SILVERBRIDGE HOLDINGS LIMITED - Abridged Audited Consolidated Results for the Year Ended 30 June 2017, Dividend Declaration and Notice of Annual Gen

Release Date: 18/09/2017 09:00
Code(s): SVB
 
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Abridged Audited Consolidated Results for the Year Ended 30 June 2017, Dividend Declaration and Notice of Annual Gen

SILVERBRIDGE HOLDINGS LIMITED
(INCORPORATED IN THE REPUBLIC OF SOUTH AFRICA)
(REGISTRATION NUMBER 1995/006315/06)
SHARE CODE: “SVB” ISIN: ZAE000086229
(“SILVERBRIDGE” OR “THE GROUP” OR “THE COMPANY”)

ABRIDGED AUDITED CONSOLIDATED RESULTS FOR THE YEAR ENDED 30 JUNE
2017, DIVIDEND DECLARATION AND NOTICE OF ANNUAL GENERAL MEETING

GROUP PROFILE
SilverBridge offers reliable solutions that support the operations
of companies offering financial products and services. We have
gained experience in this area over more than 20 years of being in
business. Our understanding of contract administration processes
helps our clients improve and simplify their business processes.
We achieve this by implementing our system platforms and
customising them to meet product and process needs. Our services
are also offered as cloud solutions.

Exergy is our flagship platform that enables core back office
policy administration in the life assurance industry. The Exergy
solution package can be customised to suit the needs of a life
assurer. The solution also extends to offer group scheme and
pension fund administration, as well as elements of medical and
short-term insurance. This caters for clients wanting to offer a
wider range of financial services offerings on a single platform.

Our software products and hosted services are rented to our
customers on a monthly basis.

SUMMARISED AUDITED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 JUNE 2017

                                                    2017       2016
                                       Notes       R’000      R’000
Revenue                                 1.5       93 112     86 442
Other income                                         664        152
Personnel expenses                              (62 056)   (57 527)
Depreciation and amortisation                    (1 338)    (1 395)
Professional fees paid for services              (4 553)    (5 666)
Other expenses                                  (12 957)    (9 969)
Results from operating activities                 12 872     12 037
Finance income                                     1 317      1 367
Finance expenses                                       –      (250)
Profit before income tax                          14 189     13 154
Income tax                                       (1 119)    (3 064)
Profit and total comprehensive                    13 070     10 090
income for the year

Earnings per share
Basic earnings per share                1.3        41.76      29.10
Diluted earnings per share              1.3        38.84      27.52

SUMMARISED AUDITED CONSOLIDATED STATEMENT OF FINANCIAL POSITION AS
AT 30 JUNE 2017

                                                      2017       2016
                                          Notes      R’000      R’000
ASSETS
Non-current assets                                  23   746   15 810
Equipment                                            2   686      983
Intangible assets and goodwill                      16   078   12 371
Deferred tax assets                                  4   615    1 266
Withholding tax rebates receivable                       367    1 190

Current assets                                      34 977     47 229
Withholding tax rebates receivable                     701      1 312
Income tax receivable                                  916        802
Revenue recognised not yet invoiced        1.4       6 374      4 737
Trade and other receivables                         15 439     13 422
Cash and cash equivalents                           11 547     26 956
Total assets                                        58 723     63 039

EQUITY AND LIABILITIES
Equity                                              49 348     47 988
Share capital                                          348        348
Share premium                                       11 871     11 871
Treasury shares                                   (11 362)      (197)
Share based payment reserve                          2 453        910
Retained earnings                                   46 038     35 056

Non-current liabilities                              3 026      1 098
Deferred tax liabilities                             3 026      1 098

Current liabilities                                  6 349     13 953
Income tax payable                                       –      1 791
Trade and other payables                   1.2       4 946     11 764
Deferred revenue                           1.4       1 403        398
Total liabilities                                    9 375     15 051
Total equity and liabilities                        58 723     63 039
Net asset value per share (cents)                   158.21     138.39
Net tangible asset value per share                  106.84     102.71
(cents)

