Wrap Text
Reviewed consolidated results for the year ended 30 June 2014
Beige Holdings Limited
(Incorporated in the Republic of South Africa)
(Registration No: 1997/006871/06)
Share code: BEG ISIN code: ZAE000034161
("Beige" or "the Company" or “ the Group”)
REVIEWED PROVISIONAL CONSOLIDATED RESULTS FOR THE YEAR ENDED 30 JUNE 2014
Provisional Condensed Consolidated Statement of Financial Position as at 30 June 2014
Reviewed Audited
12 months 12 months
30 June 2014 30 June 2013
R’000 R’000
ASSETS
Non-current assets 202 498 215 802
Property, plant and equipment 172 408 160 990
Intangible assets 17 423 32 945
Investment in joint venture 12 507 11 672
Other receivables 160 160
Deferred income tax assets - 10 035
Current assets 195 962 185 582
Inventories 78 205 66 173
Trade and other receivables 101 166 116 505
Cash and cash equivalents 16 591 2 904
Total assets 398 460 401 384
EQUITY AND LIABILITIES
Equity attributable to equity holders of the company 4 392 88 581
Ordinary share capital 15 442 15 442
Ordinary share premium 179 898 179 898
Other reserves 10 622 11 775
Accumulated loss (201 570) (118 534)
Non-controlling interest 1 953 1 282
Total equity 6 345 89 863
Liabilities
Non-current liabilities 71 753 111 011
Borrowings 69 722 67 060
Holding company loan - 18 933
Preference share loan - 24 363
Deferred income tax liabilities 2 031 655
Current liabilities 320 362 200 510
Trade and other payables 190 864 145 176
Current portion of long-term borrowings 16 326 16 250
Current income tax liabilities 1 198 518
Preference share loan 24 363 -
Bank overdrafts 51 748 38 566
Holding company loan 35 863 -
Total liabilities 392 115 311 521
Total equity and liabilities 398 460 401 384
Weighted Average number of Ordinary shares (000’s)
In issue 1 544 197 1 544 197
Net asset value per share information (net of non-controlling
interest)
Net asset value per share (cents) 0.29 5.74
Net tangible asset value per share (cents) (0.84) 3.60
Provisional Condensed Consolidated Statement of Comprehensive Income for the year ended 30
June 2014
Reviewed Audited
12 months 12 months
30 June 2014 30 June 2013
R’000 R’000
Revenue 620 454 694 689
Cost of sales (572 462) (641 621)
Gross profit 47 992 53 068
Distribution costs (8 706) (16 067)
Administrative expenses (76 456) (85 464)
Operating loss before impairment (37 170) (48 463)
Impairment charge (15 521) (37 568)
Operating loss (52 691) (86 031)
Finance income 1 049 937
Finance costs (21 509) (15 191)
Loss after net financing costs (73 151) (100 285)
Share of profit of joint venture 1 658 1 445
Loss before income tax (71 493) (98 840)
Income tax expense (12 025) (714)
Loss for the year (83 518) (99 554)
Other comprehensive income:
Other comprehensive income for the year net of tax - -
Total comprehensive loss for the year (83 518) (99 554)
Total comprehensive loss attributable to:
Equity holders of the company (84 189) (99 133)
Non-controlling interest 671 (421)
(83 518) (99 554)
Loss for the year (83 518) (99 554)
Non-controlling interest (671) 421
Loss for the year/period attributable to equity holders of the
company (84 189) (99 133)
Headline earnings adjustments:
Total comprehensive loss for the year attributable to equity holders of
the company (84 189) (99 133)
Adjustments:
Profit on sale and leaseback of property net of tax (18) (18)
Impairment of fixed assets 316 15 147
Impairment of intangible asset 15 521 22 421
Headline earnings for the year attributable to equity holders of
the company (68 370) (61 583)
Ordinary shares (000’s):
Weighted average shares in issue (Note 1) 1 544 197 1 544 197
Diluted (Note 2) 1 544 197 1 544 197
Earnings per share information
Earnings per share (cents) (5.45) (6.42)
Headline earnings per share (cents) (4.43) (3.99)
Diluted earnings per share (cents) (5.45) (6.42)
Diluted headline earnings per share (cents) (4.43) (3.99)
Notes:
1. 87 624 017 (June 2013: 87 624 017) shares held as treasury stock have been subtracted from the
respective share totals for purposes of calculating earnings per share information.
