Wrap Text
Summarised Consolidated Abridged Audited Results for the Year Ended 30 June 2015 and Notice Of AGM
SILVERBRIDGE HOLDINGS LIMITED
(INCORPORATED IN THE REPUBLIC OF SOUTH AFRICA)
(REGISTRATION NUMBER 1995/006315/06)
SHARE CODE: “SVB” ISIN: ZAE000086229
(“SILVERBRIDGE” OR “THE GROUP” OR “THE COMPANY”)
SUMMARISED CONSOLIDATED ABRIDGED AUDITED RESULTS FOR THE YEAR
ENDED 30 JUNE 2015 AND NOTICE OF ANNUAL GENERAL MEETING
GROUP PROFILE
SilverBridge offers clients in the financial services 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 insurance simpler and
more accessible.
Exergy is our flagship platform that enables core back office
policy administration. The broader Exergy solution package has
specific applications which have been customised to suit the needs
of a long-term insurer. We aim to enable our clients to drive
their strategic business objectives more efficiently. Our approach
is to implement a preconfigured base of the software, get it
operational in as short a time as possible and then optimize the
solution for the client. The Exergy platform also serves as a base
on which to expand into other financial services verticals.
CONSOLIDATED ABRIDGED AUDITED STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 JUNE 2015
2015 2014
Notes R’000 R’000
Revenue 1.5 80 943 83 844
Other income 15 430
Personnel expenses (55 161) (57 730)
Depreciation and amortisation (1 699) (2 198)
Professional fees paid for
services (4 246) (3 892)
Other expenses (8 840) (12 159)
Results from operating
activities 11 012 8 295
Finance income 468 167
Finance costs (1) (27)
Profit before income tax 11 479 8 435
Income tax (3 136) (2 516)
Profit and total comprehensive
income for the year 8 343 5 919
Earnings per share
Basic earnings per share 1.3 24.1 17.1
Diluted earnings per share 1.3 23.7 17.1
CONSOLIDATED ABRIDGED AUDITED STATEMENT OF FINANCIAL POSITION AS
AT 30 JUNE 2015
2015 2014
Notes R’000 R’000
ASSETS
Non-current assets 14 766 15 086
Equipment 992 1 244
Intangible assets and goodwill 11 286 11 110
Deferred tax assets 441 764
Withholding tax rebates
receivable 2 047 1 968
Current assets 37 191 27 429
Withholding tax rebates
receivable 1 511 953
Revenue recognised not yet
invoiced 1.4 2 684 6 635
Trade and other receivables 14 782 11 907
Cash and cash equivalents 18 214 7 934
Total assets 51 957 42 515
EQUITY AND LIABILITIES
Equity 39 188 30 501
Share capital 348 348
Share premium 11 871 11 871
Treasury shares (197) (197)
Share based payment reserve 462 512
Retained earnings 26 704 17 967
Non-current liabilities 308 30
Deferred tax liabilities 308 30
Current liabilities 12 461 11 984
Income tax payable 1 785 611
Trade and other payables 1.2 10 048 8 616
Provisions - 2 415
Deferred revenue 1.4 628 342
Total liabilities 12 769 12 014
Total equity and liabilities 51 957 42 515
Net asset value per share (cents) 113.0 88.0
Net tangible asset value per
share (cents) 80.5 55.9
CONSOLIDATED ABRIDGED AUDITED STATEMENT OF CHANGES IN EQUITY FOR
THE YEAR ENDED 30 JUNE 2015
Share
Share Share Treasury based Retained Total
capital premium shares payment Earnings equity
R’000 R’000 R’000 reserve R’000 R’000
R’000
Group
Balance at 1
July 2013 348 11 871 (197) 1 070 11 137 24 229
Total
comprehensive
income for the
year
Profit for the
year – – – – 5 919 5 919
Total
comprehensive
income for the
year – – – – 5 919 5 919
Transactions
with owners,
recorded
directly in
equity
Contributions
by and
distributions
to owners
Equity settled
share based
payment – – – 353 – 353
Transfer of
reserve of
share options
that did not
vest – – – (911) 911 –
Total
contributions
by and
distributions
to owners – – – (558) 911 353
Total
transactions
with owners – – – (558) 911 353
Balance at 30
June 2014 348 11 871 (197) 512 17 967 30 501
Total
comprehensive
income for the
year
Profit for the
year – – – – 8 343 8 343
Total
comprehensive
income for the
year – – – – 8 343 8 343
Transactions
with owners,
recorded
directly in
equity
Contributions
by and
distributions
to owners
Equity settled
share based
payment – – – 344 – 344
Transfer of
reserve of
share options
that did not
vest – – – (394) 394 –
Total
contributions
by and
distributions
to owners – – – (50) 394 344
Total
transactions
with owners – – – (50) 394 344
Balance at 30
June 2015 348 11 871 (197) 462 26 704 39 188
CONSOLIDATED ABRIDGED AUDITED CASH FLOW STATEMENT FOR THE YEAR
ENDED 30 JUNE 2015
2015 2014
R’000 R’000
Cash generated from operations 12 817 7 858
Interest received 468 167
Interest paid (1) (27)
Taxation paid (1 362) (1 256)
Net cash inflow from operating
activities 11 922 6 742
