Wrap Text
Condensed unaudited Interim Results for the six months ended 30 September 2012
Tsogo Sun Holdings Limited
(Incorporated in the Republic of South Africa)
(Registration number 1989/002108/06)
Share code: TSH
ISIN: ZAE000156238
("Tsogo Sun" or "the company" or "the group")
CONDENSED UNAUDITED INTERIM RESULTS
For the six months ended 30 September 2012
Income R4.8 billion UP 10%
Ebitdar R1.8 billion UP 13%
Adjusted earnings R746 million UP 36%
Adjusted HEPS 68.0 cents UP 36%
Interim dividend per share 24.0 cents UP 20%
COMMENTARY
The first half of the financial year reflected a continued recovery in trading conditions,
as experienced in the second six months of the prior year. Year on year growth was achieved in
both casino and hotel revenues, assisted by a particularly strong September trading month for
both divisions, and the consolidation of the Formula 1 hotel business.
The group has continued to pursue its growth strategy and accordingly:
completed the integration of the Hotel Formula 1 business acquired at the end of the
previous financial year;
concluded the acquisition of Southern Sun Hyde Park for R130 million from Hyprop Ltd
which was previously operated under a management agreement. R65 million was paid on
1 September 2012 when the group began trading the hotel for its own account with the
balance to be paid on transfer of the property;
acquired the hotel at the Garden Route casino for R20 million which was transferred on
10 August 2012 and will be branded Garden Court Mossel Bay;
continued the redevelopment of the Hemingways casino in East London in terms of the
R400 million relicensing bid. The total spend on this project to date is R203 million and final
completion is scheduled for the first quarter of 2013;
completed the refurbishment of 54 on Bath and opened the hotel on 8 August 2012; and
- obtained irrevocable commitments from certain of the remaining indirect minority shareholders in the
Suncoast casino, holding collectively an effective 8.7%, for the acquisition of their interest. It is
anticipated that this acquisition will be effected through the buy-back of shares in Durban Add Ventures
Limited and Adventure World Management (Pty) Limited in terms of an offer for total
maximum consideration of R400 million. Depending on the number of shares acquired through the offer,
the group's resultant shareholding in the Suncoast casino will be between 98.7% and 100%.The
revelant legal and regulatory documentation is being prepared.
In addition to these acquisitions and expansion projects the group also invested over
R300 million on maintenance capex group-wide thereby ensuring the group's assets remain
best in class.
Total income for the six months of R4.8 billion ended 10% above the prior period as a result of
8% growth in gaming revenue and 17% growth in hotel revenue.
Earnings before interest, income tax, depreciation, amortisation, property rentals, long-term
incentives and exceptional items ("Ebitdar") at R1.8 billion for the six months reflected a 13%
increase on the prior period. The overall group Ebitdar margin of 38.2% is 1.0pp above the prior
period.
As previously reported, the underlying operations of the group remain highly geared towards
the South African consumer (in gaming) and the corporate market (in hotels) with both sectors
still experiencing difficult economic conditions and increased administered costs. The results of
the six months reflect the growth potential of the group if these sectors of the South African
economy continue to improve.
Regulatory risks remain a threat to the group as evidenced by the announcement in October
2012 of increased gaming taxes in the KwaZulu-Natal province with effect from 1 November
2012. The group intends to challenge this increase in conjunction with the other industry
participants in the province.
Gauteng recorded provincial growth in gaming win of 6.8% for the six months ended
30 September 2012 over the prior period. Gaming win growth for the period of 7.2% was
achieved at Montecasino, 6.1% at Gold Reef City and 5.0% at Silverstar. Ebitdar margins
improved at all three units.
KwaZulu-Natal provincial gaming win grew by 11.7% for the six months ended 30 September
2012 over the prior period. Gaming win of 12.4% was recorded at Suncoast casino, 9.7% at
Golden Horse casino and 10.5% at Blackrock casino showing strong demand in their relevant
catchment areas. Ebitdar margins improved over the prior period at Suncoast and remained flat
at Golden Horse and Blackrock.
Mpumalanga reported growth in provincial gaming win of 9.7% for the six months ended
30 September 2012 over the prior period. The Ridge casino in Emalahleni and the Emnotweni
casino in Nelspruit reported growth in gaming win of 10.9% and 10.1% respectively. Ebitdar
margins improved at both units.
