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ECSPONENT LIMITED - Condensed Consolidated Reviewed Interim Results for the 6 months ended 30 September 2017

Release Date: 28/11/2017 07:30
Code(s): ECS     PDF:  
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Condensed Consolidated Reviewed Interim Results for the 6 months ended 30 September 2017

ECSPONENT LIMITED
Incorporated in the Republic of South Africa
Registration number: 1998/013215/06
JSE Code: ECS - ISIN: ZAE000179594
("the Company" or "Ecsponent")

Condensed Consolidated Reviewed interim results for the 6 months ended
30 September 2017

The Board of Directors ("the Board") is pleased to advise shareholders of the continued
exponential growth of Ecsponent and its subsidiaries ("the Group") as reflected in the
further improved, consolidated results for the 6 months ended 30 September 2017.

The Company changed its financial year-end during the 2016 financial year, changing the reporting
date from 31 December to 31 March. The change resulted in the 31 March 2017 financial period
being extended to a 15-month period, commencing on 1 January 2016. As a result, the comparative
interim period ended on 30 June 2016, while the current interim period ended on 30 September 2017.

The Group"s sustained growth is the result of management"s continued focus on selected niche
markets of the Business Credit and Equity Investment business units. The directors envisage that
this strategy will continue to drive expansion to dominate the niche sectors of the markets in which
the Group operates.

RESULTS HIGHLIGHTS

Highlights of the Group's interim results ended 30 September 2017 compared to the comparative
interim results for the period ended 30 June 2016 ("Prior Period") are set out below:

-   Revenue from continuing operations increased by 41.9% to R154.6 million compared to 
    R109 million in the Prior Period;
-   Operating profits from continuing operations increased by 89.5% to R113.3 million compared
    to R59.8 million in the Prior Period;
-   Total profits after tax increased by 77.4% to R31 million compared to R17.5 million in the
    Prior Period;
-   Total assets increased by 88.2% to R1 462.6 million compared to R777.1 million in the Prior
    Period; and
-   Resultant earnings per share ("EPS") increased by 40.2% to 3.12 cents per share compared to
    2.23 cents per share in the Prior Period;
-   Headline earnings per share ("HEPS") increased by 72.2% to 1.7 cents per share compared to
    0.99 cents per share in the Prior Period.

External revenue generated by the Group's Business Credit operations increased by 56.4% to 
R142.2 million compared to R90.9 million in the Prior Period, comprising 87% of total revenue in the 2017
interim results. Funding for the Group's expansion strategy continues to be facilitated through
Ecsponent's preference share programme ("the Programme"), enabling the Company to raise capital
to fund investments on an ongoing basis. Continued market subscriptions of preference shares have
been very encouraging and the Company has raised approximately R1.1 billion in preference shares
issues since implementation in September 2014.

OPERATIONAL REVIEW

Group overview

Below is an overview of the Group's operations for the 2017 interim period end.

Investment Services

During the period under review both revenue and profitability in the Investment services business
units evidenced continued growth. The Group's ability to deliver effective investment and other
financial services products to the retail market is one of its core competencies. It is this distribution
channel that has successfully raised over R1.25 billion across the Group's footprint in just 3 years.
The Group's investment offering is now being expanded to include additional preference share
products as well as more traditional annuity and preservation fund products. The directors anticipate
further product roll out in the short to medium term which will provide additional profit opportunities
for the Group.

Total assets increased by 124% from R635m to R1 425m compared to the comparative period. As
a result, operating profit increased by 107.5% from R55m to R114m.

One of the Investment Services business unit's strategic objectives is to lower the Group's cost of
capital through the acquisition of institutional debt funding. The Group is well positioned to take
advantage of institutional funding due to its extremely low tier 1 debt ratio of below 1%. Reduced
funding cost would flow through to the Group's profits.

Business Credit

Business Credit deploys short-term capital through bespoke loan and funding products. The
unbanked/underbanked Small, Medium and Micro-sized Enterprises ("SMME") sector and the
provision of enterprise development solutions are specific target markets. All Business Credit
products are fully secured, as the Group does not take an unsecured position.

The Group's credit operations are centrally controlled which significantly improves both governance
and consistency across the operations. In addition, the centralised procurement and logistics
operations provide the critical mass required to support enterprise development in each of the
territories while securing the Group's interests in transactions.

The demand for credit in both of the SMME and Enterprise Development sectors has resulted in
continued, sustained growth of the business across the Group's footprint. As with Investment
Services, total assets increased by 148% from R645m to R1 597m compared to the comparative
period. As a result, operating profit increased by 143% from R84m to R205m.

Equity Holdings

The Group's equity investments are intended to provide medium to long term capital growth for the
Group. Investments are strategic, and business are targeted which have significant intellectual
properties which provide a barrier to entry for competitors. In addition, the target business must be
able to command significant margins and a robust business model.

At the end of the 2016/2017 financial period the group expanded its equity holdings to also include
listed equities. The first such investment is a 9.4% holding in the Frankfurt listed (Luxembourg
based) Fintech company MyBucks SA. This investment has the added advantage of providing a "hard
currency" hedge against local currency frailty.

The MyBucks acquisition immediately affected the performance of the business unit. Total assets
increased by 968% from R30m to R318m compared to the comparative period and operating profit
increased by R16.9m from a loss of R3.6m to a profit of R13.3m.

Geographical Footprint

The Group's operational footprint across Swaziland, Botswana and Zambia mirrors the product and
services offering which is successfully deployed in South Africa. Client facing operations are deployed
in country whilst the back-office infrastructure is managed from the central base in South Africa.
The performance of the footprint to date has been restricted by access to funding in countries outside
of the common monetary union.

PROSPECTS

Key elements of the Group's on-going growth strategy are:
- the continued investment in the Group's credit operations;
- the continued growth of underlying assets through product and market extension;
- the continued focus on core businesses;
- obtaining local and forex-based institutional funding;
- aggressive trading and cost rationalisation/reduction; and
- increased emphasis on high yield equity opportunities.

The abovementioned approach is aimed at the continued development of a robust and
complementary financial services Group which continues to provide sustainable returns.

FINANCIAL RESULTS

Presented below are the reviewed condensed consolidated financial statements for the 6 months
ended 30 September 2017.

