To view the PDF file, sign up for a MySharenet subscription.

CORESHARES INDEX TRACKER MANAGERS (RF) PROPRIETARY LIMITED - PTXSPY - Abridged Results for CoreShares Ind Trx Collective Scheme and CoreShares Ind Trx Managers (RF) (Pty) Ltd

Release Date: 30/12/2016 08:36
Code(s): PTXSPY     PDF:  
Wrap Text
PTXSPY - Abridged Results for CoreShares Ind Trx Collective Scheme and CoreShares Ind Trx Managers (RF) (Pty) Ltd

CoreShares Index Tracker Managers (RF) Proprietary Limited
PropTrax SAPY
Share code: PTXSPY
ISIN: ZAE000101911
(“PropTrax SAPY”)


ABRIDGED RESULTS FOR CORESHARES INDEX TRACKER COLLECTIVE INVESTMENT
SCHEME AND CORESHARES INDEX TRACKER MANAGERS PROPRIETARY LIMITED


ABRIDGED RESULTS FOR CORESHARES INDEX TRACKER COLLECTIVE INVESTMENT
SCHEME FOR THE YEAR ENDED 30 SEPTEMBER 2016

STATEMENT OF FINANCIAL POSITION
as at 30 September 2016



                                                      Notes         2016          2015
                                                                       R             R

 ASSETS

 CURRENT ASSETS

 Listed investments held at fair value                  1     151,219,395   180,949,702

 Dividends receivable                                             836,142         5,312
 Contributions receivable                                       3,231,158             -

 Cash and cash equivalents                              1       2,171,647     2,862,618


 TOTAL ASSETS                                                 157,458,342   183,817,632


 LIABILITIES

 Net assets attributable to investors                         153,944,699   183,545,321
 CURRENT LIABILITIES


 Trade and other payables                               4         232,028       272,311
 Securities purchased payable                                   3,281,615


 TOTAL LIABILITIES                                            157,458,342   183,817,632

STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME
For the year ended 30 September 2016
                                                                    Notes          2016          2015
                                                                                      R             R


Distribution income                                                           8,480,653     9,356,110

Interest income                                                                  58,608        49,504

Investment income                                                             8,539,261     9,405,614

Other income                                                                          -             -

Total Revenue                                                                 8,539,261     9,405,614

Management and administration expenses                                        (923,234)     (957,047)

Income before taxation                                                        7,616,027     8,448,567

Taxation                                                             7                -             -

    Income before distributions                                      3        7,616,027     8,448,567

Distributions paid                                                           (7,556,929)   (8,277,399)

    Income after distributions                                                   59,098       171,168


Realised gains on financial instruments designated at fair value
through profit or loss                                                       10,639,228     9,450,788
Unrealised (losses)/gains on financial instruments designated at
fair value through profit or loss
                                                                            (12,358,570)   17,178,558

Total fair value adjustments                                                 (1,719,342)   26,629,346
Other comprehensive income                                                             -            -

(Decrease)Increase in net assets attributable to investors                   (1,660,244)   26,800,514


STATEMENT OF CHANGES IN NET ASSETS ATTRIBUTABLE TO INVESTORS
For the year ended 30 September 2015


                                                         Capital   Accumulated

                                                   Contributions         Profit       Total
                                                              R              R            R




Balance at 30 September 2014                         116,867,818       2,169,433    119,037,251

Creation of 100 000 units on 13 October 2014           5,433,603               -      5,433,603
Creation of 100 000 units on 24 November 2014          5,904,432                      5,904,432
Creation of 100 000 units on 15 December 2014          5,882,114                      5,882,114
Creation of 500 000 units on 03 February 2015          3,223,306                      3,223,306
Creation of 50 000 units on 03 February 2015           3,223,306                      3,223,306
Creation of 169 980 units on 18 February 2015         10,827,728                     10,827,728
Creation of 50 000 units on 13 April 2015              3,362,985                      3,362,985
Creation of 248 000 units on 18 June 2015             15,103,061                     15,103,061
Liquidation of 500 000 units on 02 February 2015      (3,223,306)                    (3,223,306)
Liquidation of 100 000 units on 28 July 2015          (6,526,695)               -    (6,526,695)
Liquidation of 35 000 units on 17 August 2015         (2,311,893)                    (2,311,893)
Liquidation of 50 000 units on 09 September 2015      (3,191,085)                    (3,191,085)
Change in net assets attributable to investors        26,629,346          171,168     26,800,514
Balance at 30 September 2015                         181,204,720        2,340,601    183,545,321

