Wrap Text
Unaudited condensed consolidated interim results for the six months ended 30 November 2015
OneLogix Group Limited
(Registration number 1998/004519/06)
JSE share code: OLG
ISIN: ZAE000026399
(“OneLogix” or “the company” or “the group”)
Unaudited condensed consolidated interim results
for the six months ended 30 November 2015
Our people, our strength
Highlights
Revenue up 28%
Trading profit up 25%
Operating profit up 16%
Cash generated from operations before net finance costs, taxation and dividends
up 26%
Core HEPS up 11%
Diluted Core HEPS up 7%
NAV up 55%
NTAV up 48%
2nd Phase of Logistics Hub in KwaZulu-Natal completed
Commentary
The group continued its more than 10 year uninterrupted trading growth trajectory
despite very difficult trading conditions, while strengthening its value proposition on
the back of a busy chapter in its history.
Review of operations
The majority of OneLogix’s businesses overcame economic challenges to perform
satisfactorily. Recent acquisitions have been successfully integrated and the new
logistics hub in KwaZulu-Natal is operating according to plan. We also continued to
effectively implement our long-standing strategy of lessening dependence on the
automotive industry.
Abnormal Logistics
OneLogix Vehicle Delivery Services (‘VDS’) managed to gain market share but traded
down in line with a contracting and increasingly competitive market. VDS’ exceptional
and cost-effective customer service was the key driver of growth and has ensured that
the company retains its pre-eminent market position. VDS also benefitted from the
strategic advantages of the new OneLogix Logistics Hub. The second phase of the
hub was recently completed on schedule (see post period events).
OneLogix Commercial Vehicle Delivery Services (‘CVDS’) retained leadership in a
quiet market. It also has benefitted from the recently expanded OneLogix Logistics
Hub and continues its extraordinary, near 100% level of on-time deliveries.
OneLogix Projex experienced declining project cargo moving through the Durban port.
Despite a consequent drop in revenue the company managed to boost profitability
through effective management of margins and process improvements. The recent
amalgamation with Madison should sustain this performance going forward
(see post period events).
Primary Product Logistics
All businesses performed well and ahead of expectations in some instances.
A strong management team at OneLogix United Bulk has taken full advantage of
recent investment in fleet, as well as synergies from the Vision Transport (Pty) Ltd
(‘Vision’) and Cryogas Express (Pty) Ltd (‘Cryogas Express’) acquisitions (see
acquisitions). The two acquisitions have been fully integrated and offer particularly
effective customer, management, fleet and operational value to the group. Vision and
Cryogas Express now operate under the OneLogix United Bulk brand and each of the
three businesses has increased its individual market share in its liquid bulk logistics
segment.
A solid customer base, good leadership and investment in additional fleet at OneLogix
Linehaul supported market expansion.
The new Jackson acquisition which is performing well, contributed for a full six months
for the first time. It is a market leader in the top-end logistics of agricultural products in
South and Southern Africa. A large portion of the cargo moved is export-orientated.
Buffelshoek, acquired by the group together with Jackson, exceeded pre-acquisition
expectations within its market niche of agricultural input and final farm produce.
Other - Logistics Services
Atlas 360’s traditional repair business performed well, but traded down as a result of
set-up costs incurred in the new market offering of truck bull bar manufacturing and
installation.
OneLogix Cargo Solutions maintained its important role within the group by offering
facilities support, primarily in import and export warehouse handling and storage.
Financial results
Revenue from continuing operations increased by 28% to R896,7 million on the back
of the maiden contributions for the full six months of the period of Jackson and
Buffelshoek and newly acquired Vision and Cryogas Express contributing to earnings
for the last two months of the interim period.
Trading margins from continuing operations remained resilient at 9,5% (November
2014: 9,7%), which resulted in commensurate growth in trading profit of 25% to
R85 million. Trading profit was adversely affected by an R8,1 million charge relating
to the group’s ongoing skills upliftment programme that had to be escalated in line
with the recently announced amended B-BBEE Codes. The vast majority of this
charge will be recovered by learnership allowances afforded by SARS. This has
contributed to the effective tax charge of 21,4% on profit for the period.
Operating profit was impacted by the non-cash flow, IFRS 2 share-based payment
charge of R6,7 million relating to employee participation schemes that were
implemented in February 2015. Operating profit increased 16% from R68,1 million
to R79,3 million during the period.
