Wrap Text
Reviewed Provisional Condensed Consolidated Financial Statements for the period ended 31 March 2016
Ansys Limited
("Ansys" or "the company" or "the Group")
(Incorporated in the Republic of South Africa)
(Registration Number: 1987/001222/06)
Share Code: ANS
ISIN: ZAE000097028
Reviewed Provisional Condensed Consolidated Financial Statements
for the period ended 31 March 2016
HIGHLIGHTS
- Revenue increased to R474 million from R251.1 million (up 88.8%)
- EBITDA improved to R42.7 million from R19.1 million (up 123.9%)
- Profit after tax improved to R22.8 million from R10 million (up 127.5%)
- Headline Earnings per share increased to 5.55 cents from 4.44 cents (up 25.1%)
- Basic Earnings per share increased to 5.55 cents from 4.09 cent (up 35.6%)
- Tangible Net Asset Value increased to 18.8 cents from 10.4 cents (up 79.6%)
Condensed consolidated statement of financial position
As at 31 March 2016
13 months Year
ended ended
31 March 2016 28 Feb 2015
Notes
(Reviewed) (Audited)
R'000 R'000
Assets
Non-current assets 172 788 27 091
Property, plant and equipment 43 139 1 716
Intangible assets 2 117 652 16 869
Deferred tax asset 11 997 8 506
Current assets 252 550 124 739
Inventories 5 84 774 40 533
Trade and other receivables 6 124 743 64 816
Cash and cash equivalents 42 358 19 390
Other financial assets 675 -
Total assets 425 338 151 830
Equity and liabilities
Equity 204 104 42 433
Capital, reserves and non-
controlling interest 2,3 204 104 42 433
Non-current liabilities 36 979 10 496
Instalment sale agreement 3 420 532
Interest bearing borrowings 4 29 089 -
Loans from related parties 3 - 9 070
Deferred tax liability 4 470 894
Current liabilities 184 255 98 901
Instalment sale agreements 1 836 350
Provisions 1 503 2 280
Interest bearing borrowings 4 867 -
Other financial liabilities 2 8 441 -
Loans from related parties 3 - 5 998
Trade and other payables 7 155 443 89 938
Current tax payable 1 460 335
Cash and cash equivalents 14 705 -
Total equity and liabilities 425 338 151 830
Number of shares in issue 461 038 321 244 867 056
Net asset value per share (cents) 44.3 17.3
Tangible net asset value per
share (cents) 18.8 10.4
Condensed consolidated statement of comprehensive income
For the 13 months ended 31 March 2016
13 months Year
ended ended
31 March 2016 28 Feb 2015
Notes (Reviewed) (Audited)
R'000 R'000
Revenue 474 066 251 121
Cost of sales (351 054) (187 916)
Gross profit 123 012 63 205
Other income 703 361
Operating costs (78 263) (48 748)
Other (losses)/gains (2 719) 4 270
EBITDA 42 733 19 088
Depreciation and amortisation (6 717) (1 785)
Development cost impairment - (1 168)
Profit before interest and
taxation 36 016 16 135
Finance income 1 420 34
Finance costs (4 997) (1 842)
Profit before taxation 32 439 14 327
Taxation (9 631) (4 302)
Profit for the period 22 808 10 025
Other comprehensive income,
net of tax - -
Total comprehensive income
for the period 22 808 10 025
Equity holders of the company 22 844 10 025
Non-controlling interest (36) -
22 808 10 025
Basic earnings per share (cents) 5.55 4.09
Diluted earnings per share
(cents) 5.55 4.09
Weighted average number of
shares in issue 1 410 797 070 244 867 056
Diluted average number of
shares in issue 1 410 797 070 244 867 056
Condensed consolidated statement of cash flows
For the 13 months ended 31 March 2016
13 months Year
ended ended
31 March 2016 28 Feb
2015
(Reviewed) (Audited)
Notes R'000 R'000
Cash flows from operating
activities before working capital 32 017 17 823
Changes in working capital (65 840) 4 626
Cash flows from operating
activities 4 (33 823) 22 449
Cash flows from investing
activities 14 773 (643)
Cash flows from financing 4
activities 27 313 4 798
Cash flows for the period 8 263 26 604
Cash and cash equivalents at
beginning of period 19 390 (7 214)
Cash and cash equivalents at
end of the period 27 653 19 390
Condensed consolidated statement of changes in equity
For the 13 months ended 31 March 2016
Issued Accu- Non-
share mulated controlling
Notes capital losses interest Total
R'000 R'000 R'000 R'000
Balance as at 1 March 2014
(Audited) 73 668 (41 260) - 32 408
Movements during the period
Profit for the period - 10 025 - 10 025
Balance as at 28 February
2015 (Audited) 73 668 (31 235) - 42 433
