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eXtract GROUP LIMITED - Reviewed consolidated interim results of eXtract Group Limited for the twelve-month period ended 30 June 2017

Release Date: 28/09/2017 17:00
Code(s): EXG     PDF:  
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Reviewed consolidated interim results of eXtract Group Limited for the twelve-month period ended 30 June 2017

EXTRACT GROUP LIMITED
(FORMERLY EQSTRA HOLDINGS LIMITED)
(Incorporated in the Republic of South Africa)
(Registration number 1998/011672/06)
JSE share code: EXG  ISIN: ZA0002223202

REVIEWED CONSOLIDATED INTERIM RESULTS OF EXTRACT GROUP LIMITED
FOR THE TWELVE-MONTH PERIOD ENDED 30 JUNE 2017 

SALIENT FEATURES
- enX restructuring agreement became effective on 28 September 2017
- Debt conversion of R1 877 million into equity approved by shareholders on 10 August 2017
- Transformation of the Group from contract miner into an investment fund progressed well

FINANCIAL REVIEW
- The Group reported a loss for the period of R1 903 million (including impairments of R1 499 million) 
  compared to a loss of R2 253 million in the prior period
- R602 million of mining assets sold during the period
- All mining contracts being exited in order to monetise asset base
- Net asset value post conversion of debt will be positive R402 million at 30 June 2017

INTRODUCTION

The period under review has been both eventful and challenging for eXtract Group Limited ("eXtract" or "Group"), with
the Group transitioning into its new form and subsequently changing the strategic direction of the Group from a contract
miner to an investment fund as led by management and the new board of directors. 

The disposal of Fleet Management and Logistics and Industrial Equipment divisions to enX Group Limited ("enX") was
completed and effective from 8 November 2016 and the remaining Group was supported by various mezzanine funding
instruments. ("Corporate disposal Group" /enX transaction"). 

These instruments were then restructured in line with the new strategy as reported in April 2017 subject to shareholder
approval which was obtained on 10 August 2017 (post period-end). At the date of this report, all suspensive conditions
to the restructure have been met with full implementation expected in early October 2017.

SALE OF END OF LIFE AND EXCESS ASSETS

On 11 July 2016, shareholders approved the sale of specified excess assets (refer to SENS announcement dated 11 July
2016 and related circular dated 10 June 2016). On 10 August 2017, shareholders approved the sale of all remaining assets
in line with the new strategy.

Asset sales have progressed well with R602 million sold during the period to 30 June 2017 with a further R358 million of
sales secured post period-end. 

STRATEGIC REVIEW

Over the past 12 months the operating environment for contract mining has been particularly challenging, with the Group
continuing to report operational losses at certain operations. 

The difficult operating environment was further impacted by the termination of the Boteti contract in Botswana (refer to
the SENS announcement dated 5 December 2016), together with the PPM contract proving to be suboptimal and Tharisa
Minerals Proprietary Limited ("Tharisa") notifying the Group of its intention to pursue an owner operator model.  

As a result, the remaining contracts could not be responsibly sustained due to their short-term nature and therefore a
decision was made to exit or not renew any of the Group's remaining profitable contracts. All contracts are expected to
be concluded by 30 November 2017 and the Group will then focus on the monetisation of its Assets Held for Sale to settle
outstanding debt obligations and transition into a focussed mining fund.

Pursuant to the strategic review process as detailed below, a number of key outcomes have been identified and the
implementation is on track.

Key items implemented to 28 September 2017 include:

     - the termination of all mining contracts with only two remaining operational contracts expected to end in November
       2017;
     - conclusion of the Tharisa asset sale, with funds of R278 million to flow on 5 October 2017;
     - the disposal of further excess assets, amounting to R784 million over the next 12 to 18 months;
     - significant reduction of eXtract's overhead costs, including a reduction in headcount;
     - changes to the Board and management of eXtract; and
     - Conversion of R1 877 million of enX debt into equity in mid October 2017.

It is the intention of management to apply all proceeds from asset sales to reduce banking debt, provide seed capital to
the Last Mile Fund ("LMF"), and to pay down the remaining enX debt over the next 12 to 18 months. 

