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PRESCIENT LIMITED - Reviewed interim results for the 6 months ended 30 September 2012

Release Date: 29/11/2012 17:05
Code(s): PCT     PDF:  
Wrap Text
Reviewed interim results for the 6 months ended 30 September 2012

PRESCIENT LIMITED
(Previously PBT Group Ltd)
Registration number: 1936/008278/06
JSE share code: PCT
ISIN: ZAE000163531

REVIEWED INTERIM RESULTS FOR THE SIX MONTHS ENDED 30 SEPTEMBER 2012

Highlights
- Listing of Prescient on the JSE in August 2012
- Local assets under management and
  administration of R87.1 billion, and EUR5.47 billion
  internationally
- Earnings per share of 4.24c per share
- Interim dividend of 3.30c per share

Condensed consolidated statement of financial position

                                                   Reviewed    Reviewed     Audited
                                                     30 Sep      30 Sep    31 March
                                                       2012        2011        2012
                                                      R'000       R'000       R'000
Assets
Non-current assets                                6 521 309   4 867 510   4 941 986
Equipment                                            11 904       8 640       7 569
Investment property                                  18 162                      
Goodwill and intangible assets                      463 984      67 348      69 348
Deferred tax asset                                    1 166         972       1 379
Long-term loans receivable                           35 515      39 474      31 332
Investment in associate                               4 288                  2 225
Financial assets at fair value through profit or
loss                                                113 048      53 683      46 702
Linked investments backing policyholder
funds                                             5 873 242   4 697 393   4 783 431
Current assets                                    1 300 284     279 987     672 804
Inventories                                          19 795                      
Trade and other receivables                         153 885      29 430      17 855
Amounts owing by clearing houses                    418 099     212 405     298 882
Amounts owing from clients                          487 329                300 996
Taxation receivable                                   3 651       3 392       2 240
Cash and cash equivalents                           217 525      34 760      52 831
Total assets                                      7 821 593   5 147 497   5 614 790
Equity
Share capital                                             1           1           1
Share premium                                       601 656      53 308      53 308
Treasury shares                                    (10 435)    (17 849)    (13 038)
Equity reserve                                       35 405                      
Translation reserve                                   (435)                      
Retained income                                      93 105     105 706      63 963
Total equity attributable to owners of the
Company                                             719 297     141 166     104 234
Non-controlling interests                             3 923                      
Total equity                                        723 220     141 166     104 234
Non-current liabilities                           6 074 232   4 758 760   4 837 867
Deferred tax liability                                5 208         587       4 130
Policyholder investment contract liabilities      5 873 242   4 697 393   4 782 822
Long-term loans payable                             195 782      60 780      50 915
Current liabilities                               1 024 141     247 571     672 689
Trade, other payables and provisions                 95 638      39 139      38 951
Amounts owing to clearing houses                     31 326                 47 454
Amounts owing to clients                            873 791     208 432     545 541
Current tax payable                                   9 844                  3 824
Shareholders for dividend                                                  36 919
Bank overdraft                                       13 542                      
Total liabilities                                 7 098 373   5 006 331   5 510 556
Total equity and liabilities                      7 821 593   5 147 497   5 614 790

Condensed consolidated statement of comprehensive income

                                              Six months            Six months
                                                reviewed              reviewed
                                                  30 Sep                30 Sep
                                                    2012       %          2011
                                                   R'000  change         R'000

Revenue                                          223 845     59%       140 736
Expenses                                         146 877    100%        73 359
Profit from operations                            76 968     14%        67 377
Share of loss of equity-accounted investees
(net of tax)                                         309                     
Finance costs                                      5 471                 2 445
Profit before taxation                            71 188                64 932
Income tax expense                                20 435                21 820
Profit for the period                             50 753     18%        43 112
Other comprehensive income
Exchange losses on translating foreign
operations                                           435                     
Other comprehensive income for the period,
net of tax                                           435                     
Total comprehensive income for the period         50 318                43 112
Profit attributable to:
Owners of the Company                             50 811     18%        43 112
Non-controlling interests                           (58)                     
Profit for the period                             50 753                43 112
Total comprehensive income attributable to:
Owners of the Company                             50 376     17%        43 112
Non-controlling interests                           (58)                     
Total comprehensive income for the period         50 318                43 112
Earnings per share (cents)
  Basic                                            4.24      7%          3.96
  Diluted                                          4.24      7%          3.96
Notes to the statement of comprehensive
income
Headline earnings per share (cents)
   Basic                                           4.24      7%          3.96
   Diluted                                         4.24      7%          3.96
Dividend per share (cents)
   Interim                                         3.30      4%          3.18