Movements during the period
Shares issued 2,3 26 271 - - 26 271
Business combination 2 112 203 - 389 112 592
Profit for the period - 22 844 (36) 22 808
Balance as at 31 March 2016
(Reviewed) 212 142 (8 391) 353 204 104
Condensed consolidated segment report
For the 13 months ended 31 March 2016
13 months Year
ended ended
31 March 2016 28 Feb 2015
Notes (Reviewed) (Audited)
Segment revenue
Rail 137 016 94 109
Defence and Information 90 145 9 993
Security***
Mining and Industrial*** 42 548 2 112
Telecommunications 204 357 144 907
Total 474 066 251 121
Segment profit/(loss)*
Rail 15 871 17 099 *
Defence and Information 19 000 1 562*
Security***
Mining and Industrial*** 4 963 (2 360)*
Telecommunications 6 130 7 115*
Sub total 45 964 23 416
Corporate costs** (9 948) (7 281)**
Finance costs (4 997) (1 842)
Finance income 1 420 34
Profit before taxation 32 439 14 327
Financial position
Assets 425 338 151 830
Rail 69 497 58 810
Defence and Information 27 133 1 012
Security***
Mining and Industrial*** 19 648 1 635
Telecommunications 111 347 55 881
Intangible assets to be classified 2 87 731 -
Corporate assets 109 982 34 492
Liabilities 221 234 109 397
Rail 1 263 -
Defence and Information
Security*** 23 995 -
Mining and Industrial*** - -
Telecommunications 94 271 59 563
Corporate liabilities 101 705 49 834
* In the previous financial year, segment profit in Rail, Defence and Information Security,
Mining and Industrial was reported on a Gross Profit basis, and Telecommunications was
reported on Net Profit (after tax and interests). This year all segment profits are all based
on Net Profit, calculated as Gross Profits for the segments, with the remaining costs in the
entities (less Corporate costs) being apportioned to segments based on Gross Profit margin
percentages.
In the prior year the segment profit/(loss) were stated as follows:
R'000 R'000
Rail R 29 778 Defence and R 2 721
Information Security
Mining and Industrial (R 4 110) Telecommunications R 5 936
** Corporate costs include group head office, corporate, marketing and administration costs. In
the prior year this was a balancing figure and was reported as R18.191 million in the
segment report. This year the figure was restated to reflect the same method of calculation
used in the current year's segment report.
*** Management has reviewed the segment report due to the Parsec acquisition.
The segment names have been changed from "Mining" to "Mining & Industrial" as well as
"Defence" to "Defence & Information Security" to include new segments from the Parsec
Holdings acquisition.
COMMENTARY
INTRODUCTION
Ansys has delivered a strong performance under challenging trading conditions experienced during
this year. Profitability has improved owing to both organic and acquisitive growth in line with the
Group's strategy of developing into an IP-led engineering and technology solutions provider.
GROUP PROFILE
The group develops, produces, distributes and integrates niche technology-driven engineering
solutions for harsh environments in four key sectors: Rail, Mining and Industrial, Defence and
Information Security as well as Telecommunications. Ansys' range of standard and bespoke
solutions is aimed at improving clients' productivity, safety and security.
The Group intends to be a centre of engineering excellence that is underpinned by research and
development in order to remain at the forefront of innovation in its areas of operation.
FINANCIAL RESULTS HIGHLIGHTS
The Group's performance continues to reflect growth across the board. This year's results have
been augmented by the inclusion of Parsec Holdings (Pty) Ltd and its subsidiaries ("Parsec
Holdings") for ten months from the effective acquisition date of 1 June 2015. Revenue is up by
88.8% from R251.1 million to R474 million. EBITDA improved to R42.7 million from R19.1 million
representing an increase of 123.9%. Profit before interest and tax increased by 123.2% to R36.0
million from R16.1 million in the comparative period. Headline earnings improved to R22.8 million
from a profit of R10.9 million (increase of 109.8%) in the comparative period, translating to
headline earnings per share of 5.55 cents (February 2015: headline earnings per share of 4.44
cents) which is an increase of 25.1%.