Creation of 50 000 units on 18 December 2015           3,032,769                       3,032,769
Creation of 25 000 units on 13 April 2016              1,707,061                       1,707,061
Creation of 35 000 units on 13 June 2016               2,333,406                       2,333,406
Creation of 30 000 units on 07 July 2016               1,999,921                       1,999,921
Creation of 50 000 units on 30 September 2016          3,231,158                       3,231,158
Liquidation of 50 000 units on 12 February 2016       (3,071,356)                     (3,071,356)
Liquidation of 550 000 units on 22 February 2016     (34,492,690)                    (34,492,690)
Liquidation of 40 000 units on 18 July 2016           (2,680,647)                     (2,680,647)
Change in net assets attributable to investors        (1,719,342)          59,098     (1,660,244)
Balance at 30 September 2016                         151,545,000        2,399,699    153,944,699


STATEMENT OF CASH FLOWS
For the year ended 30 September 2016

                                                      Notes                  2016             2015
                                                                                R                R

CASH FLOWS FROM OPERATING ACTIVITIES


Cash generated from operations                         A                 6,744,914          17,508,415

Distributions paid                                     B                (7,556,929)         (8,277,399)

Net cash (outflow)/inflow from operating activities                       (812,015)          9,231,016

CASH FLOWS FROM INVESTING ACTIVITIES

Purchase of investments                                                 36,315,059)        (78,424,114)

Proceeds from sale of investments                                       67,537,964          31,617,128

Net cash inflow/(outflow) from investing activities                     31,222,905         (46,806,986)

CASH FLOWS FROM FINANCING ACTIVITIES

Contributions received                                                   9,116,129          52,960,535

Contributions repaid                                                   (40,217,990)        (15,252,979)

Net cash (outflow)/inflow from financing activities                    (31,101,861)         37,707,556

NET (DECREASE)/INCREASE IN CASH AND CASH
EQUIVALENTS                                                               (690,971)            131,586
CASH AND CASH EQUIVALENTS AT BEGINNING OF
THE YEAR                                                                 2,862,618           2,731,032

CASH AND CASH EQUIVALENTS AT END OF THE
YEAR                                                                     2,171,647           2,862,618

ACCOUNTING POLICIES
For the year ended 30 September 2016

        The financial statements have been prepared on the following principal accounting policies:

   1.   Basis of Preparation
        The financial statements are prepared on a historic cost basis, except for financial instruments, which are
        accounted for as set out below.

        The financial statements are prepared in accordance with International Financial Reporting Standards
        (“IFRS’’), its interpretations adopted by the International Accounting Standards Board (“IASB”), the South
        African Institute of Chatered Accountants 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, the requirements of the CoreShares Index Tracker
        Collective Investment Scheme Deed and the Collective Investment Schemes Control Act, 45 of 2002 ("the
        Act").

        At the date of approval of the annual financial statements, the following new standards and amendments
        that apply to the Scheme were in issue but not yet effective:

        New standards
        IFRS 9 - Financial Instruments - Effective for annual period beginning on or after 1 January 2018.
        IFRS 15 - Revenue from contracts with customers - Effective for annual period beginning on or after 1
        January 2018.
        IFRS16 – Leases - Applicable to annual reporting periods beginning on or after 1 January 2019.

        The manager anticipates adopting the applicable standards once they become effective and that such
        adoption will have no material impact on the financial statements of the entity or warrant any changes in
        accounting policies.

        New standards that became effective during the year
        IFRS 14 - Regulatory deferral accounts- Effective for annual period beginning on or after 1 January 2016.