Net finance costs increased by 64% to R20,5 million as a result of the group’s recent
significant investment in infrastructure and funding of acquisitions concluded over the
past 12 months. Interest cover on trading profit of 4,2 times (2014: 5,5 times) remains
favourably above our targeted levels.
Earnings per share (‘EPS’) and headline earnings per share (‘HEPS’) declined 17%
and 18%, respectively, which is mainly due to the IFRS 2 share-based payment
charge mentioned above as well as the additional shares issued to Kagiso Capital in
January 2015. EPS and HEPS measured on a continuing basis declined 5% and
6%, respectively.
As previously communicated we aim to present stakeholders with the same
information that management utilises to evaluate the performance of the group’s
operations. Accordingly, we present core headline earnings
per share (‘Core HEPS’), which is headline earnings (as calculated based on SAICA
Circular 2/2013) adjusted for the amortisation charge of intangible assets recognised
on business combinations and charges relating to share-based payments. Core
HEPS from continuing operations increased by 11% to 20,3 cents and diluted
core HEPS from continuing operations increased by 7% to 19,6 cents. The dilutionary
effect on Core HEPS is calculated based on a volume weighted average share price
of R4,97 for the period. A reconciliation of headline earnings to core headline
earnings is provided in the financial results.
Cash generated from operations before net finance costs, taxation and dividends
increased 26% to R112,9 million. This reflects the continuing ability of management
to convert trading profits into cash and the strong focus on working capital discipline.
Dividend number 5, totalling R15,1 million, was declared on 18 August 2015 and
paid in the period.
The group invested R132,6 million in operational infrastructure as follows:
R100,6 million in fleet (of which R61,8 million relates to expansion), R27,3 million in
property (of which R20,4 million relates to the second phase of the OneLogix Logistics
Hub), R2,8 million in IT-related assets and R1,9 million for other assets. Net proceeds
of R23 million were received on the disposal of fixed assets. Investments in
acquisitions of R89,4 million were settled in cash during the period (see acquisitions).
New interest-bearing borrowings of R130,8 million were raised to fund asset-based
financing, offset by the repayment of interest-bearing borrowings of R67,2 million.
Net cash resources at the reporting date amounted to R86,4 million.
Recent investments in fleet, properties and acquisitions have substantially increased
the scale of OneLogix’s operations and we are satisfied that the financial position of
the group will be able to support and fund the strategy.
Acquisitions
With effect from 1 July 2015, the group acquired a 100% interest in the specialist
liquid bulk logistics company, Vision, for a cash purchase consideration of
R110 million. Timing of the Competition Commission approval resulted in profits
only being consolidated from 1 October 2015 with interest of R1,4 million on the
purchase price being expensed during this period. With effect from 1 October 2015
a 74,2%, interest in Cryogas Express for a cash purchase consideration of R5,5 million
was also effected.
Vision, based in Vereeniging, is a well-established and respected operator in the
solvent and acids markets of South Africa and neighbouring countries. With a number
of blue-chip customers, there have been immediate managerial, operational, fleet and
marketing synergies. Similarly, Cryogas Express represents an expansion of
the group’s bulk liquid business into the local and regional Cryogenics markets.
The preliminary purchase price allocation on Vision resulted in the following assets and
liabilities being recognised: property, plant and equipment R74,7 million; intangible
assets R10 million; trade and other receivables R29,7 million; inventories R1 million;
cash and cash equivalents R25,8 million; taxation payable R0,7 million; borrowings
R32,9 million; trade and other payables R10,8 million; deferred tax liability
R12,7 million and the balance to goodwill.
The preliminary purchase price allocation on Cryogas Express resulted in the following
assets and liabilities being recognised: property, plant and equipment R15,6 million;
trade and other receivables R2,5 million; cash and cash equivalents R0,3 million;
taxation receivable R1,2 million; borrowingsR7,2 million; trade and other payables
R1,8 million; and deferred tax liability R1,7 million.
A non-controlling interest of R2,1 million relating to Cryogas Express was recognised
at the acquisition date, measured using the proportionate share of the identifiable net
assets. The preliminary allocations will be finalised by year-end reporting as allowed
in terms of IFRS 3. The primary factor contributing to the goodwill recognised in
these acquisitions is their specialised service offerings as well as their leading
market presence. This goodwill is not expected to be deductible for income tax
purposes.
