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Summary of the audited consolidated results for the year ended 31 May 201
OneLogix Group Limited
Incorporated in the Republic of South Africa
(Registration number 1998/004519/06)
JSE share code: OLG
ISIN: ZAE000026399
("OneLogix" or "the company" or "the group")
PROVISIONAL REPORT
Summary of the audited consolidated results for the year ended 31 May 2016
Highlights
- Revenue up 30%
- Trading profit up 21%
- Cash generated from operations by continuing operations up 33%
- Core HEPS from continuing operations up 5%
- Diluted core HEPS from continuing operations 8%
- R90 million Phase 2 OneLogix Logistics Hub (KZN) complete
- Vision and Cryogas acquisitions successfully concluded
- Improved to Level 3 B-BBEE accreditation
Commentary
We are pleased to report that we have sustained our over 10-year uninterrupted growth trajectory
despite extremely difficult trading conditions.
Recent acquisitions have been successfully integrated and Phase 2 of the OneLogix Logistics Hub
in KwaZulu-Natal was completed in early 2016 at a cost of R90 million, extending the strategic
benefits to more companies across the group.
Review of operations
Our Primary Products Logistics operators performed extremely well, especially given the trading
environment. The remaining businesses dealt with the tough market conditions as well as could be
expected. Our highly competent management teams running the businesses are engaged in constant
review to improve business systems and processes.
Abnormal Logistics
OneLogix Vehicle Delivery Services ("VDS") and OneLogix Commercial Vehicle Delivery Services
("CVDS") experienced mixed fortunes, but overall traded down in line with increasingly competitive
markets which have progressively contracted over the past three years. Both businesses benefited
from the strategic advantages of the new OneLogix Logistics Hub and retained their respective
market leadership.
OneLogix Projex managed to boost profitability ahead of expectations through effective margin
management, despite experiencing declining project cargo through the Durban port and a consequent
drop in revenue. The recent merger with Madison has been successfully completed, which will
further increase efficiencies.
Primary Product Logistics
OneLogix United Bulk is now a significant contributor to group earnings. It improved its
performance by taking advantage of our recent investment in fleet and successfully integrating the
Vision and Cryogas acquisitions, which now operate under the brand umbrella (see Acquisitions).
OneLogix Linehaul performed well on the back of investment in additional fleet and a solid
customer base.
The Jackson acquisition also performed well and contributed to earnings for a full year for the
first time. Jackson has retained its market leading position in the top-end logistics of
agricultural products in South and southern Africa. A large portion of the cargo is
export-oriented. Buffelshoek, acquired by the group together with Jackson, also delivered a
strong performance in its market niche of agricultural input and final farm produce.
Other - Logistics Services
Atlas 360, a small contributor to earnings, reported weaker results in a harsh market.
OneLogix Cargo Solutions continued its important role within the group by offering facilities
support, primarily in import and export warehousing and increasingly in clearing and forwarding.
Financial results
Revenue from continuing operations increased by 30% to R1,78 billion on the back of the maiden
contributions for the full year of Jackson and Buffelshoek, and the newly-acquired Vision and
Cryogas contributing to earnings for the last eight months of the year.
Trading margins from continuing operations declined to 8,5% (May 2015: 9,1%), which resulted in
commensurate growth in trading profit of 21% to R151 million. As reported in the interim results,
trading profit was adversely affected by a R16 million charge relating to the group's ongoing
skills upliftment programme that had to be escalated in line with the recently promulgated
amended B-BBEE Codes. The vast majority of this charge will be recovered through learnership
allowances afforded by SARS. This has contributed to the effective tax charge of 19,9% on profit
for the period. Excluding the skills charges recovered in the income tax line, the trading margin
would be in line with the prior year. Operating profit increased 179% from R48,7 million to
R135,8 million during the year. The prior year's results were impacted by the once-off, non-cash
flow IFRS 2 share-based payment charge of R71,6 million relating to the implementation of the
specific issue of shares for cash to Kagiso Capital (Pty) Ltd ("IFRS 2 Kagiso charge").
A R15,1 million IFRS 2 share-based payment charge relating to the employee and management
participation schemes, implemented from February 2015, was incurred in full during the
current year.
Net finance costs doubled to R48,1 million as a result of the group's recent significant
investment in infrastructure and acquisitions concluded over the past 18 months as well as
increases in lending rates in the latter part of the year. Interest cover on trading profit of
3,1 times (2015: 5,3 times) remains above our targeted level, but we are cognisant of gearing
in relation to the prevailing trading environment. The gearing in the group is 99% asset-based.