FUTURE STRATEGY

As communicated earlier in the year, all surplus cash generated will be utilised in the following manner:

     - Initial investment of seed capital to the value of R25 million into the Last Mile Fund ("LMF");

     - Settlement of banking debt of R510 million expected by end of November 2017;

     - Repayment of R100 million to enX expected by February 2018;

     - Further investment of R80 million into the LMF;

     - Settlement of the remaining enX debt of R150 million within the next 12 to 18 months; and

     - Investment of the remainder of the cash generated into the LMF or other opportunities as the need may arise.

The LMF is a fund created by Mr. Bernard Swanepoel and Mr. Clinton Halsey, eXtract Group and African Rainbow Capital
(ARC) with the purpose of making high return investments within the resources, supply and BBBEE sectors. It is expected
that the funding of such opportunities may also result in eXtract being able to utilise select assets held for sale
which may yield a better return in-use than outright sale.

ARC will seed the fund with an initial R92.5 million, eXtract with an initial R25 million, and a combined R12.5 million
by Mr Swanepoel and Mr Halsey. ARC has approved and earmarked matching financing as and when
eXtract's monetisation of assets process releases additional cash over the next 12 to 18 months.

eXtract will continue to focus on these commitments in the short to medium term:

     - Reduction of external debt;
     - Responsible exit of all operations; and
     - Monetisation of Assets Held for Sale.

In its goal of creating shareholder value, the Board will in parallel look to further transform the company should any
attractive opportunities arise.  

POST-BALANCE SHEET EVENTS

Subsequent to period-end, the following material subsequent events occurred:

     - Shareholders approved the sales of all remaining assets and the conversion of the enX debt amounting to R1 877
       million on 10 August 2017;
     - enX conversion agreement became unconditional on 28 September 2017;
     - Tharisa asset sale was unconditionally approved on 22 September 2017;
     - Confirmation of the exit of the Mogalakwena and Aganang contracts at end November 2017 ;and
     - Conditional support received from ARC for matching finance towards the LMF for selective
       value accretive projects.

SOLVENCY AND LIQUIDITY

The board of directors is satisfied that after the conversion of the enX mezzanine debt and preference share instruments
into equity the Group is solvent for the foreseeable future, even though the liabilities are greater than the assets at
30 June 2017. The conversion agreement was unconditional at 28 September 2017 and will be implemented during early
October 2017.

The board of directors is further satisfied that the strategies to address the liquidity and refinancing risks,
including the de-gearing strategy, are on track and are being effectively addressed. 

Management has been proactive in addressing the immediate liquidity concerns and the achievement of the strategic plan
which is critical to the Group meeting its repayment obligations.

DIVIDEND

The board of directors has not declared a dividend given the Group's performance and change in strategy. It is noted
that a dividend in specie was paid in November 2016 relating to the enX transaction.

GOING CONCERN

The interim results presented for the eXtract Group have been prepared on the assumption that the eXtract Group as a
whole will continue to operate as a going concern. This assumption is aligned with the unconditional agreement relating
to the enX conversion of debt which results in the Group returning to a positive net asset value position of R402
million and the current cash flow projections around asset sales and revenues. The Group has sufficient cash resources
and banking facilities to settle debts as they arise.

DIRECTOR CHANGES 

The following director change has occurred since 10 April 2017:

     - CK McClain was appointed as independent non-executive director

By order of the board of directors 

ZB Swanepoel         CS Halsey
Executive Chairman   Interim CEO

28 September 2017  

CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION

as at                                                                                                            Reviewed        Audited
                                                                                                                  30 June        30 June
                                                                                                                     2017           2016
                                                                                                                       Rm             Rm
ASSETS
Non-current assets                                                                                                     -           2 201
Intangible assets                                                                                                      -              37
Property, plant and equipment                                                                                          -              77
Leasing assets                                                                                                         -           2 044
Deferred tax assets                                                                                                    -              41
Finance lease receivables                                                                                              -               1
Other investments and loans                                                                                            -               1
Current assets                                                                                                     1 524           9 321
Finance lease receivables                                                                                              -               1
Inventories                                                                                                           37              87
Trade and other receivables                                                                                          459             952
Taxation in advance                                                                                                    -               6
Cash and cash equivalents                                                                                            136             148
Assets held for sale(2)                                                                                              892           8 127
Total assets                                                                                                       1 524          11 522

