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Summarised audited consolidated results for the year ended 30 June 2016, dividend announcement and notice of AGM
ARB Holdings Limited
Registration number: 1986/002975/06
Share code: ARH
ISIN: ZAE000109435
('ARB' or 'the Company' or 'the Group')
Summarised audited consolidated results for the year ended 30 June 2016,
dividend announcement and notice of Annual General Meeting
Highlights
Revenue up 15,8% to R2,49 billion
Special dividend declared unchanged at 10,0 cents per share
Profit before interest and taxation ('PBIT') up 10,3% to R216,7 million
HEPS up 15,5% to 59,74 cents
Dividend per share up 14,9% to 23,1 cents
Cash on hand of R243,2 million
Commentary
Nature of business
ARB is an investment and property holding company with investments in closely
related trading and distribution businesses, including 74% of ARB Electrical
Wholesalers, a level 3 BEE company which operates 20 electrical wholesale
branches throughout South Africa, and 60% of Eurolux which imports and
distributes light fittings, lamps and related accessories.
Commentary
The Board of Directors of ARB ('the Board') is pleased to present the Group's
audited results for the year ended 30 June 2016.
Financial review
Group revenue increased by 15,8% to R2,49 billion (2015: R2,15 billion). The Electrical
Division's growth in turnover was attributable to the successful conversion of the limited
industrial and infrastructure project opportunities available in South Africa and its
neighbouring countries, and renewed interest in electrification projects by the
municipalities ahead of the August 2016 local government elections. The Lighting
Division continues to show market share gains with the introduction of new products,
including the joint venture to distribute Crabtree products into retail stores.
Despite the margin pressure as a result of the limited number of projects available,
and the volatile exchange rate, the Group's disciplined approach to the management
of its operating expenditure has enabled PBIT to grow by 10,3% to R216,7 million
(2015: R196,4 million). PBIT has been reduced by the impairment of goodwill in
Elektro Vroomen of R5,5 million, as the performance of the two branches originally
acquired in 2014 is inadequate to support this goodwill valuation.
Prior period results have been restated in the current year due to the recognition of
the put option liability arising from the option granted to Eurolux's minority
shareholders as set out more fully below. The IFRS effect of this was to increase
current income by R1,9 million (2015: R4,0 million) and a cumulative increase in
income over the five years of R7,5 million. The net balance sheet effect at
30 June 2016 is to create a put option liability of R84,5 million offset by an effective
reduction in the minority interest of R75,1 million and a reduction in accumulated
profits of R9,4 million. This IFRS accounting adjustment has no effect on cash flows.
Rigorous management of working capital has enabled the Group to continue
generating cash. The Group's net working capital ratio is 22,3% of revenue, which
remains within the targeted range of 20% to 25% of revenue. Stock increased 13,4%
to R439,9 million (2015: R387,9 million). There is scope, however, to better manage
the stock efficiencies in the Lighting Division, without prejudicing the service levels
to their key customers who are predominantly the large retail chain stores. Debtors
increased 24,8% to R439,1 million (2015: R351,9 million), mainly as a result of the
need to grant extended terms on a number of contracts. All divisions now have credit
risk insurance and this has helped reduce the Group's credit risk exposure in a
deteriorating payment environment. Creditors have increased by 25,9% to
R317,6 million (2015: R252,2 million), largely as a result of the nature and timing of
stock purchases and not as a consequence of any change in payment terms to
suppliers.
The cash generation, and the minor increase in prevailing interest rates, has resulted
in net interest received increasing by 41,4% to R11,9 million (2015: R8,4 million).
Capital expenditure amounted to R19,9 million (2015: 15,7 million) and dividends of
R86,3 million (2015: R86,3 million) were paid during the year. The Group remains
ungeared with cash on hand of R243,3 million.
Divisional reviews
Electrical Division (revenue up 15,3% and PBIT up 10,0% after the R5,5 million
goodwill impairment)
The Electrical Division's results are impacted directly by the lack of any real
economic growth or infrastructure spend. The success however, in securing orders
from the limited project opportunities available both locally and in neighbouring
countries, has enabled this division to show commendable results in an extremely
difficult trading environment. These efforts have been augmented by the resumption
of electrification projects implemented by local municipalities. The careful
management of expenditure has countered the pressure on trading margins.
