Wrap Text
Unaudited condensed consolidated results for the six months ended 30 September 2012
Peregrine Holdings Limited
(Registration number 1994/006026/06)
JSE code: PGR ISIN Code: ZAE000078127
("Peregrine" or "the group")
UNAUDITED CONDENSED CONSOLIDATED RESULTS FOR THE SIX MONTHS
ENDED 30 SEPTEMBER 2012
- Basic earnings attributable to shareholders of R110 million, up 3%
- Basic earnings of 50.6 cents per share, up 3%
- Headline earnings of 50.6 cents per share, up 1%
- Cash generated from operating activities of R136 million
- All long-term debt repaid
Condensed consolidated income statement
Unaudited
Unaudited for restated for the
% change the six months six months ended Audited for the
2011 to ended 30 30 September year ended 31
2012 September 2012 2011 March 2012
R'000 R'000 R'000
Operating revenue * -2 686 651 697 128 1 533 597
Investment income * 66 87 959 52 832 233 492
Total revenue 3 774 610 749 960 1 767 089
Fair value gain/(loss) on linked financial investments 110 008 (58 250) 244 985
Fair value (loss)/gain on policyholder contract liabilities (110 008) 58 250 (244 985)
Operating expenses * 7 (612 739) (574 301) (1 249 280)
Profit from operations -8 161 871 175 659 517 809
Net interest received >100 4 449 1 604 21 719
Interest received 21 776 27 177 50 899
Interest paid * (17 327) (25 573) (29 180)
Income from associate companies 39 14 994 10 808 40 081
Profit before taxation and capital items -4 181 314 188 071 579 609
Capital items - (2 350) (6 936)
Profit before taxation -2 181 314 185 721 572 673
Taxation (28 832) (32 600) (106 379)
Profit for the period 0 152 482 153 121 466 294
Attributable to :
Equity holders of the company 3 110 058 106 847 313 860
Non-controlling interests 42 424 46 274 152 434
0 152 482 153 121 466 294
Basic earnings per ordinary share (cents) 3 50.6 49.1 144.2
Diluted basic earnings per share (cents) 2 49.6 48.6 142.9
Number of ordinary shares in issue ('000) 228 129 228 129 228 129
Treasury shares held ('000) 10 463 10 553 10 553
Weighted average number of ordinary shares in issue ('000) 217 666 217 733 217 655
Diluted weighted average number of shares in issue ('000) 222 004 219 801 219 659
Note : Items marked with (*) are referenced to the note on restatement of comparative information
Determination of headline earnings
Unaudited
Unaudited for restated for the
% the six months six months Audited
change ended 30 ended 30 for the year
2011 to September September ended 31 March
2012 2012 2011 * 2012
R'000 R'000 R'000
Profit attributable to equity holders 3 110 058 106 847 313 860
Adjustments:(1)
Reversal of impairment of loan to associate forming part of the net investment in associate - (7 154) -
Impairment to intangible assets - - 2 946
Loss on disposal of interest in associates - 9 504 6 936
Bargain purchase on acquisition of controlling interest in subsidiary - - (2 292)
Headline earnings 1 110 058 109 197 321 450
Amortisation of intangibles 11 135 8 160 18 730
Headline earnings excluding amortisation of intangibles 3 121 193 117 357 340 180
Headline earnings per ordinary share (cents) 1 50.6 50.2 147.7
Diluted headline earnings per share (cents) 0 49.6 49.7 146.3
Headline earnings per ordinary share excluding intangible amortisation (cents) 3 55.7 53.9 156.3
Basic earnings per ordinary share excluding intangible amortisation (cents) 5 55.7 52.8 152.8
Cash dividend paid per ordinary share in respect of the previous year (cents) >100 72.0 35.0 35.0
Cash dividend per ordinary share declared subsequent to 31 March (cents) 72.0
* Refer to note on restatement of comparative information
(1) None of the adjustments had an effect on tax or non-controlling interests.