EQUITY AND LIABILITIES
Capital and reserves
Stated capital                                                                                                      1 891          1 839
Other reserves                                                                                                        326            449
Accumulated loss                                                                                                  (3 692)          (688)
(Deficit) equity attributable to owners of the parent                                                             (1 475)          1 600
Non-controlling interests                                                                                               -             29
Total (deficit) equity                                                                                            (1 475)          1 629
Non-current liabilities                                                                                             1 907          2 588
Interest-bearing borrowings(3)                                                                                      1 877          2 539
Deferred tax liabilities                                                                                               30             49
Current liabilities                                                                                                 1 092          7 305
Current portion of interest-bearing borrowings(3)                                                                       -             92
Trade, other payables and provisions                                                                                  274            675
Current tax liabilities                                                                                                13             15
Liabilities associated with assets held for sale(2)                                                                   805          6 523
Total equity and liabilities                                                                                        1 524         11 522

DISCONTINUED CONDENSED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME

                                                                                                                 Reviewed
                                                                                                           for the twelve        Audited 
                                                                                                             months ended       year-end
                                                                                                                  30 June        30 June
                                                                                                                     2017          2016*
                                                                                                                       Rm             Rm
Discontinued operations
Revenue                                                                                                             5 146          9 530
Profit from operations before depreciation and                                                                        677          2 457
amortisation
Depreciation and amortisation                                                                                       (327)        (1 906)
Profit on disposal of property, plant and                                                                               -              6
equipment
Operating profit                                                                                                      350            557
Net foreign exchange (losses) gains                                                                                  (33)              1
Fair value gains recycled from equity                                                                                  44              -    
Net impairment of assets(6)                                                                                       (1 499)        (1 498)
IFRS 5 adjustment                                                                                                   (439)          (719)
Loss before net finance costs                                                                                     (1 577)        (1 659)
Net finance costs(8)                                                                                                (333)          (606)
Finance costs                                                                                                       (344)          (893)
Finance income                                                                                                         11            287

Loss before taxation                                                                                              (1 910)        (2 265)
Income tax                                                                                                              7             12
Loss for the period                                                                                               (1 903)        (2 253)
Loss on sale of subsidiaries                                                                                          (3)              -
Deconsolidation of subsidiary(7)                                                                                     (63)              -
Total loss for the period from discontinued                                                                       (1 969)        (2 253)
operations
Attributable to:
Owners of the parent                                                                                              (1 971)        (2 257)
- Loss for the period from continuing operations                                                                        -              -
- Loss for the period from discontinued operations                                                                (1 971)        (2 257)
Non-controlling interests                                                                                               2              4
Loss for the period                                                                                               (1 969)        (2 253)
                                                                                                                    Cents          Cents
Loss per share from discontinued operations(11)
- Basic and diluted loss per share                                                                                (430.4)        (576.8)
                                                     
* Amounts re-presented to show all operations in comparative results as discontinuing operations.

CONDENSED CONSOLIDATED STATEMENT OF OTHER COMPREHENSIVE INCOME

                                                                                                                 Reviewed
                                                                                                           for the twelve        Audited 
                                                                                                             months ended       year-end
                                                                                                                  30 June        30 June
                                                                                                                     2017           2016
                                                                                                                       Rm             Rm
Loss for the period                                                                                               (1 969)        (2 253)
Total other comprehensive (loss) income for the period, net of taxation
Items that may be reclassified subsequently to profit or loss                                                        (71)            132
Exchange differences on translation of foreign subsidiaries                                                          (71)            124
Net fair value gain on cash flow hedges and other fair value reserves                                                   -              8

Total comprehensive loss for the period, net of taxation                                                          (2 040)        (2 121)
Attributable to:
Owners of the parent                                                                                              (2 042)        (2 125)
Non-controlling interests                                                                                               2              4
                                                                                                                  (2 040)        (2 121)

