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CORONATION FUND MANAGERS LIMITED - Reviewed interim results for the six months ended 31 March 2015

Release Date: 19/05/2015 07:05
Code(s): CML     PDF:  
Wrap Text
Reviewed interim results for the six months ended 31 March 2015

CORONATION FUND MANAGERS
(Incorporated in the Republic of South Africa)
Registration number: 1973/009318/06
JSE share code: CML
ISIN: ZAE000047353
(‘Coronation’ or ‘the company’)


REVIEWED INTERIM RESULTS FOR THE SIX MONTHS ENDED 31 MARCH 2015


ASSETS UNDER MANAGEMENT OF R636 BILLION

DILUTED HEADLINE EARNINGS PER SHARE OF 246.7 CENTS

INTERIM DIVIDEND PER SHARE OF 246 CENTS


RESULTS 

For the six months to 31 March 2015, Coronation Fund Managers delivered a good set of results that are in line with management expectations.
Following an extended period of extraordinary growth, funds under management continued to increase, recording an 8% rise to R636 billion. 
This was supported by international and retail flows and a strong, albeit volatile, market environment. Over the period, developed markets 
once again outperformed emerging markets (3.6% for the MSCI World Index versus -2.3% for the MSCI Emerging Markets Index, both in US dollar 
terms), while the FTSE/JSE All Share Index returned 7.3% (down 0.3% in US dollar terms). The rand continued its decline against the US dollar 
to close the period 7.1% lower at R12.13, but appreciated by 8.4% against the euro to close at R13.14.

Reduced levels of performance fees generated during the six-month period, when compared to the high quantum in the previous comparable 
period, resulted in revenue declining by 6% to R2 167 million for the half year. Diluted headline earnings per share declined by 10% to 
246.7 cents (March 2014: 275.4 cents).

BUSINESS UPDATE 
As a long-term manager, the success of our philosophy and process is best illustrated by the track record of our 
longest-running domestic equity fund, Houseview Equity, which has outperformed the market by 3% p.a. since inception in 1993. Key highlights 
from our primary client market segments, institutional and retail, are included below.

Institutional: Over the period net outflows of R0.56 billion were recorded. Our international offering attracted net inflows of R10.28 
billion, largely into the emerging market product. Net outflows in the South African segment of our institutional business are attributable 
to the relative maturity of the domestic retirement fund industry and the closure of our SA Equity and Multi-Asset funds to new institutional 
clients. In November 2014, the Coronation Active Global Equity and Global Frontiers funds were added to our international fund range.

Long-term outperformance across our funds remains compelling, examples of which include:

Our longest-running domestic equity fund, Houseview Equity, has delivered annualised alpha of 3% (gross of fees) since inception in 
October 1993.

Global Absolute, our first-to-market absolute portfolio, has produced alpha of 5.2% p.a. (gross of fees) since inception in August 1999.

Our specialist bond portfolio, Strategic Bond, has outperformed the local bond market by 1.7% p.a. (gross of fees) since inception in 
January 2008.

Our global balanced portfolios ranked in the 1st quartile over 5 and 10 years in the Alexander Forbes Global Large Manager Watch survey to 
end March 2015, and our domestic balanced portfolios were in the 1st quartile over 5 years and 2nd quartile over 10 years in the SA Large 
Manager Watch survey.


The Coronation Global Emerging Markets Fund has generated an annualised alpha of 5.5% (gross of fees) since inception in July 2008.

Our specialist African equity portfolio, Africa Frontiers, has outperformed its benchmark by 8.8% p.a. (gross of fees) since inception 
in October 2008.

Retail: We remain the largest manager of long-term retail assets in the South African collective investment schemes industry with a 
market share of 15.2% (September 2014: 15.1%). Although industry inflows plateaued over the six-month period, we continued to attract 
a significant portion of available flows, recording net inflows of R8.01 billion.

For the third consecutive year, Coronation was named Raging Bull South African Management Company of the Year, and for the fifth 
consecutive year, Morningstar Best Large Fund House. As at 31 March 2015, all domestic and international flagship funds ranked in the 
1st quartile of their respective Morningstar categories since launch (after the deduction of all fees). Highlights include:

Coronation Top 20, the no.1 general equity fund since launch in October 2000, has outperformed its benchmark by 5.4% p.a. (net of fees)
over the same period.