Earnings per share
                                                                 Reviewed         Reviewed
                                                                   30 Sep           30 Sep
                                                                     2012             2011
Weighted average number of shares in issue during
the period                                                  1 196 554 992    1 088 791 091
Weighted average number of shares potentially in issue      1 196 554 992    1 088 791 091

                                                                    R'000            R'000
Earnings attributable to shareholders                              50 811           43 112
Non-controlling interest                                             (58)                
Earnings attributable to ordinary shareholders                     50 753           43 112
Headline earnings attributable to ordinary shareholders            50 753           43 112
Actual number of shares in issue at the end of the period   1 555 531 687    1 120 596 744

Condensed consolidated statement of changes in equity
                                                                                 Attributable to owners of the Company
                                                                                                                                                       Non-
                                                             Share       Share  Translation      Treasury       Equity   Retained               controlling       Total
                                                           capital     premium      reserve        shares      reserve     income      Total       interest      equity
                                                             R'000       R'000        R'000         R'000        R'000      R'000      R'000          R'000       R'000

Balance at 1 April 2011                                          1      53 308                  (19 246)                   100 394     134 457           (49)     134 408
Total comprehensive income for the period
Profit for the period                                                                                                       43 112      43 112                     43 112
Total comprehensive income for the period                                                                                   43 112      43 112                     43 112
Transactions with owners recognised directly in equity
Contributions by and distributions to owners of the
Company
Treasury shares sold                                                                              1 397                                 1 397                       1 397
Dividends declared during the period                                                                                       (36 170)    (36 170)                   (36 170)
Total contributions by and distributions to owners
of the Company                                                                                    1 397                    (36 170)    (34 773)                   (34 773)
Changes in ownership interests in subsidiaries
Acquisition of non-controlling interests                                                                                   (1 630)     (1 630)             49      (1 581)
Total changes in ownership interests in subsidiaries                                                                       (1 630)     (1 630)             49      (1 581)
Total transactions with owners of the Company                                                     1 397                    (37 800)    (36 403)            49     (36 354)
Balance at 30 September 2011                                     1      53 308                   (17 849)                   105 706     141 166                    141 166
Balance at 1 April 2012                                          1      53 308                   (13 038)                    63 963     104 234                    104 234
Total comprehensive income for the period
Profit for the period                                                                                                       50 811      50 811            (58)      50 753
Total other comprehensive income                                                      (435)                                             (435)                        (435)
Total comprehensive income for the period                                             (435)                                 114 774     154 610           (58)     154 552
Transactions with owners recognised directly in equity
Contributions by and distributions to owners of the
Company
Treasury shares sold                                                                               2 603                                 2 603                       2 603
Issue of ordinary shares related to business combinations              548 348                                  35 405                  583 753                    583 753
Total contributions by and distributions to owners
of the Company                                                         548 348                     2 603        35 405                  586 356                    586 356
Changes in ownership interests in subsidiaries
Acquisition of non-controlling interests                                                                                     (21 669)   (21 669)          3 981   (17 688)
Total changes in ownership interests in subsidiaries                                                                         (21 669)   (21 669)          3 981   (17 688)
Total transactions with owners of the Company                          548 348                     2 603        35 405       (21 669)   564 687           3 981    568 668
Balance at 30 September 2012                                     1     601 656        (435)      (10 435)       35 405        93 105    719 297           3 923    723 220

Condensed consolidated statement of cash flows
                                                         Six months    Six months
                                                           reviewed      reviewed
                                                             30 Sep        30 Sep
                                                               2012          2011
                                                              R'000         R'000
Cash flows from operating activities
Profit before taxation                                       71 188        64 932
Non-cash movements and adjustments to profit before tax     (9 687)       (2 478)
Changes in working capital                                 (24 990)      (24 149)
Dividends received                                              721         1 333
Dividends paid                                             (36 919)      (36 170)
Interest received                                             6 315         4 076
Interest paid                                               (5 471)       (2 445)
Tax paid                                                   (27 137)      (20 000)
Net cash outflow from operating activities                 (25 980)      (14 901)
Cash inflow from investing activities                        85 438         2 710
Cash inflow from financing activities                        90 040         5 229
Net increase/(decrease) in cash and cash equivalents        149 498       (6 962)
Effect of exchange rate fluctuations on cash held             1 654           329
Cash and cash equivalents at 31 March                        52 831        41 393
Cash and cash equivalents at 30 September                   203 983        34 760