 
CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
                                                                                                      Retained          Non-
                                                                           Stated          Other        (loss)   controlling                        
                                                                          capital       reserves        income      interest       Total
                                                                               Rm             Rm            Rm            Rm          Rm
Balance at 1 July 2015 (Audited)                                            1 839            330         1 569            32       3 770
Total comprehensive loss for the period                                         -            132       (2 257)             4     (2 121)
Loss for the period                                                             -              -       (2 257)             4     (2 253)
Other comprehensive income for the period, net of taxation                      -            132             -             -         132
Net share-based payment movement                                                -              5             -             -           5
Dividends paid                                                                  -              -             -           (7)         (7)
Vesting of share incentive scheme                                               -            (1)             -             -         (1)
Goodwill reserve arising on additional interest in subsidiary                   -           (16)             -             -        (16)
Deferred taxation directly in equity                                            -            (1)             -             -         (1)
Balance at 30 June 2016 (Audited)                                           1 839            449         (688)            29       1 629
Total comprehensive loss for the period                                         -           (71)       (1 971)             2     (2 040)
Loss for the period                                                             -              -       (1 971)             2     (1 969)
Other comprehensive loss for the period, net of taxation                        -           (71)             -             -        (71)
Vesting of share incentive scheme                                               -            (4)             -             -         (4)
New issue of stated capital*                                                   37              -             -             -          37
Conversion of treasury shares                                                  15              -             -             -          15
Dividend paid                                                                   -              -             -           (2)         (2)
Dividend in specie                                                              -              -       (1 022)             -     (1 022)
Realisation of translation reserve                                              -           (32)             -             -        (32)
Reversal of share-based payment reserve                                         -           (16)            16             -           -
Transfer within categories of reserves                                          -             22          (22)             -           -
Disposal of subsidiary                                                          -           (27)             -          (29)        (56)
Deferred taxation directly in equity                                            -              5           (5)             -           -
Balance at 30 June 2017 (Reviewed)                                          1 891            326       (3 692)             -     (1 475)

* On 16 November 2016 101 400 000 shares were issued at R1 each. These were fair valued at R37 million.

CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS

                                                                                                               Reviewed
                                                                                                         for the twelve          Audited 
                                                                                                           months ended         year-end
                                                                                                                30 June          30 June
                                                                                                                   2017             2016
                                                                                                                     Rm               Rm
Cash flows from operating activities
Cash generated from operations before working capital movements                                                     814            2 606
Working capital movements                                                                                           173              827
Cash generated from operations                                                                                      987            3 433
Finance income                                                                                                       11               45
Finance costs                                                                                                     (344)            (651)
Taxation paid                                                                                                      (46)            (101)
Net cash flows from operating activities                                                                            608            2 726
Cash flows from investing activities
(Acquisition) disposal of businesses                                                                               (11)               42
Net capital expenditure                                                                                             (6)          (2 295)
Movement in finance lease receivables                                                                                36              (6)
Proceeds on disposal of other investments and loans                                                                   -                2
Net cash flows from investing activities                                                                             19          (2 257)
Cash flows from financing activities
Repurchase of non-controlling interest                                                                                -             (16)
Issue of shares                                                                                                      37                -
Conversion of Treasury Shares                                                                                        15                -
Dividends paid to minorities                                                                                        (2)              (7)
Net decrease in interest-bearing borrowings                                                                       (833)            (324)
Net cash flows from financing activities                                                                          (783)            (347)
Net (decrease) increase in cash and cash equivalents                                                              (156)              122
Effect of exchange rate translation on cash and cash equivalents                                                   (19)                9
Derecognition of cash and cash equivalents                                                                         (23)                -
Cash and cash equivalents at beginning of period                                                                    334              203
Cash and cash equivalents at end of period                                                                          136              334

NOTES

(1) Basis of preparation

The reviewed condensed consolidated interim financial statements for the twelve months ended 30 June 2017 have been
prepared in accordance with and containing the information required by IAS 34: Interim Financial Reporting, as well as
the SAICA Financial Reporting Guides as issued by the Accounting Practices Committee and Financial Pronouncements as
issued by Financial Reporting Standards Council, the JSE Limited Listings Requirements and the South African Companies
Act. The accounting policies and their application are consistent, in all material respects, with those detailed in
eXtract's (previously Eqstra Holdings Limited) 2016 annual consolidated financial statements, except for the adoption on
1 July 2016 of those new, revised and amended standards and interpretations detailed therein.

The adoption of the new and amended statements of generally accepted accounting practice, interpretations of statements
of generally accepted accounting practice, and improvements project amendments did not have a material impact on the Group. 

                                                                                                              Reviewed          Audited
                                                                                                               30 June          30 June
                                                                                                                  2017             2016
                                                                                                                    Rm               Rm
(2) Assets classified as held for sale
    Property, plant and equipment                                                                                   65                -
    Leasing assets                                                                                                 827              809
    Corporate transaction disposal group                                                                             -            7 318
                                                                                                                   892            8 127
    Liabilities directly associated with assets held for sale
    Interest-bearing borrowings                                                                                    510              238
    Current taxation liabilities                                                                                    45               74
    enX Mezzanine debt                                                                                             250                -
    Corporate transaction disposal group                                                                             -            6 211
                                                                                                                   805            6 523

Assets held for sale comprise assets in South Africa of R767 million (June 2016: R298 million) and assets in Mozambique
of R125 million (June 2016: R511 million). 