2. Diluted earnings per share is calculated by adjusting the weighted average number of ordinary shares
outstanding to assume conversion of all dilutive potential ordinary shares. The company has one
category of dilutive potential ordinary shares: convertible preference shares. Diluted earnings, and the
weighted average number of ordinary shares for June 2014 and June 2013, have however not been
adjusted in this regard as the effect of the convertible preference share conversion is antidilutive, even
though the ruling share price at 30 June 2014 and June 2013 is equal to the strike price. Potential
ordinary shares are antidilutive when their conversion to ordinary shares would increase earnings per
share or decrease loss per share from continuing operations. The calculation of diluted earnings per
share does not assume conversion, exercise, or other issue of potential ordinary shares that would have
an antidilutive effect on earnings per share.
Provisional Condensed Consolidated Statement of Cash Flows for the year ended 30 June 2014
Reviewed Audited
12 months 12 months
30 June 2014 30 June 2013
R’000 R’000
Cash flows from operating activities:
Net cash generated from operating activities 13 550 (19 805)
Cash flows from investing activities:
Net cash used in investing activities (14 252) (23 335)
Cash flows from financing activities:
Net cash generated from financing activities 1 207 35 889
Net decrease in bank overdrafts including
cash and cash equivalents 505 (7 251)
Bank overdrafts including cash and cash
equivalents at the beginning of the year/period (35 662) (28 411)
Bank overdrafts including cash and cash
equivalents at the end of the year/period (35 157) (35 662)
Provisional Condensed Consolidated Statement of Changes in Equity for the year ended 30 June
2014
Share
Ordinary Ordinary Ordinary based Total
share treasury Share Revaluation payment other
capital shares premium reserve reserve reserves
R’000 R’000 R’000 R’000 R’000 R’000
Group
Balance at 30 June 2012 16 319 (877) 179 898 10 948 1 979 12 927
Comprehensive income:
Loss for the period - - - - - -
Total comprehensive income for
the period - - - - - -
Realisation of revaluation reserve - - - (1 152) - (1 152)
Total contributions by and
distributions to owners of the
company, recognised directly in
equity - - - (1 152) - (1 152)
Other comprehensive income:
Other comprehensive income for the
period - - - - - -
Balance at 30 June 2013 16 319 (877) 179 898 9 796 1 979 11 775
Comprehensive income:
Loss for the year - - - - - -
Total comprehensive income - - - - - -
Realisation of revaluation reserve - - - (1 153) - (1 153)
Total contributions by and
distributions to owners of the
company, recognised directly in
equity - - - (1 153) - (1 153)
Other comprehensive income: - - - - - -
Other comprehensive income for the
year - - - - - -
Balance as at 30 June 2014 16 319 (877) 179 898 8 643 1 979 10 622
Provisional Condensed Consolidated Statement of Changes in Equity for the year ended 30 June 2014 cont…
Non-
Accumulated controlling
loss Total interest Total equity
R’000 R’000 R’000 R’000
Group
Balance at 30 June 2012 (20 553) 187 714 1 703 189 417
Comprehensive income:
Loss for the period (99 133) (99 133) (421) (99 554)
Total comprehensive income (99 133) (99 133) (421) (99 554)
Realisation of revaluation reserve 1 152 - - -
Total contributions by and
distributions to owners of the
company, recognised directly in
equity 1 152 - - -
Other comprehensive income:
Other comprehensive income for the
period - - - -
Balance at 30 June 2013 (118 534) 88 581 1 282 89 863
Comprehensive income:
Loss for the year (84 189) (84 189) 671 (83 518)
Total comprehensive income (84 189) (84 189) 671 (83 518)
Realisation of revaluation reserve 1 153 - - -
Total contributions by and
distributions to owners of the
company, recognised directly in
equity 1 153 - - -
Other comprehensive income:
Other comprehensive income for
the year - - - -
Balance as at 30 June 2014 (201 570) 4 392 1 953 6 345
Provisional Condensed
Consolidated Segmental
Analysis for the year ended 30 Outsource Holding
June 2014 manufacturing Packaging Company Group
R’000 R’000 R’000 R’000
Total segment revenue
- reviewed as at 30 June 2014 579 650 49 396 -- 629 047
- audited as at 30 June 2013 657 395 75 974 -- 733 369
Inter-segment revenue1
- reviewed as at 30 June 2014 -- (8 592) -- (8 592)
- audited as at 30 June 2013 (30 270) (8 410) -- (38 680)
Revenue from external
customers
- reviewed as at 30 June 2014 579 650 40 804 -- 620 454
- audited as at 30 June 2013 627 125 67 564 -- 694 689
