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PURPLE CAPITAL LIMITED - Abridged audited group financial statements for the year ended 31 August 2013

Release Date: 14/11/2013 15:45
Code(s): PPE     PDF:  
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Abridged audited group financial statements for the year ended 31 August 2013

Purple Capital Limited
(Incorporated in the Republic of South Africa)
(Registration number 1998/013637/06)
Share code: PPE ISIN: ZAE000071411
("Purple Capital" or "the Company")

Abridged audited group financial statements for the year ended
31 August 2013

-EBITDA* of R17,9 million prior to restructuring costs of R4,6 million
-Capital distribution of two cents per share
-Client funds increased by 93% to R423,4 million
-Revenue from continuing operations increased by 5,7% to R82,9 million
-Unprofitable Gaming and Treasury interests were sold during the year

* Earnings before interest, tax, depreciation, amortisation, fair
  value adjustments and restructuring costs.

Condensed Group statement of financial
As at 31 August 2013
                                                  2013       2012
                                                 R’000      R’000
Assets
Equipment                                     3 072         1 439
Intangible assets and goodwill              206 223       215 189
Interests in associate companies              5 200         6 152
Available-for-sale investment                     –            64
Other investments                            30 167        45 485
Long-term receivables                           118         1 102
Deferred tax assets                          22 711        17 283
Total non-current assets                    267 491       286 714
Trade and other receivables                  33 573         4 314
Cash and cash equivalents                   123 361        63 687
Total current assets                        156 934        68 001
Total assets                                424 425       354 715
Equity and liabilities
Share capital and premium                   475 009        475 975
Accumulated loss                          (216 195)      (217 268)
Other reserves                               17 214         14 890
Equity attributable to owners               276 028        273 597
Loans and borrowings                              –          1 731
Total non-current liabilities                     –          1 731
Bank overdraft                                3 836              –
Tax payable                                     469            560
Loans and borrowings                          7 514          7 814
Trade and other payables                    134 881         68 716
Provisions                                    1 697          2 297
Total current liabilities                   148 397         79 387
Total equity and liabilities                424 425        354 715
Net asset value per ordinary share
(cents)                                          33.84      33.34
Condensed Group statement of profit and loss
for the year ended 31 August 2013
                                                 2013         2012
                                                R’000        R’000
Continuing operations
Revenue                                         82   921     78   417
Trading expenses                                (7   109)    (9   457)
Operating expenses                             (62   763)   (56   177)
Net income                                      13   049     12   783
Other income                                         259          502
Earnings before interest,
depreciation
and amortisation                               13 308       13 285
Interest income                                   368          372
Interest expense                               (1 084)      (1 343)
Depreciation and amortisation                  (1 797)      (1 617)
Profit before fair value
adjustments and tax                             10 795      10    697
Fair value adjustments                         (15 324)      3    356
GTE distribution                                     –       5    832
(Loss)/profit before tax                        (4 529)     19    885
Current and deferred tax                         2 391      (2    222)
(Loss)/profit from continuing
operations                                     (2 138)      17 663
Discontinued operations
Loss from discontinued operations,
net of tax                                     (17 310)     (14 449)
Profit on sale of discontinued
operations                                     21 713            –
Profit for the year                             2 265        3 214
Profit attributable to:
Owners of the Company                           2 265        3 948
Minority interest                                   –         (734)
                                                2 265        3 214
Weighted average number of ordinary
shares in Issue at end of year ('000)          819 928      819 982
Earnings per share
Basic earnings per share (cents)                 0,28         0,48
Diluted earnings per share (cents)               0,27         0,46
Earnings per share – Continuing operations
Basic earnings per share (cents)                (0,26)        2,15
Diluted earnings per share (cents)              (0,25)        2,06
Headline earnings
Profit for the year (R'000)                     2 265        3 948
Reclassification of available-for-sale
financial assets (R'000)                             (44)          -
Impairment of investments in
associates                                      1 073              -
Adjustment for profit on sale of
discontinued operation                         (21 713)            -
Headline (loss)/profit for the year
(R'000)                                        (18 419)      3 948
Headline (loss)/ profit per share
(cents)                                         (2.25)        0.48
Diluted headline (loss)/profit per
share (cents)                                  (2.17)         0.46
Condensed Group statement of other comprehensive
for the year ended 31 August 2013
                                                2013       2012
                                               R’000      R’000
Profit for the year                            2 265      3 214
Other comprehensive income                      (849)      (478)
Total comprehensive profit                     1 416      2 736
Total comprehensive profit attributable to:
Owners of the Company                          1 416      3 470
Non-controlling interest                           –       (734)
                                               1 416      2 736