The Eastern Cape provincial gaming win grew by 11.3% for the six months ended 30 September
2012. Hemingways reported growth in gaming win of 6.6% despite the impact of the
redevelopment related construction activities. Ebitdar margin was flat on the prior period.
The Western Cape reported growth in provincial gaming win of 7.7% for the six months
ended 30 September 2012. The Caledon Hotel and Spa, Garden Route casino in Mossel Bay
and the Mykonos casino in Langebaan reported growth of 5.3%, 5.2% and 10.2% respectively.
The economic fundamentals remain weak in the leisure-based coastal areas outside of the
larger Cape Metropole. Improved Ebitdar margins were recorded at Mykonos with Garden Route
and Caledon margins weakening due to the constrained revenue growth and the reallocation
of certain costs.
The Goldfields casino in the Free State experienced difficult conditions with growth in gaming
win of only 3.5% on the prior period and a resultant decrease in Ebitdar margin.
Other gaming operations, consisting of the Sandton Convention Centre, the StayEasy Century
City hotel and head office costs, reflected a loss of R90 million, R14 million adverse to the prior
period mainly due to a change in the basis of the allocation of corporate costs between the
gaming and hotel divisions and the centralisation of certain functions.
Overall revenue for the gaming division increased 8% on the prior period to R3.7 billion. Ebitdar
improved 12% to R1.5 billion at an increased margin of 40.2%.
The hotel industry in South Africa is still experiencing the dual impact of depressed demand
and over supply, although some recovery has been achieved. Overall industry occupancies
have improved to 57.7% (2011: 53.7%) for the six months ended 30 September 2012 as per
STR Global.
Trading for the South African hotels division for the first six months has been more buoyant
recording a system-wide RevPar growth of 10.7% on the prior period due mainly to an increase
in occupancies to 62.5% (2011: 58.9%). Average room rates remain constrained with limited
yielding opportunities and increased by 4% to R791. Overall revenue for the South African
hotels division increased 17% on the prior period to R910 million assisted by the inclusion
of Formula 1, 54 on Bath and Southern Sun Hyde Park, offset by the closure of Southern Sun
Grayston. Ebitdar improved 27% to R272 million at an improved margin of 29.9%.
The offshore hotels division achieved total revenue of R179 million for the six months ended
30 September 2012, representing a 17% improvement on the prior period, mainly driven by the
weakening of the Rand against both the USD and the Euro. Ebitdar (pre-foreign exchange gains)
of R46 million was achieved. The Rand weakness resulted in a R13 million (2011: R20 million)
foreign exchange gain on the translation of offshore monetary items.
Combined South African and offshore hotel trading statistics, reflecting the Tsogo Sun group
owned hotels and excluding hotels managed on behalf of third parties, are as follows:
30 September 30 September
Six months ended 2012 2011
Occupancy (%) 63.6 59.5
Average room rate (R) 759 786
Revpar (R) 483 467
Rooms available ('000) 1 878 1 662
Rooms sold ('000) 1 195 989
Rooms revenue (Rm) 908 777
The increase in occupancy and decline in average rate is impacted by the inclusion of the
Formula 1 hotels as owned in the period (previously managed). These hotels trade at a higher
average occupancy and lower average rate than the balance of the Tsogo Sun hotel portfolio.
Operating expenses, pre-exceptional items, including employee costs for the six months
ended 30 September 2012 increased by 8.2% on the prior period and were impacted by
above inflationary increases in administered costs (electricity, water and property rates) and
payroll related costs, mainly as a result of the equalisation of benefits in the ex-Gold Reef
Resorts properties. Operating costs also increased due to the non-organic growth in the hotel
business offset by timing related marketing cost savings in the gaming division during the first
six months which are expected to be incurred during the second half of the year.
Property and equipment rentals for the six months ended 30 September 2012 at R115 million
are flat on the prior period mainly due to the termination of the Southern Sun Grayston rental,
offsetting contractual increases during the period.
Amortisation and depreciation for the six months ended 30 September 2012 at R332 million
increased by 3% above the prior period due to additional capex spend.
The long-term incentive expense for the six months ended 30 September 2012 at R64 million
reflects the effect of the increased long-term incentive liability (including dividend adjustments)
due to the Tsogo share price improving from around R18 at 31 March 2012 to around R20 at
30 September 2012.
Net exceptional profits for the six months ended 30 September 2012 of R1 million relate
mainly to settlement fees received on termination of the Dubai hotel management contracts
net of goodwill, property, plant and equipment and loan and investment impairments and hotel
pre-opening costs. Exceptional profits for the prior period of R4 million relate to gains on
disposal of plant and equipment.
