SILVERBRIDGE HOLDINGS LIMITED - Unaudited Condensed Interim Group Financial Statements for the Six Month Period Ended 31 December 2014

Release Date: 16/02/2015 14:30
Code(s): SVB
 
Wrap Text
Unaudited Condensed Interim Group Financial Statements for the Six Month Period Ended 31 December 2014

SILVERBRIDGE HOLDINGS LIMITED
Incorporated in the Republic of South Africa
(Registration NUMBER 1995/006315/06)
Share code: SVB     ISIN: ZAE000086229
(“SilverBridge” or “the Group”)

UNAUDITED CONDENSED INTERIM GROUP FINANCIAL STATEMENTS
for the six month period ended 31 December 2014

GROUP PROFILE
SilverBridge offers clients in the insurance industry reliable
solutions that aim to simplify their operations by enabling and
improving their business processes. We achieve this by implementing
our system platforms and customising them to meet client needs. Our
software is rented to our customers on a usage basis. The valuable
experience we have gained through our existing African footprint and
strategic partnerships positions us well to take advantage of
opportunities while making life insurance simpler and more accessible.

Exergy is our flagship platform that enables core back office policy
administration in the life assurance industry. The broader Exergy
solution package has specific applications which can be customised to
suit the needs of a long-term insurer, and other related financial
services businesses. We aim to enable our clients to drive their
strategic business objectives more efficiently. Our approach is to
identify and define strategic customer business objectives, translate
them into IT requirements and implement sustainable solutions.

Unaudited Condensed Consolidated Statement of Comprehensive Income
for the six month period ended 31 December 2014

                              Unaudited   Unaudited  Audited
                                    six         six       12
                                 months      months   months
                                  ended       ended    ended       Per-
                                 31 Dec      31 Dec  30 June    centage
                                   2014        2013     2014     Change
                      Notes       R’000       R’000    R’000          %
Revenue                          38 342      39 072   83 844        (2)
Other income                         11          33      430       (67)
Operating expenses             (34 440)    (36 404) (75 979)        (5)
Operating profit                  3 913       2 701    8 295         45
Finance income                      164          77      167        113
Finance expense                       -        (26)     (27)      (100)
Profit before
taxation                          4 077       2 752    8 435         48
Taxation                        (1 166)       (820)  (2 516)         42
Profit and total
comprehensive
income for the
period                            2 911       1 932    5 919         51
Number of shares in
issue (‘000)            1.2      34 781      34 781   34 781
Weighted average
number of shares in
issue (‘000)            1.2      34 675      34 675   34 675
Diluted weighted
average number of
shares (‘000)           1.2      34 675      34 675   34 675
Basic earnings per
share (cents)           1.2         8.4         5.6     17.1         50
Diluted earnings
per share (cents)       1.2         8.4         5.6     17.1         50

Unaudited Condensed Consolidated Statement of Financial Position
as at 31 December 2014
                                     Unaudited  Unaudited   Audited
                                         as at      as at     as at
                                        31 Dec     31 Dec   30 June
                                          2014       2013      2014
                              Notes      R’000      R’000     R’000
ASSETS
Non-Current Assets
Equipment                                1 133      1 069     1 244
Intangible assets                       10 795     11 206    11 110
Deferred tax assets                        423          -       764
Withholding tax rebates
receivable                               1 968      2 523     1 968
Total Non-Current Assets                14 319     14 798    15 086
Current Assets
Withholding tax rebates
receivable                               1 192          -       953
Revenue recognised not yet
invoiced                        1.3      1 443      3 978     6 635
Trade and other receivables             12 468      8 058    11 907
Cash and cash equivalents               14 374      4 757     7 934
Total Current Assets                    29 477     16 793    27 429
Total Assets                            43 796     31 591    42 515
EQUITY AND LIABILITIES
Capital and Reserves
Issued capital                             348        348       348
Share premium                           11 871     11 871    11 871
Treasury shares                          (197)      (197)     (197)
Share based payment reserve                959        330       512
Retained earnings                       20 878     13 981    17 967
Total Equity                            33 859     26 333    30 501
Non-Current Liabilities
Deferred tax liability                       -        224        30
Total Non-Current
Liabilities                                  -        224        30
Current Liabilities
Deferred revenue                1.3        834        473       342
Income tax payable                       1 146          -       611
Trade and other payables        1.4      7 607      4 561     8 616
Provisions                                 350          -     2 415
Total Current Liabilities                9 937      5 034    11 984
Total Liabilities                        9 937      5 258    12 014
Total Equity and Liabilities            43 796     31 591    42 515
Net asset value per share
(cents)                                   97.6       75.9      87.9
Net tangible asset value per
share (cents)                             66.5       43.6      55.9