Condensed consolidated statement of comprehensive income
Unaudited for Unaudited restated Audited
the six months for the six months for the year
ended 30 ended 30 ended 31 March
September 2012 September 2011 * 2012
R'000 R'000 R'000
Profit for the period 152 482 153 121 466 294
Other comprehensive income for the period net of tax:
Currency translation differences 145 043 223 622 195 702
Total comprehensive income for the period 297 525 376 743 661 996
Attributable to:
Equity holders of the company 217 772 262 679 441 158
Non-controlling interests 79 753 114 064 220 838
297 525 376 743 661 996
* Refer to note on restatement of comparative information
Condensed consolidated statement of financial position
Unaudited
Unaudited as at 30 restated as at Audited as at
September 30 September 31 March
2012 2011 2012
R'000 R'000 R'000
Assets
Non - current assets 6 431 985 6 319 256 6 493 000
Property, plant and equipment 17 595 21 387 19 077
Intangible assets 1 361 267 1 332 719 1 293 027
Investment in associate companies 54 200 33 410 55 440
Investments linked to policyholder investment contracts 4 433 295 4 128 176 4 432 561
Financial investments 420 266 570 344 527 111
Loans and receivables 85 244 145 272 100 550
Deferred taxation 60 118 87 948 65 234
Current assets 8 250 985 9 255 972 7 862 242
Financial investments * 1 358 796 1 747 537 1 093 587
Loans and receivables * 13 655 13 177 29 911
Trade and other receivables * 404 788 793 375 529 361
Amounts receivable in respect of stockbroking activities * 5 906 514 5 797 918 5 391 069
Taxation 9 177 10 239 19 269
Cash and cash equivalents * 558 055 893 726 799 045
Total assets 14 682 970 15 575 228 14 355 242
Equity and liabilities
Equity 2 674 558 2 480 563 2 778 728
Equity attributable to holders of the company 2 144 436 1 933 149 2 184 309
Non-controlling interests 530 122 547 414 594 419
Non - current liabilities 4 512 074 4 760 934 4 680 592
Interest-bearing borrowings - 423 068 157 548
Policyholder investment contract liabilities 4 433 295 4 128 176 4 432 561
Loans and other payables 62 990 190 909 60 543
Financial instrument liability 6 954 - 3 653
Deferred taxation 8 835 18 781 26 287
Current liabilities 7 496 338 8 333 731 6 895 922
Current portion of interest-bearing borrowings - 48 108 21 688
Current portion of loans and other payables 17 392 18 703 21 670
Trade and other payables * 975 735 1 313 129 798 031
Amounts payable in respect of stockbroking activities * 5 790 568 5 828 214 5 430 803
Financial instrument liabilities * 638 522 1 092 347 583 415
Taxation 42 262 33 230 40 315
Bank overdraft 31 859 - -
Total equity and liabilities 14 682 970 15 575 228 14 355 242
Net tangible asset value per ordinary share 458.5 393.8 598.7
Net asset value per ordinary share 985.2 888.5 1 003.9
Note : Items marked with (*) are referenced to the note on restatement of comparative information
Condensed consolidated statement of changes in equity
Total capital and Non-controlling
reserves interests Total equity
R'000 R'000 R'000
Unaudited - 2012
Balance at 31 March 2012 2 184 309 594 419 2 778 728
Total comprehensive income for the period 217 772 79 753 297 525
Dividends paid (216 177) (135 665) (351 842)
Share-based payment cost 9 513 - 9 513
Contingent consideration received as a result of an agreement to dispose of interest in subsidiary(1) (60 655) 60 655 -
Non-controlling interest disposal as a result of the share buy back by a subsidiary company of its treasury
shares(2) - (50 090) (50 090)
Non-controlling interest disposal as a result of the purchase of additional interest in a subsidiary company 9 210 (19 605) (10 395)
Non-controlling interest arising as a result of subscription for shares in subsidiary company - 655 655
Disposal of treasury shares 464 - 464
Balance at 30 September 2012 2 144 436 530 122 2 674 558
Unaudited - 2011
Balance at 31 March 2011 1 732 023 513 699 2 245 722
Total comprehensive income for the period 262 679 114 064 376 743
Dividends paid (76 217) (24 546) (100 763)
Share-based payment cost 11 034 - 11 034
Contingent consideration received as a result of an agreement to dispose of interest in subsidiary 5 407 - 5 407
Non-controlling interest disposal as a result of the share buy back by a subsidiary company of its treasury
shares - (55 803) (55 803)
Repurchase of treasury shares (1 777) - (1 777)
Balance at 30 September 2011 1 933 149 547 414 2 480 563
Audited - 2012
Balance at 31 March 2011 1 732 023 513 699 2 245 722
Total comprehensive income for the year 441 158 220 838 661 996
Dividends paid (76 217) (50 644) (126 861)
Share-based payment cost 22 069 - 22 069
Contingent consideration received as a result of an agreement to dispose of interest in subsidiary 71 096 - 71 096
