Wrap Text
Condensed consolidated unaudited interims and dividend declaration
AMALGAMATED ELECTRONIC CORPORATION LIMITED
(Incorporated in the Republic of South Africa)
Registration number 1997/010036/06
Share code: AER ISIN: ZAE000070587
("Amecor" or "the Company" or "the Group")
CONDENSED CONSOLIDATED UNAUDITED INTERIM RESULTS
FOR THE SIX MONTHS ENDED 30 SEPTEMBER 2014 AND DIVIDEND DECLARATION
HIGHLIGHTS
- NetworkS turnover up 28.8% to R19.6 million
- Interim dividend of 6.5 cents per share
- Group turnover up 10.7% to R117 million
- Normalised continuing EPS up 6% to 15.8 cents per share
- Gross profit margins increased from 41.8% to 43.3%
- Cash generated from operations increased 188% to R21 million
COMMENTARY
Amecor's market-leading security telecommunications operations are focused on making it
safe to live and do business by providing security and data network products and
services to the security industry in South Africa and with increasing penetration
into southern Africa.
OVERVIEW
The Group's core operations enjoyed a solid performance with network turnover increasing
by 28.8% and normalised continuing earnings increasing 6%. The Group continues to refine
its strategic focus and is cautiously optimistic about a continued positive performance
for the second six months.
AMECOR'S ACTIVITIES
Review of Amecor's core activities during the period:
- Networks. Sabre Radio Networks ("Sabre") is the largest security network provider
within southern Africa. Its radio and GSM infrastructure offers a data network
comprising base stations and advanced repeater technology. Sabre has a national
network footprint of cutting-edge transmission equipment enabling users, such as
security companies, to route signals and data to their control centres. Sabre is
implementing various strategies to develop its technology and customer service into
the rest of Africa.
- Transmission technology.FSK Electronics SA ("FSK") is one of the leading designers and
manufacturers of sophisticated transmission technology which is used primarily in the
security industry, to send alarm signals to security company control rooms across the
country. The Company's expert panel of engineers specialise in the design of radio and
GSM transmitters, receivers and transceivers, which underpin the growth in annuity
earnings for Sabre.
- Alternative power supplies. Alternative power supplies include generators, inverters
and uninterrupted power supply systems. Power Development Services, together with
Gillespie Diesel Services and Durapower Manufacturing (collectively "the PDS Group")
are engaged in the assembly, distribution, installation and maintenance of world-class
alternative power solutions; offered primarily to the industrial, commercial and
government market sectors. The current and future power supply challenges in
South Africa bode well for the business, including product sales and related
service offerings.
STRATEGIC REVIEW
Amecor remains focused on the following key strategic objectives:
- Networks. Amecor continues to focus and develop its growing annuity income from this
business unit. The business has experienced strong revenue growth in GSM services as
the focus of supplying a reliable and technologically superior product yields
results, evidenced by the strong revenue and profit growth.
- Africa. FSK continues distributing a broad range of security products and network
services into the African continent. Margins have come under pressure as a result
of the weakening rand, however, remedial action has been taken to ensure gross
margins recover and partnerships are being developed with existing distributors
in Africa. Expansion into Africa presents an exciting opportunity to cater for a
largely untapped market.
- Innovation through technology. Crime is a prevailing reality in Africa necessitating
the demand for improved security measures, requiring attention to enhanced personal
and corporate safety and security solutions. Amecor's research and development
team are on the forefront of new developments in electronic security applications,
with a range of exciting new products to be rolled out in the next fiscal period.
- Cost savings. Amecor has seen an increase in costs over the past several
months and, notwithstanding prior intentions to reduce costs, are in the process of
rigorously assessing and evaluating potential cost-saving opportunities within
the Group.
- Acquisitions. Amecor continues to evaluate potential acquisitions. During the
period a number of acquisitions were reviewed, but no transactions were concluded
during the period.
FINANCIAL REVIEW
The continuing operations of Amecor have produced acceptable results for the
six months ended 30 September 2014. Effective 1 April 2014 Amecor concluded the
disposal of its 79% interest in Secequip, allowing the Group to continue to focus on
its core operations.
- Continuing operations: Statement of profit and loss and other comprehensive income.
The Group achieved earnings per share of 14.2 cents per share (F2014: 14.9 cents),
after processing a once-off, non-recurring fair value adjustment of R1.6 million
(1.6 cents per share after tax) on an interest-free loan of R48.6 million provided
to Secequip as part of the disposal. This adjustment will reverse and be included
in profits during the repayment period of the loan over the next 36 months.
