Wrap Text
Reviewed annual results for the year ended 30 June 2013
PINNACLE TECHNOLOGY HOLDINGS LIMITED
Incorporated in the Republic of South Africa
Registration number 1986/000334/06)
REVIEWED ANNUAL RESULTS FOR THE YEAR ENDED 30 JUNE 2013
Revenue increased by 13% to R6.6 billion
EBITDA increased by 18% to R493 million
HEPS increased 17% to 205.6 cents
Dividends per share increased by 17% to 41 cents
CONSOLIDATED CONDENSED INCOME STATEMENT
for the year ended 30 June
Reviewed Audited
2013 2012
R000s R000s
Revenue 6 596 232 5 844 592
Cost of sales (5 566 701) (4 936 620)
Gross profit 1 029 531 907 972
Operating expenses (536 277) (488 635)
Earnings before interest, tax,
Depreciation and amortisation 493 254 419 337
Depreciation and amortisation (20 753) (18 662)
Net impairment/(reversal of impairment)
of intangible assets - 315
Operating profit before interest 472 501 400 990
Net finance costs (18 558) (20 386)
Profit before taxation 453 943 380 604
Taxation (128 263) (98 253)
Net profit after tax for the year 325 680 282 351
Exchange differences from translating
foreign operations 1 060 286
Total comprehensive income for the year 326 740 282 637
Attributable to:
Owners of the Company 326 008 280 552
Non-controlling interests 732 2 085
RECONCILIATION OF HEADLINE EARNINGS
for the year ended 30 June
Reviewed Audited
2013 2012
R000s R000s
Net profit after tax for the year 325 680 282 351
Less non-controlling interests therein (732) (2 123)
Impairment of goodwill - 69
Reversal of prior impairment after tax - (276)
Profit on sale of property, plant
and equipment net of taxation (314) (339)
Headline earnings 324 634 279 682
Weighted average number of shares
in issue (000) 157 931 159 721
FINANCIAL REVIEW
for the year ended 30 June Reviewed Audited
(cents per share unless otherwise stated) 2013 2012
Earnings (normal and fully diluted) 205.8 175.4
Headline earnings (normal /fully diluted) 205.6 175.1
Dividends 41.0 35.0
Dividend cover (times) 5.0 5.0
Gross profit % 15.6 15.5
Operating expenses % (8.1) (8.4)
EBITDA % 7.5 7.2
Effective tax rate % 28.3 25.8
Net profit after tax % 4.9 4.7
RECONCILIATION OF ORDINARY SHARE MOVEMENTS
for the year ended 30 June Reviewed Audited
2013 2012
000s 000s
Issued shares at beginning of year 169 976 181 317
Shares issued 95 142
Shares repurchased and cancelled - (11 483)
Issued shares at the end of the year 170 071 169 976
CONSOLIDATED CONDENSED STATEMENT OF FINANCIAL POSITION
as at 30 June Reviewed Audited
2011 2012
ASSETS R000s R000s
Non-current assets 594 636 357 144
Property, plant and equipment 186 637 112 189
Intangible assets 129 117 72 060
Investments in listed shares 30 179 -
Long-term loans 28 689 28 214
Finance lease receivables 184 782 108 562
Deferred taxation 35 232 36 119
Current assets 2 501 814 1 862 614
Inventories 1 048 686 795 346
Trade and other receivables 1 125 423 987 071
Finance lease receivables 65 349 35 624
Taxation receivable 1 154 2 114
Short term deposit 237 272 -
Cash and cash equivalents 23 930 42 459
Total assets 3 096 450 2 219 758
EQUITY AND LIABILITIES
Capital and reserves 1 088 059 810 813
Share capital and premium 25 982 25 945
Treasury shares (41 766) (42 166)
Non-distributable reserves 32 588 31 528
Accumulated profits 1 066 308 791 190
Non-controlling interests 4 947 4 316
Non-current liabilities 503 594 61 436
Interest-bearing liabilities 482 075 43 911
Deferred taxation 21 519 17 525
Current liabilities 1 504 797 1 347 509
Trade and other payables 1 074 736 1 021 133
Interest-bearing liabilities 17 203 14 973
Short-term loan 115 543 115 384
Deferred revenue 14 519 10 460
Taxation payable 12 320 2 853
Bank overdrafts 270 476 182 706
Total equity and liabilities 3 096 450 2 219 758
Shares in issue externally (000) 158 001 157 889
Capital management
Net asset value per share (cents) 688.6 513.5
Net tangible asset value per share (cents) 606.9 467.9
Working capital management
Days purchases in inventory 66 46
Days sales outstanding 50 56
Days purchases outstanding 48 46