Condensed Group statement of cash flows
for the year ended 31 August 2013
                                                  2013     2012
                                                 R’000    R’000
Cash flows generated from operating
activities                                   62 647      21 297
Cash flows utilised by investing
activities                                   (4 993)     (3 550)
Cash flows utilised by financing
activities                                   (1 816)     (4 937)
Net increase in cash and cash
equivalents                                  55 838      12 810
Cash and cash equivalents at beginning
of year                                      63 687      50 877
Cash and cash equivalents at 31 August      119 525      63 687


Condensed group statement of changes in equity
for the year ended 31 August 2013
                                               2013         2012
                                              R’000        R’000
Balance at beginning of year                273 597      267 612
Shares issued                                    88          619
Shares purchased*                            (1 054)           -
Profit for the year                           2 265        3 214
Share based payments                          1 981        2 902
Revaluation reserve                              (2)           2
Foreign currency translation reserve           (847)        (480)
Distributions to minorities                       -          245
Other reserves                                    -         (517)
                                            276 028      273 597

*In the current year, Purple Capital bought back 5 029 299 of its own
shares at an average price of 18.98 cents per share. The shares are
immediately cancelled and restored to authorized capital. Global
Trader bought back 450 000 shares, at an average price of 22 cents in
the current year which are treasury shares and eliminated on
consolidation.

Readers are referred to the CFO's report for further notes and the
full annual report posted on the Company's website:
www.purplecapital.com.
Chairman’s letter
Investment strategies, trading decisions and price discovery used to
emerge from late afternoon dining rooms where stock brokers and
clients shared rare whiskey, cigars and information reserved for the
select few. Not anymore. We’re in the age of computers and cleverness
now – equal, instant information access, probability matrices, risk
management and mathematics. Go beyond being informed, be involved.
Stock selection, timing, and of course time itself are still the
foundations of successful investment. Discipline, objectivity,
risk management and technology still define the successful trader.
These things will not change. What has changed already are the
engines and expertise that deliver relative advantage and drive
outperformance.
Most asset managers don’t beat the Indices they invest in. We have.
Most investors can’t cross the trading divide. You can. GT247.com and
Emperor Asset Management bring technology and experience together to
offer you the best of both worlds: real time, all the time (24/7)
access to your portfolio; next day access to your cash, no questions,
no forms; quantitative, algorithm driven objectivity in the investment
process; leveraged trading in CFDs and Spreads across shares,
commodities, indices and currencies; and individual portfolio refinement,
stock selection or exclusion and gearing choices.
Purple Capital is all of this, under one roof, within the same
relationship.
GT247.com is a leading retail derivatives trader in South Africa.
Emperor Asset Management has returned more than double the JSE Top
40 return over nine years.
This is what individuals have been waiting for – an expert skipper
but a hand on the tiller of your own investing and trading
expectations.
Real time access.
Long term performance.
What’s stopping You?
Mark Barnes


Chief executive officer’s report
I am pleased to report another year of Group revenue growth and a
solid set of financial results from our core businesses in 2013.
Whilst Group revenue growth posted was modest at just 5,74%, revenue
from our core derivative trading and asset management operations
increased by 8,61% and produced an EBITDA of R17,9 million (before
restructuring costs of R4,6 million) recording strong growth of 34,5%
over the same period in 2012.