Condensed consolidated segment report

                     Financial services          IT services                Group
                         Six          Six         Six          Six         Six        Six
                      months       months      months       months      months     months
                    reviewed     reviewed    reviewed     reviewed    reviewed   reviewed
                      30 Sep       30 Sep      30 Sep       30 Sep      30 Sep     30 Sep
                        2012         2011        2012         2011        2012       2011
                       R'000        R'000       R'000        R'000       R'000      R'000
Segment external
revenue              195 663      140 736      27 873                 223 536    140 736
Segment profit
before tax            65 272       64 932       5 916                  71 188     64 932

Notes to the condensed consolidated interim financial statements
During the period under review there were two significant transactions that have had a material
impact on the financial position and performance of Prescient Limited and its subsidiaries 
("Prescient" or "Group"). On 31 May 2012 Prescient Holdings (Proprietary) Limited ("Prescient Holdings") 
purchased the entire issued capital of AIB Asset Management Holdings (renamed Prescient Investment
Management (Ireland) ("Prescient Ireland")). The details of the acquisition are included in the note
on acquisitions.

In addition, Prescient Holdings listed on the JSE through a reverse acquisition of PBT Group
Limited ("PBT"). This transaction is defined as a reverse acquisition in terms of IFRS 3 Business
Combinations. This results in the legal acquiree (Prescient Holdings) becoming the accounting
acquirer whilst the legal acquirer (PBT) becomes the accounting acquiree. The transaction was
concluded on the listing date, 20 August 2012. The listed entity was renamed Prescient Limited and
the share code was changed from PBT to PCT. In addition, the Group acquired Prescient Capital
(Proprietary) Limited ("Prescient Capital") on the listing date.

Basis of preparation and accounting policies
Statement of compliance
The condensed consolidated interim financial statements have been prepared in accordance with
IAS 34 Interim Financial Reporting, as well as the AC 500 Standards as issued by the Accounting
Practices Board or its successor, the requirements of the South African Companies Act, Act 71
of 2008 and the Listings Requirements of the JSE. The condensed consolidated interim financial
statements do not include all of the information required for full annual financial statements.

These condensed consolidated interim financial statements have been prepared in accordance
with the historical cost basis except for certain financial instruments and investment property
which are stated at fair value. The condensed consolidated interim financial statements are
presented in South African Rand, which is the functional currency of the Company and has been
rounded to the nearest thousand. No new standards, interpretations or amendments, which are
relevant to the Group's operations, became effective during the period.

The accounting policies applied in the presentation of the condensed consolidated interim
financial statements are in accordance with International Financial Reporting Standards and are
consistent with those presented in the previous annual financial statements.

These reviewed condensed consolidated interim results were prepared under the supervision of
Michael Buckham, CA (SA) CFA (Financial Director) and approved by the Board of Directors on
29 November 2012.

Judgements and estimates
Preparing the interim financial report requires management to make judgements, estimates and
assumptions that affect the application of accounting policies and the reported amounts of assets
and liabilities, income and expense. Actual results may differ from these estimates.

In preparing this condensed consolidated interim financial report significant judgements made
by management in applying the Group's accounting policies and key sources of estimation
uncertainty were the same as those that applied to the consolidated financial statements as at
and for the year ended 31 March 2012.

Related party transactions
The Group entered into various intercompany transactions with related parties in the ordinary
course of business.

Subsequent events
With the exception of the items disclosed in this report there were no material events subsequent to
the reporting date.

Review of operations
Prescient Holdings listed on the JSE, in the Financial Services
sector, through a reverse acquisition into PBT Group Limited on
20 August 2012.

In addition, the six months to 30 September 2012 were highlighted
by numerous expansion initiatives resulting in structural changes
to the Group. The most significant of these initiatives was the
purchase of the Dublin-based investment management business,
AIB Asset Management Holdings (renamed Prescient Ireland) by
Prescient Holdings on 31 May 2012.

This set of condensed consolidated interim results includes
six months of operations for Prescient Holdings, four months of
operations for Prescient Ireland and one month of operations
for PBT.

