Wrap Text
Condensed Unaudited Interim Results For The Six Months Ended 31 August 2017
Zeder Investments Limited
Incorporated in the Republic of South Africa
(Registration number: 2006/019240/06)
JSE Ltd ("JSE") share code: ZED
ISIN number: ZAE000088431
("Zeder" or "the group")
CONDENSED UNAUDITED INTERIM RESULTS FOR THE SIX MONTHS ENDED 31 AUGUST 2017
HIGHLIGHTS
- SOTP value per share R7,17 as at 26 September 2017
- Recurring headline earnings decreased by 74,5% to 3,8 cents per share
- Headline earnings decreased by 69,9% to 4,3 cents per share
OVERVIEW
Zeder is an investor in the broad agribusiness industry, with a specific focus on the food and
beverage sectors. Its underlying investment portfolio was valued at R14,1bn on 31 August 2017.
Zeder's 27,0% interest in Pioneer Foods remains its largest investment, representing 52,3%
(28 February 2017: 62,7%) of the portfolio.
STRATEGY
Zeder is a long-term investor that owns large, strategic interests in companies and plays an active
role therein. It assists with the determination of appropriate long-term strategies, optimal allocation
of capital and ongoing measurement and monitoring of performance. During the period under review, it
dedicated most of its efforts to existing investments while evaluating select new and adjacent
opportunities. Zeder continues to drive for additional growth from its existing investment platforms
while aiming to add to its portfolio when opportune.
PERFORMANCE OF PORTFOLIO COMPANIES
Zeder and its portfolio companies traded under challenging macro conditions during the period under
review. Its largest investment, Pioneer Foods, reported weaker earnings for the six-month period ended
31 March 2017, due to the aforementioned and, in part, factors that are unlikely to reoccur.
Additionally, the first six months of Zeder’s earnings reflect the annual input-cost cycle associated
with many of its unlisted agriculture and food business investments. This period therefore represents
the lesser half of earnings while making year-on-year comparisons at the interim stage challenging due
to seasonal variances.
Combined, these factors weighed heavily on Zeder as consolidated recurring headline earnings decreased
compared to the same period in the prior year. Earnings growth from Kaap Agri and Quantum Foods were
offset by declines from Pioneer Foods, Capespan, Zaad and Agrivision. Notwithstanding these challenges
and interim financial results, most portfolio companies delivered against operational targets and
should improve or recover during the next reporting cycle.
PROSPECTS
Zeder remains actively involved with its underlying portfolio of companies and continuously seeks new
investment opportunities. We believe that, despite inevitable cyclicality, investing in the
agribusiness industry should offer attractive long-term returns and the strength of our companies and
management teams, combined with a defensive portfolio mix, should contribute to the continued
sustainability of results. We believe that the company and its shareholders will benefit from same.
FINANCIAL RESULTS
The two key benchmarks which Zeder believes to measure performance by are SOTP value per share and
recurring headline earnings per share.
SUM-OF-THE-PARTS ("SOTP")
Zeder's SOTP value per share, calculated using the quoted market prices for all JSE-listed investments,
and market-related valuations for unlisted investments, decreased by 9,5% during the reporting period
to R7,72 as at 31 August 2017. At the close of business on Tuesday, 26 September 2017, Zeder's SOTP
value per share was R7,17.
28 Feb 2017 31 Aug 2017 26 Sep 2017
Company Interest (%) Rm Interest (%) Rm Interest (%) Rm
Pioneer Foods 27,1 9 538 27,0 7 377 27,0 6 553
Capespan 98,1 1 975 97,5 2 277 97,5 2 277
Zaad 91,4 1 531 93,2 2 043 93,2 2 043
Kaap Agri 39,8 1 321 39,8 1 563 39,8 1 465
Agrivision 55,6 614 55,9 614 55,9 614
Quantum Foods 26,7 193 27,0 199 27,0 185
Other 39 39 39
Total investments 15 211 14 112 13 176
Cash 173 75 66
Other net liabilities (678) (876) (874)
SOTP value 14 706 13 311 12 368
Number of shares in issue (net
of treasury shares) (million) 1 725 1 725 1 725
SOTP value per share (rand) 8,53 7,72 7,17
Note: Zeder’s live SOTP is available at www.zeder.co.za.
