Wrap Text
Unaudited interim results for the 6 months ended 28 February 2017
TREMATON CAPITAL INVESTMENTS LIMITED
(Incorporated in the Republic of South Africa)
(Registration number: 1997/008691/06)
JSE code: TMT
ISIN: ZAE000013991
("Trematon" or "the company")
UNAUDITED INTERIM RESULTS
for the six months ended 28 February 2017
STATEMENT OF FINANCIAL POSITION
Unaudited Unaudited Audited
At At At
28 February 29 February 31 August
2017 2016 2016
Note R'000 R'000 R'000
ASSETS
Non-current assets 1 004 943 953 650 1 024 092
Property, plant and equipment 65 405 19 458 37 359
Investment properties 867 190 777 041 822 225
Investments in joint ventures 44 264 30 152 37 617
Investments in associate entities 2 287 102 530 99 043
Loans receivable 4 20 783 20 473 22 903
Deferred tax asset 5 014 3 996 4 945
Current assets 354 834 150 828 166 572
Loans receivable 4 13 300 6 450 10 377
Trade and other receivables 9 678 15 525 8 515
Investments 10 994 18 428 13 905
Inventories 117 171 88 442 101 213
Current tax assets 2 47 2
Cash and cash equivalents 203 689 21 936 32 560
Total assets 1 359 777 1 104 478 1 190 664
EQUITY AND LIABILITIES
Equity 699 215 563 580 601 222
Share capital and share premium 314 088 321 237 322 707
Treasury shares (2 559) (2 559) (2 559)
Fair value reserve 13 156 11 063 12 388
Share-based payments reserve 10 362 7 976 8 999
Accumulated profit 315 708 184 414 214 655
Total equity attributable to equity
holders of the parent 650 755 522 131 556 190
Non-controlling interest 48 460 41 449 45 032
Non-current liabilities 569 630 496 682 492 753
Loans payable 520 133 455 385 444 179
Deferred tax liability 49 497 41 297 48 574
Current liabilities 90 932 44 216 96 689
Loans payable 51 635 14 261 61 145
Current tax payable 372 11 1 916
Trade and other payables 38 925 29 944 33 628
Total equity and liabilities 1 359 777 1 104 478 1 190 664
Net asset value per share (cents) 299 241 255
STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME
Unaudited Unaudited Audited
Six months Six months Year
ended ended ended
28 February 29 February 31 August
2017 2016 2016
R'000 R'000 R'000
Revenue 79 840 63 381 132 644
Realised (loss)/profit on held-for-trading
investments (4 906) 1 797 3 331
Realised profit on sale of non-current assets 487 60 60
Realised profit on sale of associate 91 795 - -
Total realised profit 87 376 1 857 3 391
Fair value adjustment on held-for-trading
investments 6 050 (5 458) (8 690)
Fair value adjustment on investment properties 1 923 41 990 68 330
Reversal of impairment/(impairment) of loan 2 923 (2 181) 1 462
Total profit from fair value adjustments 10 896 34 351 61 102
Employee benefits (17 119) (12 305) (23 476)
Cost of property and land sold (2 457) (7 090) (10 062)
Other operating expenses (33 920) (24 221) (52 854)
Operating profit 124 616 55 973 110 745
Finance costs (27 351) (21 489) (47 580)
Profit from equity accounted investments
(net of tax) (note 4) 8 847 7 957 20 825
Profit before income tax 106 112 42 441 83 990
Income tax (1 631) (14 671) (22 336)
Profit for the period/year 104 481 27 770 61 654
Other comprehensive income
Items that will not subsequently be
reclassified to profit/(loss):
Fair value gain on revaluation of property,
plant and equipment 989 409 1 942
Tax effects on fair value adjustments (221) (92) (876)
Change in tax rate effects on revaluations - (576) -
Other comprehensive income for the period/year 768 (259) 1 066
Total comprehensive income for the period/year 105 249 27 511 62 720
Profit attributable to:
Equity holders of the parent 101 053 19 202 49 504
Non-controlling interest 3 428 8 568 12 150
104 481 27 770 61 654
Total comprehensive income attributable to:
Equity holders of the parent 101 821 18 943 50 570
