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MUSTEK LIMITED - Summarised unaudited financial results for the six months ended 31 December 2014

Release Date: 25/02/2015 08:40
Code(s): MST     PDF:  
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Summarised unaudited financial results for the six months ended 31 December 2014

MUSTEK LIMITED
(Incorporated in the Republic of South Africa)
(Registration number 1987/070161/06)
Share code: MST   
ISIN: ZAE000012373
(“Mustek” or “the Group”) 
SUMMARISED UNAUDITED FINANCIAL RESULTS FOR THE SIX MONTHS ENDED 31 DECEMBER 2014


- Revenue up 25%
- Headline earnings per ordinary share up 26%
- Net asset value of 884 cents per share


Summarised consolidated statement of comprehensive income
                                                                                     Unaudited         
                                                                   Unaudited          6 months          Audited  
                                                                    6 months            31 Dec         Year-end  
                                                                      31 Dec              2013           30 Jun  
                                                                        2014              R000             2014  
                                                                        R000     (Re-presented)            R000             
REVENUE                                                            2 502 606         2 009 256        4 764 123   
Cost of sales                                                     (2 167 212)       (1 730 318)      (4 109 007)   
GROSS PROFIT                                                         335 394           278 938          655 116   
Other income                                                           4 559             2 469           10 006   
Foreign currency (losses) profits                                    (13 242)              806          (23 162)   
Distribution, administrative and other operating expenses           (232 764)         (201 318)        (460 501)   
PROFIT FROM OPERATIONS                                                93 947            80 895          181 459   
Investment revenues                                                    7 540             2 308            6 388   
Finance costs                                                        (31 371)          (25 780)         (50 513)   
Other losses                                                               -              (739)            (739)   
Share of profit of associates                                          5 923             1 906            6 988   
PROFIT BEFORE TAX                                                     76 039            58 590          143 583   
Income tax expense                                                   (19 082)          (17 343)         (39 400)   
PROFIT FOR THE PERIOD                                                 56 957            41 247          104 183   
OTHER COMPREHENSIVE INCOME                                                                                        
Exchange (losses) profits on translation of foreign operations        (1 186)            2 109            3 228   
Other comprehensive (losses) income for the period, net of tax        (1 186)            2 109            3 228   
TOTAL COMPREHENSIVE INCOME FOR THE PERIOD                             55 771            43 356          107 411   
PROFIT ATTRIBUTABLE TO:                                                                                           
Owners of the parent                                                  56 698            44 779          107 334   
Non-controlling interest                                                 259            (3 532)          (3 151)   
                                                                      56 957            41 247          104 183   
TOTAL COMPREHENSIVEN INCOME ATTRIBUTABLE TO:                                                                       
Owners of the parent                                                  55 925            46 773          109 663   
Non-controlling interest                                                (154)           (3 417)          (2 252)   
                                                                      55 771            43 356          107 411   
EARNINGS AND DIVIDENDS PER SHARE (CENTS)                                                                           
Weighted number of ordinary shares in issue                      106 875 829       108 433 165      107 255 590   
Ordinary shares in issue                                         106 623 471       108 433 165      106 682 760   
Dividend per ordinary share                                            28.00             20.00            20.00   
Headline earnings per ordinary share                                   53.26             42.15           100.72   
Basic earnings per ordinary share                                      53.05             41.30           100.07   
RECONCILIATION BETWEEN BASIC AND HEADLINE EARNINGS (R000)                                                                
BASIC EARNINGS ATTRIBUTABLE TO OWNERS OF THE PARENT                   56 698            44 779          107 334   
Group's share of loss (profit) on disposal of property, 
plant and equipment                                                      219               191              (41)   
Group's share of loss from disposal of investment                          -               739              739   
Headline earnings                                                     56 917            45 709          108 032   
Net asset value per share (cents)                                     883.99            785.30           858.67   