Recurring headline earnings
Zeder’s consolidated recurring headline earnings is the sum of its effective interest in that of each
of its underlying investments. The result is that investments in which Zeder holds less than 20% and
are generally not equity accountable in terms of accounting standards, are included in the calculation
of consolidated recurring headline earnings, whilst once-off (i.e. non-recurring) income and expenses
are excluded. This provides management and investors with a more realistic and transparent way of
evaluating Zeder’s earnings performance.
Audited Unaudited
28 Feb 2017 31 Aug 2016 31 Aug 2017
12 months 6 months 6 months
Rm Rm Rm
Recurring headline earnings from investments 821 314 115
Management (base) fee (75) (75)
Net interest, taxation and other income and expenses (55) (11) (50)
Recurring headline earnings 691 228 65
Non-recurring headline earnings
Management fee internalisation charge (1 449)
Other (12) (10) 9
Headline (loss)/earnings (770) 218 74
Non-headline items (26) (4) 53
Attributable (loss)/earnings (796) 214 127
Weighted average number of shares in issue
(net of treasury shares) (million) 1 622 1 523 1 722
Recurring headline earnings per share (cents) 42,6 14,9 3,8
Headline (loss)/earnings per share - basic (cents) (47,5) 14,3 4,3
Attributable (loss)/earnings per share - basic (cents) (49,1) 14,0 7,4
Recurring headline earnings per share decreased by 74,5% to 3,8 cents.
Headline earnings per share decreased by 69,9% to 4,3 cents mainly as a result of the above, offset by
a lower BEE charge incurred by Pioneer Foods.
Attributable earnings per share decreased by 47,1% to 7,4 cents, a lower percentage than headline
earnings per share, mainly due to a non-headline profit on disposal of underlying business operations
at a subsidiary level.
DIVIDEND
It is currently Zeder’s policy to only declare a final dividend at year-end.
CONDENSED CONSOLIDATED INCOME STATEMENT
Unaudited Audited
Aug 17 Aug 16 Feb 17
6 months 6 months 12 months
Rm Rm Rm
Revenue 4 440 4 912 10 209
Cost of sales (3 863) (4 201) (8 546)
Gross profit 577 711 1 663
Income
Changes in fair value of biological assets 39 115 224
Investment income 33 26 67
Net fair value gains/(losses) 17 4 (7)
Other operating income 98 17 29
Total income 187 162 313
Expenses
Management fees (75) (75)
Management fee internalisation charge (note 2) (1 449)
Marketing, administration and other expenses (738) (799) (1 562)
Total expenses (738) (874) (3 086)
Net income from associates and joint ventures
Share of profits of associates and joint ventures 226 321 629
Net loss on dilution of interest in associates (20) (4) (8)
Net income from associates and joint ventures 206 317 621
Profit/(loss) before finance costs and taxation 232 316 (489)
Finance costs (144) (104) (232)
Profit/(loss) before taxation 88 212 (721)
Taxation 26 34 (21)
Profit/(loss) for the period 114 246 (742)
Attributable to:
Owners of the parent 127 214 (796)
Non-controlling interests (13) 32 54
114 246 (742)
EARNINGS PER SHARE AND NUMBER OF SHARES IN ISSUE
Earnings/(loss) per share (cents)
Recurring headline 3.8 14.9 42.6
Headline (basic) (note 3) 4.3 14.3 (47.5)
Headline (diluted) 3.8 13.0 (49.7)
Attributable (basic) 7.4 14.0 (49.1)
Attributable (diluted) 6.8 12.8 (51.3)
Number of shares (m)
In issue 1 731 1 523 1 731
In issue (net of treasury shares) 1 725 1 523 1 725
Weighted average 1 722 1 523 1 622
Diluted weighted average 1 724 1 523 1 624
CONDENSED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
Unaudited Audited
Aug 17 Aug 16 Feb 17
6 months 6 months 12 months
Rm Rm Rm
Profit/(loss) for the period 114 246 (742)
Other comprehensive income for the period, net of taxation 33 (144) (470)
Items that may be reclassified to profit or loss
Currency translation adjustments (11) (156) (423)
Share of other comprehensive income of associates 31 12 (43)
Items that may not be reclassified to profit or loss
Gains/(losses) from changes in financial and demographic
assumptions of post-employment benefit obligations 13 (4)
Total comprehensive income for the period 147 102 (1 212)
Attributable to:
Owners of the parent 167 98 (1 193)
Non-controlling interests (20) 4 (19)
147 102 (1 212)
CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION
Unaudited Audited
Aug 17 Aug 16 Feb 17
Rm Rm Rm
Assets
Non-current assets 10 392 9 664 9 835
Property, plant and equipment 1 624 1 601 1 640