Liquidity and Solvency
Debt to Equity 81.4% 44.0%
Debt to Equity excl Centrafin/Datacentrix 33.8% 26.2%
Current ratio 1.6 1.3
Acid test 1.0 0.9
SUMMARISED CONSOLIDATED STATEMENT OF CASH FLOWS
for the year ended 30 June
Reviewed Audited
2013 2012
R000s R000s
Cash generated by operating activities 124 960 192 550
Net finance costs 18 558 (20 386)
Tax paid (117 583) (106 565)
(11 181) 65 599
Cash flows from investing activities
Property, plant and equipment acquired (84 328) (27 035)
Less disposals 8 162 6 398
Acquisition of software and trademarks (7 912) (7 134)
Acquisition of subsidiaries (6 000) (8 100)
Investment in listed company (267 451) -
Investment in finance lease book (105 945) (96 145)
Acquisition of non-controlling interests - (7 400)
(463 474) (139 416)
Cash flow from financing activities
Interest-bearing liabilities raised 439 229 2 188
Interest-bearing liabilities repaid (14 724) (15 632)
Repurchase of Amabubesi shares - (130 596)
Treasury shares issued and sold - 48 980
Short-term loans raised 64 720 115 384
Short-term loans repaid (64 561) (52 088)
Increase in trust loans (475) -
Dividends paid (55 257) (39 685)
368 932 (71 449)
Decrease in net cash/overdraft (105 723) (145 266)
Net cash/overdraft acquisitions (576) 1 334
Opening net cash/(overdraft) at
beginning of year (140 247) 3 685
Net cash/(overdraft) at end of year (246 546) (140 247)
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
for the year ended 30 June
Share
capital Treasury Retained
/premium shares NDR earnings
R000s R000s R000s R000s
Balance 30 June 2011 112 009 (74 885) 31 204 560 786
Shares issued less
acquired and
cancelled (86 064)
Shares sold and
issued less acquired 32 719
Net profit and other
comprehensive income 324 280 228
Acquisition of non-
Controlling interests (10 288)
Dividends paid (39 536)
Balance 30 June 2012 25 945 (42 166) 31 528 791 190
Issue of shares 37 - - 304
Treasury shares sold - 400 - -
CGT on treasury shares
sold (3 267)
Net profit and other
comprehensive income 1 060 324 948
Acquisition of non-
Controlling interests (1 208)
Equity based
Compensation reserve - - - 9 598
Dividends paid - - - (55 257)
Balance 30 June 2013 25 982 (41 766) 32 588 1 066 308
Non
Ordinary controlling Total
shareholders interests equity
R000s R000s R000s
Balance 30 June 2011 629 114 260 629 374
Shares issued less
acquired and cancelled (86 064) (330) (86 394)
Shares sold and issued
less acquired 32 719 32 719
Net profit and other
comprehensive income 280 552 2 085 282 637
Acquisition of non-
Controlling interests (10 288) 2 450 (7 838)
Dividends paid (39 536) (149) (39 685)
Balance 30 June 2012 806 497 4 316 810 813
Issue of shares 341 (341) -
Treasury shares sold 400 - 400
CGT on treasury shares sold (3 267) - (3 267)
Net profit and other
comprehensive income 326 008 732 326 740
Acquisition of non-
Controlling interests (1 208) 240 (968)
Equity based compensation
reserve 9 598 - 9 598
Dividends paid (55 257) - (55 257)
Balance 30 June 2013 1 083 112 4 947 1 088 059
SUMMARISED SEGMENTAL REPORT
for the year ended 30 June Depre- Net
Revenue EBITDA ciation* interest
R000s R000s R000s R000s
2013
ICT Distribution 6 461 101 462 511 (15 338) (29 084)
IT Projects and
Services 161 722 20 852 (2 922) (63)
Financial Services 73 113 22 337 (185) 122
Group Central
Services - 4 218 (2 308) (6 197)
Less: Interest rec-
eived, discounted
leases in Financial
Service above (39 417) (16 664) - 16 664
Less: Intergroup
revenue (60 287)
6 596 232 493 254 (20 753) (18 558)
2012
ICT Distribution 5 700 098 397 055 (14 281) (24 065)
IT Projects and
Services 154 067 11 991 (2 639) 44
Financial Services 58 280 15 074 (175) 263
Group Central
Services - 2 591 (1 252) (4 002)
Less: Interest rec-
eived, discounted
leases in Financial
Service above (32 760) (7 374) - 7 374
Less: Intergroup
revenue (35 093)
5 844 592 419 337 (18 347) (20 386)
* Depreciation comprises depreciation amortisation, impairments
and goodwill acquired on business combinations.
