Wrap Text
Reviewed condensed consolidated provisional financial results for the year ended 31 August 2015
enX GROUP LIMITED (Incorporated in the Republic of South Africa)
(Registration number 2001/029771/06)
JSE share code: enX ISIN: ZAE000195723
(“enX” or “the company” or “the group”)
Reviewed condensed consolidated provisional financial results
for the year ended 31 August 2015
Revenue up 51% to R883 million
Adjusted EBITDA up 34% to R66 million
Genmatics acquisition finalised
Capital raise and empowerment transaction successfully concluded
Centlube and ExxonMobil distributorship successfully integrated
Condensed consolidated statement of comprehensive income
Reviewed Audited
for the for the
year ended year ended
% 31 August 2015 31 August 2014
change R’000 R’000
Revenue 51 882 835 585 006
Cost of sales (628 468) (410 416)
Gross profit 46 254 367 174 590
Gross profit (%) 29 30
Other operating income 6 232 6 025
Net operating expenses (198 601) (143 006)
Impairment of goodwill (10 961) –
IFRS2 share appreciation rights
charge (15 480) (13 766)
Profit from operations before
interest and taxation 49 35 557 23 843
Net interest (paid)/received (2 165) 1 293
Interest received 1 997 1 719
Interest paid (4 162) (426)
Loss attributable from associate (77) –
Profit before taxation 33 33 315 25 136
Taxation expense (11 473) (625)
Total comprehensive income for
the year (11) 21 842 24 511
Attributable to:
Owners of the parent (12) 21 842 24 718
Non-controlling interest – (207)
Total comprehensive income for
the year 21 842 24 511
Number of shares in issue 421 689 018 395 292 923
Weighted average number of
shares 415 089 994 395 292 923
Earnings per share and diluted
earnings per share (cents) (16) 5,3 6,3
Headline earnings per share
and diluted headline earnings
per share (cents)1 24 7,6 6,1
Adjusted headline earnings per
share (cents)1 8,7 8,7
EBITDA (R’000)2 52 49 173 32 402
Adjusted EBITDA (R’000)2 34 66 342 49 379
Reviewed Audited
for the for the
year ended year ended
% 31 August 2015 31 August 2014
change R’000 R’000
1. Headline earnings
reconciliation
Attributable income for the year 21 842 24 718
Net profit on disposal of
plant and equipment (1 100) (676)
Gain on disposal of
subsidiary (417) –
Impairment of goodwill 10 961 –
Tax effect of adjustments 308 189
Headline earnings 30 31 594 24 231
Legal costs relating to Freed
litigation – 3 211
IFRS2 charge 15 480 13 766
Deferred taxation adjustment – (2 946)
Release of straightline
provision for operating lease (9 272) –
Tax effect of adjustments (1 738) (3 854)
Adjusted headline earnings 5 36 064 34 408
2. EBITDA reconciliation
Profit from operations before
interest and taxation 35 557 23 843
Depreciation and amortisation 13 616 8 559
EBITDA 52 49 173 32 402
Legal costs relating to Freed
litigation – 3 211
IFRS2 charge 15 480 13 766
Release of straightline
provision for operating lease (9 272) –
Impairment of goodwill 10 961 –
Adjusted EBITDA 34 66 342 49 379
Adjusted EBITDA (%) 7,5 8,4
Condensed consolidated statement of financial position
Reviewed as at Audited as at
31 August 2015 31 August 2014
R’000 R’000
Assets
Non-current assets 246 315 157 152
Plant and equipment 80 271 42 853
Goodwill 125 931 95 544
Deferred taxation 17 626 18 755
Investment in associate 678 –
Intangible assets 21 809 –
Current assets 636 981 356 798
Inventories 353 736 145 467
Trade and other receivables 248 630 128 943
Taxation receivable 655 8 744
Cash and cash equivalents 33 960 73 644
Total assets 883 296 513 950
Equity and liabilities
Capital and reserves 461 346 389 614
Stated capital 345 387 295 497
Accumulated profits 115 959 94 117
Non-controlling interest – (417)
Total capital and reserves 461 346 389 197
Non-current liabilities 63 894 1 820
Interest-bearing liabilities 57 041 1 820
Deferred tax liability 6 853 –
Current liabilities 358 056 122 933
Trade and other payables 296 631 119 368
Current portion of interest-bearing
liabilities 38 169 1 785
Bank overdraft 21 326 –
Taxation payable 1 930 1 780