The expansion of its geographical footprint continued with the opening of two new
Connect stores in convenient locations (in Silverlakes - Tshwane and Dieprivier -
Western Cape) to gain access to the smaller electrical contractors and the higher
margin electrical accessories market. One store was relocated from Reuven to
Meadowdale in Johannesburg.
Lighting Division (revenue up 19,1% and PBIT up 36,9%)
The Lighting Division continued to show market share gains by expanding its product
range, thereby making its offering more appealing to large chain stores and to
electrical wholesalers.
Gross trading margins were negatively impacted by the competitive environment and
the volatile exchange rate. Challenges still exist with delays in the issuance of Letters
of Authority by the National Regulator of Compliance Specifications. Overheads were
tightly controlled, which resulted in the PBIT increasing to 11,8% (2015: 10,3%) of
revenue.
Corporate Division (revenue up 2,9% and PBIT down 10,6%)
The Corporate Division's results were in line with expectations, due to the fixed nature
of rental income from its ungeared property portfolio. One of its properties was sold
during the year and the Division continues to run down its vehicle fleet, which is rented
to the operating divisions. ARB IT Solutions (Pty) Ltd has shown some customer gains
through the commercialisation of its software offering, but is still a relatively small
revenue generator for the Group.
The market value of the Group's portfolio of 15 (2015: 16) properties is estimated to be
R178,2 million (2015: R181 million), of which one property in Polokwane remains
undeveloped. The net decrease in total market value was due to the disposal of the
Reuven property during the year under review.
Corporate activity and expansion
While no new corporate activity was undertaken during the year, acquisitions remain
an integral part of the Group's growth and expansion strategy.
Dividends
In view of the Group's continued strong cash generation and its ungeared balance
sheet, the Board has resolved to declare a dividend of 23,1 cents per share (2015:
20,1 cents per share) for the year ended 30 June 2016, representing the maximum
pay-out in terms of the Company's dividend policy. In addition, the Board has
resolved to declare a further special dividend of 10,0 cents per share
(2015: 10,0 cents per share) in order to return excess cash to shareholders.
Prospects
Trading conditions are expected to remain challenging for both divisions in the short
to medium term, given the continued low or zero economic growth expected in South
Africa over the next few years.
Notwithstanding these generally negative economic expectations, the Group does
foresee opportunities upon which it can capitalise in the next year. These include
organic growth opportunities through the opening of new Connect stores in the
Electrical Division and through the introduction of additional product ranges in the
Lighting Division such as Euro Noveaux, a top range of lighting for discerning buyers.
Eskom has announced that the Multilateral Investment Guarantee Agency (an arm
of the World Bank) has provided guarantees of 698,9 million Euro for up to 15 years
to back a loan facility entered into with Deutsche and Mizuho Banks, and a R20 billion
funding loan from the African Development Bank. These have been raised to fund
general expansion programmes, which include the refurbishment of transmission
and distribution facilities, and should provide further opportunities for the business.
Summarised Group statement of comprehensive income
Restated
Audited year audited year
to 30 June to 30 June
% 2016 2015
change (R000's) (R000's)
Revenue 16 2 489 791 2 150 764
Cost of sales 19 (1 941 677) (1 633 459)
Gross profit 6 548 114 517 305
Other income 53 6 231 4 061
Overheads 4 (337 630) (324 955)
Profit before interest and tax 10 216 715 196 411
Net interest received 41 11 911 8 424
Profit before taxation 12 228 626 204 835
Taxation 17 (68 455) (58 481)
Profit for the year 9 160 171 146 354
Items that will not be recycled into
profit or loss
- Revaluations of property,
plant and equipment (net of taxation) 2 449 10 202
Total comprehensive income for the year 4 162 620 156 556
Profit for the year attributable to: 160 171 146 354
- Non-controlling interests - 24 594 24 849
- Ordinary shareholders 11,6 135 577 121 505
Total comprehensive income attributable to: 162 620 156 556
- Non-controlling interests - 24 594 24 849
- Ordinary shareholders 4,8 138 026 131 707
Reconciliation between earnings and headline earnings