Net profit Total Total
Before tax assets liabilities
R000s R000s R000s
2013
ICT Distribution 418 089 2 314 557 (1 531 567)
IT Projects and Services 17 867 37 795 (10 916)
Financial Services 22 274 312 163 (277 840)
Group Central
Services (4 287) 431 935 (188 068)
453 943 3 096 450 (2 008 391)
2012
ICT Distribution 358 709 1 881 469 (1 355 535)
IT Projects and
Services 9 396 38 109 (21 199)
Financial Services 15 162 185 718 (167 819)
Group Central
Services (2 663) 114 462 135 608
380 604 2 219 758 (1 408 945)
BUSINESS COMBINATIONS
30 June 2013
Devtrade* JAG* Modrac* Total
R000s R000s R000s R000s
Assets
Property, plant and equipment 273 13 817 1 710 15 800
Inventories 652 306 8 619 9 577
Trade and other receivables 4 520 1 995 4 858 11 373
Taxation receivable 2 - - 2
Cash and cash equivalents 629 40 1 888 2 557
6 076 16 158 17 075 39 309
Liabilities
Trade and other payables (6 162) (9 299) (29 516) (44 977)
Bank overdrafts - (3 133) - (3 133)
Loans payable - (8 524) - (8 524)
Deferred taxation - (1 603) (13) (1 616)
Shareholders loan - - (7 365) (7 365)
(6 162) (22 559) (36 894) (65 615)
Net assets acquired (86) (6 401) (19 819) (26 306)
Less: Non-controlling
interests - 640 - 640
Goodwill on acquisition 25 360 6 761 19 819 51 940
Purchase amount paid 5 000 1 000 - 6 000
Future purchase amounts 20 274 - - 20 274
Turnover since acquisition 11 302 12 444 4 270 28 016
Profit before tax since
acquisition 3 027 2 787 1 810 7 624
Pinnacle turnover ** 6 692 856
Pinnacle profit before tax ** 433 419
* Devtrade - Devfam Fire Prevention Equipment (Pty) Ltd
* JAG Jag Engineering (SA) (Pty) Ltd
* Modrac Modrac (Pty) Ltd and PrecisionICT (Pty) Ltd (acquired as
one unit)
30 June 2012 Merqu
Communications E-Secure
(Pty) Limited Distribution Total
R000 R000 R000
Assets
Property, plant and equipment 1 811 1 811
Deferred taxation 64 64
Inventories 387 739 1 126
Trade and other receivables 5 971 5 971
Cash and cash equivalents 1 730 1 730
9 963 739 10 702
Liabilities
Trade and other payables (4 525) (119) (4 644)
Bank overdrafts (396) (396)
Short-term loan (1 466) (1 466)
Shareholders loan (2 286) (2 286)
Taxation (817) (817)
(9 490) (119) (9 690)
Net assets acquired 473 620 1 093
Less: Non-controlling interests (232) (232)
Goodwill on acquisition 2 759 4 480 7 239
Purchase amount 3 000 5 100 8 100
Turnover since acquisition 24 997 15 898 40 895
Profit before tax since
acquisition 1 312 1 341 2 653
Pinnacle turnover ** 5 890 417
Pinnacle profit before tax ** 384 332
** If Business Combinations had been acquired at the beginning of the
year.
All receivables and inventories acquired in these business Combinations were assessed at acquisition and written down to expected net realisable value immediately prior to acquisition so the values shown herein are net of any additional write-downs deemed necessary.
COMMENTARY
INTRODUCTION
The Company is pleased to report a growth in HEPS of 17% for the year. The Board considers this to be a satisfactory result in a period in which trading conditions remained tough due to the economic situation, both in South Africa and throughout the world.