Operating profit/(loss) before
impairments
- reviewed as at 30 June 2014 (12 711) (16 360) (8 099) (37 170)
- audited as at 30 June 2013 (16 615) (25 698) (6 150) (48 463)
Goodwill impairment
- reviewed as at 30 June 2014 (15 521) -- -- (15 521)
- audited as at 30 June 2013 (22 421) -- -- (22 421)
Impairment of fixed assets
- reviewed as at 30 June 2014 -- -- -- --
- audited as at 30 June 2013 -- (15 147) -- (15 147)
Operating profit/(loss)
- reviewed as at 30 June 2014 (28 232) (16 360) (8 099) (52 691)
- audited as at 30 June 2013 (39 036) (40 845) (6 150) (86 031)
Net finance costs
- reviewed as at 30 June 2014 (15 255) (2 714) (2 491) (20 460)
- audited as at 30 June 2013 (7 800) (1 266) (5 187) (14 254)
Profit/(loss) before tax and
share of profit of joint venture
- reviewed as at 30 June 2014 (43 487) (19 074) (10 590) (73 151)
- audited as at 30 June 2013 (46 838) (42 111) (11 336) (100 285)
Total assets
- reviewed as at 30 June 2014 329 530 54 161 14 769 398 460
- audited as at 30 June 2013 336 662 52 737 11 985 401 384
Total liabilities
- reviewed as at 30 June 2014 241 106 28 653 122 356 392 115
- audited as at 30 June 2013 203 561 27 966 79 994 311 521
1
Includes intra-segment revenue.
Additional information
Reviewed Audited
Year ended Year ended
30 June 2014 30 June 2013
R’000 R’000
Capital Commitments 14 905 -
Depreciation of property, plant and equipment 18 730 16 532
Purchase of property, plant and equipment 16 078 20 994
Impairment of fixed assets 316 15 147
Impairment of goodwill 15 521 22 421
Operating lease commitments 93 386 83 638
COMMENTARY
The directors of Beige present the reviewed provisional results for the year ended 30 June 2014. These
results show the consolidated position of Beige compared to the audited results for the year ended 30 June
2013.
1. Nature of business
The Beige Group primarily operates as a contract and packaging manufacturer, manufacturing and
distributing cosmetics, soaps, laundry soaps, packaging, pharmaceutical and nutraceutical and
allied products on behalf of brand owners for both the local and international home and personal
care industry. The Group is the largest fully empowered contract manufacturer in the South African
home and personal care industry.
2. Listing information
Beige is listed on the Alternative Exchange (“AltX”) of the Johannesburg Stock Exchange (“the
JSE”) under the share code: BEG and ISIN number is ZAE 000034161.
The Company has unlisted cumulative, non-participating, convertible, redeemable preference
shares in issue, which preference shares are held by the holding company. The terms of the
preference shares provide that the preference shares may be converted to ordinary shares on a
date not less than three years and one day after the issue date and should a holder not elect to
convert all or part of the preference shares into ordinary shares, then the Company shall be obliged
to redeem them. The preference shares were issued on 16 May 2011 and were open to conversion
at the election of the holder from 18 May 2014. The sole preference shareholder elected not to
convert the preference shares and the Company is accordingly obliged to redeem them. Given the
financial position of the Company, it has not as yet redeemed the preference shares and, it is
accordingly obliged to pay interest on the redemption price at prime plus 8% until the preference
shares are redeemed. It is the intention of the Company to proceed with a claw-back offer and
utilise the proceeds to redeem the preference shares.
3. Basis of preparation
The provisional condensed consolidated financial statements contained in the provisional report
are prepared in accordance with the requirements of the JSE Limited Listings Requirements for
provisional reports and the requirements of the Companies Act of South Africa. The Listings
Requirements require provisional reports to be prepared in accordance with the framework
concepts and the measurement and recognition requirements of International Financial Reporting
Standards (IFRS) and the SAICA Financial Reporting Guides as issued by the Accounting
Practices Committee and to also, as a minimum, contain the information required by IAS 34 Interim
Financial Reporting. The principal accounting policies used in the preparation of the results for the
year ended 30 June 2014 are consistent with those applied for the year ended 30 June 2013.
During the period, the Group adopted all the IFRS and interpretations being effective and deemed
applicable to the Group. None of these had a material impact on the results of the Group.