Non-controlling interest disposal as a result of the share buy back by a subsidiary company of its treasury
shares (4 043) (89 525) (93 568)
Non-controlling interest arising as a result of subscription for shares in subsidiary company - 51 51
Repurchase of treasury shares (1 777) - (1 777)
Balance at 31 March 2012 2 184 309 594 419 2 778 728
Condensed consolidated cash flow statement
Unaudited for the Unaudited restated
six months ended for the six months Audited for the
30 September ended 30 year ended 31
2012 September 2011 * March 2012
R'000 R'000 R'000
Cash flow from operating activities 87 331 189 275 188 480
Cash flow from stockbroking activities (155 679) (215 851) (216 190)
Cash flow from investing activities (49 308) (236 736) (84 605)
Cash flow from financing activities (189 704) (244 917) (486 446)
Net decrease in cash and cash equivalents (307 360) (508 229) (598 761)
Cash and cash equivalents at beginning of the period 799 045 1 325 300 1 325 300
Effects of exchange rate changes on cash and cash equivalents 34 511 76 655 72 506
Cash and cash equivalents at end of the period 526 196 893 726 799 045
* Refer to note on restatement of comparative information
Segmental analysis
% change in profit
Profit from ordinary from ordinary
activities before activities before
intangible intangible
amortisation and amortisation and
share-based share-based
Revenue and payment cost payment cost
investment Interest and Profit from ordinary adjusted for adjusted for
income associate income activities(1) minorities minorities
R'000 R'000 R'000 R'000 2011 to 2012
Unaudited for the six months ended 30 September 2012
Wealth and Asset Management 293 526 16 408 88 582 77 369 14
Wealth Management - local 210 597 11 326 45 299 50 414 -9
Wealth Management - offshore 619 2 (8 227) (5 062)
Asset Management 82 310 5 080 51 510 32 017 >100%
Broking and Structuring 175 280 9 419 45 223 29 609 -46
Stenham 230 956 4 596 34 556 27 932 -19
Total from operating reportable segments 699 762 30 423 168 361 134 910 -14
Group 67 140 (11 004) 12 953 14 695 >100%
Operations 2 033 10 198 (30 132) (24 711) 81
Investment returns 65 107 (5 489) 58 798 55 119 64
Cost of funding - (15 713) (15 713) (15 713) -29
766 902 19 419 181 314 149 605 -4
Unaudited for the six months ended 30 September 2011
Wealth and Asset Management 234 982 11 720 73 927 67 957
Wealth Management - local 186 526 10 277 50 535 55 409
Wealth Management - offshore - - - -
Asset Management 48 456 1 443 23 392 12 548
Broking and Structuring 176 547 11 911 54 788 55 003
Stenham 289 274 (436) 62 772 34 551
Total from operating reportable segments 700 803 23 195 191 487 157 511
Group 43 991 (10 783) (3 416) (2 315)
Operations 4 539 11 332 (19 899) (13 679)
Investment returns 39 452 109 38 707 33 588
Cost of funding - (22 224) (22 224) (22 224)
744 794 12 412 188 071 155 196
Note: Group funding costs are disclosed as part of "group" and have not been allocated to the appropriate underlying entities
(1) Profit from ordinary activities is synonymous with profit before taxation and capital items on the face of the condensed consolidated income statement
Reconciliation of segmental analysis to income statement
Total from
Wealth and operating
Asset Broking and reportable Non-reportable
Management Structuring Stenham segments Group segment(1) Total
R'000 R'000 R'000 R'000 R'000 R'000 R'000
For six months ended 30 September 2012
Revenue and investment income per segmental analysis 293 526 175 280 230 956 699 762 67 140 - 766 902
Reconciling items: (10 826) (1 708) - (12 534) (38 781) 59 023 7 708
Operating revenue - internal (10 826) (1 209) - (12 035) - 12 035 -
Investment income - internal - (499) - (499) (38 781) 39 280 -
Investment income of non-reportable segment - external - - - - - 7 708 7 708
Revenue and investment income per income statement 282 700 173 572 230 956 687 228 28 359 59 023 774 610
Profit before taxation and capital items per segmental analysis 88 582 45 223 34 556 168 361 12 953 - 181 314
Reconciling revenue and investment income items (10 826) (1 708) - (12 534) (38 781) 59 023 7 708
Operating expenses of non-reportable segment - external - - - - - (7 732) (7 732)
Interest received - internal - - - - 24 - 24
Profit before taxation and capital items per income statement 77 756 43 515 34 556 155 827 (25 804) 51 291 181 314
For six months ended 30 September 2011
Revenue and investment income per segmental analysis 234 982 176 547 289 274 700 803 43 991 - 744 794
Reconciling items: (5 458) (2 210) - (7 668) (12 633) 25 467 5 166
Operating revenue - internal (5 458) (2 093) - (7 551) - 7 551 -