Normalised continuing earnings per share (excluding the fair value adjustment) was
15.8 cents per share (F2014: 14.9 cents). Profit before interest and tax increased
by 6.3% from R19.5 million to R20.7 million. Net interest paid increased by
R946 000, resulting in a 1.6% increase in profit before tax to R18.3 million from
R18.0 million for the corresponding prior period.
The board is reviewing the efficiency of the Group's working capital management.
The impact on profits will be assessed at year-end.
- Statement of financial position. Non-current assets increased to R149.6 million
(F2014: R103.3 million) largely as a result of the loan to Secequip detailed
above. A further R5.1 million was invested in the new building which is
anticipated to be completed by the 2015 financial year-end.
- Statement of cash flows. Cash generated from operations increased 188% from
R7.3 million in the six months to September 2013 to R21 million for the six months
ended 30 September 2014. Cash and cash equivalents from continuing operations
reduced from R36.9 million at 31 March 2014 to R32.6 million at 30 September 2014,
which was largely impacted by R5.1 million capital expenditure in respect of
the new building.
- Discontinued operations. Subsequent to the general meeting held on
29 September 2014 shareholders voted to dispose of its 79% shareholding in Secequip,
with effect from 1 April 2014.
RESTATEMENT OF FINANCIAL RESULTS FOR THE YEAR ENDED 31 MARCH 2014
During the preparation of these interim results the board was made aware of an error
in the results for the year ended 31 March 2014. Accordingly, to take account of
this, the Company has restated the 31 March 2014 results and detailed them in
this announcement.
The error arose as a result of the disposal of 100% in Amecor Integrated
Solutions ("AIS") (effective 31 March 2014). The error relates to an inter-company
loan of R5.3 million owing by AIS to Amecor which was erroneously not accounted for
as per the terms of the sale agreement, and should have resulted in the write-down of
the inter-company loan account in Amecor's financial records at 31 March 2014.
As a result, the profit on disposal of subsidiary of R2.7 million recorded in the
financials at 31 March 2014 have been restated to a R2.6 million loss on disposal
of subsidiary.
OPERATIONAL REVIEW
- Networks. The past six months has seen a very healthy increase in annuity earnings,
resulting from additional users subscribing to Amecor's security data network.
Further developments in GSM software have enhanced the Group's network coverage
beyond national borders.
- Transmission technology. The Group's research and development team is focusing on
completing a number of new products which are to be launched in the short term.
- Alternative power supplies. The PDS Group continues to maintain its robust
reputation as the preferred supplier in the alternative power market space. The
Group has experienced improved margins and is confident that robust top line
growth can also be achieved, however, the industry remains highly competitive and
the weakening rand is expected to put pressure on margins. Further endeavours to
gain market share include diversified product offerings and enhanced marketing
initiatives. Notwithstanding the positive contribution the PDS Group made in the
six-month period to September 2014, the board is considering its strategic fit
within the Group.
CHANGE IN DIRECTORS
In order to bolster Amecor's compliance and financial departments a restructure to its
executive board and related departments was effected on 1 October 2014.
Kerry Anne Colley has stepped down from the position of Chief Financial Officer in
order to take up the appointment as Group Company Secretary. Amecor welcomes the
appointment of Dean Colley (CA(SA)) as Chief Financial Officer.
OUTLOOK
The directors of Amecor are cautiously optimistic about the prospects for the coming
year for the following reasons:
- Networks. Amecor's dominant market position is expected to continue to experience
good organic growth locally and into Africa. New monitoring technology will provide
a further impetus to growth. Robust growth in annuity earnings is further expected
on the current network base. Additional growth in the medium term is expected with
the roll-out of Sabre-Cell, a partnering initiative between FSK and Sabre, offering
clients bundled products and ongoing network services. Sabre is also expected to
continue its exceptional free cash flow generation.
- Transmission technology. FSK has experienced margin deterioration due to
rand weakness, although corrective action has been taken to restore margins which
should reflect in the second half of the year. The ongoing growth of FSK further
underpins the success of Sabre.
- Alternative power supplies. The power division experienced both stronger top line
growth and improved margins resulting from a healthier order book, however,
margins are expected to come under pressure due to the weakening rand. Top line
growth is expected to continue for the full year due to the ongoing power
disruptions in the country.