The results were prepared under the supervision of the Group?s Financial Director, Mr Jithan
Bridgmohan.
4. Reviewed results
PricewaterhouseCoopers Inc, the Group?s independent auditors, have reviewed the condensed
consolidated financial information for the year ended 30 June 2014, that comprise the condensed
consolidated statement of financial position at 30 June 2014, the condensed consolidated statement
of comprehensive income, the condensed consolidated statement of changes in equity, and the
condensed consolidated statement of cash flows for the period then ended, and the notes thereto
comprising the segmental report, additional information, and contingent liabilities and have
expressed an unqualified and unmodified review conclusion on these provisional condensed
consolidated financial statements. A copy of the review opinion is available for inspection at the
company's registered office. Any reference to future financial performance included in this
announcement, has not been reviewed or reported on by the Company's auditors.
On the Group's compliance with laws and regulations the auditors reported to the Independent
Regulatory Board for Auditors on 17 October 2014 , in terms of section 45(1) of the Auditing
Professions Act, 2005 (No.26 of 2005) the following matter which constitute a Reportable
Irregularity in terms of the Auditing Profession Act 2005 :
“Beige Holdings Limited has failed to publish their provisional financial information within
three months of the financial year ended 30 June 2014, in accordance with the JSE Listing
Requirements.”
This matter has been rectified by the publication of these results.
5. Segment reporting
The chief operating decision-maker has been identified as the executive directors being the
Executive Chairman and the Financial Director. These directors consider the business from a
product perspective for purposes of assessing the performance of Outsource Manufacturing and
Packaging products. The operating segments are determined based on these reports.
6. Business review
The International Monetary Fund lowered its forecast of South Africa?s GDP growth to 1.4%. Inflation
has breached the upper limit of the CPI target of the South African Reserve Bank, resulting in a
tightening interest rate cycle this calendar year. The struggling South African consumer is being
further stretched, whilst the high wage increases and the weakness of the South African Rand
against the major foreign currencies will serve to fuel further inflationary pressure in the
manufacturing sector.
The difficult trading conditions and continued pressure on margins has resulted in marginal contract
manufacturers falling off the competitive landscape and it is expected that this trend could continue
into the future. Consolidation within the contract manufacturing industry looks likely in an effort to
offset lower margins against the benefits of economies of scale.
Revenue from the Outsourced Manufacturing segment experienced pressure on volumes particularly
in the first half of the financial year. Margins similarly were eroded having been indirectly impacted
by the economic conditions. However, turnover improved in the second six months of the year on the
back of increased demand from existing customers following efforts to significantly improve
alignment and closer working relationships with our customers at both a sales and marketing and
operational level. The strategy to drive increased relevancy of the outsourced manufacturing
segment deeper into the value chain of our customers is unlocking further value and has resulted in
a more robust sales order book. The securing of two additional multinational customers during the
latter part of the financial year were important milestones for the group. A select range of products is
currently being produced for these new customers and it is expected that the range of products and
associated revenues will grow materially over the next few years as the respective relationships
develop.
Despite the challenging environment the Herbal & Homeopathic (“H&H”) subsidiary has produced a
positive set of results with 88.3% growth over the prior year. The growth is as a result of securing the
manufacture of product from new customers and improved focus from management on processes
and procedures. It must also be noted that Beige has, subsequent to the financial year end,
increased its shareholding in H&H from 61.4% to 68.6%.
The Packaging operation has not performed to expectation during the year under review. Revenues
have declined year-on-year due to the loss of the agency to sell imported pumps and glass bottles,
although revenue from manufactured product remained stable. Raw material prices have increased
significantly during the year due to local suppliers adopting import parity pricing and the effect of the
weak exchange rate. A recovery plan has been formulated and will be implemented by management.
7. Financial and operational overview
The results for the year ended 30 June 2014 again reflect a period characterised by a mixed trading
environment in which economic uncertainty continued to impact the production decisions made by
Beige's local and multi-national clients in the first six months of the year. Good volume growth was,
however, experienced in the second half of the year contrary to the prevailing market conditions.
Turnover has reduced by R26.6m and R77.7m in the Packaging and Outsource Manufacturing
segments respectively. The Packaging segment sales were depressed due to the loss of an agency
agreement with certain overseas principals during the course of the financial year. The Outsource
Manufacturing segment sales reduction was as a result of the closure of the repacking business
following the loss of the repacking contract. This was further exacerbated by declining sales with
existing customers during the first half of the year on the back of the weak trading environment. An
improvement in volumes was experienced in the second six months of the year through refocus and
the securing of new multi-national contractual customers during the last quarter of the financial year.
