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Abridged Audited Results for the year ended 31 December 2015 and Declaration of Dividend Number 4
ANCHOR GROUP LIMITED
(Incorporated in the Republic of South Africa)
(Registration number 2009/005413/06)
(“Anchor” or “the Company”)
ISIN Code: ZAE000193389 JSE Code: ACG
ABRIDGED AUDITED RESULTS FOR THE YEAR ENDED 31 DECEMBER 2015 AND DECLARATION OF
DIVIDEND NUMBER 4
HIGHLIGHTS
- Adjusted HEPS up 83% to 55.1 cents per share (30.1 cents to 31 December 2014).
- Adjusted Headline Earnings up 259% to R82.0 million (R22.8 million to 31 December 2014).
- Assets under management and advice grew by 297% to R34.1 billion (R8.6 billion at
31 December 2014).
- Material acquisitions of Methwold Investments (“RCI”) and The Portfolio Bureau (Portfolio
Bureau”), with remaining cash and cash equivalents and short term investments balance of
R430 million.
- Declaration of final dividend of 16 cents per share (12 cents in 2014).
- Total dividends for the year of 27 cents per share (15 cents in 2014).
COMMENTARY
Anchor began managing assets in 2012 and has grown rapidly to reach group-wide assets at
31 December 2015 of R34.1 billion, up from R8.6 billion on 31 December 2014. These are primarily
private client and retail assets, with recent growth in the corporate and institutional markets.
The asset management subsidiary Anchor Capital Proprietary Limited (“Anchor Capital”), which
is the primary business in the group, runs segregated portfolios (both locally and internationally)
and has a series of funds in both the Collective Investment Scheme (“CIS”) and hedge
categories. The long term strategy of Anchor is to become a major player in South African asset
management, with an increasing focus on offshore investment. This will be achieved by both
organic and acquisitive growth.
RESULTS
Anchor, its subsidiaries and associates (“the group”) experienced an excellent 2015 and
reported headline earnings per share approximately double the forecast in the September 2014
listing prospectus (27.65 cents). Over 87% of the growth in earnings per share was organic. RCI
contributed 9% for seven months and Portfolio Bureau 3% for two months.
The turnover of the group grew by 175% to R226.3 million (2014: R82.3 million) for the year ended
31 December 2015. This was driven by growth in group-wide assets under management and
advice, which ended the period at R34.1 billion. This R25.5 billion increase represents 297%
growth on the assets under management of R8.6 billion at 31 December 2014. Of this increase,
over 60% was organic growth and just under 40% was by way of acquisition. The assets are
comprised of assets under management of R22.5 billion (31 December 2014: R7.3 billion) and
assets under advice of R11.6 billion (31 December 2014: R1.3 billion).
Anchor does not own 100% of all of its subsidiaries. If one only includes Anchor?s attributable
share of assets under management the R22.5 billion reduces to R20.9 billion. The yield on
average assets (R18.8 billion) for the period was 1.2% (2014: 1.6%), due to a change in the asset
mix. Anchor continued to attract organic net inflows in excess of R500 million per month.
Costs grew by 172% to R146 million (2014: R54 million) which is primarily as a result of:
1. Variable costs growing in line with turnover;
2. The consolidation of the costs of newly acquired businesses;
3. A step-up in the cost base of the business related to its increase in size and particularly the
costs of being listed;
4. New distribution staff and partnerships throughout the country to accelerate future growth;
5. Operations, compliance and system costs to enhance the client experience; and
6. Corporate finance and legal costs relating to acquisitions.
Turnover grew slightly faster than costs, resulting in an operating margin of 35.5% (2014: 34.8%).
We believe the future sustainable operating margin is higher than that achieved in 2015.
Operating profits grew by 181% to R80.4 million (2014: R28.6 million).
