Wrap Text
Adapt IT Unaudited Condensed Consolidated
Interim Group Results for the Six Months Ended 31 December 2014
ADAPT IT HOLDINGS LIMITED
Incorporated in the Republic of South Africa
Registration number 1998/017276/06
Share code: ADI
ISIN: ZAE000113163
Adapt IT unaudited condensed consolidated
INTERIM GROUP RESULTS
for the six months ended 31 December 2014
OVERVIEW
Adapt IT provides a variety of specialised turnkey IT solutions and services to the
education, mining and manufacturing, energy and financial services sectors. Adapt
IT has customers in 18 countries in Africa, Asia, Australasia, Europe and North America,
and its services and solutions span the complete IT lifecycle, from consulting and
application design, through to delivery and support.
INDUSTRY SECTORS (TURNOVER)
Financial Services 18 %
- Business Intelligence and Analytics
- Project Management
- Recruitment Services
Manufacturing 34%
- ERP Implementation
- Human Capital Management Services
- Development and Integration Services
Energy 20%
- Business Advisory Services
- Technical Advisory Services
- SAP IS-OIL
- Fuel-FACS
Education 28%
- Education Administration Systems
- Development and Integration Services
- Support Services
OUR BUSINESS
Consulting
- Business Consulting
Guiding leading enterprises to achieve business transformation
- IT Consulting
Leveraging technologies to improve business efficiencies
- Innovation
Applying new technology solutions to exceed client requirements
Software
- Web-based Solutions
Efficiently developed Cloud-ready proprietary software solutions
- On Premise
Leveraging our client's existing technology infrastructure
- Cloud Solutions
Providing Software as a Service for maximised efficiency
- Mobile Solutions
Ensuring accessibility to solutions from anywhere
Support
- SLA Management
Providing remote and on-site 24/7 support
- ITIL Certified
ITIL certified support centre
GEOGRAPHIC TURNOVER
78% 10% 8% 3% 1%
South Africa Other African North America Australasia Europe
countries
FINANCIAL HIGHLIGHTS
UP 38% UP 85% UP 35%
Turnover Profit from operations HEPS
FINANCIAL REVIEW
Turnover for the six month period to December 2014 increased 38% to
R261,3 million (2013: R189,6 million). Organic growth was 11% and
acquisitive growth 27%. Profit from operations increased 85% to R37,9 million
(2013: R20,5 million), representing an improved operating profit margin
of 14,5% (2013: 10,8%). All segments of the business grew turnover and
operating profit.
Interim Earnings per Share (EPS) improved by 36% to 18,57 cents per share
(cps) from 13,71 cps and Interim Headline EPS (HEPS) improved by 35% to
18,58 cps from 13,74 cps.
Ordinary dividend number 12, in respect of the year ended 30 June 2014, of
8,23 cents per share, being a four times cover ratio, was paid to shareholders
on 15 September 2014. Adapt IT's policy is to declare a dividend after
financial year-end and not at the interim reporting date.
STRATEGY
Adapt IT continues to realise synergies between its specialised software
businesses to yield higher organic growth and margins. Further strategic,
synergistic and earnings enhancing software business acquisitions will be
pursued.
ACQUISITION
Adapt IT acquired the AspiviaUnison companies ("AspiviaUnison")
effective 1 September 2014, in line with its acquisitive growth strategy.
AspiviaUnison provides Telecommunications Management Software
Solutions which now contributes to the Financial Services and
Manufacturing segments of Adapt IT. AspiviaUnison's results, for the
four months, are included in these interim results. Refer to the business
combination note 9.
BEE CAPITAL RAISE
Under its general authority (granted by shareholders at the last AGM)
to make issues of shares for cash within the authorised parameters,
Adapt IT issued 6 108 029 shares for cash of R41,8 million on
17 December 2014 to specific Black third parties to fund the acquisition of a
small foreign education sector business in New Zealand (R7,2 million) and
the majority of the second cash tranche of the AspiviaUnison purchase
consideration (R36 million) together with certain transaction costs. This
share issue was at a 10% discount to the 30-day weighted average traded
price and represented a 5% dilution to existing shareholders.
