Wrap Text
Unaudited Interim Results
PRESCIENT LIMITED
Registration number: 1936/008278/06
JSE share code: PCT
ISIN: ZAE000163531
UNAUDITED INTERIM RESULTS
For the six months ended
30 September 2013
Highlights
- Local assets under management of R57.8 billion
- Third party assets under administration of 18.1 billion in South
Africa and EUR279.4 million globally
- Profit from continuing operations up by 11%
- Headline Earnings per share of 2.96 cents per share
- Headline Earnings per share for continuing operations of
3.38 cents per share
- Interim gross dividend of 2.5 cents per share
Unaudited condensed consolidated statement of financial position
Unaudited Reviewed Audited
30 Sep 30 Sep 31 March
2013 2012 2013
R'000 R'000 R'000
ASSETS
Non-current assets 7 237 398 6 521 309 6 674 148
Equipment 7 534 11 904 14 155
Investment property 20 460 18 162 17 711
Goodwill and intangible assets 424 428 463 984 472 816
Deferred tax asset 5 145 1 166 3 187
Long-term loans receivable 72 138 75 022 73 607
Investment in equity-accounted investees 1 184 4 288 1 398
Financial assets at fair value through profit or loss 112 013 73 541 99 260
Linked investments backing policyholder funds 6 594 496 5 873 242 5 992 014
Current assets 740 344 1 300 284 676 985
Inventories 22 294 19 795 16 096
Trade and other receivables 126 375 153 885 167 139
Amounts owing by clearing houses 88 159 418 099 223 730
Amounts owing from clients 326 594 487 329 151 429
Taxation receivable 4 719 3 651 11 688
Cash and cash equivalents 71 244 217 525 106 903
Assets held-for-sale 100 959 – –
Total assets 7 977 742 7 821 593 7 351 133
EQUITY AND LIABILITIES
Equity
Stated capital 637 062 601 657 637 062
Reserves 1 181 24 535 280
Retained income 87 434 93 105 93 595
Total equity attributable to owners of the Company 725 677 719 297 730 937
Non-controlling interests 10 788 3 923 9 781
Total equity 736 465 723 220 740 718
Liabilities
Non-current liabilities 6 709 194 6 074 232 6 101 012
Deferred tax liability 7 197 5 208 7 017
Deferred income – – 3 206
Policyholder investment contract liabilities 6 594 496 5 873 242 5 989 473
Long-term loans payable 107 501 195 782 101 316
Current liabilities 532 083 1 024 141 509 403
Trade and other payables 78 235 95 638 110 719
Provisions – – 518
Amounts owing to clearing houses – 31 326 –
Amounts owing to clients 412 087 873 791 374 591
Deferred income – – 2 491
Current tax payable 8 088 9 844 14 822
Bank overdraft 5 389 13 542 6 262
Liabilities held-for-sale 28 284 – –
Total liabilities 7 241 277 7 098 373 6 610 415
Total equity and liabilities 7 977 742 7 821 593 7 351 133
Unaudited condensed consolidated segment report
Financial services
Six months unaudited 30 Sep 2013 Six months reviewed 30 Sep 2012
R'000 R'000
Continuing Discontinued Continuing Discontinued
Segment external revenue 142 807 64 899 146 047 49 926
Segment profit before tax 58 934 (37 792) 64 143 1 129
IT services
Six months unaudited 30 Sep 2013 Six months reviewed 30 Sep 2012
R'000 R'000
Continuing Discontinued Continuing Discontinued
Segment external revenue 190 034 – 27 873 –
Segment profit before tax 18 768 – 5 916 –
Group
Six months unaudited 30 Sep 2013 Six months reviewed 30 Sep 2012
R'000 R'000
Continuing Discontinued Continuing Discontinued
Group external revenue 332 841 64 899 173 920 49 926
Group profit before tax 77 702 (37 792) 70 059 1 129
Unaudited condensed consolidated statement of comprehensive income
Six months % Six months reviewed
unaudited Change 30 Sep 2012
30 Sep 2013 Restated
R'000
Continuing operations
Revenue 332 841 91 173 920
Expenses (254 553) 152 (100 964)
Profit from operations 78 288 7 72 956
Other income 2 780 –
Share of loss of equity – accounted investees (net of tax) (364) (309)
Finance costs (3 002) (2 588)
Profit before taxation 77 702 70 059
Income tax expense (22 792) (20 435)
Profit from continuing operations 54 910 11 49 624
Discontinued operation
(Loss)/profit from discontinued operations, (net of tax) (6 649) 1 129
Goodwill impairment on discontinued operations 31 143 –
Profit for the period 17 118 50 753
Other comprehensive income
Exchange gains/(losses) on translating foreign operations 970 (435)
Other comprehensive income for the period, (net of tax) 970 (435)
Total comprehensive income for the period 18 088 50 318
Profit attributable to:
Owners of the Company 14 911 (71) 50 811
Non-controlling interests 2 207 (58)
Profit for the period 17 118 50 753
Total comprehensive income attributable to:
Owners of the Company 15 881 50 376
Non-controlling interests 2 207 (58)
Total comprehensive income for the period 18 088 50 318
Basic earnings per share (cents)
Continuing operations 3.38 (18) 4.14
Discontinued operations (2.42) 0.09
0.96 4.23
Diluted earnings per share (cents)
Continuing operations 3.38 4.14
Discontinued operations (2.42) 0.09
0.96 4.23
Notes to the statement of comprehensive income
Headline earnings per share (cents)
Continuing operations 3.38 (18) 4.14
Discontinued operations (0.42) 0.09