Total equity and liabilities 883 296 513 950
Net asset value per share (cents) 109,4 98,6
Net tangible asset value per share
(cents) 74,4 74,4
Average net operating assets (R'000) 424 303 331 389
Average net tangible operating assets
(R'000) 276 563 235 845
Average net operating asset turnover (x) 2,1 1,8
Average net tangible operating asset
turnover (x) 3,2 2,5
Adjusted operating profit margin (%) 6,0 7,0
Pre-tax return on average net operating
assets (%) 12,6 12,5
Pre-tax return on average net tangible
operating assets (%) 19,2 17,6
Condensed consolidated statement of cash flow
Reviewed Audited
for the for the
year ended year ended
31 August 2015 31 August 2014
R’000 R’000
Profit before taxation 33 315 25 136
Non-cash items and other adjustments 21 922 6 590
55 237 31 726
(Increase)/decrease in working capital (124 442) 16 478
Cash (utilised by)/generated from
operations (69 205) 48 204
Interest received 1 997 1 719
Interest paid (4 162) (426)
Taxation paid (1 932) (3 551)
Cash (outflow)/inflow from operating
activities (73 302) 45 946
Additions to plant and equipment (42 454) (11 920)
Business acquisition (39 598) –
Proceeds on disposal of plant and
equipment 6 597 2 171
Sale of interest in subsidiaries (280) –
Loan repayment from associate 772 –
Cash outflow from investing activities (74 963) (9 749)
Interest-bearing liabilities
raised/(repaid) 87 255 (2 891)
Cash inflow/(outflow) from financing
activities 87 255 (2 891)
Net (outflow)/inflow of cash and cash
equivalents (61 010) 33 306
Cash and cash equivalents at beginning
of year 73 644 40 338
Cash and cash equivalents at end of year 12 634 73 644
Condensed consolidated statement of changes in equity
Reviewed Audited
for the for the
year ended year ended
31 August 2015 31 August 2014
Stated capital 345 387 295 497
Balance at beginning of year 295 497 295 497
Additional shares issued 49 890 –
Accumulated profits 115 959 94 117
Balance at beginning of year 94 117 69 399
Attributable income for the year 21 842 24 718
Non-controlling interest – (417)
Total capital and reserves 461 346 389 197
Condensed segmental analysis
Power
Reviewed Audited
for the for the
year ended year ended
31 August 2015 31 August 2014
R’000 R’000
Revenue 454 620 389 859
External Sales 454 620 389 859
Intercompany sales – –
Profit/(loss) from operations before
interest and taxation 39 645 13 133
EBITDA3 64 791 38 095
Adjusted EBITDA 55 583 42 091
Capital expenditure 22 213 7 539
Depreciation and amortisation 3 992 3 323
Taxation expense/(income) 10 787 4 329
Total assets 445 675 287 891
Total liabilities 198 897 61 613
Net tangible operating assets4 258 306 175 006
Number of employees 271 258
Wood
Reviewed Audited
for the for the
year ended year ended
31 August 2015 31 August 2014
R’000 R’000
Revenue 218 215 195 147
External Sales 218 215 195 147
Intercompany sales – –
Profit/(loss) from operations before
interest and taxation 7 514 14 302
EBITDA3 17 249 24 772
Adjusted EBITDA 17 431 24 831
Capital expenditure 7 495 4 372
Depreciation and amortisation 5 691 5 191
Taxation expense/(income) 2 103 (2 240)
Total assets 132 704 123 372
Total liabilities 49 344 41 817
Net tangible operating assets4 96 005 68 358
Number of employees 157 147
Fuel
Reviewed Audited
for the for the
year ended year ended
31 August 2015 31 August 2014
R’000 R’000
Revenue 210 000 –
External Sales 210 000 –
Intercompany sales – –
Profit/(loss) from operations before
interest and taxation 2 938 –
EBITDA3 8 026 –
Adjusted EBITDA 8 026 –
Capital expenditure 11 791 –
Depreciation and amortisation 3 662 –
Taxation expense/(income) (101) –
Total assets 215 498 –
Total liabilities 158 125 –
Net tangible operating assets4 138 505 –
Number of employees 42 –
Head Office
Reviewed Audited
for the for the
year ended year ended
31 August 2015 31 August 2014
R’000 R’000
Revenue 26 481 26 345
External Sales – –
Intercompany sales 26 481 26 345
Profit/(loss) from operations before
interest and taxation 27 164 (3 592)
EBITDA3 27 290 (3 548)
