Wrap Text
Summarised Provisional Consolidated Financial Statements for the year ended 30 June 2013
POYNTING HOLDINGS LIMITED
Incorporated in the Republic of South Africa
(Registration Number: 1997/011142/06)
Share Code: POY ISIN: ZAE000121299
(“Poynting” or “the Company” or “the Group”)
Summarised Provisional Consolidated Financial Statements
for the year ended 30 June 2013
Highlights
NET PROFIT AFTER TAXATION 36.04%
The net profit after taxation increased from R7.233
million in 2012 to R9.840 million in 2013
EARNINGS PER SHARE 28.12%
Basic earnings per ordinary share increased from 8.18
cents to 10.48 cents per share
NET TANGIBLE ASSET VALUE PER SHARE 21.75%
The net tangible asset value per share increased from
32.81 cents to 39.95 cents
per share
INTRODUCTION
Poynting designs, manufactures and supplies antennas and
telecommunication products to the cellular, wireless data
and defence markets, both within South Africa and
internationally through its subsidiaries and partner
companies. Poynting’s export markets primarily
incorporate Europe, the United States of America (“USA”),
the Middle East and Asia. The Group operates as four
divisions, namely Commercial, Defence, Cellular Coverage
Solutions (“CCS”) and the recently formed New Business.
The main divisions are Defence and Commercial, while CCS
is currently a new division which is not yet consistently
profitable and New Business is engaged with investing
into new business areas and acquisitions to drive the
growth plan referred to later in this report.
The Defence Division is focused on the electronic warfare
market which comprises monitoring, jamming and direction-
finding antennas. This division sells to military system
integrators and specialised distribution partners. Close
partnerships are created with customers, and antennas are
often custom-designed. The Defence Division has also
integrated the products of Radiant Antennas Proprietary
Limited (“Radiant Antennas”), which was acquired in July
2012, and is generating sales from this new product
range. These products have extended the Defence Division
to the defence communication market from the previously
predominantly serviced Electronic Warfare (“EW”) market.
The defence communication market is fundamentally larger
than the more specialised EW market and promises good
growth opportunities. Strategically, this expansion makes
sense since the EW market demanded very broad bandwidth
antennas; our EW antennas as well as the Commercial 3G
antennas has provided Poynting with leading technology
and knowhow to design and manufacture these broad
bandwidth antennas.
Technological advances in defence communications
similarly demands increasingly broader bandwidth antennas
in large quantities. The combination of broadband antenna
technology and knowhow in mass producing 3G broadband
antennas, together with Radiant Antennas’ existing
mechanical and electrical designs, place Poynting in an
almost unique position to capitalise on supplying the
defence communication market.
Poynting’s commercial antennas are used with or in
cellular and wireless data end-user equipment.
Technologies include GSM, HSPA, 3G, 4G, LTE, WiFi, iBurst
and related technologies. These antennas enable and
enhance internet access for end users, increase
throughput while also making connections more consistent
and reliable.
The Commercial Division sells most of its products
through distributors with main markets in South Africa,
Europe, the USA and Australia, in order of contribution
to sales. The market for these antennas is rapidly
increasing with cellular data revenues (reported by MTN,
Vodacom, Vodafone and others) typically growing currently
by between 20% and 50% and actual data usage and devices
roughly doubling annually. Voice revenues are stagnant
however, especially in Africa, uptake of 3G, 4G and LTE
internet access is growing massively. Our antennas find a
particular niche in fixed wireless (office or home
internet) usage and the machine-to-machine (“M2M”) market
is another driver in demand for our antennas. M2M
connections include vehicle tracking, ATMs, credit card
terminals, remote electricity and other metering and a
host of other telemetry applications. Many new
applications appear as the cost of connectivity drops –
these includes home alarm systems, irrigation, video
surveillance, anti-poaching detection devices, vending
machines and other novel applications requiring
connectivity.
Poynting is currently investing in the entry into the
cellular micro base station market and has established
the CCS division for this purpose. CCS is fundamentally
different from the Commercial Division, which mainly
supplies antenna based solutions used to connect end user
equipment, while CCS products are aimed at the base
station (network operator or infrastructure) market.