Unaudited Condensed Consolidated Statement of Changes in Equity
for the six month period ended 31 December 2014
                                                 Share
                                                 based
                     Issued   Share  Treasury  payment  Retained    Total
                    capital premium    shares  reserve  earnings   equity
                      R'000   R'000     R'000    R'000     R'000    R'000
Balance at 1 July
2013                    348  11 871     (197)    1 070    11 137   24 229
Total
comprehensive
income for the
period
Profit or loss            -       -         -        -     1 932    1 932
Total
comprehensive
income for the
period                    -       -         -        -     1 932    1 932
Transactions with
owners, recorded
directly in
equity
Contributions by
and distributions
to owners
Equity settled
share based
payment                   -       -         -      172         -      172
Transfer of
reserve of share
options that did
not vest                  -       -         -    (912)       912        -
Total
contributions by
and distributions         
to owners                 -       -         -    (740)       912      172
Changes in
ownership
interests in
subsidiaries that
do not result in
a loss of control
Total
transactions with
owners                    -       -         -    (740)       912      172
Balance at 31
December 2013           348  11 871     (197)      330    13 981   26 333
Total
comprehensive
income for the
period
Profit or loss            –       –         –        –     3 986    3 986
Total
comprehensive
income for the
period                    –       –         –        –     3 986    3 986
Transactions with
owners, recorded
directly in
equity
Contributions by
and distributions
to owners
Equity settled
share based
payment                   –       –         –      182         –      182
Transfer of
reserve of share
options that did
not vest                  –       –         –        –         –        –
Total
contributions by
and distributions
to owners                 –       –         –      182         –      182
Changes in
ownership
interests in
subsidiaries that
do not result in
a loss of control
Total
transactions with
owners                    –       –         –      182         –      182
Balance at 30
June 2014               348  11 871     (197)      512    17 967   30 501
Total
comprehensive
income for the
period
Profit or loss            -       -         -        -     2 911    2 911
Total
comprehensive
income for the
period                    -       -         -        -     2 911    2 911
Transactions with
owners, recorded
directly in
equity
Contributions by
and distributions
to owners
Equity settled
share based
payment                   -       -         -      447         -      447
Total
contributions by
and distributions
to owners                 -       -         -      447         -      447
Changes in
ownership
interests in
subsidiaries that
do not result in
a loss of control         -       -         -        -         -        -
Total
transactions with
owners                    -       -         -      447         -      447
Balance at 31
December 2014           348  11 871     (197)      959    20 878   33 859

Unaudited Condensed Consolidated Statement of Cash Flows
for the six month period ended 31 December 2014

