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NIVEUS INVESTMENTS LIMITED - Unaudited Condensed Consolidated Interim Results For The Six Months Ended 30 September 2017

Release Date: 22/11/2017 11:00
Code(s): NIV     PDF:  
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Unaudited Condensed Consolidated Interim Results For The Six Months Ended 30 September 2017

Niveus Investments Limited
(Incorporated in the Republic of South Africa)
Registration number: 1996/005744/06
JSE share code: NIV    
ISIN code: ZAE000169553 
("the Company" or "the Group" or "Niveus")


UNAUDITED CONDENSED CONSOLIDATED INTERIM RESULTS for the six months ended 30 September 2017

CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION
                                                                                                                                         
                                                                                                        Unaudited        Unaudited        Audited 
                                                                                                     30 Sept 2017     30 Sept 2016    31 Mar 2017
                                                                                                            R'000            R'000          R'000        
ASSETS
Non-current assets                                                                                        926 543          884 750      1 315 728
Property, plant and equipment                                                                             397 535          707 675        659 202
Investment properties                                                                                      21 164            7 056         28 638
Goodwill                                                                                                   11 714           56 444         59 944
Intangible assets                                                                                          13 187           19 157         18 480
Interest in associates and joint ventures                                                                  27 596           33 290         73 707
Deferred taxation                                                                                           8 805           29 039         28 251
Loans receivable                                                                                          446 542           32 089        447 506

Current assets                                                                                            882 946          296 019      1 057 007
Other                                                                                                     232 074          151 970        348 273
Cash and cash equivalents                                                                                 650 872          144 049        708 734

Assets of disposal group classified as held for sale                                                      641 308        1 704 332          5 419

Total assets                                                                                            2 450 797        2 885 101      2 378 154

EQUITY AND LIABILITIES
Equity                                                                                                  1 974 038        2 049 248      1 881 755
Equity attributable to equity holders of the parent                                                     1 417 532        1 390 022      1 314 265
Non-controlling interest                                                                                  556 506          659 226        567 490

Non-current liabilities                                                                                    21 435          186 641        231 344
Borrowings                                                                                                      -           74 347        205 623
Deferred taxation                                                                                          21 435           84 321         21 348
Operating lease equalisation liability                                                                          -            5 694          4 373
Other payables                                                                                                  -           22 279              -

Current liabilities                                                                                       100 651          437 532        262 596

Liabilities of disposal group classified as held for sale                                                 354 673          211 680          2 459
 
Total equity and liabilities                                                                            2 450 797        2 885 101      2 378 154

Net asset value per share (cents)                                                                           1 190            1 166          1 103
Net tangible asset value per share (cents)                                                                  1 169            1 116          1 038


CONDENSED CONSOLIDATED STATEMENT OF PROFIT OR LOSS
                                                                                                                         Unaudited        
                                                                                                        Unaudited       Six months        Audited
                                                                                                       Six months            ended     Year ended
                                                                                                            ended     30 Sept 2016    31 Mar 2017
                                                                                                     30 Sept 2017         Restated       Restated
                                                                                                            R'000            R'000          R'000

Revenue                                                                                                    10 769            3 767         12 786
Net gaming win                                                                                             20 272           13 190         27 354
Group revenue                                                                                              31 041           16 957         40 140
Other income                                                                                                  463            2 781          2 851
Operating expenses                                                                                        (58 490)         (55 864)      (107 002)
                                                                                                          (26 986)         (36 126)       (64 011)
Depreciation and amortisation                                                                             (20 685)         (15 865)       (32 545)
Share of income of associates and joint ventures                                                            1 860              731            736
Investment income                                                                                          48 880            1 204         49 711
Impairment of assets                                                                                         (152)             (27)        (1 982)
Impairment of goodwill                                                                                          -                -         (3 958)
Impairment of investment in associate                                                                        (412)               -         (6 971)
Gain on disposal of subsidiaries                                                                            1 772                -          6 074
Finance costs                                                                                                 (62)             (37)          (112)
Profit/(loss) before taxation                                                                               4 215          (50 120)       (53 058)
Taxation                                                                                                  (24 737)             803         (6 551)
Loss for the year from continuing operations                                                              (20 522)         (49 317)       (59 609)  
Net result from discontinued operations                                                                   174 375           42 903        (66 839)
Profit/(loss) for the period                                                                              153 853           (6 414)      (126 448)