The group rationalisation as initially announced to shareholders on 20 December 2016 was concluded
during the current reporting period, resulting in the statement of profit and loss being presented in
two categories being Continued and Discontinued Operations. The comparative period has been "re-presented" 
to reflect the abovementioned categories. Furthermore, the remaining current period assets and liabilities 
related to the operations subject to the rationalisation (disposal groups) have been classified as 
"Held for sale" in these financial statements, as required by IFRS 5.

Condensed Consolidated Interim Statement of Financial Position as at 30 September 2017

                                                                         Reviewed      Reviewed        Audited
                                                                     30 September       30 June       31 March
                                                                             2017          2016           2017
                                                                            Group         Group          Group
                                                                            R'000         R'000          R'000
ASSETS                      
Non-current assets                      
Property, plant and equipment                                               6 296        10 567          6 810
Intangible assets and goodwill                                              5 668        20 131          6 011
Investment in associates                                        6         273 285             -              -
Other financial assets                                          7         895 770        70 980        667 089
Deferred tax                                                               39 623        18 150         28 458
Other non-current receivables                                               5 652         4 314          4 656
Current assets                      
Inventories                                                                 1 050         2 045          1 222
Other financial assets                                          7         184 638       509 455        314 542
Trade and other receivables                                                38 419       100 401         36 150
Current tax payable                                                           254            88            186
Cash and cash equivalents                                                  11 938        40 936         25 380
Non-current assets held for sale                                4               -             -        124 313
TOTAL ASSETS                                                            1 462 593       777 067      1 214 817
EQUITY AND LIABILITIES         
Equity                                                                    141 151        47 322        106 986
Non-controlling interest                                                 (12 431)      (26 569)       (11 429)
Non-current liabilities         
Other financial liabilities                                     9       1 239 741       517 441        922 796
Deferred revenue                                                            3 431        11 396          2 538
Deferred tax                                                               18 689         4 232         13 454
Current liabilities         
Other financial liabilities                                     9          12 438        173559         16 524
Deferred revenue                                                              219          3513            148
Current tax payable                                                        32 483         15358         11 864
Trade and other payables                                                   26 131         30790         20 778
Bank overdraft                                                                741            25            469
Liabilities of disposal groups held for sale                    4               -             -        130 689
TOTAL EQUITY AND LIABILITIES                                            1 462 593       777 067      1 214 817

Condensed Consolidated Statement of Profit and Loss and Other Comprehensive Income
for the interim period ending 30 September 2017

                                                                                   Re-presented
                                                                        Reviewed       Reviewed        Audited
                                                                        6 months       6 months      15 months
                                                                           ended          ended          ended
                                                                    30 September        30 June       31 March
                                                                            2017           2016           2017
                                                                           Group          Group          Group
                                                                           R'000          R'000          R'000
Continuing operations         
Revenue                                                                  154 597        108 954        321 795
Cost of sales                                                           (18 115)       (18 591)       (43 782)
GROSS PROFIT                                                             136 482         90 363        278 013
Other income                                                              22 286         19 115         88 543
Operating expenses                                                      (45 422)       (49 672)      (137 370)
OPERATING PROFIT                                                         113 346         59 806        229 186
Fair value adjustments                                                    15 127              -       (11 017)
Income from equity accounted investment                                    (274)              -              -
Net finance costs                                                       (82 832)       (29 000)      (130 351)
PROFIT BEFORE TAXATION                                                    45 367         30 806         87 818
Taxation                                                                (29 710)       (12 199)       (23 094)
PROFIT FROM CONTINUING OPERATIONS                                         15 657         18 607         64 724
Profit from discontinued operations                              4        15 312        (1 148)          2 852
PROFIT FOR THE PERIOD                                                     30 969         17 459         67 576
Other comprehensive income / (loss)                                          478            113            282
TOTAL COMPREHENSIVE INCOME                                                31 447         17 572         67 858
Loss attributable to non-controlling interest                              2 718          2 631         10 239
TOTAL COMPREHENSIVE INCOME                                                34 165         20 203         78 097
ATTRIBUTABLE TO ORDINARY         
SHAREHOLDERS         
         
Profit attributable to owners of the parent from:         
Continuing operations                                                     18 324         20 187         75 160
Discontinued operations                                                   15 373           (97)          2 852
                                                                          33 697         20 090         78 012
Total comprehensive income/(loss) attributable to:                             
Owners of the parent                                                      34 165         20 203         78 097
Non-controlling interest                                                 (2 718)        (2 631)       (10 239)
                                                                          31 447         17 572         67 858
Basic and fully diluted earnings per share                                 1.697          2.236          8.074
(cents) from continuing operations attributable                             
to equity holders of the parent                             
Basic and fully diluted earnings / (loss) per                              1.424        (0.011)          0.306
share (cents) from discontinued operations                             
attributable to equity holders of the parent                             
Basic and fully diluted earnings per share                       3         3.121          2.226          8.380
(cents) attributable to equity holders of the    
parent

Condensed Statement of Changes in Equity for the 6 months ended 30 September 2017

                          Share capital  Foreign currency     Common     Accumulated        Non-  Total equity
                                              translation    control   profit/(loss) controlling
                                                  reserve    reserve                    interest
                                  R'000             R'000      R'000           R'000       R'000         R'000
Balance at 1 January            118 071             (483)   (36 687)         (2 711)     (4 653)        73 537
2016
Total comprehensive profit            -                85          -          78 012    (10 239)        67 858
for the year
Issue of shares                  27 098                 -          -               -           -        27 098
Business combination and              -                 -   (56 824)               -    (18 155)      (74 979)
common control
acquisitions
Realisation pf common                 -                 -     93 511        (93 511)                         -
control reserve
Disposal of subsidiaries              -                 -          -               -       2 043         2 043
Purchase of non-                      -                 -          -        (19 575)      19 575             -
controlling interest
Balance at 1 April 2017         145 169             (398)          -        (37 785)    (11 429)        95 557
Total comprehensive profit            -               467          -          33 698     (2 718)        31 447
for the 6 months
Profit for the 6 months               -                 -          -          33 698     (2 729)        30 969
Other comprehensive                   -               467          -               -          11           478
income
Disposal of subsidiary                -                 -          -               -       1 716         1 716
Balance at 30                   145 169                69          -         (4 087)    (12 431)       128 720
September 2017

Condensed Consolidated Cash Flow Statement for the 6 months ended 30 September 2017

