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BLACKSTAR GROUP SE - Blackstar Net Asset Value (Nav) Update

Release Date: 08/11/2012 09:00
Code(s): BCK     PDF:  
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Blackstar Net Asset Value (“Nav”) Update

Blackstar Group SE
Registered in Malta with registration number SE 4)
(registered as an external company with limited liability in the Republic of South Africa under
registration number 2011/008274/10)
Share code: BLCK LN and BCK SJ
ISIN: MT0000620105

(“Blackstar” or the “Company” or “the Group”)

BLACKSTAR NET ASSET VALUE (“NAV”) UPDATE

INTRINSIC NAV AS AT 31 OCTOBER 2012


                                                  GBP             ZAR             GBP             ZAR
                                              31-Oct-12      31-Oct-12       30-Sep-12      30-Sep-12
 NAV per share                                     1.02          14.24             1.03          13.82
 Ordinary share price                              0.75          10.74             0.74          10.19
 Ordinary share price discount to NAV             26%             25%             28%             26%
 See through NAV per share                         1.04          14.48             1.05          14.01
 Total net assets                                83.7m        1,169.2m           84.7m       1,134.2m
 Market capitalisation                           62.0m          881.6m           60.7m         836.5m

Notes

1   All information is unaudited.
2   The intrinsic NAV provides a measure of the underlying value of the Group’s assets and does not
    indicate when the investments will be realised, nor does it guarantee the value at which the
    investments will be realised.
3   For the purposes of determining the intrinsic values, listed investments on recognised stock
    exchanges are valued using quoted bid prices and unlisted investments are shown at directors’
    valuation, determined using the discounted cash flow methodology. This methodology uses
    reasonable assumptions and estimations of cash flows and terminal values, and applies an
    appropriate risk-adjusted discount rate that quantifies the investment’s inherent risk to calculate a
    present value. Given the subjective nature of valuations, the Group is cautious and conservative
    in determining the valuations and has a track record of selling its unlisted investments in the
    ordinary course of business above the levels at which it values them.
4   The Group’s investment in New Bond Capital Limited (Previously Mvelaphanda Group Limited)
    trades at a discount to its NAV. The see through NAV has been presented, which is the NAV as
    reported above, adjusted for the estimated discount.
5   All amounts have been translated using the closing exchange rates at the end of the relevant
    period.
Portfolio Summary

Blackstar’s NAV at 31 October 2012 comprised investments in the following sectors:

 Sector                                                  GBP                 ZAR          % of Gross
                                                      Millions            Millions            Assets
 Health Care                                              22.6              315.3             27.3%
 Investment Holdings                                      22.0              307.8             26.7%
 Industrials                                              17.6              246.0             21.3%
 Media                                                    14.7              205.7             17.8%
 Other                                                     5.7                78.8              6.8%
                                                          82.6            1,153.6            100.0%
 Net cash                                                  1.1                15.6
                                                          83.7            1,169.2



Portfolio Performance and outlook

Since 30 September 2012, the intrinsic NAV per share increased by 3.1% in South African Rand and
declined by 1.2% in Pound Sterling. The increase in the intrinsic NAV per share in South African Rand
was mainly due to increases in the share price of Litha Healthcare Group Limited, New Bond Capital
(Previously Mvelaphanda Group Limited) (“NBC”) and Times Media Group Limited (“TMG”), while the
decline in Pound Sterling was due to a weakening of the South African Rand against the Pound
Sterling by 4.7%.

During the period Blackstar completed the disposal of its services derivative investment. The disposal
proceeds were applied against the Investec Bank Limited debt facility. All cash proceeds are held in
Pound Sterling.

The investment portfolio continues to perform in line with expectations


For further information, please contact:

Blackstar Group SE                                 Bryan Moyer /                     + 356 2144 6377
                                                  Lesley Micallef

Liberum Capital Limited                         Chris Bowman /                +44 (0) 20 3100 2222
                                              Christopher Britton


PSG Capital (Pty) Limited                      David Tosi / Willie              +27(0) 21 887 9602
                                                      Honeyball

8 November 2012

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