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BRAIT SE - Audited results for the year ended 31 March 2016 and proposed bonus share issue or, alternatively, cash dividend

Release Date: 14/06/2016 07:07
Code(s): BAT     PDF:  
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Audited results for the year ended 31 March 2016 and proposed bonus share issue or, alternatively, cash dividend

Brait SE
(Registered in Malta as a European Company)
(Registration No. SE1)
Share code: BAT
ISIN: LU0011857645
Bond code: WKN: A1Z6XC
ISIN: XS1292954812
("Brait", the "Company" or "Group")
AUDITED RESULTS FOR THE YEAR ENDED 31 MARCH 2016 AND PROPOSED BONUS SHARE ISSUE OR, ALTERNATIVELY, CASH DIVIDEND

KEY HIGHLIGHTS

- Brait's reported NAV per share at 31 March 2016 is ZAR136.27 which
  represents growth of 76.7% on 31 March 2015's NAV per share of ZAR77.12
- The three year CAGR for reported NAV per share to 31 March 2016 is 72.3%
  per annum (benchmark of 15% per annum); including ordinary share
  dividends it is 72.6%
- Received ZAR17.7 billion investment proceeds
- Invested ZAR32.2 billion primarily in acquiring 89% of New Look, 78% of
  Virgin Active and increasing the shareholding in Iceland Foods to 57%
- Brait raised GBP350 million on 18 September 2015 from the issuance of
  its oversubscribed, 5-year Convertible Bond
- Brait redeemed all 20 million issued Preference Shares on 18 January
  2016 at their deemed issue price of ZAR100, as well as paying the
  dividend accrued to this date
- Brait proposes an ordinary share bonus issue, or alternatively, cash
  dividend of ZAR1.3627 per ordinary share (76.7% increase on FY2015)


Salient features for the year ended 31 March 2016

 Audited      Audited                                                          Audited     Audited
31 March     31 March                                                         31 March    31 March
    2015         2016                                                             2016        2015
     R'm          R'm                                                            EUR'm       EUR'm
 
                          PERFORMANCE MEASURES
   7 712       13 627     Net asset value (NAV) per share (cents)                  812         592
    141%          77%     NAV per share increase for the year                      37%        169%
     55%          72%     NAV per share three year CAGR#                           53%         43%
   0.44%        0.53%     Operating cost: Assets Under Management (AUM)*         0.53%       0.44%
   0.27%        0.45%     Operating cost after fee income: AUM                   0.45%       0.27%
  14 671       17 661     Cash inflow from investment portfolio                  1 052       1 127
                          DIVIDENDS
   77.12       136.27     Proposed/paid ordinary dividends per share (cents)      7.76        5.79
  474.70       487.23     Interim preference dividend per share paid (cents)   32.1133     33.3052
  479.68       302.03     Final preference dividend per share paid (cents)     18.1619     35.9842
                          FINANCIAL STATISTICS
  43 127       86 944     Market capitalisation                                  5 205       3 309
   8 350       16 700     Closing ordinary share price (cents)                   1 000         641
     516          521     Ordinary shares in issue (m)                             521         516
     (6)          (8)     Treasury shares (m)                                      (8)         (6)
     510          513    Ordinary shares outstanding (m)                           513         510


#  Compound Annual Growth Rate "CAGR"
*  AUM represents the aggregate of the Group's total assets and Brait IV invested capital under management. Using average AUM as the reference basis, FY16 operating cost
   are 0.62% and net after fee income 0.52% (FY15: 0.60% and 0.36% respectively).

Summary consolidated statement of financial position as at 31 March

 Audited     Audited                                                         Audited    Audited
31 March    31 March                                                        31 March   31 March
    2015        2016                                                            2016       2015
     R'm         R'm                                               Notes       EUR'm      EUR'm
                       ASSETS
  27 718      73 036   Non-current assets                                      4 352      2 129
  27 144      73 036   Investments                                     2       4 352      2 085
     574           –   Loan receivable                                 3           –         44
  13 701       4 599   Current assets                                           275       1 052
      12         245   Accounts receivable                                        15          1
  13 689       4 354   Cash and cash equivalents                       4         260      1 051

  41 419      77 635   Total assets                                            4 627      3 181
                       EQUITY AND LIABILITIES
  39 369      69 872   Ordinary shareholders equity and reserves       5       4 164      3 023
   1 964           –   Preference shareholders equity                  5           –        151
       –       7 721   Non-current liabilities                                   460          –
       –       6 621   Convertible Bonds                               6         395          –
       –       1 100   Borrowings                                      7          65          –
      86          42   Current liabilities                                         3          7
      86          42   Accounts payable and other liabilities                      3          7

  41 419      77 635   Total equity and liabilities                            4 627      3 181
     516         521   Ordinary shares in issue (m)                              521        516
     (6)         (8)   Treasury shares (m)                                       (8)        (6)
     510         513   Outstanding shares for NAV calculation (m)                513        510
   7 712      13 627   Net asset value per share (cents)                         812        592

Summary consolidated statement of comprehensive income for the year ended 31 March

 Audited    Audited                                                                     Audited    Audited   
31 March   31 March                                                                    31 March   31 March   
    2015       2016                                                                        2016       2015   
     R'm        R'm                                                            Notes      EUR'm      EUR'm   
  22 979     21 990   Investment gains                                                    1 445      1 686   
     611      1 597   Other investment income                                               105         45   
   (201)      (435)   Operating expenses                                                   (29)       (15)   
    (48)      (971)   Finance costs                                                        (63)        (3)   
     (7)       (24)   Taxation                                                              (2)        (1)   
  23 334     22 157   Profit for the year                                                 1 456      1 712   
                      Other comprehensive income                                                             
       9      8 064   Translation adjustments                                             (338)        208   
  23 343     30 221   Comprehensive income for the year                                   1 118      1 920   
   4 527      4 294   Earnings/Headline earnings per share (cents) – basic         8        283        332   
   4 527      4 141   Earnings/Headline earnings per share (cents) – diluted       8        272        332   