2.96 4.23
Diluted headline earnings per share (cents)
Continuing operations 3.38 4.14
Discontinued operations (0.42) 0.09
2.96 4.23
Dividend per share (cents)
Interim 2.50 3.30
Earnings per share
Unaudited Reviewed
30 Sep 2013 30 Sep 2012
Weighted average number of shares in issue during the period 1 557 993 785 1 196 554 992
Weighted average number of shares potentially in issue 1 557 993 785 1 196 554 992
Actual number of shares in issue at the end of the period 1 598 022 450 1 555 531 687
Treasury shares (25 011 317) (24 273 180)
Shares in issue net of treasury shares 1 573 011 133 1 531 258 507
Continuing operations R'000 R'000
Earnings attributable to shareholders 54 910 49 624
Non-controlling interests 2 207 (58)
Earnings attributable to ordinary shareholders 52 703 49 566
Headline earnings attributable to ordinary shareholders 52 703 49 566
Discontinued operations
Earnings attributable to shareholders (37 792) 1 129
Non-controlling interests – –
Earnings attributable to ordinary shareholders (37 792) 1 129
Headline earnings attributable to ordinary shareholders (6 649) 1 129
Unaudited condensed consolidated statement of cash flows
Six months unaudited Six months reviewed
R'000 30 Sep 2013 30 Sep 2012
Cash flows from operating activities
Profit for the period 17 118 50 753
Income tax expense 22 792 20 435
Non-cash movements and adjustments to profit before tax 1 708 (13 197)
Changes in working capital (24 528) (11 907)
Dividends received 6 721
Dividends paid (21 072) (36 919)
Interest received 8 267 6 315
Interest paid (3 002) (2 589)
Tax paid (22 416) (27 137)
Cash flows from operating activities from discontinued operations 32 424 (12 455)
Goodwill impairment on discontinued operations 31 143 –
Net cash inflow/(outflow) from operating activities 11 297 (25 980)
Cash (outflow)/inflow from investing activities (10 335) 86 146
Cash flows from investing activities from discontinued operations (1 422) (708)
Cash inflow from financing activities 5 350 90 872
Cash flows from financing activities from discontinued operations (554) (832)
Net increase in cash and cash equivalents 4 336 149 498
Effect of exchange rate fluctuations on cash held 7 263 1 654
Net cash and cash equivalents at the beginning of the period 100 641 52 831
Net cash and cash equivalents at the end of the period 112 240 203 983
Comprising:
Cash and cash equivalents 71 244 217 525
Bank overdraft (5 389) (13 542)
Cash and cash equivalents held for sale 46 385 –
Net cash and cash equivalents at the end of the period 112 240 203 983
Unaudited condensed consolidated statement of changes in equity
Attributable to owners of the Company
Non-
Stated Translation Treasury Equity Retained controlling Total
R'000 capital reserve shares reserve income Total interests equity
Balance at 1 April 2012 53 309 – (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) – – 50 811 50 376 (58) 50 318
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
busines 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 601 657 (435) (10 435) 35 405 93 105 719 297 3 923 723 220
Balance at 1 April 2013 637 062 12 396 (12 116) – 93 595 730 937 9 781 740 718
Total comprehensive income for
the period –
Profit for the period – – – – 14 911 14 911 2 207 17 118
Total other comprehensive income – 970 – – – 970 – 970
Total comprehensive income for
the period – 970 – – 14 911 15 881 2 207 18 088
Transactions with owners
recognised directly in equity
Contributions by and distributions
to owners of the Company
Treasury shares sold – – (69) – – (69) – (69)
Dividends declared during the period – – – – (21 072) (21 072) (1 200) (22 272)
Total contributions by and
distributions to owners of the
Company – – (69) – (21 072) (21 141) (1 200) (22 341)
Total transactions with owners of
the Company – – (69) – (21 072) (21 141) (1 200) (22 341)
Balance at 30 September 2013 637 062 13 366 (12 185) – 87 434 725 677 10 788 736 465
Notes to the unaudited condensed consolidated interim financial statements
Basis of preparation
and accounting policies
Statement of compliance
The unaudited condensed consolidated interim financial
information has been prepared in accordance with IAS
34 Interim Financial Reporting, as well as the AC 500
standards as issued by the Accounting Practices Board,
the requirements of the South African Companies Act,
Act No.71 of 2008 and the Listings Requirements of the
JSE. The unaudited condensed consolidated interim
financial statements do not include all of the information
required for full annual financial statements. The
unaudited 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 unaudited condensed consolidated
interim financial statements are presented in Rand,
rounded to the nearest thousand. The accounting
policies applied in the presentation of the unaudited
condensed consolidated financial statements are in
accordance with International Financial Reporting
Standards and are consistent with those presented in
the previous annual financial statements.