SUMMARISED AUDITED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY FOR
THE YEAR ENDED 30 JUNE 2017

                                               Share
                                               based
                      Share   Share Treasury payment Retained     Total
                    capital premium   shares reserve earnings    equity
                      R’000   R’000    R’000   R’000    R’000     R’000
Balance at 1 July
2015                    348   11 871   (197)    462     26 704   39 188
Total
comprehensive
income for the
year
Profit for the
year                      –       –        –       –    10 090   10 090
Total
comprehensive
income for the
year                      –       –        –       –    10 090   10 090
Transactions with
owners, recorded
directly in
equity:
Dividend paid                                          (1 738) (1 738)
Equity settled
share based
payment                   –       –        –    448          –     448
Total
transactions with
owners                    –       –        –    448    (1 738) (1 290)
Balance at 30
June 2016               348   11 871   (197)    910     35 056   47 988
Total
comprehensive
income for the
year
Profit for the
year                      –       –        –       –    13 070   13 070
Total
comprehensive
income for the
year                      –       –        –       –    13 070   13 070
Transactions with
owners, recorded
directly in
equity:
Dividend paid                                          (2 086) (2 086)
Interest from
share ownership
scheme                                  61                          61
Purchase of
treasury shares
by Employee Share                                               (11 560
Trust                              (11 560)                           )
Treasury shares
purchased by
employees                              334                         334
Equity settled
share based
payment                                       1 543               1 543
Total                 –        –
transactions with                                                   (11
owners                             (11 165)   1 543   (2 086)      708)
Balance at 30
June 2017           348   11 871 (11 362)     2 453    46 038    49 348

SUMMARISED AUDITED CONSOLIDATED CASH FLOW STATEMENT FOR THE YEAR
ENDED 30 JUNE 2017

                                                 2017      2016
                                                R’000     R’000
Cash generated from operations                  7 614    15 455
Interest received                               1 317     1 367
Interest paid                                       –         –
Taxation paid                                 (4 445)   (3 894)
Net cash inflow from operating
activities                                      4 486    12 928

Cash flows from investing activities
Equipment acquired to maintain
operations                                    (2 640)     (585)
Proceeds from sale of equipment                   178        23
Cash outflow from capitalisation of
development costs                             (4 181)   (1 886)
Net cash used in investing activities         (6 643)   (2 448)

Cash flows from financing activities
Dividend paid                                 (2 086)   (1 738)
Purchase of treasury shares                  (11 166)
Net cash outflow from financing
activities                                   (13 252)   (1 738)
Net increase/(decrease) in cash and
cash equivalents                             (15 409)     8 742
Cash and cash equivalents at the
beginning of the year                          26 956    18 214
Cash and cash equivalents at the end of
the year                                       11 547    26 956

SUMMARISED AUDITED CONSOLIDATED SEGMENT REPORTS FOR THE YEAR ENDED
30 JUNE 2017

BUSINESS SEGMENTS
                                    Hosting Rental Research
                   Imple-          and out-     and        &
                mentation Support sourcing    main- develop-
                 services services services tenance     ment Total
2017                R’000    R’000    R’000   R’000    R’000 R’000
Segment revenue     9 926   38 864    3 354 42 219         – 94 363
Segment revenue
inter-group          (48) (1 020)     (183)       –        – (1 251)
Segment revenue                       3 171
external            9 878   37 844           42 219        – 93 112
Direct segment                      (4 076)                  (48 703
cost              (5 031) (24 122)          (3 258) (12 216)       )
Cost                                      –
capitalised             –        –                –    4 181 4 181
Segment gross                         (905)
profit              4 847   13 722           38 961 (8 035) 48 590
Indirect                            (1 284)                  (35 718
segment cost      (4 156) (13 453)          (4 923) (11 902)       )
Segment result        691      269 (2 189) 34 038 (19 937) 12 872
Net finance
income                                                         1 317
Income tax                                                   (1 119)
Profit for the
year                                                          13 070
                                                    Research
                                    Hosting  Rental        &
                   Imple-          and out-     and Develop-
                mentation Support sourcing    main-     ment
                 services services services tenance           Total
2016                R’000    R’000    R’000   R’000    R’000 R’000
Segment revenue    11 027   38 145    3 060  37 217        – 89 449
Segment revenue
inter-group             – (1 900)     (867)   (240)       – (3 007)
Segment revenue                       2 193
external           11 027   36 245           36 977       – 86 442
Direct segment                      (3 562)                 (42 609
cost              (5 775) (19 775)          (6 894) (6 603)       )
Cost                                      –
capitalised             –        –                    1 885 1 885
Segment gross                       (1 369)
profit              5 252   16 470           30 083 (4 718) 45 718
Indirect                              (558)                 (33 681
segment cost      (4 568) (14 458)          (7 002) (7 095)       )
Segment result        684    2 012 (1 927) 23 080 (11 813) 12 037
Net finance
income                                                        1 117
Income tax                                                  (3 064)
Profit for the
year                                                         10 090