Intangible assets 675 656 666
Biological assets (bearer plants) 397 313 364
Investment in ordinary shares of associates and joint ventures 7 180 6 780 6 833
Loans to associates and joint ventures 235 64 80
Equity securities 45 47 46
Loans and advances 113 82 111
Deferred income tax assets 85 78 58
Employee benefits 38 43 37
Current assets 3 537 3 963 3 336
Biological assets (agricultural produce) 71 86 122
Inventories 1 160 1 245 1 319
Loans and advances 28 22 36
Trade and other receivables 1 836 2 045 1 414
Current income tax assets 38 24 23
Cash, money market investments and other cash equivalents 404 541 422
Non-current assets held for sale 19
Total assets 13 948 13 627 13 171
Equity and liabilities
Ordinary shareholders' equity 8 311 8 266 8 291
Non-controlling interests 370 360 407
Total equity 8 681 8 626 8 698
Non-current liabilities 1 265 1 529 1 320
Deferred income tax liabilities 83 80 94
Borrowings 1 039 1 238 1 015
Derivative financial liabilities 42 69 94
Employee benefits 101 142 117
Current liabilities 4 002 3 472 3 153
Borrowings 2 669 1 886 1 958
Trade and other payables 1 247 1 501 1 092
Current income tax liabilities 27 31 37
Employee benefits 59 54 66
Total liabilities 5 267 5 001 4 473
Total equity and liabilities 13 948 13 627 13 171
Net asset value per share (cents) 481.8 542.7 480.6
Tangible asset value per share (cents) 442.7 499.7 442.0
CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
Unaudited Audited
Aug 17 Aug 16 Feb 17
6 months 6 months 12 months
Rm Rm Rm
Ordinary shareholders' equity at beginning of the period 8 291 8 251 8 251
Shares issued 1 449
Total comprehensive income for the period 167 98 (1 193)
Transactions with non-controlling interests 37 48 (37)
Net movement in treasury shares 2 (50)
Other movements 4 6 8
Dividends paid (190) (137) (137)
Ordinary shareholders' equity at end of the period 8 311 8 266 8 291
Non-controlling interests at beginning of the period 407 442 442
Shares issued 10 21 25
Total comprehensive income for the period (20) 4 (19)
Transactions with non-controlling interests (12) (100) (31)
Other movements 2 5 3
Dividends paid (17) (12) (13)
Non-controlling interests at end of the period 370 360 407
Total equity 8 681 8 626 8 698
Dividend per share (cents) 11.0
CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS
Unaudited Audited
Aug 17 Aug 16 Feb 17
6 months 6 months 12 months
Rm Rm Rm
Cash (utilised by)/generated from operations (note 4) (232) (294) 97
Investment income 108 92 314
Finance cost and taxation paid (132) (119) (235)
Cash flow from operating activities (256) (321) 176
Acquisition of subsidiaries (115)
Acquisition of associates and joint ventures (172) (38) (109)
Loans to associates and joint ventures (3) (64) (69)
Acquisition of equity securities (1)
Additions to property, plant and equipment (94) (180) (311)
Additions to intangible assets (36) (39) (89)
Proceeds from disposal of subsidiaries' operations (note 5) 27
Proceeds from disposal of property, plant and equipment 2 2 35
Other 16 (50) (66)
Cash flow from investing activities (260) (369) (725)
Capital contributions by non-controlling interests 4 21 25
Purchase of treasury shares (62)
Treasury shares sold 2 11
Dividends paid to group shareholders (190) (137) (137)
Dividends paid to non-controlling interests (17) (12) (13)
Borrowings repaid (160) (292) (289)
Borrowings drawn 869 1 040 866
Other (17) (51) (53)
Cash flow from financing activities 491 569 348
Net decrease in cash and cash equivalents (25) (121) (201)
Exchange differences on cash and cash equivalents 7 (22) (61)
Cash and cash equivalents at beginning of the period 422 684 684
Cash and cash equivalents at end of the period 404 541 422
NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS
1. Basis of presentation and accounting policies
These condensed consolidated interim financial statements have been prepared in accordance with the
recognition and measurement principles of International Financial Reporting Standards ("IFRS") as
issued by the International Accounting Standards Board, including IAS 34 Interim Financial
Reporting; the SAICA Financial Reporting Guides, as issued by the Accounting Practices Committee;
the Financial Reporting Pronouncements, as issued by the Financial Reporting Standards Council; the
requirements of the South African Companies Act, 71 of 2008, as amended; and the Listings
Requirements of the JSE.