Attributable to:
Equity holders of the parent                                                                              134 524           25 350         (9 154)
Non-controlling interest                                                                                   19 329          (31 764)      (117 294)
                                                                                                          153 853           (6 414)      (126 448)

                                                                                                        Unaudited                         
                                                                        Unaudited                      Six months                         Audited
                                                                       Six months                           ended                      Year ended
                                                                            ended                    30 Sept 2016                     31 Mar 2017
                                                                     30 Sept 2017                        Restated                        Restated                       
                                                                            R'000                           R'000                           R'000
Reconciliation of headline earnings                          Gross            Net            Gross            Net            Gross            Net

Continuing operations
Loss attributable to equity holders of the parent                         (29 745)                        (43 129)                        (70 220)
 IAS 16 Gains on disposal of plant and equipment              (110)          (109)               -              -              (24)           (10)
 IAS 16 Impairment of assets                                   152            139               27              7            1 982            889
 IAS 27 Gains from disposal of subsidiaries                 (1 772)        (1 240)               -              -           (6 074)        (4 252)
 IAS 28 Impairment of investments in associates                412            288                -              -            6 971          4 880
 IAS 36 Impairment of goodwill                                   -              -                -              -            3 958          3 958
                                                                          (30 667)                        (43 122)                        (64 755)

Discontinued operations
Profit attributable to equity holders of the parent                       164 269                          68 479                          61 066
 IAS 16 Gains on disposal of plant and equipment              (493)          (355)            (152)          (317)            (495)          (299)
 IAS 16 Impairment of assets                                 3 123          2 249              358            258            1 767          1 272
 IAS 27 Loss from disposal of subsidiaries                   2 723          2 555                -              -                -              -
 IAS 28 Impairment of investment in joint venture                -              -               85             35               85             49
 IFRS 5 Remeasurement to fair value less cost to sell            -              -          191 134         72 054                -              - 
 IAS 40 Fair adjustment to investment property                   -              -                -              -             (403)          (313)
 Loss on disposal of operating assets of KWV                     -              -                -              -          503 629        216 485
                                                                          168 718                         140 509                         278 260


                                                                                                                         Unaudited        
                                                                                                        Unaudited       Six months        Audited
                                                                                                       Six months            ended     Year ended
                                                                                                            ended     30 Sept 2016    31 Mar 2017
                                                                                                     30 Sept 2017         Restated       Restated 
  
Earnings per share (cents)                                                                                  112,9             21,3           (7,7)
- Continuing operations                                                                                     (25,0)           (36,2)         (58,9)
- Discontinued operations                                                                                   137,9             57,5           51,2

Headline earnings per share (cents)                                                                         115,9             81,7          179,2
- Continuing operations                                                                                     (25,7)           (36,2)         (54,3)
- Discontinued operations                                                                                   141,6            117,9          233,5

Diluted earnings per share (cents)                                                                          112,1             21,1           (7,6)
- Continuing operations                                                                                     (24,8)           (35,9)         (58,6)
- Discontinued operations                                                                                   136,9             57,0           51,0

Diluted headline earnings per share (cents)                                                                 115,1             81,0          178,1
- Continuing operations                                                                                     (25,5)           (35,9)         (54,0)
- Discontinued operations                                                                                   140,6            116,9          232,1

Weighted average number of shares in issue ('000)                                                         119 163          119 163        119 163

Actual number of shares in issue at end of year ('000)                                                    119 163          119 163        119 163

Weighted average number of shares in issue (diluted) ('000)                                               119 960          120 258        119 909


CONDENSED CONSOLIDATED STATEMENT OF OTHER COMPREHENSIVE INCOME
                                                                                                                         Unaudited        
                                                                                                        Unaudited       Six months        Audited
                                                                                                       Six months            ended     Year ended
                                                                                                            ended     30 Sept 2016    31 Mar 2017
                                                                                                     30 Sept 2017         Restated       Restated
                                                                                                            R'000            R'000          R'000

Profit/(loss) for the period                                                                              153 853           (6 414)      (126 448)
Other comprehensive income:
Items that may be reclassified subsequently to profit or loss
Foreign currency translation differences                                                                    9 572          (11 268)       (20 725)
Total comprehensive income/(loss)                                                                         163 425          (17 682)      (147 173)

