ONELOGIX GROUP LIMITED - Unaudited condensed consolidated interim results for the six months ended 30 November 2017

Release Date: 08/02/2018 08:00
Code(s): OLG
 
Wrap Text
Unaudited condensed consolidated interim results for the six months ended 30 November 2017

OneLogix Group Limited  
(Incorporated in the Republic of South Africa)
(Registration number 1998/004519/06)  
JSE share code: OLG  ISIN: ZAE000026399  
("OneLogix" or "the company" or "the group")

Unaudited condensed consolidated interim results 
for the six months ended 30 November 2017

HIGHLIGHTS
B-BBEE accreditation improved to Level 2
Revenue up 14%
Trading profit up 11%
EPS up 143% (continuing operations up 78%)
HEPS and diluted HEPS up 21% (continuing operations up 41%)
NTAV up 20%                                         
Core HEPS and diluted core HEPS up 11% (continuing operations up 27%)
DriveRisk disposal and sale and leasback of Umlaas Road successfully completed

COMMENTARY
The group has seamlessly maintained its trading growth trajectory despite a protracted tough 
economic environment, with positive results for the six months to November 2017 ("the period").

Earnings growth for the year was entirely organic in nature, affirming the strength of the 
group's business growth strategy and the resilient business models of the group businesses, 
guided by strong management teams.

For the past ten-year period OneLogix has realised compound annual growth in revenue of 17%, in 
trading profit and in core and diluted core headline earnings per share of 12% apiece, and in net 
asset value of 20% to 353,4 cents per share.

Operationally, during the period, the group finalised the successful sale and leaseback of the 
Umlaas Road properties in KwaZulu-Natal ("Umlaas Road transaction") and the sale of its  49% 
minority shareholding in DriveRisk Proprietary Limited ("DriveRisk disposal"), which will further 
enable OneLogix to trigger growth opportunities.

The group also boosted its B-BBEE accreditation, now at Level 2, which will enhance growth 
prospects. The greater than 50% black owned, and greater than 30% black women-owned components are 
a strategic advantage.

Review of operations
Abnormal logistics
Overall this segment performed well on the back of a moderate upturn in the local and cross-border 
vehicle markets.

OneLogix Vehicle Delivery Services ("VDS") and OneLogix Commercial Vehicle Delivery Services 
("CVDS") benefited from a marginally improved market especially in the last quarter, despite an 
earlier unfortunate industry wide strike.

OneLogix Projex experienced relatively tougher trading conditions with resultant margin pressure.
Fortunately the business successfully counteracted this with strong financial controls and 
initial success in the pursuit of new markets and customers.

Primary product logistics
Listless markets and attendant margin pressure were more pervasive within this segment, 
particularly affecting OneLogix United Bulk and OneLogix Linehaul. However, movers of top-end 
niche agricultural products, OneLogix Jackson and OneLogix Buffelshoek, performed well as their 
specific market benefited from the recovery from the prolonged drought.

Other - logistics services
This smaller non-reportable segment delivered a strong performance. Atlas 360 has consolidated 
its prior year turnaround and OneLogix Cargo Solutions produced a pleasing performance in the 
warehousing and project-based clearing and forwarding markets.

Discontinued operations
In accordance with IFRS 5 (Non-current Assets Held for Sale and Discontinued Operations) the 
effects of the DriveRisk disposal on the group's results have been presented as a discontinued 
operation.

Financial results
Revenue increased by 14% to R1,15 billion mainly due to the improved performance from the 
Abnormal Logistics businesses.

Trading profit was up 11% to R101,5 million. Trading margins declined slightly to 8,9% from 
9,1%, largely attributable to increased staff costs at corporate Head Office to facilitate the 
next phase of growth in the group.

Consistent with the prior period, trading profit was further impacted by a R8 million 
(November 2016: R8,1 million) charge relating to the group's ongoing skills upliftment programme. 
The vast majority of this charge will be recovered by learnership allowances afforded by SARS. 
This has contributed to the effective tax charge of 21,6% on profit for the period.

Operating profit increased 36% from R82,7 million to R112,3 million. It was boosted by a 
R16,8 million profit realised on the Umlaas Road transaction and by a reduced non-cash flow 
IFRS 2 share-based payment charge of R5,3 million (2016: R7,6 million) relating to employee 
participation schemes.