                            Unaudited    Unaudited       Audited
                           six months   six months     12 months
                                ended        ended         ended
                               31 Dec       31 Dec       30 June
                                 2014         2013          2014
                                R’000        R’000         R’000
Cash generated from
operations                      7 306        1 587         7 858
Interest received                 164           77           167
Interest paid                       -         (26)          (27)
Taxation
(paid)/received                 (322)          802       (1 256)
Net cash inflow from
operating activities            7 148        2 440         6 742
Cash flows from
investing activities
Equipment acquired to
maintain operations             (246)        (535)       (1 050)
Proceeds from disposal
of equipment                        -            -            41
Cash outflow from
capitalisation of
development costs               (462)        (351)       (1 002)
Net cash outflow from
investing activities            (708)        (886)       (2 011)
Cash flows from
financing activities
Dividends paid to
equity holders                      -            -             -
Net cash outflow from
financing activities                -            -             -
Net increase in cash
and cash equivalents            6 440        1 554         4 731
Cash and cash
equivalents at the
beginning of the
period                          7 934        3 203         3 203
Cash and cash                  
equivalents at the end
of the period                  14 374        4 757         7 934

Unaudited Condensed Segment Reports
for the six month period ended 31 December 2014

Reportable Segment Report

As reported at the full year results to June 2014, there were changes
made to our segment reporting. The current interim results are
consistent with the changes. The comparative prior period (6 months to
December 2013) has been restated to reflect the changes.

Warranty and maintenance expenses have been allocated to the
SilverBridge software rental and maintenance segment. These costs were
previously allocated to the SilverBridge research and development
segment and to indirect costs. This change was made to better reflect
the operational nature of the costs in relation to the revenue
generated. The comparative prior period (6 months to December 2013)
has been restated to reflect this change.

Revenue related to smaller enhancement projects done for existing
clients has been allocated to the Connect support services segment. It
was previously allocated to the Connect implementation segment. This
change was made to better reflect the nature of the revenue generated.
The comparative prior period (6 months to December 2013) has been
restated to reflect this change.

                                                  Connect
                                                 implemen-       Connect
                                                   tation        support
                                   Total         services       services
                                   R’000            R’000          R’000
Unaudited 6 months ended 31
December 2014
Total revenue                     39 857            7 293         13 268
Inter-group revenue              (1 515)                -           (48)
Net revenue                       38 342            7 293         13 220
Direct segment cost             (16 962)          (4 110)        (5 927)
Cost capitalised                     462                -              -
Segment gross profit              21 842            3 183          7 293
Indirect segment cost           (16 044)          (4 092)        (5 756)
Segment result                     5 798            (909)          1 537
Unallocated expenses *           (1 885)
Operating profit                   3 913
Finance income                       164
Finance expense                        -
Income tax expense               (1 166)
Profit for the period              2 911

                                                            SilverBridge
                            SilverBridge     SilverBridge       software
                                 support       research &       rental &
                                services      development    maintenance
                                   R’000            R’000          R’000
Unaudited 6 months ended
31 December 2014
Total revenue                      2 573                -         16 723
Inter-group revenue              (1 467)                -              -
Net revenue                        1 106                -         16 723
Direct segment cost              (1 409)          (3 608)        (1 908)
Cost capitalised                       -              462              -
Segment gross profit               (303)          (3 146)         14 815
Indirect segment cost            (1 260)          (3 229)        (1 707)
Segment result                   (1 563)          (6 375)         13 108
Unallocated expenses *
Operating profit
Finance income
Finance expense
Income tax expense
Profit for the period

* Unallocated expenses relate to costs incurred at a corporate level.

                                                  Connect           
                                                implemen-        Connect
                                                   tation        support
                                   Total         services       services
                                   R’000            R’000          R’000
Unaudited 6 months ended
31 December 2013
Total revenue                     43 146            8 548         11 279
Inter-group revenue              (4 074)                -           (59)
Net revenue                       39 072            8 548         11 220
Direct segment cost             (19 579)          (8 290)        (4 765)
Cost capitalised                     351                -              -
Segment gross profit              19 844              258          6 455
Indirect segment cost           (15 523)          (6 573)        (3 778)
Segment result                     4 321          (6 315)          2 677
Unallocated expenses *           (1 620)
Operating profit                   2 701
Finance income                        77
Finance expense                     (26)
Income tax expense                 (820)
Profit for the period              1 932