Strategy review
In February 2013 the executive and shareholders of Purple Capital
agreed that the time was right to re-focus and align the forward
strategy of the Group around its core retail financial operating
divisions in GT247.com, GT Private Broking ("GTPB") and Emperor Asset
Management ("EAM").
Time, capital and resources invested in other operating businesses
had run their course and it was appropriate for the Group to realise
value and shut down unprofitable lines of business.
It is worth pausing on the result and paying attention to why we are
confident of the real synergies, value and opportunity created in the
outcome.
To fully appreciate this transformation, which started back in
2010, you need to understand that GT247.com was primarily built to
cater to the demanding requirements of active day traders and
self-directed investors. Over the last 12 years we have invested
hundreds of millions of rands in successfully meeting and marketing
to this target audience. A large portion of this investment has
enriched our technology platforms, built out our brand, sharpened our
sales approach and secured an impressive retail distribution network.
Importantly, it has provided us with the foundation and platform to
launch new initiatives and evolve our business model.
The fact is that in South Africa self-directed investors represent
the smallest and slowest growing group of all investor archetypes;
many more instead continue to seek out an asset manager to look after
their investments. This is not true in more mature markets where over
the last decade, thanks to advances in technology and the staggering
reach of the internet, strong growth has been achieved in self-directed
investment.
We discovered that investing is not what it used to be either; gone
are the days of waiting ages for statements and even longer for
meaningful returns. The world continues to change faster, we are more
connected and advances in financial instruments and technology have
enabled us to shorten our time frames whilst raising our expectations
of asset management services, structures and returns.
Our insight from all of this was that the traditional asset managers
were not evolving at the same rate, were reluctant to innovate and
had largely under invested in the technology advances of the last
decade. At the same time they seemed unwilling to be early adopters
of derivate instruments, like CFDs, and continued to approach alternative
asset management strategies, like those employed by hedge funds, with
caution. In the result creating a niche for the emergence of a new breed
of asset managers under the hedge fund banner.
Hedge fund managers seeking to gain exposure to equities in South
Africa largely trade in CFDs. CFDs finance shares exactly as mortgage
bonds finance houses. They are conceptually almost identical and
practically just as useful and they are fast gaining broad market
acceptance in South Africa (the JSE recently launched a listed CFD
contract) following the trend set in markets like the UK where they
continue to drive the largest part of exchange liquidity and are the
de facto way to trade a broad range of financial asset classes like
stocks, currencies, commodities, indices and bonds.
This provided GT247.com, in 2010, with a unique opportunity to
establish an alternative asset manager, Emperor Asset Management,
where we could leverage off our extensive understanding and
experience of CFDs, our comprehensive and real time approach to
trading platforms and risk management, our trusted analytics of
highly successful hedge fund managers and finally one of the largest
distribution networks in SA of retail investors already participating
in derivative trading and investing activities.
From the potential clients that were drawn to us as a result of our
sales and marketing activities only 20% were interested and equipped
to engage directly in trading and investing, the rest were seeking
investment products. It therefore made strategic sense for us to
consider catering to this demand.
We were now capable of addressing the investing and trading
requirements of both ends of the client spectrum and have
significantly increased our target audience and with it, the
opportunity to grow Group revenue. Until recently an important part
of our strategy was still under construction, addressing the needs of
the assisted trading community. This group, who straddle the extremes
of active day trading and long-term investing were previously
serviced by stock brokers. Over the last decade they have been polarised
into two distinct groups across technology and value divide that either
casts them online traders or private clients.
In catering to online traders GT247.com has launched several
initiatives that provide investors seeking assistance with the
opportunity to stand behind successful traders and learn from their
every move. Some of these include:
-The Wire: Africa’s first online financial social network;
-Smart Profiles: an online destination to follow, track and trade the
recommendations of recognised market professionals from trade
origination through entry and exit; and
-www.followhotstoxx.com: an extension of CNBC Africa’s most popular TV
show, Hot Stoxx; followers are given the opportunity to track the
show’s “Trade of The Day” from entry to exit including portfolio
performance and instructional video and educational updates.

Catering to private clients, GT247.com launched GT Private Broking in
2013, established to focus on the delivery of personal investment and
trading services that are tailored to meet the unique trading
preferences of high touch clients. The division pairs high value
clients with the extensive experience of our trading team and
provides personal access to the resources and services available from
the rest of the Group. The benefits and synergies created in the
outcome are starting to show in the results as clients continue to
benefit from achieving above market returns through this personal
assisted trading model.
The Group has combined the old world practices of traditional long
only asset management, stock broking and proprietary trading to
deliver a platform for investment and trading in shares and
derivatives, through mobile, telephone and online dealing channels
that are risk aware, real time and uniquely tailored to meet our
clients’ personal preferences.
Today the Purple Capital Group is capable of servicing the entire
universe of investor archetypes from the active day trader through to
the passive long-term investor and almost everybody in between; this
is an exciting outcome and one that we are confident will deliver
even stronger results moving forward.