- Cash flow. Solid trading results have underpinned strong cash flow generation.
The completion of the new premises is expected by the 2015 financial year-end,
which should further augment the cash flow of the Group.
- Acquisitions. Amecor continues to evaluate potential acquisitions.
APPOINTMENT OF NEW AUDITORS
At Amecor's annual general meeting held on Thursday, 30 October 2014, Grant Thornton
was appointed as Amecor's auditors who will conduct the audit for the year ending
31 March 2015.
DIVIDEND DECLARATION
The directors have elected to pay a biannual dividend in the amount of 6.5 cents per
ordinary share in respect of the six months to 30 September 2014. This is a dividend
as defined in the Income Tax Act, 1962, and is payable from income reserves. The
South African dividend withholding tax ("DWT") rate is 15% and no credits in terms of
secondary tax on companies have been utilised. The net amount payable to shareholders
who are not exempt from DWT is 5.525 cents per share, while it is 6.5 cents per share
to those who are exempt from DWT.
The 77 985 337 ordinary shares in issue will result in a total dividend amount payable
of R5.1 million.
The Company's tax number is 9381/483/84/2.
F2015 - F2014 - F2014 -
Interim Final Interim
Distributable dividend (R'000) 5 069 4 679 5 069
Total number of shares in issue ('000) 77 986 77 986 77 986
Dividend payable per share (cents) 6.5 6.0 6.5
Declaration date Friday, 19 December 2014
Last day to trade cum dividend Friday, 9 January 2015
Trading ex-dividend commences Monday, 12 January 2015
Record date Friday, 16 January 2015
Payment date Monday, 19 January 2015
Share certificates may not be dematerialised or rematerialised between Monday,
12 January 2015 and Friday, 16 January 2015, both dates inclusive. The certificated
register will be closed for this period.
On behalf of the board
DH Alexander D Colley
Chief Executive Officer Chief Financial Officer
Johannesburg
18 December 2014
FINANCIAL INFORMATION
GROUP PROVISIONAL STATEMENT OF PROFIT AND LOSS AND OTHER COMPREHENSIVE INCOME
6 months 6 months
ended ended Year ended Year ended
30 Sep 2014 30 Sep 2013* 31 Mar 2014 31 Mar 2014
% (Unaudited) (Unaudited) (Audited) (Restated)
change R'000 R'000 R'000 R'000
Revenue 118 015 107 001 219 371 219 371
Turnover 10.7 117 141 105 796 217 089 217 089
Cost of sales (66 446) (61 564) (140 183) (140 183)
Gross profit 14.6 50 695 44 232 76 906 76 906
Other income 36 8 12 12
Operating expenses (30 013) (24 756) (43 654) (43 654)
EBIT 6.3 20 718 19 484 33 264 33 264
Finance income 874 1 205 2 282 2 282
Finance costs (3 261) (2 645) (5 752) (5 752)
Profit/(loss) before
taxation 1.6 18 331 18 044 29 794 29 794
Taxation (5 131) (5 059) (8 895) (8 895)
Profit from continuing
operations 1.6 13 200 12 985 20 899 20 899
Profit from
discontinued operations - 3 656 3 504 (1 795)
Profit on disposal of
subsidiary - - 2 734 (2 565)
Profit from discontinued
operations - 3 656 770 770
Total comprehensive income 13 200 16 641 24 403 19 104
Profit and total comprehensive
income attributable to:
Equity holders of Amecor at the
end of the period 10 539 14 738 23 641 18 342
Non-controlling interest 2 661 1 903 762 762
13 200 16 641 24 403 19 104
Earnings per share (cents) 14.2 19.8 31.8 24.7
Continuing operations (cents) 14.2 14.9 27.1 27.1
Discontinued operations (cents) - 4.9 4.7 (2.4)
* Restatement due to the requirements of IFRS 5, with specific reference to
discontinued operations.