Cash flows from investing activities
Equipment acquired to maintain
operations (476) (1 050)
Proceeds from sale of equipment – 41
Cash outflow from capitalisation of
development costs (1 166) (1 002)
Net cash used in investing activities (1 642) (2 011)
Cash flows from financing activities
Net cash outflow from financing
activities – –
Net increase in cash and cash
equivalents 10 280 4 731
Cash and cash equivalents at the
beginning of the year 7 934 3 203
Cash and cash equivalents at the end of
the year 18 214 7 934
CONSOLIDATED ABRIDGED AUDITED SEGMENT REPORTS FOR THE YEAR ENDED
30 JUNE 2015
BUSINESS SEGMENTS
The basis on which costs have been allocated to the business
segments has been reviewed for both the current and prior year.
The changes made provide a more accurate view of the performance
of the segments and a more accurate comparison from year to year.
Previously, costs from unutilized capacity were reflected as
indirect costs. These costs are now allocated as direct costs to
the segment where the relevant staff member is allocated. The
comparative figures have been restated to reflect the same.
Previously, indirect costs were allocated to the segments in the
ratio of their direct costs. They are now allocated on a
consumption basis, consistent with the way the business segments
are budgeted and reported on from month to month. The comparative
figures have been restated to reflect the same.
Previous unallocated costs have now been allocated to the segments
as part of indirect costs.
Connect Connect SilverBridge
Implementation support Support
services services services
2015 R’000 R’000 R’000
Segment revenue 19 678 26 067 4 774
Segment revenue inter-
group – (50) (2 969)
Segment revenue
external 19 678 26 017 1 805
Direct segment cost (9 862) (14 004) (1 740)
Cost capitalised – – –
Segment gross profit 9 816 12 013 65
Indirect segment cost (8 934) (11 772) (1 370)
Segment result 882 241 (1 305)
Net finance income
Income tax
Profit for the year
Connect Connect SilverBridge
2014 Implementation support Support
services services services
R’000 R’000 R’000
Segment revenue 20 683 24 707 9 312
Segment revenue inter-
group – – (7 995)
Segment revenue
external 20 683 24 707 1 317
Direct segment cost (14 031) (12 902) (977)
Cost capitalised – – –
Segment gross profit 6 652 11 805 340
Indirect segment cost (9 067) (12 187) (1 413)
Segment result (2 415) (383) (1 074)
Net finance income
Income tax
Profit for the year
SilverBridge SilverBridge
research & software rental
development & maintenance Total
2015 R’000 R’000 R’000
Segment revenue – 33 494 84 013
Segment revenue inter-
group – (51) (3 070)
Segment revenue
external – 33 443 80 943
Direct segment cost (5 663) (8 007) (39 276)
Cost capitalised 1 167 – 1 167
Segment gross profit (4 496) 25 436 42 834
Indirect segment cost (4 444) (5 302) (31 822)
Segment result (8 940) 20 134 11 012
Net finance income 467
Income tax (3 136)
Profit for the year 8 343
SilverBridge SilverBridge
research & software rental
development & maintenance Total
2014 R’000 R’000 R’000
Segment revenue – 37 137 91 839
Segment revenue inter-
group – – (7 995)
Segment revenue
external – 37 137 83 844
Direct segment cost (6 380) (9 175) (43 465)
Cost capitalised 1 002 – 1 002
Segment gross profit (5 378) 27 962 41 381
Indirect segment cost (4 653) (5 764) (33 084)
Segment result (10 031) 22 198 8 295
Net finance income 140
Income tax (2 516)
Profit for the year 5 919
COMMENTARY
1. NOTES TO THE CONSILDATED ABRIDGED FINANCIAL STATEMENTS
BASIS OF PREPARATION
The summarised consolidated financial statements are prepared in
accordance with the requirements of the JSE Limited Listing
Requirements for abridged reports, and the requirements of the
Companies Act applicable to summary financial statements. The
listing requirements require abridged reports to be prepared in
accordance with the framework concepts and the measurement and
recognition requirements of International Financial Reporting
Standards (IFRS) and the SAICA Financial Reporting Guides as
issued by the Accounting Practices Committee and the Financial
Pronouncements as issued by the Financial Reporting Standards
Council and to also, as a minimum, contain the information
required by IAS 34 Interim Financial Reporting. The accounting
policies applied in the preparation of the consolidated financial
statements, from which the summary consolidated financial
statements were derived, are in terms of International Financial
Reporting Standards and are consistent with the accounting
policies applied in the preparation of the previous consolidated
annual financial statements.