Cellular data would fundamentally require operators to
provide at least 10 times more base stations than those
required to provide cellular voice services. This
“densification” is required to provide adequate capacity
for future data requirements and not primarily to
increase coverage as many people believe. Without
covering the technical fundamentals, this significant
increase for base stations is fundamental and
unavoidable. The densification require base stations
which cost approximately 10 times less than traditional
ones and with radically different shape and form factors.
The cost factor is crucial in order to ensure the
commercial viability of cellular data growth. The
identification of suitable locations to install such a
large number of new base stations clearly demands
innovation in terms of size and shape of these base
stations.
The New Business Division was formed as a vehicle to
allow for the execution of the CEO growth plan which aims
to build Poynting into a group with revenue in excess of
R1 billion over a 3 to 5 year period. This growth will be
in the form of acquisitions of new businesses, including
strategic acquisitions to expand current business
divisions in terms of product and distribution and
investing into completely new business areas.
Poynting retains a very strong Research and Development
(“R&D”) department of around 30 talented members,
including PhD and MSc level engineers, who design the
antennas, develop production methods, develop
manufacturing plant (mainly moulds and stamping tools)
and produce prototypes. The Commercial, Defence, CCS and
the New Business Divisions all perform customer specific
designs to supply products to single customers (“OEM”)
and generic products which can be sold to various
customers. Typically, the Defence Division sales are
generated from large military OEMs, whereas Commercial
Division mainly focuses on mass produced products sold
through distributors or to corporate customers. CCS
mainly services cellular operators and their
infrastructure integration partners. New Business
Division handles acquisitions, formation of IP in new
technology areas and building of new businesses.
RESULTS OVERVIEW
The highlights of the results for the year ended 30 June
2013 include:
Net profit after taxation increased by 36.04% from R7.233
million in 2012 to R9.840 million in 2013.
Basic earnings per ordinary share increased by 28.12%
from 8.18 cents to 10.48 cents per share.
Net tangible asset value per share increased by 21.75%
from 32.81 cents to 39.95 cents per share.
Extracting the core aspects from Poynting’s vision
statement perhaps best describes the nature and culture
of the Company:
• Our bedrock value is our belief that we shall succeed
through clever innovative design;
• We shall provide products, information and advice with
technical honesty and integrity;
• We prefer multicultural and diverse employees operating
in small teams;
• Poynting teams enjoy working hard and are given a high
level of autonomy, freedom and responsibility;
• All are encouraged to be brave and headstrong and must
learn to thrive on challenges;
• Poynting is proud of our African roots, but always aims
at international success; and
• Poynting’s activities should benefit shareholders,
employees and communities we encounter.
Perhaps more indicative of Company performance is the
EBITDA which at R18.5 million has also grown by 24.96%
and equates to 19.75 cents per share. The number is the
most representative indicator of profitability since our
final earnings number includes amortisation and
depreciation of about R7.744 million which mainly relates
to which mainly relates to depreciation and amortisation
of intangible assets.
Commercial Division revenues increased by 10.97%. Most
significantly, the Commercial Division EBITDA
contribution increased by 57.98% from R4.393 million to
R6.940 million. The Defence Division revenues increased
by 36.57% and EBITDA increased by 59.17% from R8.389
million to R13.352 million compared to the previous
comparative period.
The two main divisions of the Company, Defence and
Commercial, have grown EBITDA by 58.77% from R12.781
million to R20.292 million. It is also significant to
note that the two main divisions marginally increased
exports from 50.57% in 2012 to 51.63% in the 2013
financial year with the largest contribution coming from
Europe and North America. Poynting has succeeded in
exporting uniquely locally developed technology into two
of the largest first world markets against significant
international competitors. We believe the export numbers
are still low and that considerable growth in export
sales is possible given the size of the international
market for both Commercial and Defence products.
The CCS division made a loss before interest, tax,
depreciation and amortisation of R2.410 million. CCS
expenditure relates to investment in product development,
new technology and marketing while actual income is
limited to trial installation and prototypes for network
approval and customer acceptance. Profitability is only
expected in the 2014 financial year. Current product
development is done in close collaboration with large
operators including multinational cellular companies who
are leaders in this area. Our new 3rd generation LTE
billboard micro base station is generating considerable
interest and evaluation and sample units have been
delivered. While cooperating with potential customers
Poynting has funded and retained full IP ownership of
these products. A number of patents and registered
designs have also been filed to protect this IP.
OPERATIONAL OVERVIEW
The Defence Division is continuing to become
internationally established as a leader in EW antenna
technology. This is best illustrated by analysing the
spread of customers.