COMMENTARY

1. NOTES TO THE SUMMARISED AUDITED CONSOLIDATED FINANCIAL
STATEMENTS

1.1   BASIS OF PREPARATION

The summarised consolidated financial statements are prepared in
accordance with the requirements of the JSE Limited Listing
Requirements for abridged reports, and the requirements of the
Companies Act applicable to summary financial statements. The
listing requirements require abridged reports to be prepared in
accordance with the framework concepts and the measurement and
recognition requirements of International Financial Reporting
Standards (IFRS) and the SAICA Financial Reporting Guides as
issued by the Accounting Practices Committee and the Financial
Pronouncements as issued by the Financial Reporting Standards
Council and to also, as a minimum, contain the information
required by IAS 34 Interim Financial Reporting. The accounting
policies applied in the preparation of the consolidated financial
statements, from which the summary consolidated financial
statements were derived, are in terms of International Financial
Reporting Standards and are consistent with the accounting
policies applied in the preparation of the previous consolidated
annual financial statements.

The consolidated abridged report is extracted from audited
information, but is not itself audited. PricewaterhouseCoopers
Inc audited the financial statements for the year ended 30 June
2017 and expressed an unmodified opinion on those financial
statements. For a better understanding of the Group’s financial
position and results of operations, these abridged financial
statements must be read in conjunction with the Group’s audited
financial statements for the year ended 30 June 2017 which include
all disclosures required by IFRS, and which are expected to be
released on or about 18 September 2017. The Group’s integrated
report which incorporates the Annual Financial Statements can be
obtained from our website and is available for inspection at the
Company’s registered address. These abridged financial statements
were prepared by the Chief Financial Officer, Petro Mostert CA
(SA), under the supervision of the Group Financial Director, Lee
Kuyper CA (SA).

The directors take full responsibility for the preparation of the
abridged report and the financial information has been correctly
extracted from the underlying annual financial statements.
1.2 TRADE AND OTHER PAYABLES

Trade and other payables comprised of the following:

                                                   2017         2016
                                                  R’000        R’000
Trade payables                                      786        2 094
Other payables (accruals)                         3 620        3 306
VAT payable                                         540          480
Incentive accrual*                                    –        3 342
Leave accrual**                                       –        2 542
Total trade and other payables                    4 946       11 764

*No incentive accrual exists at year end since incentive targets
were not reached within the Group.

**The group has adopted a new leave policy that allows
discretionary time off. The leave accrual was realised during the
period resulting in no obligation at year end. This change will
eliminate future obligations.

1.3 EARNINGS PER SHARE

BASIC EARNINGS PER ORDINARY SHARE

Basic earnings per ordinary share is calculated by dividing the
profit for the year attributable to ordinary equity holders of the
parent, of R13.1 million (2016: R10.1 million) by the weighted
average number of ordinary shares outstanding during the year of
31.3 million (2016: 34.7 million).