        Amendments to existing standards
        IFRS 11 - Accounting for Acquisitions of Interests in Joint Operations - Applicable to annual periods
        beginning on or after 1 January 2016.
        IAS 16 and IAS 38 - Clarification of Acceptable Methods of Depreciation and Amortisation - Applicable to
        annual periods beginning on or after 1 January 2016.
        IAS 16 and IAS 41 - Agriculture: Bearer Plants - Applicable to annual periods beginning on or after 1
        January 2016.
        IAS 27 - Equity Method in Separate Financial Statements - Applicable to annual periods beginning on or
        after 1 January 2016.
        Annual Improvements 2012-2014 Cycle - Applicable to annual periods beginning on or after 1 January
        2016.
        IAS 1 - Disclosure Initiative - Effective for annual periods beginning on or after 1 January 2016.

        IFRS 10, IFRS 12 and IAS 28 - Investment Entities: Applying the Consolidation Exception - Effective for
        annual periods beginning on or after 1 January 2016.
        The manager anticipates that the adoption of amendments to existing standards in future periods will have
        no material impact on the financial statements of the entity.

     The standards and amendments adopted in the current year have had no material impact on the financial
     statements of the entity.

2.   Functional and reporting currency
     The financial statements are presented in South African Rand which is the functional currency of the
     Scheme.

3.   Use of estimates and judgements
     The preparation of financial statements in conformity with IFRS requires the use of certain critical
     estimates, judgements and assumptions that affect the reported amounts. It also requires management to
     exercise its judgement in the Scheme’s process of applying the accounting policies. Actual results may
     vary from these estimates. There are no areas involving a higher degree of judgement complexities or
     areas where assumptions or estimates are significant.

4.   Financial Instruments Measurement
     Financial instruments are recognised when the Scheme becomes a party to the contractual provisions of
     that particular instrument. Financial instruments are initially measured at fair value, which except for
     financial instruments not at fair value through profit and loss, include direct attributable transaction costs.
     Subsequent to initial recognition, these instruments are measured as set out below.

     Investments
     Listed investments are measured at fair value. Fair value is determined with reference to quoted market
     prices at the reporting date, as published in the financial press at the reporting date.

     Cash and cash equivalents
     Cash and cash equivalents comprises of bank balances and are measured at fair value.

     Financial liabilities
     Financial liabilities, other than those held at fair value through profit or loss, are measured at amortised
     cost using the effective interest rate method. Financial liabilities arising from the securities issued by the
     Scheme are carried at fair value representing the investor’s right to a residual interest in the Scheme’s net
     assets, i.e. the net asset value of the Scheme. Changes in the fair value are included in net profit or loss in
     the period in which the change arises.

     Fair value against and losses on subsequent measurement
     Unrealised gains and losses arising from a change in the fair value of financial instruments are included in
     the statement of profit or loss and other comprehensive income.

     Offset
     Financial assets and financial liabilities are offset and the net amount reported in the statement of financial
     position when the Scheme has a legally enforceable right to set off the recognised amounts, and intends to
     settle on a net basis, or to realise the asset and settle the liability simultaneously.

     Derecognition of financial instruments
      "The Scheme derecognises financial assets when:
      - The contractual rights to the cash flows arising from the financial assets have expired or have been
         forfeited by the Scheme; or
      - It transfers the financial assets including substantially all the risks and rewards of ownership of the
         assets; or
      - It transfers the financial assets, neither retaining nor transferring substantially all the risks and rewards
         of the ownership of the asset, but no longer retains control of the asset.
      The difference between the carrying value of financial assets derecognised at the date of derecognition,
      and proceeds, is recorded as a realised gain or loss in the statement of profit or loss and other
      comprehensive income.

      A financial liability is derecognised when the liability is extinguished. This is, when the obligation specified
      in the contract is discharged, cancelled or has expired. The difference between the carrying amount of a
      financial liability (or part thereof) extinguished or transferred to another party and consideration paid,
      including any non-cash assets transferred or liabilities assumed, is recognised in profit or loss."

 5.   Revenue
      Revenue comprises income from distribution income and interest income.

      Interest income
      Interest income is recognised in the statement of profit or loss and other comprehensive income, using the
      effective rate method taking into account the expected timing and amount of cash flows.

      Distribution income
      Distribution income in the form of cash and manufactured dividends are recognised when the right to
      receive payment is established. Manufactured dividends received are recognised as income in profit or
      loss.

 6.   Income tax
      Under the current system of taxation in South Africa, the Scheme is exempt from paying tax on income or
      capital gains. Both income and capital gains are taxed in the hands of investors.