The consolidated abridged report is extracted from audited
information, but is not itself audited. KPMG Inc audited the
financial statements for the year ended 30 June 2015 and expressed
an unmodified opinion on those financial statements. For a better
understanding of the Group’s financial position and results of
operations, these abridged financial statements must be read in
conjunction with the Group’s audited financial statements for the
year ended 30 June 2015 which include all disclosures required by
IFRS, and which are expected to be released on or about 21
September 2015. The Group’s integrated report which incorporates
the Annual Financial Statements can be obtained from our website
or by contacting the Company directly. These abridged financial
statements were prepared by the Head of Finance and Shared
Services, Petro Mostert CA(SA), under the supervision of the
Financial Director, Lee Kuyper CA(SA).
The directors take full responsibility for the preparation of the
abridged report and the financial information has been correctly
extracted from the underlying annual financial statements.
1.2 TRADE AND OTHER PAYABLES
Trade and other payables comprised of the following:
2015 2014
R’000 R’000
Trade payables 671 875
Other payables (accruals) 2 681 1 783
VAT payable 1 069 458
Incentive accrual 3 182 2 984
Leave accrual 2 445 2 516
Total trade and other payables 10 048 8 616
1.3 EARNINGS PER SHARE
BASIC EARNINGS PER ORDINARY SHARE
Basic earnings per ordinary share is calculated by dividing the
profit for the year attributable to ordinary equity holders of the
parent, of R8.3 million (2014: R5.9 million) by the weighted
average number of ordinary shares outstanding during the year of
34.7 million (2014: 34.7 million).
2015 2014
Reconciliation of the weighted average
number of shares in issue
Shares in issue at the beginning of the
year ('000) 34 781 34 781
Effect of treasury shares acquired on 1
March 2007 ('000) (106) (106)
Shares in issue at the end of the year
('000) 34 675 34 675
Weighted average number of shares in
issue at the end of the year (‘000) 34 675 34 675
Earnings attributable to ordinary
shareholders (R'000) 8 343 5 919
Basic earnings per share (cents) 24.06 17.07
DILUTED EARNINGS PER ORDINARY SHARE
Diluted earnings per ordinary share is calculated by dividing the
diluted profit attributable to ordinary equity holders of the
parent of R8.3 million (2014: R5.9 million) by the diluted average
number of ordinary shares of 35.2 million (2014: 34.7 million).
2015 2014
Reconciliation between weighted average
number of shares in issue and weighted
average number of shares in issue used
for diluted earnings per share
Weighted average number of shares in
issue 34 675 34 675
Effect of diluted amount of shares 577 -
Weighted average number of shares in
issue used for diluted earnings per share 35 252 34 675
Earnings attributable to ordinary
shareholders used for diluted earnings
(R'000) 8 343 5 919
Diluted earnings per share (cents) 23.67 17.07
The dilutive effect resulted from share options issued.
HEADLINE EARNINGS PER ORDINARY SHARE
Headline earnings per ordinary share is calculated by dividing the
headline earnings attributable to ordinary equity holders of the
parent of R8.3 million (2014: R5.9million) by the weighted average
number of ordinary shares outstanding during the year of 34.7
million (2014: 34.7 million).
2015 2014
Weighted average number of shares in
issue ('000) 34 675 34 675
Reconciliation between basic earnings and
headline earnings
Basic earnings (R'000) 8 343 5 919
Adjusted for:
– Loss/(Profit) on disposal of equipment
(R'000) 14 (22)
Headline earnings (R'000) 8 357 5 897
Headline earnings per share (cents) 24.10 17.01
DILUTED HEADLINE EARNINGS PER ORDINARY SHARE
Diluted headline earnings per ordinary share is calculated by
dividing the diluted headline earnings attributable to ordinary
equity holders of the parent of R8.3 million (2014: R5.9 million)
by the diluted weighted average number of ordinary shares
outstanding during the year of R35.2 million (2014: 34.7 million).