Net finance costs are 2% up on the prior period as the cash generated by the group has
maintained steady state borrowing levels despite the acquisitions during the period.
The group's share of associate and joint venture losses of R1 million for the six months ended
30 September 2012 reflected a R4 million decrease due to the consolidation of the Formula 1
business which was equity accounted in the prior period.
The effective tax rate for the six months ended 30 September 2012 at 28.8% is affected by
non-deductible expenditure such as casino building depreciation and preference share dividends
and non-taxable credits such as the foreign tax differential. The comparative effective tax rate
of 36.3% is due to the non-deductible expenditure and non-taxable credits referred to above
and a Secondary Tax on Companies impact of R67 million in the first half of the prior year.
Profits attributable to non-controlling interests of R58 million for the six months ended
30 September 2012 are 11% below the prior period due to the acquisition of a further 16.5%
of Suncoast in November 2011 offset by the 15% increase in the non-controlling interests in
Hemingways in September 2011.
Group adjusted headline earnings for the six months ended 30 September 2012 at R746 million
is 36% above the prior period. The number of shares in issue is largely unchanged year on year
and thus adjusted headline earnings per share increased by 36% to 68.0 cents per share.
Cash generated from operations for the six months ended 30 September 2012 increased by
15% to R1.7 billion. Cash flows utilised for investment activities of R548 million consisted
mainly of maintenance capex and the acquisitions and investments described above.
Interest-bearing debt net of cash at 30 September 2012 totalled R4.1 billion, which is marginally
below the 31 March 2012 balance of R4.2 billion, after paying R461 million in dividends to
company and non-controlling shareholders, in addition to the investment activities during the
six months ended 30 September 2012.
PROSPECTS
The continued improvement in trading performance across the group's operations during the
first half of the year remains encouraging. However, the sustainability is uncertain due
to the inconsistent monthly results in the period, with September 2012 reflecting particularly
stronger than expected trading levels. Nevertheless, the group remains highly cash generative
and has significant opportunities to invest in its growth strategy.
The group is proceeding with a R200 million expansion of the Emnotweni casino which includes
the construction of an expanded casino floor, additional gaming positions, additional covered
parking, a conference and eventing area and restaurants. Plans are at an advanced stage for the
redevelopment of the Silverstar casino, where the group expects to invest in new facilities,
including cinemas, restaurants, concert and entertainment areas, conferencing facilities, and an
expanded casino offering to better service the West Rand market.
The group is also exploring a variety of projects, including the redevelopment of the Gold Reef
City Theme Park, the expansion of the Suncoast casino and related entertainment facilities,
as well as a number of potential acquisitions which are at various stages.
The opportunity to bid for the relocation of one of the smaller casinos in the Western Cape
to the Cape Metropole remains an opportunity for the group should the various legislative
amendments allow this process to be effected.
The ability to continue to pursue such investments will depend on the final outcome of,
and impact from, the variety of proposed regulatory and tax changes considered by government
and will require the successful interaction with various regulatory bodies including gaming
boards, city councils, provincial authorities and national departments.
DIVIDEND
The board of directors has declared an interim gross cash dividend of 24 (twenty four) cents
per share from income reserves. The dividend has been declared in South African currency and is
payable to shareholders recorded in the register of the company at close of business on Friday,
14 December 2012. There are no STC credits. The number of ordinary shares in issue at the date
of this declaration is 1 097 333 175 (excluding treasury shares of 85 432 813). The dividend will
be subject to a local dividend tax rate of 15% which will result in a net dividend to those
shareholders who are not exempt from paying dividend tax of 20.40 cents per share. The company's
tax reference number is 9250039717.
In compliance with the requirements of Strate, the electronic and custody system used by the
JSE, the following dates are applicable:
2012
Last date to trade cum dividend Friday, 7 December
Shares trade ex dividend Monday, 10 December
Record date Friday, 14 December
Payment date Tuesday, 18 December
Share certificates may not be dematerialised or rematerialised during the period Monday,
10 December 2012 and Friday, 14 December 2012, both days inclusive.
On Tuesday, 18 December 2012 the cash dividend will be electronically transferred to the bank
accounts of all certificated shareholders where this facility is available. Where electronic fund
transfer is not available or desired, cheques dated 18 December 2012 will be posted on that
date. Shareholders who have dematerialised their share certificates will have their accounts at
their CSDP or broker credited on Tuesday, 18 December 2012.