Attributable to:
 Equity holders of the parent                                                                             144 091           14 264        (29 879)
 Non-controlling interest                                                                                  19 334          (31 946)      (117 294)
                                                                                                          163 425          (17 682)      (147 173)

Total comprehensive income attributable to equity holders of the parent arises from:
- Continuing operations                                                                                   (19 953)         (58 846)       (90 908)
- Discontinued operations                                                                                 164 044           73 110         61 029
                                                                                                          144 091           14 264        (29 879)


CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS
                                                                                                        Unaudited        Unaudited        
                                                                                                       Six months       Six months        Audited
                                                                                                            ended            ended     Year ended
                                                                                                     30 Sept 2017     30 Sept 2016    31 Mar 2017
                                                                                                            R'000            R'000          R'000

Cash flows from operating activities                                                                      169 873          195 442        357 744 
Cash generated from operations                                                                            212 121          248 490        430 038
Net interest                                                                                               11 420          (12 174)        (7 519)
Taxation paid                                                                                             (53 668)         (40 874)       (64 775)

Cash flows from investing activities                                                                     (104 996)        (120 969)       293 536
Property, plant and equipment: additions                                                                  (60 540)        (102 386)      (165 154)
Proceeds from disposal of assets                                                                            1 488            2 356        532 791
Investment in associates and joint ventures                                                               (33 739)          (5 712)       (48 516)
Other                                                                                                     (12 205)         (15 227)       (25 585)

Cash flows from financing activities                                                                      (70 792)         (36 978)      (102 512)
Dividends paid                                                                                            (55 188)         (17 516)       (38 965)
Long-term funding repaid                                                                                  (15 604)         (19 462)       (63 547)

(Decrease)/increase in cash and cash equivalents                                                           (5 915)          37 495        548 768
Classified as held for sale                                                                               (53 052)         (54 517)        (1 105)
Cash and cash equivalents
 At beginning of period                                                                                   709 839          161 071        161 071
 At end of period                                                                                         650 872          198 566        709 839


CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
                                                                                                        Unaudited        Unaudited        
                                                                                                       Six months       Six months        Audited
                                                                                                            ended            ended     Year ended
                                                                                                     30 Sept 2017     30 Sept 2016    31 Mar 2017
                                                                                                            R'000            R'000          R'000

Balance at beginning of period                                                                          1 881 755        2 080 498      2 080 498
Total comprehensive income/(loss)                                                                         163 425          (17 682)      (147 173)
Equity-settled share-based payments                                                                        (2 675)           5 341          7 304
Effects of changes in holding                                                                             (15 599)          (1 043)        (4 425)
Business combinations                                                                                      (1 092)               -         (1 596)
Disposal of subsidiaries                                                                                    5 377                -              -
Capital reductions and dividends                                                                          (57 153)         (17 866)       (52 853)
Balance at end of period                                                                                1 974 038        2 049 248      1 881 755


SEGMENTAL ANALYSIS
                                                                                                                         Unaudited        
                                                                                                        Unaudited       Six months        Audited
                                                                                                       Six months            ended     Year ended
                                                                                                            ended     30 Sept 2016    31 Mar 2017
                                                                                                     30 Sept 2017         Restated       Restated
                                                                                                            R'000            R'000          R'000
Revenue
Continuing operations                                                                                      10 769            5 759         12 786
Gaming and entertainment                                                                                    3 228            3 767          7 441
Property                                                                                                    7 541            1 992          5 345
Discontinued operations                                                                                    35 141          609 167        640 798
Beverages                                                                                                       -          566 898        566 898
Gaming and entertainment                                                                                   35 141           42 269         73 900
                                                                                                           45 910          614 926        653 584

Net gaming win
Continuing operations
Gaming and entertainment                                                                                   20 272           13 190         27 354
Discontinued operations
Gaming and entertainment                                                                                  696 513          632 819      1 299 256
                                                                                                          716 785          646 009      1 326 610

EBITDA
Continuing operations                                                                                     (26 986)         (36 126)       (64 011)
Gaming and entertainment                                                                                   (7 478)          (4 251)        (9 797)
Head office                                                                                               (16 713)         (26 502)       (47 054)
Property                                                                                                   (2 795)          (5 373)        (7 160)
Discontinued operations                                                                                   265 186          296 342        531 132
Beverages                                                                                                       -           81 725         81 725
Gaming and entertainment                                                                                  265 186          214 617        449 407
                                                                                                          238 200          260 216        467 121

