group costs reflect a 26% increase over 2011, largely due to the IQuad
cost base which has been consolidated into the Group from November 2011.
Excluding this cost base, cost growth of 14% year on year was recorded
to support the growth initiatives of the Group through investment in
technology, employees and infrastructure. The Group’s cost-to-income
remains high at 70% however, with the increased focus on top-line
revenue generation, this ratio should show a downward trend going
forward.
Segmental overview
– The Business Banking division produced another good performance, with
profit for the year of R90 million (2011: R88 million), which represents
68% of the Group’s profitability. The key drivers were strong growth in
loans and advances, margin retentions and lower impairment charges. The
credit loss ratio decreased to 0,23% during the year from 0,6% in 2011,
highlighting the inherent asset quality in Sasfin’s lending book and
sound credit processes. Non-performing loans remained flat
notwithstanding the growth in the book, and at a Group level, the credit
loss ratio decreased to 0,6% from 1,7% in 2011.
– The Wealth Management division achieved profit growth from R21 million
to R31 million, an improvement of 51% year on year. The Stockbroking
unit experienced an increase in local and global managed portfolios
resulting in improved annuity income. The Asset Management unit
developed a fully-fledged offering with an effective distribution
channel. The Wealth Management division is well positioned and is a key
profit driver for the Group going forward. Funds under advisement and
management now amounts to R55 billion, an increase of 22% from 2011.
– The Risk and Logistics division, which has been re-branded as
Commercial Solutions, is gaining momentum following the acquisition of
IQuad and showed a meaningful contribution to Group profits of R19
million(2011: R7 million). The increased profits are largely
attributable to the performance of IQuad and this augurs well in
creating an effective start-to-finish solution for clients in this
segment.
– The reshaped Capital division, whilst returning to profitability
following the change in the business model in the Private Equity and
Property Private Equity units, delivered a disappointing set of results
due to some legacy issues in its investment portfolio, which dragged
down the division’s profits. As stated previously, the Group is in the
process of exiting and realising certain investments and good progress
has been made in this regard. In addition, the Group has concluded a
strategic relationship with Annuity Properties Limited, a listed
property fund, and disposed of its owner-occupied Head Office building
to this fund, and simultaneously acquired a 25% stake in its asset
management company. Accordingly, the Group will redirect its property
deal flow to this fund. The Corporate Finance unit, which is
incorporated under the Capital division, remains profitable, with some
significant mandates in hand.
Statement of financial position, capital and liquidity
– The Group’s deposit and funding continued to grow, with an improved
deposit mix and maturity profile. Deposits grew by 47% to R1,8 billion
from R1,2 billion in 2011.
As previously announced, Sasfin Bank Limited (“the Bank”) successfully
concluded a seven-year €35 million term loan from three European
Development Finance Institutions in December 2011 and secured an
additional US$10 million seven year loan from the International Finance
Corporation of Washington and Canadian Climate Change Programme for
energy efficiency and renewable energy financing.
– This funding strengthens and diversifies the funding base and enhances
the ability of the Bank to meet the stringent Basel III liquidity
requirements of liquidity coverage ratio (“LCR”) and the net stable
funding ratio (“NSFR”) as it approaches implementation date in 2015. The
Group’s liquidity position remains very healthy with adequate liquidity
buffers held for stress situations that may arise.
– Based on the current Basel III regulations, Sasfin is pleased to
report that the Group fully complies with the LCR and the NSFR
requirements.
– Sasfin’s securitisation vehicle, a leader in its market, continues to
perform well and has re-financed R317 million of maturing notes at
favourable terms in the 2012 financial year which was oversubscribed
three times.
– The Group remains well capitalised with a primary tier I equity ratio
of 26% (2011: 27%), and a total capital adequacy ratio of 30% (2011:
32%), well above the South African Reserve Bank’s minimum requirements
and the Group’s internal targets. This bodes well for the Group to meet
the new Basel III capital regime, and on a pro-forma basis, the Group
has a very solid Common Equity Tier I ratio of 27%, which is the main
measure of capital strength in terms of Basel III.