Using this capital raising mechanism was expedient, cost effective and
enhanced Adapt IT's Black ownership equity status, specifically its Broad-
Based Black female ownership equity status to 2,82% which is progress
towards the company's goal of meeting the requirement of the new B-BBEE
codes. Increased focus on transformation is being prioritised to ensure
alignment with the new Broad-Based Black Economic Empowerment
Codes.
OUTLOOK
Our outlook remains positive as we continue to build on the strong well
diversified foundation which we have established to create a sizeable
leading ICT business which delivers above sector average growth and
returns.
BOARD
Ms Thembisa Dingaan resigned from the board on 25 November 2014. The
board is in the process of appointing a non-executive director to replace
Ms Dingaan. Mr Craig Chambers was temporarily appointed as a member
of the Audit and Risk Committee with effect from 25 November 2014.
APPRECIATION
We thank our customers, partners and service providers for their continued
support and members of the board and Adapt IT Group employees for
their dedication which underpins our success.
On behalf of the board
Craig Chambers Sbu Shabalala
Independent, non-executive Chairman Chief Executive Officer
6 February 2015
CONDENSED CONSOLIDATED STATEMENT OF
PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME
Unaudited Unaudited Audited
6 months 6 months Year
ended ended ended Period-
31 Dec 31 Dec 30 June on-period
2014 2013 2014 variance
Notes R'000 R'000 R'000 %
Revenue 262 470 190 892 408 546 37
Turnover 261 346 189 580 406 301 38
Cost of sales (144 267) (109 040) (227 800) 32
Gross profit 117 079 80 540 178 501 45
Administrative, selling and other costs (79 371) (60 267) (128 972) 32
Sundry revenue 194 219 159 (11)
Profit from operations 37 902 20 492 49 688 85
Finance income 3 930 1 094 2 087 (15)
Finance costs 4 (5 597) (384) (907) 1 358
Profit before taxation 33 235 21 202 50 868 57
Income tax expense (10 995) (6 208) (12 745) 77
Profit for the period 22 240 14 994 38 123 48
Other comprehensive income (57) 514 761 (111)
Exchange differences arising from translation
of foreign operations (57) 514 761
Income tax effect – – –
Total comprehensive income 22 183 15 508 38 884 43
Headline earnings:
Profit attributable to ordinary shareholders 22 240 14 994 38 123 48
Loss on sale of property and equipment 7 38 112 (82)
Headline earnings 22 247 15 032 38 235 48
Number of ordinary shares in issue (000) 129 201 111 499 111 499 16
Weighted average number of
ordinary shares in issue (000) 119 731 109 395 110 674 9
Diluted average number of ordinary
shares in issue (000) 119 731 109 395 113 873 9
Basic earnings per share (cents) 18,57 13,71 34,45 36
Headline earnings per share (cents) 18,58 13,74 34,55 35
Diluted basic earnings per share (cents) 18,57 13,71 33,48 36
Diluted headline earnings per share (cents) 18,58 13,74 33,58 35
Dividend per share (cents) 8,23 5,56 5,56 48
CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION
Unaudited Unaudited Audited
6 months 6 months Year
ended ended ended
31 Dec 31 Dec 30 June
2014 2013 2014
Notes R'000 R'000 R'000
ASSETS
Non-current assets 392 420 185 442 188 662
Property and equipment 31 698 28 333 30 751
Intangible assets 8 612 6 341 8 323
Goodwill 6 336 052 133 487 133 487
Deferred taxation asset 16 058 17 281 16 101
Current assets 208 111 177 815 111 485
Trade and other receivables 174 401 148 654 91 267
Inventory 130 – –
Current tax receivable 6 345 – 4 301
Cash and cash equivalents 27 235 29 161 15 917
Total assets 600 531 363 257 300 147
