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SOUTHERN VIEW FINANCE LIMITED - Abridged Unaudited Financial Results For The Three Month Period Ended 30 September 2015

Release Date: 31/12/2015 12:51
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Abridged Unaudited Financial Results For The Three Month Period Ended 30 September 2015

SOUTHERN VIEW   FINANCE LTD
(Incorporated   in Bermuda with registration number 47305)
Class A share   codes: BSX: SVF.BH      JSE: SVF        ISIN: BMG829251013
(“SVF” or the   “Company”)

ABRIDGED UNAUDITED FINANCIAL RESULTS FOR THE THREE MONTH PERIOD ENDED 30
SEPTEMBER 2015

The Company is incorporated in Bermuda and its main purpose is the holding
of investments. The Company maintains a primary listing on the Bermuda
Stock Exchange (“BSX”) and a secondary listing on the Alternative Exchange
(“AltX”) of JSE Limited (“JSE”). The listing of the Company’s Class A
shares on the AltX, in so far as it relates to their trading, has been
suspended with effect from Monday, 9 November 2015.

BUSINESS REVIEW
The effective date of the disposal of all shares in the Company’s
subsidiaries and loan claims was 1 July 2015. Therefore, no consolidated
accounts were presented from 1 July 2015. The Company recorded a net profit
after tax for the three months ended 30 September 2015 (“2015 Three Month
Period”) of R3,481,300,271 (2014: Group: R46,482,948).

DIVIDENDS
No dividend has been declared in respect of the 2015 Three Month Period.

BASIS OF PREPARATION
The abridged unaudited consolidated results for the 2015 Three Month Period
have been prepared in accordance with International Financial Reporting
Standards including International Accounting Standard 34 – Interim
Financial Reporting, the Bermuda Companies Act, 1981 (the “Act”), the BSX
Listing Regulations and the JSE Listings Requirements.

ACCOUNTING POLICIES
The financial results set out below have neither been audited nor reviewed
by the Company’s external auditors. The accounting policies adopted are
consistent with those published in the audited Consolidated Financial
Statements for the year ended 30 June 2015.

By order of the Board

31 December 2015

Summary information of the financial results of the Group for the 2015
Three Month Period, are as set out below:

ABRIGED UNAUDITED CONSOLIDATED STATEMENT OF FINANCIAL POSITION AS AT
30 SEPTEMBER 2015

Unaudited                                    Company as at       Group as at
                                              30 September      30 September
                                                      2015              2014
                                                         R                 R
ASSETS

Cash and cash equivalents                      103,231,481       641,383,527
Loans and advances to clients                            -     1,357,610,694
Property, plant and equipment                            -       156,284,466
Intangible assets                                        -        35,156,513
Other financial assets                       4,674,929,270        75,773,797
Total assets                                 4,778,160,751     2,266,208,997

LIABILITIES

Loans at amortised costs                                 -     1,332,189,192
Trade and other payables                         1,936,840       149,337,047
Current income tax liabilities                           -        18,815,523
Total liabilities                                1,936,840     1,500,341,762

EQUITY

Shareholders’ equity                         4,776,223,911       765,867,235
Total equity                                 4,776,223,911       765,867,235
Total liabilities and equity                 4,778,160,751     2,266,208,997



ABRIDGED UNAUDITED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME FOR THE
THREE MONTHS ENDED 30 SEPTEMBER 2015

Unaudited                                    Company for the   Group for the
                                                 three month     three month
                                                period ended    period ended
                                                30 September    30 September
                                                        2015            2014
                                                           R               R
Net interest income                                        -     233,778,643
Loan fee income                                            -     167,789,467
Direct distribution expenses                               -    (59,113,735)
Net portfolio income                                       -     342,454,376

Other income                                   3,486,518,416       6,743,023
Operating costs                                  (5,218,145)    (87,588,208)
Net bad debt written off                                   -   (158,035,424)
Bad debt provision                                         -     (9,943,697)
Funding costs                                              -    (34,850,317)
Other income / (expenses)                      3,481,300,271   (283,674,622)

Operating profit before taxation               3,481,300,271      58,779,754
Income tax expense                                         -    (12,296,806)
Profit for the three month period              3,481,300,271      46,482,948