FINANCIAL RESULTS
Group turnover increased by 13% to R6.6 billion, aided by contributions from some newly acquired entities in the Pinnacle Africa division. Centrafin, the financial services division, has delivered remarkable net profit growth of 47%, whilst Infrasol, the services division, has struggled to repeat the growth experienced in the last financial year due to some large projects not materialising in time. The margin has remained constant at a group level as a result of gains in higher margin products offsetting pressure on margins on run rate products.
Good cost control, particularly in the AxizWorkgroup division, resulted in expenses growing at a lower rate than revenue, allowing overheads as a % percentage of turnover to continue improving, this year from 8.4% to 8.1%. Borrowing costs decreased as a result of the growing net contribution of Centrafins financial assets and due to the lower rates payable on the bond of R315 million placed in the capital markets at the end of April 2013 under the groups Domestic Medium Term Bond Programme. This will enhance the quality of Centrafins earnings in the future. The net result was that the 13% turnover growth was turned into a healthy increase in pre-tax earnings of 19%.
Tax rates returned to a more normal 28.3% compared to the unusually low 25.8% in the prior year occasioned by the recognition of an assessed loss as a deferred tax asset in a new subsidiary acquired last year. The tax rate will continue to deteriorate due to the issue of R130 million in preference shares by a subsidiary to Nedbank. Preference dividends paid by the subsidiary are treated as non-deductible interest in the consolidated income statement.
The increase in tax eroded the strong income before tax growth somewhat leaving a headline earnings growth of 16%, but the positive impact of the repurchase of the Amabubesi shares was that the weighted average number of shares in issue was reduced, which leveraged the year on year growth in HEPS back up to 17.4%. HEPS ended on 205.6 cents per share (2012 175.1 cents).
DIVISIONAL PERFORMANCE
Distribution grew turnover by 13% and EBITDA by 17% year-on-year, due largely to operating efficiencies and excellent control on the expenditure side. Core ICT spending in the market during the second half of the year has been tight, particularly in the retail sector where both margins and volumes were under pressure due to the decline in consumer demand. Promising growth was experienced in value added areas including security, cabling, racking and automation, which supported margin improvement. The integration of Axiz and Workgroup is now complete, and the combined entity is set for promising future growth as it has an unrivalled product set.
The Projects and Services division was unable to repeat the growth experienced in the second half of last year even though revenue increased by 23% over the first 6 months of the year. Continued emphasis into this exciting part of the Group will show the desired outcome in the years ahead.
Financial Services increased operating profit by 48%. Centrafin continues to grow its book strongly (now at R270 million from R150 million a year ago). The funding for the book was supplied by the listing of the Groups first issue of R315 million notes under the groups Domestic Medium Term Bond Programme at the end of April 2013. This funding secures Centrafins capital requirements for growth at the right rate and over the right term.
Despite the increase in market penetration, Centrafins margins remain strong and customer defaults are at an all-time low.
FINANCIAL POSITION AND CASH FLOW
Inventories increased by R253 million which increased Days Purchases in Inventories from 46 to 66. This came about as a result of an over estimation of the size of the tablet market and delays in orders on the retail side. The excess inventory will be largely resolved by the end of September.
Day Sales Outstanding however improved from 56 days last year (57 in December 2012) to 50 days at the end of the financial year. The improvement in the past six months was mainly due to the collection after the half year of a number of large deals concluded in November and December 2012, which resulted in a disproportionately higher turnover in the final months of the period and a corresponding temporary increase in the value of trade receivables.
There was a similar impact in Days Purchases Outstanding (DPOs) from 46 days last year (56 in December 2012) to 48 days arising out of the same large deals.
The main cash outflows amounted to R756 million, comprising:
Net interest paid of R18 million,
Taxation paid of R118 million,
The annual dividend to shareholders of R55 million,
An investment into land in Samrand of R44 million, which will be developed into our new head office over the next two years, and land in Bloemfontein for R2m which will be used for our new Free State office,
Other property improvements, vehicles, office equipment and software acquisitions (less disposals) making up the balance of R14m.
Repayment of the Nedbank short term loan amounting to R65 million (including accrued interest) out of the proceeds of the subsidiary preference share issue to Nedbank.