Earnings per share ("EPS") declined by 58% to 26 cents, mainly due to the R144,2 million
after-tax profit realised on the disposal of PostNet in the prior year offset by the IFRS 2
Kagiso charge, also incurred in the prior year (see above).
Headline earnings per share ("HEPS") increased to 25,7 cents from a negative 1,7 cents.
The IFRS 2 Kagiso charge impacted HEPS in the prior year.
As previously communicated, we aim to present users with the same information that management
utilises to evaluate the performance of the group's operations. Accordingly, we present core
headline earnings per share ("Core HEPS") - headline earnings (as calculated based on SAICA
Circular 2/2015) adjusted for the amortisation charge of intangible assets recognised on business
combinations and charges relating to share-based payments. Core HEPS from continuing operations
increased by 5% to 34,6 cents and diluted core HEPS from continuing operations increased by 8%
to 34,1 cents. The dilutionary effect on Core HEPS of the employee and management participation
schemes is calculated based on a volume weighted average share price for the year of R4,11.
A reconciliation of headline earnings to core headline earnings is provided in the
financial results.
Cash generated from continuing operations increased 33% to R173,2 million. This is testament to
our ongoing focus on converting trading into cash and the discipline on working capital cycles.
Dividend number 5, totalling R15,1 million, was declared on 18 August 2015 and paid during the
financial year.
The group invested R320,8 million in operational infrastructure as follows: R207,7 million in
fleet (of which R136,6 million relates to expansion), R103,8 million in property (of which
Phase 2 of the OneLogix Logistics Hub), R5,3 million in IT-related assets and R4 million for
other assets. Net proceeds of R39,8 million were received on the disposal of fixed assets.
Investments in acquisitions of R90 million (net of cash acquired) were settled in cash during
the period (see Acquisitions).
New interest-bearing borrowings of R319,1 million were raised to fund acquisitions of fixed
assets, offset by the repayment of interest-bearing borrowings of R190,6 million. Net cash
resources at year-end amounted to R100 million.
Recent investments in fleet, properties and acquisitions have substantially increased the
magnitude of OneLogix operations and we are mindful of scaling the various businesses in line
with opportunities and conditions in their respective market places.
Acquisitions
With effect from 1 July 2015, the group acquired a 100% interest in the specialist liquid bulk
logistics company, Vision, for a cash purchase consideration of R110 million. The timing of the
receipt of Competition Commission approval resulted in profits being consolidated from
1 October 2015, with an interest charge of R1,4 million on the purchase price being expensed
during the year. Effective 1 October 2015, OneLogix also acquired a 74,2% interest in Cryogas
for a cash purchase consideration of R5,5 million.
Vision, based in Vereeniging, is a well-established and respected operator with blue chip
customers in the solvents and acids markets of South Africa and neighbouring countries.
There have been immediate managerial, operational, fleet and marketing synergies for the group.
Similarly, Cryogas represents an expansion of the group's bulk liquid business into the local
and regional cryogenics markets.
The purchase price allocation on Vision resulted in the following assets and liabilities being
recognised: property, plant and equipment R74,7 million; intangible assets R18,4 million; trade
and other receivables R29,7 million; inventories R1 million; cash and cash equivalents
R25,8 million; taxation receivable of R3 million; borrowings R32,9 million; trade and other
payables of R10,6 million; deferred tax liability of R17,6 million and R18,7 million to goodwill.
The purchase price allocation on Cryogas resulted in the following assets and liabilities being
recognised: property, plant and equipment R15,6 million; intangible assets R0,3 million; trade
and other receivables R2,4 million; cash and cash equivalents R0,3 million; taxation receivable
of R1,2 million; borrowings R7,2 million; trade and other payables of R2,4 million and deferred
tax liability of R1,8 million. A gain on acquisition of R0,7 million was recognised.
A non-controlling interest of R2,2 million relating to Cryogas was recognised at the acquisition
date, measured using the proportionate share of the identifiable net assets. The primary factor
contributing to the goodwill recognised in Vision is the business' specialised service offering
and leading market presence. This goodwill is not expected to be deductible for income
tax purposes.
Had the Vision and Cryogas businesses been acquired effective 1 June 2015, the effect on the
statement of comprehensive income would have been an increase in revenue of R65,5 million
and an increase in profit after tax of R9,3 million. The businesses contributed R117,3 million
in revenue and R16,4 million in profit after tax to the group for the year.