Summary consolidated statement of changes in equity for the year ended 31 March

 Audited    Audited                                                                                      Audited    Audited   
31 March   31 March                                                                                     31 March   31 March   
    2015       2016                                                                                         2016       2015   
     R'm        R'm                                                                              Note      EUR'm      EUR'm   
  16 247     39 369   Ordinary shareholders' balance at beginning of year                                  3 023      1 120   
  23 334     22 157   Profit for the year                                                                  1 456      1 712   
       9      8 064   Translation adjustments                                                              (338)        208   
       –       (36)   Preference share issue cost allocated to Retained Earnings on redemption               (2)        208   
    (22)      (270)   Net purchase of treasury shares                                                       (16)          –   
       –        864   Convertible Bond equity reserve                                                         57          –   
   (185)      (254)   Earnings attributed to preference shares                                              (15)       (14)   
    (14)       (22)   Ordinary dividends paid (cash election)                                       5        (1)        (1)   
  39 369     69 872   Ordinary shareholders' balance at end of year                                        4 164      3 023   
   1 964      1 964   Preference shareholders' balance at beginning of year                                  151        135   
       –          –   Translation adjustments                                                                 19         16   
       –         36   Preference share issue cost                                                              2          –   
     185        254   Earnings attributed to preference shares                                                15         14   
   (185)      (254)   Preference dividend paid                                                              (15)       (14)   
       –    (2 000)   Preference share redemption                                                          (172)          –   
   1 964          –   Preference shareholders' balance at end of year                                          –        151   


Summary consolidated statement of cash flows for the year ended 31 March

 Audited      Audited                                                                                   Audited     Audited
31 March     31 March                                                                                  31 March    31 March
    2015         2016                                                                                      2016        2015
     R'm          R'm                                                                                     EUR'm       EUR'm
                         Cash flows from operating activities:
  14 400       17 438    Investment proceeds received                                                     1 131       1 106
      84           69    Fees received                                                                        5           6
     113          315    Interest received                                                                   21           9
     147            –    Dividends received                                                                   –          11
   (214)        (444)    Operating expenses paid                                                           (29)        (16)
    (10)         (16)    Taxation paid                                                                      (1)         (1)
    (46)        (944)    Finance costs paid                                                                (62)         (4)
  14 474       16 418    Operating cash flow before purchase of investments                               1 065       1 111
   (841)     (32 199)    Purchase of investments                                                        (2 222)        (65)
  13 633     (15 781)    Net cash (used in)/from operating activities                                   (1 157)       1 046

       –       16 465    Proceeds from drawdown of Borrowings                                             1 200           –
   (164)     (15 365)    Repayment of Borrowings                                                          (996)        (13)
       –        7 245    Proceeds from issue of Convertible Bonds                                           481           –
       –      (2 000)    Redemption of Preference shares                                                  (109)           –
       –          612    Proceeds from Loan Receivable                                                       40           –
    (22)        (487)    Net purchase of treasury shares                                                   (32)         (2)
    (14)         (22)    Ordinary dividend paid (cash election)                                             (1)         (1)
   (185)        (254)    Preference dividend paid                                                          (15)        (14)
   (385)        6 194    Net cash from/(used in) financing activities                                       568        (30)

  13 248      (9 587)    Net (decrease)/increase in cash and cash equivalents                             (589)       1 016
     121          252    Effects of exchange rate changes on cash and cash equivalents                    (202)          13
     320       13 689    Cash and cash equivalents at beginning of year                                   1 051          22
  13 689        4 354    Cash and cash equivalents at end of year                                           260       1 051

Notes to the audited summary consolidated financial statements for the year ended 31 March

1.  ACCOUNTING POLICIES
    1.1  Basis for preparation
         The financial statements of the Group are prepared in accordance with International Financial Reporting Standards (IFRS) as adopted by
         the European Union, on the going concern principle, using the historical cost basis, except where otherwise indicated. These summary
         consolidated financial statements are prepared in accordance with IAS 34: Interim Financial Reporting and in accordance with the framework
         concepts and measurement and recognition requirements of IFRS. The accounting policies and methods of computation are consistent with
         those applied in the consolidated annual financial statements for the year ended 31 March 2015.

         The Group's financial statements are prepared using both the Euro (EUR) and SA Rand (R/ZAR) as its presentation currencies.

         The Group's subsidiaries have one of three functional currencies: GBP, SA Rand or USD (US$). The holding company, Brait SE, and
         its main consolidated subsidiaries use GBP as their functional currency in the current year. These entities used USD/ZAR as their functional
         currencies in the prior year. The change was effective from 1 April 2015 and was initiated as a result of a change in the denomination of
         significant funding and investment streams. The financial statements have been prepared using the following exchange rates:

                        2016                   2015
                  Closing      Average   Closing      Average
        USD/ZAR   14.7678      13.7836   12.1321      11.4826
        GBP/ZAR   21.2052      20.7245   17.9746      17.7794
        EUR/ZAR   16.7810      15.2210   13.0196      13.6291
        USD/EUR    0.8800       0.9055    0.9318       0.8425
        GBP/EUR    1.2636       1.3616    1.3806       1.3045

1.2    Compound financial instruments
       The Convertible Bonds issued in September 2015 are convertible into a fixed number of Brait ordinary shares. These Bonds are accounted
       for as compound financial instruments. The liability component is initially recognised as the present value of the future coupon and principal
       payments. The discount rate used for this calculation, was the market rate on the date the bonds were issued, for similar liabilities that do not
       have the equity conversion component (vanilla bonds). The equity component is the excess of the proceeds received on issuance, less the
       value of the liability component recognised for the instrument.

       Subsequent to its initial recognition, the liability component is measured at amortised cost using the effective interest rate method. In addition,
       the conversion option classified as equity (convertible bond reserve) will remain in equity until the conversion option is exercised, in which case,
       the balance recognised in convertible bond reserve will be transferred to share premium. Should the conversion option remain unexercised at
       maturity date, the balance recognised in convertible bond reserve will be transferred to retained earnings. No gain or loss is recognised in profit
       or loss on conversion or expiry of the conversion option.

2. INVESTMENTS
   The Group applies a number of methodologies to determine and assess the reasonableness of fair value, which may include the following:
   -  Earnings multiple
   -  Recent transaction prices
   -  Net asset value
   -  Price to book multiple
   Listed investments are held at recent quoted transaction prices. Where the listed investment is either thinly traded and/or the market is inactive, the
   valuation applied to determine the carrying value is based on the applicable unlisted investment methodology set out below.

   The primary valuation model utilised for valuing unlisted investee companies is the maintainable earnings multiple model:

   Maintainable earnings are derived with reference to the mix of prior year audited and latest available current year forecast EBITDA per the portfolio
   company, adjusted for any non-recurring income/expenditure. As the year progresses, so the weighting is increased towards the portfolio
   company's forecast.