GROUP PROVISIONAL STATEMENT OF FINANCIAL POSITION
30 Sep 2014 30 Sep 2013* 31 Mar 2014 31 Mar 2014
(Unaudited) (Unaudited) (Audited) (Restated)
R'000 R'000 R'000 R'000
ASSETS
Non-current assets 149 570 103 314 107 323 107 323
Property, plant and equipment 33 008 24 430 28 549 28 549
Intangible assets 26 568 23 707 24 154 24 154
Goodwill 54 034 54 034 54 034 54 034
Other financial assets 33 684 - - -
Deferred tax asset 2 276 1 143 586 586
Current assets 138 330 118 921 132 785 127 486
Inventories 35 495 30 446 27 164 27 164
Trade and other receivables 46 799 39 212 62 375 57 076
Other financial assets 16 200 - - -
Cash and cash equivalents 32 623 45 414 36 888 36 888
Taxation 7 213 3 849 6 358 6 358
Assets of disposal group
held for sale - 78 970 68 767 68 767
Total assets 287 900 301 205 308 875 303 576
EQUITY AND LIABILITIES
Equity and reserves 197 212 191 568 193 930 188 631
Equity attributable to
Amecor shareholders 175 541 170 686 174 761 169 462
Non-controlling interest 21 671 20 882 19 169 19 169
Non-current liabilities 65 246 64 191 65 037 65 037
Borrowings 58 738 58 266 58 529 58 529
Deferred tax liability 6 508 5 925 6 508 6 508
Current liabilities 25 442 19 372 37 063 37 063
Trade and other payables 24 402 18 678 35 793 35 793
Taxation 191 - 378 378
Borrowings 849 694 892 892
Liabilities of disposal group
held for sale - 26 074 12 845 12 845
Total equity and liabilities 287 900 301 205 308 875 303 576
* Restatement due to the requirements of IFRS 5, with specific reference to
discontinued operations.
GROUP PROVISIONAL STATEMENT OF CASH FLOWS
6 months 6 months
ended ended Year ended Year ended
30 Sep 2014 30 Sep 2013 31 Mar 2014 31 Mar 2014
(Unaudited) (Unaudited) (Audited) (Restated)
R'000 R'000 R'000 R'000
Net inflow from
operating activities 6 123 (7 601) (12 122) (12 122)
Cash generated from operations 20 990 7 269 17 098 17 098
Net finance cost (2 386) (1 392) (3 618) (3 618)
Taxation paid (7 862) (5 386) (12 108) (12 108)
Dividends paid (4 619) (8 092) (13 494) (13 494)
Net outflow from
investing activities (10 554) (7 561) (15 402) (15 402)
Net outflow from
financing activities 165 (403) 533 533
Movement in cash balances (4 265) (15 565) (26 991) (26 991)
Cash and cash equivalents at
the beginning of the period 36 888 66 880 66 880 66 880
Cash and cash equivalents at
the end of the period 32 623 51 315 39 889 39 889
Cash included in continuing
operations 32 623 45 414 36 888 36 888
Cash included in
discontinued operations - 5 901 3 001 3 001
STATEMENT OF CHANGES IN EQUITY
Attributable Non-
Share Accumulated to Amecor controlling Total
capital profit shareholders interest equity
R'000 R'000 R'000 R'000 R'000
Balance at 1 April 2013 70 693 92 750 163 443 19 638 183 081
Dividends paid - (7 433) (7 433) (659) (8 092)
Total comprehensive income - 14 736 14 736 1 903 16 638
Net movement - treasury shares (60) - (60) - (60)
Total changes (60) 7 305 7 305 1 244 8 486
Balance at 30 September 2013 70 633 100 053 170 686 20 882 191 567
Balance at 1 April 2013 70 693 92 750 163 443 19 638 183 081
Net movement - treasury shares (60) - (60) - (60)
Dividends paid - (12 263) (12 263) (1 231) (13 494)
Total comprehensive income - 18 342 18 342 762 19 104
Total changes (60) 6 079 6 019 (469) 5 550
Balance at 31 March 2014 70 633 98 829 169 462 19 169 188 631
Dividends paid - (4 460) (4 460) (159) (4 619)
Total comprehensive income - 10 539 10 539 2 661 13 200
Total changes - 6 079 6 079 2 502 8 581
Balance at 30 September 2014 70 633 104 908 175 541 21 671 197 212
NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
1. SIGNIFICANT ACCOUNTING POLICIES
Amecor is a company domiciled in South Africa. These condensed consolidated
financial statements of Amecor for the six months ended 30 September 2014 comprise
the Company and its subsidiaries (together referred to as the "Group").
These condensed consolidated interim results were authorised for issue by the board
of directors on 17 December 2014. The unaudited condensed consolidated financial
statements for the six months ended 30 September 2014 have been prepared by the
Financial Director, Mr D Colley, and have not been reviewed or audited by the
Company's auditors, Grant Thornton.