Corporate transactions
On 1 September 2015, OneLogix concluded a related-party transaction which saw the group acquire
a further 26% shareholding in United Bulk for a purchase consideration of R30,5 million, settled
by the issue of 5,8 million fully paid-up OneLogix shares. OneLogix now owns 100% of United Bulk
and the management and shareholding interests are fully aligned. The excess consideration paid
over and above the carrying value of the non-controlling interest acquired is recognised in equity.
In December 2015 an additional 24% interest in Madison was acquired for a cash consideration of
R5,0 million. This increased OneLogix's shareholding in Madison to 75% and paved the way for the
merger of the Projex and Madison businesses, resulting in the acquisition of the remaining 25% in
Madison from the non-controlling shareholder in exchange for shares in Projex. Following the merger
of the two businesses, the shareholding in Projex is 86,9% held by OneLogix and the balance by
Projex management.
Phase 2 of the OneLogix Logistics Hub was transferred to the group in January 2016. The Phase 2
facility is fully operational and cost the group R90 million. New borrowings of R66 million were
raised on transfer and the remainder of the investment has been settled by existing cash resources.
The Logistics Hub, situated at Umlaas Road in KwaZulu-Natal, now has capacity to store 9 000
passenger vehicles under cover and a further 1 000 commercial vehicles. The Logistics Hub also
provides facilities such as workshops, refuelling, offices, driver accommodation and fleet parking
areas to all the group's companies.
Dividend
After careful consideration, the board has decided that no final dividend be declared. The group
wishes to preserve its cash resources given recent acquisitive activity, prevailing uncertain market
conditions and to facilitate growth areas of the business.
People
We continue to prioritise building high-quality teams within an enabling culture. The most recent
recognition of our efforts was the re-award to OneLogix of the international accolade "Top Employer"
by the Top Employer Institute. OneLogix was further rated "Best Performer - Logistics Industry" in
the same awards. We remain highly appreciative of our management team and staff who continue to
perform at the highest levels of excellence.
We further thank all our business partners, customers, suppliers, business advisors and shareholders
for their invaluable support.
Prospects
Trading conditions for all group companies will remain difficult for the foreseeable future.
Given this outlook, we will continue to focus on extracting maximum efficiencies from existing
businesses in order to protect and grow respective market share.
Each of the group companies are led by excellent management teams with proven entrepreneurial
skills. Further, each business has a proven business model and is well-placed within its
respective market.
The group is also always mindful of start-up and acquisitive opportunities and will continue to
assess these as appropriate.
Basis of presentation
These summary consolidated financial statements for the year ended 31 May 2016 have been
prepared in accordance with the requirements of the JSE Limited Listings Requirements for
provisional reports, and the requirements of the Companies Act applicable to summary financial
statements. The JSE Listings Requirements require provisional reports to be prepared in accordance
with the framework concepts and the measurement and recognition requirements of International
Financial Reporting Standards ("IFRS") and the SAICA Financial Reporting Guides as issued by the
Accounting Practices Committee and Financial Pronouncements as issued by the Financial Reporting
Standards Council and to also, as a minimum, contain the information required by IAS 34 Interim
Financial Reporting. The accounting policies applied in the preparation of the consolidated
financial statements from which the summary consolidated financial statements were derived are in
terms of International Financial Reporting Standards and are consistent with those accounting
policies applied in the preparation of the previous consolidated financial statements.
These results have been compiled under the supervision of the Financial Director, GM Glass CA(SA).
We aim to present stakeholders with the same information that management utilises to evaluate the
performance of the group's operations. Accordingly we present core headline earnings, which are
headline earnings (as calculated based on SAICA Circular 2/2015) adjusted for the amortisation
charge of intangibles recognised on business combinations and charges relating to share-based
payments. Please note that core headline earnings is not an IFRS defined measure.
The group adopted all new and amended accounting pronouncements that were effective for OneLogix
during the current year. None of these had a material impact on the group.
These summary consolidated financial statements for the year ended 31 May 2016 have been audited
by PricewaterhouseCoopers Inc., who expressed an unmodified opinion thereon. The auditor also
expressed an unmodified opinion on the consolidated financial statements from which these summary
consolidated financial statements were derived. A copy of the auditor's report on the summary
consolidated financial statements and the auditor's report on the consolidated financial statements
is available for inspection at the company's registered office, together with the financial
statements identified in the respective auditor's reports.