Adjusted EBITDA (14 843) (17 113)
Capital expenditure 955 9
Depreciation and amortisation 126 45
Taxation expense/(income) (976) (1 464)
Total assets 331 775 262 693
Total liabilities 76 368 22 417
Net tangible operating assets4 338 483 6 429
Number of employees 7 5
Consolidation
Reviewed Audited
for the for the
year ended year ended
31 August 2015 31 August 2014
R’000 R’000
Revenue (26 481) (26 345)
External Sales – –
Intercompany sales (26 481) (26 345)
Profit/(loss) from operations before
interest and taxation (41 704) –
EBITDA3 (68 183) (26 917)
Adjusted EBITDA 145 (430)
Capital expenditure – –
Depreciation and amortisation 145 –
Taxation expense/(income) (340) –
Total assets (242 356) (160 006)
Total liabilities (60 784) (1 094)
Net tangible operating assets4 (259 200) –
Number of employees – –
Total
Reviewed Audited
for the for the
year ended year ended
31 August 2015 31 August 2014
R’000 R’000
Revenue 882 835 585 006
External Sales 882 835 585 006
Intercompany sales – –
Profit/(loss) from operations before
interest and taxation 35 557 23 843
EBITDA3 49 173 32 402
Adjusted EBITDA 66 342 49 379
Capital expenditure 42 454 11 920
Depreciation and amortisation 13 616 8 559
Taxation expense/(income) 11 473 625
Total assets 883 296 513 950
Total liabilities 421 950 124 753
Net tangible operating assets4 572 099 249 793
Number of employees 477 410
3. All subsidiary EBITDA figures exclude intercompany management fees
4. Excludes goodwill and intangibles which are attributable to the Power
and Fuel segments
Commentary
enX is an industrial energy and supplies group that provides quality branded
and in some segments, locally manufactured capital and consumable goods and
support services to a broad range of economic sectors in South Africa and
sub-Saharan Africa. Clients range from heavy industrial, automotive, mining
and construction groups to wholesalers, retailers, technology and
telecommunications companies, banks and manufacturers. Adding value to
the products sold by offering ongoing servicing and customer support is
a key component of enX’s business model.
enX currently comprises three business segments:
* Power segment (“Power”) incorporates:
– Private Power Sales: The manufacture, supply, installation and maintenance
of diesel generators and related components
– Power Product Distribution: The distribution of industrial engines,
marine engines and components
– Temporary Power: Rental of temporary power in the form of diesel generators
* Fuel and Chemicals segment (“Fuel”) incorporates the production and
marketing of oil lubricants in sub-Saharan Africa. An effective 100%
shareholding in Centlube Proprietary Limited (“Centlube”) was acquired
by the group on 1 December 2014.
* Wood segment (“Wood”) encompasses the distribution of professional
woodworking equipment, tooling and edging and provision of associated
services such as blade sharpening and equipment maintenance.
Group subsidiaries currently include:
* New Way Power Proprietary Limited
* PowerO2 Proprietary Limited
* Austro Proprietary Limited
* Centlube Proprietary Limited
Results
The board is pleased to present the results of enX for the financial year
ended 31 August 2015. The year has been a tale of two halves. The first
six months trading was subdued. However, enX has more than recovered the
lost ground in the second six months. The Power segment delivered a strong
performance and Centlube successfully transitioned the ExxonMobil
distributorship from Engen despite the customary teething problems
associated with a new business. The turnaround at Wood was sustained,
although the segment’s profitability declined.
Revenue for the year increased 51% to R882,8 million (2014: R585,0 million)
with all segments showing healthy revenue growth in addition to the new
revenue delivered by Centlube. Group wide gross margins remained stable
despite significant exchange rate depreciation. Operating expenses increased
39% on the prior year, primarily due to the inclusion of Centlube in the group.