Non-controlling interest 3 428 8 568 12 150
105 249 27 511 62 720
Earnings per share
Number of shares issued (thousands) 217 771 216 754 217 714
Weighted average number of shares (thousands) 217 743 216 581 216 964
Diluted weighted average number of shares
(thousands) 235 592 234 753 234 753
Earnings per share (cents) 46.4 8.9 22.8
Diluted earnings per share (cents) 42.9 8.2 21.1
STATEMENT OF CHANGES IN EQUITY
Total Fair
Share Share Treasury share value
capital premium shares capital reserve
R'000 R'000 R'000 R'000 R'000
Balance at 1 September 2015 2 184 326 892 (2 559) 326 517 11 322
Total comprehensive income for
the period - - - - (259)
Profit for the period - - - - -
Fair value gain on property, plant
and equipment - - - - 409
Tax effects on revaluations - - - - (92)
Change in tax rate effects on
revaluations - - - - (576)
Share-based payment - - - - -
Settlement of share-based payment - - - - -
Ordinary shares issued 1 281 - 282 -
Capital distribution - (8 121) - (8 121) -
Balance at 29 February 2016 2 185 319 052 (2 559) 318 678 11 063
Balance at 1 March 2016 2 185 319 052 (2 559) 318 678 11 063
Total comprehensive income for
the period - - - - 1 325
Profit for the period - - - - -
Fair value gain on property, plant
and equipment - - - - 1 533
Tax effects on revaluations - - - - (208)
Settlement of share-based payment - - - - -
Ordinary shares issued 10 1 526 - 1 536 -
Capital distribution - (67) - (67) -
Balance at 31 August 2016 2 195 320 511 (2 559) 320 147 12 388
Balance at 1 September 2016 2 195 320 511 (2 559) 320 147 12 388
Total comprehensive income for
the period - - - - 768
Profit for the period - - - - -
Fair value gain on property, plant
and equipment - - - - 989
Tax effects on revaluations - - - - (221)
Share-based payment - - - - -
Ordinary shares issued - 91 - 91 -
Capital distribution - (8 709) - (8 709) -
Balance at 28 February 2017 2 195 311 893 (2 559) 311 529 13 156
Share-
based Accumu- Non-con
payment lated trolling Total
reserve profit Total interest equity
R'000 R'000 R'000 R'000 R'000
Balance at 1 September 2015 6 657 165 151 509 647 32 881 542 528
Total comprehensive income for
the period - 19 202 18 943 8 568 27 511
Profit for the period - 19 202 19 202 8 568 27 770
Fair value gain on property, plant
and equipment - - 409 - 409
Tax effects on revaluations - - (92) - (92)
Change in tax rate effects on
revaluations - - (576) - (576)
Share-based payment 1 380 - 1 380 - 1 380
Settlement of share-based payment (61) 61 - - -
Ordinary shares issued - - 282 - 282
Capital distribution - - (8 121) - (8 121)
Balance at 29 February 2016 7 976 184 414 522 131 41 449 563 580
Balance at 1 March 2016 7 976 184 414 522 131 41 449 563 580
Total comprehensive income for
the period - 30 302 31 627 3 583 35 210
Profit for the period - 30 302 30 302 3 583 33 885
Fair value gain on property, plant
and equipment - - 1 533 - 1 533
Tax effects on revaluations - - (208) - (208)
Settlement of share-based payment 1 357 (61) 1 296 - 1 296
Ordinary shares issued (333) - 1 203 - 1 203
Capital distribution - - (67) - (67)
Balance at 31 August 2016 9 000 214 655 556 190 45 032 601 222
Balance at 1 September 2016 9 000 214 655 556 190 45 032 601 222
Total comprehensive income for
the period - 101 053 101 821 3 428 105 249
Profit for the period - 101 053 101 053 3 428 104 481
Fair value gain on property, plant
and equipment - - 989 - 989
Tax effects on revaluations - - (221) - (221)
Share-based payment 1 362 - 1 362 - 1 362
Ordinary shares issued - - 91 - 91
Capital distribution - - (8 709) - (8 709)
Balance at 28 February 2017 10 362 315 708 650 755 48 460 699 215
STATEMENT OF CASH FLOW
Unaudited Unaudited Audited
Six months Six months Year