EQUITY AND LIABILITIES
Equity 287 596 161 725 185 101
Share capital 13 11 11
Share premium 128 820 23 926 23 926
Other capital reserves 36 000 52 000 51 056
Foreign currency translation reserve 1 832 1 642 1 889
Revaluation reserve 1 602 1 602 1 602
Retained earnings 119 329 82 544 106 617
Non-current liabilities 90 569 30 894 7 981
Interest-bearing borrowings 7 20 273 27 389 4 276
Financial liabilities 9 66 086 – –
Deferred taxation liability 4 210 3 505 3 705
Current liabilities 222 366 170 638 107 065
Trade and other payables 45 792 44 091 27 174
Provisions 9 054 15 416 20 824
Deferred income 8 96 432 80 061 54 233
Current tax payable 9 498 5 938 1 816
Current portion of interest-bearing borrowings 7 26 139 16 271 3 018
Financial liabilities 9 35 451 8 861 –
Total equity and liabilities 600 531 363 257 300 147
Net asset value per share (cents) 222,60 145,05 166,01
Net tangible asset value (cents) (46,33) 21,11 46,39
Liquidity ratio (times) 0,94 1,04 1,04
Solvency ratio (times) 1,92 1,80 2,61
Market price per share
Close (cents) 810 490 774
High (cents) 885 501 950
Low (cents) 582 231 231
Capital expenditure for the period (R'000) 4 839 3 245 11 017
Capital commitments (R'000) 3 500 4 038 7 627
CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS
Unaudited Unaudited Audited
6 months 6 months Year
ended ended ended
31 Dec 31 Dec 30 June
2014 2013 2014
Notes R'000 R'000 R'000
OPERATING ACTIVITIES
Cash generated from operations 12 048 7 032 60 642
Finance income 3 930 1 094 2 087
Finance costs 4 (2 463) (384) (907)
Dividends paid (9 528) (6 017) (6 017)
Taxation paid (11 492) (671) (15 280)
Net cash flow (utilised in)/generated from
operating activities (10 505) 1 054 40 525
INVESTING ACTIVITIES
Property and equipment acquired (3 155) (1 828) (6 039)
Intangible assets acquired and developed (1 684) (1 417) (4 978)
Proceeds on disposal of property and equipment – – 42
Net cash outflow on acquisition of subsidiaries 9 (33 606) (32 207) (32 207)
Net cash flows utilised in investment activities (38 445) (35 452) (43 182)
FINANCING ACTIVITIES
Proceeds from borrowings 69 036 43 660 51 900
Repayment of borrowings (50 551) (3 308) (46 618)
Repayment of vendor loans – – (10 156)
Issue of shares for cash 41 840 – –
Net cash inflow/(outflow) from financing activities 60 325 40 352 (4 874)
Net increase/(decrease) in cash resources 11 375 5 954 (7 531)
Exchange differences on translation (57) 514 755
Cash and cash equivalents at beginning of period 15 917 22 693 22 693
Cash and cash equivalents at end of period 27 235 29 161 15 917
CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
Foreign
Other Re- currency
Share Share capital valuation translation Retained Total
capital premium reserves reserve reserve earnings equity
Unaudited R'000 R'000 R'000 R'000 R'000 R'000 R'000
Balance at 30 June 2013 11 14 626 1 300 1 602 1 128 73 567 92 234
Total comprehensive
income for the period – – – – 514 14 994 15 508
Profit for the period – – – – – 14 994 14 994
Other comprehensive
income for the period – – – – 514 – 514
Issue of treasury shares
for business combination – 1 300 (1 300) – – – –
Shares to be issued – – 52 000 – – – 52 000
Issue of shares for
business combination – 8 000 – – – – 8 000
Shares issued during
the period – 1 753 – – – – 1 753
Issue of treasury shares – 6 247 – – – – 6 247
Dividend paid – – – – – (6 017) (6 017)
Balance at 31 December 2013 11 23 926 52 000 1 602 1 642 82 544 161 725
Balance at 30 June 2014 11 23 926 51 056 1 602 1 889 106 617 185 101
Total comprehensive
income for the period – – – – (57) 22 240 22 183
