Wrap Text
Unaudited results for the six months ended 30 June 2016
ANCHOR GROUP LIMITED
(Incorporated in the Republic of South Africa)
(Registration number 2009/005413/06)
(“Anchor” or “the company” or “the group”)
ISIN: ZAE000193389 JSE share code: ACG
UNAUDITED INTERIM RESULTS FOR THE SIX MONTHS ENDED 30 JUNE 2016
HIGHLIGHTS
- Profit before tax exceeds R100 million for the first time for a six month period.
- Adjusted HEPS up 66% to 34.6 cents per share (20.8 cents per share to 30 June 2015).
- Comprehensive income for the half year of R80.9 million (R29.6 million to 30 June 2015).
- Adjusted Headline Earnings up 103% to R59.4 million (R29.2 million to 30 June 2015).
- Assets under management and advice grew by 34% to R45.6 billion (R34.1 billion at 31 December 2015).
- Acquisition of 47.4% of Capricorn Fund Managers Proprietary Limited (“CFM”).
- Cash and cash equivalents and short term investments balance of R186 million.
- Interim dividend up 55% to 17 cents per share (11 cents for interim 2015).
COMMENTARY
Anchor began managing assets in 2012 and has grown rapidly to reach group-wide assets at 30 June 2016 of R45.6 billion, up from R34.1 billion on
31 December 2015. These are primarily private client and retail assets, with recent growth in the corporate and institutional markets.
The asset management subsidiary Anchor Capital Proprietary Limited (“Anchor Capital”), which is the primary business in the group, runs segregated
portfolios (both locally and internationally) and has a series of funds in both the Collective Investment Scheme (“CIS”) and hedge categories. Anchor has
acquired stakes in Robert Cowen Investments (“RCI” - 66%), The Portfolio Bureau (50%) and CFM (47.4%) since listing. The long-term strategy of Anchor is to
become a major player in South African asset management and allied categories, with an increasing focus on offshore investment. This will be achieved by
both organic and acquisitive growth.
RESULTS
Anchor continued growing strongly in the first six months of 2016 and approximately doubled its headline earnings compared to 30 June 2015. The turnover
of the group grew by 153% to R202 million (2015: R80 million) for the half year ended 30 June 2016. Anchor grew its assets under advice and management
materially in the first half of 2016 in tough market conditions. The total assets at 30 June 2016 were R45.6 billion (R34.4 billion assets under management
and R11.3 billion assets under advice). Assets under management were up R11.9 billion (+53%) for the first half, with just over R8 billion coming from the
acquisition of 47.4% of CFM. Historic group organic growth trends were sustained. Anchor does not own 100% of all of its subsidiaries. Anchor’s
attributable share of assets under management are R27.1 billion (31 December 2015: R20.9 billion).
The yield on average assets under management (R29.8 billion) for the period was 1.5% (2015: 1.5%). Anchor continued to attract organic net inflows in
excess of R500 million per month.
Costs grew by 144% to R108 million (2015: R44.2 million) which is primarily as a result of:
1. Variable costs growing in line with turnover;
2. The consolidation and inclusion for 12 months of the costs of acquired businesses;
3. New distribution staff and partnerships throughout the country to accelerate future growth; and
4. Operations, compliance and system costs to enhance the client experience.
Turnover grew slightly faster than costs, resulting in operating profits growing by 163% to R94.3 million (2015: R35.8 million). The resultant operating
margin was 46.6% (2015: 44.7%). The future sustainable operating margin will decline as institutional asset and fixed income revenues grow.
Negative other income of -R2.1million (2015: +R3.4 million) was a drag on profits. This was as a result of material assets applied to the seeding of new
funds which delivered a negative return. This was partly due to the strengthening of the Rand against the USD.
The share of profits from equity accounted associates was R10.4 million (2015: R0.9 million). CFM’s offshore operations were the major contributor and
Anchor Securities Holdings Proprietary Limited (“Anchor Securities”), a 22% associate, performed well, although development costs were incurred in its new
Durban operation.
Comprehensive Income grew by 173% to R81.2 million (2015: R29.6 million).
Adjusted headline earnings per share grew 66% to 34.6 cents (2015: 20.8 cents). Adjusted headline earnings are calculated by the group in order to reflect
the sustainable cash-equivalent earnings of the group. The adjustment in headline earnings is for amortisation book purchases, which is as a non-cash flow
item.