Strategic update
The Group continues to focus on its refined growth strategy in response
to the changing banking and regulatory landscape with a view to
broadening its franchise value. In this regard, the Group has
implemented and embarked on the following initiatives:
Optimise synergies across the Group’s broad range of products and
services through cross selling in line with a client centric approach;
– Strongly market its unique “start-to-finish” solutions, in which
multiple services and products are incorporated to its diverse client
base in a seamless manner; and
– Expand its funding sources with a more balanced maturity profile.
Prospects
– Sasfin is well positioned to grow its franchise, focusing on the
entrepreneurial market and private client base.
– Despite the prevailing level of global economic uncertainty, the Group
expects to see improved levels of business activity across all segments.
– Sasfin’s growth trajectory is indeed sustainable on the back of its
strong capital position, improved liquidity levels and diversified
funding and activity base.
Basis of preparation and presentation of annual financial statements
Basis of preparation
The summarised audited consolidated financial statements are prepared in
accordance with the recognition and measurement principles of
International Financial Reporting Standards and presented in accordance
with the minimum content, including disclosures, prescribed by IAS 34
Interim Financial Reporting applied to year end reporting, and South
African Statements and Interpretations of Statements of Generally
Accepted Accounting Practice (AC 500 Series) and the JSE Listings
Requirements.
These summarised audited results are a summary of the consolidated
annual financial statements that are prepared in thousands of South
African Rand (“R’000”) on the historical cost basis, in accordance with
International Financial Reporting Standards (“IFRS”) and the Companies
Act No. 71 of 2008 as amended (“the Companies Act”), except for certain
financial assets and liabilities which are recognised at fair value.
The accounting policies are those presented in the annual financial
statements for the year ended 30 June 2012 and have been applied
consistently to the periods presented in these audited summarised
consolidated financial statements and with those of the previous
financial year, and by all Group entities.
There are no material events subsequent to the end of the financial
year, other than the disposal of the Group’s investment properties
situated at 13-15 Scott Street to a group of private medical
practitioners. In addition, the Group has made a mandatory offer to the
minorities of IQuad to acquire the remaining interests in IQuad in terms
of a scheme of arrangement dated 17 August 2012.
The summarised audited consolidated financial statements comprise a
consolidated statement of financial position at 30 June 2012, and a
consolidated income statement, a consolidated statement of comprehensive
income, a summarised statement of changes in equity, a summarised cash
flow statement, summarised segmental analysis reports and acquisition of
subsidiary disclosure for the year ended 30 June 2012.
Reports of the independent auditors
The unmodified audit reports of KPMG Inc. and PKF (Jhb) Inc., the
independent auditors, on the annual financial statements and the
summarised provisional financial statements contained herein for the
year ended 30 June 2012 dated 10 September 2012, are available for
inspection at the Company’s registered office.
In terms of S29(1)(e)(ii) of the Companies Act, it is confirmed that the
preparation of these financial statements is done under the supervision
of the Group’s financial director, Tyrone Soondarjee CA(SA).
Preference share cash dividend
Notice is hereby given that the directors have declared a gross cash
preference dividend number 16 amounting to 351,55 cents (298,8175 cents
per share net of 15% dividend withholding tax) (2011: 334,73 cents) per
preference share (“preference dividend”) for the period 1 January 2012
to 30 June 2012, on 1 000 000 preference shares issued at R100,00 each,
and on 905 000 preference shares issued at R110,49 each. The dividends
have been declared from income reserves and no secondary tax on
companies (“STC”) credits have been used. The preference dividend is
payable to holders of preference shares recorded in the register of the
Company at the close of business of Friday, 5 October 2012.
The salient dates relating to the preference dividend are as follows:
Last day to trade cum the preference
dividend Friday, 28 September 2012
Preference shares commence trading ex the Monday, 1 October 2012
preference dividend
Preference dividend record date Friday, 5 October 2012
Payment date of preference dividend Monday, 8 October 2012
Preference share certificates may not be dematerialised or
rematerialised between Monday, 1 October 2012 and Friday, 5 October
2012, both days inclusive.
Final ordinary share cash dividend
Notice is hereby given that a final ordinary share cash dividend for the
financial year ended 30 June 2012, amounting to 88 cents per share
(2011: 69 cents per share) (“ordinary dividend”) has been declared.