Summarised consolidated statement of financial position
                                                                   Unaudited      Unaudited        Audited   
                                                                    6 months       6 months       Year-end   
                                                                      31 Dec         31 Dec         30 Jun   
                                                                        2014           2013           2014   
                                                                        R000           R000           R000   
ASSETS                                                          
NON-CURRENT ASSETS                                             
Property, plant and equipment                                        167 972        130 018        160 029   
Intangible assets                                                     61 726         58 203         60 032   
Investments in associates                                             57 192         12 850         51 589   
Other investments and loans                                           87 636         24 415         70 894   
Deferred tax asset                                                    23 931         16 141         29 164   
                                                                     398 457        241 627        371 708   
CURRENT ASSETS                                                                                               
Inventories                                                        1 021 930        818 387      1 036 984   
Inventories in transit                                               243 655         84 486        232 895   
Trade and other receivables                                        1 027 044        774 525        839 036   
Foreign currency assets                                               11 252          4 311            839   
Tax assets                                                            21 979         12 727         16 555   
Bank balances and cash                                               341 997        238 506        203 163   
                                                                   2 667 857      1 932 942      2 329 472   
ASSETS CLASSIFIED AS HELD-FOR-SALE                                         -         68 277              -   
TOTAL ASSETS                                                       3 066 314      2 242 846      2 701 180   
EQUITY AND LIABILITIES                                                                                       
CAPITAL AND RESERVES                                                                                         
Ordinary stated capital                                              120 067        117 916        119 627   
Retained earnings                                                    818 614        729 309        791 787   
Non-distributable reserve                                                809            809            809   
Foreign currency translation reserve                                   3 056          3 494          3 829   
EQUITY ATTRIBUTABLE TO OWNERS OF THE PARENT                          942 546        851 528        916 052   
NON-CONTROLLING INTEREST                                              18 307          9 129         18 461   
TOTAL EQUITY                                                         960 853        860 657        934 513   
NON-CURRENT LIABILITIES                                                                                      
Long-term borrowings                                                  34 587          7 736         34 788   
Deferred tax liabilities                                               3 688          4 095              -   
Deferred income                                                       12 297         13 700         14 725   
                                                                      50 572         25 531         49 513   
CURRENT LIABILITIES                                                                                          
Short-term borrowings                                                  1 571             12          1 474   
Trade and other payables                                           1 460 517        939 167      1 400 445   
Foreign currency liabilities                                             366              6          2 452   
Deferred income                                                       25 396         18 048         35 470   
Tax liabilities                                                        1 083         14 045              7   
Bank overdrafts                                                      565 956        351 324        277 306   
                                                                   2 054 889      1 322 602      1 717 154   
LIABILITIES DIRECTLY ASSOCIATED WITH ASSETS CLASSIFIED AS     
HELD-FOR-SALE                                                              -         34 056              -   
TOTAL LIABILITIES                                                  2 105 461      1 382 189      1 766 667   
TOTAL EQUITY AND LIABILITIES                                       3 066 314      2 242 846      2 701 180   


Summarised consolidated cash flow statement   
                                                                   Unaudited      Unaudited        Audited   
                                                                    6 months       6 months       Year-end   
                                                                      31 Dec         31 Dec         30 Jun   
                                                                        2014           2013           2014   
                                                                        R000           R000           R000   
OPERATING ACTIVITIES                                           
Cash receipts from customers                                       2 314 598      1 914 439      4 616 623   
Cash paid to suppliers and employees                              (2 357 604)    (2 174 074)    (4 690 776)   
NET CASH USED IN OPERATIONS                                          (43 006)      (259 635)       (74 153)   
Investment revenues received                                           7 540          2 308          6 388   
Finance costs paid                                                   (31 371)       (25 780)       (62 042)   
Dividends paid                                                       (29 871)       (21 610)       (21 687)   
Income taxes paid                                                    (14 768)       (24 610)       (76 229)   
NET CASH USED IN OPERATING ACTIVITIES                               (111 476)      (329 327)      (227 723)   
NET CASH USED IN INVESTING ACTIVITIES                                (36 248)       (21 043)      (104 621)   
NET CASH FROM FINANCING ACTIVITIES                                   286 558        135 653         68 907   
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS                 138 834       (214 717)      (263 437)   
Cash and cash equivalents at beginning of the period                 203 163        466 600        466 600   
CASH AND CASH EQUIVALENTS AT THE END OF THE PERIOD                   341 997        251 883        203 163   
                                                                                                       