Coronation Balanced Plus, the no.1 balanced fund since launch in April 1996, has outperformed its average competitor by 2.7% p.a. 
(net of fees) over the same period.

Coronation Capital Plus, the no.1 multi-asset medium equity fund since inception in July 2001, has outperformed inflation by 8.2% p.a. 
(net of fees) over the same period.

Coronation Balanced Defensive, a top performing conservative fund, has outperformed inflation by 4.9% p.a. (net of fees) since 
inception in March 2007.

Coronation Strategic Income, the no.1 multi-asset income fund since inception in July 2001, has outperformed cash on average by 
2.9% p.a. (net of fees) overthe same period.

Coronation Global Managed [ZAR] Feeder, the no.1 global multi-asset high equity fund in South Africa since launch in October 2009, 
has outperformed its composite benchmark by 1.6% p.a. (net of fees) over the same period.

Over the six-month period we added to our international offering with the introduction of the Coronation Global Equity Select [USD] 
Fund and Coronation Global Equity Select [ZAR] Feeder Fund. Additionally, we are in the process of reviewing the fee structures and 
investment mandates across our retail fund range, which will result in a simplification and/or reduction in fees for certain funds. 
We expect to communicate the changes to our retail clients in the coming months.


INTERIM CASH DIVIDEND 

We continue to reward shareholders through regular and significant distributions of free cash flow generated. We endeavour to
distribute at least 75% of after-tax cash profit. Accounting for projected cash requirements, a gross dividend for the interim period 
ended 31 March 2015 of 246.0 cents per share has been declared, resulting in a net dividend of 209.1 cents per share for shareholders 
subject to Dividends Tax (DT). In compliance with the Listings Requirements of the JSE Limited, the following dates are applicable:

Last day to trade         Friday,  5 June 2015
Shares trade ex dividend  Monday,  8 June 2015
Record date               Friday, 12 June 2015
Payment date              Monday, 15 June 2015

Share certificates may not be dematerialised or rematerialised between Monday, 8 June 2015 and Friday, 12 June 2015, both dates inclusive. 
Dividends declared after 31 March 2012 are subject to DT, where applicable. In terms of the DT, the following additional information is 
disclosed:

-  The local DT rate is 15%

-  The number of ordinary shares in issue at the date of this declaration is 349 799 102

-  Coronation's tax reference number is 9675 107 719

PROSPECTS 

Our financial results for the period serve as a reminder that the earnings stream of a fund manager is cyclical and volatile. 
Notwithstanding the fact that the long-term investment performance across our fund range remains excellent, we have cautioned shareholders 
for some time that the elevated levels of markets as well as volatility in short-term alpha can have a significant impact on the earnings 
of our company.

As long-term investors, our primary focus is on creating long-term value for our clients. If we are successful in doing this, then all 
stakeholders in ourbusiness will share in that success.

EXTERNAL AUDIT REVIEW 

The external auditors, EY, reviewed the condensed consolidated statement of financial position of Coronation Fund Managers Limited
Group as at 31 March 2015 and the related condensed consolidated statement of comprehensive income, changes in equity and cash flows 
for the period then ended, and other explanatory notes. The review has been conducted in accordance with the International Standard 
on Review Engagements 2410. Copies of the unqualified report of EY are available for inspection at the registered office of the company.

Any forward-looking information contained in this announcement has not been reviewed or reported on by the company's external auditors.