   The Directors decide on an appropriate group of comparable quoted companies from which to base the EV/EBITDA multiple. The three year trailing
   average multiple of the comparable quoted companies, is adjusted for points of difference to the portfolio company being valued. The peer average
   spot multiple at reporting date is also considered. The equity valuation takes consideration of the portfolio company's net debt/cash on hand as
   per its latest available financial results. Further valuation information can be obtained from the 31 March 2016 investor presentation on the Group's
   website, www.brait.com.

   2015     2016                        2016    2015
    R'm      R'm                       EUR'm   EUR'm
 
      –   34 869   New Look            2 078       –
      –   17 579   Virgin Active       1 048       –
  8 241   11 637   Premier               693     633
  1 259    7 181   Iceland Foods         428      97
 15 206        –   Steinhoff               –   1 168
  2 438    1 770   Other investments     105     187
 
 27 144   73 036   Investments         4 352   2 085
 
 Valuation metrics at 31 March 2016
                                     Maintainable              3rd Party
                                           EBITDA  Multiple     Net Debt
 New Look (GBP'm)                             227     13.3x        1 083
 Virgin Active (GBP'm)                        135     11.0x          408
 Premier (R'm)                              1 125     12.7x        1 946
 Iceland Foods (GBP'm)                        151      8.8x          731
 Other Investments                                    varied
 
 Fair Value Hierarchy
 IFRS 13 Fair Value Measurement provides a hierarchy that classifies inputs employed to determine fair value. Investments measured and reported at
 fair value are classified and disclosed in one of the following categories:
 Level 1  Unadjusted quoted prices in active markets for identical assets or liabilities.
 Level 2  Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly (i.e. as prices) or
          indirectly (i.e. derived from prices).
 Level 3  Inputs for the asset or liability that are not based on observable market data
 
 There are no financial assets that are categorised as Level 2 in the current or prior year. All Level 3 investments have been valued using a maintainable
 earnings multiple model.
 Investments  Investments    Total                                           Investments  Investments   Total
      Level 1     Level 3                                                        Level 1      Level 3
         R'm          R'm      R'm    2016                                         EUR'm        EUR'm   EUR'm
           –       34 869   34 869   New Look                                          –        2 078   2 078
           –       17 579   17 579   Virgin Active                                     –        1 048   1 048
           –        8 911    8 911   Premier                                           –          531     531
           –        7 181    7 181   Iceland Foods                                     –          428     428
           1        1 452    1 453   Other investments                                 –           87      87
           1       69 992   69 993   Investments at Fair Value                         –        4 172   4 172
                             2 726   Premier shareholder funding                                          162
                               317   Other investments shareholder funding                                 18
                             3 043   Investments at Amortised Cost                                        180
                            73 036   Total investments                                                  4 352
 
    2015      2016                                                                                                                2016    2015   
     R'm       R'm                                                                                                               EUR'm   EUR'm   
                     3.   Loan Receivable                                                                                                        
   1 672     1 841   Loan to Fleet Holdings Ltd (Fleet)                                                                            110     128   
 (1 098)   (1 841)   Loan from Fleet                                                                                             (110)    (84)   
     574         –   Net loan to Fleet                                                                                               –      44   
                     The loans both bear interest at the 3 month Johannesburg Inter Bank                                                         
                     Acceptance Rate ("JIBAR") plus 3.45%, with the right to roll up interest.                                                   
                     The loans both mature on 4 July 2021.                                                                                       
                     In November 2015, Fleet refinanced the remaining loan owing to Brait with                                                   
                     The Standard Bank of SA Limited and FirstRand Bank Limited (Lenders). Brait                                                 
                     has provided the Lenders to Fleet with an indemnity for the amount owing.                                                   
                     Brait holds collateral in the form of pledged Brait shares for the indemnification.                                         
                     4.   CASH AND CASH EQUIVALENTS                                                                                              
  13 689     4 354   Balances with banks (1)                                                                                       260   1 051   
   3 034       172   –  ZAR cash                                                                                                    10     233   
     178        69   –  USD cash                                                                                                     5      14   
  10 477     4 113   –  GBP cash                                                                                                   245     804   
                     (1)Cash placed across five banks, each having an investment grade credit rating
                          
 
 
 2015   2016                                                                                                                      2016    2015   
  R'm    R'm                                                                                                                     EUR'm   EUR'm   
               5.   Share Capital and Premium                                                                                                    
               Authorised ordinary share capital                                                                                                 
               1 500 000 000 at par value of EUR0.22 per share.                                                                                    
               Issued ordinary share capital                                                                                                     
               31 March 2015    516 490 019                                                                                                      
               Bonus share issue    4 134 816                                                                                                    
               31 March 2016    520 624 835                                                                                                      
               Preference share capital                                                                                                          
               The company has 20 000 000 authorised preference share capital.                                                                   
               In January 2016 the Company redeemed all 20 000 000 issued preference shares.                                                     
               Dividend                                                                                                                          
 (14)   (22)   6% of ordinary shareholders elected to receive the cash alternative                                                 (1)     (1)   
               * The par value of the bonus shares issued are accounted for in Ordinary Share                                                    
               Premium with no adjustment to any other reserves in Equity. The bonus share                                                       
               issue option was converted at the 60 day Volume Weighted Average Price                                                            
               (VWAP) ending 29 May 2015 of R90.97 per share. This resulted in the R0.7712                                                       
               dividend per share translating into 0.84775 shares for every 100 shares held.                                                    
 
 
 2015    2016                                                                                                                     2016   2015
  R'm     R'm                                                                                                                    EUR'm  EUR'm
 
                6.   CONVERTIBLE BOND
    –   6 621        On 18 September 2015 Brait received GBP350 million from the issuance of its                                   395      –
                     five year unsubordinated, unsecured convertible bonds (Bonds). The Bonds carry
                     a fixed coupon of 2.75% per annum payable semi-annually in arrears. The fixed
                     conversion price of GBP7.9214 per ordinary share represents a 30% premium
                     to the volume weighted average price of Brait's ordinary shares between launch
                     and pricing on 11 September 2015. Using this conversion price, the Bonds
                     will convert into 44 184 109 ordinary shares (8.5% of Brait's current issued
                     share capital) on exercise of bondholders conversion rights. In the event that
                     bondholders have not exercised their conversion rights, the Bonds are settled
                     at par value in cash on maturity. Brait has a soft call to early settle the Bonds at
                     their par value after 9 October 2018 if the value of the ordinary shares underlying
                     the Bonds is equal to or exceeds GBP130,000 for more than 20 of the 30
                     consecutive trading days up to 9 October 2018. The conversion option has
                     been recognised directly in equity. The liability for the bonds is accounted for at
                     amortised cost using an effective interest rate of 5.51%.
 