These unaudited condensed consolidated interim
financial statements were prepared under the
supervision of Michael Buckham, CA (SA) CFA
(Financial Director) and approved by the Board of
Directors on 22 November 2013.
Restatement
The comparative period in the statement of
comprehensive income has been restated as Prescient
Asset Management Holdings (Ireland) ("Prescient
Ireland") has been reclassified as a discontinued
operation in terms of IFRS 5 Non-current Assets-Held-
for-Sale and Discontinued Operations.
A loan receivable of R39.5 million in the comparative
period was previously classified as a financial asset at
fair value through profit or loss. This has subsequently
been re-classified to long-term loan receivables. Financial
assets at fair value through profit or loss has decreased
by R39.5 million whilst long-term loan receivables has
increased by the same amount in the comparative period.
Judgements and estimates
Preparing the unaudited condensed consolidated
interim financial statements 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 expenses. Actual results may differ from
these estimates.
In preparing these unaudited condensed consolidated
interim financial statements 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
previous annual financial statements as at and for the
year ended 31 March 2013.
Related party transactions
The Group entered into various inter-company
transactions with related parties in the ordinary course
of business.
Subsequent events
On 15 November 2013 the Company signed an
agreement to dispose of the entire issued capital of
Prescient Ireland. The transaction is subject to regulatory
approval and the effective date of the transaction will
only be established once the approval has been granted.
With the exception of the proposed sale of Prescient
Ireland and other items disclosed in this report there were
no material events subsequent to the reporting date.
Review of operations
The Group's results for the period ended 30 September
2013 were highlighted by a growth in profit after tax
for continuing operations of 11% from R49.6 million
to R54.9 million whilst the discontinued operation of
Prescient Ireland reflected a trading loss of R6.6 million
in comparison to a profit for the comparative period of
R1.1 million. The impairment of goodwill of R31.1 million
has also been reflected in the results from discontinued
operations. Further details relating to the sale of
Prescient Ireland are reflected in the notes below.
Revenue for the period for continuing operations was
R332.8 million (September 2012: R173.9 million) with
profit before tax of R77.7 million (September 2012:
R70.1 million).
Headline earnings per share for continuing operations
for the period has declined by 18% despite the increase
in profit after tax of 11%. Note that the weighted average
number of shares in issue for the six months ended
30 September 2013 was 1 557 993 785 (September
2012: 1 196 554 992).
Included in the loss from discontinued operations of
R37.8 million is the operating loss incurred in Prescient
Ireland of R6.6 million, the impairment of goodwill of
R31.1 million, the reversal of the contingent liability of
R2.3 million and interest costs of R4.0 million incurred
on the loan from Standard Bank.
Financial Services
The Financial Services companies focused on their
core functions with an emphasis on delivery to clients
across the various functional areas.
From an investment management perspective, the
investment performance during the most recent six
months has improved considerably with most portfolios
tracking ahead of their respective benchmarks.
Performance in the positive return mandates has
improved significantly and compares favourably
against their CPI benchmarks. This core portfolio is
well positioned for the current market conditions with
exposure to some equity upside whilst protecting
our clients' capital on the downside. The bond
performance has been very strong over the period with
the positioning benefiting well from the rate adjustment
in May and, despite subsequent rate adjustments,
the portfolios have continued to perform well against
benchmarks and peers. The equity process is
continually being enhanced and strong additions to the
team will provide a good base going forward.