                                                   2017         2016
Reconciliation of the weighted average number
of shares in issue
Shares in issue at the beginning of the year
('000)                                            34 781      34 781
Effect of treasury shares acquired on 1 March
2007 ('000)                                        (106)       (106)
Effect of treasury shares acquired on 30
November 2016 (‘000)                             (3 377)           –
Weighted average number of shares in issue at
the end of the year (‘000)                        31 298      34 675
Shares in issue at the end of the year – net
of treasury shares (‘000)                         29 000      34 675
Earnings attributable to ordinary
shareholders (R'000)                              13 070      10 090
Basic earnings per share (cents)                   41.76       29.10
DILUTED EARNINGS PER ORDINARY SHARE

Diluted earnings per ordinary share is calculated by dividing the
diluted profit attributable to ordinary equity holders of the
parent of R13.1 million (2016: R10.1 million) by the diluted
average number of ordinary shares of 33.7 million (2016: 36.7
million).

                                                      2017    2016
Reconciliation between weighted average number of
shares in issue and weighted average number of
shares in issue used for diluted earnings per
share
Weighted average number of shares in issue          31 298 34 675
Effect of diluted amount of shares                   2 352  1 985
Weighted average number of shares in issue used
for diluted earnings per share                      33 650 36 660

Earnings attributable to ordinary shareholders
used for diluted earnings (R'000)                   13 070 10 090
Diluted earnings per share (cents)                   38.84  27.52

The dilutive effect resulted from share options issued and shares
purchased by The SilverBridge Share Trust for an employee share
programme (refer to note 6).

HEADLINE EARNINGS PER ORDINARY SHARE

Headline earnings per ordinary share is calculated by dividing the
headline earnings attributable to ordinary equity holders of the
parent of R13.0 million (2016: R10.1 million) by the weighted
average number of ordinary shares outstanding during the year of
31.3 million (2016: 34.7 million).

                                                      2017     2016
Weighted average number of shares in issue ('000)   31 298   34 675
Reconciliation between basic earnings and
headline earnings
Basic earnings (R'000)                              13 070   10 090
Adjusted for:
– Loss/(Profit) on disposal of equipment (R'000)      (77)     (17)
Headline earnings (R'000)                           12 993   10 073
Headline earnings per share (cents)                  41.51    29.05
DILUTED HEADLINE EARNINGS PER ORDINARY SHARE

Diluted headline earnings per ordinary share is calculated by
dividing the diluted headline earnings attributable to ordinary
equity holders of the parent of R13.0 million (2016: R10.1
million) by the diluted weighted average number of ordinary shares
outstanding during the year of R33.7 million (2014: 36.7 million).

                                                    2017       2016
Weighted average number of shares in issue
used for diluted earnings per share (‘000)        33 650      36 660
Headline earnings (R'000)                         12 993      10 073
Diluted headline earnings per share (cents)        38.61       27.52

The dilutive effect resulted from share options issued and shares
purchased by The SilverBridge Share Trust for an employee share
programme (refer to note 6).

1.4 DEFERRED REVENUE AND REVENUE RECOGNISED BUT NOT YET INVOICED

Deferred revenue and revenue recognised but not yet invoiced
refers to the timing difference between recognition of revenue and
invoicing to the client.

                                                    2017        2016
                                                   R'000       R'000
Current asset
Revenue recognised not yet invoiced                6 374       4 737
Current liability
Deferred revenue                                 (1 403)       (398)
Net asset/(liability)                              4 971       4 339

1.5 REVENUE PER GEOGRAPHICAL SEGMENT
                                                      Group

                                                    2017        2016
                                                   R’000       R’000
South Africa                                      37 460      43 731
Namibia                                           26 361      15 864
Zimbabwe                                           7 330       6 551
Kenya                                              6 076       4 602
Lesotho                                            6 037       6 783
Botswana                                           2 056       2 163
Ghana                                              1 956       2 129
Mauritius                                          1 887       1 216
Malawi                                             1 576       1 655
Tanzania                                           1 189        231
Nigeria                                            1 184        768
Other African countries*                               -        749
                                                  93 112     86 442

* Other African countries include Angola, Swaziland

1.6 FAIR VALUES

The carrying amounts of all financial assets and liabilities are a
reasonable approximation of their fair value.