OUR OPERATIONS
Our strategy to strengthen our four vertical markets and reduce concentration risk as well as
enhancing our delivery capability is paying off. The Parsec Holdings acquisition was duly concluded
and the integration process has been largely completed. The resulting operating segments now
consist of Rail, which has all legacy Ansys' rail business, Defence and Information Security which
combines Ansys' and Parsec Holdings' defence and information security businesses, Mining and
Industrial comprises the mining business of Ansys and Parsec Holdings, and Telecommunications
now includes the Parsec Holdings and Ansys telecommunications businesses.
Rail
Revenue for the rail segment grew by 45.6% to R137 million from R94.1million in line with
expectations. However segment profit declined to R15.9 million from R 17.1 million mainly due to
a change in the product mix, which has lower GP margins than the previous year, and delayed roll-
outs by our major clients. In addition the division was negatively impacted by foreign exchange
translation losses experienced in the last quarter.
Defence & Information Security
The increase in revenue and profit in this segment is mainly as a result of the amalgamation of the
Parsec Holdings' and Ansys' defence and information security businesses. This has allowed us to
rationalise costs and exploit synergies and market opportunities. Included in this growth is an
increase in the year on year defence and information security business. Segment revenue grew by
802.1% to R90.1 million (February 2015:R9.9 million) and achieved a profit increase of 1 116.1%
to R19 million (February 2015:R1.6 million).
Mining & Industrial
Performance in the mining and industrial segment has improved significantly following the
acquisition of Parsec Holdings when compared to the previous year's results. The increase in
revenue and profit in this segment is primarily as a result of the acquisition. Revenue for the
period increased by 1 914.6% to R42.5 million (February 2015: R2.1 million) with a profit of R5
million (February 2015: loss of R2.3 million).
Telecommunications
Revenue for the year showed a notable improvement in line with expectations and grew by 41% to
R204.3 million (February 2015: R144.9 million), this largely due to improved network spending in
the telecommunications sector. In addition to the expectations, growth was also boosted by the
acquisition of Parsec Holdings' telecommunications business. Profit however dropped to R6.1
million (February 2015: R7.1 million) largely due to unforeseen forex losses of R 3.8 million during
the period December 2015 – March 2016.
OUTLOOK
In the short to medium term we expect weaker performance of the South African economy with
varying downward pressures on our four segments. Despite these challenging market conditions,
we anticipate continued and improved performance in the next financial year. With the successful
conclusion of the integration of Parsec Holdings into the Ansys Group, our four vertical markets
have been strengthened both in terms of delivery capability and market access. This provides the
group with more opportunities for growth.
We envisage the telecommunications sector to continue investing in network upgrades and builds
which continues to provide opportunities for growth. Given the slowdown in the economy, margins
will continue to experience pressure as operators are under pressure. Our outlook however is
optimistic, as we have invested in making our business more efficient and capable of delivering a
much better profit margin under difficult market conditions.
The mining and industrial sector outlook remains subdued; however, we remain cautiously
optimistic about this sector where we are a supplier of safety and productivity enhancing products.
We expect the local defence and information security market to continue growing albeit at a slow
pace. Our new offering owing to the integration of Ansys' and Parsec Holdings defence capabilities
continues to offer opportunities for growth. Our opportunities in the international defence business
remain strong and our order book reflects growth in this area.
FINANCIAL RESULTS COMMENTARY
The Parsec Holdings acquisition was concluded on 1 June 2015 and the results have been included
in the reported results for the period ended 31 March 2016. As a result, the majority of the
movements in the statement of comprehensive income, the statement of financial position and the
cash flow statement are due to the inclusion of the Parsec Holdings business.
Also contributing to the movement in the figures is the fact that the Company's year-end was
changed from 28 February to 31 March during the past financial year.