                                                            SilverBridge
                            SilverBridge     SilverBridge       software
                                 support       research &       rental &
                                services      development    maintenance
                                   R’000            R’000          R’000
Unaudited 6 months ended
31 December 2013
Total revenue                      4 293                -         19 026
Inter-group revenue              (4 015)                -              -
Net revenue                          278                -         19 026
Direct segment cost                (537)          (4 544)        (1 443)
Cost capitalised                       -              351              -
Segment gross profit               (259)          (4 193)         17 583
Indirect segment cost              (425)          (3 603)        (1 144)
Segment result                     (684)          (7 796)         16 439
Unallocated expenses *
Operating profit
Finance income
Finance expense
Income tax expense
Profit for the period

* Unallocated expenses relate to costs incurred at a corporate level.

                                                  Connect
                                                implemen-        Connect
                                                   tation        support
                                   Total         services       services
                                   R’000            R’000          R’000
Audited 12 months ended 30 June
2014
Total revenue                     91 839           20 683         24 707
Inter-group revenue              (7 995)                -              -
Net revenue                       83 844           20 683         24 707
Direct segment cost             (41 147)         (13 584)       (10 360)
Cost capitalised                   1 002                -          -
Segment gross profit              43 699            7 099         14 347
Indirect segment cost           (32 842)         (10 843)        (8 269)
Segment result                    10 857          (3 744)          6 078
Unallocated expenses *           (2 562)
Operating profit                   8 295
Finance income                       167
Finance expense                     (27)
Income tax expense               (2 516)
Profit for the period              5 919

                                                            SilverBridge
                            SilverBridge     SilverBridge       software
                                 support       research &       rental &
                                services      development    maintenance
                                   R’000            R’000          R’000
Audited 12 months ended
30 June 2014
Total revenue                      9 312                -         37 137
Inter-group revenue              (7 995)                -              -
Net revenue                        1 317                -         37 137
Direct segment cost              (1 793)          (9 664)        (5 746)
Cost capitalised                       -            1 002              -
Segment gross profit               (476)          (8 662)         31 391
Indirect segment cost            (1 431)          (7 713)        (4 586)
Segment result                   (1 907)         (16 375)         26 805
Unallocated expenses *
Operating profit
Finance income
Finance expense
Income tax expense
Profit for the period

* Unallocated expenses relate to costs incurred at a corporate level.

Assets and liabilities
The assets and liabilities of the Group are organised and managed at
a corporate business support level. As the assets and liabilities 
contribute at a corporate level, it is not practical to determine a
reasonable allocation of the assets and liabilities to the business
segments.

COMMENTARY

NOTES TO THE CONDENSED GROUP FINANCIAL STATEMENTS

Basis of preparation

The condensed interim financial statements are prepared in accordance
with the recognition and measurement requirements of International
Financial Reporting Standards (“IFRS”) International Accounting
Standard 34 (“IAS 34”), the SAICA Financial Reporting Guides as issued
by the Accounting Practices Committee and Financial Reporting
Pronouncements as issued by the Financial Reporting Standards Council,
the Listings Requirements of JSE Limited ("the Listings Requirements")
and the requirements of the Companies Act of South Africa (Act 71 of
2008) as amended (“the Companies Act”).

The accounting policies applied in the preparation of these condensed
interim financial statements, which are based on reasonable judgment
and estimates, are in accordance with IFRS and are consistent with
those applied in the annual financial statements for the year ended 30
June 2014.

These condensed interim financial statements have been prepared by
Petro Mostert CA(SA), Head of Finance and Shared Services, under the
supervision of the Financial Director, Lee Kuyper CA(SA).

The directors take full responsibility for the preparation of these
interim financial statements and the financial information has been
correctly extracted from the underlying financial information. These
interim results have not been audited or reviewed by the Group’s
auditors.