2. CORPORATE ACTIVITY

2.1. DIVIDEND

The directors have declared and approved a final gross dividend of
7 cents per share for the year ended 30 June 2017 from income
reserves.

The following dates will apply to the abovementioned final
dividend:

Last day to trade cum dividend:    Tuesday, 10 October 2017
Trading ex-dividend commences:     Wednesday, 11 October 2017
Record date:                       Friday, 13 October 2017
Dividend payment date:             Monday, 16 October 2017

Share certificates may not be dematerialised or re-materialised
between Wednesday, 11 October 2017 and Friday, 13 October 2017,
both days inclusive.

The dividend is made from income reserves and is subject to
dividend withholding tax of 20% which results in a net dividend of
5.6 cents per share. In determining the dividends tax (DT) of 20%
to withhold in terms of the Income Tax Act (No. 58 of 1962) for
those shareholders who are not exempt from the DT, no secondary
tax on companies (STC) credits have been utilised. Shareholders
who are not exempt from the DT will therefore receive a dividend
of (dividend multiplied by 80%) cents per share net of DT. The
Company has 34 781 471 ordinary shares in issue as at 30 June 2017
and its income tax reference number is 9841087647.

The above dates are subject to change. Any changes will be
released on SENS. Where applicable, dividends in respect of
certificated shares will be transferred electronically to
shareholders` bank accounts on the payment date. In the absence of
specific mandates, dividend cheques will be posted to
shareholders. Ordinary shareholders who hold dematerialised shares
will have their accounts at their CSDP or broker credited/updated
on Monday, 16 October 2017.

3. AUDIT REPORT

The financial statements for the year ended 30 June 2017 have been
audited by PricewaterhouseCoopers Inc. with Pienaar Zietsman as
the designated partner. Their unmodified audit report is available
for inspection at the Company’s registered office.

4. RE-APPOINTMENT OF AUDITORS

The board of directors recommend the re-appointment of PwC
Incorporated, as the independent external auditors for the
2017/2018 financial year.

5. SUBSEQUENT EVENTS

Subsequent to year end the directors have declared and approved a
final gross dividend of 7 cents on 12 September 2017 for the year
ended 30 June 2017 from income reserves. Other than the dividend
distribution referred to above, no events occurred subsequent to
the year end that would require adjustment to a disclosure on the
summarised consolidated financial statements.

6. PURCHASE OF TREASURY SHARES

The SilverBridge Employee Share Trust concluded an agreement with
C Shell 448 Proprietary Limited for the purchase of shares during
the period under review. The SilverBridge Employee Share Trust
purchased and paid for 5 874 923 ordinary shares for the
consideration of R11.7m on 30 November 2016. Although these shares
remain in issue, they are treated as treasury shares resulting in
the total issued number of shares of R34.8 million being reduced
to R29.0 million when considered net of treasury shares.
The purchase of the treasury shares has been disclosed accordingly
in the Summarised Audited Consolidated Statement of Financial
Position, Summarised Audited Consolidated Statement of Changes in
Equity and Summarised Audited Consolidated statement of Cash
Flows. The effect on the weighted number of shares in issue and
the resulting Earnings per Share has been disclosed in note 1.3

7. RECOGNITION OF DEFERRED TAX ASSET

An assessed loss carried forward incurred by SilverBridge Holdings
Limited, resulted in unrecognised deferred tax for the previous
financial year. A deferred tax asset of R3.18m was recognised to
the extent that it is probable that future taxable profits will be
available against which the temporary differences can be utilised.

8. FINANCIAL RESULTS AND PERFORMANCE

We are pleased with the continued improvement in our results and
the ability to declare another dividend. Net profit increased by
30% compared to the prior year. Revenue was up 8%, with good
growth in annuity-based software rental making up for a decline in
implementation revenue and a small increase in support revenue.
Growth in revenue was also assisted by the managed services
revenue increasing by 45%, albeit off a small base. Total costs
(net of other income) increased by 8% leading to a 7% increase in
profit before interest and tax. Net profit was up 30%, and HEPS
was up 43% to 41.51 cents from 29.05 cents in the prior year.