Restated
Audited year audited year
to 30 June to 30 June
% 2016 2015
change (R000's) (R000's)
Profit for the year attributable to
ordinary shareholders 135 577 121 505
Impairment of goodwill (net of
non-controlling interests) 4 070 -
Loss on disposal of property, plant and
equipment (net of taxation and net of
non-controlling interests) 747 12
Headline earnings 140 394 121 517
Number of ordinary shares in issue (000's) 235 000 235 000
Weighted average number of ordinary
shares in issue (000's) 235 000 235 000
Diluted number of ordinary shares (000's)* 235 000 235 000
Basic earnings per share (cents)* 11,6 57,69 51,70
Headline earnings per share (cents)* 15,5 59,74 51,71
* There are no dilutive instruments in issue
Summarised Group statement of financial position
Restated Restated
Audited at audited at audited at
30 June 30 June 30 June
% 2016 2015 2014
change (R000's) (R000's) (R000's)
ASSETS
Property, plant and equipment 2 225 313 221 672 205 525
Intangible assets (7) 78 003 83 659 83 971
Investment in joint venture 1 041 - -
Deferred taxation 6 957 8 149 13 188
Total non-current assets 311 314 313 480 302 684
Current assets 1 122 246 966 626 930 978
Inventory 13 439 913 387 973 391 348
Trade and other receivables 25 439 064 351 873 342 046
Cash resources 7 243 269 226 780 197 584
Total assets 1 433 560 1 280 106 1 233 662
EQUITY AND LIABILITIES
Share capital and premium 116 174 116 174 116 174
Revaluation reserve 71 002 70 302 60 100
Accumulated profits 638 012 571 421 520 651
Attributable to ordinary
shareholders 825 188 757 897 696 925
Non-controlling interests 161 594 152 600 143 351
Total shareholders' funds 986 782 910 497 840 276
Non-current liabilities 126 372 114 921 106 085
Deferred lease payments 393 981 -
Put option liability 84 510 75 314 71 958
Deferred taxation 7 41 469 38 626 34 127
Current liabilities 26 320 406 254 688 287 301
Trade and other payables 26 317 556 252 196 284 576
Taxation payable 14 2 850 2 492 2 725
Total equity and liabilities 1 433 560 1 280 106 1 233 662
Net asset value per share (cents) 351,14 322,51 296,56
Net tangible asset value per
share (cents) 321,96 292,82 264,73
Property, plant and equipment
Capital expenditure for
the period 19 943 15 662 28 768
Capital commitments -
contracted for 3 308 3 910 886
Depreciation 11 361 11 180 11 496
Summarised Group statement of cash flows
Restated
Audited audited
year to year to
30 June 30 June
2016 2015
(R000's) (R000's)
Cash generated by trading activities 236 058 204 855
Increase in net working capital (68 139) (37 979)
Cash generated by operating activities 167 919 166 876
Net interest received 19 631 15 080
Dividends paid (86 335) (86 335)
Taxation paid (67 092) (52 470)
Cash flows from operating activities 34 123 43 151
Cash flows from investing activities (10 345) (13 937)
Cash flows from financing activities (7 289) (18)
Increase in cash resources 16 489 29 196
Cash resources at beginning of the year 226 780 197 584
Cash resources at end of the year 243 269 226 780
Summarised Group segment report
Electrical Lighting Corporate
(R000's) (R000's) (R000's)
Audited for year to 30 June 2016
- Segment revenue 2 006 038 506 954 39 311
- Profit before interest and tax 134 991 59 946 26 854
- Segment assets 931 305 316 836 539 187
- Segment liabilities 290 553 170 318 209 733
- Net segment assets 640 752 146 518 329 454
Audited for the year to
30 June 2015 (restated)
- Segment revenue 1 740 585 425 499 38 219
- Profit before interest and tax 122 676 43 800 30 051
- Segment assets 805 412 239 195 374 101
- Segment liabilities 211 318 121 629 56 238
- Net segment assets 594 094 117 566 317 863
Inter-Co Total
(R000's) (R000's)
Audited for year to 30 June 2016
- Segment revenue (62 512) 2 489 791
- Profit before interest and tax (5 076) 216 715
- Segment assets (353 768) 1 433 560
- Segment liabilities (223 826) 446 778
- Net segment assets (129 942) 986 782
Audited for the year to 30 June 2015 (restated)
- Segment revenue (53 539) 2 150 764
- Profit before interest and tax (116) 196 411
- Segment assets (138 602) 1 280 106
- Segment liabilities (19 576) 369 609
- Net segment assets (119 026) 910 497
Summarised group statement of changes in equity
Share Accumu-
capital and Revaluation lated
premium reserve profit
(R000's) (R000's) (R000's)
Balance at 30 June 2014
As previously reported 116 174 60 100 536 122
Restatement of put option liability - - (15 471)
Balance at 1 July 2014 as restated 116 174 60 100 520 651
Total comprehensive income - 10 202 121 505
Dividends paid - - (70 735)
Balance at 30 June 2015 as restated 116 174 70 302 571 421