The share of profits from equity accounted associates was R0.6 million (2014: R0.5 million). Anchor
Securities (Pty) Ltd (“Anchor Securities”), a 22% associate, with a presence in Johannesburg and
Durban, now has over R3.8 billion (2014: R2.7 billion) of discretionary and non-discretionary
assets. This business incurred development expenses in its new Durban operation.
Comprehensive Income grew by 247% to R84.3 million (2014: R24.3 million).
Adjusted headline earnings per share grew 83% to 55.1 cents (2014: 30.1 cents). Adjusted
headline earnings are calculated by the group in order to reflect the sustainable earnings of the
group.
The business is highly cash generative and 93% of profits were generated in cash. The sharp
increase in turnover saw an increase in working capital, although the nature of the business is
such that trade debtors are generally paid within 10 days of month end.
Shareholders? equity grew to R714 million (2014: R353 million), as a result of the profit generated
and the issue of new shares. The net asset value per share is 429 cents. Cash and other liquid
instruments were R430 million at 31 December 2015.
OPERATIONAL REVIEW
Asset management
Anchor is proceeding well, with the growth in assets previously outlined. The business welcomed
a record number of new clients and private client inflows remain strong. We are particularly
pleased with growth from two new segments:
- Anchor Capital began marketing to pension funds and other institutional clients and the
initial signs are positive. A number of institutional mandates were awarded.
- We received encouraging support from the financial advisor community and investments in
Anchor-branded CIS (unit trust) assets increased by 255% to over R3.39 billion from
R838 million at 31 December 2014.
Group marketing initiatives are proving effective and Anchor has achieved net inflows of over
R500 million per month in 2015. The profile created by the listing of the business has had a
material positive impact on the number of new clients joining Anchor Capital every day.
The investment performance of the Group has been excellent since inception and it is ahead of
stipulated benchmarks across all investment mandates, both locally and offshore. The majority
of assets are managed in segregated portfolios where the average client performance has
been excellent. The Group's flagship CIS, the Anchor BCI Equity Fund, was the top performing
unit trust in its category (out of +/-200) for the 12 months to 31 December 2015, with a return of
28% compared to a peer average of 1.6%. This is the second consecutive year that this fund
achieved first place.
The Anchor product suite was expanded during the period under review and now includes the
following:
? In the local CIS category; Anchor BCI Equity, Anchor BCI SA Equity, Anchor BCI Managed,
Anchor BCI Worldwide Flexible, Anchor BCI Flexible Income, Anchor BCI Property, Anchor BCI
Africa Flexible Income and the Anchor BCI Bond fund.
? Foreign CIS?s on the Sanlam Ireland platform: Anchor Global Equity and Anchor Global
Capital Plus. Both of these have local feeder funds.
Anchor has a long term strategy of being a meaningful South African asset management
company and places a great deal of emphasis on fundamental research. Accordingly it has
constructed a large investment team relative to its size. The group has 12 CA(SA)'s and 14 CFA
charter holders/CFA-candidates among its 20-strong investment team.
Acquisitions
With effect from 1 June 2015, Anchor acquired 100% of the issued share capital of RCI. For the
initial 66% shareholding, R92 million was settled by means of a cash amount of R73 million and
the balance of R19 million through the issue of 1.9 million shares at R10 per share. The remaining
34% will be paid for in four tranches based on a price earnings ratio of 8 times audited profit
after taxation commencing from the year ending 31 December 2016. The risk and rewards for
the 100% has passed to Anchor. The provisional Net Asset Value acquired was R1.6m. Only seven
months of earnings are included in these results.
With effect from 1 November 2015, Anchor acquired 50% of Portfolio Bureau, for an aggregate
subscription price of R125 million, which was settled through a cash payment of R93.75 million
and the issue of 2.5 million Anchor shares at an issue price of R12.50 per Anchor share. The
provisional Net Asset Value acquired was R2.9 million. Only two months of earnings are
consolidated in these results.
ISSUE OF SHARES FOR CASH
During August 2015, Anchor issued 20.4 million shares for cash at a price of R12.50, raising
R255 million. These shares were listed on 31 August 2015. This cash was raised in order to ensure
that Anchor had sufficient cash to fund its planned acquisition strategy.