                     The Bonds listed on the Open Market (Freiverkehr) segment of the Frankfurt
                     Stock Exchange on 15 October 2015.

                7.   BORROWINGS
    –   1 100        The loan from FirstRand Bank Limited (acting through its Rand Merchant                                         65      –
                     Bank division) and The Standard Bank of South Africa Limited (acting through
                     its Corporate and Investment Banking Division) is Rand denominated, bears
                     interest at Jibar plus 2.5% repayable quarterly, with a right to rollup. The current
                     R6.4 billion revolving facility expires in July 2017.
                     The new committed revolving facility will have a term of four years and comprises
                     the aggregate of a ZAR8.5 billion tranche and a GBP75 million tranche from
                     JP Morgan Chase Bank, N.A., London branch.
 
   2015      2016                                                                                                                2016     2015
    R'm       R'm                                                                                                               EUR'm    EUR'm
 
                      8.   HEADLINE EARNINGS RECONCILIATION
 23 334     22 157         Profit for the year                                                                                  1 456    1 712
   (95)       (98)         Interim Preference dividend paid                                                                       (5)      (7)
   (96)       (60)         Final Preference dividend paid                                                                         (3)      (7)
 23 143     21 999         Earnings/Headline Earnings                                                                           1 448    1 698
    511        512         Weighted average ordinary shares in issue (m) – basic                                                  512      511
  4 527      4 294         Earnings/Headline Earnings per share (cents) – basic                                                   283      332
 
 23 143     21 999         Earnings/Headline Earnings                                                                           1 448    1 698
      –        189         Earnings adjustment for Bond interest saved if Bonds converted to shares                                12        –
 23 143     22 188         Diluted earnings/Headline earnings                                                                   1 460    1 698
    511        536         Weighted average ordinary shares in issue (m) – diluted (1)                                            536      511
  4 527      4 141         Earnings/headline earnings per share (cents) – diluted                                                 272      332
                           (1)All ordinary shares underlying the Bonds are treated as dilutive and weighted from issue of
                              the Bonds on 11 September 2015
 
                      9.   RELATED PARTY BALANCES
                           Transactions between the Company and its subsidiaries that have been
                           eliminated on consolidation are not disclosed in this note. Transactions between
                           the Company and its subsidiaries are disclosed in the Company's separate
                           financial statements. During the year, Group companies entered into the following
                           transactions with related parties who are not members of the Group.
 
                           Profit from operations include:
    (9)       (17)         Non-executive directors' fees                                                                          (1)       (1)
    (4)        (5)         Professional fees – M Partners S.a r.l                                                                   –         –
    (1)        (1)         Professional fees – Maitland International Holdings Plc                                                  –         –
 
 2015    2016                                                                                                                    2016      2015
  R'm     R'm                                                                                                                   EUR'm     EUR'm
                10. CONTINGENT LIABILITIES AND COMMITMENTS
                    10.1 Contingencies
   69       –            Sureties (1)                                                                                               –         5
  397       –            Guarantees (1)                                                                                             –        30
                           (1)Sureties and guarantees were in respect of the lenders to Chamber Lane Properties
                              and Southern View Finance Limited (SVF) and were released on the Group's
                              realisation of these investments.
                        Fleet Indemnity – see note 3
  466       –            Total contingencies                                                                                        –        35
                   10.2 Commitments
    –   8 340           Convertible Bond commitments                                                                              497         –
    –     204           –  Coupon payment due within one year                                                                      12         –
    –     714           –  Coupon payments due between one and five years (2)                                                      43         –
    –   7 422           –  Prinicipal settlement due in five years (2)                                                            442         –
                          (2)The coupon payment due amounts reflect the semi-annual coupons payable in
                             arrears over the Bond's five year term. The principal settlement due amount is only
                             payable in the event that the bondholders have not exercised their conversion
                             rights. Brait has a soft call to early settle the Bonds at their par value after 9
                             October 2018 if the value of the ordinary shares underlying the Bonds is equal to or
                             exceeds GBP130,000 for more than 20 of the 30 consecutive trading days up to
                             9 October 2018. If the soft call is exercised, coupons for the two years to
                             18 September 2020 will not be payable.
 114      117            Private equity funding commitments                                                                         7          9
                         Rental commitments (Malta and Mauritius)
    2       2            – Within one year                                                                                          –          –
    3       3            – Between one and five years                                                                               –          –
  119   8 462           Total commitments                                                                                         504          9
                   10.3 Other
                        The Group has rights and obligations in terms of shareholder or purchase
                        and sale agreements relating to its present or former investments.
 
 11.  POST BALANCE SHEET EVENTS
      No events have taken place between 31 March 2016 and the date of the release of this report, which would have a material impact on either the
      financial position or operating results of the Group.
 
 Auditor's opinion
 These summary consolidated financial statements for the year ended 31 March 2016 have been audited by Deloitte Audit Limited who expressed an
 unmodified opinion thereon. The auditor also expressed an unmodified opinion on the annual consolidated financial statements from which these summary
 consolidated financial statements were derived.
 
 The auditor's report does not necessarily report on all of 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 that report, together with accompanying financial
 information from the Company's registered office.
 
 A copy of the auditor's report on the summary consolidated financial statement and of the auditor's report on the annual consolidated financial statements
 are available for inspection at the Company's registered office, together with the financial statements identified in the respective auditor's reports.
 
 REVIEW OF OPERATIONS
 
 The Board of Directors is pleased to report to shareholders on the Group's results for the financial year ended 31 March 2016.
 
 VALUE DRIVERS
 
 Growth in NAV is the Group's key performance measure together with the following additional factors comprising the core value drivers of the business:
 
 -   Low cost to Assets Under Management (AUM) ratio;
 -   Minimal balance sheet cash drag;
 -   Significant cash flow within the investment portfolio; and
 -   Predictable and consistent ordinary dividend to closing NAV yield.
 
 Growth in NAV
 
 The growth in NAV per share when comparing the current ZAR136.27 to previous reporting periods is as follows:
 
 Reporting date      Reported NAV      Period   % increase   
                        per share                            
 31 March 2015           ZAR77.12   12 months        76.7%   
 30 September 2015      ZAR123.50    6 months        10.3%   
 
 
 Brait reported a NAV per share of ZAR136.34 for its third quarter ended 31 December 2015. This included carrying values for the Group's GBP denominated
 assets translated into the Group's ZAR presentation currency using that period's closing GBP/ZAR exchange rate of ZAR22.80. Had the GBP/ZAR exchange rate 
 at 31 March 2016 remained unchanged at ZAR22.80, rather than strengthening to its actual close of ZAR21.21, Brait's reported 31 March 2016 NAV would have 
 been ZAR144.25.
 