Earnings before interest, taxation, depreciation and amortisation (“EBITDA”)
increased 52% to R49,2 million (2014: R32,4 million). Consistent with prior
year disclosure, management has elected to disclose adjusted EBITDA which
provides a more meaningful reflection of sustainable earnings. Adjusted
EBITDA increased 34% to R66,3 million (2014: R49,4 million) at an adjusted
EBITDA margin relative to revenue of 7,5% (2014: 8,4%). The adjustments to
EBITDA arise from:
* an IFRS2 charge of R15,5 million (2014: R13,8 million) relating to the
provision for long-term share-related incentives awarded to Wild Rose
Management Proprietary Limited (formerly JFN Management Proprietary
Limited) and enX staff;
* the release of a provision for the straight-lining of an operating
lease of R9,3 million. The lease at New Way Power’s Johannesburg property
was renegotiated in the current period and the provision is no longer
required in terms of IFRS; and
* a goodwill impairment of R11,0 million relating to the Centlube acquisition
that arose as a result of an increase in the enX share price between the
R1,45 issue price agreed in the acquisition agreement and the share price
at the effective date of the transaction. The company has elected to
immediately impair this portion of goodwill since the value placed on
the Centlube acquisition as a result of the application of IFRS does
not reflect the value placed on Centlube by the board at the date of
concluding the transaction. The board wishes to reflect the fair market
value of the business on enX’s statement of financial position.
The group has material foreign currency exposure as a result of importing
many of our product components and finished product. Where necessary our
currency exposures are hedged and whenever commercially possible, the
resulting increase in input costs are incorporated into our sales prices.
As a precautionary measure during the take-on of the ExxonMobil
distributorship, Centlube held a significantly higher level of
safety stock to ensure its strategic customers did not run out of
product. This additional stock holding, which is US Dollar denominated,
was unhedged. This was the primary driver behind a foreign exchange loss
of R16,2 million being incurred by the group. Had this loss not
occurred, adjusted EBITDA would have increased 67% to R82,5 million.
Our excess stock holdings are being reduced and all necessary currency
exposures are now hedged. In addition, quarterly foreign exchange
pricing adjustments have been instituted with customers that have
fixed pricing arrangements.
The effective tax rate for the financial year was 34% primarily as a
result of the impairment of goodwill. This compares to a lower
effective tax rate of 2,5% in the prior financial year resulting
from the recognition of a deferred tax asset in respect of the
assessed loss at Wood, not fully recognised previously.
Headline earnings increased 30% to R31,6 million (2014: R24,2 million).
This translates into headline earnings per share of 7,6 cents
(2014: 6,1 cents). Adjusted headline earnings of R36,1 million
increased by 5% (2014: R34,4 million) and translated into adjusted
headline earnings per share of 8,7 cents (2014: 8,7 cents). The
impact of the loss on foreign exchange transactions amounts to
2,8 cents per share.
Net working capital increased during the financial year by R85 million
as a result of the acquisition of Centlube, introduction of the
ExxonMobil distributorship and investment in engine inventories
to support the higher demand in the Power segment. The company
took advantage of generous credit terms extended by ExxonMobil to
partially fund inventory purchases which also led to the increase
in trade and other payables. These credit terms have since been
normalised and replaced by group facilities.
Cash outflows from operations and investing activities amounted to
R148,3 million. Capital expenditure was incurred increasing the
size of the Power rental fleet, replacing service vehicles, plant
improvements and purchasing bulk installation equipment. Cash
resources were utilised for the acquisition of Centlube and
investment in working capital. These cash outflows were funded by
existing cash resources and new credit facilities, including a
bridge loan of R27,5 million from Wild Rose Capital Proprietary
Limited (formerly Ricophase Proprietary Limited), one of enX’s
largest shareholders. The group made good strides improving
its capital structure, having raised R130 million in new credit and
trading facilities. This will improve flexibility to take advantage
of attractive trading opportunities, improve trading terms with
foreign suppliers and manage exchange control fluctuations.
Operational review
Power
Revenue from Private Power Sales increased 20% to R428,3 million
(2014: R357,4 million). While revenues for the first half of the
year were flat, second half revenues of R279,3 million increased
by 30% year on year (2014: R215,6 million). Adjusted EBITDA
increased 44% to R38,6 million (2014: R26,9 million), representing
a margin relative to revenue of 9% (2014: 7,5%). All sub-segments
showed strong growth over the prior year.
Fuel
Centlube was consolidated as part of the group with effect from
1 December 2014. In the nine months of trading to 31 August 2015
the business generated revenue of R210,0 million and adjusted
EBITDA of R8,0 million. Excluding the R13,7 million loss of
foreign exchange transactions, EBITDA would have amounted to
R21,7 million. Centlube began distributing Mobil lubricants with
effect from January 2015. Monthly volumes and revenues have
increased significantly. A substantial amount of inventory was
purchased to take on the distributorship and ensure continued
supply to customers. Having successfully transitioned strategic
customers, these inventories are being normalised. ENI gross
margins were strong although volumes were slightly down. Toll
blending business continues to show healthy growth.