Basis of preparation
These condensed consolidated results for the period ended 30 September 2014 have
been prepared in accordance with and contain information required by International
Accounting Standards 34 - Interim Financial Reporting ("IAS 34"), as well as the
SAICA Financial Reporting Guides as issued by the Accounting Practices Committee,
the Listings Requirements of the JSE Limited and the South African Companies Act,
71 of 2008, as amended.
The accounting policies and methods of computation used in the preparation of the
results for the period ended 30 September 2014, are in terms of IFRS and are
consistent with those applied in the Group audited annual financial statements for
the year ended 31 March 2014. The comparative figures referred to in the commentary
relate to the prior year equivalent interim period.
These condensed consolidated financial statements do not include all of the
information required for full financial statements and should be read in conjunction
with the consolidated annual financial statements for the year ended 31 March 2014.
The estimates and underlying assumptions are on an ongoing basis. Revisions to
accounting estimates are recognised in the period in which the estimate is revised
if the revision affects only that period or in the period of the revision and
future periods if the revision affects both current and future periods.
6 months 6 months
ended ended Year ended Year ended
30 Sep 2014 30 Sep 2013 31 Mar 2014 31 Mar 2014
(Unaudited) (Unaudited) (Audited) (Restated)
R'000 R'000 R'000 R'000
2. EARNINGS PER SHARE ("EPS")
Earnings per share
Continuing operations
Earnings:
Profit attributable to
Amecor shareholders 10 539 11 082 20 137 20 137
Shares in issue:
Weighted average number
of shares in issue ('000) 74 306 74 517 74 306 74 306
Basic earnings
per share (cents) 14.2 14.9 27.1 27.1
Diluted earnings
per share (cents) 14.2 14.9 27.1 27.1
Discontinued operations
Earnings:
Profit attributable to
Amecor shareholders - 3 656 3 504 (1 795)
Shares in issue:
Weighted average number
of shares in issue ('000) 74 306 74 517 74 306 74 306
Basic earnings
per share (cents) - 4.9 4.7 (2.4)
Diluted earnings
per share (cents) - 4.9 4.7 (2.4)
Total earnings per share
Earnings:
Profit attributable to
Amecor shareholders 10 539 14 738 23 641 18 342
Shares in issue:
Weighted average number
of shares in issue ('000) 74 306 74 517 74 306 74 306
Basic earnings
per share (cents) 14.2 19.8 31.8 24.7
Diluted earnings
per share (cents) 14.2 19.8 31.8 24.7
Headline earnings
per share ("HEPS")
Continuing headline
earnings per share 10 513 11 063 19 992 19 992
Basic earnings 10 539 11 082 20 137 20 137
Less: Profit on sale
of fixed assets (36) (27) (202) (202)
Add: Taxation on above (28%) 10 8 57 57
Shares in issue:
Weighted average number
of shares in issue ('000) 74 306 74 517 74 306 74 306
Headline earnings
per share (cents) 14.1 14.8 26.9 26.9
Diluted headline earnings
per share (cents) 14.1 14.8 26.9 26.9
Discontinued headline
earnings per share - 3 656 770 770
Basic earnings - 3 656 3 504 (1 795)
Less: Profit on sale of
subsidiary - - (2 734) 2 565
Add: Taxation on above (28%) - - - -
Shares in issue:
Weighted average number
of shares in issue ('000) 74 306 74 517 74 306 74 306
Headline earnings
per share (cents) - 4.9 1.0 1.0
Diluted headline earnings
per share (cents) - 4.9 1.0 1.0
Total headline earnings
per share 10 513 14 719 20 762 20 762
Basic earnings 10 539 14 738 23 641 18 342
Less: Profit on sale of
subsidiary - - (2 734) 2 565
Less: Profit on sale
of fixed assets (36) (27) (202) (202)
Add: Taxation on above (28%) 10 8 57 57
Shares in issue:
Weighted average number
of shares in issue ('000) 74 306 74 517 74 306 74 306
Headline earnings
per share (cents) 14.1 19.8 27.9 27.9
Diluted headline earnings
per share (cents) 14.1 19.8 27.9 27.9
3. NET ASSET VALUE ("NAV") PER SHARE
Ordinary share capital
and reserves 197 212 191 568 193 930 188 631
Total number of shares
in issue net of
treasury shares ('000) 74 306 74 517 74 306 74 306
NAV per share (cents) 265.4 257.1 261.0 253.9
Tangible net asset value
("TNAV") per share
Ordinary share capital
and reserves 197 212 191 568 193 930 188 631
Less: Intangible assets
and goodwill (80 602) (77 741) (78 188) (78 188)
116 610 113 827 115 742 110 443
Total number of shares
in issue net of
treasury shares ('000) 74 306 74 517 74 306 74 306
TNAV per share (cents) 156.9 152.8 155.8 148.6
4. SEGMENTAL ANALYSIS
The Group's operating segments and segmental information presented in the condensed
consolidated results for the six months ended 30 September 2014 represents the basis
for segmental reporting. The business segment reporting format reflects the Group's
management and internal reporting structure. Inter-segment transactions are
concluded at arm's length terms and conditions.