                                                                           Reviewed    Reviewed       Audited
                                                                           6 months    6 months     15 months
                                                                              ended       ended      ended 31
                                                                       30 September     30 June         March
                                                                               2017        2016          2017
                                                                              Group       Group         Group
                                                                              R'000       R'000         R'000
Cash generated by operations                                                100 789      41 787       177 263
Finance cost                                                               (61 176)    (21 046)     (106 732)
Taxation paid                                                              (16 649)       (470)      (25 234)
NET CASH INFLOW FROM OPERATING ACTIVITIES                                    22 964      20 271        45 297
Proceeds / (cash disposed of) through sale of                          5    (7 369)     (2 616)      (24 994)
investment in subsidiary                
Investment in financial assets                                            (377 228)   (334 128)     (797 841)
Proceeds from financial assets                                               56 381     116 792       133 063
Business combinations                                                             -      11 733        10 233
Other                                                                         (193)     (2 856)       (4 439)
NET CASH OUTFLOW FROM INVESTING ACTIVITIES                                (328 409)   (211 075)     (683 978)
Proceeds from other financial liabilities                                   294 702     222 452       656 597
Repayment of other financial liabilities                                    (4 664)           -      (18 899)
Proceeds from rights offer                                                        -           -        19 465
Other                                                                             -        (65)         (111)
NET CASH INFLOW FROM FINANCING ACTIVITIES                                   290 038     222 387       657 052
Movement in cash and cash equivalents for the period                       (15 407)      31 582        18 371
Cash and cash equivalents at the beginning of the                            26 481       9 741         9 741
period                
Effect of exchange rate movement on cash balances                               123       (413)       (1 631)
Cash and cash equivalents at the end of the period                           11 197      40 910        26 481

Notes to the Condensed Consolidated Financial statements for the 6 months ended 
30 September 2017

1. ACCOUNTING POLICIES, BASIS OF PREPARATION OF RESULTS AND REVIEW OPINION

   The condensed consolidated interim financial statements have been prepared in accordance with
   International Financial Reporting Standard, (IAS) 34 Interim Financial Reporting, the SAICA Financial
   Reporting Guides as issued by the Accounting Practices Committee and Financial Pronouncements as
   issued by the Financial Reporting Standards Council and in the manner required by the Companies Act of
   South Africa and the JSE Listings Requirements. The principle accounting policies applied in the
   preparation of the condensed consolidated interim financial statements are in terms of the International
   Financial Reporting Standards and are consistent with those applied in the comparative consolidated
   annual financial statements.
   
   The results of the Group, were prepared under supervision of the Group's financial director, 
   Mr. B Shanahan CA (SA).
   
   These interim condensed consolidated financial statements for the period ended 30 September 2017
   have been reviewed by Nexia SAB&T, who expressed an unmodified review conclusion. A copy of the
   auditor's review report is available for inspection at the company's registered office together with the
   interim condensed consolidated financial statements identified in the auditor's report.

2. REVIEW OF RESULTS AND FINANCIAL POSITION

   The condensed consolidated interim financial results represent the trading results of the Company and
   its subsidiaries which are active in the Investment services, Business credit and Equity holding markets.
   The Group showed sustained improvement in its performance for the period under review. The expansion
   strategy, substantially increased the portfolio of business credit assets. Funding for the expansion
   strategy was secured through the registration of Ecsponent's listed preference share programme enabling
   the company to raise capital to fund its investments on an ongoing basis. The market subscription of the
   preference shares continues to reflect robust demand for the Company's products.

3. EARNINGS AND FULLY DILUTED EARNINGS PER SHARE

                                                              Reviewed      Reviewed        Audited
                                                          30 September       30 June       31 March
                                                                  2017          2016           2017
   BASIC AND HEADLINE EARNINGS                                   R'000         R'000          R'000
   Basic earnings                                               33 698        20 090         78 012
   Headline earnings                                            18 325         8 900            132
   Basic and diluted basic earnings per share (cents)            3.121         2.226          8.380
   attributable to equity holders of the parent
   Headline and diluted headline earnings per share              1.698         0.986          0.014
   (cents) attributable to equity holders of the parent
   Number of shares in issue                             1 079 550 795   930 531 435  1 079 550 795
   Weighted average number of shares                     1 079 550 795   902 676 200    930 907 328
   RECONCILIATION BETWEEN BASIC EARNINGS
   AND HEADLINE EARNINGS
   Basic earnings                                               33 698        20 090         78 013
   (Profit) / Loss on disposal of property plant and                 -          (25)            252
   equipment
   Impairment of intangible assets                                  65             -              -
   Gain on disposal of subsidiary                                    -      (11 165)       (25 795)
   Gain on disposal of discontinued operations                (15 438)             -       (52 338)
   Headline earnings                                            18 325         8 900            132

   The calculation of earnings per share ("EPS") is based on the profit for the period attributable to
   ordinary shareholders and the weighted average number of ordinary shares in issue during the period.
   Headline earnings per share ("HEPS") are calculated in accordance with Circular 2/2015 issued by the
   South African Institute of Chartered Accountants.
   
4. ASSETS CLASSIFIED AS HELD FOR SALE / DISCONTINUED OPERATIONS
   The Group undertook a process of rationalising its operations and investments during the latter part of
   2016. This included a series of financial transactions designed to streamline operations and re-align the
   Group for increased strategic growth. The relevant recognition and disclosure requirements of IFRS 5
   therefore resulted in the "re-presentation" of the financial results to disclose two categories being
   Continuing and Discontinued operations (disposal groups). The comparative period Statement of Profit /
   Loss has therefore been "re-presented" in accordance with these disclosure requirements.

   The financial transactions as referred to above were concluded and finalised effective 31 March 2017,
   except for the disposal of the Groups interest in the Botswana retail operation and the dilution through
   the subscription agreement of the retail operation in Zambia. These two transactions were concluded
   and finalised during the current reporting period ending 30 September 2017.
   
   The combined results of the discontinued operations included in the profit for the year are set out
   below. The comparative profit and cash flows from discontinued operations have been re-presented to
   differentiate between those operations classified as discontinued during the current year.
   