Profit before tax
Continuing operations                                                                                       4 215          (50 120)       (53 058)
Gaming and entertainment                                                                                  (25 374)         (18 625)       (44 812)
Head office                                                                                               (15 281)         (25 424)       (44 610)
Property                                                                                                   44 870           (6 071)        36 364
Discontinued operations                                                                                   221 484          229 061       (105 075)
Beverages                                                                                                       -           77 452       (426 177)
Gaming and entertainment                                                                                  221 484          151 609        321 102
                                                                                                          225 699          178 941       (158 133)

Headline earnings
Continuing operations                                                                                     (30 667)         (43 122)       (64 755)
Gaming and entertainment                                                                                  (29 687)         (15 527)       (40 848)
Head office                                                                                               (14 811)         (25 212)       (43 990)
Property                                                                                                   13 831           (2 383)        20 083
Discontinued operations                                                                                   168 718          140 509        278 260
Beverages                                                                                                       -           31 658         31 528
Gaming and entertainment                                                                                  168 718          108 851        246 732
                                                                                                          138 051           97 387        213 505


NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

Basis of preparation and accounting policies
The results for the six months ended 30 September 2017 have been prepared in accordance with International Financial Reporting Standards ("IFRS"), 
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 Limited. The accounting policies of the Group are consistent with those applied for the year ended 
31 March 2017. The adoption of new standards that are applicable for this financial year had no impact on the figures presented. Details of the 
standards adopted will be provided in the annual financial statements. As required by the Listings Requirements of the JSE Limited, the Group reports 
headline earnings in accordance with Circular 2/2015 - Headline Earnings, as issued by the South African Institute of Chartered Accountants. 
These financial statements were prepared under the supervision of the financial director, Ms CE Kristal CA(SA), and have neither been audited nor 
independently reviewed by the Group's auditors.

Discontinued operations
Unbundling of shares in gaming businesses
During June 2017, Niveus accepted an indicative offer from Tsogo Sun Holdings Limited ("Tsogo") for the sale of all its interests in Vukani Gaming Corporation 
Proprietary Limited ("Vukani"), Galaxy Gaming and Entertainment Proprietary Limited ("Galaxy") and all their associated entities, trusts and businesses 
to Tsogo subject to certain conditions precedent. Revenue and expenses, and gains and losses relating to these assets have been removed from the results 
of continuing operations and are shown as a single line item on the face of the consolidated statement of profit or loss 
("Net result from discontinued operations"). The operating results of the discontinued operations were as follows:

                                                                                                        Unaudited        Unaudited        
                                                                                                       Six months       Six months        Audited
                                                                                                            ended            ended     Year ended
                                                                                                          30 Sept     30 Sept 2016    31 Mar 2017
                                                                                                             2017         Restated       Restated
                                                                                                            R'000            R'000          R'000
Profit relating to discontinued operations
Revenue                                                                                                    35 141           42 222         73 853
Net gaming win                                                                                            695 751          630 769      1 295 256
Other income and operating costs                                                                         (465 997)        (457 855)      (917 903)
Share of losses of associates and joint ventures                                                           (3 784)          (3 090)        (7 081)
Investment income                                                                                             909            2 314          4 362
Fair value adjustments of investment properties                                                                 -                -            403
Depreciation and amortisation                                                                             (22 457)         (45 106)       (92 698)
Impairment of assets                                                                                       (3 123)            (358)        (1 767)
Finance costs                                                                                             (12 290)         (16 016)       (30 220)
Profit before taxation                                                                                    224 150          152 880        324 205
Taxation                                                                                                  (47 109)         (37 506)       (64 789)
Profit from discontinued operations                                                                       177 041          115 374        259 416

Cash flows from discontinued operations
Cash flows from operating activities                                                                      139 170          125 870        235 133
Cash flows from investing activities                                                                      (47 602)         (48 306)       (96 887)
Cash flows from financing activities                                                                      (21 091)         (25 972)       (69 324)
                                                                                                           70 477           51 592         68 922