Financial review
Trading conditions are underpinned by market volatility. This key
driver of trading turnover fell to multi decade lows which saw it
decline by more than 30% from the levels experienced in our previous
reporting period.
Operating conditions were also challenging as the Group made the
decision in February 2013 to focus its forward strategy around
GT247.com, GT Private Broking and Emperor Asset Management. It
required significant time, effort and resources to sell off or shut
down non-core operations whilst rationalising the cost base and
reorganising the executive and management teams to best support the
core operations.
It is worth highlighting the very encouraging revenue growth posted
by our two youngest operating divisions in GTPB and EAM which grew
revenue by 54,6% and 206,3% respectively. These two divisions hold
much promise for the Group as they further diversify our income and
find broader market acceptance for their offering. EAM in particular
is a division that is challenging the asset management industry
whilst delivering extraordinary results to its clients.
Further evidence of the strength of these results is highlighted in
the 93,2% growth in client funds placed with the Group; whilst active
client numbers reduced by 6,6%. This was dwarfed by the fact that our
average funds per client increased impressively by 106,9% over the
period. In the outcome we are now servicing clients of a much higher
value. Confidence in the Group continues to grow strongly.
I am confident that shareholders will reflect on this set of results
as the strongest posted in several years and share my optimism for the
future. It is commendable and I am appreciative for the support and
strength of character shown by team GT247.com this year.
Charles Savage


Chief financial officer’s report
Revenue
An overview of revenue has been provided in the CEO's Report

Expenses
Total expenses for the current year includes various restructuring
costs, totalling R4.6 million and other non-recurring expenses of
R0.8 million. In addition, the marketing spend during the current
year was R3.2 million higher than 2012. Headcount for the core
operations and head office have been reduced from 66 people at
31 August 2012 down to 49 people at 31 August 2013. This staff
rationalisation along with various other cost savings, already
achieved, has brought the cost base in line with the leaner and
focused Group going forward.

Earnings before interest, tax, depreciation, amortisation and fair
value adjustments
EBITDA from core operations decreased by 0,2% to R13,3 million for
the year ended 31 August 2013, however, normalised EBITDA (excluding
the once off restructuring costs of R4,6 million) amounts to
R17,9 million, 34,5% higher than the prior year.

Net interest expense
The decrease in the net interest expense was due to a decrease in the
Company’s medium-term loan from R9,3 million to R7,5 million at
31 August 2013.

Depreciation and amortisation
Depreciation and amortisation increased by 11,1% during the current
year following spend in respect of the office move and software
development.

Fair value adjustments
Net fair value adjustments for the current year, totalling
R15,3 million included an R18,7 million write down of Purple Capital’s
investment in an empowerment vehicle holding a stake in Real People
Investment Holdings Proprietary Limited, in line with its publicly
listed peers. The long-term valuation prospects remain good.
This write down was partially off-set by an upward revaluation of
Purple Capital’s investment in the Cipla Medpro Limited empowerment
structure.

Current and deferred tax
The tax credit of R2,4 million for the year ended 31 August 2013
mainly comprises current tax of R3,1 million paid by First World
Trader Proprietary Limited in respect of current year profits and
the deferred tax effects of the fair value write downs and losses
incurred in the Purple Capital entity.

Discontinued operations
The Group sold Purple Capital Treasury and Powerbet Gaming during
the year. The results of these operations have been included in the
profit for the year from discontinued operations. The profits
realised on the sale of Purple Capital Treasury and Powerbet Gaming
of R0,3 million and R21,4 million respectively have similarly been
included in the profit for the year from discontinued operations. The
sale proceeds of R30 million in respect of the sale of Powerbet
Gaming has been shown under trade and other receivables.


2013
                               Treasury    Powerbet     Total
                                  R’000       R’000     R’000
Discontinued operations
Operating loss after tax         (3 231)   (14 079)    (17 310)
Profit on disposal                  321     21 392      21 713
(Loss)/profit for the year       (2 910)     7 313       4 403

2012
                               Treasury    Powerbet     Total
                                  R’000       R’000     R’000
Discontinued operations
Operating loss after tax         (5 681)    (8 768)    (14 449)
Profit on disposal                    –          –           –
(Loss)/profit for the year       (5 681)    (8 768)    (14 449)

Profit for the year
Basic earnings per share for the year ended 31 August 2013 has
decreased from 0,48 cents to 0,28 cents per share, compared to the
prior period. The profit realised on the disposal of the discontinued
operations of R21,7 million is required to be excluded from the
calculation of headline earnings resulting in headline earnings per
share decreasing from a profit of 0,48 cents to a loss of 2,25 cents.