Defence Division’s engineering, sales and operational
functions are operating with established management teams
and proven systems for each function. These are straining
under the growth but are functioning effectively and are
expanding to meet increased demand for the remainder of
the financial year and thereafter.
Commercial Division operations are showing the benefits
of mass production in China. Smaller quantities and more
specialised antennas are still manufactured locally at
the Company’s Samrand offices and this manufacturing
flexibility is beneficial to the Company. Manufacturing,
quality and logistical systems and cross cultural
relationships has become a tangible strength for
Poynting.
The benefits of these strengths to profitability are
clearly shown by the financial results. Increased sales
of 3G antennas to Europe illustrate the benefits of
outsourced manufacture: the majority of products are
shipped to Europe directly from China, resulting in
logistical and other cost advantages. A separate
manufacturing facility adjacent to the Samrand office has
been rented to support small scale CCS manufacturing. CCS
Division still operates in close conjunction with
Commercial and Poynting Direct at the Samrand offices.
Poynting Direct has consolidated the Johannesburg and
Pretoria branches at the Samrand offices while the Cape
Town branch has been retained. Poynting Direct sales are
showing good growth and combined with decent margins,
this subsidiary contributes to the profitability of the
Commercial Division.
Our new DTV business unit is not yet defined as a formal
division since no income has been generated. This unit is
in the process of developing new technology aimed at the
DTV consumer market including a new Digital TV antenna
for domestic use, trademarked as the DigiAnt. To our
knowledge, DigiAnt is the first new TV aerial invented
over the past 50 years and has demonstrated equal or
better performance to current consumer products on the
market. DigiAnt, the production costs of which are
significantly lower than current TV antennas, collapses
to a packaging volume of approximately 8 times smaller
than existing antennas. The cost to set up production of
these antennas is modest, which makes it attractive in
many markets wishing to promote local production as part
of the Digital TV migration. Poynting has several patents
and designs on the concept and hopes to both manufacture
and license manufacture of DigiAnt internationally. The
DTV business unit has also developed a solar powered TV
trademarked as SunPoynt TV. SunPoynt consists of ultra-
low power high definition (HD) monitor, solar panel,
regulator, USB charging port and two lights which can
provide a family with TV, lights and device charging for
6 hours or longer per night. The addition of a decoder
makes it suitable for viewing TV in areas without
electrical power. The SunPoynt can also become an
internet access device by adding a 3G modem and wireless
keyboard. Another significant technology is the VeriPoynt
TV installation verification system. VeriPoynt devices
communicating to a cloud computer can be used to verify
successful installation of terrestial or satellite based
TV’s by installers.
The DTV unit activities are funded by the New Business
Division and will be spun off into its own division once
it achieves significant sales traction.
CEO 3-5 YEAR GROWTH PLAN
Poynting’s board accepted a growth plan early this
financial year which aims to achieve Group turnover in
excess of R1 billion within a 3 to 5 year period. We plan
to achieve this target by performing strategic
acquisitions, autonomous acquisitions, developing new
business areas/technologies and strong growth in all of
these areas including existing Divisions. We envisage the
additional turnover to be achieved as follows:
• Strategic acquisitions (R50 - R100 million in revenue)
• Autonomous acquisitions (R200 – R400 million in
revenue)
• New business areas (R100 – R300 million in revenue)
• Growth – this is growth in the current divisions,
acquisitions and from new businesses divisions. Growth
in the above is expected to contribute between R150 –
R350 million in revenue
Strategic acquisitions refer to the expansion of current
divisions in terms of product range and/or distribution
resources. Autonomous acquisitions refer to companies
which we acquire in different technology fields to the
existing ones which are intended to continue operations
under current brand, management and marketplace.
Currently the Radiant Antennas acquisition would fall
under the strategic category while the potential
acquisition of African Union Communications Proprietary
Limited, (“Aucom”) which was announced on SENS on 10 July
2013, would fall under the autonomous category.
The CCS Division and the recently formed DTV business
unit are examples of new business areas. Poynting is also
registering some new IP which could form the basis of
further business units.
FUTURE PROSPECTS
The Defence and Commercial Divisions should continue
strong growth in the future. The Defence Division growth
against a backdrop of lower international spending on
defence was achieved via a vast increase in international
customers in the past financial year. This division has
achieved international recognition as a leading developer
of antennas used in the EW market and the acquisition of
Radiant Antennas has also ensured successful entry in the
military communications market. Poynting is considering
further acquisitions to bolster and expand both product
ranges and international market access of the Defence
Division.