Shams Pather     Anton Pillay                John Snalam
Chairman         Chief Executive Officer     Chief Financial Officer

Cape Town
19 May 2015




CONDENSED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME

                                                                            Six months          Six months                         Full year
                                                                             reviewed            reviewed                            audited
                                                                             31 March            31 March                            30 Sept
                                                                                 2015                2014                               2014
                                                                            R million           R million         % Change         R million

Fund management activities
Revenue                                                                         2 167               2 308              (6)             4 774
Other income                                                                        9                   7                                 14
Operating expenses                                                             (1 035)             (1 042)             (1)            (2 171)
Share-based payment expense                                                        (3)                 (2)                                (1)
Other expenses                                                                 (1 032)             (1 040)                            (2 170)
Results from operating activities                                               1 141               1 273             (10)             2 617
Finance and dividend income                                                        13                  15                                 42
Finance expense                                                                    (6)                 (1)                                (4)
Share of profit of equity-accounted investee                                        4                   4                                  7
Profit from fund management                                                     1 152               1 291             (11)             2 662
Income attributable to policyholder linked assets and
  investment partnerships                                                          15                  33                                 41
Net fair value gains on policyholder and investment            
  partnership financial instruments                                                30                  41                                 59
Administration expenses borne by policyholders and 
  investors in investment partnerships                                            (15)                 (8)                               (18)
Profit before income tax                                                        1 167               1 324             (12)             2 703
Income tax expense                                                               (306)               (358)                              (699)
Taxation on shareholder profits                                                  (291)               (325)                              (658)
Taxation on policyholder investment contracts                                     (15)                (33)                               (41)   
Profit for the period                                                             861                 966             (11)             2 004
Other comprehensive income (note 3)
Foreign currency translation differences for foreign operations                    26                   3                                 22
Net change in fair value of available-for-sale financial assets                    10                   6                                  9
Other comprehensive income for the period                                          36                   9                                 31
Total comprehensive income for the period                                         897                 975                              2 035
Profit attributable to:
- equity holders of the company                                                   863                 965             (11)             2 001
- non-controlling interest                                                         (2)                  1                                  3
Profit for the period                                                             861                 966                              2 004
Total comprehensive income attributable to:
- equity holders of the company                                                   899                 974              (8)             2 032
- non-controlling interest                                                         (2)                  1                                  3
Total comprehensive income for the period                                         897                 975                              2 035
Earnings per share (cents)
- basic                                                                         246.8               276.0             (11)             572.1
- diluted                                                                       246.8               276.0             (11)             572.1
Note to the statement of comprehensive income
Headline earnings per share (cents)
- basic                                                                         246.7               275.4             (10)             571.6
- diluted                                                                       246.7               275.4             (10)             571.6
Dividend per share (cents)
- interim                                                                       246.0               275.0             (11)             275.0
- final                                                                                                                                296.0


CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION     

                                                                                             Reviewed            Reviewed            Audited
                                                                                             31 March            31 March            30 Sept
R million                                                                                        2015                2014               2014

Assets
Intangible assets                                                                               1 088               1 088              1 088
Equipment                                                                                          37                  24                 22
Investment in equity-accounted investees                                                           37                  34                 38
Deferred tax asset                                                                                129                 177                166
Investments backing policyholder funds and investments                                            
  held through investment partnerships                                                         74 698              70 318             73 721
Investment securities                                                                             619                 223                234
Trade and other receivables                                                                       525                 733                760
Cash and cash equivalents                                                                         581                 838                832
Total assets                                                                                   77 714              73 435             76 861
Liabilities
Long-term borrowings (note 4)                                                                     303                 150                152
Deferred tax liabilities                                                                           80                 100                 76
Policyholder investment contract liabilities and liabilities    
  to holders of interests in investment partnerships                                           74 621              70 222             73 647
Taxation payable                                                                                   77                  88                 59
Trade and other payables                                                                          572                 776                731
Total liabilities                                                                              75 653              71 336             74 665

Net assets                                                                                      2 061               2 099              2 196

Equity
Share capital and premium                                                                         256                 256                256
Retained earnings                                                                               1 669               1 650              1 841
Reserves                                                                                          131                 188                 92
Total equity attributable to equity holders of the company                                      2 056               2 094              2 189
Non-controlling interest                                                                            5                   5                  7
Total equity                                                                                    2 061               2 099              2 196



CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS

                                                                                           Six months          Six months          Full year
                                                                                             reviewed            reviewed            audited
                                                                                             31 March            31 March            30 Sept
R million                                                                                        2015                2014               2014