Significant benefits of these contracts will be realised in the new financial year.
The improved focus on manufacturing efficiencies resulted in gross margins improving from 7.6% in
2013 to 7.7%, notwithstanding the growth in volume of lower margin homecare products, lower than
budgeted soap volumes and higher raw material costs. The value contribution per product was
maintained.
The Packaging segment contributed R16.4m to the operating loss before impairment charges. This
loss was an improvement on the previous year despite the lower turnover of R40.8m following the
loss of the agency sales contract. The operating loss before impairment charges in Outsource
Manufacturing of R12.7m was again an improvement on the previous year. Consequently the
operating loss before impairment charges of the Group amounted to R37.2m compared to the
previous year of R48.5m. The goodwill impairment charge in the Outsource Manufacturing segment
amounted to R15.5m. Hence, the operating loss after impairment charges amounted to R52.7m
compared to the loss in the prior year of R86.0m. The interest expense increased from the prior year
to R20.4m due to the recognition of the property lease in the packaging segment as a finance lease
and the subsequent raising of the concomitant interest on the finance lease. Borrowings also grew in
order to finance the working capital requirements of the Group.
The increase in the effective tax rate is as a result of the dividends on preference shares not being
deductible for tax purposes, the impairment of goodwill and the de-recognition of the deferred tax
asset amounting to R7.5m.
The 50% investment in the joint venture, U Housing (Pty) Ltd, is accounted for using the equity
accounting method. Under the equity method, the investment in the joint venture is initially
recognised at cost and the carrying amount is either increased or decreased to recognise the
investor's share of the profit or loss of the investee after the date of acquisition.
8. Prospects
The volumes from the multi-national customers that were secured in the second six month period are
anticipated to grow materially in the forthcoming year. These new customers do not have
manufacturing capabilities in South Africa or Sub-Saharan Africa. Further opportunities are being
explored to manufacture a broader range of products for South Africa and other African markets in
addition to certain European markets.
9. Turnaround Strategy
It is evident that whilst there has been a trading improvement over the past 6 months the business is
required to place even greater emphasis on expediting a number of business improvement strategies
to reset the current base and position itself for profitable growth. This turnaround is predicated on
recapitalising the business, immediately rectifying short term issues and ensuring that the positive
momentum achieved is sustained moving forward. The management team have been tasked to
ensure the implementation of this turnaround strategy, the key elements of which are set out below:
Key Strategic Improvement Initiatives:
- Recapitalisation of the current business
- Inculcate a customer centric culture
- Reassess non-performing, non-core assets and/or products
- Build turnover utilising current capability
- Consolidation of product manufacture to drive efficiencies
- Centralise key services and drive a 10% cost saving initiative
- Implement management and leadership interventions
- Focus on key capital improvements
Turnover: The holding company?s commitment to the recapitalisation of the current business in the
short term will ensure continuous production and the improvement of overall manufacturing
efficiencies. It is envisaged that a move towards a more “customer centric” business model will
ensure greater focus, improved transparency and better service delivery which will ultimately deliver
superior and profitable growth.
Management's primary focus will be to work with customers to profitably grow the current core
product portfolio and to prioritise its efforts on 5 new key projects that will effectively step change the
growth of the business. The projects are expected to further ensure that the business leverages its
inherent core capabilities and capacity and limits the need to invest in any significant manufacturing
plant in the short term.
The business has historically succumbed to an extensive and somewhat fragmented “tail” of
products within the portfolio. This position will be rectified following a review and rationalisation of all
low volume, low margin SKU's. Any new product development will be reassessed based on the
achievement of targeted thresholds.
Margin: The business will move to immediately consolidate the production of key lines at a single
manufacturing site to drive greater efficiencies through the value chain. The selection of the
appropriate site will be calculated on achieving the highest possible net margin. Further margin
improvement measures include the immediate implementation of a new shift system; targeting yield
improvements of 1%; a full review of all manning levels; leveraging the group's central procurement
resource; steadily increasing automation utilising the Group's in-house engineering capability;
relocating 2 key strategic bottling mould machines to the manufacturing site, which will improve
product margins by almost 4% and a move to implement quarterly pricing reviews across all
customers as applicable.