Non-current assets
The fair value write down in Real People Investment Holdings along
with the disposal of Powerbet Gaming and Purple Capital Treasury has
resulted in a decrease in non-current assets of R19,2 million for the
year ended 31 August 2013.

Net current assets
Current assets at 31 August 2013 exceed current liabilities by
R8,5 million.

Non-current liabilities
The Group has no long-term borrowings.

Equity attributable to owners
The equity attributable to owners increased by 0,9%.

Operating segments
The operating segments are distinguished by the type of business and
the management team responsible for the business unit. The Group
comprises the following operating segments:
-GT247.com and EAM: are the derivatives trading and asset management
operations of the Group;
-Purple Capital: includes the operating costs of the head office;
-Investments: fees and dividends earned on investments and fair value
adjustments made against them;
-Powerbet Gaming Proprietary Limited trading as Voltbet: was the
Group’s sports betting operation; and
Purple Capital Treasury Proprietary Limited: was the treasury
outsourcing operations of the business
                                 GT247.com          Purple     Invest-
                                   and EAM         Capital       ments
                                     R’000           R’000       R’000
2013
Revenue                            82   921         6 211            –
Trading expenses                   (7   109)            –            –
Operating expenses                (60   635)       (7 019)      (1 320)
Net income/(loss)                  15   177          (808)      (1 320)
Other income and fair
value adjustments                       259             –      (15 324)
Profit on sale of
subsidiary                               –              –             –
Profit/(loss) before interest,
depreciation and amortisation      15 436            (808)     (16 644)
Interest income                         –             368            –
Interest expense                       (8)         (1 076)           –
Depreciation and
amortisation                       (1   767)           (30)            –
Profit/(loss) before tax           13   661         (1 546)    (16   644)
Current and deferred tax           (2   263)           911       3   743
Profit/(loss) after tax            11   398           (635)    (12   901)
Total Assets                      136   524        253 677      34   224
Total Liabilities                 132   601          15796             -

                                           Discontinued
                                     Purple    Inter-
                           Voltbet Capital    segment
                                   Treasury revenues    Total
                             R’000    R’000     R’000   R’000
2013
Revenue                      5   934     2 023      (6 211) 90 878
Trading expenses            (2   489)     (369)          –  (9 967)
Operating expenses         (18   084)   (4 533)      6 211 (85 380)
Net income/(loss)          (14   639)   (2 879)          –  (4 469)
Other income and fair
value adjustments                 –            –         –    (15 065)
Profit on sale of
subsidiary                  21 392        321            –     21 713
Profit/(loss) before
interest, depreciation
and amortisation             6 753      (2 558)          –      2 179
Interest income                  –           –           –        368
Interest expense                 –           –           –     (1 084)
Depreciation and
amortisation                  (604)       (489)          –     (2   890)
Profit/(loss) before tax     6 149      (3 047)          –     (1   427)
Current and deferred tax     1 164         137           –      3   692
Profit/(loss) after tax      7 313      (2 910)          –      2   265
Total Assets                                                  424   425
Total Liabilities                                             148   397


                                 GT247.com          Purple     Invest-
                                   and EAM         Capital       ments
                                     R’000           R’000       R’000
2012
Revenue                            77   746          4 751            –
Trading expenses                   (9   457)             –            –
Operating expenses                (46   311)       (13 946)           –
Net income/(loss)                  21   978         (9 195)           –
Other income and fair
value adjustments                          503       5 831       3 356
Profit/(loss) before interest,
depreciation and amortisation         22 481        (3 364)      3 356
Net interest expense                     (13)         (958)          –
Depreciation and
amortisation                          (1 563)           (54)         –
Profit/(loss) before tax              20 905         (4 376)     3 356
Current and deferred tax              (3 085)        (1 382)     2 245
Profit/(loss) after tax               17 820         (5 758)     5 601
Non-controlling interests                  –              –          –
                                      17 820         (5 758)     5 601
Total assets                          71 325       229 283      50 500
Total liabilities                     66 848        11 012           –