Cash flows from operating activities
Profit from fund management                                                                     1 152               1 291              2 662
Non-cash and other adjustments                                                                     (3)                 (7)               (38)
Operating profit before changes in working capital                                              1 149               1 284              2 624
Working capital changes                                                                            77                 343                271
Cash flows from policyholders and investment partnership activities                            (5 287)             (3 175)              (772)
Cash (utilised)/generated from operations                                                      (4 061)             (1 548)             2 123
Interest paid                                                                                      (6)                 (1)                (2)
Income taxes paid                                                                                (234)               (310)              (664)
Net cash from operating activities                                                             (4 301)             (1 859)             1 457
Cash flows from investing activities
Finance and dividend income                                                                        13                  15                 42
Acquisition of equipment                                                                          (21)                (13)               (18)
Acquisition of investment securities                                                             (370)                (42)               (40)
Net cash from investing activities                                                               (378)                (40)               (16)
Cash flows from financing activities
Dividends paid                                                                                 (1 035)               (885)            (1 847)
Issue of preference shares                                                                        150                 150                150
Net cash from financing activities                                                               (885)               (735)            (1 697)
Increase in cash and cash equivalents                                                          (5 564)             (2 634)              (256)
Net (decrease)/increase in cash and cash equivalents - shareholders                              (277)                541                516
Net decrease in cash and cash equivalents - policyholders and        
  investment partnerships                                                                      (5 287)             (3 175)              (772)
Cash and cash equivalents at beginning of period                                               14 842              15 076             15 076
Cash and cash equivalents at beginning of period - shareholders                                   832                 294                294
Cash and cash equivalents at beginning of period - policyholders and                           
  investment partnerships                                                                      14 010              14 782             14 782
Effect of exchange rate fluctuations on cash held                                                  26                   3                 22
Cash and cash equivalents at end of period                                                      9 304              12 445             14 842
Cash and cash equivalents at end of period - shareholders                                         581                 838                832
Cash and cash equivalents at end of period - policyholders and        
  investment partnerships                                                                       8 723              11 607             14 010

The above cash flows include the policyholder and investment partnership activities. These cash flows represent net contributions and 
withdrawals by policyholders and investment partnerships and the related investing activities. Cash and cash equivalents of policyholders 
and investment partnerships are not available for use by the shareholders of the group.



CONSOLIDATED STATEMENT OF CHANGES IN EQUITY

                                                                                                                  
                                                                                                                Issued
                                                                                                           capital and
                                                                                                              reserves
                                               Share        Foreign                 Share-                attributable        Non-
                                             capital       currency                  based         Re-       to equity        con-
                                                 and    translation    Retained    payment   valuation      holders of    trolling     Total
R million                                    premium        reserve    earnings    reserve     reserve     the company    interest    equity

Balance at 30 September 2013 (audited)           256             42       1 570        127           8           2 003           4     2 007

Total comprehensive income for the period
Profit for the period                                                       965                                    965           1       966

Other comprehensive income (note 3)
Currency translation differences                                  3                                                  3                     3
Revaluation of available-for-sale
  financial assets                                                                                   6               6                     6
Total other comprehensive income                                  3                                  6               9                     9
     
Total comprehensive income for the period                         3         965                      6             974            1      975

Transactions with owners recorded
  directly to equity
Share-based payments                                                                     2                           2                     2
Dividends paid                                                             (885)                                  (885)                 (885)
Total transactions with owners                                             (885)         2                        (883)                 (883)

Balance at 31 March 2014 (reviewed)              256             45       1 650        129          14           2 094            5    2 099

Total comprehensive income for the period
Profit for the period                                                     1 036                                  1 036            2    1 038

Other comprehensive income (note 3)
Currency translation differences                                 19                                                 19                    19
Revaluation of available-for-sale
  financial assets                                                                                   3               3                     3
Total other comprehensive income                                 19                                  3              22                    22

Total comprehensive income for the period                        19       1 036                      3           1 058            2    1 060

Transactions with owners recorded
  directly to equity
Share-based payments                                                                    (1)                         (1)                   (1)
Transfers to retained earnings                                              117       (117)                          -                     -
Dividends paid                                                             (962)                                  (962)                 (962)
Total transactions with owners                                             (845)      (118)                       (963)                 (963)

Balance at 30 September 2014 (audited)           256             64       1 841         11          17           2 189            7    2 196