 7.   Securities lending
      The portfolio engages in securities lending activities up to 50% of the assets under management.
      Collateral is held by the relevant lending desks. There was no lending activity at period end.

 8.   Expenses
      Expenses are recognised on the accrual basis.

 9.   Impairment
      Financial assets that are stated at amortised cost are reviewed at each reporting date to determine
      whether there is objective evidence of impairment. If any such indication exists, an impairment loss is
      recognised in profit or loss as the difference between the asset’s carrying amount and the present value of
      estimated future cash flows discounted at the financial asset’s original effective interest rate. If in a
      subsequent period the amount of an impairment loss recognised on a financial asset carried at amortised
      cost decreases and the decrease can be linked objectively to an event occurring after the write-down the
      impairment loss is reversed through profit or loss.

10.   Distributions
      Distributions payable on redeemable securities are recognised in profit or loss as distributions.

      In accordance with the CoreShares Index Tracker Collective Investment Scheme Deed, the Portfolio
      distributes its distributable income and any other amounts determined by the Manager, to security
      investors in cash. The distributions are payable shortly after the end of each quarter and recognised in the
      statement of profit or loss and other comprehensive income and as distributions."

11.   Creations and redemptions

      Investors can acquire the Scheme's securities by trading on the JSE. These purchases will be made at the
      current market price of the securities plus a brokerage fee that is negotiable with the broker and any
      additional transaction costs applicable to such a trade.

      The cash subscription price and number of the Scheme's securities to be issued to an investor for cash will
      be determined by the amount which the investor invests (net of transaction costs) and will be a function of
      the pro rata cost to the portfolio of acquiring the underlying basket of securities.

      Investors subscribing for the Scheme's securities, by the delivery of one or more full baskets of constituent
      securities, are obliged to deliver securities with a perfect match to the index.

      Investors may sell securities by trading on the JSE.

      Securities prices are determined by reference to the net assets of the Portfolio divided by the number of
      securities in issue. For unit pricing purposes, net assets are determined using the last reported trade price
      for securities. These prices may differ from the market price quoted on the JSE.

12.   Redeemable securities
      All redeemable securities issued by the Scheme provide investors with the right to require redemption for
      cash or in specie at the value proportionate to the investors’ share. Such instruments give rise to a
      financial liability for the net asset value of the redemption amount in the Scheme’s net assets at redemption
      date. In accordance with the CoreShares Index Tracker Collective Investment Scheme Deed and the Act,
      the Scheme is contractually obliged to redeem securities at the net asset value. A redemption fee,
      depending on the size of the recall, would be payable by the investor making the redemption.

13.   Net assets attributable to security holders
      Securities are redeemable at the security investor’s option and are therefore classified as financial
      liabilities. The securities may be sold back to the Portfolio at anytime. The fair value of redeemable
      securities is measured at the redemption amount that is payable (in cash and securities representing each
      investor’s equal, undivided and vested interest in the assets as a whole, subject to liabilities, as defined by
      the CoreShares Index Tracker Collective Investment Scheme Deed) at the reporting date if security
      investors exercise their right to put the securities back to the Scheme.

14.   Increase/decrease in net assets attributable to security investors
      Income not distributed is included in net assets attributable to security investors.

15.   Comparative information
      No comparative information has been shown due to 2016 being the Scheme's first year of
      operation.

ABRIDGED RESULTS FOR CORESHARES INDEX TRACKER MANAGERS (RF) PROPRIETARY
LIMITED FOR THE YEAR ENDED 30 SEPTEMBER 2016

STATEMENT OF FINANCIAL POSITION
as at 30 September 2016

                                        Notes          2016        2015
                                                          R           R
ASSETS

NON-CURRENT ASSETS


Deferred taxation asset                  2          561,746            -

CURRENT ASSETS

Loan to shareholder                      6        7,300,000    7,300,000
Investment in unit trusts                3        3,995,136            -