The business is highly cash generative, with profits generally converted to cash within 10 days of month-end. For this period cash generation was lower
than operating profit largely due to the sharp increase in turnover resulting in an increase in working capital.
Shareholders’ equity grew to R854 million (2015: R387 million), as a result of the profit generated and the issue of new shares. The net asset value per
share is 483 cents. Cash and other liquid instruments were R186 million at 30 June 2016.
The acquisition of CFM impacted the balance sheet, with the major impact being an increase in Investment in Associates to R355.5 million (2015: R30.7
million). The CFM Malta domiciled business is equity accounted and the SA business is consolidated.
OPERATIONAL REVIEW
Although Anchor is a relatively young business, it has in a short period firmly established itself as one of the leading private client asset managers in
South Africa and is investing heavily in growing its institutional business.
The core Anchor Capital business has restructured into two separate businesses, namely Anchor Asset Management and Anchor Private Clients, with each having
their own business leader. Each business has its own focus of delivering to clients and growing into the respective target markets. CIS assets (10% of AUM)
have grown to R3.6 billion (+143% since 30 June 2015). The investment track record is very credible and the Anchor BCI Equity Fund is in the top 3
performers (out of 202 funds in the General Equity category) over two and three years. Shorter term performance has been under pressure as the investment
environment has not suited its investment style, but the investment philosophy of investing in quality, growing businesses is firmly established.
Investment track records are being built in other asset classes, with the backbone of a strong 20+ investment team. The fixed income and global teams are
performing very well and Anchor Capital now has 14 CIS funds to service the full range of investment needs.
Anchor Capital is focused on growth and the company continues to add new wealth managers and distribution personnel to market its services. Regional
offices in Cape Town, Durban and Pretoria are now all at critical mass, supplementing the well-established Johannesburg base. Financial advisor support is
strong and the breadth of clients continues to increase. The company continues to develop innovative partnership initiatives to enhance its distribution
capabilities and further announcements will be made on these in due course.
The SA growth outlook is soft and the uncertain global investment climate has made gathering new assets more difficult than in the past. However, the
broader investment offering, ever-growing investment track record and diversity of businesses in the group, places us well to continue on a growth path.
Anchor has raised material amounts of cash since it listed 21 months ago and the investments made to date are performing extremely well. The Portfolio
Bureau and RCI (stakes acquired in 2015) have both proved to be excellent acquisitions and are delivering ahead of expectations.
CFM was included for four months in this financial period and delivered solid results. The CFM AUM has increased materially since Anchor acquired its
economic interest and the R9 billion of assets under management are split evenly between the UK and South Africa. CFM is placing increased emphasis on its
long-only business, which has grown strongly this year. It recently launched its hedge fund CIS’s and this will be a growing market in SA over coming
years.
STRATEGY AND NEW INITIATIVES
Anchor has a well-articulated strategy of expanding its business through organic and acquisitive growth. The asset management engine is established and the
emphasis is on increasing distribution capabilities and broadening the product range. In this period it has launched a number of new CIS funds, increased
its presence on distribution platforms and developed relationships with new sources of AUM. Anchor is still a fraction of the size of the large SA asset
managers and is targeting many years of growth ahead. Our journey is still in its early days.
Among the initiatives currently underway are 1) increasing the stake in Anchor Securities to 100% from the current 22% and 2) launching a dedicated
stockbroking business. Some high profile hires have already been made in respect of the latter and we believe a niche business in this space will be highly
profitable.
PROSPECTS
The prospects for the remainder of 2016 are positive.
The key driver for the business is assets under management, which averaged R29.8 billion for the six months under review. The second six months of 2016
began with R34.4 billion of assets under management. The results for the second six months will also be influenced by:
The performance of local and global markets and Anchor’s relative performance;
The inclusion of CFM for a full six months;
The impact on assets under management from a significantly larger distribution force;
The exchange rate between the Rand and other currencies (we estimate across the business, including CFM, that the Rand hedge component is approximately
60%), and
An increase in shares in issue. The average shares in issue for the six months ended 30 June 2016 were 171.8 million and ended the period with 176.6
million.
A presentation on the results under review is available on www.anchorgroup.co.za.