Investment income - internal - (117) - (117) (12 633) 12 750 -
Investment income of non-reportable segment - external - - - - - 5 166 5 166
Revenue and investment income per income statement 229 524 174 337 289 274 693 135 31 358 25 467 749 960
Profit before taxation and capital items per segmental analysis 73 926 54 787 62 773 191 486 (3 415) - 188 071
Reconciling revenue and investment income items (5 458) (2 210) - (7 668) (12 633) 25 467 5 166
Operating expenses of non-reportable segment - external - - - - - (5 166) (5 166)
Profit before taxation and capital items per income statement 68 468 52 577 62 773 183 818 (16 048) 20 301 188 071
(1) Refers to the group's consolidated proprietary hedge fund investments (refer to note on restatement of comparative information)
Basis of preparation
The results for the six months ended 30 September 2012 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, South African Statements and Interpretations of
Statements of Generally Accepted Accounting Practice (AC 500 Series), the JSE Limited's Listings Requirements and the requirements of the Companies Act of South Africa. The
accounting policies and methods of computation are consistent with those applied in the annual financial statements for March 2012. The preparation of the results have been
under the supervision of R E Katz CA (SA), the Group Chief Financial Officer. These financial results have not been reviewed or reported on by the Company's auditor, KPMG Inc.
Restatement of comparative information
In terms of current International Financial Reporting Standards certain of the group's proprietary hedge fund investments are required to be consolidated due to the fact that the group
has effective control both in terms of kick-out rights and with direct and indirect holdings being close to 100%. These investments were previously accounted for in terms of IAS 39. The
comparative information has therefore been restated in accordance with IAS 1. This has resulted in an increase in current assets of R1.962 billion and increased current liabilities of
R1.962 billion. The line items affected by the restatement have been marked with an asterisk ("*"). There has been no impact on equity or profit or loss.
Event subsequent to reporting period - Finalisation of Restructuring of BEE shareholding
As published on 19 October 2012, all the conditions precedent relating to the restructure of the BEE shareholding in Peregrine (in terms of which Nala Empowerment Investment
Company Proprietary Limited ("Nala") exchanged its shares in the listed company for a 20% share in Peregrine SA Ops Co, the holding company of the South African operating
companies) have been fulfilled and accordingly the transaction has been implemented subsequent to reporting period end.
As part of the group restructuring, Nala obtained funding, through the issue of preference shares to Standard Bank of South Africa Limited ("SBSA), in the amount of R500
million. Peregrine SA Ops Co has issued a guarantee to SBSA in terms of which it guarantees the obligations of Nala arising out of the issue of such preference shares. Peregrine SA
Ops Cos obligations will only arise in the event of Nala being unable to meet its obligations to make payment of preference dividends to SBSA and/or to repay the capital at the end of
three years with Nala having the right to redeem all or part of the preference shares at any time. As at the date of issue of the preference shares, Nalas assets (including its 20%
shareholding in Peregrine SA Ops Co and 13 million shares in Consolidated Infrastructure Limited) exceeded R500 million.
Explanatory notes to the condensed consolidated statement of changes in equity
1. With effect from 1 April 2010, a consortium, comprising management of Peregrine Securities Proprietary Limited, entered into an agreement to purchase a 35% stake in the group's
broking and structuring subsidiary. The transaction comprised an immediate cash payment, plus a number of payments over a period of three years from 1 April 2010 which are linked
to the financial performance of the business ("the outstanding payments"). During the previous financial year, loan funding from the consortium of R60 million (and Peregrine of R112
million) was capitalised into shares, which amount from the consortium was reflected as a non-distributable reserve. Following the payment of the last of the outstanding payments,
which took place during the course of the financial period under review, the amount reflected previously as a non-distributable reserve is reflected as a non-controlling interest with
Peregrine's rights to the share of the profits of Peregrine Securities now being 65%.