Profit for the period – – – – – 22 240 22 240
Other comprehensive
income for the period – – – – (57) – (57)
Shares issued during
the period 2 104 894 (15 056) – – – 89 840
Dividend paid – – – – – (9 528) (9 528)
Balance at 31 December 2014 13 128 820 36 000 1 602 1 832 119 329 287 596
NOTES TO THE FINANCIAL STATEMENTS
1. BASIS OF PREPARATION AND CORPORATE INFORMATION
The unaudited condensed consolidated interim financial statements of the Group for the six months
ended 31 December 2014 were prepared in accordance with IAS 34 Interim Financial Reporting, SAICA
Financial Reporting Guides as issued by the Accounting Practices Committee and the requirements
of the Companies Act No 71 of 2008 of South Africa as amended, and the Listings Requirements of
the JSE Limited. The accounting policies applied in the preparation of these unaudited condensed
interim consolidated financial statements are in accordance with International Financial Reporting
Standards and are consistent with those applied in the annual financial statements for the year ended
30 June 2014.
The interim results have not been audited or reviewed by the Group auditors, and have been prepared
under the supervision of Tiffany Dunsdon, CA (SA), Finance Director of Adapt IT Holdings Limited.
The directors take full responsibility for the preparation of these unaudited condensed consolidated
interim financial statements.
2. POST-BALANCE SHEET EVENTS
Effective 1 January 2015, the Group acquired intellectual property and a services company which
provides student management solutions in New Zealand. The total consideration payable is R7,2 million
and the tangible net assets of the business were R3,8 million.
The transaction is not categorised in terms of the JSE Listings Requirements.
No other matters have occurred between the reporting date and the date of approval of the interim
financial statements which would have a material effect on these financial statements.
Unaudited Unaudited Audited
31 Dec 31 Dec 30 June
2014 2013 2014
R'000 R'000 R'000
3. FINANCE INCOME
Imputed interest 689 571 1 321
Bank interest 241 523 766
Total finance income 930 1 094 2 087
4. FINANCE COSTS
Borrowings 2 463 384 907
Financial liabilities (imputed) 3 134 – –
Total finance cost 5 597 384 907
5. DIVIDENDS
Ordinary dividend number 12 of 8,23 cents per share was paid to shareholders on 15 September 2014.
It is Group policy to consider declaration of dividends at the end of the financial year and not at the
interim reporting date.
Unaudited Unaudited Audited
31 Dec 31 Dec 30 June
2014 2013 2014
R'000 R'000 R'000
6. GOODWILL
Carrying amount at beginning of period 133 487 38 010 38 010
Acquisition of Aquilon Companies – 95 477 95 477
Acquisition of AspiviaUnison Companies 202 565 – –
Carrying amount at end of period 336 052 133 487 133 487
Comprising:
Cost 336 052 133 487 133 487
Goodwill is allocated as follows:
– Adapt IT Proprietary Limited 25 599 25 599 25 599
– ApplyIT Proprietary Limited 59 59 59
– Swicon360 Proprietary Limited 12 352 12 352 12 352
– Aquilon Companies 95 477 95 477 95 477
– AspiviaUnison Companies 202 565 – –
Total 336 052 133 487 133 487
The Group tests goodwill for impairment. As at 31 December 2014, the carrying amount of goodwill was
considered not to require impairment.
The recoverable amount of goodwill has been determined based on a value in use calculation using
cash flow projections from financial forecasts approved by senior management covering a five-year
period. Cash flow projections take into account past experience and external sources of information.