Assets of disposal group classified as held for sale
Property, plant and equipment                                                                             300 649
Investment properties                                                                                       7 526
Goodwill                                                                                                   50 433
Intangible assets                                                                                           8 788
Interest in associates and joint ventures                                                                  72 301
Deferred taxation                                                                                          10 037
Other current assets                                                                                      138 522
Cash and cash equivalents                                                                                  53 052
                                                                                                          641 308
Liabilities of disposal group classified as held for sale
Borrowings                                                                                                225 375
Deferred taxation                                                                                             180
Operating lease equalisation liability                                                                      4 792
Other current liabilities                                                                                 124 326
                                                                                                          354 673

Net asset value of disposal group                                                                         995 981

Fair value less cost to sell ITO IFRS 5                                                                   995 981
Fair value of disposal group assets                                                                       641 308
Fair value of disposal group liabilities                                                                  354 673
Remeasurement of disposal group                                                                                 -


Shares in African gaming businesses
During March 2017, the Group contracted to dispose of subsidiaries Jacaranda Royal Casino Limited, VSlots Lesotho (Proprietary) Limited and VSlots 
Swaziland (Proprietary) Limited. The disposal was concluded in June 2017. Revenue and expenses, and gains and losses relating to these assets have 
been removed from the results of continuing operations and are shown as a single line item on the face of the consolidated statement of profit or 
loss ("Net result from discontinued operations"). The operating results of the discontinued operations and the loss on sale of assets were as follows:

                                                                                                                         Unaudited        
                                                                                                        Unaudited       Six months        Audited
                                                                                                       Six months            ended     Year ended
                                                                                                            ended     30 Sept 2016    31 Mar 2017
                                                                                                     30 Sept 2017         Restated       Restated
                                                                                                            R'000            R'000          R'000
Loss relating to discontinued operations
Revenue                                                                                                         -               47             47
Net gaming win                                                                                                762            2 050          4 000
Other income and operating costs                                                                             (471)          (2 616)        (5 846)
Investment income                                                                                               -               37              -
Depreciation and amortisation                                                                                (232)            (788)        (1 301)
Finance costs                                                                                                  (2)              (1)            (3)
Profit/(loss) from discontinued operations                                                                     57           (1 271)        (3 103)
Loss on disposal                                                                                           (2 723)               -              -
Net result from discontinued operations                                                                    (2 666)          (1 271)        (3 103)

Cash flows from discontinued operations
Cash flows from operating activities                                                                          447           (2 736)        (2 216)
Cash flows from investing activities                                                                            -            1 533          1 571
                                                                                                              447           (1 203)          (645)

Proceeds on disposal, net cash flow on disposal and analysis of assets and liabilities disposed
Property, plant and equipment                                                                               1 524
Intangible assets                                                                                           1 194
Trade and other receivables                                                                                   417
Bank and cash balances                                                                                      1 371
Trade and other payables                                                                                   (3 129)
                                                                                                            1 377
Non-controlling interest                                                                                    4 596
Loss on disposal of subsidiaries                                                                           (2 723)
Consideration received in cash                                                                              3 250
Less cash at date of disposal                                                                              (1 371)
Net cash inflow                                                                                             1 879


COMMENTARY

The unbundling of the Niveus gaming assets, other than its sports betting and lottery interests, ("GameCo") to Niveus shareholders, and the 
subsequent offer by Tsogo to acquire these shares, substantially changed the nature of Niveus.

The effective date of the unbundling was 10 November and Tsogo extended an offer to all Niveus shareholders to acquire their shares as detailed 
in the circular to shareholders. The unbundling resulted in Niveus shareholders receiving GameCo shares at an effective value of R33,54 per Niveus 
share.

Niveus retained 6,25% of the GameCo shares and sold these shares to Tsogo as part of the minority offer. Proceeds from this sale were used to 
settle the debt of the Group, and Niveus is now debt free.

The consolidated results of the Group reflect the GameCo assets as discontinued operations.

The board has also approved, subject to certain conditions, various transactions and initiatives to distribute a portion of its interest in 
La Concorde Holdings Limited ("La Concorde") to shareholders, following the acquisition of Golden Arrow Bus Services Proprietary Limited ("GABS").

Following the completion of the transactions described above, the Group will hold interests in some smaller assets, as described below in Other 
Assets, and some cash.