Receivables                              4        2,107,196      975,407

Cash and cash equivalents                           169,833      530,025

TOTAL ASSETS                                     14,133,911    8,805,432

EQUITY AND LIABILITIES


Share capital                            5              100         100

Accumulated loss                                 (2,059,571)           -

Equity                                           (2,059,471)        100

CURRENT LIABILITIES

Subordinated Shareholder Loan            6        7,300,000    7,300,000

Loans from holding company                7       6,686,941            -

Payables                                  8       2,206,441    1,505,332

TOTAL EQUITY AND LIABILITIES                     14,133,911    8,805,432

STATEMENT OF COMPREHENSIVE INCOME
for the year ended 30 September 2016

                                                  Notes                   2016             2015
                                                                             R                R



 Revenue                                                             3,557,907         2,615,416

 Operating expenditure                                              (5,853,191)      (2,652,960)

 Operating Loss                                                     (2,295,284)         (37,544)

  Fair value losses                                3                    (4,864)               -

  Interest income                                                      215,771           37,544
  Interest expense                                                    (536,940)                -

 NET LOSS BEFORE TAXATION                          9                (2,621,317)                -

 Taxation                                           1                  561,746                 -

 NET LOSS AFTER TAXATION                                            (2,059,571)                -

 Other comprehensive income                                                   -                -

 TOTAL COMPREHENSIVE LOSS FOR THE YEAR                              (2,059,571)                -


STATEMENT OF CHANGES IN EQUITY
for the year ended 30 September 2016

                                                           Share      Accumulated
                                          Notes           Capital     Profit/ (Loss)           Total
                                                               R                  R                R


Balance at 30 September 2014                                 100                   -             100


Total comprehensive income for the year                         -                  -              -


Balance at 30 September 2015                                 100                   -             100


Total comprehensive loss for the year                           -      (2,059,571)        (2,059,571)


Balance at 30 September 2016                                 100       (2,059,571)        (2,059,471)

STATEMENT OF CASH FLOWS
for the year ended 30 September 2016

                                                            Notes         2016        2015
                                                                             R           R


 NET LOSS BEFORE TAXATION                                           (2,621,317)           -

 Non-cash items:

 Fair value losses                                                       4,864            -

 Working capital changes:


 Increase in receivables                                            (1,131,789)    (357,861)

 Increase in payables                                                  701,109      367,608

 Net cash (outflow)/inflow from operating activities                (3,047,133)       9,747

 Net cash outflow from investing activities

 Increase in investment in unit trusts                              (4,000,000)           -

 Net cash inflow from financing activities

 Increase in loans from holding company                              6,686,941            -

 NET (DECREASE)/INCREASE IN CASH AND CASH
 EQUIVALENTS                                                          (360,192)       9,747

 Cash and cash equivalents at the beginning of the period              530,025      520,278
 CASH AND CASH EQUIVALENTS AT THE END OF THE
 PERIOD                                                                169,833      530,025


ACCOUNTING POLICIES
30 September 2016

The financial statements of the Company are prepared in accordance with International Financial
Reporting Standards ("IFRS") and the Companies Act of South Africa and have been prepared on the
historical cost basis except for the revaluation of certain financial instruments.

At the date of approval of the annual financial statements, the following new standards, interpretations
and amendments that apply to the company were in issue but not yet effective:

    New standards
    IFRS 9 - Financial Instruments - Effective for annual period beginning on or after 1 January 2018.
    IFRS 15 - Revenue from contracts with customers - Effective for annual period beginning on or after 1
    January 2018.
    IFRS16 – Leases - Applicable to annual reporting periods beginning on or after 1 January 2019.

    The directors anticipate that the adoption of applicable standards and interpretations in future periods
    will have no material impact on the financial statements of the entity.

    New standards that became effective during the year
    IFRS 14 - Regulatory deferral accounts- Effective for annual period beginning on or after 1 January
    2016.

    Amendments to existing standards
    IFRS 11 - Accounting for Acquisitions of Interests in Joint Operations - Applicable to annual periods
    beginning on or after 1 January 2016.
    IAS 16 and IAS 38 - Clarification of Acceptable Methods of Depreciation and Amortisation - Applicable
    to annual periods beginning on or after 1 January 2016.
    IAS 16 and IAS 41 - Agriculture: Bearer Plants - Applicable to annual periods beginning on or after 1
    January 2016.
    IAS 27 - Equity Method in Separate Financial Statements - Applicable to annual periods beginning on
    or after 1 January 2016.
    Annual Improvements 2012-2014 Cycle - Applicable to annual periods beginning on or after 1 January
    2016.
    IAS 1 - Disclosure Initiative - Effective for annual periods beginning on or after 1 January 2016.
    IFRS 10, IFRS 12 and IAS 28 - Investment Entities: Applying the Consolidation Exception - Effective for
    annual periods beginning on or after 1 January 2016.