STRATEGY AND NEW INITIATIVES
Anchor is in its fifth year of existence and continues to make excellent progress. Anchor is a
young and dynamic asset management business, which maintains its focus on quality and
investment excellence, but also aims to do things differently and challenge the status quo. The
private client market in South Africa has shown a strong appetite to support a new player, but to
penetrate other segments of the market, longer track records are often required. The company
now has a four year track record in its current form and some of its CIS products are close to a
three year track record. As the track record lengthens and the asset base grows, we become a
viable asset management alternative for bigger pools of assets. This is an industry where size
begets size and we are encouraged by the early successes in winning mandates with bigger
clients. Our critical mass has enabled us to conclude deals with South Africa?s major LISP's, which
increases access to a broader set of potential investors.
Anchor Capital has taken a non-traditional approach to building an asset management
business by investing heavily in marketing and distribution capabilities from inception, which is
bearing fruit through the growth of assets under management, and consequent financial
leverage.
The Anchor Group's strategy is as follows:
1. To build a world-class investment product range across asset classes and geographies:
- This is now close to complete and Anchor now has a CIS product range which will service
all investment needs, managed by a now well-established, extremely competent and
strongly performing investment process.
- Anchor hired a fixed income team in 2015 and has built further capacity and capability
in the hedge and offshore categories, both organically and acquisitively. The focus now
is to leverage off this product offering by increasing assets under management.
- There is a strong focus on offshore, both for funds which are Rand-based and for funds
which have been externalised.
2. To build distribution capacity and capability to generate growth in assets under
management. This will be achieved in two ways:
- Marketing to traditional channels who outsource the asset management function to third
party asset managers. This includes financial advisors, institutional investors, multi-
managers and fund-of-funds. We continue to add high quality personnel to this pursuit.
- Marketing directly to clients, primarily in the private client space. We continue to employ
individuals who can attract assets and have over 25 high quality individuals who sign on
clients. We will also pursue partnerships and acquisitions of businesses which have a
distribution capability and existing client base. This strategy will prevail into 2016.
Aside from initiatives already mentioned, current and planned initiatives and achievements
include:
- Anchor Financial Services: This business has been formed with a focus on building assets
under management for Anchor Capital. In line with evolving regulations, distribution and
asset management are best practiced in separate entities. Anchor Financial Services is
spearheading the Group?s thrust into the institutional and financial advisory markets through
a combination of organic growth and strategic acquisitions and partnerships.
- Utilising information technology: The Group has been appointed as the asset manager to
Bizank, a new internet-based investment offering, targeting the 25 to 35 year-old category. It
aims to be first to market in this category in South Africa. The proliferation of so-called “robo-
advisors” is a global phenomenon and Bizank is set to be a major player in this space in
South Africa. Bizank will launch imminently.
- Expanding geographies: Anchor is expanding its sales and portfolio management
capabilities geographically. We have critical mass in Johannesburg, but aim to add
professionals in our Cape Town, Durban and Pretoria offices. The sales force more than
doubled over the course of 2015 and will expand further in 2016.
PROSPECTS
The prospects for 2016 are positive.
The key driver for the business is assets under management, which averaged R18.8 billion for the
2015 financial year. The 2016 financial year began with R34.1 billion of assets under
management. Assets under management and advice were in excess of R40 billion on 1 March
2016 due to new inflows and the acquisition of 47.4% of Capricorn Fund Managers. The results for
the forthcoming year will also be influenced by:
- The performance of local and global markets and Anchor?s relative performance;
- The inclusion of RCI for a full year, compared to seven months in 2015;
- The inclusion of Portfolio Bureau for a full year, compared to two months in 2015;
- The inclusion of Capricorn Fund Managers for 10 months in 2016;
- The impact on assets under management from a significantly larger distribution force and
the progress of Anchor Financial Services;
- The exchange rate between the Rand and other currencies (we estimate across the
business, including Capricorn Fund Managers, that the Rand hedge component is
approximately 60%), and
- An increase in shares in issue. The average shares in issue for 2015 were 148.9 million and the
starting shares in issue at 1 January 2016 are 166.2 million.