CHANGES TO THE BOARD OF DIRECTORS
During the period, the following director changes occurred:
Mr David Rosevear retired and;
Mr Omair Khan was appointed Financial Director with effect from 9 June 2016
The board of directors would like to thank Mr Rosevear for his contribution to Anchor.
There were no other changes to the board of directors during the period under review.
CHANGES TO THE DESIGNATED ADVISOR AND COMPANY SECRETARY
Anchor terminated its designated advisor and company secretary mandate with Arbor Capital Sponsors Proprietary Limited (“Arbor”) and has appointed Java
Capital Trustees and Sponsors Proprietary Limited (“Java Capital”) as its designated advisor and CIS Company Secretaries Proprietary Limited as its company
secretary, both with effect from 1 August 2016.
Interim consolidated statement of comprehensive income
Unaudited Unaudited Audited
Figures in R’000 % change 30-Jun-16 30-Jun-15 31-Dec-15
Revenue 153% 202 271 80 084 226 347
Operating Expenses 144% (108 020) (44 261) (145 991)
Operating profit 163% 94 251 35 823 80 356
Other income -162% (2 129) 3 426 36 527
Finance costs (37) (984)
Bargain purchase gain on acquisition of CFM SA N.M 2 920 -
Share of profits from associates 1067% 10 401 891 596
Profit before taxation 163% 105 443 40 103 116 495
Taxation expense 134% (24 538) (10 473) (32 253)
Profit for the period 173% 80 905 29 630 84 242
Other Comprehensive income
Net foreign currency translation differences
for foreign operation N.M 267 8
Total Comprehensive Income for the period 174% 81 172 29 630 84 250
Total comprehensive income attributable to:
Owners of the parent 110% 61 371 29 239 82 036
Non-controlling interest 4964% 19 801 391 2 214
174% 81 172 29 630 84 250
Profit attributable to:
Owners of the parent 109% 61 104 29 239 82 028
Non-controlling interest 4964% 19 801 391 2 214
173% 80 905 29 630 84 242
Earnings per share (cents) 71% 35,6 20,8 55,1
Diluted earnings per share (cents) 71% 35,4 20,7 54,5
Headline earnings per share (cents) 63% 33,9 20,8 55,1
Diluted headline earnings per share (cents) 63% 33,7 20,7 54,5
Adjusted headline earnings per share (cents) 66% 34,6 20,8 55,1
Diluted adjusted headline earnings per share (cents) 67% 34,4 20,7 54,5
Earnings and headline earnings per share
Reconciliation of Earnings:
Earnings attributable to shareholders 173% 80 905 29 630 84 242
Non-controlling interest 4964% 19 801 391 2 214
Earnings attributable to owners of the parent 109% 61 104 29 239 82 028
Bargain purchase gain on acquisition of CFM SA N.M (2 920) -
Headline earnings attributable
to owners of the parent 99% 58 184 29 239 82 028
Amortisation of Book Purchases N.M 1 251 -
Adjusted headline earnings
attributable owners of the parent 103% 59 435 29 239 82 028
Reconciliation of Number of Shares in issue:
Number of shares in issue 24% 176 562 142 159 166 163
Weighted average number of shares in issue 22% 171 793 140 304 148 967
Share incentives and contingent
purchase considerations -27% 746 1 025 1 604
Diluted weighted average number of shares in issue 22% 172 538 141 329 150 571
Interim consolidated statement of financial position
Unaudited Unaudited Audited
Figures in R’000 % Change 30-Jun-16 30-Jun-15 31-Dec-15
Assets
Non-Current Assets
Property, plant and equipment 35% 3 955 2 919 3 847
Goodwill 139% 274 185 114 511 273 140
Intangible assets 626% 45 423 6 256 32 402
Investments in associates 1577% 355 446 21 194 30 716
Other financial assets -33% 796 1 183 796
Deferred tax -73% 436 1 606 48
361% 680 241 147 669 340 949
Current Assets
Cash and cash equivalents -24% 166 848 218 420 314 487
Other financial assets -8% 19 244 20 852 115 341
Trade and other receivables 218% 78 453 24 682 43 237
Current tax receivables 6705% 5 648 83 4 093
2% 270 193 264 037 477 158
Total Assets 131% 950 434 411 706 818 107
Equity and Liabilities
Equity
Share Capital 119% 727 646 331 924 635 945