The condensed consolidated interim financial statements do not include all of the information
required for full consolidated annual financial statements and should be read in conjunction with
the consolidated financial statements for the year ended 28 February 2017.
The accounting policies applied in the preparation of these condensed consolidated interim
financial statements are consistent in all material respects with those used in the prior year's
annual financial statements. The group adopted the various revisions to IFRS which were effective
for its financial year ending 28 February 2017 however, these revisions have not resulted in material
changes to the group's reported financial interim results or disclosures.
In preparing these condensed consolidated interim financial statements, the significant judgements
made by management in applying the group's accounting policies and the key sources of estimation
uncertainty were similar to those disclosed in the consolidated annual financial statements for the
year ended 28 February 2017.
2. Management fee internalisation charge
During the prior financial year, and effective 1 September 2016, Zeder shareholders voted in favour of
acquiring the rights to the management agreement from PSG Group Ltd ("PSG Group") in exchange for the
issue of 207 661 758 ordinary shares, valued at R1,45bn. The rights to the acquired management
agreement, did not meet the recognition criteria for intangible assets in terms of IFRS, and was
consequently accounted for in the income statement as a non-recurring headline expense. It should be
noted that this was a once-off charge, with no further management fees payable to the PSG Group in
terms of this agreement.
3. Headline earnings/(loss)
Unaudited Audited
Aug 17 Aug 16 Feb 17
6 months 6 months 12 months
Rm Rm Rm
Profit/(loss) for the period attributable to owners
of the parent 127 214 (796)
Non-headline items (53) 4 26
Gross amounts
Non-headline items of associates and joint ventures (7) (1) 12
Loss on dilution of interest of associate 20 4 8
Profit on disposal of subsidiaries' operations (note 5) (80)
Profit on sale of property, plant and equipment (1) (1)
Impairment of property, plant and equipment 5 3
Impairment of intangible assets and goodwill 7 1 5
Other 1 1
Non-controlling interests 2 (2)
Headline earnings/(loss) 74 218 (770)
4. Cash (utilised by)/generated from operations
Unaudited Audited
Aug 17 Aug 16 Feb 17
6 months 6 months 12 months
Rm Rm Rm
Profit/(loss) before taxation 88 212 (721)
Management fee internalisation 1 449
Share of profits of associates and joint ventures (226) (321) (629)
Profit on disposal of subsidiaries' operations (note 5) (80)
Net loss on dilution of interest in associates 20 4 8
Investment income (33) (26) (67)
Finance costs 144 104 232
Depreciation and amortisation 98 90 180
Changes in fair value of biological assets (39) (115) (224)
Net harvest short-term biological assets 60 67 67
Other non-cash items (3) 18 (15)
29 33 280
Changes in working capital and other financial instruments (154) (209) 68
Additions to biological assets (107) (118) (251)
Cash (utilised by)/generated from operations (232) (294) 97
5. Subsidiaries' operations sold
During July 2017, the group, through Capespan Group Ltd (“Capespan”) merged its Asian operations with
Golden Wing Mau to form JWM Asia. Capespan therefore sold 70% of its business operations to JWM Asia
and retained a 30% shareholding in JWM Asia.
Capespan, sold the business operations of Capespan Japan Ltd ("Capespan Japan"), a fruit marketing
company situated in Japan, to JWM Asia, for a cash consideration of R3m.
Capespan, sold the business operations of Metspan Hong Kong Ltd ("Metspan"), a fruit marketing
company situated in Hong Kong, to JWM Asia, for a cash consideration of R57m.