Discontinued operations
Vukani and Galaxy continued to trade well during the period under review, despite the general slow down in spending in the gaming sector and the 
low levels of consumer confidence.

The consolidated EBITDA of the gaming businesses increased to R265 million from R215 million in the comparative period. Headline earnings 
increased to R168 million from R109 million in the comparative period.

Continuing operations
La Concorde
The Group owns an effective 58% in La Concorde. During the period Niveus announced the acquisition, by a subsidiary of La Concorde ("NewCo"), 
of 100% of the issued shares in Hosken Passenger Logistics and Rail Proprietary Limited (of which GABS is a wholly owned subsidiary), from
Hosken Consolidated Investments Limited ("HCI") for R1,8 billion ("GABS Acquisition"). NewCo will be capitalised with R1,1 billion of cash or
cash equivalents by La Concorde and the purchase consideration for the GABS Aquisition will be settled by the issue of shares in NewCo to HCI.
The GABS Acquisition is, inter alia, subject to the conclusion of transaction agreements, the positive completion of a due diligence and Niveus
shareholder approval.

Shareholders are referred to the transaction announcement on 14 September 2017 for more information on the GABS Acquisition.

A circular detailing the terms of the GABS Acquisition will be distributed to shareholders in due course, once the legal agreements for the GABS
Acquisition have been concluded.It is anticipated that the circular will be distributed during or about the week commencing on 18 December 2017.

It is envisaged that NewCo will, following the implementation of the GABS Acquisition, make a cash distribution to its shareholders, with the 
ultimate aim thereafter being to list NewCo on the JSE. It is anticipated that, upon such listing, NewCo shares will be distributed to the 
La Concorde shareholders, following which Niveus will unbundle the NewCo shares received to its shareholders.

The remaining assets of La Concorde consist of property and art.

Other Assets
The other assets of the Niveus Group are its interests in BET.co.za, a leading online sports betting company, its remaining African gaming 
investments and the residual cash retained in the Group.

The online sports betting market is a growing market in South Africa, albeit small compared to the other gaming sectors. The gross gaming revenue 
of BET.co.za increased during the period but the increased marketing spend limited profit growth. It is anticipated that the business will continue 
to invest significantly in marketing in the future as it seeks to increase its registered clients. In addition, BET.co.za has opened retail outlets 
and holds licences for additional outlets in Limpopo and Gauteng.

The Group disposed of its gaming operations in Zambia, Lesotho and Swaziland. The only gaming operation remaining is the route operator and sports 
betting operations in Tanzania. This business is marginally profitable and does not require significant investment to grow in future.

The Group also holds an interest in a start-up investment that provides radar tracking to the golf industry. R28 million has been committed to the 
investment with a further R20 million potential investment.

Future of the Group
The directors are considering the future plans and strategy of the Group following unbundling of the Group's major assets and the plans to 
distribute most of the value in La Concorde. The remaining assets of the Group are unlisted and substantially smaller in value. The directors 
believe that these assets have good growth prospects but may not be adequate to sustain the separate listing of Niveus. Shareholders will be advised 
in due course about the board's future plans for the Group.

Change in management
Andre van der Veen resigned as CEO of Niveus and La Concorde, effective 1 November 2017, following his appointment as CEO of eMedia Holdings Limited. 
He will however remain on the board of Niveus and La Concorde as executive director. Muriel Loftie-Eaton was appointed as CEO and Carolyn Kristal as 
financial director of Niveus and La Concorde, effective 1 November 2017. Following the implementation and completion of the GameCo unbundling, the 
three additional independent non-executive directors appointed for the purpose of the unbundling, Francine-Ann du Plessis, Mike Joubert and 
Wessel van der Merwe, have resigned from the board, effective 17 November 2017.

Muriel Loftie-Eaton
Chief executive officer

22 November 2017
Paarl


CORPORATE INFORMATION

Directors: JA Copelyn^, CE Kristal*, MM Loftie-Eaton*, ML Molefi#, JG Ngcobo#, Y Shaik^,  
A van der Veen* (* executive ^ non-executive # independent non-executive)

Company secretary: HCI Managerial Services Proprietary Limited

Transfer secretaries: Computershare Investor Services Proprietary Limited

Sponsor: PSG Capital Proprietary Limited

www.niveus.co.za


Date: 22/11/2017 11:00:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE'). 
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