The Commercial Division is supported by strong growth in
the cellular data field. With the advent of 4G/LTE
systems a number of Poynting products are now unique
internationally and our competitive advantage is ensured
by numerous international patents, designs, trademarks
and know-how. Our difficult, but successful transfer of
mass production to China makes Poynting competitive in
any international market and gives this division
excellent scalability.
The CCS Division should be supported by the requirement
internationally to significently increase base stations
to cope with growth in data traffic. All studies indicate
that the number of base stations will increase by a
factor of 10 or more in the next few years, but this will
require innovative smaller and lower cost base station
concepts, which are exactly the products currently
offered by the CCS division. Pilot installations have
been ordered and considerable local as well as
international interest has been shown in the CCS small
base station products.
As announced on SENS, our recent binding Heads of
Agreement to acquire Aucom will considerably enlarge the
Company and gives us further diversification in terms of
products and markets. Aucom operates in the DTV
infrastructure integration and supply in Africa – this
market is new to us in terms of technology and region and
is affected by entirely different drivers to those in the
telecommunications and military communication markets.
Joint business endeavours between Poynting and Aucom also
resulted in the DTV consumer products developed by the
DTV business unit mentioned above. Considerable
additional synergies exist between the companies. The
current drive of all African countries to convert from
analogue TV to digital TV should provide Aucom with
potential to thrive over the next five to ten years.
Poynting has an active process in place for further
acquisitions and investors will be informed of these when
appropriate.
Poynting intends to increase its cash reserves by R15 to
R30 million over the next year or so by increasing long
term debt and/or by issuing equity. These future
reserves, added to our current excess cash, will be used
to fund the activities outlined in the growth plan.
Poynting’s profitable existing operations, strong balance
sheet, deceptively valuable IP portfolio and innovative
capacity places it in a favourable position to achieve
the aforementioned growth objectives and reward
shareholders in the future.
Poynting does follow a strategy of accepting risk,
aggressively and rapidly implements growth strategies and
investors should acknowledge that exposure to risk is
part and parcel of investing in a Company with high
growth plans and ambitions.
SUBSEQUENT EVENTS
Shareholders are referred to the SENS announcement dated
10 July 2013 regarding the acquisition of Aucom.
Further to the cautionary announcement dated 10 July
2013, shareholders were advised on 22 August 2013 that
the pro-forma financial effects of the acquisition of
Aucom are still in the process of being finalised, and
accordingly were advised to continue exercising caution
when dealing in the Company securities until a further
announcement is made.
Management is attending to the sale of shares agreement
which is subject to the finalisation of the due
dilligence and board approval.
BASIS OF PREPARATION
The accounting policies applied in the preparation of
these summarised provisional consolidated financial
statements, which are based on reasonable judgments and
estimates, are consistent with those applied in the
financial statements for the year ended 30 June 2013.
These summarised financial statements as set out in this
report have been prepared in terms of the recognition and
measurement requirements of the International Financial
Reporting Standards (“IFRS”), presentation and disclosure
requirements of IAS 34 – Interim Financial Reporting, the
Companies Act of South Africa, 2008 (Act 71 of 2008), as
amended, the SAICA Financial Reporting Guides as issued
by the APB and the Listings Requirements of JSE Limited.
This summarised report is extracted from audited
information, but is not itself audited.
The directors take full responsibility for the
preparation of the provisional report and that the
financial information has been correctly extracted from
the underlying annual financial statements.
The summarised provisional consolidated financial
statements were prepared under the supervision of Johan
Ebersohn, B.Compt. Hons (Financial Director).
AUDITOR’S REPORT
The Group financial statements have been audited by KPMG
Inc. South Africa and form the basis of this results. The
unqualified audit report is available for inspection at
the registered office of the Company.
DIRECTORATE
There were no changes to the board during the period
under review or past year end.