The summarised assets and liabilities recognised at the respective disposal dates were:
Unaudited
Capespan
Japan Metspan Total
Rm Rm Rm
Property, plant and equipment 1 1 2
Intangible assets 1 11 12
Loans and advances 1 1 2
Inventories 16 6 22
Trade and other receivables 73 82 155
Cash, money market investments and other cash equivalents 18 15 33
Trade and other payables (34) (63) (97)
Current income tax liabilities (1) (1)
Total identifiable net assets 76 52 128
Transfer to investment in ordinary shares of associates (26) (26)
Transfer to loans to associated companies (73) (49) (122)
Profit on disposal of subsidiaries' operations 80 80
Total cash consideration received 3 57 60
Cash and cash equivalents of subsidiaries' operations disposed (18) (15) (33)
Net cash flow on disposal of subsidiaries' operations (15) 42 27
6. Financial instruments
6.1 Financial risk factors
The group's activities expose it to a variety of financial risks: market risk (including currency
risk, cash flow and fair value interest rate risk, and price risk), credit risk and liquidity risk.
The condensed consolidated interim financial statements do not include all financial risk management
information and disclosures set out in the consolidated annual financial statements, and therefore
they should be read in conjunction with the group's annual financial statements for the year ended
28 February 2017. Risk management continues to be carried out throughout the group under policies
approved by the respective boards of directors.
6.2 Fair value estimation
The information below analyses financial assets and financial liabilities, which are carried at
fair value, by level of hierarchy as required by IFRS 13. The different levels in the hierarchy are
defined below:
Level 1
The fair value of financial instruments traded in active markets is based on quoted market prices at
the reporting date. A market is regarded as active if quoted prices are readily and regularly
available from an exchange, dealer, broker, industry group, pricing service, or regulatory agency,
and those prices represent actual and regularly occurring market transactions on an arm's length
basis. The quoted market price used for financial assets held by the group is the current bid price.
Level 2
Financial instruments that trade in markets that are not considered to be active but are valued
(using valuation techniques) based on quoted market prices, dealer quotations or alternative
pricing sources supported by observable inputs are classified within level 2. These include
over-the-counter traded financial instruments. As level 2 investments include positions that are
not traded in active markets and/or are subject to transfer restrictions, valuations may be
adjusted to reflect illiquidity and/or non-transferability, which are generally based on available
market information. If all significant inputs in determining an instrument's fair value are
observable, the instrument is included in level 2.
Level 3
If one or more of the significant inputs is not based on observable market data, the instrument is
included in level 3. Investments classified within level 3 have significant unobservable inputs,
as they trade infrequently.
The fair value of financial assets and liabilities carried at amortised cost approximates their
fair value, while those measured at fair value in the statement of financial position can be
summarised as follows:
Unaudited
Level 1 Level 2 Level 3 Total
Rm Rm Rm Rm
31 August 2017
Assets
Equity securities 45 45
Opening balance 1 44
Transfer between levels (1) 1
Liabilities
Derivative financial liabilities 42 42
Opening balance 94
Transactions with non-controlling interests (50)
Fair value gains (7)
Finance cost 5
31 August 2016
Assets
Equity securities 1 46 47
Opening balance 72
Disposals (23)
Fair value losses (3)
Liabilities
Derivative financial liabilities 1 68 69
Opening balance 65
Finance cost 3
Audited
Level 1 Level 2 Level 3 Total
Rm Rm Rm Rm
28 February 2017
Assets
Equity securities 1 44 45
Opening balance 72
Disposals (23)
Fair value losses (5)
Liabilities
Derivative financial liabilities 94 94
Opening balance 65
Additions 25
Fair value gains (3)
Finance cost 7
7. Segmental reporting
The group is organised into four reportable segments, namely i) food, beverages and related
services, ii) agri - related retail, trade and services, iii) agri - inputs and
iv) agri - production. The segments represent different sectors in the broad agribusiness industry.
Headline earnings comprise recurring and non-recurring headline earnings. Recurring headline
earnings (being a measure of segment profit) is calculated on a see-through basis. Zeder's
recurring headline earnings is the sum of its effective interest in each of its underlying
investments. The result is that investments which Zeder does not equity account or consolidate in
terms of accounting standards, are included in the calculation of recurring headline earnings.
Non-recurring headline earnings include the elimination of equity securities' see-through recurring
headline earnings not equity accounted, the related net fair value gains/losses and investment
income (as recognised in the income statement). Associates' and subsidiaries' once-off gains/losses
are excluded from recurring headline earnings and included in non-recurring headline earnings.