Total comprehensive income for the period
Profit for the period                                                       863                                    863           (2)     861

Other comprehensive income (note 3)
Currency translation differences                                 26                                                 26                    26
Revaluation of available-for-sale
  financial assets                                                                                  10              10                    10
- net change in fair value                                                                          11              11                    11
- reclassified to profit or loss on
disposal                                                                                            (1)             (1)                   (1)
Total other comprehensive income                                 26                                 10              36                    36

Total comprehensive income for the period                        26         863                     10             899           (2)     897
Transactions with owners recorded
  directly to equity
Share-based payments                                                                     3                           3                     3
Dividends paid                                                           (1 035)                                (1 035)               (1 035)
Total transactions with owners                                           (1 035)         3                      (1 032)               (1 032)

Balance at 31 March 2015 (reviewed)              256             90       1 669         14          27           2 056            5    2 061



EARNINGS PER SHARE

                                                                                               Six months        Six months        Full year
                                                                                                 reviewed          reviewed          audited
                                                                                                 31 March          31 March          30 Sept
                                                                                                     2015              2014             2014

Weighted average number of ordinary shares in issue during the period                         349 799 102       349 799 102      349 799 102
Weighted average number of ordinary shares potentially in issue                               349 799 102       349 799 102      349 799 102


R million

Earnings attributable to shareholders                                                                 861               966            2 004
Non-controlling interest                                                                                2                (1)              (3)
Earnings attributable to ordinary shareholders                                                        863               965            2 001
Profit on disposal of financial assets available for sale                                              (1)                -                -
Gain on disposal of group operations                                                                    -                (2)              (2)
Headline earnings attributable to ordinary shareholders                                               862               963            1 999

Actual number of shares in issue at the end of the period                                     349 799 102       349 799 102      349 799 102


CONDENSED CONSOLIDATED SEGMENT REPORT

                                               Africa                             International                            Group

                                   Six months  Six months   Full year Six months  Six months   Full year  Six months  Six months   Full year
                                     reviewed    reviewed     audited   reviewed    reviewed     audited    reviewed    reviewed     audited
                                     31 March    31 March     30 Sept   31 March    31 March     30 Sept    31 March    31 March     30 Sept
R million                                2015        2014        2014       2015        2014        2014        2015        2014        2014

Segment external revenue                1 403       1 687       3 260        764         621       1 514       2 167       2 308       4 774
Segment operating expenses               (637)       (739)     (1 427)      (398)       (303)       (744)     (1 035)     (1 042)     (2 171)
Segment profit                            766         948       1 833        366         318         770       1 132       1 266       2 603
Share of income of equity-
  accounted investee                        4           4           7          -           -           -           4           4           7
Net finance and other income/                                                                                
  (expense)                                 7          21          56          9           -          (4)         16          21          52
Profit from fund management               777         973       1 896        375         318         766       1 152       1 291       2 662
Income*                                                                                                           15          33          41
Profit before income tax                                                                                       1 167       1 324       2 703
Segment assets                           1 209      1 394       1 329        553         424         519       1 762       1 818       1 848
Investments*                                                                                                  75 952      71 617      75 013
Total assets                                                                                                  77 714      73 435      76 861

* Income and investments are attributable to and backing policyholder funds and investments held through investment partnerships and other 
assets.



NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

1. Basis of preparation and accounting policies

The financial information has been prepared in accordance with and containing the information required by the International Financial 
Reporting Standards (IFRS); the International Accounting Standard 34 Interim Financial Reporting; the Listings Requirements of the 
JSE Limited; the SAICA Financial Reporting Guides as issued by the Accounting Practices Committee and Financial Reporting 
Pronouncements as issued by the Financial Reporting Standards Council, as well as the South African Companies Act, Act 71 of 2008.
The condensed consolidated financial statements do not include all the information required for a complete set of IFRS annual 
financial statements.

These condensed consolidated financial statements have been prepared in accordance with the historical cost basis except for certain 
financial instruments which are stated at fair value. The condensed consolidated financial statements are presented in rands, rounded
to the nearest million. The accounting policies applied in the presentation of the condensed financial statements are in terms of 
IFRS and are consistent with those presented in the previous annual financial statements.