ended ended ended
28 February 29 February 31 August
2017 2016 2016
R'000 R'000 R'000
Cash flows from operating activities
Cash generated from operations 18 749 8 568 26 930
Finance income 4 616 1 892 2 041
Dividends received - 360 435
Dividends received from associate - - 8 891
Finance costs (27 351) (21 489) (47 580)
Tax paid (2 677) (137) (36)
Net cash from operating activities (6 663) (10 806) (9 319)
Cash flows from investing activities
Acquisition of and addition to property,
plant and equipment (29 157) (17 603) (19 948)
Acquisition of and addition to investment
properties (43 042) (6 528) (32 439)
Proceeds on disposal of non-current assets 496 212 213
Proceeds on disposal of associate 190 751 - -
Loans receivable advanced - (110) (537)
Loan advanced to joint ventures and associates (4 694) (1 062) (648)
Loans repaid by joint ventures and associates 1 661 1 950 -
Acquisition of held-for-trading and
available-for-sale investments (103) (9 378) (12 638)
Proceeds from disposal of investments 4 054 27 278 32 747
Net cash from investing activities 119 966 (5 241) (33 250)
Cash flows from financing activities
Ordinary shares issued 91 282 1 818
Capital distribution (8 709) (8 121) (8 188)
Decrease in borrowings (9 510) (10 232) (11 467)
Increase in borrowings 75 954 665 37 577
Net cash from financing activities 57 826 (17 406) 19 740
Net increase/(decrease) in cash and cash
equivalents 171 129 (33 453) (22 829)
Cash and cash equivalents at the beginning
of the period/year 32 560 55 389 55 389
Total cash and cash equivalents at the end
of the period/year 203 689 21 936 32 560
NOTES
1. Presentation of consolidated results
Trematon Capital Investments Limited (the "company") is a company domiciled in
South Africa. The unaudited interim consolidated results of the company for the
period ended 28 February 2017 comprise the company and its subsidiaries (together
referred to as the "group") and the group's interest in joint ventures and associates.
The unaudited interim consolidated results have been prepared in accordance with and
containing information required by IAS 34 - Interim Financial Reporting, the
SAICA Financial Reporting Guides as issued by the Accounting Practices Committee
and in the manner required by the Companies Act and the JSE Limited Listings
Requirements. The unaudited interim consolidated results have been prepared using
accounting policies and methods of computation that are in terms of IFRS and which
are consistent with those of the previous annual financial statements. The unaudited
interim consolidated results have not been audited or reviewed by the company's auditors.
The unaudited interim consolidated results have been prepared on the going concern
basis using a combination of the historical cost and fair value bases of accounting.
Standards or interpretations that have been issued and are effective, have been
adopted by the group but are not applicable to its activities.
The unaudited interim consolidated results are stated in Rands, which is the group's
functional and presentation currency.
In preparing the unaudited interim consolidated results management is required to
make estimates and assumptions that affect the amounts represented in the unaudited
interim consolidated results and related disclosures. Use of available information
and the application of judgement is inherent in the formation of estimates. Actual
results in the future could differ from these estimates which may be material to
the unaudited interim consolidated results.
Estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to
accounting estimates are recognised in the period in which the estimate is revised
and in any future periods affected.