Had the businesses been acquired effective 1 June 2015, the effect on the statement
of comprehensive income would have been an increase in revenue of R63,4 million
and an increase in profit after tax of R9,9 million. The businesses contributed
R31 million in revenue and R4,9 million in profit after tax to the group for the period.
Corporate transaction
On 1 September 2015 OneLogix concluded a related-party transaction which saw
the group increase its stake in United Bulk. OneLogix acquired a further 26%
shareholding in United Bulk for a purchase consideration of R30,5 million, settled by
the issue of 5,8 million fully paid up OneLogix shares. OneLogix now owns 100% of
United Bulk and the management and shareholding interests are fully aligned. The
excess consideration paid over and above the carrying value of the non-controlling
interest acquired is recognised in equity.
Post period events
The OneLogix Logistics Hub Phase 2 development was transferred to the group in
January 2016. The facility is fully operational and cost the group R89 million, of which
R20,4 million had been invested by reporting date. New borrowings of R66 million
have been raised on transfer and the remainder of the investment has been
settled by existing cash resources.
The Logistics Hub, situated at Umlaas Road in KwaZulu-Natal, now has capacity to
store 9 000 passenger vehicles under cover and a further 1 000 commercial vehicles.
The hub also provides facilities such as workshops, refuelling, offices, driver
accommodation and fleet parking areas to all the group’s companies.
In December 2015 an additional 24% in Madison was acquired for a cash
consideration of R5 million. This increased OneLogix’s shareholding in Madison to
75% and paved the way for the amalgamation of the Projex and Madison businesses,
with the new shareholding being 86,9% held by OneLogix and the balance by
management.
Dividend
After careful consideration, the board has decided that no interim dividend is declared,
since the group wishes to preserve its cash resources given recent acquisitive activity,
prevailing uncertain market conditions and to facilitate growth areas of the business.
People
The group places a high priority on building high-quality teams within an enabling
culture. Testament to this was the recent re-award of the international honour of
‘Top Employer’ by the Top Employer institute. OneLogix was further announced the
‘Best Performer - Logistics Industry’. We remain highly appreciative of our
management team and staff, who continue to perform at the highest levels of
excellence.
We further thank all our business partners, customers, suppliers, business advisors
and shareholders for their invaluable support
Prospects
Trading conditions will be difficult for all group companies for the foreseeable future.
We will therefore focus on ensuring maximum efficiencies from existing businesses
and growing market share. Each of the group companies is well-placed in its
respective market, has a proven business model and is led by proficient management.
The group is always mindful of start-up and acquisitive opportunities and will continue
to assess these appropriately.
Basis of presentation
The unaudited condensed consolidated interim results for the six months ended
30 November 2015 have been prepared in accordance with International Financial
Reporting Standards (‘IFRS’) and are presented in terms of the disclosure requirements
set out in International Accounting Standards (‘IAS’) 34, 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 JSE Listings Requirements and the requirements of the Companies Act, No. 71
of 2008. The unaudited condensed consolidated interim financial information should
be read in conjunction with the most recent audited annual financial statements for the
year ended 31 May 2015.
Accounting policies and computations are consistently applied as in the annual
financial statements.
During the current interim period the group adopted those standards and
interpretations in issue and effective for the interim period. The adopting of these new
and amended standards and interpretations has not had a significant impact on the
group’s adopted accounting policies.
The interim financial statements have been approved by the board of directors on
25 February 2016. These results have been compiled under the supervision of the
Financial Director, GM Glass CA(SA). The interim results have not been reviewed or
reported on by the group auditors, PricewaterhouseCoopers Inc.
The unaudited condensed consolidated interim financial statements are available on
the company’s website www.onelogix.com.