   The following disposal groups continued to be classified as held for sale for the period ended 
   30 September 2017:

   Profit and loss – 6 months ended 30 September 2017              Botswana       Zambia        TOTAL:
                                                                      R'000        R'000         R'000
   Revenue                                                            8 469          406         8 875
   Cost of sales                                                    (1 580)          (2)       (1 582)
   Gross profit                                                       6 889          404         7 293
   Other Income                                                         125          514           639
   Operating expenses                                                 (860)         (31)         (891)
   Operating profit / (loss)                                          6 154          887         7 041
   Investment revenue                                                     -            -             -
   Finance Costs                                                    (6 112)      (1 297)       (7 409)
   Profit / (loss) before taxation                                       42        (410)         (368)
   Taxation                                                              70          173           243
   Net profit / (loss) after tax                                        112        (237)         (125)
   Gain (loss) on measurement to fair value less cost to sell        10 452        6 384        16 836
   Tax thereon                                                      (1 399)            -       (1 399)
   Profit / (loss) for the period from discontinuing operations       9 165        6 147        15 312
   
   Profit and loss – 6 months ended 30 June 2016                   Botswana       Zambia        TOTAL:
                                                                      R'000        R'000         R'000
   
   Revenue                                                           15 431          938        16 369
   Cost of sales                                                    (2 335)            -       (2 335)
   Gross profit                                                      13 096          938        14 034
   Other Income                                                          21            -            21
   Operating expenses                                               (4 483)      (2 352)       (6 835)
   Operating profit / (loss)                                          8 634      (1 414)         7 220
   Investment revenue                                                   147            7           154
   Finance Costs                                                    (8 328)      (1 311)       (9 639)
   Profit / (loss) before taxation                                      453      (2 718)       (2 265)
   Taxation                                                             160          957         1 117
   Net profit / (loss) after tax                                        613      (1 761)       (1 148)
   Gain (loss) on measurement to fair value less cost to sell             -            -             -
   Tax thereon                                                            -            -             -
   Profit / (loss) for the period from discontinuing operations         613      (1 761)       (1 148)
   
   Assets classified as held for sale –   Botswana     Zambia     Sub total     Disposal        TOTAL:
   30 September 2017   
                                             R'000      R'000         R'000        R'000         R'000
   Property, plant and equipment               930        692         1 622      (1 622)             -
   Intangible assets                             -      4 488         4 488      (4 488)             -
   Other financial assets                   87 425      4 770        92 195     (92 195)             -
   Deferred tax                              1 935      3 525         5 460      (5 460)             -
   Income tax receivable                       103          -           103        (103)             -
   Trade Receivables                        12 635          -        12 635     (12 635)             -
   Cash and cash equivalents                11 601        404        12 005     (12 005)             -
      
                                           114 629     13 879       128 508    (128 508)             -
   Liabilities of disposal groups   
   Other Financial Liabilities           (103 157)   (16 901)     (120 058)      120 058             -
   Deferred income                         (6 233)          -       (6 233)        6 233             -
   Trade Payables                            (448)       (24)         (472)          472             -
   Bank overdraft                          (4 636)          -       (4 636)        4 636             -
      
                                         (114 474)   (16 925)     (131 399)      131 399             -

   Cash flows from discontinued operations – 6 months               Botswana       Zambia       TOTAL:
   ended 30 September 2017 
                                                                       R'000        R'000        R'000
   Net cash flows from operating activities                            (852)        (384)      (1 236)
   Net cash flows from investing activities                            2 485        (404)        2 081
   Net cash flows from financing activities                            4 218          752        4 970
   Net cash flow movement                                              5 851         (36)        5 815
   
                                                                    Business     Business
   Operating segment                                                  Credit       Credit
   
   Geographical segment                                             Botswana       Zambia

5. DISPOSALS
   
   The Group concluded the remaining two transactions in relation to the process of rationalisation
   detailed above, during the current reporting period. Refer below for more details regarding 
   these transactions.
   
   Aggregated business disposals for the period                                                  Group
                                                                                          30 September
                                                                                                  2017
                                                                                                 R'000
   Property, plant and equipment                                                                 1 622
   Intangible assets                                                                             4 488
   Deferred tax asset                                                                            5 460
   Other financial assets                                                                       92 195
   Income tax receivable                                                                           103
   Trade and other receivables                                                                  12 635
   Cash and cash equivalents                                                                    12 005
   Loans from group companies                                                                 (86 081)
   Other financial liabilities                                                                (33 976)
   Deferred income                                                                             (6 233)
   Trade and other payables                                                                      (471)
   Bank overdraft                                                                              (4 636)
   Total identifiable net assets / (liabilities)                                               (2 889)
   Non-controlling interest                                                                      1 716
   Foreign currency translation reserve                                                            685
   Loans from group companies settled through loan implementation                                    -
   Net assets / (liabilities) derecognised                                                       (488)
   Recognition of 25% investment in associate at fair value                                    (3 698)
   Profit / (loss) on disposal                                                                  16 836
   Consideration receivable                                                                     12 650

   The gains on disposals have been included in 'Other income' of profit or loss from 
   discontinued operations.
   
   
   Net cash flow on disposal
   Purchase consideration (*)                                                                        -
   Net cash (balance)/overdraft disposed off                                                   (7 369)
                                                                                               (7 369)

   * The purchase considerations are payable on deferred payment terms and no balance was payable
   at the effective date. All cash flow movements are therefore recognised through the movements in
   Other financial asset.
   
   Business disposals during the 2018 financial period
   Disposal of 50% of Sure Choice (Pty) Ltd (Botswana) ("Botswana")
   
   Ecsponent entered into an agreement to dispose of its 50% shareholding in Botswana, a subsidiary
   which provides retail credit loans to individuals. The commercial terms of the agreement were concluded
   on 29 June 2017. The total consideration of P10 million is payable in twelve equal instalments from 
   31 July 2017. Interest at 12.5% per annum accrued on the deferred consideration.
   
   Fair value of the assets and liabilities disposed of are as follows:                           Group
                                                                                           30 September
                                                                                                   2017
                                                                                                  R'000
   Property, plant and equipment                                                                    930
   Deferred tax asset                                                                             1 935
   Other financial assets                                                                        87 425
   Income tax receivable                                                                            103
   Trade and other receivables                                                                   12 635
   Cash and cash equivalents                                                                     11 601
   Loans from group company                                                                    (69 597)
   Other financial liabilities                                                                 (33 560)
   Deferred income                                                                              (6 233)
   Trade and other payables                                                                       (448)
   Bank overdraft                                                                               (4 636)
   Total identifiable net assets                                                                    155
   Non-controlling interest                                                                       1 716
   Foreign currency translation reserve                                                             327
   Net assets derecognised                                                                        2 198
   Profit on disposal                                                                            10 452
   Consideration receivable                                                                      12 650
   Net cash flow on disposal
   Purchase consideration (*)                                                                         -
   Net cash balance disposed of                                                                 (6 965)
                                                                                                (6 965)
   (*) The disposal proceeds are receivable on deferred payment terms and no balance was received at
   the effective date. All cash flow movements are therefore recognised through the Other Financial Asset
   movements.
   