 Brait's valuation policy is to reference the EV/EBITDA valuation multiple on an historical basis for each of its investments to their peer group's
 trailing three year average multiple. At reporting date, the EV/EBITDA historical valuation multiples used are:
 
                     Valuation     Peer average:   Peer average:   
                 multiple used   3 year trailing            spot   
 New Look                13.3x             15.1x           13.3x   
 Virgin Active           11.0x             13.6x           13.7x   
 Premier                 12.7x             13.0x           12.7x   
 Iceland Foods            8.8x             10.0x            9.8x   
 
 
 The discounts to peer average multiples at reporting date are:
 
                                           Discount to:
                     Valuation
                                   Peer average:    Peer average:
                 multiple used
                                 3 year trailing             spot
 New Look                13.3x               12%                -
 Virgin Active           11.0x               19%              20%
 Premier                 12.7x                2%                -
 Iceland Foods            8.8x               12%              10%
 
 The Nav breaks-down is as follows:
 
 31 March   31 March                                                31 March   31 March   
     2015       2016                                                    2016       2015   
    ZAR'm      ZAR'm                                        %          EUR'm      EUR'm   
   27 144     73 036   Investments                         94          4 352      2 085   
        -     34 869   New Look                            45          2 078          -   
        -     17 579   Virgin Active                       23          1 048          -   
    8 241     11 637   Premier   1                         15            693        633   
    1 259      7 181   Iceland Foods                        9            428         97   
    2 438      1 770   Other investments                    2            105        187   
   15 206          -   Steinhoff                            -              -      1 168   
      574          -   Loan receivable                      -              -         44   
   13 689      4 354   Cash and cash equivalents            6            260      1 051   
       12        245   Accounts receivable                  -             15          1   
   41 419     77 635   Total assets                       100          4 627      3 181   
       86      7 763   Total liabilities                                 463          7   
        -      1 100   Borrowings                                         65          -   
        -      6 621   Convertible bond                                  395          -   
       86         42   Accounts payable                                    3          7   
    1 964          -   Preference share equity                             -        151   
   39 369     69 872   Net asset value                                 4 164      3 023   
                       Number of issued ordinary shares                                   
   510.50     512.75   ('mil‚ excluding treasury shares)              512.75     510.50   
    7 712     136.27   Net asset value per share (cents)                 812        592   
 
 
 Key highlights for the Group's investment portfolio are:
 
 – New Look's revenue and EBITDA for its financial year ended 26 March 2016 increased (in GBP) by 5.4% and 7.0% on FY2015 respectively. 
   New Look Brand like-for-like sales for FY2016 are +3.6%, UK like-for-like sales are +3.4%, with own website sales +27.9% and 3rd 
   Party E-commerce sales +41.8%. UK growth was driven by (i) strong product ranges; (ii) on-going improvements in product handwriting 
   and brand identity; (iii) the continued roll-out of the Concept store refurbishment programme and (iv) further investment and improvements 
   to the design, content and functionality of its transactional website at newlook.com and new mobile application. Encouraged by the strong 
   reaction to the improving menswear range, particularly from 3rd Party E-commerce customers, New Look accelerated its plans during the year 
   opening its first six standalone menswear stores in the UK. Menswear is now also available alongside womenswear in around 200 stores, 
   where stronger visual merchandising and the introduction of menswear specialists to the in-store teams, has helped drive sales. New Look 
   sustained a stable gross profit margin of 52.7%. During FY2016, New Look added "Gross Profit Margin Improvement" as its sixth strategic 
   focus initiative, aiming to achieve a significant and sustainable improvement in gross margin going forward. The store rollout in China 
   continues with strong like-for-like sales performance from stores that have traded for more than 12 months. At year end, there are 85 
   stores, spread across 20 provinces and 40 cities, in operation in China (FY2015: 19 stores). Across the group, the total number of stores 
   increased to 838 (FY2015: 809 stores), with total space advancing by 1.5% to 5,442,000 sq ft (2015: 5,363,000 sq ft). More than half of the 
   entire store portfolio has now been converted to the new successful ' Concept' format. Cash flow generation is strong with operating cash 
   flow pre tax, post capex, at 68.7% of EBITDA. New Look is valued at reporting date using an EV/EBITDA multiple of 13.3x, which represents a
   discount of 12% to the peer group's three year trailing average multiple of 15.1x and is at the peer group's average spot multiple. Applying 
   the closing GBP/ZAR exchange rate of ZAR21.21, New Look's carrying value is ZAR34.9 billion, which represents 45% of Brait's total assets. 
   The Newn Look FY2016 debt investor presentation is available on www.brait.com.
 
 – Virgin Active's revenue for its financial year ended 31 December 2015, measured in constant currency, increased by 4% on FY2014. EBITDA
   increased by 15.0%, reflecting growth across all territories, with EBITDA margin expanding from 19.4% to 21.6%. Total clubs increased by 9
   to 276, following (i) the opening of three new Collection clubs in Europe; (ii) 10 new clubs opened in Southern Africa, including 4 entry
   level Virgin Active RED clubs (7 operating at year-end) and the first club in Botswana; (iii) three new clubs opened in Asia Pacific; (iv) 
   the July 2015 acquisition of three clubs, rebranded to Virgin Active, at prime sites in central Milan; and (v) the divestment of 10 non-core
   clubs in Europe. Total membership grew by 3% to 1.47 million. Net bank debt to EBITDA decreased from 2.7 times in FY2014 to 2.5 times. Virgin
   Active is committed to product innovation and the continual search for new ways to help members become and stay active. Highlights for 2015
   include the international roll out of a gym floor based high energy training zone The Grid; the introduction of boutique classes such as
   ballet-inspired Barre; Virgin Active's second ever high-altitude-training studio at the Walbrook Club in central London (one of its two
   new premium UK Collection clubs); and specialist training with partner Tough Mudder in several key markets. Virgin Active is valued at
   reporting date using an EV/EBITDA multiple of 11.0x, which represents a discount of 19% to the peer group's three year trailing average 
   multiple of 13.6x and a 20% discount to spot. Applying the closing GBP/ZAR exchange rate of ZAR21.21, Virgin Active's carrying value is 
   ZAR17.579 billion, which represents 23% of Brait's total assets.
 