Further investment of R130 million into Centrafins customer base as it continues to build its financial lease book (R251 million) and its leased asset base (R19 million after depreciation),
Payments on acquisitions of R6 million, and the acquisition of the Datacentrix shares for which a total of R267m was paid
Further repayments on the Axiz acquisition and other long-term loans (R29 million).
This was funded by net operational cash flow of R132 million, funding advanced by Investec to Centrafin of R65 million for its finance book growth, increases in overdrafts of R106 million, the issue of a medium term domestic note of R315 million and the subsidiary preference share issue of R130 million. Borrowings now comprise R116 million in short-term loans raised for on Centrafins finance lease book and rental asset pool (which now total R270 million), subsidiary preference shares issued to Nedbank (treated as interest bearing liabilities at group level) of R130 million, the Nedbank loan to fund the purchase of Axiz amounting to R37 million, the medium term domestic note of R315m and overdrafts of R270 million against general banking facilities of R609 million.
It must be borne in mind that this years borrowings profile is considerably skewed by two assets that should be ring-fenced due to their non-operational nature insofar as they relate to mainstream ICT distribution. These are the investment in Datacentrix of R267 million and the investment into Centrafin totalling R270 million. Without these the Groups borrowings would only be R348 million and its debt to equity ratio would be under 34%.
The Board is satisfied that the Company remains well funded for the next 12 months, and ready to meet the funding needs of ramping up stocks to meet the government season in January to March 2014.
CORPORATE ACTIVITY
Devtrade: Pinnacle acquired 100% of the issued share capital of Devfam Fire Prevention Equipment (Pty) Ltd (trading as Devtrade) at a price that will vary between R5 million and R25.3 million depending on the earnings achieved in the two years after acquisition. A payment of R5 million was paid on acquisition and the balance of the purchase price will be paid in two equal annual tranches.
Devtrade is a security business that distributes high-end electronic security products including fire detection and suppression equipment, public address, CCTV and access control infrastructure. It is one of the two appointed Bosch distributors in the country. The acquisition of Devtrade gives critical mass and impetus to our strategic decision to enter the security market.
JAG: Pinnacle acquired a 90% share in JAG Engineering (SA) (Pty) Ltd (JAG) during December 2012, which became effective on 1 January 2013, and the remaining 10% on 1 June 2013. JAG designs and manufactures server racking which will reduce the reliance on imports and uncertain local supply that Datanet currently faces with this product range.
Modrac: The Group acquired 100% of Modrac (Pty) Ltd and PrecisionICT (Pty) Ltd with effect from 1 June 2013. These companies manufacture electronic enclosures and server racking under the brand names Modrac and Enviroserve. The intention is to combine the manufacturing facilities of Modrac and PrecisionICT with those of JAG Engineering which will give the group a significant manufacturing capacity in the electronic enclosure sector.
Datacentrix: Pinnacle entered into an agreement with Co-ordinated Network Investments (Pty) Ltd and Hoolican Investments (Pty) Ltd (the Sellers) on 6 June 2013 to acquire 61 152 467 shares in Datacentrix Holdings Limited (Datacentrix), amounting to 29.8% of the issued share capital of that company. The transaction is subject to the approval of the South African competition authorities, to the extent required. Pinnacle paid the full cash price of the transaction to the Sellers as a deposit that will be refunded with interest at market deposit rates if the authorities disallow the transaction. This deposit has been treated as an investment in the consolidated statement of financial position at 30 June 2013. Pinnacle has acquired a further 7 364 581 Datacentrix shares on market during the financial year to bring its total holding in Datacentrix to 33.4% of its total issued share capital and 34.995% of its voting shares (i.e. excluding shares held by the Datacentrix group as treasury shares). This investment has been funded out of existing facilities pending the finalisation of the transaction.
The Datacentrix shareholding will provide Pinnacle with a significant revenue flow from the managed services and business solutions market sector which is consistent with the groups strategy to secure a greater portion of higher margin annuity services and solutions revenues in its income mix.
CHANGES TO THE BOARD OF DIRECTORS
Chris Smyth stepped down from the Board on 1 January 2013 to head up the newly created corporate finance function, which has the specific objective of generating acquisitive growth. He has also taken up the post of Company Secretary, which required him to resign as a director so that he would be independent of the Board.