The following once-off, non-cash flow items impacted positively on
the current year’s results:

  •   The decreased number of shares used in the earnings per share
      and headline earnings per share calculation from the share
      purchase by the Silverbridge Employee Share Trust (which
      increased the number of treasury shares). These shares will
      vest in employees as they pay back the respective loan
      amounts related to the shares purchased and as outstanding
      share options vest.

  •   The recognition by SilverBridge of a deferred tax asset from
      an incurred assessed tax loss that was carried forward from
      prior periods.

The following once-off, non-cash flow items impacted negatively on
the current year’s results:

  •   The increase in the office rental expense from the smoothing
      of the expense over the newly entered five-year lease period
      as required in terms of IAS 17 Leases.

  •   The increase in IFRS 2 share base payment charges resulting
      from the acquisition of shares by employees in terms of the
      share ownership scheme as well as calculations related to the
      share option scheme.

Cash on hand reduced to R11.55 million compared to R26.96 million
at the previous year end. This was mainly a result of the treasury
share purchase, mentioned in note 7. The balance sheet remains
healthy and debt free.

Our client relationships also remain healthy. We continued with
efforts into higher value-added offerings for existing clients as
well as further developing our offerings in cloud-based hosting
and managed services. We are satisfied with the performance and
especially with the growth in the annuity software rental segment.
We remain focused on efforts to enable ongoing growth.

SEGMENTAL REVIEW

Implementation services

This segment implements our solutions for clients and is project
based.

Although revenue declined by 10%, the segment posted a profit for
the year.

The revenue decline is a result of further improvement in delivery
efficiencies. We are implementing projects faster and more
efficiently to enable better growth in the support and software
rental segments.

We are happy with our implementation delivery model and continue
to secure new contracts in the small to medium sized market in
South Africa and the rest of Africa.

Support services

Support is contracted on a monthly basis and is annuity based.

Revenue increased by 4%, helped by new offerings in data
analytics. The segment result decreased to a profit of R269k
compared to a profit of R2m in the comparative period.

There was a slowdown in the second half which impacted growth and
margins. However, several new contracts have been won near the end
of the period, which should assist growth going forward.

We continue to focus on additional higher value-added offerings in
this segment.

Hosting and outsourcing services

This segment provides a range of complimentary managed services to
our clients. The services include cloud based hosting, outsourced
technical services and full business process outsourcing.
This is still a relatively new initiative for the Group. It
enables us to offer additional services to existing clients as
well as make our offerings appeal to a wider range of potential
clients. It also helps keep our offerings relevant with regard to
technology trends.

For the year, the segment generated revenue of R3.2 million, which
was 45% up on the prior year. After the allocation of indirect
costs the segment made a loss of R2.2 million. We remain satisfied
with the progress thus far, albeit slower than we had hoped.
Nevertheless, there are good opportunities ahead and we envisage
the segment becoming profitable as it achieves more scale.

Software rental and maintenance

Software rental is annuity based.

Revenue was up 14% with growth mainly driven by new customers. The
segment made a profit of R34 million, compared to R23 million in
the prior year. The overall margin increased to 81% from 62% in
the comparative period.

We are pleased with the performance in this segment. Our software
and the growth of our annuity rental stream remain a core focus
going forward.

Research and development (“R&D”)

During the year significant effort was invested into the first
phase of a new product which is aimed at opening up a segment of
our market which was previously not suited to our offering. We
plan to complete this project and take the product to market in
the next year. This new product is classified as an internally
generated intangible asset not yet ready for use. A mandatory
impairment test was performed with no impairment identified.

We also continued with R&D efforts in order to keep our existing
assets relevant in terms of technology and market trends.

During the period, total direct costs were R12.2 million, up from
R6.6 million in the prior year, of which R4.2 million was
capitalised.

9. GROUP OUTLOOK

Overall, we remain positive about the outlook for the Group. We
continue to build our core annuity streams and make progress with
revenue growth, despite the tough economic climate.
We are pleased to see that new initiatives are paying off, albeit
slower than expected. We are excited about our new product
development project. We remain optimistic that our efforts will
help enable sustained growth.