Total comprehensive income - 2 449 135 577
Transfer from reserves - (1 749) 1 749
Dividends paid - - (70 735)
Balance at 30 June 2016 (audited) 116 174 71 002 638 012
Non-
controlling
interests Total
(R000's) (R000's)
Balance at 30 June 2014
As previously reported 199 838 912 234
Restatement of put option liability (56 487) (71 958)
Balance at 1 July 2014 as restated 143 351 840 276
Total comprehensive income 24 849 156 556
Dividends paid (15 600) (86 335)
Balance at 30 June 2015 as restated 152 600 910 497
Total comprehensive income 24 594 162 620
Transfer from reserves - -
Dividends paid (15 600) (86 335)
Balance at 30 June 2016 (audited) 161 594 986 782
Notes to the financial statements
Basis of preparation
The summarised audited consolidated annual financial statements for the year ended
30 June 2016 have been prepared in accordance with the framework concepts and
the measurement and recognition requirements of International Financial Reporting
Standards ('IFRS'), IAS34 Interim Financial Reporting Standards, the SAICA Financial
Reporting Guides as issued by the Accounting Practices Committee, Financial
Reporting Pronouncements as issued by the Financial Reporting Standards Council,
the requirements of the South African Companies Act, and the JSE Listings Requirements.
The accounting policies used in the preparation of these results are in accordance
with IFRS and are consistent, in all material respects, with those used in the audited
annual financial statements for the year ended 30 June 2015 save for the put option
liability accounting policy and the prior year restatement in respect of the put option
liability set out below.
As part of the restatement of prior period restatement, the Group adopted the
following new accounting policy in respect of put option liabilities:
Written put options on the shares of a subsidiary held by non-controlling interests
entitle them to sell their interest in the subsidiary to the Group. The Group records a
financial liability for its contractual obligation to pay the put option at the present
value of the estimated option price discounted from the date the option is first
exercisable to the reporting date. In recognising this liability, the non-controlling
interest is derecognised and any excess or shortfall is charged or realised directly in
accumulated profits in the statement of changes in equity. Dividends paid to the
derecognised non-controlling interests are charged to profit and loss.
The unwinding of the present value discount on this financial liability is recorded in
finance charges. The financial liability is fairly valued at the end of each financial year
and any changes in the fair value of the liability as a result of changes in assumptions
used to estimate the future option price are also recognised in profit and loss.
The put option liability is a financial liability measured at fair value through profit and
loss with a fair value measurement hierarchy category of level 3. The fair value has
been determined in accordance with the predetermined valuation method, inputs and
present value techniques. The key assumptions are the growth rate, price earnings
multiple and the discount rate with the fair value being the most sensitive to the price
earnings multiple used.
Restatement of prior period amounts
Put option liability
When Eurolux was acquired in January 2012, the financial liability relating to the
written put options on the shares of Eurolux held by non-controlling interests ('NCI'),
which entitle the NCI to sell their interest in Eurolux to the Group, was not accounted
for. On the signing of the put option agreement, the Group should have recorded a
financial liability for its obligation to pay the put option at the present value of the
estimated option price discounted from the option exercisable date to the reporting
date. In recognising this put option liability in accordance with the Group's accounting
policy, the NCI should have been derecognised, and any excess or shortfall charged
or realised directly in accumulated profits in the statement of changes in equity.
Dividends paid to the derecognised NCI should have been charged to profit and loss.
The unwinding of the present value discount on this financial liability should have
been recorded in finance charges. The financial liability should have been fairly valued
at the end of each financial year and any changes in the fair value of the liability as a
result of changes in assumptions used to estimate the future option price should
have been recognised in profit and loss.