Of the R892 million of assets held for sale, sales amounting to R358 million have been concluded post period end, based
on shareholder's approval obtained on 10 August 2017. Management believe that the sales of the remainder of the assets
are highly probable within the next 12 months. 


Corporate transaction disposal statement of financial position

                                                                                                              Reviewed
                                                                                                              disposal
                                                                                                             statement
                                                                                                          of financial
                                                                                                              position          Audited
                                                                                                            8 November          30 June
                                                                                                                  2016             2016
                                                                                                                    Rm               Rm
ASSETS
Intangible assets                                                                                                    3                -
Property, plant and equipment                                                                                      257              273
Leasing assets                                                                                                   5 056            5 573
Other investments and loans                                                                                         30               12
Finance lease receivables                                                                                            2               36
Inventories                                                                                                        853              819
Trade and other receivables and derivatives                                                                        646              883
Operating assets                                                                                                 6 847            7 596
Taxation in advance                                                                                                 58               23
Cash and cash equivalents                                                                                           75              186
Unallocated loss on sale from the corporate transaction                                                          (487)            (487)
Total assets                                                                                                     6 493            7 318
LIABILITIES
Trade and other payables and derivatives                                                                         1 153            1 194
Interest-bearing borrowings                                                                                      6 575            6 854
Loans due from Contract Mining entities                                                                        (2 853)          (2 403)
Operating liabilities                                                                                            4 875            5 645
Deferred tax liabilities                                                                                           411              498
Current tax liabilities                                                                                            114               68
Total liabilities                                                                                                5 400            6 211

The sale of the Fleet Management and Logistics division and the Industrial Equipment division to enX Group Limited took
place on 8 November 2016. The disposal balance sheet is disclosed above.

As part of the corporate transaction, subsidiaries of eXtract in the Fleet Management and Logistics and Industrial
Equipment divisions were transferred to enX on the effective date. The assets and associated liabilities were disclosed
as held for sale at 30 June 2016.

(3) Interest-bearing borrowings

                                                                                                              Reviewed          Audited
                                                                                                               30 June          30 June
                                                                                                                  2017             2016
                                                                                                                    Rm               Rm
Facility breakdown
External debt                                                                                                        -              236
enX Mezzanine debt                                                                                               1 277                -
Preference shares                                                                                                  600                -
Intercompany loans                                                                                                   -            2 395
                                                                                                                 1 877            2 631

The enX transaction was executed for a consideration of ordinary share capital of R101 million (R37 million fair value),
preference share capital of R600 million and subordinated mezzanine debt of R1 656 million. The total debt and
preference share capital at 30 June amounts to R2 127 million, of which R 1 877 million was approved for conversion to
equity on 10 August 2017. The remaining debt will be settled from asset sales.

                                                                                                              Reviewed          Audited
                                                                                                               30 June          30 June
                                                                                                                  2017             2016
                                                                                                                    Rm               Rm
(4) Capital commitments                                                                                              -              429
    - Contracted                                                                                                     -               50
    - Authorised by directors but not contracted                                                                     -              379

    Guarantees                                                                                                      10               10

(5) Fair value hierarchy disclosures

There are no financial asset and liabilities that are recognised and subsequently measured at fair value, analysed by
valuation technique. 



                                                                                                             Reviewed           Audited
                                                                                                              30 June           30 June
                                                                                                                 2017             2016*
                                                                                                                   Rm                Rm
(6) Impairment of assets
    Impairment of leasing assets                                                                                1 433             1 351
    Impairment of intangible assets                                                                                42                11
    Impairment of restricted cash                                                                                  18                 -
    Impairment of property, plant and equipment                                                                     6                77
    Impairment of investments and loans                                                                             -                59
    Total impairments                                                                                           1 499             1 498

*   Amounts re-presented to show comparative results from discontinued operations.

(7) Deconsolidation of subsidiary

    Discontinued operations
    Gain on deconsolidation of subsidiary                                                                         156                 -
    Provision for liabilities (Net of expected proceeds)                                                         (67)                 -
    Impairment of inter-company loans                                                                           (152)                 -
    Total                                                                                                        (63)                 -

    The Karowe contract in Botswana was terminated and money withheld which resulted in the Botswana entity being placed
    into liquidation. The Group is therefore no longer in control of the subsidiary and it has been deconsolidated. 
    