   Dilution of shareholding in Ecsponent Financial Services Ltd ("Zambia")
   
   The issue of 1 500 000 new shares by Zambia, equating to 75% of the total issued share capital in the
   company after the issue, to GetBucks Limited ("GetBucks MU"), for a subscription price equal to ZMW
   7 500 000, payable in cash ("the EFS Zambia Subscription"), resulting in a dilution of Ecsponent's
   interest from 100% to 25%, resulting in the loss of control.
   
   Fair value of the assets and liabilities derecognised are as follows:                            Group
                                                                                             30 September
                                                                                                     2017
                                                                                                    R'000
   Property, plant and equipment                                                                      692
   Deferred tax asset                                                                               3 525
   Intangible asset                                                                                 4 488
   Other financial assets                                                                           4 770
   Cash and cash equivalents                                                                          404
   Loans from group company                                                                      (16 485)
   Other financial liabilities                                                                      (414)
   Trade and other payables                                                                          (24)
   Total identifiable net assets                                                                  (3 044)
   Foreign currency translation reserve                                                               358
   Net assets derecognised                                                                        (2 686)
   Recognition of 25% investment in associate at fair value                                       (3 698)
   Profit on disposal                                                                               6 384
   Consideration receivable                                                                             -
   Net cash flow on disposal    
   Net cash balance disposed of                                                                     (404)
                                                                                                    (404)
6. INVESTMENT IN ASSOCIATE

   The Group acquired 9.4% of the listed share capital of MyBucks SA effective on 30 March 2017. The
   group further entered into an agreement with one of its customers whereby it obtained approval to vote
   on behalf of a further 12.8% of the total voting rights of MyBucks SA, pushing the Group's total voting
   rights in relation to its investment in MyBucks SA to 22.2%, resulting in significant influence and the
   classification as an Investment in an Associate. This agreement was concluded on 29 September 2017.
   
   The issue of 1 500 000 new shares by Ecsponent Financial Services Ltd in Zambia led to a dilution of
   Ecsponent's interest from 100% to 25% and a consequent loss of control. The Company does, however
   retain significant influence through its voting rights and therefore classifies this investment as an
   associate in accordance with IAS 28.
   
   Investment in associates consists of:                                                         Sep 2017
   At cost:                                                                                         R'000
   MyBucks SA.                                                                                    269 861
   Ecsponent Financial Services Ltd Zambia                                                          3 698
                                                                                                  273 559
   Share of post-acquisition results net of dividend received                                       (274)
                                                                                                  273 285
   At market value                 
   MyBucks SA. - Listed shares                                                                    269 861
   Ecsponent Financial Services Ltd Zambia - Unlisted equities                                      3 424
   
   The following information relates to the Company's investments in its associates:
   
                                                                                        Proportion of
                                                                     Place of         ownership interest
   Name of companies                     Holding company             incorporation            (%)
                                                                     
                                                                                      Sep 2017   Mar 2017
   Ecsponent Financial Services Zambia   Ecsponent Ltd SA            Lusaka, Zambia        25%       100%
   MyBucks S.A                           Ecsponent Ltd (BOT)         Luxembourg           9.4%       9.4%

   The above associates are accounted for using the equity method in these consolidated financial
   statements.
  
   The financial period end date of MyBucks SA is 30 June annually. No change of reporting date was
   required or made as MyBucks is a listed vehicle on the Frankfort stock exchange and the period end
   was within the maximum range of 3 months difference. For the purposes of applying the equity
   method of accounting, the financial statements of MyBucks SA for the period ended 30 June 2017
   have been used, and no adjustments were required for the effects of significant transactions between
   that date and the reporting date for the Group.
  
   The financial period end date of Zambia is still 31 March annually. No change of reporting date was
   therefore required. For the purposes of applying the equity method of accounting, the management
   accounts of Zambia for the period ended 30 September 2017 have been used.
  
   As at 30 September 2017, the group had significant influence over MyBucks SA and EFS Zambia by
   virtue of its voting powers affecting returns and the appointment of directors at the shareholders
   meeting of the group.

7. OTHER FINANCIAL ASSETS

   The other financial asset category incorporates secured business funding and purchase price repayment
   facilities. Total other financial assets increased by 86% compared to the comparative period. Provided
   below is the detail regarding the Group's other financial assets:

  
                                                             Reviewed          Reviewed          Audited
                                                                Group             Group            Group
                                                         30 September           30 June         31 March
                                                                 2017              2016             2017
                                                                R'000            R '000           R '000
   At fair value through profit and loss –
   designated
   Listed shares                                                    -                 -          232 980
   On 30 March 2017, the Group acquired 
   1 100 000 foreign denominated listed equities,
   representing 9.4% of the issued share capital
   of the MyBucks Group, as part of its private
   equity portfolio. The shares are listed on the
   Frankfurt stock exchange. The investment
   was reclassified during the period. Please
   refer to note 4 and 5 above for more detail.
  
   Loans and receivables
   Employee benefit loans                                           -            80 397                -

   Retail employee benefits loan book in
   Botswana. The investment in this subsidiary
   was disposed of during the current financial
   period. Please refer to note 5 above for more
   detail. The comparative period's statement of
   financial position was not represented to
   disclose these assets as "held for sale".
   
   Business funding – advances (per industry)
   - Fintech                                                  470 534           130 685           339 770
   The Business funding advances are secured,
   via a cession of the underlying equity and/or
   assets, ranging between 125 - 150%. The
   advances bear interest at fixed interest rates
   based on the entity risk profile, ranging
   between 24 - 30% (2017: 24 - 30%) and
   repayment terms are facility specific, ranging
   between 1 - 4 years.
   
   - Financial services and Investments                       599 326           369 353           408 881
   The Business funding advances are secured,
   via a cession of the underlying equity and/or
   assets, ranging between 125 - 150%. The
   advances bear interest at fixed interest rates
   based on the entity risk profile, ranging
   between 24 - 30% (2017: 24 - 30%) and
   repayment terms are facility specific, ranging
   between 2 - 5 years.
   