Net finance costs decreased by 14% to R25 million as debt related to the Umlaas Road properties 
was settled, and due to the enhanced cash flow position post the DriveRisk disposal and the 
Umlaas Road transaction.

Earnings per share ("EPS") increased 143% to 39,2 cents per share due to the once-off post tax 
profits from the DriveRisk disposal and the Umlaas Road transaction of R36,5 million and 
R12,7 million, respectively.

Headline earnings and diluted headline earnings per share ("HEPS") of 20 cents were 21% higher 
on the back of an enhanced overall trading result, reduced net finance costs and the reduced 
IFRS 2 charge. HEPS from continuing operations increased 41% as DriveRisk's contribution of 
2,3 cents per share in the prior year has been disclosed as a discontinued operation.

Core HEPS and diluted core HEPS ("Core HEPS") increased by 11% to 23,3 cents per share. Core 
HEPS and diluted core HEPS from continuing operations increased by 27%. There was no dilutionary 
effect on core HEPS in the period as the volume weighted average share price for the period is 
below the consideration due from the employee participation schemes (to which potential dilution 
in issued ordinary shares relates). A reconciliation of headline earnings to core headline
earnings is provided in the financial results.

Cash generated from operations before working capital changes, net finance costs, taxation and 
dividends remains strong and increased by 8% to R167,9 million, mainly in line with trading 
profit growth. Increased investment in net working capital of R28,6 million was in line with 
increased trading activity in the months leading up to November 2017.

The group invested R76,4 million in operational infrastructure as follows: R60,5 million in 
fleet (of which R43,3 million relates to expansion), R10,2 million in property, R3,2 million in 
IT-related assets and R2,5 million for other assets.

Net proceeds of R106,3 million, R69,7 million and R10,2 million were received on the Umlaas 
Road transaction, DriveRisk disposal and sale of fleet, respectively. R133,7 million of proceeds 
from the Umlaas Road transaction were paid directly to the finance provider by the purchaser.

New interest-bearing borrowings of R62,1 million were raised to fund fleet financing, offset by 
the repayment of interest-bearing borrowings of R111,6 million.

Dividends paid in the period amounted to R21,0 million and a further R7,7 million was outlaid on 
acquiring stakes in various subsidiaries from non-controlling parties. In addition, R14,7 million 
was expended on the general share repurchase of OneLogix shares (see "Corporate transactions").

Net cash resources at the reporting date amounted to R213,7 million.

Net debt of R220,4 million at 30 November 2017 is significantly less than at 31 May 2017 
(R365,9 million) mainly due to cash receipts from the DriveRisk disposal and Umlaas Road 
transaction.

The group's financial position at period-end, funding structure for assets utilised by the 
operations and the resources available to the group have successfully reinforced a solid platform 
for the next phase of growth.

Corporate transactions
As announced on 1 September 2017, the group disposed of its 49% minority stake in DriveRisk by 
way of a repurchase and a subscription and loan agreement for an amount of R65,4 million, which 
was settled in cash via a share repurchase and final cash dividend on the effective date of 
29 August 2017. The DriveRisk disposal was necessary given the increasing complexity as a result 
of the group being a natural competitor to the expanding DriveRisk customer base.

As announced on 10 October 2017, the group concluded the Umlaas Road transaction for a cash 
consideration of R240 million, utilised to extinguish property-related debt, which in turn 
strengthened the group's financial position and ability to harness future growth opportunities.

Effective 1 June 2017, OneLogix acquired a further 5,16% stake in OneLogix Projex for 
R4,7 million and an additional 8% of OneLogix Buffelshoek for R2,8 million effective 
1 October 2017, setting its shareholding at 92,06% and 82%, respectively.

As at end-November 2017, the group had repurchased 4,8 million OneLogix Group Limited shares on 
the open market for a cash consideration of R14,7 million.

Post interim period events
OneLogix has purchased an adjoining property to its OneLogix VDS Pomona facility for 
R16,5 million in order to increase vehicle storage capacity and facilitate further value-add 
customer service offerings. The transfer of the property is expected to be completed during 
February 2018 with a further R10 million expenditure allocated to develop the facility to the 
required operational standards.

New board member
We officially extend a warm welcome to Lebogang Mosiane as an alternate  director to 
Kgotso Schoeman. This appointment was effective 23 November 2017 and is subject to approval by 
shareholders at the Annual General Meeting expected to be held on 22 November 2018.