 Virgin Active's recent announcements to the market:
 
 > 20 May 2016: Virgin Active believes the Asian market has enormous
   scope for its premium, high-end fitness clubs and its globally
 
   recognisable brand gives it a head start in securing iconic
   locations. Building on the success of its first four clubs in
   Thailand and Singapore, Virgin Active plans to significantly
   increase its presence in South East Asia, investing from existing
   resources up to GBP150 million in the region over the next six
   years. The intention is to open up to 20 clubs in Thailand
   (currently three) and between 8 and 10 clubs in Singapore
   (currently one). Virgin Active is also exploring expansion in
   other key Asian markets.
 
 > 14 June 2016: Following the acquisition by Brait, Virgin Active's
   strategy has been built around a focus on operating and developing
   prime sites in metropolitan hubs in its key geographies. The sale
   of 35 of its non-core UK clubs to Nuffield Health, a not-for-
   profit healthcare organisation, is an acceleration of this
   strategy. The UK business will now be focussed on London, the
   South East and other metropolitan areas, and will be organised
   around three core proposition pillars: (i) high-end Collection
   clubs, (ii) big family clubs, and (iii) racquets clubs. The
   transaction is expected to complete in the next few months, when
   existing members and club staff will transfer to Nuffield Health.
   The proceeds from the sale will be directed to up-weighting its
   club upgrade and new club rollout programmes, together with M&A
   growth. As part of this, Virgin Active plans to upgrade a further
   10 London clubs into its high end "Collection" group of clubs,
   adding to the 11 in the UK and 17 worldwide.
 
 – Premier's revenue for the nine months ended 31 March 2016, which
   includes the acquisitions made in FY2015, increased by 32% on the
   comparative period. Group EBITDA margin improved to 10.5%, generating an
   increase in EBITDA of 41% for the period. Bakeries bread sales volumes
   increased by 7% on the comparative period, largely in the informal
   market. Against a difficult market environment as a result of
   significant increases in grain prices due to the severe drought, Rand
   depreciation and the effect of the wheat import tariff, the Milling
   division has focussed on managing its margins and costs and improving
   its milling efficiencies. As part of its strategy to enter new
   categories through innovation, Premier commissioned an extrusion plant
   at the Kroonstad maize mill in January 2016, which has enabled it to
   enter the Ready-to-Eat breakfast cereal market. In March 2016, Premier
   launched an instant maize porridge range under its Iwisa, Nyala and Top
   Score brands, as well as a high protein, multi-grain cereal under a new
   brand "Thrive". Premier's Grocery division, which comprises Sugar
   confectionary, Lil-lets and CIM (the leading food producing company in
   Mozambique) has traded well. In particular, the Sugar confectionary
   division continued its focus on innovation having more than doubled its
   product offering since its acquisition in May 2013. Lil-lets' backward
   integration into tampon manufacturing in South Africa, has been a
   success and its efforts to expand into new markets in China and the
   Middle East are on track. In its first period of inclusion in Premier's
   results, CIM has performed well and is trading in line with Premier's
   investment case, in Rands, despite the challenges caused by
   macroeconomic factors negatively affecting Mozambique. Premier's capital
   expenditure programme has continued according to plan in the current
   year, with R977 million being invested to: (i) install the new breakfast
   facility; (ii) purchase the site housing the Durban operations; (iii)
   commission a state-of-the-art wheat mill in Durban; (iv) complete a new
   bakery line in Durban to replace the line damaged by a fire in the prior
   year; and (v) complete the programme to own its milling and baking
   vehicle fleet. Furthermore, Brait increased its shareholding in Premier
   to 91.1% (FY2015: 86.5%), through the exercise of put and call option
   agreements. Premier is valued at reporting date using an EV/EBITDA
   multiple of 12.7x which represents a discount of 2% to the peer group's
   three year trailing average multiple of 13.0x and is at the peer group's
   average spot multiple. Premier's carrying value is ZAR11.6 billion
   (FY2015: ZAR8.2 billion) which represents 15% of Brait's total assets
   (FY2015: 20%).
 
 – The UK Grocery market remains challenging with price deflation again
   being a key factor. Iceland Foods' sales for its 52 weeks ending 25
   March 2016 decreased by 0.8% on FY2015. Like-for-like sales of -2.7%
   represented an improvement of 1.7% on the previous year. The 5.6% EBITDA
   margin is consistent with the prior year, with EBITDA of GBP150.5m +0.2%
   on FY2015. The "Power of Frozen" marketing campaign and an extensive
   programme of new product development, including Iceland's exclusive
   Slimming World range of frozen prepared meals, have supported a strong
   performance in Iceland's frozen category. A number of senior
   appointments have been made to strengthen Iceland's product development
   capabilities still further, and to increase expertise in the non-frozen
   categories. Iceland has achieved strong growth in the expanding UK
   online food sales market, leveraging its pioneering expertise in home
   delivery, which it has offered since 1996, and its unique offer of free
   delivery for a GBP35 minimum spend. In February 2016, Iceland Foods was
   voted the top UK online supermarket retailer in the annual customer
   satisfaction survey by consumer organization "Which?". The Food
   Warehouse frozen-led warehouse concept was launched by Iceland in 2014
   to cater for the trend of shoppers opting to do large scale shops at
   ' out of town' retail parks, and it has continued to deliver ahead of
   plan. Six Food Warehouse stores were opened during FY2016, ending the
   year with 12 operating in the UK. Free cash flow post capital
   expenditure of GBP87 million represents an EBITDA cash conversion ratio
   of 58%. Capital expenditure for the year of GBP62 million (FY2015: GBP29
   million) included a new EPOS system, installation of LED store lighting
   across the estate, investment in the refurbishment of the manufacturing
   business, and new stores and refits. The group added a net 9 stores
   during the year, closing with a total of 881 stores, which includes 864
   stores in the UK. As communicated on 19 November 2015, Brait increased
   its shareholding in Iceland Foods from 19% to 57.1%, partnering
   alongside the founder and other senior management whose shareholdings
   remained unchanged at 42.9%. Iceland Foods is valued at reporting date
   using an EV/EBITDA multiple of 8.8x, which represents a discount of 12%
   to the peer group's three year trailing average multiple of 10.0x and a
   10% discount to spot. Applying the closing GBP/ZAR exchange rate of
   ZAR21.21 (FY2015: ZAR17.97) Iceland Food's carrying value of ZAR7.2
   billion (FY2015: ZAR1.3 billion) represents 9% of Brait's total assets
   (FY2015: 3%). The Iceland Foods FY2016 debt investor presentation is
   available on www.brait.com.
 