By order of the board
25 February 2016
Condensed consolidated statement of comprehensive income
Unaudited Unaudited
six months six months Audited
ended ended year ended
30 November 30 November 31 May
2015 2014 2015
% R’000 R’000 R’000
Continuing operations
Revenue 28 896 656 703 028 1 367 980
Operating and administration costs 28 (765 432) (596 957) (1 168 074)
Depreciation and amortisation 40 (52 927) (37 863) (79 265)
Share-based payment - specific
share issue for cash - - (71 621)
Profit/(loss) on sale of assets 954 (114) (366)
Operating profit 16 79 251 68 094 48 654
Share of profits from associate 57 2 663 1 698 3 811
Finance income >100 1 359 668 6 023
Finance costs 66 (21 812) (13 135) (29 661)
Profit before taxation 7 61 461 57 325 28 827
Taxation (13 170) (16 093) (26 772)
Profit from continuing operations 17 48 291 41 232 2 055
Profit from discontinued operation - 5 417 1 817
Profit from disposal of discontinued
operations - - 144 178
Profit for the period 4 48 291 46 649 148 050
Other comprehensive income
Movement in foreign currency
translation reserve* 338 75 179
Total comprehensive income
for the period 4 48 629 46 724 148 229
Profit attributable to:
- Non-controlling interest 75 6 709 3 840 7 934
- Owners of the parent (3) 41 582 42 809 140 116
4 48 291 46 649 148 050
Other comprehensive income
attributable to:
- Non-controlling interest - - -
- Owners of the parent 338 75 179
338 75 179
Total comprehensive income
attributable to:
- Non-controlling interest 75 6 709 3 840 7 934
- Owners of the parent (2) 41 920 42 884 140 295
4 48 629 46 724 148 229
Total comprehensive income
attributable to owners of the
parent arises from:
- Continuing operations 12 41 920 37 467 (3 883)
- Discontinued operations - 5 417 144 178
(2) 41 920 42 884 140 295
Number of shares in issue (’000):
- Total issued less treasury shares 17 251 946 214 759 246 146
- Weighted 16 249 030 214 370 224 540
- Diluted 16 249 030 214 813 224 540
- Diluted measure for core
earnings purposes 20 257 887 214 813 233 825
Basic and headline earnings
per share (cents)
Basic earnings per share (cents) (17) 16,7 20,0 62,4
Continuing operations (5) 16,7 17,5 (2,6)
Discontinued operations - 2,5 65,0
Diluted basic earnings per
share (cents) (16) 16,7 19,9 62,4
Continuing operations (4) 16,7 17,4 (2,6)
Discontinued operations - 2,5 65,0
Headline earnings per share (cents) (18) 16,4 20,0 (1,7)
Continuing operations (6) 16,4 17,5 (2,5)
Discontinued operations - 2,5 0,8
Diluted headline earnings per
share (cents) (18) 16,4 20,0 (1,7)
Continuing operations (6) 16,4 17,5 (2,5)
Discontinued operations - 2,5 0,8
Core headline earnings per
share (cents) (2) 20,3 20,8 33,9
Continuing operations 11 20,3 18,3 33,1
Discontinued operations - 2,5 0,8
Diluted core headline earnings
per share (cents) (6) 19,6 20,8 32,5
Continuing operations 7 19,6 18,3 31,7
Discontinued operations - 2,5 0,8
Reconciliation of headline earnings
and core headline earnings
Profit attributable to owners of
the parent (3) 41 582 42 809 140 116
(Profit)/loss on disposal of property,
plant and equipment less taxation
and non-controlling interests (625) 57 188
Profit on disposal of discontinued
operation less taxation - - (144 178)
Headline earnings (4) 40 957 42 866 (3 874)
Share-based payments 6 712 - 76 095
Amortisation of intangible assets
acquired as part of a business
combination less taxation and
non-controlling interests 2 792 1 781 3 852
Core headline earnings 13 50 461 44 647 76 073
Segmental split of amortisation
of intangible assets acquired in a
business combination less taxation
and non-controlling interests
Abnormal logistics 66 66 131
Primary products logistics 1 634 624 1 536
Other 268 267 537
Share in associate 824 824 1 648
57 2 792 1 781 3 852
* The component of other comprehensive income
may subsequently be reclassified to profit
and loss during future reporting periods.