2015 2014
Weighted average number of shares in
issue used for diluted earnings per share
(‘000) 35 252 34 675
Headline earnings (R'000) 8 357 5 897
Diluted headline earnings per share
(cents) 23.71 17.01
The dilutive effect resulted from share options issued.
1.4 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.
2015 2014
R'000 R'000
Current asset
Revenue recognised not yet invoiced 2 684 6 635
Current liability
Deferred revenue (628) (342)
Net asset/(liability) 2 056 6 293
1.5 REVENUE PER GEOGRAPHICAL SEGMENT
Other
South African
Total Africa countries*
R’000 R’000 R’000
Year ended 30 June 2015 80 943 36 153 44 790
Year ended 30 June 2014 83 844 50 938 32 906
* Other African countries include Angola, Botswana, Kenya,
Malawi, Mauritius, Nigeria, Ghana, Namibia, Lesotho, Swaziland
and Zimbabwe.
1.6 FAIR VALUES
The carrying amounts of all financial assets and liabilities are a
reasonable approximation of their fair value.
2. CORPORATE ACTIVITY
2.1. DIVIDEND
The directors have declared and approved a final gross dividend of
5 cents per share for the year ended 30 June 2015 from income
reserves.
The following dates will apply to the abovementioned final
dividend:
Last day to trade cum dividend: Friday, 9 October 2015
Trading ex-dividend commences: Monday, 12 October 2015
Record date: Friday, 16 October 2015
Dividend payment date: Monday, 19 October 2015
Share certificates may not be dematerialised or re-materialised
between Monday, 12 October 2015 and Friday, 16 October 2015, both
days inclusive.
In determining the dividends tax (DT) of 15% to withhold in terms
of the Income Tax Act (No. 58 of 1962) for those shareholders who
are not exempt from the DT, no secondary tax on companies (STC)
credits have been utilised. Shareholders who are not exempt from
the DT will therefore receive a dividend of 4.25 cents per share
net of DT. The company has 34 781 471 ordinary shares in issue as
at 30 June 2015 and its income tax reference number is 9841087647.
The above dates are subject to change. Any changes will be
released on SENS. Where applicable, dividends in respect of
certificated shares will be transferred electronically to
shareholders` bank accounts on the payment date. In the absence of
specific mandates, dividend cheques will be posted to
shareholders. Ordinary shareholders who hold dematerialised shares
will have their accounts at their CSDP or broker credited/updated
on Monday, 19 October 2015.
3. AUDIT REPORT
The financial statements for the year ended 30 June 2015 have been
audited by KPMG Inc. with Willem Pretorius as the designated
partner. Their unmodified audit report is available for
inspection at the Company’s registered office.
4. NOTIFICATION OF A CHANGE IN AUDITORS
The board of directors have decided not to recommend KPMG
Incorporated as auditors of the group at the next annual general
meeting that take place on 27 October 2015.
The board of directors recommend the appointment of PWC
Incorporated, as the independent external auditors for the
2015/2016 financial year.
This decision has been based on the outcome of the recently
concluded process whereby the Audit, Risk and IT committee as well
as the board have felt that as a matter of due process and
governance, it will be best for the group to change audit firms.
This decision did not arise out of any dispute, conflict or
disagreement between KPMG Incorporated and SilverBridge.
The appointment of PWC Incorporated will be effective from 27
October 2015, subject to shareholder approval.
5. SUBSEQUENT EVENTS
No events occurred subsequent to the year end that would require
the summarised consolidated financial statements to be adjusted
or disclosure thereof in the summarised consolidated financial
statements.
6. FINANCIAL RESULTS AND PERFORMANCE
Despite a decrease in revenue, the group continued to improve
profitability with a 41% increase in Net Profit compared to the
prior year. This was a result of increased gross profit margins
from more effective use of our resource capacity, more efficient
delivery of projects and a further reduction in overhead costs.
Group revenue was impacted by the loss of R6.5m 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
year. The rest of the software rental base grew by 9%, 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.
Strong client relationships helped increase revenue in our support
segments and the margin in our implementation segment. Our
implementation focus has shifted from the larger implementations
done in recent years to smaller and medium sized projects, with
several being done outside of South Africa. Our largest
implementation project was concluded during the year.
Total costs declined by 8% and cost awareness and control remains
important going forward.