In terms of the put options, the NCI have the right to put their remaining shareholding
to the Group after December 2016. The put option value is calculated at a multiple
of 60% of the Group's 120-day volume weighted average price earnings multiple
(with a minimum of 4 and a maximum of 7,5) applied to the annual average of
Eurolux's last 36 months profit after tax, immediately preceding the Group's most
recent reporting period.
This restatement and its effect on earnings per share ('EPS'), (which is the same as
the headline earnings per share ('HEPS'), are set out below:
Gross Tax EPS
amount effect effect
(R000's) (R000's) (R000's)
Effect on basic and diluted earnings
per share in 2015
Profit as previously reported 117 459 - 49,98
Dividends paid to derecognised
NCI now expensed (3 416) - (1,45)
Change in put liability assumptions 3 300 - 1,40
Unwinding the present value of
put liability (6 656) - (2,83)
Derecognition of NCI 10 818 - 4,60
121 505 - 51,70
The effects on previously reported comparative figures are as follows:
As previously Prior period
stated restatement As restated
(R000's) (R000's) (R000's)
2015
Statement of comprehensive income
Overheads (324 839) (116) (324 955)
Profit before interest and taxation 196 527 (116) 196 411
Interest paid (95) (6 656) (6 751)
Profit before taxation 211 607 (6 772) 204 835
Profit for the year 153 126 (6 772) 146 354
Total comprehensive income 163 328 (6 772) 156 556
Profit for the year attributable to: 153 126 (6 772) 146 354
- Non-controlling interests 35 667 (10 818) 24 849
- ARB ordinary shareholders 117 459 4 046 121 505
Total comprehensive income
attributable to: 163 328 (6 772) 156 556
- Non-controlling interests 35 667 (10 818) 24 849
- ARB ordinary shareholders 127 661 4 046 131 707
Statement of financial position
Accumulated profits 582 845 (11 424) 571 421
Attributable to ARB ordinary
shareholders 769 321 (11 424) 757 897
Non-controlling interests 216 490 (63 890) 152 600
Total equity and reserves 985 811 (75 314) 910 497
Put option liability - 75 314 75 314
Non-current liabilities 39 607 75 314 114 921
Statement of cash flow
Profit for the year 153 126 (6 772) 146 354
Change in put option liability
assumptions - (3 300) (3 300)
Interest paid 95 6 656 6 751
Operating cash flow before working
capital changes 208 271 (3 416) 204 855
Cash generated by operating activities 170 292 (3 416) 166 876
Dividends paid (89 751) 3 416 (86 335)
Statement of change in equity
Total comprehensive income for the year
Profit for the year - ARB ordinary
shareholders 117 459 4 046 121 505
Profit for the year - non-controlling
interests 35 667 (10 818) 24 849
Dividends - non-controlling interests 19 016 (3 416) 15 600
2014
Statement of financial position
Accumulated profits 536 122 (15 471) 520 651
Attributable to ARB ordinary
shareholders 712 396 (15 471) 696 925
Non-controlling interests 199 838 (56 487) 143 351
Total equity and reserves 912 234 (71 958) 840 276
Put option liability - 71 958 71 958
Non-current liabilities 34 127 71 958 106 085
These summarised financial statements have been extracted from the consolidated
financial statements for the year ended 30 June 2016 which have been audited by
PKF Durban, whose unqualified audit opinion on these consolidated financial
statements is available for inspection at the Company's registered office, together
with the financial statements which will be utilised in preparation of the integrated
report for circulation to the shareholders together with the notice of the Annual
General Meeting. This summarised report is extracted from audited information,
but is not itself audited.
The auditor's report does not necessarily cover all the information included in this
announcement. The Board of Directors of ARB takes full responsibility for the
preparation of these summarised audited consolidated financial results for the year
ended 30 June 2016 and for ensuring that the financial information has been correctly
extracted from the underlying audited annual financial statements.
This report and the audited consolidated financial statements have been prepared
and compiled under the supervision of Grant Scrutton CA(SA) (Chief Financial Officer).
Commitments and contingencies
As previously reported, ARB Electrical Wholesalers (Pty) Ltd received a summons
from a major listed construction company, as third respondent (after their insurance
company and insurance broker), in terms of a professional indemnity claim totalling
R76,4 million 'as a result of the incorrect cable being procured or incorrect cables
being installed incorrectly'. The Board believes that the cable specified on their
order was correctly supplied and delivered. Attorneys have been appointed to
defend the matter. No provision has been made as the Board believe that there is
no justification for this claim.
