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ANCHOR GROUP LIMITED - Unaudited interim results for the six months ended 30 June 2017

Release Date: 15/08/2017 17:15
Code(s): ACG     PDF:  
Wrap Text
Unaudited interim results for the six months ended 30 June 2017

ANCHOR GROUP LIMITED
(Incorporated in the Republic of South Africa)
(Registration number 2009/005413/06)
ISIN: ZAE000193389
JSE share code: ACG
(“Anchor” or “the company” or “the group”)


UNAUDITED INTERIM RESULTS FOR THE SIX MONTHS ENDED 30 JUNE 2017


HIGHLIGHTS
Top quartile investment performance and compelling longer-term track record.
Assets under management and advice grew by 8% to R49.4 billion (R45.8 billion at 31 December 2016).
Turnover up 21% to R245 million (R202 million to 30 June 2016).
Adjusted HEPS down 39% to 22 cents per share (35.9 cents per share to 30 June 2016).
Comprehensive income for the half year of R53.8 million (R81.2 million to 30 June 2016).
Cash and cash equivalents and short-term investments balance of R198 million (R217 million at 31 December 2016).

COMMENTARY

Anchor began managing assets in 2012 and has grown rapidly to reach group-wide AUM (“assets under management and advice”) at 30 June 2017 of 
R49.4 billion, up from R45.8 billion on 31 December 2016. These are primarily private client and retail assets, with recent growth in the corporate 
and institutional markets.

The asset management subsidiary Anchor Capital Proprietary Limited (“Anchor Capital”), which is the primary business in the group, runs segregated
portfolios (both locally and internationally) and has a series of funds in both the Collective Investment Scheme (“CIS”) and hedge categories. The
long-term strategy of Anchor is to become a major player in South African asset management and allied categories, with an increasing focus on
offshore investment. This will be achieved by both organic and acquisitive growth.

INTRODUCTION

Anchor took significant steps forward in the first 6 months of 2017, with meaningful asset growth, first quartile investment performance and new
initiatives delivering ahead of expectations. This was against a challenging backdrop in South Africa, with slow economic growth, local confidence
levels low and investors taking a cautious stance. The much stronger currency also weighed on the market and the combined effect has been a flat
local market for the last three years. The All-Share Index was at a lower level on 30 June 2017 than 12 months prior. This has been a difficult
operating environment for the investment industry, with activity levels well down on the previous year. Anchor has reacted proactively to this
environment, attracting over 500 new high net worth private clients in this reporting period and diversifying income streams and increasing global
exposure. Flat markets, lower activity levels, increased costs, a much stronger than average Rand and a change in mix has had a negative impact on
margins. In addition, there were performance fees in the first half of last year that were not repeated in the first half of this year. The company
is well placed to take advantage of a more positive environment.


RESULTS

Anchor grew its AUM in the first half of 2017 in difficult market conditions. The total AUM at 30 June 2017 were R49.4 billion (R35.2 billion assets
under management and R14.3 billion assets under advice). AUM were up R3.6 billion (+8%) for the first half. Anchor does not own 100% of all of its
subsidiaries. If one only includes Anchor’s attributable share of assets under management the R35.2 billion reduces to R29.1 billion (up 5.4% on 31
December 2016: R27.6 billion).

Anchor continued growing turnover in the first six months of 2017, but came under operating margin pressure, resulting in a decline in profits for
the six month period compared to 30 June 2016. This was primarily due to a reduction in performance fees and the impact of flat market conditions and
a strong Rand. The average Rand/USD exchange rate for the period of R13.25 was 13% stronger than the comparative period (R15.16), which negatively
impacted Rand turnover. The turnover of the group grew by 21% to R245 million (2015: R202 million) for the half year ended 30 June 2017. The turnover
of business consolidated in the prior period decreased, but the inclusion of newly consolidated businesses (Anchor Securities Stockbroking and 
AG Capital) saw group turnover increase.

The yield on average assets under management (R47.6 billion) for the period was 1.02% (1.01% for year ended 31 December 2016). Anchor continued to
attract organic net inflows in excess of R500 million per month.

Costs grew by 60% to R172 million (2016: R108 million). There was a like-for-like cost increase of 6%, with newly consolidated businesses adding the
remainder. The margin of these new businesses is expected to increase going forward. The group also continued to invest in new distribution staff and
partnerships throughout the country to accelerate future growth; and operations, compliance and system costs to enhance the client experience.