PRESENTATION
Shareholders are advised that a presentation to various analysts and investors which
provides additional analysis and information is available on the group's website at
www.tsogosun.com.
MN von Aulock RB Huddy
Chief Executive Officer Chief Financial Officer
19 November 2012
NOTES TO THE CONDENSED UNAUDITED
CONSOLIDATED INTERIM FINANCIAL
STATEMENTS
1. BASIS OF PREPARATION
The unaudited condensed interim financial statements for the six months ended 30 September
2012 have been prepared in accordance with the recognition and measurement criteria of
International Financial Reporting Standards ("IFRS"), IAS 34 Interim Financial Reporting, AC 500
Standards as issued by the Accounting Practices Board or its successor and the requirements of
the Companies Act of South Africa. The accounting policies are consistent with IFRS as well as
those applied in the most recent audited annual financial statements as at 31 March 2012. The
condensed consolidated interim financial statements should be read in conjunction with the
annual financial statements for the year ended 31 March 2012, which have been prepared in
accordance with IFRS. This interim report has not been audited or reviewed by the company's
auditors.
The 2011 comparative numbers in the income statement have been changed in respect of a
reclassificaton of non-salary related costs from employee costs to operating expenses. This has no
impact on any other comparative numbers. The amount of employee costs and other operating
expenses were previously reported as R1 243 million and R898 million, and have been restated to
R1 052 million and R1 089 million respectively.
2. SEGMENT INFORMATION
In terms of IFRS 8 Operating Segments the chief operating decision-maker has been identified as
the group's board of directors. The board reviews the group's internal reporting in order to assess
performance and allocate resources. Management has determined the operating segments based
on the reports reviewed by the group's board of directors at the board meetings which are used
to make strategic decisions.
The board considers the business from both a geographical basis and business type, being hotels
and gaming. All gaming segments and the South African hotels division conduct business in South
Africa, with the offshore hotels division operating in other African countries, the Middle East and
the Seychelles. Other gaming operations consist mainly of the Sandton Convention Centre. The
corporate segment includes the treasury and management function of the group, together with
the group's captive insurance operations.
Although the offshore hotels segment does not meet the quantitative thresholds of IFRS 8,
management has concluded that the segment should be reported as it has a different risk and
reward profile. It is closely monitored as it is expected to materially contribute to group revenue
in the future.
The reportable segments derive their revenue and income from hotel and gaming operations.
The group's board of directors assesses the performance of the operating segments based on
Ebitdar. The measure excludes the effects of long-term incentives and the effects of non-recurring
expenditure. The measure also excludes all headline adjustments, impairments and fair value
adjustments on non-current assets and liabilities. Interest income and finance costs are not
included in the result for each operating segment as this is driven by the group treasury function
which manages the cash and debt position of the group.
All revenue and income from gaming and hotel operations shown below is derived from external
customers. No one customer contributes more than 10% to the group's total revenue.
CONDENSED CONSOLIDATED
INCOME STATEMENT
for the six months ended 30 September
2012 2011
Change Unaudited Unaudited
% Rm Rm
Net gaming win 8 3 186 2 963
Rooms revenue 17 908 777
Food and beverage revenue 403 341
Other revenue 293 275
Income 10 4 790 4 356
Gaming levies and Value Added Tax (652) (605)
Property and equipment rentals (115) (115)
Amortisation and depreciation (332) (321)
Employee costs(1) (1 185) (1 052)
Other operating expenses (1) (1 166) (1 089)
Operating profit 14 1 340 1 174
Interest income 31 26
Finance costs (244) (235)
Share of profit of associates and joint ventures (1) 3
Profit before income tax 16 1 126 968
Income tax expense (325) (350)
Profit for the period 30 801 618
Profit attributable to:
Equity holders of the company 743 553
Non-controlling interests 58 65
801 618
Number of shares in issue (million) 1 097 1 097
Weighted number of shares in issue (million) 1 097 1 097
Basic and diluted earnings per share (cents) 34 67.7 50.4
Note:
(1) Comparatives have been reclassified. Refer to the basis of preparation note 1.