   Disposal proceeds facility                                  10 548                 -                 -
   Repayment facility relating to the Botswana
   disposal, bearing interest at 12.5%, repayable
   over 12 equal monthly installments.
   
   TOTAL OTHER FINANCIAL ASSETS                             1 080 408           580 435           981 631
   Total included in non-current assets                       895 770            70 980           667 089
   Total included in current assets                           184 638           509 455           314 542

8. PREFERENCE SHARE CAPITAL

   Ecsponent's business model requires funding for both existing business growth and to pursue further
   acquisitions. Funding is deployed in the growth of Business Credit assets and the acquisition of new assets
   which contribute to the growth strategy. Preference shares are considered a reliable source of funding
   for these on-going business needs and accordingly the Company has registered a R5 billion preference
   share programme. The Programme was approved by the JSE on 8 September 2014 and again on 
   15 December 2015. By 30 September 2017 Ecsponent Limited had received subscription investments of R1.1 billion.
  
   Reconciliation of the number of preference shares in issue:
                                                                         Ecsponent Limited (South Africa)
                                                               Class A        Class B        Class C       Class D
   Reported at the beginning of the period                     415 595      1 657 701      6 024 439             -
   Issue of preference shares during the period                358 074        895 265      1 290 075        10 000
                                                               773 669      2 552 966      7 314 514        10 000
     
   Weighted average issue price per share (Rands)                96.76         100.00         100.00        100.00
        
        
                                                                                     Ecsponent Limited (Swaziland)
                                                                                        Class A            Class E
   Reported at the beginning of the period                                           53 195 000         53 727 700
   Issue of preference shares during the period                                      36 991 000         19 174 000
                                                                                     90 186 000         72 901 700
                                            
   Weighted average issue price per share                                                  1.00               1.00
   (converted to Rand)                                         
                                      
                                                                                      Ecsponent Limited (Botswana)
                                                                                        Class A            Class B
   Reported at the beginning of the period                                           11 750 000          2 067 000
   Repayment of preference shares during the period                                           -                  -
                                                                                     11 750 000          2 067 000
                                             
   Weighted average issue price per share                                          
   (Pula)                                                                                  1.00               1.00
   Weighted average issue price per share (Rand)                                           1.27               1.27
                              

9. OTHER FINANCIAL LIABILITIES

   The preference share capital is classified as debt and disclosed as other financial liabilities in the
   Condensed Consolidated Statement of Financial Position as at 30 September 2017 in line with the
   principles of IFRS. Consequently, the preference share dividends are classified as funding costs and
   disclosed as such in the Condensed Consolidated Statement of Profit and Loss and Other Comprehensive
   Income for the 6 months ended 30 September 2017.
   
   The other financial liabilities category incorporates external funding facilities with either banks, individuals
   or corporate funding entities. Provided below is the detail regarding the Group's other financial liabilities:

                                                                      Reviewed          Reviewed          Audited
                                                                         Group             Group            Group
                                                                  30 September           30 June         31 March
                                                                          2017              2016             2017
                                                                         R'000             R'000            R'000
   Held at amortised cost
   Preference share liability                                        1 244 897           508 828          927 973
   Esperite NV Group                                                     6 390             6 445            6 197
   Capital bank - Term loan facilities(#)                                    -            34 647                -
   Getbucks (Pty) Ltd                                                        -                 -            4 241
   Ecsponent Capital (RF) Limited                                            -             1 082                -
   Ecsponent Projects (Pty) Ltd                                              -               684                -
   Ecsponent Investment Holdings – purchase price                            -           118 957                -
   facility
   Debentures(#)                                                             -            11 452                -
   Capital protected investments(#)                                          -             2 668                -
   Other                                                                   892             6 237              909
   TOTAL OTHER FINANCIAL LIABILITIES                                 1 252 179           691 000          939 320
   Total included in non-current liabilities                         1 239 741           517 441          922 796
   Total included in current liabilities                                12 438           173 559           16 524
   
   (#) The liabilities related to disposal groups held for sale were reclassified to "held for sale" for the 
   31 March 2017 period end results. These items were not reclassified or re-presented for the comparative
   period. The assets and liabilities held for sale were disposed of during the current reporting period.
   Refer to note 4 and 5 above for more detail.

10. RELATED PARTY DISCLOSURES

   The group has transacted with the following related parties during the period:
  
   Relationship
                                             Alexander Mason (Pty) Ltd – Represented by G. Manyere
   Shareholders with significant             (also being a Non-executive director on the MyBucks SA
   influence                                 Group Board)
                                             Esperite NV
  
   Associate companies where the             MyBucks SA and its subsidiaries
   Company has significant influence         Ecsponent Financial Services Ltd (Zambia)

   Below is a summary of the relevant balances and transactions in this regard:

                                                                     Reviewed      Reviewed         Audited
                                                                 30 September       30 June        31 March
                                                                         2017          2016            2017
                                                                        R'000         R'000           R'000
   Related party balances
   Investments in:
   Associate companies                                                273 285             -               -
  
   Loans Owing (to) / by:
   Associate companies                                                481 082             -               -
   Shareholders with significant influence                            (6 390)       (6 445)         (6 197)
  
   Amounts included in Trade receivable / (Trade Payable):
   Associate companies                                                (4 347)             -               -
  
   Related party transactions
   Interest received from / (paid to):
   Associate companies                                                   780              -               -

11. FINANCIAL INSTRUMENTS – FAIR VALUE AND RISK MANAGEMENT

   Financial instruments measured in the Consolidated Statement of Financial Position at fair value require
   certain disclosures which are set out below.

   Financial instrument carried at fair value                     Reviewed        Reviewed         Audited
                                                              30 September         30 June        31 March
                                                                      2017            2016            2017
     
   Listed equities (Level 1)                                             -               -         232 980
        
   Financial instrument carried at fair value (level 3)           Reviewed        Reviewed         Audited
                                                              30 September         30 June        31 March
                                                                      2017            2016            2017
   Opening balance at the start of the period                            -           8 874           8 874
   Revaluations                                                                        126             126
   Disposal of financial instrument                                      -         (9 000)         (9 000)
   Balance at the end of the period                                      -               -               -
   
   Financial instrument carried at fair value (level 1)           Reviewed        Reviewed         Audited
                                                              30 September         30 June        31 March
                                                                      2017            2016            2017
   Opening balance at the start of the period                      232 980               -               -
   Purchases                                                         1 000               -         262 570
   Revaluation                                                      35 881                        (29 590)
   Transfer to investment in associate                           (269 861)               -               -
   Balance at the end of the period                                      -               -         232 980

   The listed equities carried at fair value through profit and loss as reported in the prior financial period
   was reclassified as an Investment in associate with effect from 29 September 2017. For more details
   related to this transaction, please refer to note 6 above.
   