Wood
The Wood business sustained its turnaround following the
restructure completed in 2013. Revenue increased 12% to
R218,2 million (2014: R195,1 million) on the back of strong
equipment sales. Gross margins saw some contraction as a
result of the change in sales mix from higher margin
consumables to equipment. Adjusted EBITDA decreased to
R17,4 million (2014: R24,8 million) due to the change in
sales mix and investment in technical staff required to
support our customers and drive the service component
of the business.
Matase
In September 2014, the group’s enterprise development
vehicle, Matase Power Systems Proprietary Limited, was
restructured to become an associate of enX, with the
group reducing its shareholding to 25% (previously 49,9%,
but consolidated in terms of IFRS). 75% of the shares are
held by empowerment shareholders. Matase has since
been renamed Matase Industrial Solutions Proprietary
Limited and is rated a Level 1 B-BBEE contributor.
Matase targets primarily the public sector and
distributes a broad range of industrial products
including some of the products and services offered
by enX.
R’000
Non-current assets 346
Current assets 1 280
Non-current liabilities (2 460)
Net asset deficiency disposed of (834)
Non-controlling interest (417)
Proceeds –
Gain on disposal 417
Cash balances disposed of (280)
Business combination – Centlube
With effect from 1 December 2014, the group acquired
an effective 100% shareholding in Centlube and the
assets and inventory of Centlube Atlantic CC for a
purchase consideration settled in cash and the issue
of enX shares.
The details of the net assets acquired through this
business combination, for which the purchase price
has been allocated to the respective assets and
liabilities, are as follows:
R’000
Non-current assets 14 089
Current assets 59 614
Non-current liabilities (4 351)
Current liabilities (32 316)
Net tangible assets acquired 37 036
Goodwill 41 347
Intangibles 21 809
Deferred tax liability (7 457)
Total assets acquired 92 734
Purchase consideration settled in shares (49 891)
Purchase consideration settled in cash (42 844)
Cash balances acquired 3 245
Net cash outflow (39 598)
If the group had acquired Centlube on 1 September 2014 the
revenue contributed to the group would have been R239,4 million
and a loss after tax of R1,2 million compared to R210,0 million
revenue and a loss after tax of R0,2 million contributed from
1 December 2014.
The purchase price allocation of the Centlube business
combination is provisional and will be finalised on the
one year anniversary of the business combination.
Prospects and risks
enX will continue to focus on growing its Power and Fuel segments
organically and through acquisition. Trading for the first quarter
has been positive. Capacity in our Power segment has increased
and we are well positioned through our manufacturing capability,
inventory holding, technical services and rental fleet to service
increased demand for back-up power in the event further load shedding.
Our order book remains healthy. Genmatics will be included for
the full twelve months and early trading has exceeded expectations.
The 2016 financial year will also see results from Centlube
being incorporated for the full twelve months. Having been
integrated into enX, completed the ExxonMobil take-on
phase and employed key executives, the business is now
settled. We are focused on growing volumes in all parts
of the business, improving gross margins and optimising
inventories. Inventory levels are being run down and we
expect them to reach target levels by mid 2016. We expect
Centlube to become a material contributor to group revenue
and profitability in the coming years.
The cost base of Wood is now properly aligned with its
activity levels. This business will focus on growing
high margin revenue lines and is expected to show
reasonable year-on-year growth in profitability in
line with the industry in which it operates.
The key risk to financial results in 2016 is the
performance of the Rand. A sustained and rapid decline
versus our trading currencies will increase input costs
which we may not be able to pass onto customers or may
result in a decline in volumes. Policies and procedures
are in place to mitigate this risk as far as possible.
The group’s acquisition pipeline is promising.
Subsequent events
Empowerment transaction
Building on enX’s commitment to grow its asset base and
transform into a truly empowered company, the board is
pleased to announce that the introduction of an additional
25,01% B-BBEE equity participation in enX was successfully
completed on 7 September 2015. 140 637 983 ordinary shares
in enX were issued to Samvenice Trading 1 Proprietary Limited,
a wholly-owned subsidiary of CapLeverage Proprietary Limited,
for an aggregate subscription price of R213,8 million.