CONDENSED CONSOLIDATED STATEMENT
OF COMPREHENSIVE INCOME
for the six months ended 30 September
2012 2011
Unaudited Unaudited
Rm Rm
Profit for the period 801 618
Other comprehensive income for the period, net of tax (14) 31
Cash flow hedges (57) (46)
Currency translation adjustments 27 64
Income tax relating to components of other comprehensive income 16 13
Total comprehensive income for the period 787 649
Total comprehensive income attributable to:
Equity holders of the company 730 584
Non-controlling interests 57 65
787 649
SUPPLEMENTARY INFORMATION
for the six months ended 30 September
2012 2011
Change Unaudited Unaudited
% Rm Rm
Reconciliation of earnings attributable to equity
holders of the company to headline earnings and
adjusted earnings(1)
Earnings attributable to equity holders of the
company 743 553
Gain on disposal of property, plant and equipment (1) (3)
Impairment of property, plant and equipment 9
Impairment of goodwill 16
Headline earnings 39 767 550
Other exceptional items (21)
Adjusted headline earnings 36 746 550
Number of shares in issue (million) 1 097 1 097
Weighted number of shares in issue (million) 1 097 1 097
Basic and diluted HEPS (cents) 40 69.9 50.1
Basic and diluted adjusted HEPS (cents) 36 68.0 50.1
(1)
Net of tax and non-controlling interests.
Reconciliation of operating profit to Ebitdar
Group Ebitdar pre-exceptional items is
made up as follows:
Operating profit 1 340 1 174
Add:
Property rentals 94 95
Amortisation and depreciation 332 321
Long-term incentive expense 64 33
1 830 1 623
Less: Exceptional profits (1) (4)
Gain on disposal of property, plant and equipment (1) (4)
Impairment of property, plant and equipment 9
Impairment of goodwill 16
Other adjustments (25)
Ebitdar 13 1 829 1 619
CONDENSED CONSOLIDATED
CASH FLOW STATEMENT
for the six months ended 30 September
2012 2011
Unaudited Unaudited
Rm Rm
Cash flows from operating activities
Profit before interest and income tax 1 340 1 174
Non-cash movements 540 420
Increase in working capital (145) (91)
Cash generated from operations 1 735 1 503
Interest received 34 26
Finance costs (248) (248)
1 521 1 281
Income tax paid (413) (356)
Dividends paid to shareholders (439) (548)
Dividends paid to non-controlling interests (22) (36)
Dividends received 3 5
Net cash generated from operations 650 346
Cash flows from investment activities
Purchase of property, plant and equipment (526) (215)
Proceeds from disposals of property, plant and equipment 3 8
Purchase of intangible assets (3) (5)
Acquisition of business (20)
Other loans and investments (made)/repaid (2) 2
Net cash utilised for investment activities (548) (210)
Cash flows from financing activities
Borrowings raised 785 372
Borrowings repaid (1 162) (483)
Settlement of contingent consideration
for Millennium acquisition (58) (24)
Loan repayments to non-controlling interests (2)
Decrease/(increase) in amounts due by share scheme participants 1 (1)
Net cash utilised in financing activities (436) (136)
Net decrease in cash and cash equivalents (334)
Cash and cash equivalents at beginning of period 1 443 956
Foreign currency translation 16 28
Cash and cash equivalents at end of period 1 125 984
CONSOLIDATED BALANCE SHEET
as at
30 September 31 March
2012 2012
Unaudited Audited
Rm Rm
ASSETS
Non-current assets
Property, plant and equipment 8 748 8 568
Goodwill and other intangible assets 6 308 6 342
Investments in associates and joint ventures 166 170
Non-current receivables 48 54
Deferred income tax assets 162 114
Amounts due by share scheme participants 21 19
15 453 15 267
Current assets
Inventories 190 176
Trade and other receivables 605 407
Current income tax assets 56 82
Cash and cash equivalents 1 125 1 443
1 976 2 108
Total assets 17 429 17 375
EQUITY
Capital and reserves attributable to equity holders
of the company
Ordinary share capital and premium 4 757 4 754
Share-based payment reserve 4 3
Surplus arising on change in control in joint venture 130 130