Richard D Lyon replaced Mr Smyth as Chief Financial Officer and was appointed to the Board in Mr Smyths stead.
SUBSEQUENT EVENTS
No other events material to the understanding of the report occurred in the period between the period-end date and the date of the report.
DIVIDENDS
Notice is hereby given that a final and only gross dividend of 41 cents per share has been declared by the Board of Directors of the Company for the year ended 30 June 2013, payable to shareholders recorded in the register of the Company at the close of business on the record date appearing below. This dividend is declared out of income reserves. There are 170 104 449 ordinary shares in issue and ranking for dividend at the date of this declaration. There are no further STC credits available for offset against the dividend before calculating dividend withholding tax at 15% so the net dividend payable to shareholders who are not exempt from dividend tax will be 34.85 cents per share after paying dividend tax. This dividend tax is not reclaimable by foreign shareholders unless specifically provided for in a double taxation treaty between South Africa and the applicable shareholders countries of residence.
The salient dates applicable to the final dividend are as follows: 2013
Last day to trade CUM dividend Friday 8 November
Ordinary shares trade EX dividend Monday 11 November
Record date to be recorded in the register to
participate in the dividend distribution Friday 15 November
Payment date of dividend Monday 18 November
No share certificates may be dematerialised or re-materialised between Monday 11 November 2013 and Friday 15 November 2013, both days inclusive.
Pinnacle Technology Holdings Limiteds tax reference number is 9675/146/71/7.
PROSPECTS
The overall economy faces challenging times ahead, with the consumer becoming more financially constrained than ever and the resources sector, the bedrock of the South African industry, bedevilled by labour and demand issues. Nonetheless, the IT sector has remained resilient in the face of these and other economic challenges and it is envisaged that it will continue to remain reasonably so.
Pinnacle Africa has much work to do to bed down its recent acquisitions in rack manufacturing and security products whilst AxizWorkgroup has the most complete set of IT products of any distributor in the industry. It is in the process of setting up its Advanced Technologies division that will bring unparalleled expertise and products under its roof.
Infrasol is expanding its services offering and is seeing increased traction, while Centrafin, Pinnacles finance subsidiary, continues to enable transactions to take place within the Group.
Investors are advised the Companys auditors have not reviewed nor reported on any forward-looking statements in this announcement.
STATEMENT OF COMPLIANCE
These condensed consolidated financial statements for the year ended 30 June 2013 have been prepared in accordance with the Groups accounting policies under the supervision of the Chief Financial Officer, R D Lyon CA, with and containing the information required by IAS 34. They comply with the framework concepts and the measurement and recognition requirements of International Financial Reporting Standards (IFRS), the SAICA Financial Reporting Guides as issued by the Accounting Practices Committee and Financial Pronouncements as issued by the Financial Reporting Standards Council, the Listings Requirements of the JSE Limited and the Companies Act (No 71 of 2008, as amended) of South Africa. No new standards came into effect during the year and the accounting policies adopted are consistent with those applied in the preparation of the audited annual financial statements for the year ended 30 June 2012.
REVIEW
The condensed consolidated financial statements for the year have been reviewed by BDO South Africa Incorporated, and their unmodified review report is available for inspection at the Companys registered office.
For and on behalf of the Board
D Mashile-Nkosi AJ Fourie Midrand
Chairman Chief Executive Officer 4 September 2013
PINNACLE TECHNOLOGY HOLDINGS LIMITED
Incorporated in the Republic of South Africa
Registration number 1986/000334/06)
Share code: PNC
ISIN: ZAE000022570
(Pinnacle or the Group or the Company)
www.pinnacle.co.za
Directors: D Mashile-Nkosi ** (Chairperson), S Chaba **, AJ Fourie (CEO), RDC Lyon (CFO), TAM Tshivhase, A Tugendhaft*, E van der Merwe **
* (Non-executive) ** (Independent non-executive)
Registered Office: The Summit, 269, 16th Road, Randjespark, Midrand, 1685
Transfer Secretaries: Computershare Investor Services (Pty)
Limited, Ground Floor, 70 Marshall Street, Johannesburg, 2001
Auditors: BDO South Africa Inc, Registered Auditors, 13 Wellington Road, Parktown, 2193
Sponsor: Deloitte & Touche Sponsor Services (Pty) Limited
Date: 05/09/2013 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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