2. During the course of the six months ended 30 September 2012 Stenham Limited purchased 43 306 shares from its shareholders and subsequently cancelled such shares. The
effect of these transactions has been to increase the group's effective interest in Stenham Limited from 57.62% to 60.41%.
Applicable exchange rates
Average rates Closing rates
USD:ZAR
30 September 2012 8.19 8.25
31 March 2012 7.45 7.67
30 September 2011 6.97 8.04
GBP:ZAR
30 September 2012 12.95 13.32
31 March 2012 11.87 12.26
30 September 2011 11.29 12.52
COMMENTARY
The Peregrine group produced moderately positive results under continued difficult trading
conditions. All subsidiaries experienced difficult trading environments, which, in line with
the current general conditions in the economies they operate in, were characterized by an
overall difficulty in raising new capital, slow activity in markets and uncertainty for
investors. With the exception of Peregrine Capital, the other operating subsidiaries' results
were behind that of the equivalent prior year period whilst the proprietary investments on the
balance sheet continued to perform strongly.
Financial results
Basic earnings attributable to shareholders increased by 3% to R110 million (2011: R107
million), with basic earnings per share increasing by 3% to 50.6 cents per share (2011: 49.1
cents per share). Headline earnings increased by 1% to R110 million (2011: R109 million)
and headline earnings per share increased by 1% to 50.6 cents per share (2011: 50.2 cents per
share).
Group operating revenue reduced by 2% to R687 million (2011: R697 million). Total
operating expenses increased by 7% to R613 million (2011: R574 million). Income from
proprietary investing activities increased by 64% to R55 million (2011: R34 million).
Interest paid, primarily on long-term debt, reduced by 32% to R17 million. Income from
associate companies increased by 39% to R15 million (2011: R11 million).
The results for the first six months include, for the first time, a 35% non-controlling interest
within Peregrine Securities, as a result of the completion of the management buy-in into this
business during the period.
The weaker local currency had a small positive effect on the results for the group for the
period.
Cash generated from operating activities amounted to R136 million (2011: R164 million),
once again outstripping attributable earnings to a significant extent and highlighting the cash
generative nature of the group. A good indication of the cash profits of the underlying
businesses is that total profit before tax, capital items, intangible amortisation and share-
based payments cost, adjusted for minorities, amounted to R150 million.
All long-term debt was repaid during the period, leaving the group with available cash
resources amounting to R160 million of which the bulk is held offshore.
Segmental results
Substantial non-controlling interests exist in many of the group's operations. Operating
results are therefore presented before tax, reflecting amounts after minorities, before
intangible amortisation and share-based payment costs. This better reflects and aids in the
understanding of each division's specific economic benefit to the shareholders of the group.
Wealth Management
The group's South African Wealth Management division is comprised of private client
wealth management company Citadel, whilst the offshore division is comprised of Beauclerc,
the recently established UK based multi family office.
Citadel continued to consolidate on its scale and positioning as the leading private client
wealth manager in South Africa. Assets under management increased to R21 billion (March
2012: R20.5 billion). Gross inflows for the six months amounted to R960 million, and whilst
being lower than the business has become accustomed to in the past, its client retention rate
remained in excess of 97%, while clients experienced improved investment returns. As a
result of the expense base outstripping revenue growth, profits for the period reduce by 9% to
R50 million (2011: R55 million). An initiative is underway to more optimally manage
capacity and increase efficiencies.
In the prior year, Citadel acquired a significant stake in the independent financial advisory
firm The Wealth Corporation. This acquisition considerably extends the scope of the offering
in the private client market and is in line with their focus on private client wealth
management.
On the back of positive real returns over the past six months, clients are moving closer to
performance fee territory.
Asset Management
The group's Asset Management division comprises a number of fund management
businesses, of which flagship hedge fund manager Peregrine Capital is by far the largest.
Profit increased to R32 million (2011: R13 million) largely due to a continued strong
performance by Peregrine Capital. The overall hedge fund industry in South Africa has seen
asset levels stabilise in the last six months, with Peregrine Capital's asset base remaining flat
at R3 billion despite its excellent returns. All mandates are at their respective high water
marks and should continue to earn performance fees on positive returns.