A presentation on the results under review is available on www.anchorgroup.co.za.
CHANGES TO THE BOARD OF DIRECTORS
During the 2015 year, the following director changes occurred:
- Mr Ivan Clark retired;
- Ms Kajal Bissessor was appointed as an independent non-executive director, and as the
Chair of the Audit and Risk Committee;
- Mr David Rosevear was appointed as the new Financial Director;
- Mr Nick Dennis was appointed as an independent non-executive director; and
- Mr Todd Kaplan changed his role from Financial Director to Chief Operating Officer;
There were no other changes to the Board of Directors during the period under review.
Abridged Condensed consolidated statement of comprehensive income
% Audited Audited
Figures in R'000 change 31-Dec-15 31-Dec-14
Revenue 175% 226 347 82 367
Operating Expenses 172% (145 991) (53 732)
Operating profit 181% 80 356 28 635
Other Income 2663% 36 527 1 322
Accounting gain on acquisition of former Investment 0% - 3 888
Finance Costs 123% (984) (441)
Share of profits from associates 25% 596 478
Profit before taxation 244% 116 495 33 882
Taxation expense 235% (32 253) (9 627)
Profit for the period 247% 84 242 24 255
Other Comprehensive Income 8
Total Comprehensive Income 247% 84 250 24 255
Profit for the period attributable to:
Owners of the parent 238% 82 028 24 255
Non-controlling interest 2 214 -
247% 84 242 24 255
Total comprehensive income attributable to:
Owners of the parent 238% 82 036 24 255
Non-controlling interest 2 214 -
247% 84 250 24 255
Earnings and headline earnings per share information:
Earnings per share (cents) 72% 55.1 32.0
Diluted earnings per share (cents) 76% 54.5 31.0
Headline earnings per share (cents) 95% 55.1 28.3
Diluted headline earnings per share (cents) 99% 54.5 27.4
Adjusted headline earnings per share (cents) 83% 55.1 30.1
Diluted adjusted headline earnings per share (cents) 87% 54.5 29.2
Earnings attributable to shareholders 247% 84 242 24 255
Non-controlling interest 2 214 -
Earnings attributable to ordinary shareholders 238% 82 028 24 255
Accounting gain on acquisition of former Investment - (3 888)
Related Tax on sale of Investment - 1 089
Headline earnings attributable to ordinary shareholders 282% 82 028 21 454
Share based payment to settle obligation - 1 391
Adjusted headline earnings attributable to ordinary
shareholders 259% 82 028 22 845
Number of shares in issue 18% 166 163 140 295
Weighted average number of shares in issue 96% 148 967 75 888
Contingent purchase consideration -23% 393 513
Employee share incentive scheme -38% 1 211 1 954
Diluted weighted average number of shares in issue 92% 150 571 78 354
Abridged Condensed consolidated statement of financial position
% Audited Audited
Figures in R'000 Change 31-Dec-15 31-Dec-14
Assets
Non-current Assets
Equipment 109% 3 847 1 837
Goodwill 1019% 273 140 24 401
Intangible assets 390% 32 402 6 612
Investments in associates 210% 30 716 9 907
Other financial assets 0% 796 796
Deferred tax -91% 48 526
673% 340 949 44 079
Current Assets
Cash and cash equivalents 4% 314 487 303 108
Other financial assets 1239% 115 341 8 615
Trade and other receivables 97% 43 237 21 896
Current tax receivable 4 093 -
43% 477 158 333 618
Total Assets 117% 818 107 377 697
Equity and Liabilities
Equity
Share capital 101% 635 945 317 164
Reserves -70% 4 588 15 389
Retained income 244% 70 673 20 535
Equity Attributable to Equity Holders of Parent 101% 711 206 353 088
Non-controlling interest 2 423 -
Total Equity 102% 713 630 353 088
Liabilities
Non-current Liabilities