Condensed consolidated statement of financial position
Unaudited Unaudited Audited
at at at
30 November 30 November 31 May
2015 2014 2015
% R’000 R’000 R’000
ASSETS
Non-current assets 49 1 227 157 822 843 1 035 775
Property, plant and equipment 1 008 829 696 175 849 947
Intangible assets 163 724 75 711 132 184
Investment in associate 46 627 41 851 43 964
Loans and receivables 6 731 7 767 8 148
Deferred taxation 1 246 1 339 1 532
Current assets 45 399 191 275 270 393 061
Inventories 22 635 10 436 22 222
Trade and other receivables 287 018 208 483 210 422
Taxation 1 695 764 -
Cash resources 87 843 55 587 160 417
Non-current assets held-for-sale 12 340 16 832 20 082
Total assets 47 1 638 688 1 114 945 1 448 918
EQUITY AND LIABILITIES
Equity 79 728 714 406 102 688 418
Ordinary shareholders’ funds 688 308 378 834 643 988
Non-controlling Interests 40 406 27 268 44 430
Liabilities
Non-current liabilities 51 510 819 338 177 419 476
Interest-bearing borrowings 391 211 272 044 313 592
Deferred tax 119 608 66 133 105 884
Current liabilities 9 399 155 367 217 341 024
Trade and other payables 218 596 196 256 187 116
Interest-bearing borrowings 172 500 119 575 146 369
Taxation 6 664 7 438 6 592
Bank overdraft 1 395 43 948 947
Non-current liabilities held-for-sale - 3 449 -
Total equity and liabilities 47 1 638 688 1 114 945 1 448 918
Net asset value per share (cents) 55 273,2 176,4 261,6
Net tangible asset value per share
(cents) 48 208,2 141,1 207,9
Condensed consolidated statement of cash flows
Unaudited Unaudited
six months six months Audited
ended ended year ended
30 November 30 November 31 May
2015 2014 2015
% R’000 R’000 R’000
Net cash generated from operating
activities (13) 60 704 70 096 104 933
Cash generated from operations 26 112 940 89 305 192 135
Finance income 1 359 668 6 023
Finance costs (21 812) (13 135) (29 661)
Taxation paid (14 644) (10 763) (15 568)
Dividend paid to non-controlling
interests (2 022) (3 200) (3 659)
Dividend paid to shareholders (15 117) - (19 431)
Continuing operations (3) 60 704 62 875 129 839
Discontinued operations - 7 221 (24 906)
Net cash flows from investing
activities 55 (104 314) (67 347) 8 254
Continuing operations 54 (104 314) (67 817) (172 982)
Discontinued operations - 470 181 236
Net cash flows from financing
activities 18 (29 736) (25 107) 12 200
Continuing operations (29 736) (24 883) 12 424
Discontinued operations - (224) (224)
Net movement in cash resources (73 346) (22 358) 125 387
Cash resources at the beginning
of the period 159 470 33 933 33 933
Exchange gain on cash resources 324 64 150
Cash resources at the end of the
period 86 448 11 639 159 470
Condensed consolidated statement of changes in equity
Stated Treasury Retained
capital shares income
R’000 R’000 R’000
At 1 June 2014 - audited 37 691 (629) 285 683
Dividends declared to non-controlling interests - - -
Dividend paid to OneLogix shareholders - - (19 431)
Transactions with non-controlling interests 29 018 - -
Share-based payment reserve movement - - -
Specific share issues 315 534 (142 801) -
Share issue expenses (2 844) - -
Non-controlling interest acquired as a result
of a business combination 16 026 - -
Profit for the year - - 140 116
Other comprehensive income - - -
At 31 May 2015 - audited 395 425 (143 430) 406 368
Dividends declared to non-controlling interests - - -
Dividend paid to OneLogix shareholders - - (15 117)
Transactions with non-controlling interests 30 450 - -
Share-based payment reserve movement - - -
Non-controlling interest acquired as a result
of a business combination - - -
Profit for the year - - 41 582
Other comprehensive income - - -
At 30 November 2015 - unaudited 425 875 (143 430) 432 833
Share-
based
Revaluation Other payment
reserve reserves reserve
R’000 R’000 R’000
At 1 June 2014 - audited 28 040 153 -
Dividends declared to non-controlling interests - - -
Dividend paid to OneLogix shareholders - - -
Transactions with non-controlling interests - - -
Share-based payment reserve movement - - 4 474
Specific share issues - - -
Share issue expenses - - -
Non-controlling interest acquired as a result
of a business combination - - -
Profit for the year - - -
Other comprehensive income - - -
At 31 May 2015 - audited 28 040 153 4 474
Dividends declared to non-controlling interests - - -
Dividend paid to OneLogix shareholders - - -
Transactions with non-controlling interests - - -