Significant movement other than noted above, comparing the period ended 31 March 2016 with
the period ended 28 February 2015, include the following:
CASH FLOW STATEMENT
The changes in working capital had a significant impact on the cash outflow from operating
activities, which decreased to R33.8 million (February 2015: inflow of R22.4 million). Included in
the working capital change of R65.8 million (February 2015: inflow of R4.6 million) is a R28.8
million increase in inventory relating to purchases to be ready for high market demand during the
first quarter of our next financial year in the Telecommunications sector. Also included in the
working capital change is a R30.3 million trade creditor relating to the purchase of the Parsec
Holdings' office building that was subsequently replaced by the bond referred to in note 4.
STATEMENT OF COMPREHENSIVE INCOME
The taxation expense of R9.6 million comprises deferred tax of R1.1 million, current taxation of
R8.4 million and securities transfer tax of R 0.056m.
STATEMENT OF FINANCIAL POSITION
Intangible assets of R117.6 million includes "intangible assets to be classified" of R87.7 million
relating to the Parsec Holdings acquisition. Refer to note 2 for additional information.
Other financial liabilities of R8.4 million relates to the outstanding balance of the cash
consideration payable for the Parsec Holdings acquisition. The total cash consideration payable of
R21.9 million, was reduced by the first tranche payment of R10 million and the second tranche
payment of R3.5 million. Refer to note 2 for additional information.
NOTES TO THE FINANCIAL INFORMATION
1. Headline earnings per share
for the 13 months ended 31 March 2016
13 months Year
ended ended
31 March 2016 28 Feb 2015
(Reviewed) (Audited)
R'000 R'000
Profit attributable to ordinary
shareholders 22 808 10 025
Basic earnings per share (cents) 5.55 4.09
Diluted basic earnings per share
(cents) 5.55 4.09
Reconciliation of headline
earnings:
Profit attributable to ordinary
shareholders 22 808 10 025
Development cost impairment - 1 168
Profit on disposal of property,
plant and equipment (17) -
Total tax effect of adjustments 5 (327)
Headline earnings attributable
to ordinary shareholders 22 796 10 866
Headline earnings per share
(cents) 5.55 4.44
Diluted headline earnings per
share (cents) 5.55 4.44
Weighted average number of
shares in issue 410 797 070 244 867 056
2. Acquisition of Parsec Holdings
On 1 June 2015, the Group acquired the shares and all the shareholders' claims against Parsec
Holdings, Parsec and Redline Telecommunications SA ("Redline").
The acquired business contributed revenues of R145.8 million and net profit of R14.8 million to the
Group for the period from 1 June 2015 to 31 March 2016.
The net assets acquired and method of settlement was as follows:
R'000
Fair value of the purchase consideration
- Shares issued (1 June 2015 share price of 77 cents) 112 203
- Cash consideration 15 570
- Contingent cash consideration 6 373
Total purchase consideration 134 146
The fair value of assets and liabilities acquired comprise:
Property, plant and equipment 40 983
Intangible assets 6 911
Goodwill 7 288
Deferred tax 975
Other financial assets 345
Inventory 15 501
Trade and other receivables 36 322
Cash and cash equivalents 20 781
Current tax receivable 308
Non-controlling interest (389)
Interest bearing borrowings (4 387)
Trade and other payables (78 223)
Total fair value of assets acquired 46 415
Intangible assets to be classified 87 731
Total purchase consideration 134 146
The issue price of 40 cents per share, as reported in the circular, was determined by the board on
8 October 2014 and was at a premium of 1.37% to the 30 day VWAP of Ansys for the 30 days
preceding 8 October 2014. The fair value of the shares issued was based on the published share
price as at 1 June 2015, which was 77 cents. The impact on the fair value of the shares was an
increase of R30.5 million to the purchase consideration relating to the increase in the market price
of the shares.
The initial purchase consideration was made up as follows:
- R63 583 492, of which R6 700 000 relates to the property and was only payable once the
property was transferred into the name of Parsec Properties (Pty) Ltd, payable to Parsec
Holdings sellers, by the issue of 102 475 593 Ansys shares at 40 cents per share and R22 593
255 in cash;
- R15 750 002, which relates to the 25% shareholding in Parsec, not owned by Parsec Holdings,
payable to the Parsec seller, by the issue of 39 375 004 Ansys shares at 40 cents per share;
and
- R2 399 626, which relates to the 20% shareholding in Redline, not owned by Parsec Holdings,
payable to the Redline seller by the issue of 3 867 404 Ansys shares at 40 cents per share
and R852 664 in cash.