Stenham
During the period, a further share-repurchase transaction took place in UK and Guernsey
based trust and asset management business, Stenham. As a result, Peregrine's share in
Stenham increased from 57.6% to 60.4%. Peregrine's share of Stenham's earnings reduced
by 19% to R28 million (2011: R34 million).
Stenham Asset Management experienced particularly difficult trading conditions.
Disintermediation by pension consultants in the industry continues to have a negative
influence on assets under management, while returns generated by underlying single-manager
hedge funds remained disappointing. As a result, returns on Stenham's multi-strategy funds
were below expectation, and redemptions from these funds continued in the period. New
inflows were achieved mostly in specialist mandates in the Global Macro and Equity
Long/Short areas. During the period, Stenham Asset Management experienced net outflows
leaving total assets under management at the reporting period at $2.4 billion
(March 2012: $2.7 billion). The cost base of the business has been addressed in the prior
year, and new products have been launched to expand the offering of the business.
Stenham Property delivered a lower trading performance for the period under review off a
high base in the previous year. Although a total of GBP68 million in new funds was raised in the
period, a large part of this was applied towards restructuring of existing property investments
and was therefore not fee-earning. Two new transactions were initiated and completed in the
period. Assets under management as at the end of the period amounted to GBP1.8 billion (March
2012: GBP1.8 billion). The majority of these property assets are located in the UK and
Germany.
The trust division produced a 66% increase in earnings for the period. Notwithstanding the
difficult conditions, Stenham remains comfortably profitable and cashflow-generative, with
GBP10 million of cash available at the centre.
Broking and Structuring
Peregrine Securities continue to experience subdued trading conditions, as a result of slow
growth in the overall asset base of the South African hedge fund industry. The derivatives
and structuring side of the business experienced increased activity as a result of positive
financial markets and them being one of the last substantial independent structuring and
broking businesses in South Africa. Peregrine Securities generated profits of R45 million
(2011: R55 million), 17% lower than the previous year. After accounting for the 35% non-
controlling interest for the first time, Peregrine's share of Securities' profits reduced to R30
million for the first six months of the year.
Proprietary Investments
Group investments achieved income net of non-controlling interests of R55 million (2011:
R34 million). As at the reporting period, the total value of group proprietary investments
amounted to R561 million (March 2012: R764 million). After the group restructuring, R200
million of this amount will be utilised by SA Ops Co, while the rest will be realised and
returned to shareholders over time.
Restructuring of the group
At the special general meeting of shareholders held on 4 September 2012, all necessary
resolutions were passed which enabled the group to implement the proposed restructuring,
which became effective at the end of September 2012. Nala Empowerment Investment
Company effectively switched its 12.8% shareholding in Peregrine Holdings Limited for a
20% shareholding in SA Ops Co (being the entity which is the holding company of the South
African operating companies) with effect from 12 October 2012. As a result, 28 584 059
shares have been cancelled and delisted, leaving the number of shares in issue (net of treasury
shares) at 189 082 059. This completes the process of the restructuring and allows the group
to pursue its strategy of focussing on a portfolio of cash generative financial services
subsidiaries.
Conclusion
The benefit of the portfolio approach to the businesses in the group is evident from the result
for the six months. Notwithstanding difficult trading conditions the group remains on course
to deliver higher dividend payments to shareholders, and to return excess capital when
realised.
Jan van Niekerk Leonard Harris Sean Melnick
Group CEO Non-executive Chairman Deputy Chairman
Sandton
8 November 2012
Directors: LN Harris* (Chairman); SA Melnick (Deputy Chairman); JC van Niekerk (CEO);
RE Katz (CFO); BC Beaver*; P Goetsch^; VN Magwentshu*; LM Ndlovu*; SI Stein*; M Yachad
^ non-executive *Independent non-executive
Company secretary and registered office: Peregrine Management Services (Pty) Limited
6A Sandown Valley Crescent, Sandown, Sandton, 2196 (PO Box 650361, Benmore, 2010),
Telephone: +27 11 722 7400 Fax: +27 11 722 7410
Transfer Secretaries: Computershare Investor Services (Pty) Limited, 70 Marshall Street,
Johannesburg, 2001, (PO Box 61051, Marshalltown, 2107)
Sponsor: Java Capital (Pty) Limited
Further detail and a print-friendly version of these results are available from the company's
website at www.peregrine.co.za
Date: 08/11/2012 03:48:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE').
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