By order of the board
Andre Fourie
Chief Executive Officer
Johan Ebersohn
Financial Director
25 September 2013
Johannesburg
SUMMARISED CONSOLIDATED STATEMENT
OF COMPREHENSIVE INCOME FOR THE YEAR ENDED 30 JUNE 2013
Note Audited Audited
year ended year ended
30-Jun-13 30-Jun-12
R’000 R’000
Revenue 93 743 80 970
Cost of sales (30 010) (27 489)
Gross profit 63 733 53 481
Other income 2 487 1 342
Operating expenses (55 413) (46 349)
Operating profit 10 807 8 474
Investment income 488 448
Finance costs (58) (387)
Profit before taxation 11 237 8 535
Taxation (1 397) (1 302)
Profit for the year 9 840 7 233
Other comprehensive income - -
Total comprehensive income 9 840 7 233
Total comprehensive income
attributable to:
Owners of the parent 1 9 840 7 241
Non-controlling interest - (8)
9 840 7 233
SUMMARISED CONSOLIDATED STATEMENT
OF CHANGES IN EQUITY
Share Share Share
capital premium based
R’000 R’000 payment
reserve
R’000
Balance at 1 July 2011 4 24 375 221
Profit for the year - - -
Share options forfeited - - (71)
Poynting Software - - -
dividends in specie
Changes in ownership - - -
interest - control not
lost
Total changes - - (71)
Balance at 1 July 2012 4 24 375 150
Profit for the year - - -
Issue of shares 1 2 639 -
Share options forfeited - - (26)
Share options exercised - - (1)
Total changes - 2 639 (27)
Balance at 30 June 2013 5 27 014 123
Retained Non- Total
earnings controlling R’000
R’000 interest
R’000
Balance at 1 July 2011 7 274 28 31 902
Profit for the year 7 241 (8) 7 233
Share options - - (71)
forfeited
Poynting Software - (12) (12)
dividends in specie
Changes in ownership - (8) (8)
interest - control not
lost
Total changes 7 241 (28) 7 142
Balance at 1 July 2012 14 515 - 39 044
Profit for the year 9 840 - 9 840
Issue of shares - - 2 640
Share options - - (26)
forfeited
Share options - - (1)
exercised
Total changes 9 840 - 12 453
Balance at 30 June 24 355 - 51 497
2013
SUMMARISED CONSOLIDATED STATEMENT
OF FINANCIAL POSITION AS AT 30 JUNE 2013
Audited Audited
year ended year ended
30-Jun-13 30-Jun-12
R’000 R’000
Assets
Non-Current Assets
Property, plant and equipment 4 976 2 857
Goodwill 2 207 -
Intangible assets 11 767 9 987
Other financial assets - 86
18 950 12 930
Current Assets
Inventories 12 427 7 638
Other financial assets 171 326
Current tax receivable 413 13
Trade and other receivables 18 141 11 738
Cash and cash equivalents 14 402 17 398
45 554 37 113
Total Assets 64 504 50 043
Equity and Liabilities
Equity
Equity attributable to owners of
the parent
Share capital 27 019 24 379
Share based payment reserve 123 150
Retained income 24 355 14 515
51 497 39 044
Liabilities
Non-Current Liabilities
Loans and borrowings 300 158
Finance lease obligation - 45
Deferred tax 2 020 1 359
2 320 1 562
Current Liabilities
Bank overdraft 817 -
Loans and borrowings 245 115
Finance lease obligation 39 83
Trade and other payables 8 969 9 018
Provisions 617 221
10 687 9 437
Total Liabilities 13 007 10 999
Total Equity and Liabilities 64 504 50 043
Number of ordinary shares in 93 921 053 88 554 275
issue
Net tangible asset value per 39.95 32.81
ordinary share (cents)
SUMMARISED CONSOLIDATED CASH FLOW STATEMENT
FOR THE YEAR ENDED 30 JUNE 2013
Audited Audited
year ended year ended
30-Jun-13 30-Jun-12
R’000 R’000
Cash flows from operating 6 451 21 085
activities
Cash flows from investing (14 321) (7 203)
activities
Net cash generated from/(used 2 823 (1 817)
in) financing activities
Total cash and cash equivalents (5 047) 12 065
movement for the year
Cash and cash equivalents at 17 398 4 835
the beginning of the year
Effect of exchange rate 1 234 498
movement on cash balances
Total cash and cash equivalents 13 585 17 398
at end of the year
Note 1 - Reconciliation of
profit for the year to headline
earnings
EARNINGS
Profit for the year 9 840 7 241
Adjustments for:
Add: loss on disposal of - 11
property, plant and equipment