Summarised consolidated statement of changes in equity                                                                                
                                                                                Foreign   
                                  Ordinary                          Non-       currency    Attributable           Non-         
                                    stated     Retained    distributable    translation    to owners of    controlling                 
                                   capital     earnings          reserve        reserve      the parent       interest        Total          
                                      R000         R000             R000           R000            R000           R000         R000                                              
BALANCE AT 30 JUNE 2013            117 916      706 140              809          1 500         826 365         12 546      838 911   
Net profit for the period                -       44 779                -              -          44 779         (3 532)      41 247   
Other comprehensive income               -            -                -          1 994           1 994            115        2 109   
Dividends paid                           -      (21 610)               -              -         (21 610)             -      (21 610)   
BALANCE AT 31 DECEMBER 2013        117 916      729 309              809          3 494         851 528          9 129      860 657   
Net profit for the period                -       62 478                -              -          62 478            381       62 859   
Other comprehensive income               -            -                -            335             335            784        1 119   
Acquisition of new subsidiary            -            -                -              -               -          8 167        8 167   
Buy back of shares                 (36 327)           -                -              -         (36 327)             -      (36 327)   
Share capital issued                38 038            -                -              -          38 038              -       38 038                                                                                                                                      
BALANCE AT 30 JUNE 2014            119 627      791 787              809          3 829         916 052         18 461      934 513   
Net profit for the period                -       56 698                -              -          56 698            259       56 957   
Other comprehensive income               -            -                -           (773)           (773)          (413)      (1 186)   
Dividends paid                           -      (29 871)               -              -         (29 871)             -      (29 871)   
Buy back of shares                 (15 778)           -                -              -         (15 778)             -      (15 778)   
Share capital issued                16 218            -                -              -          16 218              -       16 218   
BALANCE AT 31 DECEMBER 2014        120 067      818 614              809          3 056         942 546         18 307      960 853   
                                                                                                                                      

Summarised segment analysis                                                                                                                                                            
BUSINESS SEGMENTS                       Total                         Mustek                     Rectron                      Group                   Eliminations                  
                                               Unaudited                                                 Unaudited       
                                Unaudited       6 months      Unaudited    Unaudited      Unaudited       6 months     Unaudited    Unaudited     Unaudited     Unaudited   
                                 6 months         31 Dec       6 months     6 months       6 months         31 Dec      6 months     6 months      6 months      6 months   
                                   31 Dec           2013         31 Dec       31 Dec         31 Dec           2013        31 Dec       31 Dec        31 Dec        31 Dec   
                                     2014           R000           2014         2013           2014           R000          2014         2013          2014         2013    
                                     R000  (Re-presented)          R000         R000           R000  (Re-presented)         R000         R000          R000          R000                                                       
REVENUE                         2 502 606      2 009 256      1 458 046    1 303 953      1 184 998        908 834             -            -      (140 438)     (203 531)    
EBITDA*                           102 886         90 642         81 087       74 095         29 160         23 268        (7 361)      (6 721)            -             -    
Depreciation and amortisation      (8 939)        (9 747)        (8 172)      (6 327)          (767)        (3 420)            -            -             -             -    
PROFIT (LOSS) FROM OPERATIONS      93 947         80 895         72 915       67 768         28 393         19 848        (7 361)      (6 721)            -             -    
Investment revenues                 7 540          2 308          5 142        4 015          4 266            855         1 259          319        (3 127)       (2 881)    
Finance costs                     (31 371)       (25 780)       (15 671)     (16 438)       (15 700)        (9 342)       (3 127)      (2 881)        3 127         2 881    
Other losses                            -          (739)              -            -              -              -             -         (739)            -             -    
Share of profit of associates       5 923          1 906              -            -              -              -         5 923        1 906             -             -    
PROFIT (LOSS) BEFORE TAX           76 039         58 590         62 386       55 345         16 959         11 361        (3 306)      (8 116)            -             -    
Income tax (expense) benefit      (19 082)       (17 343)       (17 017)     (16 228)        (4 649)        (2 943)        2 584        1 828             -             -    
PROFIT (LOSS) FOR THE PERIOD       56 957         41 247         45 369       39 117         12 310          8 418          (722)      (6 288)            -             -    
ATTRIBUTABLE TO:                                                                                                                                                              
Owners of the parent               56 698         44 779         43 823       39 117         13 597         11 950          (722)      (6 288)            -             -    
Non-controlling interest              259         (3 532)         1 546            -         (1 287)        (3 532)            -            -             -             -    
                                   56 957         41 247         45 369       39 117         12 310          8 418          (722)      (6 288)            -             -    
*Earnings before interest, taxation, depreciation and amortisation.                                                                                                                                                          