2. Headline earnings per share reconciliation
Unaudited Unaudited Audited
Six months Six months Year
ended ended ended
28 February 29 February 31 August
2017 2017 2016 2016 2016 2016
Gross Net Gross Net Gross Net
R'000 R'000 R'000 R'000 R'000 R'000
Profit attributable to
equity holders of
the parent 101 053 19 202 49 504
Fair value adjustment on
investment properties (1 923) (1 958) (41 990) (25 283) (68 330) (37 285)
Fair value adjustments
within equity accounted
profits (6 441) (3 332) (7 380) (3 818) (14 707) (8 522)
Change in tax rate on
previous fair value
adjustments on investment
property - - 3 898 - -
Change in tax rate on
previous fair value
adjustments within
equity accounted profits - - - 1 008 - -
Realised profit on sale
of associate (91 795) (91 795) - - - -
Realised profit on sale
of property, plant
and equipment - - (60) (43) (60) (47)
Headline earnings 3 968 (5 036) 3 650
Headline earnings per
share (cents) 1.8 (2.3) 1.7
Diluted headline earnings
per share (cents) 1.7 (2.3) 1.6
3. Segmental information
Property
invest- Educa- Unallo-
Gaming ments tion cated Total
R'000 R'000 R'000 R'000 R'000
Unaudited six months ended
28 February 2017
Revenue 406 70 904 8 530 - 79 840
Profit before tax 94 116 17 060 (1 701) (3 363) 106 112
Total assets - 1 296 114 47 220 16 443 1 359 777
Total liabilities - 657 797 2 765 - 660 562
Unaudited six months ended
29 February 2016
Revenue 954 60 138 2 289 - 63 381
Profit before tax 6 796 39 399 (779) (2 975) 42 441
Total assets 105 505 968 027 19 542 11 404 1 104 478
Total liabilities - 540 162 736 - 540 898
Audited year ended
31 August 2016
Revenue 1 581 123 697 7 367 - 132 645
Profit before tax 22 290 60 061 245 1 394 83 990
Total assets 97 040 1 042 637 23 971 27 016 1 190 664
Total liabilities - 588 809 632 - 589 441
4. Loans receivable
Loans receivable include loans due from related parties including joint ventures,
associates and other investments which are not consolidated in the group.
Profit from these equity accounted joint ventures and associates amounted to R6.6 million
and R2.2 million respectively (2016: R2 million and R6 million respectively).
5. Commitments
Trematon via its subsidiary, Aria Property Group, entered into agreement to purchase
R614.1 million worth of properties from Redefine Properties Limited. The properties
are in the process of being transferred and will be included in the accounts at
year-end, being 31 August 2017.
Trematon via its subsidiary, Club Mykonos Langebaan, has entered into an agreement
to dispose of two immovable properties, collectively known as Hobie Beach, Langebaan
for an aggregate consideration of R30 million. The transaction is subject to shareholder
approval and a circular has been prepared and distributed to shareholders in terms
of the JSE Listings Requirements.
DIRECTORS' REVIEW
Trematon, which celebrates its 20th year as a JSE-listed company this year, is an
investment holding company that invests in assets and operating businesses which
management believes will have the potential to generate an internal rate of return of
20% or greater over time. The company's operations are not limited to a specific
commercial area but there is currently a strong focus on property-related investments
and a strong geographic focus on the Western Cape.
The six-month period to February 2017 represents a period of transformational transactions
for the group. The group's main strategic drivers during this interim period were as follows:
- Since 2008 Club Mykonos has been a major component of the group's NAV and has
delivered good growth but the value extraction process for the existing assets has
run its course and the focus will now shift to development of the remaining land.
We remain confident and enthusiastic about the prospects for the West Coast region
but recognised that the group had a high level of exposure (more than 50% of NAV)
to a relatively small part of the Western Cape and wished to diversify our
investments to obtain a broader exposure to the Western Cape in general. After the sale
of the Mykonos Club, Club Mykonos Langebaan will make up 22% of NAV.
- The focus of the Aria Property Group over the past few years has been to improve
the quality of the portfolio via the purchase of institutional grade assets preferably
(although not exclusively) located in the Western Cape.
- Generation Education started operations in January 2016 and the model, as expected,
has proven to be viable. The group is committed to growing this business as fast as
possible while constantly refining and improving the education model to bring a fresh,
innovative and contemporary approach to education that delivers the type of learning
that people need to develop knowledge and life skills for the 21st-century economy.
- The original focus of the Resi Group was on the purchase of mid-market rental units
which had become underpriced due to the hangover of the global 2008 financial crisis.
This focus was successful, however the pipeline of suitable assets available has
slowed down dramatically and it has been difficult to build scale in the Western Cape.
The focus has therefore shifted to new-build developments or redevelopments, usually in
conjunction with a joint venture partner with complementary skills.
The above strategic initiatives resulted in material transactions which have the potential
to dramatically reshape the group's NAV and growth trajectory over the next few years.
COMMENTARY ON FINANCIAL RESULTS
Gross assets increased to R1.36 billion from R1.19 billion at year-end. Shareholders'
attention is drawn to note 5 in terms of which further property acquisitions amounting
to R614.1 million had not yet been transferred at the reporting date.
Cash reserves increased to R203.7 million compared to R32.6 million at year-end due
mainly to cash received from the sale of the group's 30% interest in the Mykonos Casino.