Other financial liabilities 35 094 -
Deferred Tax 988% 9 216 847
5133% 44 310 847
Liabilities
Current Liabilities
Other financial liabilities -30% 2 816 4 001
Trade and other payables 153% 45 690 18 058
Current tax payable 585% 11 662 1 703
153% 60 168 23 762
Total Liabilities 325% 104 478 24 609
Total Equity and Liabilities 107% 818 107 377 697
Net asset value per share (cents) 429 252
Net tangible asset value per share (cents) 246 230
Abridged Condensed consolidated statement of cash flows
Audited Audited
Figures in R'000 31-Dec-15 31-Dec-14
Cash flows from operating activities
Cash generated from operations 102 131 25 916
Interest income 7 939 1 322
Finance costs (984) (441)
Tax paid (24 487) (10 718)
Net cash from operating activities 84 599 16 079
Cash flows from in investing activities
Purchase of equipment (2 762) (1 661)
Intangible assets acquired through business combination (18 746) (3 800)
Expenditure on intangible asset (1 328) (1 565)
Cash acquired on acquisition of Subsidiary 6 611 339
Acquisition of Subsidiaries (166 160) -
Net movement in financial assets (105 739) (6 071)
Increase in investments in associates (20 549) (9 907)
Net cash utilised in investing activities (308 673) (22 665)
Cash flows from financing activities
Increase in stated capital 269 418 308 398
Proceeds from / (Repayment of) other financial liabilities (1 185) (2 924)
Dividends paid (33 141) (2 778)
Net cash from financing activities 235 092 302 696
Total cash and cash equivalents movement for the year 11 018 296 110
Cash and cash equivalents at the beginning of the year 303 110 7 000
Effect of exchange rate movement on cash balances 359 -
Total cash and cash equivalents at end of the year 314 487 303 110
Abridged Condensed consolidated statement of changes in equity
Equity Total
reserve attributable
Foreign Shares due to Share to equity
currency to be change in based holders of Non-
Share translation issued control of payment Total Retained the group / controlling Total
Figures in R'000 Capital Reserve reserve interest reserve reserves Income company interest equity
Balance at 01 January 2014 1 - - - - - 5 944 5 945 2 089 8 034
Profit for the year - - - - - - 24 254 24 254 - 24 254
Other comprehensive income - - - - - - - - - -
Total comprehensive income
for the year - - - - - - 24 254 24 254 - 24 254
Issue of shares 308 398 - - - - - - 308 398 - 308 398
Buy back of shares (1 600) - - - - - - (1 600) - (1 600)
Issue of shares 1 391 - - - - - - 1 391 - 1 391
Movement in reserves - - - 3 099 - 3 099 (3 099) - - -
Issue of shares to acquire non-
controlling interest 8 974 - - (3 099) - (3 099) (3 786) 2 089 (2 089) -
Shares to be issued - - 14 760 - - 14 760 - 14 760 - 14 760
Share based payments - - - - 629 629 - 629 - 629
Dividends - - - - - - (2 778) (2 778) (2 778)
Total contributions by and
distributions to owners of
company recognised directly
in equity 317 163 - 14 760 - 629 15 389 (9 663) 322 889 (2 089) 320 800
Balance at 01 January 2015 317 164 - 14 760 - 629 15 389 20 535 353 088 - 353 088
Profit for the year - - - - - - 82 028 82 028 2 214 84 242
Other comprehensive income - 8 - - - 8 - 8 - 8
Total Comprehensive income
for the year - 8 - - - 8 82 028 82 036 2 214 84 250
Issue of shares 303 974 - - - - - - 303 974 - 303 974
Acquisition of subsidiary
Portfolio Bureau - - - - - - - - 1 459 1 459
Shares to be issued 14 760 - (14 760) - - (14 760) - - - -
Share based payments - - - - 3 951 3 951 - 3 951 - 3 951
Dividends - - - - - - (31 891) (31 891) (1 250) (33 141)