 – Within the Other Investments portfolio: (i) ZAR1.6 billion proceeds were
   received primarily from the realisation of the Group's investments in
   Southern View Finance and Chamber Lane Properties; (ii) Brait increased
   its investment in DGB from 40% to 81%; and (iii) DGB continues to
   demonstrate strong growth and cash flow generation, with its last twelve
   months EBITDA up 17% to ZAR170 million. These combined factors resulted
   in the carrying value of this portfolio of ZAR1.8 billion (FY2015:
   ZAR2.4 billion).
 
 Low cost to AUM ratio
 
 Operating expenditure for the year of ZAR435 million represents a ratio of
 0.53% to AUM (FY2015: 0.44%) compared to the target of 0.85% or less. The
 net operating costs ratio, after fee income, to AUM for the year is 0.45%
 (FY2015: 0.27%). Using average AUM as the reference basis, operating costs
 are 0.62% (FY2015: 0.60%) and net after fee income are 0.52% (FY2015:
 0.36%).
 
 Minimal balance sheet cash drag
 
 The Group targets minimal cash holdings on balance sheet to avoid diluting
 overall returns. The Group's cash and equivalents position at year-end of
 ZAR4.4 billion represents 6.2% of NAV which is well within the benchmark
 maximum of 25% of NAV.
 
 Significant cash flow within the underlying assets
 
 Brait's net investment inflows of ZAR17.7 billion comprises: (i) ZAR15.8
 billion from the sale of 200 million Steinhoff shares; (ii) ZAR1.6 billion
 proceeds from the Other Investments portfolio, which related primarily to
 the sale of Southern View Finance and Chamber Lane Properties; (iii)
 ZAR223 million interest on shareholder loans received from Premier and
 (iv) ZAR26 million relating to the receipt of the Iceland Foods loan
 claim.
 
 Predictable and consistent ordinary dividend to NAV yield
 
 The Group's policy is an ordinary bonus share issue or dividend of 1% to
 2.5% of closing NAV. Bonus shares and dividends are considered annually
 when the results for each year are published. The extent of any bonus
 shares and cash dividends are determined relative to net operating cash
 flows. These include proceeds received on the realisation of loans and
 investments from time to time and which are not earmarked for new projects
 or required for liquidity.
 
 The Board has proposed a bonus share issue (with a cash dividend
 alternative) of 1% of NAV equal to 136.27 ZAR cents/7.76 EUR cents
 (FY2015: 77.12 ZAR cents/5.79 EUR cents). This represents an increase of
 76.7% on FY2015. Further details regarding the bonus share issue with cash
 dividend alternative can be found below. In August 2015, 94% of
 shareholders elected to receive bonus shares, with 6% electing to receive
 cash. At 31 March 2016, issued ordinary share capital, net of treasury
 shares, is 512.75 million shares (FY2015: 510.50 million shares).
 
 CONVERTIBLE BOND
 
 Brait received GBP350 million on 18 September 2015, from the issuance of
 its unsubordinated, unsecured convertible bonds (Bonds). The Bonds have a
 five year term and carry a fixed coupon of 2.75% per annum payable semi-
 annually in arrears. The fixed conversion price of GBP7.9214 per share was
 set at a 30.0% premium to the volume-weighted average price of Brait's
 ordinary shares between launch and pricing on 11 September 2015. Using
 this share price, the Bonds will convert into 44.184 million shares (8.5%
 of Brait's current issued share capital) on exercise of bondholder
 conversion rights. The Bonds listed on the Open Market (Freiverkehr)
 segment of the Frankfurt Stock Exchange on 15 October 2015.
 
 In accordance with IAS 32 (Financial Instruments: Presentation), the
 Bonds' liability component is measured at reporting date as GBP312
 million. Applying the closing GBP/ZAR exchange rate of ZAR21.21, results
 in the Bonds' translated carrying value of ZAR6.6 billion.
 
 PREFERENCE SHARES
 
 The Group completed the redemption of its 20 million issued preference
 shares at their deemed issued price of ZAR100.0 per preference share on
 18 January 2016. The accrued dividend to this date of ZAR3.02 (ZAR2.57 net
 of dividend withholding tax) per preference shares was paid and the
 preference shares were subsequently delisted from both the LuxSE and the
 JSE.
 
 GROUP FUNDING POSITION
 
 The Group is in the process of increasing its existing ZAR6.4 billion
 committed revolving facility, which matures during July 2017. The new
 committed revolving facility will have a term of four years and comprises
 the aggregate of a ZAR8.5 billion tranche and a GBP75 million tranche.
 
 PROPOSED BONUS SHARE ISSUE OR, ALTERNATIVELY, CASH DIVIDEND
 
 The Board has proposed a bonus share issue of new, fully paid, ordinary
 Brait Shares with a par value of EUR0.22 each ("New Shares") in proportion
 to the shareholding of each respective shareholder in Brait, payable to
 shareholders recorded in the register on Friday, 12 August 2016 (the
 "Bonus Share Issue"). Shareholders will be entitled, in respect of all or
 part of their shareholding as of Friday, 12 August 2016 (the "Record
 Date"), to elect to receive a cash dividend of 136.27 ZAR cents/7.76 EUR
 cents per ordinary share (the "Cash Dividend Alternative") held in lieu of
 all or part of the New Shares to which they would have been entitled,
 which will be paid only to those shareholders whose election forms to
 receive the Cash Dividend Alternative, in respect of all or part of their
 shareholding are received by the transfer secretaries on or before 12:00
 p.m. on the Record Date. The Bonus Share Issue and Cash Dividend
 Alternative are, however, subject to shareholder approval at the Company's
 AGM on 20 July 2016. If all shareholders receive New Shares, an
 approximate aggregate number of 4,497,886 New Shares are expected to be
 issued. If all shareholders elect to receive the Cash Dividend
 Alternative, this would amount to an aggregate of ZAR709,455,463 /
 EUR40,400,487 for the financial year ending 31 March 2016.
 Shareholders not electing to receive the Cash Dividend Alternative in
 respect of all or part of their shareholding will, without any action on
 their part, be issued with New Shares in accordance with their
 shareholding pursuant to the Bonus Share Issue.
 