Earnings per share
Basic and diluted earnings per ordinary share

Basic and diluted earnings per ordinary share is calculated by
dividing the earnings for the period attributable to ordinary equity
holders of the parent by the weighted average number of ordinary
shares outstanding during the period.

                                            Unaudited
                                 Unaudited        six
                                six months     months    Audited
                                     as at      as at  12 months
                                        31         31      as at
                                  December   December    30 June
                                      2014       2013       2014
                                    Number     Number     Number
                                 of shares  of shares  of shares
                                      '000       '000       '000
Reconciliation of the
weighted average number of
shares in issue
Shares in issue at the
beginning of the period             34 781     34 781     34 781
Effect of treasury shares
acquired on 1 March 2007             (106)      (106)      (106)
Weighted average number of
shares in issue                     34 675     34 675     34 675
Earnings attributable to
ordinary shareholders (R'000)        2 911      1 932      5 919
Basic and diluted earnings
per share (cents)                      8.4        5.6       17.1

Headline and diluted headline earnings per ordinary share

Headline and diluted headline earnings per ordinary share is
calculated by dividing the headline earnings attributable to ordinary
equity holders of the parent by the weighted average number of
ordinary shares outstanding during the period.

                                 Unaudited  Unaudited
                                       six        six    Audited
                                    months     months         12
                                     as at      as at     months
                                        31         31      as at
                                  December   December    30 June
                                      2014       2013       2014
                                                          Number
                                    Number     Number         of
                                 of shares  of shares     shares
                                      '000       '000       '000
Weighted average number of
shares in issue                     34 675     34 675     34 675
                                     R’000      R’000      R’000
Reconciliation between basic 
earnings and headline earnings
Basic earnings                       2 911      1 932      5 919
Adjusted for:
– Profit on disposal of
equipment                                –          –       (22)
Headline earnings                    2 911      1 932      5 897
Headline and diluted headline
earnings per share (cents)             8.4        5.6       17.0

Deferred revenue and revenue recognised but not yet invoiced
Deferred revenue and revenue recognised but not yet invoiced refers to
the timing difference between recognition of revenue and invoicing to
the client based on the contracts. The Group is in a net asset
position of R0.6m. The assets will be converted to accounts receivable
in the short-term.

                                 Unaudited  Unaudited    Audited
                                       six        six         12
                                    months     months     months
                                     Ended      ended      ended
                                        31         31         30
                                  December   December       June
                                      2014       2013       2014
                                     R’000      R’000      R’000
Current asset
Revenue recognised not yet
invoiced                             1 443      3 978      6 635
Current liability
Deferred revenue                     (834)      (473)      (342)
Net asset                              609      3 505      6 293

Trade and other payables

Trade and other payables comprised of the following:


                                 Unaudited  Unaudited    Audited
                                       six        six         12
                                    months     months     months
                                     as at      as at      as at
                                        31         31         30
                                  December   December       June
                                      2014       2013       2014
                                     R’000      R’000      R’000
Trade payables                         809      1 568        875
Withholding tax rebate payable           -        278          -
Leave accrual                        1 744      1 905      2 516
Incentive accrual                    1 400          -      2 984
Liability on capital reduction           -         30          -
Other payables (accruals)            3 654        780      2 241
Total                                7 607      4 561      8 616

Revenue per geographical region
                                                           Other
                                                South    African
                                     Total     Africa countries*
                                     R’000      R’000      R’000
6 Months ended 31 December
2014                                38 342     16 919     21 423
6 Months ended 31 December
2013                                39 072     26 316     12 756
12 Months ended 30 June 2014        83 844     50 938     32 906

* Other African countries include Angola, Botswana, Kenya,
Malawi, Mauritius, Nigeria, Ghana, Namibia, Lesotho, Swaziland,
Zambia and Zimbabwe.

There was a significant change in the composition of the revenue as a
much higher percentage was generated from African countries. This was
due to revenue from large South African implementations being lower
than in prior periods and more implementation revenue coming from
smaller projects outside of South Africa.