    A deconsolidation gain was offset by the relevant impairment on inter company loans and provision for liabilities for
    which guarantees were provided.

(8) Segemental disclosures

    The results consist of two segments being the Contract Mining division and the corporate disposal group being the
    previous Eqstra entities being Eqstra Fleet management and Eqstra Industrial Equipment.

    Revenue                                                                                                     5 146             9 530
    Contract Mining                                                                                             3 233             2 964
    Corporate Disposal Group                                                                                    1 913             6 566
    Operating profit                                                                                              350               557
    Contract Mining                                                                                             (225)               151
    Corporate Disposal Group                                                                                      575               406
    Loss before taxation                                                                                      (1 910)           (2 265)
    Contract Mining                                                                                           (1 910)             (620)
    Corporate Disposal Group                                                                                        -           (1 645)

    The remaining balance sheet consists of only the Contract Mining division.

(9) Discontinued operations

    All operations have been classified as discontinued in line with the Group Strategy.

                                                                                                                Cents             Cents
(10) Net (deficit) asset value per share attributable to owner of the parent                                  (322.0)             394.6

(11) Headline loss per share
     Discontinued operations
     - Basic and diluted headline loss per share                                                                (6.6)            (29.9)
     Reconciliation of discontinued headline operations
     Basic and diluted loss per share                                                                         (430.4)           (576.8)
     Profit on sale of property, plant and equipment and leasing assets                                             -             (1.5)
     Net impairments of assets                                                                                  327.2             382.8
     IFRS 5 fair value adjustment                                                                                95.8             183.7
     Loss on sale of subsidiaries                                                                                 0.7                 -                                                   
     Deconsolidation of subsidiary                                                                               13.8                 -
     Taxation effect                                                                                          ( 13.7)            (18.1)
     Discontinued headline loss per share                                                                       (6.6)            (29.9)

                                                                                                              Million           Million
(12) Weighted average number of shares in issue for
     the period
     Number of ordinary shares
     - in issue                                                                                                 506.9             405.5
     - in issue (net of treasury shares)                                                                        498.6             391.3
     Weighted average number of ordinary shares in                                                              458.1             391.3
     issue during the period
     - opening shares (net of treasury shares)                                                                  391.3             391.1
     - additional shares issued                                                                                  63.1                 -
     - disposal of treasury shares                                                                                3.7               0.2

     Basic and diluted weighted average number of                                                               458.1             391.3
     ordinary shares

(13) Significant judgements and estimates
     
     The valuation of the equipment impaired was based on market values on a normalised sales basis and reflects management's
     best estimate of the recoverable amount.

(14) The auditors

     Deloitte & Touche have issued their unmodified review report on the second reviewed condensed consolidated interim
     financial statements for the interim period for the twelve months ended 30 June 2017. The review was conducted in
     accordance with International Standards on Review Engagements.  
     
     A copy of their ISRE 2410 review report is available for inspection at eXtract's registered office. Any reference to
     future financial performance included in this announcement, has not been reviewed or reported on by eXtract's auditors.

REGISTERED OFFICE AND BUSINESS ADDRESS
61 Maple Street, Pomona, Kempton Park, 1619. PO Box 1050, Bedfordview, 2008

NON-EXECUTIVE DIRECTORS

JL Serfontein
SA Nkosi*, OM Matloa*, CK McClain*
(*Independent)

EXECUTIVE DIRECTORS
ZB Swanepoel (Executive chairman), 
CS Halsey (Interim CEO),
DAG Chadinha (CFO)1 CA(SA)
((1)Preparer of financial results)

COMPANY SECRETARY
L Moller

TRANSFER SECRETARIES
Computershare Investor Services
Proprietary Limited
Rosebank Towers, 15 Biermann Avenue, Rosebank, 2196
PO Box 61051, Marshalltown, 2107

SPONSOR
Java Capital


Date: 28/09/2017 05:00:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE'). 
The JSE does not, whether expressly, tacitly or implicitly, represent, warrant or in any way guarantee the truth, accuracy or completeness of
 the information published on SENS. The JSE, their officers, employees and agents accept no liability for (or in respect of) any direct, 
indirect, incidental or consequential loss or damage of any kind or nature, howsoever arising, from the use of SENS or the use of, or reliance on,
 information disseminated through SENS.

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