The auditor's report does not necessarily report on all of the information contained in this
provisional report. Shareholders are therefore advised that in order to obtain a full understanding
of the nature of the auditor's engagement they should refer to the auditor's report.
These summary consolidated financial statements were approved by the board of directors on
25 August 2016. The audited summary consolidated financial statements and the auditor's report on
the summary consolidated financial statements are available on the company's website, www.onelogix.com.
By order of the board
25 August 2016
Condensed consolidated statement of comprehensive income
Audited Audited
year ended year ended
31 May 31 May
2016 2015
% R'000 R'000
Continuing operations
Revenue 30 1 778 605 1 367 980
Operating and administration costs 31 (1 529 542) (1 168 074)
Depreciation and amortisation 43 (113 214) (79 265)
Share-based payment - specific share issue for cash - (71 621)
Loss on sale of assets (7) (366)
Operating profit 179 135 842 48 654
Share of profits from associate 66 6 313 3 811
Finance income (46) 3 238 6 023
Finance costs 73 (51 362) (29 661)
Gain on acquisition 699 -
Profit before taxation 94 730 28 827
Taxation (18 863) (26 772)
Profit from continuing operations 75 867 2 055
Profit from discontinued operation - 1 817
Profit from disposal of discontinued operations - 144 178
Profit for the year 75 867 148 050
Other comprehensive income
Movement in foreign currency translation reserve* 510 179
Deferred tax increase on revaluation reserve due to CGT
inclusion rate increase* (1 291) -
Total comprehensive income for the year 75 086 148 229
Profit attributable to:
- Non-controlling interest 34 10 653 7 934
- Owners of the parent (53) 65 214 140 116
(49) 75 867 148 050
Other comprehensive income attributable to:
- Non-controlling interest - -
- Owners of the parent (781) 179
(781) 179
Total comprehensive income attributable to:
- Non-controlling interest 34 10 653 7 934
- Owners of the parent (54) 64 433 140 295
(49) 75 086 148 229
Total comprehensive income attributable to owners
of the parent arises from:
- Continuing operations 64 433 (5 700)
- Discontinued operations - 145 995
(54) 64 433 140 295
* The component of other comprehensive income may subsequently be reclassified to profit and
loss during future reporting periods.
Audited Audited
year ended year ended
31 May 31 May
2016 2015
% R'000 R'000
Number of shares in issue ('000):
- Total issued less treasury shares 2 251 946 246 146
- Weighted 12 250 488 224 540
- Diluted 12 250 488 224 540
- Diluted measure for core earnings purposes 8 253 646 233 825
Basic and headline earnings per share (cents)
Basic earnings per share (cents) (58) 26,0 62,4
Continuing operations 26,0 (2,6)
Discontinued operations - 65,0
Diluted basic earnings per share (cents) (58) 26,0 62,4
Continuing operations 26,0 (2,6)
Discontinued operations - 65,0
Headline earnings per share (cents) >100 25,7 (1,7)
Continuing operations 25,7 (2,5)
Discontinued operations - 0,8
Diluted headline earnings per share (cents) >100 25,7 (1,7)
Continuing operations 25,7 (2,5)
Discontinued operations - 0,8
Core headline earnings per share (cents) 2 34,6 33,9
Continuing operations 5 34,6 33,1
Discontinued operations - 0,8
Diluted core headline earnings per share (cents) 5 34,1 32,5
Continuing operations 8 34,1 31,7
Discontinued operations - 0,8
Reconciliation of headline earnings and core
headline earnings
Profit attributable to owners of the parent (53) 65 214 140 116
(Profit)/loss on disposal of property, plant and
equipment less taxation and non-controlling interests (81) 188
Profit on disposal of discontinued operation less
taxation - (144 178)
Gain on acquisition (699) -
Headline earnings (1 763) 64 434 (3 874)
Share-based payments 15 177 76 095
Amortisation of intangible assets acquired as part of a
business combination less taxation and non-controlling
interests 6 993 3 852
Core headline earnings 14 86 604 76 073
Segmental split of amortisation of intangible assets
acquired in a business combination less taxation
and non-controlling interests
Abnormal Logistics 131 131
Primary Products Logistics 4 677 1 536
Other 537 537
Share in associate 1 648 1 648
82 6 993 3 852