CORPORATE ACTIVITY

Dividends and capital distribution

No dividend or capital distribution was declared for the period under
review.

Subsequent events

Mr S Blyth was appointed as executive director of the company with
effect 11 February 2015.

No other events occurred subsequent to the period end that would
require the interim financial statements to be adjusted.


FINANCIAL RESULTS AND PERFORMANCE

Despite a slight decrease in revenue, the group continued to improve
profitability with a 51% increase in Net Profit compared to the prior
interim period. This was a result of increased gross margins from more
effective use of our resource capacity as well as a further reduction
in overhead costs.

Group revenue was impacted by the loss of R3.2m of software rental
revenue from a client running our older SDT Life System. We had
stopped selling and developing SDT Life in 2012 and the client opted
for an alternative system instead of upgrading to our newer Exergy
offering. The client moved in July 2014, impacting the full 6 month
period. The rest of the software rental base grew by 6%, lessening the
overall impact. We also reduced the amount invested in R&D. Despite
this loss of revenue, we are pleased that the Group was able to make
up for it in other areas and still grow profit.

Client relationships remain positive and contributed to an increased
revenue within our Connect support segment and an increase in margin
within our Connect implementation segment.

Total costs declined by 5% and cost awareness and control remains
important going forward.

The Group’s profitability improved to a net profit of R2.9 million
compared to R1.9 million in the comparative period and HEPS of 8.4
cents compared to 5.6 cents.

Cash flow improved to a net inflow of R6.4 million. This is a R4.9
million improvement from the comparative period. The cash position of
the Group improved to R14.3 million compared to R7.9 million at year
end. Cash and working capital continue to be managed carefully.

Segmental review

Connect implementation services

This segment implements our solutions for clients and is project
based.

Although revenue declined by 15%, gross profit increased significantly
to R3.2 million. The gross margin was 44% compared to 3% in the
comparative period. The improvement came from a number of smaller
projects with shorter timeframes and healthier margins. Our largest
implementation project continues to weigh on the segment leading to a
result below target. After indirect costs, a loss of R0.9 million was
reported, an improvement from the R6.3 million loss in the comparative
period.

We intend making further improvements to this segment over time by
adding smaller, higher margin projects. In addition we anticipate our
large implementation project contributing less to the segment. We
continue to secure new contracts in the small to medium sized market
in South Africa and the rest of Africa.

Connect support services

Support is contracted on a monthly basis and is annuity based.

Revenue increased by 18% from additional smaller support contracts and
more support work from existing clients. Gross profit increased by 13%
with the gross margin remaining healthy at 55%. After indirect costs,
R1.5 million profit was achieved, compared to R2.7 million in the
comparative period.

SilverBridge support services

This is still a relatively new and small segment, providing expert
level software support and training services to clients and partners.

Revenue quadrupled from a small base and the gross margin improved.
However it posted a loss of R1.6 million compared to a loss of R0.7
million in the comparative period. We envisage this segment becoming
profitable as it achieves more scale.

SilverBridge software rental

Software rental is annuity based. It depends on usage, increasing with
the number of contracts or policies administered.

After the disappointing loss of the R3.2m rental revenue explained
above, the segment revenue declined by 12%. We are however pleased
with the growth in revenue of 6% in the remaining rental contract
base, despite generally tough economic conditions for our clients.
After the allocation of direct costs related to warranty and
maintenance as well as indirect costs, the segment made a profit of
R13.1 million, compared to R16.4 million in the comparative period.

Our software and the growth of our annuity rental stream remain a core
focus going forward.

SilverBridge research and development (“R&D”)

Our R&D efforts continued with further development of the Eco-Suite, a
set of assets that forms a platform for implementing more efficiently
and enabling partners and clients. It includes tools, processes,
testing and training as well as the development of new complementary
software modules, which will create new revenue streams for the Group.

The direct amount invested this period decreased by 21% to align with
the decrease in our software rental revenue.