The China Balanced Fund has performed well during
the most recent quarter following very weak markets in
the first quarter, whilst the Africa Equity Fund continues
to deliver satisfactory returns despite political and
economic uncertainty in Egypt.
Prescient Investment Management had assets under
management ("AUM") at 30 September 2013 of R57.8
billion (September 2012: R75.2 billion).
The administration business has continued to deliver
efficient and accurate reporting to the continually
diversifying client base and there are steps in progress
to enhance the service offering considerably. As part
of this enhancement, Prescient Administration Services
has signed a contract with thinkFolio, a software
provider that will implement a front office management
solution, as well as with Vermillion Software who will
bring a comprehensive investment reporting solution
as an add-on to the existing administration backbone.
These additions will be integrated with the Eagle
software, which has become the foundation for all
asset administration at Prescient.
Prescient Administration Services was recently awarded
the Innovation Award by Eagle Investment Systems at
their recent user conference in Florida, United States.
The award was in recognition of it being the first unit
trust fund client outside of North America, the successful
implementation of the full suite of modules and for the
innovative relationships established with providers such
as Vermillion and Fincad.
Over the last quarter the administration business
has continued to grow with the addition of a number
of co-name partner clients. Third party assets under
administration ("AUA") grew from R11.9 billion at
30 September 2012 to R18.1 billion at 30 September
2013. Significantly, however, a contract was signed
with RE:CM for the administration of all their portfolios.
RE:CM's portfolios will migrate across to Prescient
Administration Services during the next financial period
and will represent a significant addition to the asset base
of R18.1 billion.
Globally, Stadia Fund Management, the Dublin-based
administration entity has continued to increase its client
base and expand its offering to third party clients outside
of the Group. It has also taken over the administration
of all the Prescient Ireland unit trust funds from another
local provider, reducing the cost base for investors as
well as improving the efficiency of administration. Stadia
Fund Management had third party AUA at 30 September
2013 of EUR279.4 million (September 2012: EUR276.6 million).
In addition to these third party assets, the Prescient
Ireland unit trusts amounted to EUR1.1 billion.
Prescient Securities performed well in challenging
markets. The solid performance can be attributed to
improved contributions from the Derivatives and Fixed
Income desks. There has also been good growth in
the third party trade execution which bodes well for a
strategy of expanding the client base. During June
2013, Prescient Securities launched an integrated
International Institutional Trading Platform, allowing them
to successfully trade, clear and settle internationally.
Prescient Securities' stature as a niche player was
once again given a boost with a strong performance
in the Spire Awards. Highlights from these awards
include the following ratings:
- #1 – Best Agency Broker
– IR Derivatives – Volumetric (2012: #1)
- #1 – Best Agency Broker
– FX – Volumetric (2012: #1)
- #1 – Best Agency Broker
– Cash Bonds (2012: #3)
- #1 – Best Agency Broker House (New)
- #2 – Best Research Team
– Quantitative Research (New)
The Company entered into an agreement to dispose of
Prescient Ireland on 15 November 2013. Refer to the
details on the discontinued operations under "Review
of operations" above and "Sale of subsidiary" in the
notes below.
Overall results for Financial Services –
continuing operations
Revenue for the segment was R142.8 million
(September 2012: 146.0 million) whilst profit before tax
was R58.9 million (September 2012: R64.1 million).
IT Services
The IT Services segment continued to operate well
within increasingly competitive markets, both locally
and into Africa, the Middle East and Australia, where
a large portion of the revenue is generated. The
multi-technology solutions approach, with skills
across Oracle, SAP, Microsoft, IBM and others is
still well received in the market place and provides
a competitive advantage over providers that are
product specific. Operational conditions are becoming
increasingly more difficult with Asian competitors
able to provide consulting services at a lower cost,
however well established relationships with clients
have mitigated some of this risk. Despite operating in
politically and economically challenging environments
the servicing to clients continues to deliver a very high
standard and the collections from these clients has
improved significantly through a recently implemented
and efficient debtor management process.
Overall results for IT Services
Total revenue for the six months ended 30 September
2013 was R190.0 million compared with R27.9 million
for the period ended 30 September 2012. Profit before
tax was R18.8 million (September 2012: R5.9 million).
The prior comparative period only includes one month
of operations for the IT services from the acquisition
date of 20 August 2012.
Purchase price allocation
During the current period, a valuation was performed
of the identifiable intangible assets at acquisition of the
PBT Group of companies.