Prior to the effective date, Parsec Holdings distributed R10 000 000 and R9 779 203 to the Parsec
Holdings' sellers.
The cash consideration payable (undiscounted) to the sellers will be settled in three tranches as
follows:
- the first tranche of R10 000 000 was paid in cash on the closing date, R9 636 327 was paid to
the Parsec Holdings' sellers and R363 673 was paid to the Redline sellers. This payment was
subject to Parsec Holdings achieving a minimum NTAV of R25 million on the effective date,
which was achieved.
- the second tranche of R3 500 000 was paid in cash on 1 December 2015, to the sellers.
R3 372 715 was paid to the Parsec Holding sellers and R127 285 was paid to the Redline
sellers.
- the third tranche of R9 945 919 is payable in cash to the sellers as follows:
- the first instalment of R2 300 000 is payable on 1 June 2016, R2 216 255 to the Parsec
Holdings' sellers and R83 645 to the Redline sellers.
- the subsequent instalments of R2 500 000 each are payable in quarterly instalments
commencing 1 June 2017 and accruing interest at the prime interest rate. R7 367 858 is
payable to Parsec Holdings and R278 061 to the Redline sellers.
- these are payable subject to Parsec having sufficient free cash flow. In the event that
Parsec does not have sufficient free cash flow, the quarterly instalments of R2 500 000
each shall be increased by the amount of the shortfall in free cash flow.
- in the event that any tranche and/or tranche shortfall is not paid after 36 months from
1 June 2015, due to a shortfall in free cash flows, all the said amounts shall be forfeited.
The purchase price was funded by a capital raising in terms of a general issue for cash of
47 778 889 shares at 36 cents to various investors and the cash instalments will be funded out of
current cash flows. Refer to the shares issued in the Statement of Changes in Equity.
The total number of Ansys shares issued to the sellers in July 2015 was 145 718 001. This has
been disclosed as business combination in the Statement of Changes in Equity.
Management is in the process of completing the purchase price allocation and the "intangible
assets to be classified" will only be finalised after year-end.
3. Loans from related parties
13 months Year
ended ended
31 March 2016 28 Feb 2015
(Reviewed) (Audited)
Name Relationship R'000 R'000
Amounts owing to:
- Tedaka Investments Pty Ltd Same director - (9 070)
(T Daka)
- Bearing Management Same director - (1 792)
Consultants Pty Ltd (T Daka)
- Teddy Daka Same director - (4 206)
(T Daka)
- (15 058)
Non-current liabilities - (9 070)
Current liabilities - (5 998)
- (15 098)
The Tedaka Investments (Pty) Ltd loan was repaid with the issue of 22 674 375 shares at 40 cents
as part of the Parsec Holdings acquisition. Refer to the shares issued in the Statement of Changes
in Equity. The other loans were repaid in cash.
4. Interest bearing loan
13 months Year
ended ended
31 March 2016 28 Feb 2015
Parsec Properties Pty Ltd loan from Nedbank 29 956 -
Non-current liabilities 29 089 -
Current liabilities 867 -
29 956 -
The interest bearing borrowing is within Parsec Properties (Pty) Ltd for the new Parsec office. The
loan is secured over the property and is repayable over 10 years, for which the first 3 years the
interest is fixed at 10.43% and thereafter it will be at prime less 0.5%. A R5 million residual value
will remain on the loan at the end of the 10-year period. Included in the R30 million loan is
mezzanine finance of R5 million, with the interest rate at prime plus 2% and is repayable at end of
the 3-year period.
On the acquisition date of Parsec Holdings, this loan amount was still reflected as part of trade
creditors and the bond was subsequently registered which added to the working capital change
effect in the cash flow statement.
5. Inventories
13 months Year
ended ended
31 March 2016 28 Feb 2015
(Reviewed) (Audited)
Name R'000 R'000
Inventories comprise:
- Raw materials - 3 758
- Work in progress 22 393 16 165
- Finished goods 62 381 20 610
84 774 40 533
At the end of the period, Parsec Holdings contributed a total of R12.8 million to the inventories.
The remaining inventories show an increase in holding since the previous year due to the Group
ramping up towards future deliveries, as well as forecasted inventory requirements for high
market demand, during the first quarter of the next financial year in the Rail and
Telecommunications sectors.