    The directors anticipate that the adoption of amendments to existing standards in future periods will
    have no material impact on the financial statements of the entity.

    The standards and amendments adopted in the current year have had no material impact on the
    financial statements of the entity.

The principal accounting policies adopted in the preparation of these financial statements are set out
below:
1.   Revenue Recognition
     Income derived from services rendered is recognised where it is probable that economic benefits
     will flow to the entity and the stage of completion and the amount can be reliably measured.

     Interest income is recognised on a time proportion basis which takes into account the effective
     yield on the asset. Interest income includes the amount of amortisation of any discount or
     premium.

     Dividend revenue from investments is recognised when the shareholder has a right to receive
     payment.

2.   Loans and receivables
     Trade receivables, loans and other receivables that have fixed or determinable payments that are
     not quoted in an active market are classified as "loans and receivables". Loans and receivables
     are measured at amortised cost using the effective interest method less any impairment. Interest
     income is recognised by applying the effective interest rate, except for short term receivables
     where the recognition of interest would be
     immaterial.

3.   Investments
     Investments are recognised on a settlement date basis and are initially measured at cost, including
     transaction costs, and are remeasured to fair value through profit or loss using market closing prices at each
     subsequent reporting date.

4.   Related party transactions
     Parties are considered to be related if one party has the ability to control or exercise significant
     influence over the other party in making financial and operating decisions. The company enters
     into various related party transactions in the ordinary course of business.

5.   Financial liabilities
     Financial liabilities which include trade payables and shareholders' loans are measured at
     amortised cost using the effective interest rate method.

6.   Use of estimates and judgements
     The preparation of financial statements in conformity with IFRS requires the use of certain critical
     estimates, judgements and assumptions that affect the reported amounts. It also requires
     management to exercise its judgement in the Scheme’s process of applying the accounting
     policies. Actual results may vary from these estimates. There are no areas involving a higher
     degree of judgement complexities or areas where assumptions or estimates are significant.

7.   Taxation
     Income tax on profit or loss for the period comprises current and deferred tax. Income tax is
     recognised in profit or loss except to the extent that it relates to items recognised directly in
     equity, in which case it is recognised in equity.

     Current tax is the expected tax payable on the taxable income for the year, using the tax rates
     enacted or substantively enacted at the reporting date and any adjustment to tax payable in
     respect of previous years.
     
     Deferred tax is provided using the comprehensive liability method, based on temporary
     differences. Temporary differences are differences between the carrying amounts of assets and
     liabilities for financial reporting purposes and their tax bases. The amount of deferred tax
     provided is based on the expected manner of realisation or settlement of the carrying amount of
     assets and liabilities using tax rates enacted or substantively enacted at the reporting date. The
     effect on deferred tax of any changes in the tax rate is recognised in profit or loss except to the      extent that it relates to an item recognised in equity in which case it is recognised in equity.

     A deferred tax asset is recognised to the extent that it is probable that future taxable profit will be
     available against which the associated unused tax losses and deductible temporary differences
     can be utilised. Deferred tax assets are reduced to the extent that it is no longer probable that
     the related tax benefit will be realised. A deferred tax asset is not recognised on initial
     recognition of an asset or liability in a transaction that at the time affects neither accounting nor
     taxable profit or loss.

The abridged financial information set out in this announcement have been extracted from the annual
financial statements which have been audited by the auditors Deloitte & Touche. Their unmodified audit
report is available for inspection at the Manager’s registered address. The directors take full
responsibility for the preparation of the abridged financial information which have been extracted
correctly from the underlying audited annual financial statements.

The abridged financial information set out in this announcement is not in itself audited.

The full annual financial statements are available on www.coreshares.co.za.

30 December 2016

Sponsor
Grindrod Bank Limited

Date: 30/12/2016 08:36:00 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.

Share This Story