GEOGRAPHICAL SEGMENTS                       Total                     South Africa         Mustek East Africa         Rectron Australia                      
                                                 Unaudited                                                                         Unaudited    
                                  Unaudited       6 months      Unaudited  Unaudited    Unaudited    Unaudited     Unaudited        6 months    
                                   6 months         31 Dec       6 months   6 months     6 months     6 months      6 months          31 Dec    
                                     31 Dec           2013         31 Dec     31 Dec       31 Dec       31 Dec        31 Dec            2013    
                                       2014           R000           2014       2013         2014         2013          2014            R000    
                                       R000  (Re-presented)          R000       R000         R000         R000          R000   (Re-presented)   
REVENUE                           2 502 606      2 009 256      2 334 423  1 945 355       26 878       32 975       141 305          30 926    
Profit (loss) before tax             76 039         58 590         79 648     69 447           54          244        (3 663)        (11 101)    
Income tax (expense) benefit        (19 082)       (17 343)       (20 163)   (20 010)         (22)        (361)        1 103           3 028    
PROFIT (LOSS) FOR THE PERIOD         56 957         41 247         59 485     49 437           32         (117)       (2 560)         (8 073)    
ATTRIBUTABLE TO:                                                                                                                                
Owners of the parent                 56 698         44 779         57 939     49 437           32         (117)       (1 273)         (4 541)    
Non-controlling interest                259         (3 532)         1 546          -            -            -        (1 287)         (3 532)    
                                     56 957         41 247         59 485     49 437           32         (117)       (2 560)         (8 073)    
 

Commentary 
Corporate information
Mustek is a limited liability company incorporated and domiciled in South Africa. The main business of Mustek, its
subsidiaries and associates is the assembling, marketing, distribution and servicing of ICT (information communication
technology) products and services.
 
Basis of preparation
The summarised unaudited financial results for the period ended 31 December 2014 have been prepared in accordance with
the framework concepts, and measurement and recognition requirements of International Financial Reporting Standards
(IFRS), the South African Institute of Chartered Accounts (SAICA) Reporting Guides as issued by the Accounting Practices
Committee, the Financial Reporting Pronouncements as issued by the Financial Reporting Standards Council, the information
as required by IAS 34: Interim Financial Reporting, the Listings Requirements of the JSE Limited and the requirements of
the Companies Act, No 71 of 2008. This set of summarised financial information, which is based on reasonable judgements
and estimates, has been prepared using accounting policies that comply with IFRS. These are consistent with those
applied in the audited annual financial statements for the year ended 30 June 2014.

Audit report 
Neither the consolidated financial results for the six months ended 31 December 2013, nor this set of summarised
financial information has been audited by the Group’s auditors, and thus no audit report was issued.

The directors take full responsibility for the preparation of this summarised report. Any reference to future
financial performance included in this announcement has not been reviewed or reported on by the company’s auditors.

Discontinued operations
Rectron Australia BV was classified as a discontinued operation on 31 December 2013. Towards the end of the previous
financial year, management took a decision not to dispose of the company. As a result, the comparative statement of
comprehensive income has been re-presented to include the results of Rectron Australia BV as part of continuing operations.

Operating results
The Group is pleased to report that revenue grew by 24.6% to R2.503 billion (31 December 2013: R2.009 billion). The
revenue growth was supported mainly by growth from its Huawei Enterprise Solutions division, its Microsoft Volume
Licensing offering and Rectron Australia.
 
The gross profit percentage was marginally down from 13.9% to 13.4% mainly as a result of the lower gross profit
percentage achieved by its Huawei Enterprise Solutions division and its Microsoft Volume Licensing offering. Although the
gross profit percentages achieved by these new lines of business are lower, their contributions to profit are expected to
continue growing.

The increase of 15,6% in distribution, administrative and other operating expenses arose mainly as a result of the
investment in specialists to drive the growth in the new business lines. Distribution, administrative and other operating
expenses as a percentage of revenue was 9.3% (31 December 2013: 10.0%).