   Financial Instruments
   The carrying amount of all financial assets and liabilities approximates the fair value. Directors consider
   the carrying value of financial instruments of a short term nature, that mature in 12 months or less, to
   approximate the fair value of such assets or liability classes. The carrying value of longer term assets
   are considered to approximate their fair value as these instruments bear interest at interest rates
   appropriate to the risk profile of the asset or liability class.
   
   Financial Risk Management
   The Group's financial risk management objectives and policies are consistent with those disclosed in the
   consolidated annual financial statements as at and for the year ended 31 March 2017.

12. SUMMARISED CONSOLIDATED SEGMENTAL INFORMATION

    The segments identified are based on the operational and financial information reviewed by
    management for performance assessment and resource allocation. The group rationalisation as
    concluded in the prior financial period also resulted in a change to the basis of operational segmentation
    and in the basis of measurement of segment profit or loss since the 2017 annual financial statements.
    The change has therefore resulted in the re-presentation of the comparative and prior period results, in
    order to reflect the same basis of measurement for comparative purposes.
    
    The Group has the following operating segments:
    -   Investment Services (previously "Financial Services"). The core change was as a result of the
        disposal of the asset management operations. The division also changed on the basis of
        introducing new products to the market, changing the segment to a profit centre and not only a
        capital raising vehicle.
    -   Business Credit (previously part of "Financial Services"). The deployment of capital in the
        Group is now managed separately as a profit centre through the products offered as secured
        SMME lending and Enterprise Development. The Group disposed of all its retail lending operations.
    -   Equity Holdings (previously "Private Equity"). At the end of the 2017 financial period the group
        expanded its equity holdings to also include listed equities. This division houses all the equity
        investments that do not fall within the financial services environment.
    -   Corporate (unchanged). This segment represents the Group's shared services operations.

    The continued expansion of the Group has resulted in the need for geographic segmentation in addition
    to the operational segmentation.
    
    Period ended 30 September 2017

    Operating Segment                                Total Assets            Revenue     Operating profit
                                                                                                 / (loss)
                                                            R'000              R'000                R'000
    Business credit                                     1 597 124            198 122              204 576
    Investment services                                 1 425 394             38 842              113 987
    Equity holdings                                       318 269             18 701               13 275
    Corporate                                              12 767             11 896              (9 017)
    Eliminations                                      (1 890 961)          (104 089)            (185 597)
    Discontinued operations                                     -            (8 875)             (23 878)
    Group total                                         1 462 593            154 597              113 346
   
    Geographic Segment                               Total Assets            Revenue     Operating profit
                                                                                                 / (loss)
                                                            R'000              R'000                R'000
    South Africa                                        2 579 809            213 948              249 596
    Botswana                                              431 853             20 405               43 598
    Swaziland                                             341 562             32 471               28 720
    Namibia                                                   330                330                  104
    Zambia                                                      -                406                  803
    Eliminations                                      (1 890 961)          (104 089)            (185 597)
    Discontinued operations                                     -            (8 875)             (23 878)
    Group total                                         1 462 593            154 597              113 346

    Period ended 30 June 2016 (Re-presented)

    Operating Segment                                Total Assets            Revenue     Operating profit
                                                                                                 / (loss)
                                                           R' 000              R'000                R'000
    Business credit                                       644 616            110 495               84 325
    Investment services                                   635 308             73 660               54 942
    Equity holdings                                        29 790             20 021              (3 614)
    Corporate                                               4 921              8 553              (4 108)
    Eliminations                                        (537 568)           (87 406)             (64 519)
    Discontinued operations                                     -           (16 369)              (7 220)
    Group total                                           777 067            108 954               59 806
    
    Geographic Segment                               Total Assets            Revenue     Operating profit
                                                                                                 / (loss)
                                                           R' 000             R' 000                R'000
    South Africa                                        1 149 233            171 883              114 517
    Botswana                                              126 209             23 242               10 918
    Swaziland                                              24 742             16 431                7 409
    Namibia                                                   194                234                  136
    Zambia                                                 14 257                938              (1 435)
    Eliminations                                        (537 568)           (87 406)             (64 519)
    Discontinued operations                                     -           (16 369)              (7 220)
    Group total                                           777 067            108 954               59 806

    Year ended 31 March 2017 (Re-presented)
           
    Operating Segment                                Total Assets            Revenue     Operating profit
                                                                                                 / (loss)
                                                            R'000              R'000                R'000
    Business credit                                     1 151 412            249 942              160 070
    Investment services                                 1 083 560             92 996               17 309
    Equity holdings                                       293 007             76 649             (18 106)
    Corporate                                               7 355            112 951               57 748
    Eliminations                                      (1 320 517)          (165 900)               19 170
    Discontinued operations                             (124 313)           (44 843)              (7 005)
    Group total                                         1 090 504            321 795              229 186
           
    Geographic Segment                               Total Assets            Revenue     Operating profit
                                                                                                 / (loss)
                                                           R' 000             R' 000                R'000
    South Africa                                        1 944 539            406 740              168 382
    Botswana                                              425 344             75 300               28 277
    Swaziland                                             152 731             47 981               24 418
    Namibia                                                   187                626                   19
    Zambia                                                 12 533              1 891              (4 075)
    Eliminations                                      (1 320 517)          (165 900)               19 170
    Discontinued operations                             (124 313)           (44 843)              (7 005)
    Group total                                         1 090 504            321 795              229 186
       
13. EVENTS AFTER THE REPORTING PERIOD

    The directors are not aware of any material event, other than the matters listed below, which occurred
    after the reporting date and up to the date of this report, which require disclosure.
    
    Institutional funding
    Investment Services, as stated above, has as a strategic objective of lowering the cost of capital to the
    Group through the acquisition of institutional debt funding.
    
    The Company procured debt funding during the period under review of USD10 million (ZAR135 million)
    on market related terms. The funding will be deployed by the Group's secured Business Credit division to
    expand its African operations. Loan funding provided to clients throughout the region will remain US
    dollar based to avoid exchange rate risk and provide additional hard currency assets.
    