Share-based payment reserve movement - - 6 712
Non-controlling interest acquired as a result
of a business combination - - -
Profit for the year - - -
Other comprehensive income - - -
At 30 November 2015 - unaudited 28 040 153 11 186
Foreign Transactions
currency with non- Non-
translation controlling controlling
reserve interests interests Total
R’000 R’000 R’000 R’000
At 1 June 2014 - audited 329 (16 289) 36 599 371 577
Dividends declared to
non-controlling
interests - - (3 659) (3 659)
Dividend paid to OneLogix
shareholders - - - (19 431)
Transactions with
non-controlling interests - (31 261) (10 067) (12 310)
Share-based payment
reserve movement - - - 4 474
Specific share issues - - - 172 733
Share issue expenses - - - (2 844)
Non-controlling interest
acquired as a result of a
business combination - - 13 623 29 649
Profit for the year - - 7 934 148 050
Other comprehensive
income 179 - - 179
At 31 May 2015 - audited 508 (47 550) 44 430 688 418
Dividends declared to non-
controlling interests - - (2 022) (2 022)
Dividend paid to
OneLogix shareholders - - - (15 117)
Transactions with
non-controlling interests - (19 645) (10 856) (51)
Share-based payment
reserve movement - - - 6 712
Non-controlling interest
acquired as a result of a
business combination - - 2 145 2 145
Profit for the year - - 6 709 48 291
Other comprehensive
income 338 - - 338
At 30 November 2015 -
unaudited 846 (67 195) 40 406 728 714
Segmental analysis
Unaudited Unaudited Audited
six months six months year
ended ended ended
30 November 30 November 31 May
2015 2014 2015
% R’000 R’000 R’000
Revenue
Abnormal logistics (6) 457 436 488 470 904 022
Primary products logistics 141 370 073 153 699 352 162
Reportable segments 29 827 509 642 169 1 256 184
Other 14 69 147 60 859 111 796
28 896 656 703 028 1 367 980
Segment results
Abnormal logistics (19) 52 704 65 163 110 097
Primary products logistics 228 55 813 17 023 40 083
Reportable segments 32 108 517 82 186 150 180
Other (28) 2 482 3 426 6 657
Corporate items 49 (25 990) (17 404) (31 722)
Trading profit 25 85 009 68 208 125 115
Unallocated:
Share-based payments - employees (6 712) - (4 474)
Share-based payments - Kagiso
transaction - - (71 621)
Profit/(loss) on sale of assets >100 954 (114) (366)
Operating profit 79 251 68 094 48 654
Share of profits from associate 57 2 663 1 698 3 811
Finance income >100 1 359 668 6 023
Finance costs 66 (21 812) (13 135) (29 661)
Profit before taxation 7 61 461 57 325 28 827
Total assets
Abnormal logistics 9 743 513 683 153 678 064
Primary products logistics 160 770 592 296 909 565 890
Discontinued operations - retail - 33 165 -
Reportable segments 49 1 514 105 1 013 227 1 243 954
Other 21 61 195 50 631 43 736
Corporate items 94 13 820 7 133 115 732
Investment in associate 11 46 627 41 851 43 964
Unallocated: taxation and
deferred taxation 40 2 941 2 103 1 532
47 1 638 688 1 114 945 1 448 918
Total liabilities
Abnormal logistics 14 405 122 355 223 324 300
Primary products logistics 102 341 719 169 306 268 296
Discontinued operations - retail - 19 896 -
Reportable segments 37 746 841 544 425 592 596
Other 6 27 931 26 473 23 913
Corporate items (86) 8 930 64 374 31 515
Unallocated: taxation and
deferred taxation 72 126 272 73 571 112 476
28 909 974 708 843 760 500
The group has authorised capital
expenditure over the next six
months of R157,5 million.
R140 million is already committed.
Commitments
Operating lease commitments
(not exceeding seven years) 96 948 62 761 63 167
Corporate information
Directors
SM Pityana (Chairman)*#
NJ Bester
GM Glass (FD)
AJ Grant*#
IK Lourens (CEO)
B Mathews*#
CV McCulloch (COO)
K Schoeman*
LJ Sennelo*#
* Non-executive
# Independent
Changes to the board of directors
B Mathews and K Schoeman were appointed to the board of directors on
18 August 2015 and DA Hirschowitz and A Sing resigned from the board
of directors on the same date.
Registered office
46 Tulbagh Road
Pomona
Kempton Park
PostNet Suite 10
Private Bag X27
Kempton Park
1620
Company secretary
CIS Company Secretaries (Pty) Ltd
70 Marshall Street
Johannesburg
2001
PO Box 61673
Marshalltown
2107
Transfer secretaries
Computershare Investor Services (Pty) Ltd
Ground Floor
70 Marshall Street
Johannesburg
2001
PO Box 61051
Marshalltown
2107
Sponsor
Java Capital
www.onelogix.com
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