                                        Discontinued
                                    Purple    Inter-
                          Voltbet Capital    segment
                                  Treasury revenues             Total
                            R’000    R’000     R’000            R’000
2012
Revenue                     3    859    5 121        (4 080)    87   397
Trading expenses           (1    903)   (930)             –    (12   290)
Operating expenses        (11    738) (9 250)         4 080    (77   165)
Net income/(loss)          (9    782) (5 059)             –     (2   058)
Other income and fair
value adjustments                 –          –            –     9 690
Profit/(loss) before
interest, depreciation
and amortisation           (9 782) (5 059)                –     7 632
Net interest expense            –       –                 –      (971)
Depreciation and
amortisation                 (539)         (870)          –    (3 026)
Profit/(loss) before
tax                       (10 321) (5 929)                –     3 635
Current and deferred
tax                         1 553          248            –      (421)
Profit/(loss) after
tax                        (8 768) (5 681)                –     3 214
Non-controlling
interests                     147     587                 –        734
                           (8 621) (5 094)                –      3 948
Total assets                2 432    1 175                –    354 715
Total liabilities           2 209    1 049                –     81 118

Capital distribution
The directors declared a capital distribution out of share premium,
by way of a reduction of contributed tax capital of 2 (two) cents per
share, In lieu of a dividend, to be paid on 17 December 2013 to
ordinary shareholders recorded in the Company's register at the close
of business on 13 December 2013.
As this capital distribution was declared after the reporting date,
it will only be accounted for in the 2014 financial year. Please
refer to the announcement released on SENS on 6 November 2013 for
the salient dates for the payment of the capital distribution.

Subsequent events
The directors are not aware of any other matter or circumstances
arising since year end up to the date of this announcement, not
otherwise dealt with in this announcement.
Annual General Meeting
The annual general meeting of Purple Capital will be held at The
Offices of Hyde Park, Block B, Strouthos Place (off 2nd Road),
Hyde Park on Friday 13 December 2013 at 10h00.

Accounting policies
The abridged audited group financial statements are prepared in
accordance with the recognition and measurement requirements of
International Financial Reporting Standards ("IFRS"), the
presentation and disclosure requirements of IAS 34 - Interim
Financial Reporting, the SAICA Financial Reporting Guides as issued
by the Accounting Practices Committee and Financial Reporting
Pronouncements as issued by the Financial Reporting Standards Council,
the Listing Requirements of the JSE Limited and in the manner required
by the South African Companies Act 71 of 2008. Accounting policies which
comply with IFRS have been applied consistently by all entities In the
group and are consistent with those applied in the previous financial
year. The preparation of these audited condensed consolidated financial
results for the year ended 31 August 2013 was supervised by the Financial
Director, Gary van Dyk CA (SA).
Any forward looking statements contained in this announcement have
not been reviewed or reported on by the Company's auditors.
Report of the independent auditors

These abridged group financial statements, which have been derived
from the audited financial statements, and which are consistent in
all material respects, have been audited by BDO South Africa
Incorporated. Their unqualified report on the annual financial
statements is available for inspection at the company's registered
office.


On behalf of the board
Mark Barnes (Executive Chairman)
Gary van Dyk (Chief Financial and Operations Officer)
Johannesburg
14 November 2013

Registered Office
Block B, The Offices of Hyde Park
Strouthos Place
Hyde Park, 2196

Independent auditors
BDO South Africa Incorporated Chartered Accountants (SA) Registered
Auditors
22 Wellington Road
Parktown, 2193
Private Bag X60500
Houghton, 2041

Transfer Secretaries
Link Market Services South Africa Proprietary Limited
13th Floor, Rennie House
19 Ameshoff Street
Braamfontein, 2001

Sponsor
Deloitte & Touche Sponsor Services (Pty) Ltd
Building 6, Deloitte Place
The Woodlands
20 Woodlands Drive
Woodmead, 2196
Private Bag X6
Gallo Manor, 2052

Directors
Mark Barnes - Executive Chairman
Charles Savage - Chief Executive Officer
Gary van Dyk - Chief Financial and Operations Officer
Dennis Alter - Independent Non-executive Director
Craig Carter - Non-executive Director
Thembeka Gwagwa - Independent Non-executive Director
Ronnie Lubner - Non-executive Director

Date: 14/11/2013 03:45:00 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.

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