Operating profits declined by 22% to R73 million (2016: R94.3 million). The resultant operating margin was 30% (2016: 47%), with no performance fees
for the period.

The share of losses from equity accounted associates was –R0.8 million (2016: R10.4 million). Capricorn Fund Manager’s Proprietary Limited
(“Capricorn Fund Managers”) offshore operations declined in contribution.

Comprehensive Income declined by 34% to R53.8 million (2016: R81.2 million).

Adjusted headline earnings per share declined by 39% to 22 cents (2016: 35.9 cents), with 13% higher average shares in issue.

Adjusted headline earnings are calculated by the group in order to reflect the sustainable cash-equivalent earnings of the group. The adjustment in
headline earnings is for amortisation of book purchases, which is as a non-cash flow item. In 2016, we excluded share based-payment expenses, which
are an IFRS requirement but are not a cash flow expense. We have restated the published comparative number in 2015 from 34.6 cents per share to 
35.9 cents per share to make the numbers comparable.

Shareholders equity grew to R1.09 billion (31 December 2016: R1.08 billion), as a result of the profit generated and the issue of new shares. The net
asset value per share is 555 cents. Cash and other liquid instruments were R97 million at 30 June 2017.


OPERATIONAL REVIEW

Although Anchor is a relatively young business, it has in a short period firmly established itself as one of the leading private client asset
managers in South Africa and is investing heavily in growing its institutional business.
Anchor Capital operates in two separate businesses, namely Anchor Asset Management and Anchor Private Clients, with each having their own business
leader. Each business has its own focus of delivering to clients and growing into the respective target markets. Anchor-branded CIS assets (8% of
AUM) have grown to R3.9 billion (R3.6 billion at 31 December 2016) and total CIS assets to over R13.5 billion.

Anchor Capital has been managing assets for five years and from inception has always invested meaningfully in a high quality investment process, with
the backbone of a strong 20+ investment team. The group has 17 CA(SA)’s, 14 CFA charter holders and 14 CFA-candidates. This investment is producing
results and the company is developing a very credible track record. The Anchor BCI Equity Fund is in the top performing fund in SA in its category
over three and four years (source: Moneymate). Investment performance in 2017 has been pleasing, with local and global equity and managed funds in
the top quartile of their CIS categories. The best performance has been in offshore markets in 2017, with the High Street segregated model portfolio
up 17.6% in US dollars and the Anchor Global Equity Fund up 17.1% in US dollars.

During the first half the JSE-All Share Index was up 1.9% and the spot Rand/USD exchange rate strengthened by 4.6%, negatively impacting the assets
under management held directly offshore (measured in Rands). As Anchor increases in size, so it becomes increasingly sensitive to market returns and
exchange rates. To counter this, Anchor is focused on growing annuity revenue streams and increasing the mix of asset classes.

Anchor Capital is focused on growth and the company continues to add new wealth managers and distribution personnel to market its services. Regional
offices in Cape Town, Durban and Pretoria are now all at critical mass, supplementing the well-established Johannesburg base. Financial advisor
support is strong and the breadth of clients continues to increase. The company continues to develop innovative partnership initiatives to enhance
its distribution capabilities.
The SA growth outlook is soft and low levels of confidence have made gathering new assets more difficult, but the group continues to grow assets
every month. The broader investment offering, ever-growing investment track record and diversity of businesses, places us well to continue on a
growth path.

Portfolio Bureau produced solid growth for the period, AG Capital performed ahead of budget and the new stockbroking business produced a profit in
its first full six month period. The contribution from Capricorn Fund Managers was lower than the prior period with a low level of performance fees.
The Capricorn Fund Managers investment performance was disappointing in 2016, but fund performance has been positive in 2017 and the company is
exploring the launch of a long only global emerging market fund, to leverage off the long term investment performance of an experienced team.

Anchor has a well-articulated strategy of expanding its business through organic and acquisitive growth. The asset management engine is established
and the emphasis is on increasing distribution capabilities. In this period it has increased its presence on distribution platforms and developed
relationships with new sources of assets under management. Anchor is still a fraction of the size of the large SA asset managers and is targeting
many years of growth ahead. Our journey is still in its early days.