Other reserves (243) (230)
Retained earnings 3 367 3 063
Total shareholders' equity 8 015 7 720
Non-controlling interests 762 727
Total equity 8 777 8 447
LIABILITIES
Non-current liabilities
Interest-bearing borrowings 3 575 4 245
Derivative financial instruments 62 9
Deferred income tax liabilities 1 495 1 517
Provisions and other liabilities 423 449
5 555 6 220
Current liabilities
Interest-bearing borrowings 1 676 1 382
Derivative financial instruments 51 38
Trade and other payables 1 084 958
Current income tax liabilities 2 61
Provisions and other liabilities 284 269
3 097 2 708
Total liabilities 8 652 8 928
Total equity and liabilities 17 429 17 375
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
Attributable to equity holders of the company
Surplus
arising on
Ordinary share Share-based change in
capital and payment control in joint Other Retained Non-controlling Total
premium reserve venture reserves earnings Total interests equity
Rm Rm Rm Rm Rm Rm Rm Rm
Balance at 1 April 2011 (audited) 4 751 2 130 13 2 115 7 011 862 7 873
Total comprehensive income 31 553 584 65 649
Issue of shares 35 35 35
Treasury shares held by share trust (35) (35) (35)
Share options exercised 1 1 1
Shares issued by subsidiary taken up
by non-controlling interests 20 20
Recognition of share-based payments 1 1 1
Ordinary dividends (549) (549) (35) (584)
Balance at 30 September 2011 (unaudited) 4 752 3 130 44 2 119 7 048 912 7 960
Balance at 1 April 2012 (audited) 4 754 3 130 (230) 3 063 7 720 727 8 447
Total comprehensive income (13) 743 730 57 787
Share options exercised 3 3 3
Recognition of share-based payments 1 1 1
Ordinary dividends (439) (439) (22) (461)
Balance at 30 September 2012 (unaudited) 4 757 4 130 (243) 3 367 8 015 762 8 777
SEGMENTAL ANALYSIS
for the six months ended 30 September
Income Ebitdar(1) Ebitdar margin Amortisation and depreciation
2012 2011 2012 2011 2012 2011 2012 2011
Unaudited Unaudited Unaudited Unaudited Unaudited Unaudited Unaudited Unaudited
Rm Rm Rm Rm % % Rm Rm
Montecasino 1 109 1 029 495 427 44.6 41.5 45 48
Suncoast 688 627 324 292 47.1 46.6 53 48
Gold Reef City 597 558 231 210 38.7 37.6 42 45
Silverstar 292 275 113 98 38.8 35.6 27 28
The Ridge 193 172 91 79 47.4 45.9 13 13
Emnotweni 157 142 71 62 45.1 43.7 9 8
Golden Horse 151 138 74 68 48.9 49.3 16 16
Hemingways 145 139 59 57 40.9 41.0 9 9
Garden Route 76 71 31 31 41.2 43.7 8 7
Goldfields 67 64 30 29 44.8 45.3 6 6
Blackrock 66 59 25 22 37.7 37.3 4 5
Caledon 62 59 14 16 22.6 27.1 4 4
Mykonos 62 57 26 23 42.2 40.4 5 5
Other gaming operations 53 49 (90) (76) 5 5
Total gaming operations 3 718 3 439 1 494 1 338 40.2 38.9 246 247
South African hotels division(2) 910 779 272 214 29.9 27.5 78 67
Offshore hotels division 179 153 59 63 33.0 41.2 7 6
Pre-foreign exchange gains 46 43 25.7 28.1
Foreign exchange gains 13 20
Corporate (17) (15) 4 4 1 1
Group 4 790 4 356 1 829 1 619 38.2 37.2 332 321
(1) All casino units are reported pre-internal gaming management fees.
(2) Includes R19 million (2011: R15 million) intergroup management fees.
DIRECTORS: JA Copelyn (Chairman)* JA Mabuza (Deputy Chairman)* MN von Aulock (Chief Executive Officer)
RB Huddy (Chief Financial Officer) MJA Golding* JM Kahn* EAG Mackay* VE Mphande*
JG Ngcobo** Y Shaik** RG Tomlinson (Lead Independent)** MI Wyman*
(*Non-executive Director **Independent Director British)
COMPANY SECRETARY: WJ van Wyngaardt
REGISTERED OFFICE: Palazzo Towers East, Montecasino Boulevard, Fourways, 2055
(Private Bag X200, Bryanston, 2021)
TRANSFER SECRETARIES: Link Market Services South Africa Proprietary Limited, 13th Floor, Rennie House,
19 Ameshoff Street, Braamfontein, 2001 (PO Box 4844, Johannesburg, 2000)
SPONSOR: Deutsche Securities (SA) Proprietary Limited, 3 Exchange Square, 87 Maude Street, Sandton, 2196
(Private Bag X9933, Sandton, 2146)
Date: 19/11/2012 07:05:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE').
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