Reserves -68% 6 884 21 196 4 588
Retained income 186% 95 170 33 316 70 673
Equity Attributable to Equity Holders of Parent 115% 829 700 386 436 711 206
Non-controlling interest 1512% 24 498 1 520 2 423
120% 854 198 387 956 713 629
Liabilities
Non Current Liabilities
Deferred Tax 576% 12 476 1 845 9 216
Other financial liabilities N.M 33 830 35 094
N.M 46 306 1 845 44 310
Liabilities
Current Liabilities
Trade and other payables 275% 38 664 10 324 45 690
Other financial liabilities -25% 2 680 3 569 2 816
Current tax payable 7% 8 586 8 012 11 662
128% 49 930 21 905 60 168
Total Liabilities 305% 96 236 23 750 104 478
Total Equity and Liabilities 131% 950 434 411 706 818 107
Net asset value per share 483 275 429
Net tangible asset value per share 297 189 246
Interim consolidated statement of cash flows
Unaudited Unaudited Audited
Figures in R’ 000 30-Jun-16 30-Jun-15 31-Dec-15
Cash flows from operating activities
Cash generated from operations 50 227 29 358 102 131
Interest income (4 501) 3 426 7 939
Finance costs (37) (984)
Tax paid (32 405) (5 392) (24 487)
Net Cash from operating activities 13 321 27 355 84 599
Cash flows utilised in investing activities
Purchase of equipment (1 675) (1 250) (2 762)
Purchase of intangible asset through business combination (15 623) - (18 746)
Expenditure on intangible asset - (1 328)
Increase in investments in associates (320 175) (11 288) (20 549)
Cash acquired on acquisition of subsidiary 79 234 6 611
Acquisition of Subsidiary (26 075) (70 855) (166 160)
Net movement in financial assets 99 017 (12 624) (105 739)
Net Cash utilised in investing activities (185 297) (96 017) (308 673)
Cash flows from financing activities
Increase in stated share capital/share capital 92 400 - 269 418
Decrease in financial liabilities (1 400) 432 (1 185)
Dividend paid (66 496) (16 458) (33 141)
Net Cash from/(utilized in) financing activities 24 504 (16 026) 235 092
Total cash and cash equivalents movement for the period (147 472) (84 688) 11 018
Cash and cash equivalents at the beginning of the period 314 487 303 108 303 110
Effect of exchange rate movement on cash balances (167) 359
Total cash and cash equivalents at end of the period 166 848 218 420 314 487
Interim consolidated statement of changes in equity
Figures in R’ 000 Share Foreign Share Shares Total Retained Total Non- Total
capital Currency based to be Reserves income attribu- controlling equity
translation payments issued table interest
reserve reserve Reserve to equity
holders of
the group
Group
Balance at 01 January 2015 317 164 629 14 760 15 389 20 535 353 087 - 353 087
Changes in equity -
Issue of shares to acquire subsidiary - 18 640 18 640 18 640 18 640
Acquisition of subsidiary 1 129 1 129
Movement in reserve 14 760 -14 760 -14 760 - -
Issue of shares during the year - - -
Share based payments 1 927 1 927 1 927 1 927
Dividends Paid -16 458 -16 458 -16 458
Total comprehensive Income
for the six month period - - 29 239 29 239 391 29 630
Total changes 14 760 - 1 927 3 880 5 807 12 781 33 348 1 520 34 868
Balance at 30 June 2015 331 924 - 2 556 18 640 21 196 33 316 386 435 1 520 387 955
Changes in equity -
Issue of shares to acquire subsidiary 304 022 285 384 285 384
Acquisition of subsidiary CFM SA 330 330
Movement in reserve -18 640 -18 640 -
Issue of shares during the year -
Share based payments 2 024 - 2 024 2 024 2 024
Dividends Paid -15 432 -15 433 -1 250 16 683
Total comprehensive Income
for the six month period - - 52 789 52 789 1 823 54 612
Other comprehensive income 8 8 8 8
Total changes 304 022 8 2 024 -18 640 -16 608 37 357 324 772 903 325 675
Balance at 01 January 2016 635 946 8 4 580 - 4 588 70 673 711 207 2 423 713 630
Changes in equity
Issue of shares to acquire
subsidiary 91 700 91 700 91 700
Acquisition of subsidiary CFM SA 32 163 32 163
Movement in reserve -
Issue of shares during the year -
Share based payments 2 037 2 037 2 037 - 2 037