Earnings per share (cents)
Basic                                                  2,721              67
Diluted                                                2,721              67

ABRIDGED UNAUDITED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY FOR THE
THREE MONTHS ENDED 30 SEPTEMBER 2015

                                                                                        Retained
Company: Unaudited                               Share capital     Share premium        earnings
                                                             R                 R               R

Balance at 1 July 2014 (audited)                        69,850       678,595,120      41,466,947
Total comprehensive profit for the three month
period                                                       -                 -      46,482,948
Balance at 30 September 2014 (unaudited)                69,850       678,595,120      87,949,895
Balance at 1 October 2014 (unaudited)                   69,850       678,595,120      87,949,895
Total comprehensive profit for the period                    -                 -    321,484, 741
Other comprehensive income                                   -                 -               -
Increase in non-controlling interest – Spotco
Holdings Pty Ltd                                             -                 -       (987,252)
Dividends paid to shareholders                               -                 -    (20,965,011)
Shares issued                                           62,912       649,937,063               -

Balance at 30 June 2015                                132,762     1,328,532,183     387,482,373

Disposal of subsidiaries                                     -                 -   (421,112,635)
Total comprehensive profit for the three month
period                                                       -                 -   3,481,300,271
Balance at 30 September 2015 (unaudited)               132,762     1,328,532,183   3,447,670,009


(Continued)

Company: Unaudited                                    Reserves   Non-controlling    Total equity
                                                             R                 R               R

Balance at 1 July 2014 (audited)                     (747,630)                 -     719,384,287
Total comprehensive profit for the three month
period                                                       -                -       46,482,948
Balance at 30 September 2014 (unaudited)             (747,630)                -      765,867,235
Balance at 1 October 2014 (unaudited)                (747,630)                -      765,867,235
Total comprehensive profit for the period                    -          512,482      321,997,223
Other comprehensive income                             223,942           25,067          249,009
Increase in non-controlling interest – Spotco
Holdings Pty Ltd                                             -        1,000,049           12,797
Dividends paid to shareholders                               -                -     (20,965,011)
Shares issued                                                -                -      649,999,975

Balance at 30 June 2015                              (523,688)        1,537,598    1,717,161,228

Disposal of subsidiaries                               412,645      (1,537,598)    (422,237,588)
Total comprehensive profit for the three month
period                                                       -                 -   3,481,300,271
Balance at 30 September 2015 (unaudited)             (111,043)                 -   4,776,223,911


ABRIDGED UNAUDITED CONSOLIDATED STATEMENT OF CASH FLOWS FOR THE THREE
MONTH PERIOD ENDED 30 SEPTEMBER 2015

Unaudited                                                 Company as at             Group as at
                                                           30 September            30 September
                                                                   2015                    2014
                                                                      R                       R
Profit before taxation                                    3,481,300,271              58,779,754
Adjustments for:
Depreciation and amortisation                                           -             6,625,816
Tax paid                                                                -          (12,296,806)
Changes in working capital:
Loans and other receivables                                     530,127              29,202,229
Trade and other payables                                    (1,461,359)            (10,225,882)
Net cash generated in operating activities                3,480,369,039              72,085,111
Net cash utilised in investing activities               (3,472,570,490)            (18,363,115)
Net cash generated from financing activities                          -              24,392,590
Net cash at the beginning of the period                      95,432,932             563,268,941
Net cash at the end of the period                           103,231,481             641,383,527

CHANGE OF NAME
Shareholders are reminded that the Company on 15 December 2015, announced
the implementation of a change of the name of the Company from Southern
View Finance Ltd to VestIN Holdings Ltd (“Change of Name”).

The Company will trade on the BSX under the ticker “VIN.BH” and the short
name “VestIN”, on the AltX under the ticker “VIN” and the short name
“VestIN”, and the International Securities Identification Number of the
Company will change from “BMG829251013” to “BMG934031060” once the Change
of Name becomes effective on 4 January 2016, on each of the BSX and AltX.


31 December 2015
Hamilton/Johannesburg

BSX sponsor: Global Custody and Clearing Limited
JSE sponsor: Bravura Capital Proprietary Limited

Date: 31/12/2015 12:51:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE'). 
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