The valuation method used is consistent with the prior year. There have been no accumulated
impairment losses recognised to date.
The key assumptions used in the testing of goodwill are:
- Discount rate of 11% (2013: 12%) (weighted average cost of capital); and
- Projected cash flows for the five years based on a 5% (2013: 5%) growth rate.
Unaudited Unaudited Audited
31 Dec 31 Dec 30 June
2014 2013 2014
R'000 R'000 R'000
7. INTEREST-BEARING BORROWINGS
Non-current borrowings 20 273 27 389 4 276
– Investec Private Bank Limited 20 273 27 389 4 276
Current borrowings 26 139 16 271 3 018
– Investec Private Bank Limited 13 639 16 271 3 018
– Chrysalis Capital Fund Proprietary Limited 12 500 – –
Total 46 412 43 660 7 294
The Investec Private Bank Limited facilities are secured by a mortgage bond over fixed property, 100%
of the shares held in Adapt IT Proprietary Limited and cession of book debts held by Adapt IT Holdings
Limited and its subsidiaries. The current interest rate is 9,75% per annum.
AspiviaUnison Proprietary Limited has a facility with Chrysalis Capital Fund Proprietary Limited. The
interest rate is prime plus 5% per annum. The facility is repayable by 31 July 2015.
Excess cash resources are used from time to time to reduce the facilities.
Unaudited Unaudited Audited
31 Dec 31 Dec 30 June
2014 2013 2014
R'000 R'000 R'000
8. DEFERRED INCOME
Education segment 76 801 66 117 36 936
Manufacturing segment 17 524 12 323 16 116
Energy segment 2 037 1 151 1 181
Financial segment 70 470 –
Total 96 432 80 061 54 233
The Education segment relates to annual maintenance fees invoiced in advance for the year and
usually collected the end of January and February, the start of the education year.
Manufacturing sector includes long-term software projects in progress, ongoing upgrades and other
software-related projects for clients.
9. BUSINESS COMBINATIONS
9.1 Acquisition of subsidiary
On 1 September 2014, the Group acquired the entire issued share capital of AspiviaUnison
Proprietary Limited and its subsidiaries (AspiviaUnison).
Ths AspiviaUnison companies are South African registered.
AspiviaUnison is a cloud telecommunications intelligence and management solutions
provider. With over 14 years' experience in the field of telecommunications management within
Southern Africa. AspiviaUnison provides Telecommunications Lifecycle Management (TLM),
Telecommunications Management Services (TMS) and Mobile Device SpendManagement
(MDSM) software solutions. The products of AspiviaUnison comprise several crucial forward-
looking telecommunications intelligence services that provides business intelligence on
telecommunications billing information for a more uniform and understandable billing, integration
of billing data with enabling technologies and understanding and control of mobile device spend.
The purchase consideration consists of R36,0 million in cash paid on 5 November 2014 and
R36,0 million in cash payable on or before 31 March 2015, with a further contingent consideration
of a maximum amount of R128,0 million, which is contingent upon the achievement by
AspiviaUnison of the following performance warranties over 28 months (Performance Warranties):
- R29,4 million profit after tax for the period 1 September 2014 to 30 June 2015 (1st Performance
Warranty period);
- R40,1 million profit after tax for the period 1 July 2015 to 30 June 2016 (2nd Performance Warranty
period); and
- R21,1 million profit after tax for the period 1 July 2016 to 31 December 2016 (3rd Performance
Warranty period).