Expenses: Immediate interventions and projects have been instituted to generate savings aligned to
the recently mandated “10% annualised cost savings plan”. Some of these initiatives include:
immediate hold on the filling of vacancies; centralisation of payroll; centralised procurement;
containment of travel costs and significantly reducing legal costs.
10. Contingent liabilities
A contingent liability amounting to R11.1m including interest but excluding the legal costs of the
plaintiff exists in respect of the balance of the purchase price relating to the working capital of Amcos
Cosmetics International (Pty) Ltd. The company is of the opinion that no exposure exists in this
regard.
Two former directors were paid a monthly amount for services to be rendered. These payments were
terminated during the financial year as the executive directors believe that the Company has no
obligation in this regard to the former directors. The Board has received legal advice on this matter
and has been advised that the probability of incurring any liability to the two former directors is
remote.
The Company has a joint and several continuing surety limited to R69m relating to the Durban
property owned by U-Housing (Pty) Ltd.
11. Going Concern
The directors have reviewed the group and company's budget and cash flow forecasts and have
satisfied themselves that the group and company are in a satisfactory financial position and they
have access to sufficient borrowing facilities to meet their foreseeable cash requirements.
On the basis of this review, the directors consider it appropriate to adopt the going concern basis in
preparing the group and company's annual financial statements.
The Lion Match Company (Pty) Ltd (“Lion Match”) has provided a loan of R20m on 30 October 2014
and provided a further funding facility of R80m to support the cash requirements of the Group, of
which an amount of R30m will be advanced in the short term ahead of the conclusion of the claw-
back offer. This facility is in addition to the loan of R35.8m advanced to the Company as at 30 June
2014.The loan provided on 30 October 2014 and any advances on the R80m facility will be payable
on 1 July 2017.
The Directors have embarked on a strategy to recapitalise the business which includes:
- An increase in the value of the announced claw-back offer from R30 million to R60 million.
The Group's holding company (Lion Match) will act as the effective 'underwriter' for the full
value of the claw-back offer by subscribing for the shares that will form the subject of the
claw-back offer.
- The effect of the claw-back subscription is to capitalise the holding company loan in the
amount of R35m outstanding at 30 June 2014 and the injection of a further R25m to redeem
the preference shares.
12. Events after reporting period
As announced, the Company intends proceeding with a claw back offer, the value of which will now
be increased to R60 million and the shares in respect of which will be been fully subscribed for by
Lion Match. Final salient dates of the claw-back offer will be announced on SENS in due course.
Other than normal trading, no other material events have occurred subsequent to the year-end that
require reporting.
13. Changes to the board
During the period under review and to the date of this announcement:
- Mr NMI (Gora) Abdoola was appointed executive chairman with effect from 18 July 2013 and
was appointed as acting chief executive officer with effect from 15 December 2013;
- Mr MM Di Nicola resigned from the board as a non-executive director on 5 September 2013 due
to increasing business interests outside the borders of South Africa;
- Mr J Bridgmohan was appointed to the Board on 1 December 2013 as the Group Financial
Director;
- Mr MG Allan resigned as Chief Executive Officer with effect from 15 December 2013;
- Mr C De Jager resigned as a non-executive director with effect from 1 July 2014;
- Mr AD Sinclair was appointed as a non-executive director with effect from 1 July 2014; and
- Mr PW Jooste was appointed as a non-executive director with effect from 7 August 2014.
By order of the Board
NMI (Gora) Abdoola Jithan Bridgmohan
Executive Chairman Group Financial Director
31 October 2014
Johannesburg
Company Secretary and Registered Office
Arbor Capital Company Secretarial (Pty) Ltd (Registration number 1998/025284/07)
Ground Floor, One Health Building, Woodmead North Office Park, 54 Maxwell Drive, Woodmead, 2191
Suite # 439, Private Bag X29, Gallo Manor, 2052
Directors
NMI (Gora) Abdoola (Executive Chairman), AH Trikamjee (Deputy Chairman) ( #*), J Bridgmohan (Group FD),
A Heeralal(#), AMI Abdoola (#), PW Jooste (#), AGS Osman (#*), AD Sinclair(#), M Tembe (Lead independent non-executive
director) (#*)
(#) Non-executive, * independent
Designated Advisor Transfer Office
Arbor Capital Sponsors Proprietary Limited Link Market Services South Africa Proprietary Limited
Auditors
PricewaterhouseCoopers Inc
Date: 31/10/2014 04:05:00 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
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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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