Financial services
The investment management, administration and stock broking
businesses remain stable and the core part of operations. For
four of the six months under review, the equity market remained
relatively flat delivering a return of less than 4%. Lower equity
returns have been a feature since the start of 2011 with the equity
market delivering similar returns to cash from January 2011 to
July 2012. This resulted in lower performance from the Prescient
Positive Return strategy as there were no opportunities to lock in
equity gains while the fund continued to pay for capital protection.
This led to outflows from certain institutional clients. The strategy
focusses on delivering capital preservation for clients and has
done so consistently over time, while also delivering inflation-
beating results. The improvement in equity market returns from
August 2012 reflected positively in fund performance. The
investment philosophy at Prescient Investment Management
(Proprietary) Limited ("PIM") focusses on risk management for
clients and hence Positive Return remains a core strategy. Pricing
conditions, particularly the cost of protection, have continued to
improve for this strategy since the start of the year. PIM had assets
under management ("AUM") of R75.2 billion at 30 September 2012
(September 2011: R86.3 billion).

Subsequent to the September 2012 interim period, PIM
announced that it had given notice on the four mandates
managed for Nedgroup Investments (Proprietary) Limited
("Nedgroup"). PIM had a retail distribution relationship with
Nedgroup where some of PIM's flagship retail products were
sold under the Nedgroup brand. PIM has come to a point in
its development and growth strategy where consolidating all
flagship funds under its own brand is key. This paves the way
for PIM to market and sell its flagship and other core products
directly to the retail market. With the proposed retirement
reform in South Africa, the Group believes the ownership of all
products and building a strong brand is essential.

During the period under review, PIM was the first African institution
to be awarded a Qualified Foreign Institutional Investor ("QFII")
licence which allows the Group to invest directly in mainland
Chinese "A" shares. The legal processes are expected to be
complete in early 2013 when PIM will open its Prescient China
Balanced Fund to the market.

Administration outsourcing has continued to grow strongly with
third party assets under administration totalling R11.9 billion as
at 30 September 2012 (September 2011: R6.0 billion). Growth
came from continued inflows from existing co-name partner
clients and an increase in the number of new outsourced
relationships. The administration business continues to invest
in technology and has been able to deliver on all new reporting
requirements, including Regulation 28 of the South African
Pension Funds Act and Dividend Withholding Tax.

Prescient Securities (Proprietary) Limited ("Prescient Securities")
performed well in a very competitive market. The stock broking
industry continues to see downward pressure on brokerage
rates coupled with upward pressure on trading costs.

Prescient Securities' stature as a niche player in the South African
stock broking industry was once again affirmed with a strong
performance in the following 2012 industry surveys: Financial
Mail Rating of the Analysts (Equities and Derivatives) and the
Spire Awards (Fixed Income and Derivatives). Highlights from
these surveys include the following ratings:

- #2  Resources Small & Medium Market Cap Companies
- #2  Financial and Industrial Small & Medium Market Cap
       Companies
- #3  Electronic and Electrical Equipment
- #3  Derivatives Research: (#1 unweighted)
- #3  Derivatives Trading
- #1  Best Agency Broker: IR Derivatives  Volumetric
- #1  Best Agency Broker: FX  Volumetric
- #3  Best Agency Broker: Cash Bonds

Overall results for Financial Services: Revenue increased by
39.0% to R195.7 million (September 2011: R140.7 million) with
the acquisition of Prescient Ireland contributing R49.9 million to
total revenue and R4 million to profit before tax. Profit before
tax for Financial Services increased by 0.5% to R65.3 million
(September 2011: R64.9 million). Included in the current period
is a significant non-recurring expense of R6.6 million relating to
a lease breakage cost for the operating premises of Prescient
Ireland.

IT Services
The reverse listing of Prescient Holdings resulted in PBT's
results being consolidated for one month only. These were
strong results and amounted to a profit contribution to the
Group of R5.9 million before taxation.

Acquisitions of subsidiaries and non-
controlling interests
On 31 May 2012 the Group obtained control of Prescient
Ireland by acquiring the entire issued share capital of the
company for an initial R72.2 million, with a further contingent
amount of R16.6 million. The Prescient Ireland acquisition
was financed by way of an external loan. The acquisition is
a continuation of the Group's expansion into the international
market and will diversify the Group's earnings and client
base. PIM's risk management and asset allocation skills fit
well in the Irish market, where retirement funds' assets are
still predominantly defined benefit and largely underfunded.