PROSPECTS

Anchor views the financial performance in this period as disappointing, with the operating margin below historic levels. Management is targeting
higher margins. In this period the asset base continued to grow and the client experience was a positive one. These factors underpin the future
growth prospects of the business. Management is focussed on delivering on key metrics and creating a great long-term business.

The key driver for the business is AUM, which averaged R47.2 billion for the period, with the second half of the financial year beginning with 
R49.4 billion. The results for the full year will also be influenced by:

•   The performance of local and global markets and Anchor’s relative performance;
•   The exchange rate between the Rand and other currencies (we estimate that the Rand hedge component is approximately 50-60%); and
•   An increase in shares in issue. The average shares in issue for 2016 was 178.1 million and the shares in issue at 30 June 2017 was 193.5 million.

A presentation on the results under review is available on www.anchorgroup.co.za.



Condensed consolidated statements of comprehensive income
                                                    Unaudited     Unaudited      Audited
Figures in R’(000)                       % change    30-Jun-17    30-Jun-16    31-Dec-16
Revenue                                       21%      245 436      202 271       419 331
Operating Expenses                            60%    (172 389)    (108 020)     (252 096)
Operating profit                             (22%)     73 047       94 251       167 235
Other income                                            7 082       (2 129)        8 643
Finance costs                                          (2 465)                      (973)
Fair value gain on acquisition
of former associate                                                               30 645
Accounting gain/(loss) on
acquisition of former associate            (120%)        (587)       2 920        1 661
Share of profits/(loss) from associates    (108%)        (824)      10 401        7 763
Profit before taxation                      (28%)      76 253      105 443      214 974
Taxation expense                            (10%)     (22 161)     (24 538)     (42 994)
Profit for the six-month period / year      (33%)      54 092       80 905      171 980
Other Comprehensive income  
Net foreign currency translation
differences for foreign operation          (228%)         (342)        267       1 159
Total Comprehensive Income for the
six-month period / year                     (34%)       53 750      81 172     173 139
Total comprehensive income
attributable to:
Owners of the parent                        (40%)       36 905      61 371     139 505
Non-controlling interest                    (15%)       16 845      19 801      33 634
                                            (34%)       53 750      81 172     173 139
Profit attributable to:
Owners of the parent                        (39%)       37 247      61 104     138 346
Non-controlling interest                    (15%)       16 845      19 801      33 634
                                            (33%)       54 092      80 905     171 980
Earnings per share (cents)                  (46%)          19,3       35,6        77,7
Diluted earnings per share (cents)          (46%)          19,1       35,4        75,9
Headline earnings per share (cents)         (42%)          19,6       33,9        59,5
Diluted headline earnings
per share (cents)                           (42%)          19,4       33,7        58,1
Adjusted headline earnings
per share (cents)                           (39%)          22,0       35,9        64,7
Diluted adjusted headline
earnings per share (cents)                  (39%)         21,8        35,8        63,2
Earnings and headline
earnings per share
Reconciliation of Earnings:
Earnings attributable to shareholders       (33%)      54 092       80 905      171 980
Non-controlling interest                    (15%)      16 845       19 801       33 634
Earnings attributable to
ordinary shareholders                       (39%)      37 247       61 104       138 346
Gain on bargain purchase of subsidiary        76%                  (2 920)       (1 661)
Fair value gain/(loss) on
acquisition of former associate                            587                  (30 645)
Headline earnings attributable
to ordinary shareholders                    (35%)       37 834      58 184      106 040
Equity settled share option costs            27%         2 928       2 312        5 656
Net Amortisation on Book
Purchases Acquired                            43%        1 793       1 251        3 578
Adjusted headline earnings
attributable to ordinary shareholders       (31%)       42 555      61 747      115 274
Reconciliation of Number
of Shares in issue:
Number of shares in issue                     10%      194 436     176 562      193 455
Weighted average number of
shares in issue                               13%      193 436     171 793      178 120
Share incentives and contingent
purchase considerations                     (25%)          560         746        4 253
Diluted weighted average number
of shares in issue                            13%     194 996      172 539      182 373

* Restated, refer to the results commentary for an explanation of the restatement.