6. Trade and other receivables
13 months Year
ended ended
31 March 2016 28 Feb 2015
(Reviewed) (Audited)
Name R'000 R'000
- Trade debtors 105 261 62 068
- Sundry debtors and 1 231 949
deposits
- Retention debtors 407 1 324
- Prepayments 9 239 -
- Value added tax 3 656 -
- Project receivables (Work- 4 949 475
in-progress)
124 743 64 816
At the end of the period, Parsec Holdings contributed R34.8 million of the total trade and other
receivables. The remaining increase in the year-end balance is mostly due to increases in the VAT
receivable from the Receiver of Revenue as well as an increase in the project receivables at period
end.
7. Trade and other payables
13 months Year
ended ended
31 March 2016 28 Feb 2015
(Reviewed) (Audited)
Name R'000 R'000
- Trade creditors 120 568 80 888
- Accrued leave 2 451 1 364
- Sundry creditors 11 -
- Value added tax 775 3 611
- Deferred revenue - 3 366
- Advance payments 22 570 709
- Accruals 9 068 -
155 443 89 938
At the end of the period, Parsec Holdings contributed R47.2 million of the total trade and other
payables. The remaining increase in the year-end balance is mostly due to significant increases in
trade creditors due to increased purchases in the second half of the financial year as well as the
abnormal devaluation in the Rand against the Euro of 14% from December 2015 to February
2016.
STATEMENT OF COMPLIANCE, BASIS OF PREPARATION AND REVIEW REPORT
The reviewed provisional condensed consolidated financial statements are prepared in accordance
with International Financial Reporting Standard, (IAS) 34 Interim Financial Reporting, the SAICA
Financial Reporting Guides as issued by Accounting Practices Committee and Financial
Pronouncements as issued by Financial Reporting Standards Council and the requirements of the
Companies Act of South Africa. The accounting policies applied in the preparation of these financial
statements are in terms of International Financial Reporting Standards and are consistent with
those applied in the previous annual financial statements. The directors take full responsibility for
the preparation of the reviewed provisional condensed consolidated financial statements.
These provisional condensed consolidated financial statements for the period ended 31 March 2016
have been reviewed by PricewaterhouseCoopers Incorporated, which expressed an unqualified
review conclusion.
A copy of the auditor's report is available for inspection at the company's registered office together
with the financial statements identified in the auditor's report.
The auditor's report does not necessarily report on all the information contained in these financial
results. 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 issuers registered office.
PREPARER
These results were prepared under the supervision of Burt Lamprecht CA (SA), the Chief Financial
Officer.
GOING CONCERN
The directors have reviewed the Group's budget and cash flow forecast for the year to 31 March
2017. On this basis and in light of the Group's current financial position, the directors are satisfied
that the Group will continue to operate for the foreseeable future and have adopted the going
concern basis in preparing these reviewed provisional financial results.
DIRECTORATE
The following changes were made to the board of directors:
N Medupe – appointed 9 September 2015
Dr SJ Khoza – appointed 21 October 2015
FF Dantile – resigned 9 September 2015
R Grobbelaar – resigned 31 December 2015
AR van der Watt – appointed 1 June 2015
CP Bester – appointed 1 June 2015
BC Lamprecht – appointed 1 April 2016
BBBEE
Ansys has retained its BBBEE rating of Level 2.
EVENTS SUBSEQUENT TO PERIOD END
The directors are not aware of any significant events, other than noted above, that have occurred
between the period ended 31 March 2016 and the date of this report that may materially affect the
results of the Group for the period or its financial position as at
31 March 2016.
By order of the board
Teddy Daka Burt Lamprecht
Chief Executive Officer Chief Financial Officer
30 June 2016
Directors
CP Bester, T Daka* (CEO); BC Lamprecht* (CFO); Dr. SJ Khoza, N Medupe, NS Mjoli-Mncube;
SP Mzimela, AR van der Watt*
*Executive
Company secretary
M van den Berg
Telephone: +27 12 749 1800
Facsimile: +27 12 665 2767
Website: www.ansys.co.za
Registered office: 140 Bauhinia Street Centurion, Pretoria 0157 (PO Box 95361, Waterkloof,
Pretoria)
Designated adviser: Exchange Sponsors 2008 (Pty) Ltd
Transfer secretaries: Computershare Investor Services (Pty) Ltd
Date: 30/06/2016 08:05:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE').
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