The maximum amount of R128,0 million (contingent earn-out portion) is payable as follows:
- R48,0 million shares were issued in December 2014, pledged to Adapt IT Proprietary Limited
as security for performance as against the Performance Warranties, and will only vest
unconditionally upon achievement of at least R54,4 million cumulative profit after tax; and
- subject and pro rata to achievement of the Performance Warranties, up to a further R80,0 million
which is payable 60% in cash and 40% by the issue of further shares:
– in respect of achievement in aggregate of the Performance Warranties in respect of the 1st and
2nd Performance Warranty Periods, and up to 15% advance achievement of the Performance
Warranties in respect of the 3rd Performance Warranty Period, if any, by the later of 30 September
2016 and the final determination of any dispute which may arise in the determination of the
profit after tax pertaining to the profit warranties; and
– in respect of achievement in aggregate of the outstanding Performance Warranties as at the
end of the 3rd Performance Warranty Period, if any, by the later of 31 March 2017, or the final
determination of any dispute which may arise in the determination of the profit after tax, to the
extent that the contingent earn-out portion has not already been paid.
The number of shares to be issued, in each applicable instance thereof, shall be calculated by
dividing the corresponding amount of the relevant contingent earn-out portion by the weighted
average traded price of Adapt IT shares for a period of 30-trading days prior to the relevant date
as specified in the agreement.
The latest financial projections for AspiviaUnison indicate that the profit warranties will be achieved
and accordingly the maximum contingent purchase consideration has been accounted for
resulting in a maximum purchase consideration of R200 million. The future contingent purchase
consideration, to be settled in cash and shares as set out above, is recorded at fair value as
a financial liability, by taking into account the present value of these future settlements using
a discount factor equal to a borrowing rate. The fair value of the consideration payable at
acquisition date was R182,4 million.
The fair value of the net assets acquired amounted to R1,7 million, resulting in goodwill of
R180,7 million at acquisition. The purchase consideration paid for the combination effectively
included amounts in relation to the benefit of the expected synergies, revenue growth, new market
penetration and future market development.
AspiviaUnison adds another significant pillar to Adapt IT's growing vertical software solutions set.
The acquisition, which is in line with Adapt IT's strategy of targeted acquisitive growth, enables
the Adapt IT Group to further diversify and bolster its customer base, especially in the Financial
Services Industry (FSI) and the wider private and targeted public sector markets.
The fair values of the identifiable net assets and liabilities of the AspiviaUnison companies as at
the date of acquisition were:
Fair value
recognised
on
acquisition
R'000
Assets
Property and equipment 335
Intangible assets 33
Purchased goodwill 21 861
Deferred taxation 381
Inventory 16
Trade and other receivable 11 604
Cash and cash equivalents 2 394
Total assets 36 624
Liabilities
Current portion of non-interest-bearing borrowings (previous shareholders) 439
Current portion of interest-bearing borrowings 20 194
Trade and other payables 6 013
Provisions 1 222
Current tax payable 7 057
Total liabilities 34 925
Total identifiable net assets 1 699
Goodwill arising on acquisition 180 704
Fair value of consideration payable 182 403
Fair value of consideration payable:
Cash paid 36 000
Shares issued in December 2014 48 000
Fair value of cash to be paid on or before 31 March 2015
(current financial liabilities)* 34 357
Fair value of contingent purchase consideration owing in respect of
acquisition and settled through issue of shares and cash when relevant
warranties have been fulfilled (non-current financial liabilities)* 64 046
Fair value of consideration payable 182 403
Cash outflow on acquisition:
Net cash acquired with the subsidiary 2 394
Cash paid (36 000)
Net cash outflow on acquisition (33 606)
Fair value of the assets acquired approximates their carrying value at the acquisition date.
* The fair value of contingent purchase consideration financial liability as at 31 December 2014,
after recognising a charge of R3,1 million to finance costs, was R35,5 million and R66,1 million
relating to current and non-current financial liabilities respectively.
From the date of acquisition, AspiviaUnison has contributed R6,8 million to the profit after tax and
R26,9 million to the turnover of the Group.
Acquired receivables represent the gross contractual amounts which approximates fair value and
which is further estimated to be fully recoverable.
Goodwill recognised is not deductible for tax purposes.