Total contributions by and
distributions to owners of
company recognised directly
in equity 318 734 - (14 760) - 3 951 (10 809) (31 891) 276 034 209 276 243
Balance at 31 December 2015 635 898 8 - - 4 580 4 588 70 672 711 158 2 423 713 581
Condensed consolidated segmental information (R’ 000)
Anchor Group
Limited and Anchor Capital
non-asset and other asset
management management Ripple
31 December 2015 associates businesses Effect 4 Eliminations Total
Revenue 21 464 220 090 4 690 (19 897) 226 347
Operating expenses (11 736) (151 316) (2 836) 19 897 (145 991)
Operating profit 9 728 68 744 1 854 - 80 356
Other Income 19 594 16 929 4 - 36 527
Share of profits from 335 261 - - 596
associates
Finance Costs (708) (272) (4) - (984)
Profit before tax 28 949 85 692 1 854 - 116 495
Anchor Group
Limited and Anchor Capital
non-asset and other asset
management management Ripple
31 December 2014 associates businesses Effect 4 Eliminations Total
Revenue 2 415 78 125 3 564 (1 737) 82 367
Operating expenses (2 912) (49 305) (3 254) 1 737 (53 734)
Operating profit (497) 28 820 310 - 28 633
Other Income - 3 888 - - 3 888
Interest Income 1 034 288 - - 1 322
Share of profits from 340 137 - - 478
associates
Finance Costs (396) (45) - - (441)
Profit before tax 480 33 088 310 - 33 880
Anchor Group
Limited and Anchor Capital
non-asset and other asset
management management Ripple
31 December 2015 associates businesses Effect 4 Eliminations Total
Assets 658 470 159 786 2 694 (2 843) 818 107
Non-Current Assets 337 807 5 938 207 (3 003) 340 949
Current Assets 320 663 153 848 2 487 160 477 158
Liabilities (41 662) (60 656) (600) (1 560) (104 478)
Non-Current Liabilities (37 820) (5 090) - (1400) (44 310)
Current Liabilities (3 842) (55 566) (600) (160) (60 168)
Equity 616 808 99 130 2 094 (4 403) 713 629
Anchor Group
Limited and Anchor Capital
non-asset and other asset
management management Ripple
31 December 2014 associates businesses Effect 4 Eliminations Total
Assets 319 579 91 891 3 857 (37 629) 377 698
Non-Current Assets 19 644 26 910 1 079 (3 554) 44 079
Current Assets 299 935 64 981 2 778 (34 075) 333 619
Liabilities (533) (64 243) (4 704) 44 870 24 609
Non-Current Liabilities (215) (43 992) - 43 360 847
Current Liabilities (318) (20 251) (4 704) 1 510 23 763
Equity 319 046 27 648 (847) 7 241 353 088
BASIS OF PREPARATION AND ACCOUNTING POLICIES
The accounting policies and method of measurement and recognition applied in the
preparation of these condensed consolidated 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 December 2014 except for the
adoption of new standards and interpretations which became effective in the current year.
The condensed consolidated financial statements 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 financial results have been
prepared in accordance with International Financial Reporting Standards (“IFRS”) and 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 Manager, Omair Khan CA(SA), was responsible for the preparation of the
condensed consolidated financial results, which process was overseen by the Financial Director,
Mr David Rosevear CA(SA).
Any reference to future financial performance included in this announcement has not been
reviewed or reported on by the group's external auditors.
These condensed consolidated financial statements for the year ended 31 December 2015
have been audited by Grant Thornton, who expressed an unmodified conclusion. A copy of the
auditor's report is available for inspection at the company?s registered office.