Condensed consolidated statement of financial position
Audited Audited
at 31 May at 31 May
2016 2015
% R'000 R'000
ASSETS
Non-current assets 30 1 346 150 1 035 775
Property, plant and equipment 1 136 474 849 947
Intangible assets 163 724 132 184
Investment in associate 36 785 43 964
Loans and receivables 7 118 8 148
Deferred taxation 2 049 1 532
Current assets (2) 384 983 393 061
Inventories 24 122 22 222
Trade and other receivables 259 127 210 422
Taxation 1 722 -
Cash resources 100 012 160 417
Non-current assets held-for-sale - 20 082
Total assets 19 1 731 133 1 448 918
EQUITY AND LIABILITIES
Equity 10 758 584 688 418
Ordinary shareholders' funds 722 075 643 988
Non-controlling interests 36 509 44 430
Liabilities
Non-current liabilities 41 589 883 419 476
Interest-bearing borrowings 466 463 313 592
Deferred tax 123 420 105 884
Current liabilities 12 382 666 341 024
Trade and other payables 215 793 187 116
Interest-bearing borrowings 164 655 146 369
Taxation 2 218 6 592
Bank overdraft - 947
Total equity and liabilities 19 1 731 133 1 448 918
Net asset value per share (cents) 10 286,6 261,6
Net tangible asset value per share (cents) 7 221,6 207,9
Condensed consolidated statement of cash flows
Audited Audited
year ended year ended
31 May 31 May
2016 2015
% R'000 R'000
Net cash generated from operating activities 65 173 195 104 933
Cash generated from operations 37 262 914 192 135
Finance income 3 238 6 023
Finance costs (51 362) (29 661)
Taxation paid (24 456) (15 568)
Dividend paid to non-controlling interests (2 022) (3 659)
Dividend paid to shareholders (15 117) (19 431)
Continuing operations 33 173 195 129 839
Discontinued operations - (24 906)
Net cash flows from investing activities (102 207) 8 254
Continuing operations (41) (102 207) (172 982)
Discontinued operations - 181 236
Net cash flows from financing activities (130 912) 12 200
Continuing operations (130 912) 12 424
Discontinued operations - (224)
Net movement in cash resources (59 924) 125 387
Cash resources at beginning of the year 159 470 33 933
Exchange gain on cash resources 466 150
Cash resources at end of the year 100 012 159 470
Condensed consolidated statement of changes in equity
Stated Treasury Retained
capital shares income
R'000 R'000 R'000
At 1 June 2014 - audited 37 691 (629) 285 683
Dividends declared to non-controlling interests - - -
Dividend paid to OneLogix shareholders - - (19 431)
Transactions with non-controlling interests 29 018 - -
Share-based payment reserve movement - - -
Specific share issues 315 534 (142 801) -
Share issue expenses (2 844) - -
Non-controlling interest acquired as a result of a
business combination 16 026 - -
Profit for the year - - 140 116
Other comprehensive income - - -
At 31 May 2015 - audited 395 425 (143 430) 406 368
Dividends declared to non-controlling interests - - -
Dividend paid to OneLogix shareholders - - (15 117)
Transactions with non-controlling interests 30 450 - -
Share-based payment reserve movement - - -
Non-controlling interest acquired as a result of a
business combination - - -
Profit for the year - - 65 214
Other comprehensive income - - -
At 31 May 2016 - audited 425 875 (143 430) 456 465
Share-
based
Revaluation Other payment
reserve reserves reserve
R'000 R'000 R'000
At 1 June 2014 - audited 28 040 153 -
Dividends declared to non-controlling interests - - -
Dividend paid to OneLogix shareholders - - -
Transactions with non-controlling interests - - -
Share-based payment reserve movement - - 4 474
Specific share issues - - -
Share issue expenses - - -
Non-controlling interest acquired as a result of a
business combination - - -
Profit for the year - - -
Other comprehensive income - - -
At 31 May 2015 - audited 28 040 153 4 474
Dividends declared to non-controlling interests - - -
Dividend paid to OneLogix shareholders - - -
Transactions with non-controlling interests - - -
Share-based payment reserve movement - - 15 177
Non-controlling interest acquired as a result of a
business combination - - -
Profit for the year - - -
Other comprehensive income (1 291) - -
At 31 May 2016 - audited 26 749 153 19 651
Foreign Transactions
currency with non-
translation controlling
reserve interests
R'000 R'000
At 1 June 2014 - audited 329 (16 289)