Acquisition related costs of R4,0 million have been expensed and are included in administrative,
selling and other costs on the statement of profit or loss and other comprehensive income.
10. SEGMENT ANALYSIS
Management monitors the operating results of its business units separately for the purpose of making
decisions about resource allocation and performance assessment. Monthly management meetings
are held to evaluate segment performance against budget and forecast.
The following tables present revenue and profit information regarding the Group's operating segments
for the six months ended 31 December 2014 and 31 December 2013, respectively:
Manu- Financial
Education facturing Services Energy Other Total
R'000 R'000 R'000 R'000 R'000 R'000
Six months ended
31 December 2014
Turnover 71 743 89 755 47 940 51 908 – 261 346
Segment profit
from operations 12 052 13 596 7 459 11 593 (6 798) 37 902
Operating profit margin 17% 15% 16% 22% 15%
Six months ended
31 December 2013
Turnover 59 989 68 381 33 256 27 954 – 189 580
Segment profit
from operations 8 013 3 414 3 417 7 916 (2 268) 20 492
Operating profit margin 13% 5% 10% 28% 11%
The following table presents segment assets and liabilities of the Group's operating segments as at
31 December 2014 and 31 December 2013, respectively:
Manu- Financial
Education facturing Services Energy Other Total
R'000 R'000 R'000 R'000 R'000 R'000
Six months ended
31 December 2014
Total assets 142 208 202 408 123 586 129 717 2 612 600 531
Total liabilities 102 052 185 383 15 396 9 180 924 312 935
Six months ended
31 December 2013
Total assets 126 606 71 901 28 072 135 405 1 273 363 257
Total liabilities 94 176 69 473 4 905 30 266 2 712 201 532
CORPORATE INFORMATION
ADAPT IT HOLDINGS LIMITED TRANSFER SECRETARY
Incorporated in the Republic of South Africa Computershare Investor Services Proprietary Limited
Registration number 1998/017276/06 PO Box 61051, Marshalltown, 2107
Share code: ADI T +27 (0) 11 370 5000
ISIN: ZAE000113163 F +27 (0) 11 688 5200
COMPANY SECRETARY AUDITORS
Statucor Proprietary Limited Deloitte & Touche
22 Wellington Road
Parktown SPONSOR
2193 Merchantec Capital
2nd Floor, North Wing
REGISTERED OFFICE Hyde Park Corner Office Suites
5 Rydall Vale Office Park Corner 6th Road and Jan Smuts Avenue
Rydall Vale Crescent Hyde Park
La Lucia Ridge Johannesburg
4019 2196
KwaZulu-Natal
South Africa CORPORATE BANKERS
The Standard Bank of South Africa Limited
DIRECTORS Absa Bank
Craig Chambers* (Chairman)
Sbu Shabalala (Chief Executive Officer) LEGAL REPRESENTATIVES
Tiffany Dunsdon (Financial Director) Garlicke & Bousfield
Bongiwe Ntuli* Read Hope Phillips Thomas Cadman Incorporated
Oliver Fortuin* Shepstone & Wylie
* Independent non-executive director
ADAPT IT WEBSITE
www.adaptit.co.za
REGIONAL OFFICES
DURBAN JOHANNESBURG PRETORIA CAPE TOWN
5 Rydall Vale Office Park The Braes 50 Bushbuck Lane Great Westerford
Rydall Vale Crescent Adapt IT House Monument Park 3rd Floor
La Lucia Ridge 193 Bryanston Drive 0181 240 Main Road
4019 Bryanston Pretoria Rondebosch
KwaZulu-Natal Johannesburg Cape Town
T +27 (0) 31 514 7300 T +27 (0) 11 460 5300 T +27 (0) 12 425 5600 T +27 (0) 21 200 0480
F +27 (0) 86 602 8961 F +27 (0) 11 460 5301 F +27 (0) 12 460 5377
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