Dividends Paid -36 607 -36 607 -29 889 -66 496
Total comprehensive Income
for the six month period - 61 104 61 104 19 801 80 905
Other comprehensive income 259 259 259 259
Total changes 91 700 259 2 037 - 2 296 24 497 118 493 22 075 140 568
Balance at 30 June 2016 727 646 267 6 617 - 6 884 95 170 829 700 24 498 854 198
Interim consolidated segmental information (R’ 000)
30 June 2016 Anchor Group and Anchor Capital
other non asset and other Asset
management entities Management entities Ripple Effect 4 Eliminations Total
Revenue 28 790 200 450 1 728 (28 697) 202 271
Operating expenses (6 104) (107 247) (1 416) 6 747 (108 020)
Operating profit 22 686 93 203 312 (21 950) 94 251
Other Income (8 851) 6 602 120 (2 129)
Bargain Purchase Gain 2 920 2 920
Share of profits from associates 944 9 457 - 10 401
Profit before tax 17 699 109 262 432 (21 950) 105 443
31 December 2015
Revenue 21 464 220 090 4 690 (19 897) 226 347
Operating expenses (11 736) (151 316) (2 836) 19 897 (145 991)
Operating profit 9 728 68 774 1 854 - 80 356
Other Income 19 594 16 929 4 - 36 527
Share of profits from associates 335 261 - - 596
Finance Costs (708) (272) (4) - (984)
Profit before tax 28 949 85 692 1 854 - 116 495
30 June 2015
Revenue 11 472 72 643 1 455 (5 486) 80 084
Operating expenses (6 098) (42 253) (1 396) 5 486 (44 261)
Operating profit 5 374 30 390 59 - 35 823
Other Income 2 921 505 - - 3 426
Share of profits from associates 953 (62) - - 891
Finance Costs (37) - - (37)
Profit before tax 9 211 30 833 59 - 40 103
30 June 2016
Assets 792 717 206 477 2 336 (51 096) 950 434
Non Current Assets 658 170 80 831 133 (58 893) 680 241
Current Assets 134 547 125 646 2 203 7 797 270 193
Liabilities 38 563 47 923 1 687 8 063 96 236
Non Current Liabilities 34836 2 952 1 582 6 936 46 306
Current Liabilities 3 727 44 971 105 1 127 49 930
Equity 754 154 158 554 649 (59 159) 854 198
31 December 2015
Assets 658 470 159 786 2 694 (2 843) 818 107
Non Current Assets 337 807 5 938 207 (3 003) 340 949
Current Assets 320 663 153 848 2 487 160 477 158
Liabilities 41 662 60 656 600 1 560 104 478
Non Current Liabilities 37 820 5 090 1 400 44 310
Current Liabilities 3 842 55 566 600 160 60 168
Equity 616 808 99 130 2 094 (4 403) 713 629
30 June 2015
Assets 313 268 117 195 3 117 (23 480) 410 100
Non Current Assets 82 730 11 944 1 059 50 330 146 063
Current Assets 230 538 105 251 2 057 (73 809) 264 037
Liabilities 1 248 61 301 4 368 (44 773) 22 144
Non Current Liabilities 18 865 - (18 626) 239
Current Liabilities 1 248 42 436 4 368 (26 147) 21 905
Equity 312 020 55 894 (1 251) 21 293 387 956
BASIS OF PREPARATION AND ACCOUNTING POLICIES
The accounting policies and method of measurement and recognition applied in the preparation of these condensed consolidated unaudited interim results are
in terms of International Financial Reporting Standards (“IFRS”) and are consistent with those applied in the audited annual financial statements for the
year ended 31 December 2015.
These unaudited results are prepared in accordance with International Financial Reporting Standards (“IFRS”) and are presented in terms of the minimum
disclosure requirements set out in International Accounting Standards (“IAS”) 34 – Interim Financial Reporting, as well the SAICA Financial Reporting
Guides as issued by the Accounting Practices Committee and Financial Reporting Pronouncements as issued by the Financial Reporting Standards Council, the
JSE Listings Requirements and the requirements of the Companies Act of South Africa.
These unaudited results have been compiled under the supervision of the Financial Director, Omair Khan CA (SA).
The directors are not aware of any matters or circumstances subsequent to 30 June 2016 that require any additional disclosure or adjustment to the
financial statements. The interim results have not been reviewed or reported on by the company’s auditors.