Dividend announcement
Dividends
In view of the Group's continued strong cash generation and its ungeared balance
sheet, the Board has resolved to declare a dividend of 23,1 cents per share
(2015: 20,1 cents per share) for the year ended 30 June 2016, representing the
maximum pay-out in terms of the Company's dividend policy. In addition, the Board
has resolved to again declare a special dividend of 10,0 cents per share (10,0 cents)
in order to return excess cash to shareholders.
The relevant dates for the dividends are as follows:
Event Date
Declaration date Wednesday, 24 August 2016
Last day to trade cum dividend Tuesday, 13 September 2016
Shares commence trading ex dividend Wednesday, 14 September 2016
Record date Friday, 16 September 2016
Payment date Monday, 19 September 2016
Share certificates may not be dematerialised or rematerialised between Wednesday,
14 September 2016 and Friday, 16 September 2016, both days inclusive.
In compliance with the JSE Listings Requirements, the following additional
information is disclosed:
1. the dividend and special dividend have been declared out of income reserves;
2. the local Dividend Withholding Tax rate is 15%;
3. the gross local dividend amount is 23,10000 cents per share for shareholders
exempt from paying Dividend Withholding Tax;
4. the gross local special dividend amount is 10,00000 cents per share for
shareholders exempt from paying Dividend Withholding Tax;
5. the net local dividend amount is 19,63500 cents per share for shareholders liable
to pay Dividend Withholding Tax;
6. the net local special dividend amount is 8,50000 cents per share for shareholders
liable to pay Dividend Withholding Tax;
7. the issued share capital of ARB is 235 000 000 ordinary shares of 0,01 cent
each; and
8. ARB's income tax reference number is 9010/138/20/5.
Exchange control approval has been applied for from the South African Reserve Bank
to give effect to the payment of the special dividend noted above. Payment of the
special dividend to foreign holders can only be made once this approval has been given.
Statutory and approval
Financial assistance to related or inter-related companies and corporations (s45)
The holding company has provided financial guarantees and cessions of loan
accounts to the Group's bankers on behalf of the subsidiary companies as security
for facilities granted to the subsidiary companies.
Changes to the Board
Mr James Dixon was appointed as an independent non-executive Director on
18 January 2016 to replace Mr Gerrit ('Boel') Pretorius who retired at the AGM on
12 November 2015. As previously announced, Grant Scrutton was appointed as
Chief Financial Officer and Financial Director on 1 October 2015.
Notice of Annual General Meeting
Notice is hereby given that the Annual General Meeting of shareholders of ARB will
be held at 10:00 on Wednesday, 9 November 2016, at the Company's registered
office located at 10 Mack Road, Prospecton, Durban. The notice of Annual General
Meeting will be contained in the integrated report which will be posted to
shareholders by no later than 30 September 2016.
The record date, for purposes of determining which shareholders are entitled to
receive the notice of Annual General Meeting, will be 16 September 2016.
The last day to trade and the record date, in order for shareholders to be eligible to
participate in and vote at the Annual General Meeting, will be 1 November 2016 and
4 November 2016, respectively.
Appreciation
We would like to acknowledge and thank our customers, suppliers, business
partners, advisors, shareholders, management and staff for their continued support.
Alan R Burke
Chairman
William R Neasham
Chief executive officer
24 August 2016
Directors
AR Burke (Chairman)*
J Dixon#*
ST Downes#*
WR Neasham (CEO)
RB Patmore^#*
GM Scrutton (CFO)
* Non-executive
# Independent
^ Lead independent
Registered office and telephone numbers
10 Mack Road
Prospection
Durban
PO Box 26426
Isipingo
Beach
4115
Tel: +27 31 9100 100
Auditors
PKF Durban
12 on Palm Boulevard
Gateway
4319
Tel: +27 31 573 5000
Sponsor
Grindrod Bank
Grindrod Tower
8A Protea Place
Sandton
Tel: +27 11 459 1873
Transfer Secretaries
Computershare Investor Services
70 Marshall Street
Johannesburg
2001
Investor Relations
Keyter Rech Investor Solutions
Number 5
2nd Road
Hyde Park
2196
Company Secretary
M Louw
11 Larch Close
Centurion
0046
Tel: +27 12 663 7989
Date: 24/08/2016 12:43:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE').
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