Condensed consolidated statements of financial position
                                                    Unaudited     Unaudited      Audited
Figures in R’(000)                       % Change   30-Jun-17     30-Jun-16    31-Dec-16
Assets
Non-Current Assets
Property, plant and equipment                105%       8 091        3 955         7 806
Goodwill                                      92%     525 212      274 185       520 710
Intangible assets                             78%      80 719       45 423        67 677
Investments in associates                   (13%)     310 463      355 446       341 764
Other financial assets                                 11 998          796        10 744
Deferred tax                                 356%       1 988          436         2 075
                                              38%     938 471      680 241       950 776
Current Assets
Cash and cash equivalents                   (54%)      76 838       166 848       78 184
Other financial assets                                122 108        19 244      139 837
Trade and other receivables                    7%      84 455        78 453       81 602
Current tax receivables                       79%      10 096         5 648        6 107
Amounts receivable on
stockbroking activities                      100%     207 726             -            -
                                              86%     501 223       270 193       305 730
Total Assets                                  51%   1 439 694       950 434     1 256 506
Equity and Liabilities
Equity
Share Capital                                 25%    909 010        727 646      904 010
Reserves                                       4%      7 175          6 884        5 590
Retained income/(loss)                        66%    157 755         95 170      149 526
Equity Attributable to
Equity Holders of Parent                     29%    1 073 940       829 700    1 059 126
Non-controlling interest                   (25%)       18 358        24 498       18 365
                                             28%    1 092 298       854 198    1 077 491
Liabilities
Non Current Liabilities
Deferred Tax                                  91%     23 889         12 476      16 974
Other financial liabilities                    6%     35 737         33 830      74 820
                                              29%     59 626         46 306      91 794
Liabilities
Current Liabilities
Trade and other payables                    (54%)     17 636         38 664      45 039
Other financial liabilities                           41 353          2 680      31 305
Current tax payable                          124%     19 256          8 586      10 877
Amounts payable in respect
of stockbroking activities                   100%    209 525 
                                             476%    287 770         49 930       87 221
Total Liabilities                            261%    347 396         96 236      179 015
Total Equity and Liabilities                  51%  1 439 694        950 434    1 256 506
Net asset value per share                                565            484          557
Net tangible asset value per share                       251            303          250
Condensed consolidated statements of cash flows
                                                     Unaudited      Unaudited     Audited
Figures in R’(000)                                   30-Jun-17      30-Jun-16   31-Dec-16
Cash flows from operating activities
Cash generated from operations                         42 335         50 227      157 260
Interest income                                         7 082         (4 501)       6 748
Finance costs                                           2 465                        (973)
Tax paid                                              (22 797)       (32 405)     (85 620)
Net Cash from operating activities                     29 085         13 321       77 415
Cash flows from / (utilised in)
investing activities
Purchase of equipment                                     (285)       (1 675)      (4 121)
Cash inflow on business combination                     41 381        37 536       12 254
Proceeds on sale of associate                                                       5 200
Net movement in financial assets                        17 728        99 017     (34 444)
Increase in investment in associates                   (31 301)     (320 175)   (237 057)
Net Cash from / (utilised in)
investing activities                                    27 523      (185 297)   (258 168)
Cash flows from / (utilised in)
financing activities
Increase in stated share capital/
share capital                                            5 002        92 400      10 829
Increase/(decrease) in
financial liabilities                                  (16 963)       (1 400)     44 976
Dividend paid                                          (45 651)      (66 496)   (110 944)
Net Cash from / (utilised in)
financing activities                                   (57 612)       24 504     (55 139)
Total cash and cash equivalents
movement for the six-month period / year                (1 004)     (147 472)   (235 892)
Cash and cash equivalents at the
beginning of the six-month period / year                78 184       314 487     314 486
Effect of exchange rate movement
on cash balances                                          (342)         (167)       (410)
Total cash and cash equivalents at
end of the six-month period / year                      76 838       166 848      78 184