BUSINESS COMBINATION OF CAPRICORN FUND MANAGERS PROPRIETARY LIMITED
Anchor has acquired with effect from 29 February 2016, 47.41% of the issued share capital of CFM. CFM is a leading global emerging markets hedge fund
business, and was one of the pioneers of the South African hedge fund industry and has been active in managing hedge funds since 2003. Anchor Group has the
casting vote on the Investment and Finance committees.
Provisional fair value of assets acquired and liabilities assumed
(R’000)
Equipment 287
Cash and cash equivalents 105 310
Trade and other receivables 30 058
Current tax payable -26 185
Trade and other payables -48 312
Total identifiable net assets 61 158
Non-controlling Interest -32 163
Purchase consideration paid in cash -26 075
Bargain purchase gain 2 920
FAIR VALUE HEIRACHY
The following items in the Statement of Financial Position are carried at fair value through Profit and Loss:
(R’000) Level 1 Level 3
Non-current Assets
Other financial assets 796
Current Assets
Other financial assets 19 244
Other financial asset are listed and unlisted investments.
Level 3 represents an unlisted investment. The significant judgements for AUM flow and assumptions regarding the discount rate of 18% in the valuation have
not changed since last reported.
DIVIDEND
As stated, the company has an intention of paying out approximately half of its earnings as a dividend going forward as a listed business.
For the half year ended 30 June 2016, the company has declared a gross dividend (number 5) of 17 cents per share (2015: 11 cents per share).
The dividend will be subject to a dividend withholding tax rate of 15% (equivalent to 2.55 cents per ordinary share).
The salient dates for the dividend will be as follows:
Last date to trade ‘cum’ dividend Tuesday, 30 August 2016
Shares trade ‘ex’ the dividend Wednesday, 31 August 2016
Record date (date shareholders recorded in share register) Friday, 2 September 2016
Payment date Monday, 5 September 2016
Shareholders may not dematerialise or rematerialise their share certificates between Wednesday, 31 August 2016 and Friday, 2 September 2016, both dates
inclusive.
In respect of dematerialised shareholders, the dividend will be transferred to the CSDP account/broker accounts on Monday, 5 September 2016. Certificated
shareholders’ dividend payments will be paid on Monday, 5 September 2016.
Shareholders are advised of the following additional information:
- the dividend has been declared out of profits generated during the reporting period;
- the local dividend tax rate is 15%;
- the gross local dividend amount is 17 cents per share;
- the net local dividend amount for shareholders:
- exempt from payment of dividend tax is 17 cents per share
- liable to pay the dividends tax is 14.45 cents per share
- the issued share capital of the company is 176 557 973 shares; and
- the company’s tax reference number is 9527450168.
For and on behalf of the Board
Peter Armitage Mike Teke
Chief Executive Officer Chairman
17 August 2016
DIRECTORS
Executive Directors: Peter Armitage (Chief Executive Officer), Todd Kaplan (Chief Operating Officer), Omair Khan (Financial Director)
Non-executive directors: Mike Teke (Chairman), Paul Nkuna (Lead independent), Alastair Adams (Independent), Nick Dennis (Independent), Kajal Bissessor
(Independent)
REGISTERED OFFICE
25 Culross Road, Bryanston, Sandton, 2191
POSTAL ADDRESS
PO Box 1337, Gallo Manor, 2052
WEBSITE
www.anchorgroup.co.za
DESIGNATED ADVISOR
Java Capital
TRANSFER SECRETARIES
Link Market Services South Africa Proprietary Limited
(Registration number 2000/007239/07)
11 Diagonal Street, Johannesburg, 2001
(PO Box 4844, Johannesburg, 2000)
COMPANY SECRETARY
CIS Company Secretaries Proprietary Limited
Registration number 2006/024994/07
70 Marshall Street, Johannesburg 2001
Date: 17/08/2016 03:30:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE').
The JSE does not, whether expressly, tacitly or implicitly, represent, warrant or in any way guarantee the truth, accuracy or completeness of
the information published on SENS. The JSE, their officers, employees and agents accept no liability for (or in respect of) any direct,
indirect, incidental or consequential loss or damage of any kind or nature, howsoever arising, from the use of SENS or the use of, or reliance on,
information disseminated through SENS.
Sharenet Sites 