Deduct: tax on loss on disposal - (3)
of property, plant and
equipment
Headline earnings attributable 9 840 7 249
to ordinary shareholders
Weighted average number of 93 921 053 88 554 275
ordinary shares in issue
Weighted average number of 94 711 843 90 184 454
diluted ordinary shares in
issue
Basic earnings per ordinary 10.48 8.18
share (cents)
Diluted earnings per ordinary 10.39 8.03
share (cents)
Headline earnings per ordinary 10.48 8.19
share (cents)
Diluted headline earnings per 10.39 8.04
ordinary share (cents)
SEGMENTAL ANALYSIS FOR THE PERIOD ENDING 30 JUNE 2013
R’000 Commercial CCS
Division Division
Total revenues 43 400 6 259
Intersegment revenues (4 054) -
Total external revenues 39 346 6 259
Corporate office expense (543) (133)
Depreciation and amortisation (4 245) (388)
Operating profit 2 695 (2 798)
Investment income 33 -
Finance costs (37) (1)
Profit before taxation 2 691 (2 799)
Taxation (293) 597
Profit for the year 2 398 (2 202)
Reportable segments assets 23 112 8 454
Reportable segments liabilities (4 494) (367)
Operating profit 2 695 (2 798)
Depreciation and amortisation 4 245 388
EBITDA 6 940 (2 410)
R’000 New Defence Total
Business Division
Division
Total revenues 800 47 398 97 857
Intersegment revenues - (60) (4 114)
Total external 800 47 338 93 743
revenues
Corporate office (80) (570) (1 325)
expense
Depreciation and - (3 111) (7 744)
amortisation
Operating profit 669 10 241 10 807
Investment income 3 452 488
Finance costs - (20) (58)
Profit before 672 10 673 11 237
taxation
Taxation (129) (1 572) (1 397)
Profit for the year 543 9 101 9 840
Reportable segments 2 419 30 519 64 504
assets
Reportable segments (872) (7 274) (13 007)
liabilities
Operating profit 669 10 241 10 807
Depreciation and - 3 111 7 744
amortisation
EBITDA 669 13 352 18 551
SEGMENTAL ANALYSIS FOR THE PERIOD ENDING 30 JUNE 2012
Total revenues 38 417 10 851
Intersegment revenues (2 960) -
Total external revenues 35 457 10 851
Corporate office expense (509) (156)
Depreciation and amortisation (3 834) (172)
Operating profit 558 1 893
Investment income 37 -
Finance costs (255) (5)
Profit before taxation 340 1 888
Taxation (128) (573)
Profit for the year 212 1 315
Reportable segments assets 19 167 4 040
Reportable segments liabilities (4 209) (912)
Operating profit 558 1 893
Depreciation and amortisation 3 834 172
EBITDA 4 392 2 065
Total revenues - 34 662 83 930
Intersegment revenues - - (2 960)
Total external revenues - 34 662 80 970
Corporate office - (497) (1 162)
expense
Depreciation and - (2 365) (6 372)
amortisation
Operating profit - 6 023 8 474
Investment income - 411 448
Finance costs - (127) (387)
Profit before taxation - 6 307 8 535
Taxation - (601) (1 302)
Profit for the year - 5 706 7 233
Reportable segments - 26 836 50 043
assets
Reportable segments - (5 878) (10 999)
liabilities
Operating profit - 6 023 8 474
Depreciation and - 2 365 6 371
amortisation
EBITDA - 8 388 14 845
DIRECTORS
Coen Bester*^ (Chairman), Andre Fourie (Chief Executive
Officer), Juergen Dresel (Managing Director) (German),
Johan Ebersohn (Financial Director), Zuko Kubukeli*^,
Richard Willis^
* Independent ^ Non-executives
Registered Office: 33 Thora Crescent, Wynberg 2090
PO Box 76579, Wendywood 2144
Designated Adviser: Merchantec Capital
Company secretary: Merchantec Capital
Date: 25/09/2013 04:00:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE').
The JSE does not, whether expressly, tacitly or implicitly, represent, warrant or in any way guarantee the truth, accuracy or completeness of
the information published on SENS. The JSE, their officers, employees and agents accept no liability for (or in respect of) any direct,
indirect, incidental or consequential loss or damage of any kind or nature, howsoever arising, from the use of SENS or the use of, or reliance on,
information disseminated through SENS.
Sharenet Sites 