 The number of New Shares to which shareholders will be entitled pursuant
 to the Bonus Share Issue will be determined by such shareholder's
 shareholding in Brait as of 8 August 2016 in relation to the ratio that
 136.27 ZAR cents bears (7.76 EUR cents) bears to ZAR157.73, being the 60-
 day volume weighted average price ("VWAP") of ordinary Brait shares on the
 Luxembourg Stock Exchange ("LuxSE") and the Johannesburg Stock Exchange
 ("JSE") during the trading period ending on Friday, 27 May 2016. This
 conversion ratio amounts to 0.86394 New Shares per 100 Brait shares held
 by the shareholder at the Record Date. Fractions and fractional
 entitlements are not possible due to various corporate law and listing
 requirements. Accordingly, where a shareholder's entitlement to New Shares
 calculated in accordance with the above formula gives rise to a fraction
 of an ordinary share, such fraction of an ordinary share will be rounded
 down to the nearest whole number with the fraction being paid in cash,
 irrespective of whether the shareholder has completed a cash election form
 or not. The fraction paid in cash will be deemed a cash dividend and
 treated as such for tax purposes. The fraction rate will be announced on
 Thursday, 11 August 2016.
 
 A circular and an election form will be sent to all shareholders on
 Friday, 24 June 2016 containing full details of the Bonus Share Issue and
 Cash Dividend Alternative.
 
 The rationale for the Bonus Share Issue is to afford shareholders the
 opportunity to increase their shareholding in Brait and retain the
 Company's flexibility on cash holdings.
 
 The Bonus Share Issue and the Cash Dividend Alternative may have tax
 implications for shareholders.
 
 The receipt of New Shares by South African resident shareholders should
 not be classified as a dividend or a foreign dividend for South African
 tax purposes and hence dividends tax should not be levied on the New
 Shares. For those South African resident shareholders electing the Cash
 Dividend Alternative in lieu of the New Shares, such amount will be
 regarded as a foreign dividend, but may be subject to South African
 dividends tax at the rate of 15%, unless an exemption as set out in the
 South African income tax legislation applies.
 
 If dividends tax does apply, the net dividend will be 115.8295 ZAR cents
 per share.
 
 Shareholders are therefore encouraged to consult with their professional
 advisors should they be in any doubt as to the appropriate action to take.
 
 The issued ordinary share capital at the date of this announcement is
 520 624 835 ordinary shares of EUR0.22 each.
 
 The salient dates are as follows:
 
 EVENT                                                                   2016   
 Announcement of the applicable ratio, based on the                             
 60-day volume weighted average price ending on Friday                          
 27 May 2016, released on the LuxSE and JSE                  Tuesday, 14 June   
 Bonus share circular and form of election posted to                            
 shareholders on:                                             Friday, 24 June   
 AGM approving the Bonus Share Issue/Cash Dividend                              
 Alternative on:                                           Wednesday, 20 July   
 Last day to trade in order to be eligible for the                              
 Bonus Share Issue or, alternatively, the Cash                                  
 Dividend Alternative on:                                    Monday, 8 August   
 Ordinary shares trade "ex" the Bonus Share Issue/Cash                          
 Dividend Alternative on:                                Wednesday, 10 August   
 Announcement of fraction  rate                           Thursday, 11 August   
 Last day for election forms to receive the Cash                                
 Dividend Alternative instead of the Bonus Share Issue                          
 to reach the Transfer Secretaries by 12:00pm on:           Friday, 12 August   
 Record Date in respect of the Bonus Share Issue/Cash                           
 Dividend Alternative on:                                   Friday, 12 August   
 Share Certificates and dividend cheques posted,                                
 CSDP/participant/broker accounts credited/updated and                          
 New Shares listed on the LuxSE and JSE on:                 Monday, 15 August   
 
 Share certificates may not be dematerialised or rematerialised, between
 close of business Wednesday, 10 August 2016 and Friday, 12 August 2016,
 both days inclusive.
 
 Please note that the New Shares to be issued in terms of the Bonus Share
 Issue may not be traded until Monday, 15 August 2016.
 
 GROUP OUTLOOK
 
 - New Look produced a strong financial and operational performance in
   2016, continuing its focus on consistent delivery and investment across
   its strategic initiatives in a disciplined and sustainable manner, to
   facilitate long term growth. Whilst the immediate outlook for UK
   retailing is more challenging than it has been for some time, New Look
   is confident in its strategy and ability to execute it;
 - Virgin Active generated a strong financial performance in 2015 and
   remains focussed on its strategy of being the leading premium health
   operator in its chosen markets. The company is well placed for growth,
   with (i) a deep pipeline of club openings in Southern Africa; (ii) plans
   to accelerate the premiumisation of a streamlined UK estate; (iii)
   exciting opportunities for expansion in Asia-Pacific and (iv) continued
   investment in innovation;
 - Premier continues to deliver on its strategy of brand building, through
   producing consistent quality offerings and product innovation as well as
   operational efficiencies. Premier's core brands are well positioned to
   compete in their respective markets;
 - Iceland Foods' core business has stabilized. Continued strong cash flow
   generation, targeted marketing campaigns, accelerating the roll out of
   Food Warehouse stores, investing in people and online sales remain the
   key strategies on which management is focussed to drive growth.
 
 This has been another productive, return focussed year for Brait. The
 capital raised from the realisation of Pepkor at the close of FY2015, was
 effectively deployed during the first half of the current financial year in
 acquiring New Look and Virgin Active. Recently, at the EMEA Finance's 
 Achievement Awards 2015, held in London, Brait was awarded 'Best Private 
 Equity Investment' for New Look and 'Best M & A Deal' for Virgin Active. 
 Both these assets have produced solid results in their respective financial 
 years and are performing in accordance with the original investment plan. The 
 second half of the year was characterised by (i) the successful debut 
 GBP350 million Convertible Bond issuance, which listed on the Open Market 
 segment of the Frankfurt Stock Exchange in October 2015; and (ii) increasing 
 the shareholding in Iceland Foods to 57%, which resulted in the Group holding 
 majority stakes across its four core investments. Brait continues to explore 
 new pools of capital to enhance its capital structure and ensure that it is 
 well placed for new opportunities to complement its portfolio.
 
 For and on behalf of the Board
 
 PJ Moleketi
 Non-Executive Chairman
 
 14 June 2016
 
 Directors (all non-executive)
 PJ Moleketi (Chairman)*
 JC Botts^
 AS Jacobs##
 Dr LL Porter##
 CS Seabrooke*
 HRW Troskie**
 Dr CH Wiese*
 ##British
 ^American
 **Dutch
 *South African
 
 Brait's primary listing is on the Euro MTF market of the Luxembourg Stock
 Exchange and its secondary listing is on the Johannesburg Stock Exchange.
 
 Sponsor
 RAND MERCHANT BANK (A division of FirstRand Bank Limited)
 
 
Date: 14/06/2016 07:07:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE'). 
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