We will continue to invest in our asset base, balancing effort between
the development of new assets for future returns and keeping existing
assets relevant in terms of latest technology and market trends.

Indirect and Unallocated costs

Indirect costs relate to general overheads. They are apportioned based
on each segment’s contribution to total direct costs. Indirect costs
increased by 3% against the comparative period, driven by the
inclusion of a staff incentive provision in the current period.
Despite the increase, costs remain carefully controlled. Excluding the
staff incentive provision, indirect costs would have declined by 6%
this period.

Unallocated costs relate to costs incurred at a corporate level.
Unallocated costs increased by 16% against the comparative period.
This was driven by an increase in the audit fee from the group
restructuring and an increase in non-executive director remuneration.

GROUP OUTLOOK

The continuously changing environment within our target market
presents new opportunities as financial service institutions search
for ways to reduce cost, improve service to their clients and enter
new emerging markets with broader product offerings. We continue to
see financial service providers driving internal efficiencies and
differentiating their products as a means to capture and retain market
share. SilverBridge remains well positioned to meet these needs.

In our own business we have challenges and risks which we continue to
focus on, manage and mitigate. We continue to add new clients and
strive toward implementing and supporting our solutions in a more
effective and efficient manner.

At the same time we are focused on growing the revenue of the Group.
We continue operating within our current business model but we are
exploring ways to leverage our competencies in other vertical market
segments, with some small success being gained in the pensions
industry during the period.

Overall, the outlook for the Group remains positive as we continue to
build our core annuity revenue and strengthen our business around
this.

On behalf of the board of directors

Robert Emslie                     Jaco Swanepoel
Chairman                          Chief Executive Officer

Pretoria
16 February 2015

CORPORATE INFORMATION

SILVERBRIDGE HOLDINGS LIMITED
(Incorporated in the Republic of South Africa)
(Registration No. 1995/006315/06)
JSE SHARE CODE: “SVB”   ISIN CODE: ZAE000086229
(“SilverBridge” or “the Group”)

Directors of SilverBridge holdings
Robert Emslie (Chairman) **, Jaco Swanepoel (CEO), Jeremy de Villiers
**, Jacobeth Chikaonda *, Hasheel Govind *, Tyrrel Murray *, Lee
Kuyper (Financial Director), Stuart Blyth.

(All the directors are South African citizens).
* Non-executive
**Independent non-executive

REGISTERED OFFICES
First Floor, Castle View North
495 Prieska Street, Erasmuskloof,
Pretoria, 0048
(PO Box 11799, Erasmuskloof, 0048)

COMPANY SECRETARY
Fusion Corporate Secretarial Services Proprietary Limited
represented by
Melinda Gous
First Floor, The Greens Office Park
Charles de Gaulle Avenue, Highveld
Centurion, Gauteng
(PO Box 68528, Highveld, 0169)

LEGAL ADVISERS
Gildenhuys Malatji Attorneys Inc.
(Registration number: 1997/002114/21)
GLMI House
Harlequins Office Park,
164 Totius Street,
Groenkloof
(PO Box 619, Pretoria, 0001)

GROUP AUDITORS:
KPMG Inc.
(Registration number: 1999/021543/21)
KPMG Forum,
1226 Francis Baard Street,
Hatfield
(PO Box 11265, Hatfield, 0028)

TRANSFER SECRETARIES
Computershare Investor Services Proprietary Limited
(Registration number: 2004/003647/07)
70 Marshall Street,
Johannesburg,
(Call centre: 0861 100 634)
(PO Box 61051, Marshalltown, 2107)

Designated Adviser
PSG Capital
(Registration number: 2006/015817/07)
First Floor, Building 8,
Inanda Greens Business Park,
54 Wierda Road West, Wierda Valley, Sandton, 2196
(PO Box 650957, Benmore, 2010

Date: 16/02/2015 02:30:00 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.

Email this JSE Sens Item to a Friend.

Share This Story