The Group’s more conservative forex hedging policy is working well considering the sharp depreciation of the Rand in
the period from 30 June 2014 to 31 December 2014.

The Board is pleased with the significant improvement in Rectron Australia’s revenues and results. Although the
company incurred a loss of R2.6 million for the period under review, it is a significant improvement on the R8.1 million loss
suffered during the comparative period. Revenue grew to R141.3 million (31 December 2013: R30.9 million) and we expect
further improvement to June 2015.

The contribution from our associates increased mainly as a result of the additional attributable earnings generated
from the acquisition of an effective 26% stake in Sizwe Africa IT Group Proprietary Limited, effective from 10 March 2014.

Focus on optimal working capital management continues. Despite the weaker ZAR/USD exchange rate, inventory was down
compared to June 2014.

Mustek’s headline earnings is 26.3% higher at 53.26 cents per share (31 December 2013: 42.15 cents per share) and
basic earnings is 28.5% higher at 53.05 cents per share (31 December 2013: 41.30 cents per share).

Cash flow
The R43.0 million cash used in operations (31 December 2013: R259.6 million) was expected due to the significant
revenue growth and the weaker ZAR/USD exchange rate. This was funded by bank overdraft facilities and is expected to reverse
in the period through to June 2015, in line with historic trends.

Transformation
Following an audit by an accredited verification agency, Mustek was awarded a level 2 B-BBEE rating, using the ICT
sector codes.

Management has continued to meaningfully extend its initiatives in employment equity, skills development and corporate
social investment during the period. The Group is committed to a process of further transformation and economic
empowerment of its stakeholders such that an acceptable balance between the operatives and commercial benefits of such a
process can be achieved, thereby ensuring the sustainability of the Group in a competitive market sector.

Board of directors
No changes were made to the Board during the period under review.

Retirement benefit plan
The Mustek Group Retirement Fund is a defined contribution fund and payments to the plan are expensed as they fall
due. The majority of the Group’s employees belong to this fund. The Group does not provide additional post-retirement
benefits.

Environmental, social and governance aspects
The Group subscribes to and complies in all material aspects with the Code on Corporate Governance Practices and
Conduct as contained in the King III Report on Corporate Governance.

Mustek is committed to transparent and integrated reporting in the spirit of King III and the Global Reporting
Initiative (GRI). We are accordingly continuously updating corporate governance practices where necessary and are enhancing
our internal information gathering systems to provide the quality and type of information required for authentically
integrated annual reports.

Initiatives include a reduction in energy consumption after a target to reduce energy consumption by 20% was set in
2011. This target was reached through ongoing staff awareness programmes, the replacement of ICT equipment with
energy-efficient units, installing hundreds of rooftop solar panels and thousands of LED lights. These installations will pay for
themselves in a few years and will not only significantly reduce our overall electricity demand and usage, it will also
demonstrate the viability of renewable energy for powering corporate infrastructure.

Mustek has a consistent record in community support and corporate social investment (CSI). The Group focuses its CSI
efforts on children’s needs - in particular their education - but also supports charities, sporting events and community
facilities.

For more than a decade, we have conducted a comprehensive HIV/Aids strategy and programme, which includes providing
antiretroviral drugs to infected HIV-positive staff.

Mustek has further maintained its ISO 14001 certification since 2004 and has received no fines or sanctions for
non-compliance with environmental laws and regulations.

Industry outlook
Desktop computers still prove a viable option for many corporations, especially within the banking and security
industries. During 2014, the consumer drove adoption, and while the consumer will still have a large influence on adoption,
2015 has been predicted as the year the enterprise begins driving adoption again, via enterprise applications and Windows
10 - creating a core experience for businesses, with a renewed emphasis on the desktop.

The Internet of Things (IoT) is still on the rise, and it is predicted that 1 billion wireless IoT devices will be
shipped in 2015 - up 60% from 2014. This speaks to the emphasis that will be placed on the network and how important the
efficient gathering of this additional data will be. Given the recent security breaches happening globally and locally, a
continued focus will remain on cable and fibre solutions, where corporations will need to start looking back to their
foundational elements to ensure a strong system is in place to effectively handle their data and security needs. 