Condensed consolidated statement of changes in equity

Figures in R’(000)                            Share     Foreign       Share based   Shares to       Total   Retained        Total        Non-     Total
                                            capital    Currency          payments   be issued    Reserves   income / attributable controlling    equity
                                           / Stated translation           reserve     Reserve                 (loss)    to equity    interest
                                            Capital     reserve                                                        holders of
                                                                                                                      the group /
                                                                                                                          company
Group
Balance at 01 January 2016                 635 946                8        4 580            -       4 588     70 673      711 207      2 423    713 630
Changes in equity
Issue of shares to acquire subsidiary       91 700                                                                        91 700                  91 700
Acquisition of subsidiary CFM SA                                                                   32 164                                         32 164
Share based payments                                                       2 037                    2 037                   2 037          -       2 037
Dividends Paid                                                                                               (36 607)     (36 607)   (29 889)   (66 496)
Total comprehensive Income for
the six month period                                                            -                             61 104       61 104     19 801    80 905
Other comprehensive income                                  259                                      259                      259                   259
Total changes                              91 700          259        2 037                 -     2 296       24 497     118 493     22 076       140 569
Balance at 30 June 2016                   727 646          267        6 617                 -     6 884       95 170     829 700     24 499       854 199
Issue of shares to acquire subsidiary     176 364                                                                        176 364                  176 364
Acquisition of subsidiary AG                                                                                                            1 816       1 816
Share based payments                                                    3 619                      3 619                    3 619            -      3 619
Dividends Paid                                                                                              (22 886)    (22 886)    (21 562)     (44 448)
Sharebuy back CFM Malta SA                                                        (4 800)       (4800)                   (4 800)                  (4 800)
Changes in ownership interest
control not lost                                                                 (1 005)        (1 005)                  (1 005)       (220)      (1 225)
Total comprehensive Income
for the six month period                                                                                      77 242      77 242      13 833        91 075
Other comprehensive income                                 892                                      892                      892                       892
Total changes                             176 364          892        3 619       (5 805)       (1 294)       54 356     229 426     (6 133)       223 293
Balance at 01 January 2017                904 010        1 159       10 236        (5 805)        5 590      149 526   1 059 126      18 366     1 077 492
Issue of shares during the year             5 000                                                                         5 000                      5 000
Share based payments                                                    3 086                      3 086                   3 086            -        3 086
Dividends Paid                                                                                              (29 018)    (29 018)    (16 633)      (45 651)
Changes in ownership                                                                                              -             -      (220)         (220)
Total comprehensive Income
for the six month period                                                                                      37 247      37 247      16 845        54 092
Other comprehensive income                              ( 1501)                     (1501)                    (1501)                               (1 501)
Total changes                               5 000       (1 501)       3 086              -       1 585        8 229       14 814          (8)      14 806
Balance at 30 June 2017                   909 010         (342)      13 322        (5 805)       7 175      157 755    1 073 940      18 358     1 092 298

Condensed consolidated segmental information (R’ 000)

30 June 2017                                      Anchor Group        Anchor    Eliminations       Total
                                                 and other non       Capital
                                              asset management     and other
                                                      entities        Asset
                                                                  Management
                                                                    entities
Revenue                                                   6 471      246 906         (7 941)      245 436
Operating expenses                                      (8 881)    (174 244)          10 736    (172 389)
Operating profit                                        (2 410)       72 662           2 795       73 047
Other Income                                            21 797       (1 519)          13 196        7 082
Fair value adjustment associate acquisition               (587)                                     (587)
Share of profits from associates                          (824)                            -        (824)
Finance cost                                                        (3 777)            1 312      (2 465)
Profit before tax                                        18 563      66 779           (9 089)      76 253


30 June 2016                                      Anchor Group        Anchor    Eliminations       Total
                                                 and other non       Capital
                                              asset management     and other
                                                      entities         Asset
                                                                   Management
                                                                     entities
Revenue                                                 30 518        200 450        (28 697)       202 274
Operating expenses                                      (7 520)     (107 247)           6 747      (108 020)
Operating profit                                         22 998         93 203        (21950)        94 251
Other Income                                            (8 731)         6 602               -       (2 129)
Share of profits from associates                            944          9 457              -        10 401
Bargain Purchase                                          2 920                             -         2 920
Profit before tax                                         18 131      109 262        (21 950)       105 443



30 June 2017                                       Anchor Group        Anchor    Eliminations        Total
                                                  and other non       Capital
                                               asset management     and other
                                                       entities        Asset
                                                                   Management
                                                                     entities