Prescient Ireland's AUM at 30 September 2012 was
EUR5.47 billion.

The total Prescient Ireland acquisition price was based on a
percentage of AUM. The initial payment constituted half of
the acquisition price and AUM was ring-fenced at the time.
The Group will pay a contingent consideration amount on
31 May 2013 and 30 November 2013 based on the value of
ring-fenced AUM at those dates. At the date of acquisition
management believed that the value of the contingent
consideration would be R16.6 million. The total acquisition
price, including the contingent consideration, is R88.8 million

On 20 August 2012 PBT acquired the entire issued share
capital of Prescient Holdings and was classified as a reverse
acquisition in terms of IFRS 3 Business Combinations and
therefore PBT is treated as the accounting acquiree. PBT was
acquired for a consideration of R470.5 million and the net assets
at acquisition are reflected in the table below. PBT offers IT
services to a diverse client base across South Africa, the rest of
Africa and Australia. These services primarily include healthcare
administration systems and consulting and implementation of
data and management information software.

On listing date there was also an acquisition of Prescient
Capital, an investment holding company with interests in
property-holding companies and a Dublin-based investment
administrator. Prescient Capital was acquired for a consideration
of R71.7 million.

Other acquisitions of subsidiaries include:
- A 75% investment in Greenfields Institute of Business
  ("GIB"), 50% of which was acquired through Prescient 
  Capital and a direct acquisition of 25% for a 
  consideration of R6.2 million. GIB provides marketing 
  research and consulting services to large corporates.
- 51% of Cyberpro Consulting ("Cyberpro") for a consideration
  of R6.5 million. Cyberpro is a leading Microsoft Certified
  software services company, and
- 100% of BI Blue Consulting ("BI Blue") for a consideration
  of R8 million. BI Blue offers business intelligence services to
  assist clients in harnessing data to improve decision-making.

If all acquisitions had taken place at the beginning of the period
under review, revenue of the Group would have increased by
R155.5 million and profit before tax would have increased by
R15.7 million.

The purchase price, in excess of the value of net identifiable
assets, has been provisionally determined as goodwill. The
allocation between intangible assets and goodwill will be
determined during the following financial period.

The following table summarises the recognised amounts of
assets and liabilities assumed at acquisition date:

                     Prescient               Prescient
R'000                  Ireland         PBT     Capital    Other
Cash and cash
equivalents             79 522      83 983       4 366    5 344
Financial assets
at fair value
through profit or
loss                       213      43 811      17 279     131
Investments in
associate                                        7 435        
Equipment                2 280       2 136         136     319
Investment
property                                        17 967        
Intangible assets       14 679      29 408       7 629        
Deferred tax asset         197                     93       44
Trade and other
receivables             55 775      57 871      1 267    5 778
Long-term loans
receivable                         14 850       1 233      911
Inventories                        20 516                   
Taxation
receivable                          3 826                  700
Current tax
payable                (8 193)     (5 565)                   
Trade, other payables
and provisions        (86 811)    (18 775)       (575)  (3 083)
Long-term loans
payable                           (14 037)       (191)    (487)
Deferred tax
liability                          (5 283)                   
Bank overdraft                    (13 233)                 (97)
Total net
identifiable assets     57 662     199 508      56 639    9 560

Provisional goodwill arising from the acquisitions has been
recognised as follows:

                    Prescient              Prescient
R'000                 Ireland        PBT     Capital      Other
Total
consideration
transferred            72 224    470 466      71 732     25 911
Contingent
consideration
payable                16 578                               
Non-controlling
interests                                                9 605
Total net
identifiable assets  (57 662)  (199 508)    (56 639)    (9 560)
Goodwill              31 140    270 958      15 093     29 956

Dividend
An interim dividend of 3.3 cents per share, in respect of the
six months ended 30 September 2012, was declared on
29 November 2012. A portion of the gross dividend is being
paid out of pre-acquisition earnings in the context of the reverse
acquisition by Prescient Holdings.

Bianually, the directors will consider the payment of a dividend, taking
into account prevailing circumstances and future cash and capital
requirements of the Group in order to determine the appropriate
dividend in respect of a particular financial reporting period.