    Issue of additional classes of Preference Shares
    Refer Corporate Actions section below

14. CORPORATE ACTIONS

    During the financial period ended 30 September 2017, the following corporate actions were implemented
    and/or initiated with the objective of expanding the Group's Preference Share product range thereby
    providing additional investment products with enhanced flexibility to clients in response to 
    market demands.
    
    Class D, E, F and G Preference Shares
    The Board proposed amendments to the Company's Memorandum of Incorporation (MOI) amending the
    terms of the Company's unissued Preference Shares comprising of Class D, Class E, Class F and Class G.
    Shareholders approved the proposed amendments on 14 August 2017 via written consent in terms of
    Section 60 of the Companies Act.
    
    These amended classes of preference shares, contain provisions for conversion into ordinary shares on
    certain default events. Specific approval for the issue of convertible Class G Preference Shares was
    previously obtained from shareholders in a general meeting held on 3 May 2016.
    
    A Prospectus was issued during September 2017 offering Class D, E and G Preference Shares to the
    public. The Company listed 10 000 Class D, 10 000 Class E and 2 500 Class G Preference Shares on 
    4 October 2017, subject to the directors' general authority to issue shares.
    
    Specific approval for the issue of convertible Class D and E Preference Shares was obtained from
    shareholders in a general meeting on 20 October 2017, with the meeting taking place after the current
    interim period end date.
    
    Amendment of the Memorandum of Incorporation
    The Board proposed amendments to the Company's MOI amending the terms of the Company's issued
    Preference Shares comprising of Class A, Class B and Class C to incorporate voluntary redemption terms
    at the option of the company.
    
    Ordinary shareholders and Preference Shareholders with investments in Class A, B and/or C Preference
    Shares approved the proposed amendments to the MOI in general meetings held on 2 November 2017.

15. SHARE CAPITAL

    No ordinary shares were issued during the 6 months ended 30 September 2017.

                                                            Number of        Issued share        Total
                                                               shares             capital
                                                                 '000               R'000        R'000
    Opening balance 1 January 2016                            901 588             118 072      118 072
    Acquisition of Clade Investment Management                 19 096               4 000        4 000
    Odd lot Offer - repurchase and cancellation                 (543)               (112)        (112)
    Shares issued pursuant to the Directors' Issue             11 629               2 112        2 112
    Director share issue - incentives                          12 022               1 631        1 631
    Capitalisation of share issue expenses                          -               (898)        (898)
    Proceeds from rights offer                                135 758              20 364       20 364
    Closing balance 31 March 2017                           1 079 550             145 169      145 169
    Movement for the current period                                 -                   -            -
    Closing balance 30 September 2017                       1 079 550             145 169      145 169

16. DIVIDENDS
    
    No ordinary dividends have been declared or proposed for the year.
    
    The Company has issued and listed three additional classes of Preference Shares. Six classes are now in
    issue with the following dividend terms:
    -   Class A – 10% fixed rate monthly dividend;
    
    -   Class   B – 0% monthly dividend, but redeeming at a rate equal to 170% of the Initial Issue Price;
    -   Class   C – prime plus 4% floating rate monthly dividend.
    -   Class   D – 12.5% fixed rate monthly dividend;
    -   Class   E – 11.25% fixed rate monthly dividend
    -   Class   G – 10% fixed rate monthly dividend
    
    Preference Share dividends and interest of R77.3million accrued to investors for the 6 months ended 
    30 September 2017. The dividends are classified as finance costs and included in the finance cost expense
    in the Condensed Consolidated Statement of Profit and Loss and Comprehensive Income.

17. CONTINGENCIES

    The directors are not aware of any material contingent liability which existed at the reporting date and
    up to the date of this report that requires disclosure.

18. DIRECTOR CHANGES

    No changes to the Group's directors took place during the 6 months ended 30 September 2017. The
    Group Financial Director, Bryan Shanahan will be pursuing new ventures and will therefore leave the
    employment of the Group with effect from 31 January 2017. Dirk van der Merwe (current Group
    Company secretary) will take over from Mr Shanahan with effect from 1 February 2017.

19. COMPANY SECRETARY

    No changes to the Group's company secretary took place during the 6 months ended 30 September
    2017. The new incumbent for the Company secretary position will be filled within the next two months.

20. AUDITORS

    Nexia SAB&T continued in office as auditors for the Group for 2018 interim financial period.
    
    At the Annual General Meeting held on 4 August 2017, shareholders reappointed Nexia SAB&T as the
    independent external auditors of the Group for the 2017/2018 financial year.

21. GOING CONCERN

    The directors believe that the Group has adequate financial resources to continue in operation for the
    foreseeable future and accordingly the Condensed Consolidated Interim Financial Statements for the 
    6 months ended 30 September 2017 have been prepared on a going concern basis. The directors have
    satisfied themselves that the Group is in a sound financial position and that it has access to sufficient
    equity and borrowing facilities to meet its foreseeable cash requirements.
    
    The directors are not aware of any new material changes that may adversely affect the Group's ability to
    continue as a going concern. The directors are also not aware of any material non-compliance with
    statutory or regulatory requirements or of any pending changes to legislation which may affect the Group.
    
    For and on behalf of the Board
    
    TP Gregory
    Pretoria
    
    28 November 2017
    
    Directors: RJ Connellan* (Chairman), KA Rayner*, BR Topham*, W Oberholzer*, P Matute(#), 
    G Manyere (Vice Chairman)(#), TP Gregory (Chief Executive Officer) and B Shanahan (Financial Director).
    (* Independent Non-Executives)
    ((#)Non-Executive)
    
    Company Secretary: DP van der Merwe
    Registered Office: Fintech Campus, on Lynnwood, Cnr Botterklapper and Ilanga Street, The Willows,
    Pretoria East, PO Box 39660, Garsfontein East 0060
    
    Transfer Secretaries: Computershare Investor Services Proprietary Limited, (Registration number
    2004/003647/07), 2nd Floor, Rosebank Towers, 15 Biermann Avenue, Rosebank, 2196, (PO Box 61051,
    Marshalltown, 2107)
    
    Auditors: Nexia SAB&T Inc.
    Sponsor: Questco Corporate Advisory (Pty) Ltd



Date: 28/11/2017 07:30:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE'). 
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