Net asset value and intrinsic net asset value
Net asset value per share increased to 299 cents from 255 cents at year-end due mainly
to the sale of the shares in the Mykonos Casino. The casino investment was equity
accounted in terms of IFRS and was therefore not carried at its full market value.
Intrinsic net asset value per share declined to 361 cents from 368 cents at year-end.
The decline was a result of adjustments to the market valuations of some property assets,
unrecoverable funding expenses on certain properties earmarked for redevelopment as
well as realised share trading losses. Intrinsic net asset value represents, in our
opinion, a more accurate estimate of the underlying realisable market value of the
group's assets.
Net profit after tax amounted to R104.5 million (2016: R27.8 million) mainly as a result
of the sale of the shares in the Mykonos Casino.
Earnings per share increased to 46.4 cents (2016: 8.9 cents) and headline earnings
per share increased to 1.8 cents (2016: loss of 2.3 cents)
REVIEW OF MAJOR INVESTMENTS
Club Mykonos Langebaan ("CML")
CML provides annuity income from the rental of commercial properties to restaurant
operators, boat and general storage facilities, the marina and other resort commercial
activities. The group does not have a major investment in short-term holiday letting
properties, the majority of which are owned by individuals and timeshare operations.
The other main component of earnings is profits from development of holiday and
residential units or rental properties.
The resort has benefited from the good economic growth in the Langebaan region and the
investment in roads, shopping centres and other infrastructure which has taken place.
Marina Village, which consists of 25 waterfront luxury units, is the newest and most
upmarket development on the resort. The project has taken longer than anticipated to
complete due to unexpected ground rock conditions in the early phases of the project
but all the units are sold and will be handed over in April 2017. In light of the proven
demand for plots and holiday units on the resort future developments are currently in
various stages of planning. There is sufficient well-located, zoned resort development
land on the resort for several years of development.
During the period, the group sold its 30% interest in the Mykonos Casino for
R190 million to Tsogo Sun Holdings Limited. Subsequent to that, the group sold two erven
known as "Hobie Beach" to Tsogo Sun Holdings Limited for R30 million. In terms of the
aggregation rules of the JSE Listings Requirements, the "Hobie Beach" disposal
constitutes a Category 1 transaction and is therefore conditional upon the approval
of shareholders. A circular incorporating a notice convening the general meeting to be
held on Thursday, 11 May 2017 and setting out information regarding the disposal has
been sent to shareholders.
The resort brand has continued to improve and it remains a highly desirable holiday
and residential location. Club Mykonos resort was once again recognised by its industry
peers at the RCI Osca awards as one of the top five large resorts in South Africa and
the resort general manager, Jon Kilroe-Smith, was recognised as the best resort
manager of the year for the second time.
Aria Property Group ("Aria")
Aria continued to pursue its strategy of acquiring, adding value and managing its
predominantly Western Cape-focused commercial property portfolio. Aria is now established
as a major regional buyer and owner of institutional grade commercial properties.
The R614.1 million portfolio of commercial, retail and industrial properties acquired
from the Redefine Group will be transferred during the second half of the financial year
and, in anticipation of this, Aria has increased its staffing headcount in order to ensure
that value can be extracted from the purchase. Aria also embarked on certain smaller
demand-driven redevelopments in line with our strategy of enhancing property values
through focused tenant-driven improvement.
The existing portfolio has material potential for value improvement so there is no urgent
need to grow the portfolio immediately but selective opportunistic acquisitions will
still be pursued if they meet our criteria.
Generation Education
Generation Education combines Montessori pedagogy in the early childhood development
with an established, world-class international high school curriculum affiliated to
Cambridge University. The innovative use of technology and forward-thinking educational
philosophy creates functional learners with the ability to grow and thrive in the
21st century.
Generation Education is recognised as an innovator in education and has grown its
brand significantly in the Western Cape.
The first school site in Sunningdale (age 18 months to school exit) has far exceeded
expectations and is oversubscribed. The current site is limited only by the size of
the property. Phase two will be completed this year and the capacity of the school
will increase from 250 students to 480 students on completion.
The second operational site in Hermanus was acquired and converted to a Generation
Education school in January 2017 with phase one of the expansion of the school
currently under way. Upon completion the school will have capacity for 255 learners,
with a possible further expansion to 500 learners.