The valuation of these assets is set out below:
Identified asset R'000
Goodwill 263 619
Customer contracts 1 611
Customer relations 5 164
Brand 564
Excess of purchase price
over net identifiable assets 270 958
Sale of subsidiary
On 15 November 2013 Prescient accepted
an offer to sell Precient Ireland, its investment
management operation in Dublin, to J&E Davy
("Davy"), a provider of stockbroking, asset
management and financial advisory services in
Ireland. The sale is subject to the Central Bank of
Ireland approval.
There have been three elements to Prescient's
endeavours in Ireland. Initially, after receiving approval
as an investment manager and distributor in Ireland, it
launched a collective investment scheme to manage the
exposure of South African clients in international markets.
Secondly, the group founded Stadia Fund
Management, which is approved to undertake the
administration of regulated funds in Ireland. The
third route was the purchase of a fully-fledged asset
management business with a full staff complement and
existing assets. This model proved a less comfortable
fit and, on receiving Davy's offer, Prescient decided to
sell the asset management operation.
The sale consideration will be comprised of an
initial consideration of EUR3.025 million with a deferred
consideration component associated with revenue
received from pension clients, for five years. For further
details of the deferred consideration refer to the SENS
announcement on 18 November 2013.
In addition to the sale consideration, Prescient and
Davy agreed that the administration of the Prescient
Ireland unit trusts would continue for a period of
three years.
Prescient Ireland is reflected in the interim results as
a discontinued operation. The change in intended use
for the subsidiary also indicated an impairment in the
goodwill that arose from the purchase of Prescient
Ireland. This impairment amounts to R31.1 million and
is excluded from headline earnings.
Dividend
An interim gross dividend of 2.5 cents per share, in
respect of the six months ended 30 September 2013,
declared on 28 November 2013.
Biannually, 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 1 598 022 450 shares in issue at the dividend
declaration date, of which 25 011 317 are held as
treasury shares. The total dividend amount payable is
R40.0 million (September 2012: R52.0 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 2.125 cents per share, while it is
2.5 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 Listings Requirements of the
JSE, the following dates are applicable:
Last day to
trade cum dividend Friday, 17 January 2014
Shares trade ex
dividend Monday, 20 January 2014
Record date Friday, 24 January 2014
Payment date Monday, 27 January 2014
Share certificates may not be dematerialised or
rematerialised between Monday, 20 January 2014 and
Friday, 24 January 2014; both dates inclusive.
Prospects
Financial Services
There are a number of exciting opportunities for
the Group in the context of the changing structural
environment in the savings market in South Africa.
Retirement Reform is changing the way the market is
going to have to deliver its products and we believe
with the innovative solutions that Prescient brings to
its clients and the cost-effective way in which it does
so will stand the group in good stead. The quantitative
investment philosophy at Prescient Investment
Management will continue to focus on consistency and
risk management and this will fit well, not only in the
institutional market, but we believe will be well received
by the retail market as a core offering to provide stability
to client portfolios. The considerable enhancements
that are being introduced to the administration
environment will not only bolster the service offering
but will also create a much broader base from which
new clients can be sourced. Prescient Securities has
introduced its integrated International Institutional
Trading Platform that already in its fledgling stages is
generating a great deal of client interest.
Most relevant to Retirement Reform, however, is the
innovative "Seamless Transition" product that Prescient
Life has introduced to the market. This product reduces
the costs and improves the efficiencies between the
pre- and post-retirement phases and brings together
the most suitable investment products from Prescient
Investment Management and the solid administrative
base from Prescient Administration Services.
IT Services
The multi-technology solutions approach is already
showing its resilience in a competitive market where
services are being demanded from clients across
different areas. The client base is still relatively
concentrated but a continued effort is being made to
diversify that base by applying resources efficiently in
new installations. There is pressure in the market as
a result of strong competition from low cost entrants
as well as reduced demand due to difficult economic
times, however PBT has built a strong base of skilled
consultants and has developed well-entrenched
relationships across a continually diversifying
client base.
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: AM Louw (Chairman), HC Steyn (CEO),
M Buckham (Financial Director), M Kaplan (Lead
Independent non-executive), H Sonn (Independent
non-executive), K Moloko (Independent non-executive),
Z Meyer (Independent non-executive), R van Rooyen
(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
Auditor: KPMG Inc.
Sponsor: Bridge Capital Advisors (Proprietary) Limited
Transfer secretaries: Link Market Services
JSE share code: PCT
ISIN: ZAE000163531
Website: www.prescient.co.za
Date: 28/11/2013 03:55:00 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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