The Group’s profitability improved to a net profit of R8.3 million
compared to R5.9 million in the prior year and HEPS of 24 cents
compared to 17 cents. Sequentially, there was an improvement from
the first to the second half of the year.
Cash flow improved to a net inflow of R10.3 million. This is a
R5.6 million improvement from the prior year. The cash position of
the Group improved to R18.2 million compared to R7.9 million at
the previous year end. Cash and working capital continue to be
managed carefully. We are confident in the turnaround of the
business and are pleased that the business has returned to a
position where a dividend can be declared.
SEGMENTAL REVIEW
Connect implementation services
This segment implements our solutions for clients and is project
based.
Although revenue declined by 5%, gross profit increased by 48% to
R9.8 million. The gross margin was 50% compared to 32% in the
prior year. The improvement came from a number of smaller projects
with shorter timeframes and healthier margins. Our largest
implementation project was concluded during the year but continued
to weigh on the segment, leading to a result below target. After
indirect costs, a profit of R0.9 million was reported, an
improvement from the R2.4 million loss in the prior year.
The focus of this segment has shifted toward smaller, higher
margin projects. 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 5% from additional smaller support contracts
and more support work from existing clients. Gross profit
increased by 2% with the gross margin at a slightly lower but
still satisfactory 46%. After indirect costs, R0.2 million profit
was achieved, compared to a R0.4 million loss in the prior year.
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 increased by 37% from a small base, however the gross
margin decreased to 4% from 26% in the prior year. It posted a
loss of R1.3 million compared to a loss of R1.1 million in the
prior year. Although we anticipate it to remain small, 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 R6.5m rental revenue explained
above, the segment revenue declined by 10%. We are however pleased
with the growth in revenue of 9% in the remaining rental contract
base, despite generally tough economic conditions for us and our
clients. After the allocation of direct costs related to warranty
and maintenance as well as indirect costs, the segment made a
profit of R20.1 million, compared to R22.2 million in the prior
year. An overall margin of 60% was maintained.
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 refinement 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 year (including capitalisation)
decreased by 11% 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 costs
Indirect costs relate to general overheads. They are allocated
based on each segment’s consumption of these costs. Consumption is
based on the drivers of the specific cost, for example number of
staff. Indirect costs decreased by 4% compared to the prior year,
driven by the removal of unnecessary costs and being cost
conscious.
7. 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 and channels 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 the life insurance vertical
but we are also beginning to leverage our competencies in other
vertical market segments, with some small successes being gained
in the pensions, medical and general insurance industries during
the period. We are also beginning to explore the opportunity of
offering our software as an alternative hosted and outsourced
managed service.
Overall, the outlook for the Group remains positive as we strive
to build our core annuity revenue and strengthen our business
around this.
8. NOTICE OF THE ANNUAL GENERAL MEETING
Notice is hereby given that the Annual General Meeting of the
Company will be held at 11:00 on Tuesday, 27 October 2015 at the
registered office of SilverBridge, 495 Prieska Street,
Erasmuskloof, Pretoria, to transact the business as stated in the
notice of the Annual General Meeting, which is contained in the
Integrated Annual Report to be distributed on or about 21
September 2015.
The board of directors of SilverBridge (“the Board”) has
determined that, in terms of section 62(3)(a), as read with
section 59 of the Companies Act, 2008 (Act 71 of 2008), the record
date for the purposes of determining which shareholders of the
Company are entitled to participate in and vote at the Annual
General Meeting is Friday, 16 October 2015. Accordingly, the last
day to trade in SilverBridge shares in order to be recorded in the
Register to be entitled to vote at the Annual General Meeting will
be Friday, 9 October 2015.
9. DIRECTORATE
During the year under review the following changes to the Board
occurred:
Mr S Blyth was appointed as an executive director to the Board on
12 February 2015.
On behalf of the Board
Jaco Swanepoel Robert Emslie
Chief Executive Officer Chairman
Pretoria
21 September 2015
CORPORATE INFORMATION
Directors of SilverBridge:
Robert Emslie (Chairman) **, Jaco Swanepoel (CEO), Jeremy de
Villiers **, J Chikaonda *, Hasheel Govind *, Tyrrel Murray*, Lee
Kuyper (Financial Director), Stuart Blyth.
(All the directors are South African citizens).
* Non-executive
**Independent non-executive
SILVERBRIDGE 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
Unit 2, Corporate Corner, Marco Polo Street, 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)
www.silverbridge.co.za
Date: 21/09/2015 07:30:00 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.
Sharenet Sites 