On the strength of this ownership transaction and the
group’s various other empowerment initiatives, enX has
recently been awarded a Level 4 B-BBEE rating.
Business combination
In line with management’s intention to expand the Temporary
Power segment, the group announced on 17 September 2015 the
acquisition of the diesel generator rental business of
Galeprops 2661 CC (trading as Genmatics).
Genmatics operates a diesel generator rental business
offering generators ranging in size from 30kVa to 1 500 kVa
to clients across South Africa.
The transaction will give enX’s diesel generator rental
business an immediate and substantial presence in
KwaZulu-Natal, thereby establishing a national footprint.
The combined fleet will be in excess of 240 units,
ranging in size from 4 kVa to 1 500 kVa. This national
presence and enhanced fleet will enable enX to service
large customers and projects more effectively. In addition,
enX will be better equipped to meet the higher demand
for temporary power resulting from Eskom’s supply
shortages and be able to improve the overall
utilisation of its fleet.
The assets were acquired for a consideration of R60,4 million
paid in cash. In addition, there are a further three
instalments of R5 million each payable on the first,
second and third anniversaries of the effective date
on the basis that the vendor, Mr Tony Vassilatos,
remains employed by the group. These instalments
have been fair valued at approximately R12,5 million.
The fair value of the assets acquired on a provisional
basis is R42,8 million, with goodwill of R30,1 million
recognised.
Dividend
In line with the group policy to reinvest for growth,
no dividend has been declared for the year.
Changes in directorships
Ms M Motjope was appointed as an alternate director
to PC Baloyi on 8 September 2015.
Following the successful conclusion of the empowerment
transaction, non- executive director PC Baloyi is no
longer considered independent. A process has been
initiated to find another suitable independent non-
executive director to re-balance the board of enX
and ensure compliance with the Companies Act
and King III.
The following changes have been made to board
committees with immediate effect:
* PC Baloyi has resigned from the Audit and Risk
Committee and has been replaced by PM Makwana;
* AJ Phillips has replaced PC Baloyi as chairman
of the Remuneration Committee, who remains a
member of this committee;
* PS O’Flaherty has resigned from the
Remuneration Committee;
* PM Makwana has been appointed as chairman of
the Nominations Committee with AJ Phillips
and SB Joffe appointed as members.
Basis of preparation
The accounting policies and method of measurement
and recognition applied in the preparation of these
condensed consolidated provisional financial results
are in terms of International Financial Reporting
Standards (“IFRS”) and are consistent with those
applied in the audited annual financial statements
for the previous year ended 31 August 2014, except
for the adoption of new standards and interpretations
which became effective in the current year.
The condensed consolidated provisional financial
results are prepared in accordance with the requirements
of the JSE Listings Requirements for provisional reports
and the requirements of the Companies Act of South Africa.
The condensed consolidated provisional financial results
are presented in terms of the minimum disclosure
requirements set out in International Accounting
Standards (“IAS”) 34 – Interim Financial Reporting,
as well the SAICA Financial Reporting Guides as issued
by the Accounting Practices Committee and Financial
Reporting Pronouncements as issued by the Financial
Reporting Standards Council.
The Financial Director, Jarrod Friedman CA (SA), was
responsible for the preparation of the condensed
consolidated provisional financial results. Any
reference to future financial performance included
in this announcement has not been reviewed or
reported on by the group’s external auditors.
The group has adopted the new standards in issue
and there has been no material impact on the financial
results identified based on management’s assessment
of these standards.
These condensed consolidated provisional financial
results for the year ended 31 August 2015 have been
reviewed by Grant Thornton Johannesburg Partnership,
who expressed an unmodified review conclusion.
A copy of the auditor’s review report together with
the underlying financial results is available for
inspection at the company’s registered office.
For and on behalf of the board
PD Mansour JS Friedman
Chief Executive Officer Financial Director
23 November 2015
Executive directors: PD Mansour (Chief Executive Officer),
JS Friedman (Financial Director)
Non-executive directors: SB Joffe (Chairman), PC Baloyi,
NV Lila*, PM Makwana (Lead Independent)*, PS O’Flaherty,
AJ Phillips*
*Independent
Business and registered address: 202D, 11 Crescent Drive,
Melrose Arch, 2196
Postal address: PO Box 1914, Florida, 1710
Company secretary: CIS Company Secretaries Proprietary
Limited Transfer secretaries: Computershare Investor
Services Proprietary Limited
Sponsor: Java Capital
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