There are 1 576 346 232 shares in issue at the dividend
declaration date, of which 24 273 180 are held as treasury shares.
The total dividend amount payable is R52.0 million (Interim 2011:
Prescient Holdings paid a net dividend of R36.2 million).

This is a dividend as defined in the Income Tax Act, 1962, and
is payable from income reserves. Dividends declared after
31 March 2012, are no longer subject to the 10% Secondary
Tax on Companies (STC) regime, which levied the tax on the
declaring company, but are now subject to a 15% Dividends
Tax (DT) which is a withholding tax levied on non-exempt
shareholder recipients of the dividend. The net dividend
payable to shareholders who are subject to dividend tax is
2.805 cents per share, while it is 3.3 cents per share to those
shareholders who are exempt from dividend tax. Prescient's
income tax reference number is 9725/148/71/3.

In compliance with the listing requirements of the JSE Limited,
the following dates are applicable:

Last day to trade cum dividend         Thursday, 13 December 2012
Shares trade ex dividend                 Friday, 14 December 2012
Record date                              Friday, 21 December 2012
Payment date                             Monday, 24 December 2012

Share certificates may not be dematerialised or rematerialised
between Friday, 14 December 2012 and Friday,
21 December 2012, both dates inclusive.

Prospects
Financial Services
The prospects for continued growth in existing products, the
international expansion of the Group, the QFII licence as well
as the expanded range of Prescient products in the retail
market has opened the doors for a number of exciting growth
opportunities into the future. The investment philosophy at PIM
will continue to be applied consistently across all mandates to
ensure that we deliver certainty and stability to clients. This
philosophy is being implemented at Prescient Ireland and we
believe that the methodology is well suited to the Irish pension
fund market.

Furthermore, the administration capability at Prescient will
allow for strong growth in third party administration. With our
systems and people, we believe we are well placed for growth
in a market that requires strong administration functionality
and the ability to deliver on growing reporting and regulatory
demands.

Prescient Securities continues to focus on monetising its
rated research and trade offering and to explore initiatives to
increase market share as a niche BEE stockbroker.

IT Services
The foundation for further growth has been cemented with the
implementation of the BI Blue and Cyberpro acquisitions. IT
Services comfortably exceeded its aim of deriving more than
50% of its income from international operations and this should
again be achieved for the next six months. Trading conditions
remain buoyant and the company is well positioned to benefit
from its leading position in data and information management
and healthcare software services.

Changes to the Board of Directors
During the period under review the following changes were
made to the board of directors: Heather Sonn, Keneilwe Moloko
and Zane Meyer were appointed as independent non-
executive directors and Pierre De Wet resigned as a director on
10 July 2012. Furthermore there was a change in responsibility
of directors with the appointment of Michael Buckham as
Financial Director and Murray Louw as Chief Executive.

External audit review
The external auditors, KPMG Inc., reviewed the condensed
consolidated statement of financial position of Prescient
Limited as at 30 September 2012 and the related condensed
consolidated statements of comprehensive income, changes
in equity and cash flows for the period then ended, and other
explanatory notes, from which this information has been
extracted. The review has been conducted in accordance with
the International Standard on Review Engagements 2410.
Copies of the unqualified report of KPMG Inc. are available for
inspection at the registered office of the Company.

Forward-looking statements
This announcement contains certain forward-looking
statements with respect to the financial condition and results
of the operations of Prescient Limited that, by their nature,
involve risk and uncertainty because they relate to events and
depend on circumstances that may or may not occur in the
future. These may relate to future prospects, opportunities and
strategies. If one or more of these risks materialise, or should
underlying assumptions prove incorrect, actual results may
differ from those anticipated. By consequence, none of the
forward-looking statements have been reviewed or reported on
by the Group's auditors.

Company information
Directors: M Kaplan (Chairman  Independent Non-executive), AM Louw (CEO), M Buckham
(Financial Director), H Sonn (Independent Non-executive), K Moloko (Independent Non-
executive), R van Rooyen (Non-executive), Z Meyer (Independent Non-executive)

Registered office: Prescient House, Westlake Business Park, Otto Close, Westlake, 7945,
South Africa

Postal address: PO Box 31142, Tokai, 7966
Registration number: 1936/008278/06
Sponsor: Bridge Capital Advisors (Proprietary) Limited
Transfer secretaries: Link Market Services
JSE share code: PCT
ISIN: ZAE000163531

www.prescient.co.za
Date: 29/11/2012 05:05:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE'). 
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