Dividends declared to non-controlling interests - -
Dividend paid to OneLogix shareholders - -
Transactions with non-controlling interests - (31 261)
Share-based payment reserve movement - -
Specific share issues - -
Share issue expenses - -
Non-controlling interest acquired as a result of a
business combination - -
Profit for the year - -
Other comprehensive income 179 -
At 31 May 2015 - audited 508 (47 550)
Dividends declared to non-controlling interests - -
Dividend paid to OneLogix shareholders - -
Transactions with non-controlling interests - (16 856)
Share-based payment reserve movement - -
Non-controlling interest acquired as a result of a
business combination - -
Profit for the year - -
Other comprehensive income 510 -
At 31 May 2016 - audited 1 018 (64 406)
Non-
controlling
interests Total
R'000 R'000
At 1 June 2014 - audited 36 599 371 577
Dividends declared to non-controlling interests (3 659) (3 659)
Dividend paid to OneLogix shareholders - (19 431)
Transactions with non-controlling interests (10 067) (12 310)
Share-based payment reserve movement - 4 474
Specific share issues - 172 733
Share issue expenses - (2 844)
Non-controlling interest acquired as a result of a business
combination 13 623 29 649
Profit for the year 7 934 148 050
Other comprehensive income - 179
At 31 May 2015 - audited 44 430 688 418
Dividends declared to non-controlling interests (2 022) (2 022)
Dividend paid to OneLogix shareholders - (15 117)
Transactions with non-controlling interests (18 726) (5 132)
Share-based payment reserve movement - 15 177
Non-controlling interest acquired as a result of a business
combination 2 174 2 174
Profit for the year 10 653 75 867
Other comprehensive income - (781)
At 31 May 2016 - audited 36 509 758 584
Segmental analysis
Audited Audited
year ended year ended
31 May 31 May
2016 2015
% R'000 R'000
Revenue
Abnormal Logistics (2) 881 761 904 022
Primary Products Logistics 118 767 017 352 162
Reportable segments 31 1 648 778 1 256 184
Other 16 129 827 111 796
30 1 778 605 1 367 980
Segment results
Abnormal Logistics (13) 96 018 110 097
Primary Products Logistics 165 106 250 40 083
Reportable segments 35 202 268 150 180
Other (127) (1 787) 6 657
Corporate items 56 (49 455) (31 722)
Trading profit 21 151 026 125 115
Unallocated:
Share-based payments - employees (15 177) (4 474)
Share-based payments - Kagiso transaction - (71 621)
Loss on sale of assets (7) (366)
Operating profit 135 842 48 654
Share of profits from associate 66 6 313 3 811
Finance income (46) 3 238 6 023
Finance costs 73 (51 362) (29 661)
Gain on acquisition 699 -
Profit before taxation 229 94 730 28 827
Total assets
Abnormal Logistics 21 821 003 678 064
Primary Products Logistics 35 761 654 565 890
Reportable segments 27 1 582 657 1 243 954
Other 31 57 221 43 736
Corporate items (56) 50 699 115 732
Investment in associate (16) 36 785 43 964
Unallocated: Taxation and deferred taxation 146 3 771 1 532
19 1 731 133 1 448 918
Total liabilities
Abnormal Logistics 37 445 601 324 300
Primary Products Logistics 29 346 762 268 296
Reportable segments 34 792 363 592 596
Other 55 37 106 23 913
Corporate items (45) 17 442 31 515
Unallocated: Taxation and deferred taxation 12 125 638 112 476
28 972 549 760 500
The group has authorised capital expenditure
over the next year of R286,3 million.
Commitments
Operating lease commitments (not exceeding seven years) 90 560 63 167
Directors
SM Pityana (Chairman)*#
NJ Bester
GM Glass (FD)
AJ Grant*#
IK Lourens (CEO)
B Mathews*#
CV McCulloch (COO)
K Schoeman*
LJ Sennelo*#
* Non-executive # Independent
Changes to the board of directors
B Mathews and K Schoeman were appointed to the board of directors on 18 August 2015 and
DA Hirschowitz and A Sing resigned from the board of directors on the same date.
Registered office
46 Tulbagh Road
Pomona
Kempton Park
PostNet Suite 10
Private Bag X27
Kempton Park
1620
Company secretary
CIS Company Secretaries (Pty) Ltd
70 Marshall Street
Johannesburg
2001
PO Box 61673
Marshalltown
2107
Transfer secretaries
Computershare Investor Services (Pty) Ltd
Ground Floor
70 Marshall Street
Johannesburg
2001
PO Box 61051
Marshalltown
2107
Sponsor
Java Capital
www.onelogix.co.za
25 August 2016
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