Assets                                                 983 358        657 416      (201 080)     1 439 694
Non Current Assets                                     874 673        257 103      (193 305)       938 471
Current Assets                                         108 685        400 313        (7 775)       501 223
Liabilities                                             47 662        326 745       (27 011)       347 396
Non Current Liabilities                                 19 022         61 367        207 381       287 770
Current Liabilities                                     28 640        265 378      (234 392)        59 626
Equity                                                 935 696        330 671       (59 159)     1 092 298


30 June 2016                                       Anchor Group        Anchor    Eliminations        Total
                                                  and other non       Capital
                                               asset management     and other
                                                       entities        Asset
                                                                   Management
                                                                     entities
Assets                                                 795 053      206 477        (51 096)       950 434
Non Current Assets                                     658 303       80 831        (58 893)       680 241
Current Assets                                         136 750      125 646          7 797        270 193
Liabilities                                             40 250       47 923          8 063         96 236
Non Current Liabilities                                 36 418        2 952          6 936         46 306
Current Liabilities                                      3 832       44 971          1 127         49 930
Equity                                                 754 803      158 554        (59 159)       854 198
 


BASIS OF PREPARATION AND ACCOUNTING POLICIES
The accounting policies and method of measurement and recognition applied in the preparation of these condensed consolidated unaudited interim
results are in terms of IFRS and are consistent with those applied in the audited annual financial statements for the year ended 31 December 2016.

These unaudited results are prepared in accordance with International Financial Reporting Standards (“IFRS”) and are presented in terms of the
minimum disclosure requirements set out in International Accounting Standards (“IAS”) 34 – Interim Financial Reporting, as well the SAICA Financial
Reporting Guides as issued by the Accounting Practices Committee and Financial Reporting Pronouncements as issued by the Financial Reporting
Standards Council, the JSE Listings Requirements and the requirements of the Companies Act of South Africa.

These unaudited results have been compiled under the supervision of the Financial Director, Omair Khan CA (SA).

The directors are not aware of any matters or circumstances subsequent to 30 June 2017 that require any additional disclosure or adjustment to the
financial statements. The interim results have not been reviewed or reported on by the company’s auditors.

FAIR VALUE HEIRACHY

The following items in the Statement of Financial Position are carried at fair value through Profit and Loss:

                               Level 1       Level 2       Level 3
Non-current Assets
Other financial assets                      11 998
Current Assets
Other financial assets                      122 108

Other financial asset are listed and unlisted investments.

At level 3 is an unlisted investment. The significant judgements and assumptions involved in the valuation have not changed since last reported. 
The value in use was determined by discounting the future cash flows generated from the continuing use and was based on the cash flows that were
projected on actual operating results and a 5 year forecast Cash flows beyond this were extrapolated using a constant growth rate of 8%, and
discounted using a rate between 15% to 20%.

DIVIDEND AND SHARE REPURCHASE

As stated, the company has a long-term intention of paying out approximately half of its earnings as a dividend as a listed business. Given present
circumstances, including the operating conditions and the decline in the share price, the directors are of the view that the best allocation of
capital in the short-term is for Anchor to repurchase its own shares. Authority to repurchase shares was given at the last annual general meeting.
The company intends to repurchase shares over the next six months and a final decision for a year-end dividend will be made in early 2018.

For and on behalf of the Board



Peter Armitage                   Mike Teke
Chief Executive Officer           Chairman

15 August 2017

DIRECTORS

Executive Directors: Peter Armitage (Chief Executive Officer), Todd Kaplan (Chief Operating Officer), Omair Khan (Financial Director)
Non-executive directors: Mike Teke (Chairman), Paul Nkuna (Lead independent), Alastair Adams (Independent), Nick Dennis (Independent), Kajal
Bissessor (Independent)

There were no changes to the Board of Directors in the period under review.

REGISTERED OFFICE
25 Culross Road, Bryanston, Sandton, 2191

POSTAL ADDRESS
PO Box 1337, Gallo Manor, 2052

WEBSITE
www.anchorgroup.co.za

DESIGNATED ADVISOR
Java Capital

TRANSFER SECRETARIES
Link Market Services South Africa Proprietary Limited
(Registration number 2000/007239/07)
11 Diagonal Street, Johannesburg, 2001
(PO Box 4844, Johannesburg, 2000)

Date: 15/08/2017 05:15:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE'). 
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