These reviewed results have been prepared under the supervision of financial manager, A Rhoda CA(SA).


2. Related party transactions

The group, in the ordinary course of business, entered into various sale and purchase transactions on an arm's length basis at market rates 
with related parties.


3. Other comprehensive income

Other comprehensive income is available to be reclassified to profit and loss in future periods.


4. Long-term borrowings

Cumulative redeemable preference shares of R150 million were issued by Coronation Investment Management (Pty) Ltd on 31 March 2014 in order 
to recapitalise licensed subsidiary companies for regulatory capital adequacy requirements. Dividends, linked to prime, are payable on a 
quarterly basis with capital repayment being due on 31 March 2017. A further R150 million was issued during March 2015 to recapitalise 
international subsidiaries that had previously held back profits to seed new investment funds. This amount is due on 31 March 2018 and is 
subject to the same terms.


5. Fair value disclosure

The table below analyses financial instruments carried at fair value, by valuation method. The different levels have been defined as follows:

Level 1 Quoted prices (unadjusted) in active markets for identical assets or liabilities. The fair value of policyholder and investment 
        partnership liabilities that are included in Level 1 of the hierarchy are measured with reference to the quoted prices in an active 
        market of the investments underlying the liabilities.

Level 2 Inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly (i.e. as closing 
        prices) or indirectly (i.e. derived from closing prices). The majority of Level 2 investments are deposits held with financial 
        institutions. The fair values of these deposits are determined using a discounted cash flow valuation methodology based on market 
        rates, reflecting the time value of money and counterparty credit risk.

        The fair values of the policyholder and investment partnership liabilities included in Level 2 are measured with reference to the 
        fair values of the mentioned assets underlying these liabilities.

Level 3 Inputs for the asset or liability that are not based on observable market data (unobservable inputs).
                                                                                                                                           
R million                                                                                 Level 1        Level 2        Level 3        Total

March 2015 (Reviewed)

Investments backing policyholder funds and investments
  held through investment partnerships                                                     63 737          5 017              -       68 754
Investment securities                                                                         591              -             28          619
                                                                                           64 328          5 017             28       69 373
Policyholder and investment partnership liabilities                                        61 341          4 904              -       66 245

March 2014 (Reviewed)

Investments backing policyholder funds and investments
  held through investment partnerships                                                     57 400          7 149              -       64 549
Investment securities                                                                         197              -             26          223
                                                                                           57 597          7 149             26       64 772
Policyholder and investment partnership liabilities                                        55 529          7 017              -       62 546

September 2014 (Audited)

Investments backing policyholder funds and investments
  held through investment partnerships                                                     59 482          8 563              -       68 045
Investment securities                                                                         206              -             28          234
                                                                                           59 688          8 563             28       68 279
Policyholder and investment partnership liabilities                                        57 171          8 449              -       65 620

During the current reporting period, it was determined that transfers between levels of the assets and liabilities held at fair value 
occurred. R1 237 million in debentures were transferred from Level 1 to Level 2 as these are now considered to be held in an inactive
market.

Level 3 investments which arose during the current year have not been valued and are carried at cost. No gain or loss has been recognised.

Short positions of R2 432 million (March 2014: R1 906 million; September 2014: R2 350 million) are classified as Level 1 and are measured 
with reference to the underlying listed instrument being shorted.


Directors:        
S Pather (Chairman)*, A C Pillay (CEO), J A Snalam (CFO), L Boyce*#, J G February*, J D McKenzie*, A Watson* 
(* Independent Non-Executive) (# Appointed 7 October 2014)

Registered office:        
7th Floor, MontClare Place, Cnr Campground and Main Roads, Claremont 7708, Cape Town

Postal address:        
PO Box 44684, Claremont 7735, Cape Town

Registration number:        
1973/009318/06

Transfer secretaries:        
Computershare Investor Services Proprietary Limited, 70 Marshall Street, Johannesburg 2001

JSE share code:        
CML

ISIN:        
ZAE000047353

Website:        
www.coronation.com

Sponsor:        
Deutsche Securities (SA) Proprietary Limited
Date: 19/05/2015 07:05:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE'). 
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