Two further sites have been purchased: one is already an operational school although
it does not yet fall under the Generation Education umbrella and the second site is
subject to a rezoning application process which is under way. Further sites are in
various stages of investigation and negotiation.
Education is a key area of activity for the group and gives it access to an industry
sector with good inherent organic growth prospects. Generation Education offers a
compelling product which fills a desperate need in South Africa.
The group is committed to growing Generation Education as fast as possible while ensuring
that teacher quality and service to students is maintained and continuously improved.
Resi Investment Group ("Resi")
Resi has a stable portfolio of more than 600 desirable rental properties in the
Western Cape: some are 100% held by Resi and others are held in 50:50 joint ventures
with local partners. The bulk of the developed assets are held for rental and individual
units are traded if the market provides an opportunity to exit at a full price.
The joint venture at Sanddrift (Quest Corsair apartments) is complete, fully let and
operating in line with expectations. Further sites are actively being sought but
suitable land in the Western Cape is difficult to come by in the correct price bracket.
Further acquisitions have been made in the Woodstock Hub joint venture and a sizeable
development pipeline has been secured.
SHAREHOLDER COMMUNICATION
The group commenced with an enhanced shareholder communication initiative in the last
quarter of 2016. The purpose of this process is to keep current shareholders
appropriately informed and to raise the group's profile amongst the investment
community so that the market price reflects the latest developments, and that trading
in the share is made easier for those shareholders who may wish to buy or sell.
This has resulted in a noticeable increase in share trading volumes over the past
six months. The group will be holding its first formal results presentation on
20 April 2017 which will be webcast live at 10:00 (SAST) and can be accessed via
http://www.corpcam.com/Trematon20042017.
INTRINSIC VALUE REPORT
The intrinsic net asset value report below illustrates the pro forma intrinsic net
asset value of all investment categories of the group for the six months ended
28 February 2017. The preparation of the pro forma intrinsic net asset value is the
responsibility of the directors of Trematon. The pro forma intrinsic net asset value
has been prepared for illustrative purposes only to assist investors in analysing
future prospects of the issuer and, due to the nature thereof, may not give a fair
reflection of Trematon's financial performance and position.
The pro forma financial information has been compiled by using a combination of listed
market values, external professional valuations, or directors' valuations, where
applicable. The intrinsic net asset value report has not been reviewed or reported
on by Trematon's auditors.
February 2017 February 2016 August 2016
Intrinsic Book Intrinsic Book Intrinsic Book
value value value value value value
R'000 R'000 R'000 R'000 R'000 R'000
Club Mykonos Langebaan 176 283 84 568 418 599 183 747 401 923 181 986
Aria Property Group 121 335 110 411 91 452 91 452 105 371 102 848
Resi Investment Group 187 928 170 609 175 965 143 840 183 651 165 844
Generation Education 54 993 45 893 18 071 18 071 23 347 23 347
Other 41 039 35 585 70 447 63 085 53 582 49 605
Cash 203 689 203 689 21 936 21 936 32 560 32 560
Totals 785 267 650 755 796 470 522 131 800 434 556 190
Number of shares in issue 217 771 217 771 216 754 216 754 217 714 217 714
NAV per share (cents) 361 299 367 241 368 255
Domicile and registered office: 3rd Floor, Aria North Wharf, 42 Hans Strijdom Avenue,
Foreshore, Cape Town, 8001
PO Box 7677, Roggebaai, 8012, South Africa
Transfer secretaries: Link Market Services South Africa (Pty) Limited
19 Ameshoff Street, Braamfontein, 2001
Directors: M Kaplan (Chairman)*#, AJ Shapiro (Chief Executive Officer), AL Winkler
(Chief Financial Officer), JP Fisher*#, A Groll, AM Louw*#, R Stumpf*
* Non-executive # Independent
Secretary: SA Litten
Sponsor: Sasfin Capital, a division of Sasfin Bank Limited
Auditor: Mazars
Published date: 20 April 2017
Prepared by: The group interim financial results have been prepared under the supervision
of the chief financial officer, Mr AL Winkler CA (SA).
Contact details: Tel: 021 421 5550
Website: www.trematon.co.za
Date: 20/04/2017 07:30:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE').
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