The financial services industry continues to adapt to meet its
customers’ changing needs in an increasingly digital world.
Financial services providers are driving change in their business.
They are differentiating their products and services in order to
remain relevant in a rapidly changing world. This results in many
of our existing and potential clients searching for solutions to
enable them to adapt quickly and more effectively. SilverBridge
remains well positioned to meet these needs. It presents us with
opportunities to create platforms that can help the industry to
adapt and continues guiding our new product development
initiatives.

10. NOTICE OF THE ANNUAL GENERAL MEETING

Notice is hereby given that the Annual General Meeting of the
Company will be held at 11:00 on Wednesday 25 October 2017 at the
registered office of SilverBridge, Castle Walk Corporate Park,
Corner of Swakop & Nossob Street, Erasmuskloof, Pretoria, to
transact the business as stated in the notice of the Annual
General Meeting, which is contained in the Integrated Annual
Report to be distributed on or about 18 September 2017.

The board of directors of SilverBridge (“the Board”) has
determined that, in terms of section 62(3)(a), as read with
section 59 of the Companies Act, 2008 (Act 71 of 2008), the record
date for the purposes of determining which shareholders of the
Company are entitled to participate in and vote at the Annual
General Meeting is Friday, 20 October 2016. Accordingly, the last
day to trade in SilverBridge shares in order to be recorded in the
Register to be entitled to vote at the Annual General Meeting will
be Tuesday, 17 October 2017.

11. DIRECTORATE

Resignation

Ms. Jocobeth Chikaonda has resigned as a non-executive director of
the Company with effect 24 January 2017. Her resignation is in
line with disposal of Kagiso Tiso Holdings shareholding in
SilverBridge.
Appointment

We are pleased to announce that Ms. Lulama Booi was appointed as a
non-executive director of the Company on 14 June 2017. She is
employed by MMI and was put forward for a directorship by them.

On behalf of the Board

Jaco Swanepoel                               Robert Emslie
Chief Executive Officer                      Chairman

Pretoria
18 September 2017

CORPORATE INFORMATION
Directors of SilverBridge:
Robert Emslie (Chairman) **, Jaco Swanepoel (CEO), Jeremy de
Villiers **, L Booi *, Hasheel Govind *, Tyrrel Murray**, Lee
Kuyper (Financial Director), Stuart Blyth.

(All the directors are South African citizens).
* Non-executive
**Independent non-executive

SILVERBRIDGE REGISTERED OFFICES
Castle Walk Corporate Park, Block D
Corner of Swakop & Nossob Street, Erasmuskloof
Pretoria, 0048
(PO Box 11799, Erasmuskloof, 0048)

COMPANY SECRETARY:
Fusion Corporate Secretarial Services Proprietary Limited
represented by Melinda Gous
Unit 2, Corporate Corner, Marco Polo Street, Highveld
Centurion, Gauteng
(PO Box 68528, Highveld, 0169)

LEGAL ADVISERS:
Gildenhuys Malatji Attorneys Inc.
(Registration number: 1997/002114/21)
GLMI House
Harlequins Office Park,
164 Totius Street,
Groenkloof
(PO Box 619, Pretoria, 0001)

GROUP AUDITORS
PricewaterhouseCoopers Inc.
(Registration number: 1998/012055/21)
32 Ida Street, Menlo Park, Pretoria, 0081
(PO Box 35296, Menlo Park, Pretoria, 0102)


TRANSFER SECRETARIES
Computershare Investor Services Proprietary Limited
(Registration number: 2004/003647/07)
70 Marshall Street,
Johannesburg,
(Call centre: 0861 100 634)
(PO Box 61051, Marshalltown, 2107)

DESIGNATED ADVISER:
PSG Capital
(Registration number: 2006/015817/07)
First Floor, Building 8,
Inanda Greens Business Park,
54 Wierda Road West, Wierda Valley, Sandton, 2196
(PO Box 650957, Benmore, 2010)

www.silverbridge.co.za

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