These summary audited consolidated financial statements have been derived from the Anchor
Group's annual financial statements. The contents of this announcement are extracted from
audited information, although the announcement is not itself audited. The directors take full
responsibility for the preparation of the provisional report and the financial information has been
correctly extracted from the underlying annual financial statements.
The auditor's report does not necessarily report on all the information contained in this
announcement. Shareholders are therefore advised that, in order to obtain a full understanding
of the nature of the auditor's engagement, they should obtain a copy of the auditor's report
together with the accompanying financial information from the Company?s registered office.
EVENTS AFTER THE REPORTING PERIOD
Anchor has acquired with effect from 29 February 2016, 47.41% of the issued share capital of
Capricorn Fund Managers South Africa (“CFM SA”) and 47.41% of the issued share capital of
Capricorn Fund Managers Malta (“CFM Malta”) (together “CFM Group”). The CFM group has
over R8 billion of assets under management, and net asset value is R15 million. The purchase
consideration is an amount of R348.4 million (“the purchase consideration”). The purchase
consideration will be reduced by Anchor's pro-rata share of profit after tax for the period 1 July
2015 to 29 February 2016.
The aggregated purchase consideration was settled as follows:
- R256 million in cash from Anchor resources and dividends received from the CFM group for
the 1 July 2015 to 29 February 2016 period; and
- the balance of R92.4 million through the issue of 7 698 782 Anchor shares at R12.00 per
share to the sellers.
There is provision for a price adjustment which will take into account various factors over a
period of 24 months until 30 June 2017, which has been derived and agreed upon, subject to:
- a maximum additional payment in cash of R59.6 million may be made to the sellers;
alternatively; and
- a maximum amount of R34.2 million to be recovered by Anchor.
DIVIDEND
As stated, the company has an intention of paying out approximately half of its earnings as a
dividend going forward as a listed business.
For the first six month period ended 30 June 2015 the company declared an interim gross
dividend (Number 3) of 11 cents per share (2014: 3 cents). The dividend was declared out of
income reserves.
For the year ended 31 December 2015, the company has declared a gross dividend (Number 4)
of 16 cents per share (2014: 12 cents). The dividend was declared out of income reserves. Thus
the total dividend declared for the year amounts to 27 cents (2014: 15 cents).
The dividend will be subject to a dividend withholding tax rate of 15% or 2.4 cents per ordinary
share, resulting in a net dividend of 13.6 cents per share to those shareholders who are not
exempt from dividend withholding tax.
Anchor's tax reference number is 9527/450/16/8. There are 176 357 973 ordinary shares in issue
at the declaration date.
The salient dates for the dividend are as follows:
Last date to trade 'cum' dividend Friday, 6 May 2016
Shares commence trading 'ex' dividend Monday, 9 May 2016
Record date (date shareholders recorded in share register) Friday, 13 May 2016
Payment date Monday, 16 May 2016
Shareholders may not dematerialise or rematerialise their share certificates between Monday,
9 May 2016 and Friday, 13 May 2016, both dates inclusive.
For and on behalf of the Board
Peter Armitage Mike Teke
Chief Executive Officer Chairman
17 March 2016
DIRECTORS
Executive Directors: Peter Armitage (Chief Executive Officer), Todd Kaplan (Chief Operating
Officer), David Rosevear (Financial Director)
Non-executive directors: Mike Teke (Chairman), Paul Nkuna (Lead independent), Alastair Adams
(Independent), Nick Dennis (Independent), Kajal Bissessor (Independent)
DESIGNATED ADVISOR
Arbor Capital Sponsors Proprietary Limited
TRANSFER SECRETARIES
Link Market Services South Africa Proprietary Limited
(Registration number 2000/007239/07)
11 Diagonal Street, Johannesburg, 2001
(PO Box 4844, Johannesburg, 2000)
REGISTERED OFFICE
25 Culross Road, Bryanston, Sandton, 2191
POSTAL ADDRESS
PO Box 1337, Gallo Manor, 2052
WEBSITE: www.anchorgroup.co.za
Date: 17/03/2016 03:18:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE').
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