Together with the interim ordinary dividend of 49 cents declared on 2
March 2012, the total ordinary dividends for the financial year amount
to 137 cents per share (2011: 118 cents per share).
The following further information is provided to shareholders in respect
of the new dividends tax:
– The dividend has been declared from income reserves.
– STC credits available amount to 0,01546 cents per ordinary share.
– The dividend withholding rate is 15% and after applying the STC
credits, a net dividend of 74,80232 cents per share is paid to those
shareholders who are not exempt from dividend withholding tax.
– Sasfin’s tax reference number is 9300/204/71/7.
– The issued number of ordinary shares as at declaration date is 32 301
441.
The ordinary dividend is payable to holders of ordinary shares recorded
in the register of the Company at the close of business on Friday, 12
October 2012.
The salient dates relating to the ordinary dividend are as follows:
Last day to trade cum the ordinary
dividend Friday, 5 October 2012
Ordinary shares commence trading ex the
ordinary dividend Monday, 8 October 2012
Ordinary dividend record date Friday, 12 October 2012
Payment date of ordinary dividend Monday, 15 October 2012
Ordinary share certificates may not be dematerialised or rematerialised
between Monday, 8 October 2012 and Friday, 12 October 2012, both days
inclusive.
The above dates and times are subject to amendment. Any such amendment
will be released on SENS and published in the press.
Changes to the board
Mr Malcolm Segal resigned as an executive director of the Company and
the Bank on 31 October 2011, and resigned as a non-executive director of
both boards effective 22 March 2012.
Notice of annual general meeting and posting of integrated annual report
The annual general meeting of Sasfin will be held at 29 Scott Street,
Waverley, Johannesburg, on Monday, 26 November 2012 at 14h00.
The integrated annual report, incorporating the annual financial
statements, will be posted to shareholders on or about 26 October 2012.
For and on behalf of the board.
CN Axten RDEB Sassoon
Chairman Chief executive officer
10 September 2012
This announcement and additional information is available on the
website: www.sasfin.com
Disclaimer
The Group has in good faith made reasonable effort to ensure the
accuracy and completeness of the information contained in this document,
including all information that may be regarded as “forward-looking
statements”.
Forward-looking statements may be identified by words such as “believe”,
“anticipate”, “expect”, “plan”, “estimate”, “intend”, “project”, and
“target”.
Forward-looking statements are not statements of fact, but statements by
the management of the Group based on its current estimates, projections,
expectations, beliefs and assumptions regarding the Group’s future
performance and no assurance can be given to this effect.
The risks and uncertainties inherent in the forward-looking statements
contained in this document include but are not limited to changes to
IFRS and the interpretations, applications and practices subject thereto
as they apply to past, present and future periods; domestic and
international business and market conditions such as exchange rate and
interest rate movements; changes in the domestic and international
regulatory and legislative environments; changes to domestic and
international operational, social, economic and political risks; and the
effects of both current and future litigation.
The Group does not undertake to update any forward-looking statements
contained in this document and does not assume responsibility for any
loss or damage and however arising as a result of the reliance by any
party thereon, including, but not limited to, loss of earnings, profits
or consequential loss or damage.
Registered office
29 Scott Street, Waverley 2090, Johannesburg
Tel: +27 11 809 7500
Fax: +27 11 887 6167/2489
Group company secretary
H Brown
Transfer secretaries
Computershare Investor Services Proprietary Limited
70 Marshall Street, Johannesburg 2001
P O Box 61051, Marshalltown 2107
Joint auditors
KPMG Inc. and PKF (Jhb) Inc.
Lead sponsor
KPMG Services Proprietary Limited
Joint sponsor
Sasfin Capital (a division of Sasfin Bank Limited)
Independent non-executive chairman
CN Axten#
Executive directors
RDEB Sassoon* (Chief Executive Officer)
TD Soondarjee (Financial Director)
* British
Non-executive directors
R Andersen#, ETB Blight#, GC Dunnington#,
DD Mokgatle#, J Moses#, MS Rylands
# Independent
www.sasfin.com
business banking | capital | wealth management | treasury |
commercial solutions
Date: 10/09/2012 11:00:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE').
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