Segmental income comprises revenue and investment income, as per the income statement.
SOTP is a key valuation tool used to measure Zeder's performance. The SOTP value is calculated
using the quoted market prices for all JSE-listed investments, and market-related valuations for
unlisted investments. These values will not necessarily correspond with the values per the statement
of financial position since the latter are measured using the relevant accounting standards which
include historical cost and the equity accounting method.
The chief operating decision-maker (executive committee) evaluates the following information to
assess the segments' performance:
Unaudited Audited
Aug 17 Aug 16 Feb 17
6 months 6 months 12 months
Rm Rm Rm
Recurring headline earnings segmental analysis:
Food, beverages and related services 85 253 582
Agri-related retail, trade and services 50 45 89
Agri-inputs (6) (5) 124
Agri-production (14) 21 26
Recurring headline earnings from investments 115 314 821
Management (base) fee (75) (75)
Net interest, taxation and other income and expenses (50) (11) (55)
Recurring headline earnings 65 228 691
Non-recurring headline earnings
Management fee internalisation charge (1 449)
Other 9 (10) (12)
Headline earnings/(loss) 74 218 (770)
Non-headline items (note 3) 53 (4) (26)
Attributable earnings/(loss) 127 214 (796)
SOTP segmental analysis:
Segments
Food, beverages and related services 9 853 12 140 11 706
Agri-related retail, trade and services 1 602 922 1 360
Agri-inputs 2 043 1 310 1 531
Agri-production 614 614 614
Cash and cash equivalents 75 2 173
Other net liabilities (876) (607) (678)
SOTP value - pre management fee liability 13 311 14 381 14 706
Management fee liability* (1 961)
SOTP value - post management fee liability 13 311 12 420 14 706
* Calculated at 12% newly issued Zeder shares multiplied by Zeder SOTP value per share.
SOTP value per share (rand)
Pre management fee liability 9.44
Post management fee liability 7.72 8.15 8.53
Profit/(loss) before tax segmental analysis:
Segments
Food, beverages and related services 172 257 638
Agri-related retail, trade and services 46 47 89
Agri inputs (27) (22) 123
Agri-production (39) 20 29
Management fees and other income and expenses (64) (90) (1 600)
88 212 (721)
IFRS revenue (revenue and investment income) segmental analysis:
Segments
Food, beverages and related services 3 729 4 179 8 359
Revenue 3 710 4 161 8 311
Investment income 19 18 48
Agri-inputs 503 481 1 325
Revenue 495 477 1 314
Investment income 8 4 11
Agri-production 235 275 585
Revenue 235 275 584
Investment income 1
Unallocated investment income (mainly head
office interest income) 6 3 6
IFRS revenue 4 473 4 938 10 275
8. Related-party transactions
Related-party transactions similar to those disclosed in the consolidated annual financial
statements for the year ended 28 February 2017 took place during the period under review.
9. Events subsequent to the reporting date
No material event occurred between the end of the reporting period and the date of approval of these
condensed consolidated interim financial statements.
10.Preparation
These condensed consolidated interim financial statements were compiled under the supervision of the
financial director, Mr JH le Roux, CA (SA), and were not reviewed or audited by the group's external
auditor, PricewaterhouseCoopers Inc.
Signed on behalf of the board
Jannie Mouton Norman Celliers
Chairman Chief executive officer
Stellenbosch
4 October 2017
DIRECTORS
JF Mouton (Chairman), N Celliers* (CEO), JH le Roux* (FD), GD Eksteen#, WL Greeff, ASM Karaan#,
NS Mjoli-Mncube#, PJ Mouton, CA Otto#
* executive
# independent non-executive
COMPANY SECRETARY AND REGISTERED OFFICE
Zeder Corporate Services (Pty) Ltd
2nd Floor, Ou Kollege, 35 Kerk Street, Stellenbosch, 7600
PO Box 7403, Stellenbosch, 7599
TRANSFER SECRETARY
Computershare Investor Services (Pty) Ltd
Rosebank Towers, 15 Biermann Avenue, Rosebank, 2196
PO Box 61051, Marshalltown, 2107
SPONSOR
PSG Capital (Pty) Ltd
AUDITOR
PricewaterhouseCoopers Inc.
Date: 04/10/2017 01:15:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE').
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