Given this surge in Big Data, demand for devices that are able to process data at fast speeds, have longer battery
life and serve a multitude of needs, will increase. We see an even bigger demand over the next year for Broadwell Core M,
Intel’s fifth-generation processors over the next year, which serve a wide range of devices and needs including tablets,
notebooks, ultrabooks, desktops and smartphones.

Company outlook
Looking ahead, Mustek Limited will continue to refine its broad-based ICT distributor status, where we expect to see
further revenue and profit traction in our Microsoft Volume Licensing offering, Huawei Enterprise Solutions, and CCTV
surveillance and cabling products and services. 

The Group is also starting to see some traction in its CCTV Surveillance and Cabling products and expects growing
contributions to both revenue and profit going forward. 

Our suite of products provides Mustek with the flexibility to switch focus to more profitable market segments.
Recognising that desktop unit sales are not showing high growth, we can push our strong variety of entry-level, mid-level and
aspirational tablets.

Big Data remains a buzzword in the industry, and will be a focus area for Mustek Limited over the next period. We have
seen significant growth and experienced great success in this sector after the period-end with our NEC Server, NEC
Storage and Fujitsu Scanner ranges. We recognise that Big Data management, and will be key to optimal client retention and
procurement, we will begin exploring opportunities with strategic partners in the service and storage area. In line with
the new B-BBEE code coming in May 2015, an increased focus will be placed on skills development - adding to our
well-established skills development training and certification offerings for current and potential employees.

South Africa has one of the highest rates of public investment in education in the world and the government spends
more on education than on any other sector. Technology and e-learning as a teaching and learning tool and enabler has been
widely accepted as a way to expedite the educational progress within our country. Mustek has, over the last few years,
been investing substantially in this particular market vertical and we believe that we are well positioned to grow our
market share in this sector over the next three to five years. The amount of interest shown by various provinces during
the last few months is encouraging.

Lenovo will be launching ThinkServer in South Africa during the second quarter of 2015 and is undoubtedly interested
in growing its market share in the South African market. To date, Mustek has not been a significant player in this market
and we have started ramping up operations to take hold of the opportunity presented in the local market.

Mustek Limited is well positioned to round off a successful financial year, and we look forward to adapting with the
industry in the years to come.

Share repurchase programme
Mustek acquired a further 1 999 289 ordinary shares in the issued share capital of Mustek on the open market for a
purchase consideration in aggregate of R15 778 140. The general repurchase commenced on 24 November 2014 and continued on a
day-to-day basis as market conditions allowed, and in accordance with the JSE Limited Listings Requirements, until 
30 December 2014. The repurchase of shares will continue to be considered by the Board in conjunction with an evaluation of
current and future funding requirements in the period to 30 June 2015. This programme will be effected in accordance
with the terms of the authority granted by shareholders at the annual general meeting held on 12 December 2014. It is
currently intended that any shares purchased will be cancelled and delisted. The market will be notified, in accordance with
applicable listing rules and regulations, if and when purchases are made.

Dividend
The declaration of cash dividends will continue to be considered by the Board in conjunction with an evaluation of
current and future funding requirements, and will be adjusted to levels considered appropriate at the time of declaration.

Mustek’s continued commitments to optimal cash utilisation will mean that cash generated by the operations will be
used to fund our growth and reduce our debt. In line with the dividend policy, no interim dividend will be paid.

Post-balance sheet events
There have been no significant events subsequent to the period end up until the date of this report that require
adjustment or disclosure.

On behalf of the Board of directors
 
David Kan                          Neels Coetzee CA(SA)                   25 February 2015
Chief Executive Officer            Financial Director
                                   (preparer of summarised Group results)

 
Company secretary: Sirkien van Schalkwyk

Transfer secretaries: Computershare Investor Services Proprietary Limited, 70 Marshall Street, Johannesburg, 2001
PO Box 61051, Marshalltown, 2107, South Africa. 
Telephone: +27 (0) 11 370-5000

Registered office: 322 15th Road, Randjespark, Midrand, 1685      

Postal address: PO Box 1638, Parklands, 2121
     
Contact numbers:  Telephone: +27 (0) 11 237-1000      
Facsimile:  +27 (0) 11 314-5039    
Email: ltd@mustek.co.za   
  
Sponsor: Deloitte & Touche Sponsor Services Proprietary Limited

Corporate information: www.mustek.co.za 
Date: 25/02/2015 08:40:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE'). 
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