Continuing operations
Head Inter-
office and company
Alternative management elimination
Transmission power subsidiary and
Networks technology supplies companies consolidation Total
R'000 R'000 R'000 R'000 R'000 R'000
30 September 2014
Segment turnover 19 882 32 456 71 576 7 685 131 599
Inter-company turnover (236) (290) (6 247) (7 685) (14 457)
Sales to external customers 19 646 32 166 65 329 - - 117 141
Gross profit (excluding
depreciation in cost of sales) 15 133 14 762 20 799 6 954 (6 954) 50 695
EBITDA 12 991 5 880 6 481 4 908 (4 898) 25 362
Interest received 687 66 64 57 874
Interest paid - - (3) (3 258) (3 261)
Depreciation (128) (1 154) (294) (357) - (1 931)
Amortisation - (720) (83) (270) (1 073)
Fair value adjustment (1 639) (1 639)
Profit before taxation 13 550 4 072 6 166 (559) (4 898) 18 331
Taxation (3 794) (568) (829) 60 - (5 131)
Profit for the period 9 756 3 504 5 337 (499) (4 898) 13 200
Total assets 69 060 71 244 66 930 202 370 (121 704) 287 900
Total liabilities (3 568) (9 198) (24 202) (158 832) 105 112 (90 688)
30 September 2013
Segment turnover 15 334 27 736 69 540 7 052 119 662
Inter-company turnover (70) (978) (5 629) (7 189) (13 866)
Sales to external customers 15 264 26 758 63 911 (137) - 105 796
Gross profit (excluding
depreciation in cost of sales) 12 183 15 497 16 889 6 213 (6 550) 44 232
EBITDA 11 466 7 699 3 808 8 666 (9 619) 22 020
Interest received 784 89 144 2 153 (1 965) 1 205
Interest paid - - (2) (2 643) (2 645)
Depreciation (120) (585) (340) (442) - (1 487)
Amortisation (720) (60) (270) (1 050)
Profit before taxation 12 130 6 483 3 550 7 464 (11 584) 18 044
Taxation (3 329) (1 678) - (52) - (5 059)
Profit for the period 8 801 4 805 3 550 7 412 (11 584) 12 986
Total assets 56 505 68 094 62 278 161 589 (47 262) 301 205
Total liabilities (3 367) (11 314) (21 784) (106 719) 33 547 (109 637)
CORPORATE INFORMATION
Registered Office
Amecor House, 14 Richard Road, Industria North, 1709
(PO Box 720, Florida Hills, 1716)
Directors
DH Alexander, D Colley (appointed 1 October 2014), KA Vieira, CH Boulle (Chairman)*#,
JF Evans*#, W Kirsh*, SD Shane*, PFC Ying*#
(* Non-executive # Independent)
All of the above directors are South African and are resident in South Africa.
Company Secretary
KA Colley (appointed 1 October 2014)
Auditors
Grant Thornton, 42 Wierda Road West, Wierda Valley, 2196
(Private Bag X10046, Sandton, 2146)
Transfer Secretaries
Link Market Services Proprietary Limited, 13th Floor, Rennie House, 19 Ameshoff Street,
Braamfontein, 2001
(PO Box 4844, Johannesburg, 2000)
Sponsor
Sasfin Capital (A division of Sasfin Bank Limited), 29 Scott Street, Waverly, 2090
(PO Box 95104, Grant Park, 2051)
Corporate Adviser
Integrated Capital Management Proprietary Limited, Unit 2, 3 Melrose Boulevard,
Melrose Arch, 2196
(PO Box 333, Melrose Arch, 2076)
Visit us at www.amecor.com
INNOVATION THROUGH TECHNOLOGY
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