Dividend
Shareholders are advised that an interim gross dividend, No 8 of 6 cents per share in respect of 
the six months ended 30 November 2017, was declared on Thursday, 8 February 2018. This is a 
dividend as defined in the Income Tax Act, 1962, and is payable from income reserves.

The South African dividends tax ("DT") rate is 20%. The net dividend payable to shareholders who 
are subject to DT is 4,8 cents per share, while it is 6 cents per share for those shareholders who 
are exempt from dividends tax. The income tax reference number of the company is 9361229710.

At the declaration date, the issued share capital, excluding treasury shares held in relation to 
the Employee and Management Share participation schemes, was 246 740 749 ordinary shares of no 
par value.

The salient dates in respect of the interim dividend are as follows:
                                                                                             2018
Last day to trade cum dividend                                                   Tuesday, 3 April
Shares will trade ex dividend                                                  Wednesday, 4 April
Record date                                                                       Friday, 6 April
Payment of dividend                                                               Monday, 9 April

Shareholders may not dematerialise or rematerialise their shares between  Wednesday, 4 April 2018 
and Friday, 6 April 2018, both dates inclusive.

The dividend will be transferred to dematerialised shareholders' CSDP accounts/broker accounts on 
Monday, 9 April 2018. Certificated shareholders' dividend payments will be paid to certificated 
shareholders' bank accounts on or about Monday, 9 April 2018.

The interim dividend, amounting to R14,8 million, has not been recognised as a liability in the 
consolidated interim financial statements. It will be recognised in shareholders' equity for the 
year ending 31 May 2018.

OneLogix will continue to assess the payment of interim and final dividends in light of the board's 
ongoing review of earnings, after providing for long-term growth and cash/debt resources, the 
amount of reserves available and the covenants of facility providers.

Prospects
Trading conditions for all group companies are expected to remain consistently challenging for the 
foreseeable future, notwithstanding minor upticks experienced in certain markets in the year. 
OneLogix will continue to focus on extracting maximum efficiencies from existing businesses in 
order to protect and grow their individual market shares in their respective niche markets.

The executive management team maintains full confidence in our experienced, stable management teams 
with their proven entrepreneurial skills and fully expects them to continue guiding our businesses 
to ongoing growth. Our tested business models have ensured that each group business is well-placed 
within its respective market and is well-equipped to both withstand economic headwinds and to 
exploit emerging opportunities.

As always OneLogix remains mindful of start-up and acquisitive opportunities and will continue to 
assess  these appropriately. Our strengthened financial position and improved B-BBEE accreditation 
provide an ideal springboard for this pursuit of growth.

People
The group continues to prioritise building high-quality and high-performance teams within an 
enabling culture. The re-award to OneLogix of the international honour of "Top Employer" for 2018 
by the Top Employer Institute is testament to our success in this regard.

We remain deeply appreciative of our management team and staff who continue to perform at the 
highest  levels of excellence.

We further thank all our business partners, customers, suppliers, business advisors and 
shareholders for their continued invaluable support.

Basis of presentation
The unaudited condensed consolidated interim results for the six months ended 30 November 2017 
have been prepared in accordance with, and contain the information as set out in International 
Accounting Standards ("IAS") 34, as well as the SAICA Financial Reporting Guides as issued by 
the  Accounting Practices Committee and Financial Reporting Pronouncements as issued by Financial 
Reporting Standards Council, the JSE Listings Requirements and the requirements of the Companies
Act, No 71 of 2008. The unaudited condensed consolidated interim financial information should be 
read in conjunction with the most recent audited annual financial statements for the year ended 
31 May 2017. Accounting policies and computations are consistently applied as in the annual 
financial statements.

As previously communicated we aim to present stakeholders with the same information that 
management utilises to evaluate the performance of the group's operations. Accordingly, we 
present core headline earnings per share ("core HEPS"), which is headline earnings (as calculated 
based on SAICA Circular 2/2015) adjusted for the amortisation charge of intangible assets 
recognised on business combinations and charges relating to share-based payments.

The interim financial statements were approved by the board of directors on 8 February 2018. 
These results have been compiled under the supervision of the Financial Director, GM Glass CA(SA). 
The interim results have not been reviewed or reported on by the group auditors, Mazars Gauteng.

The unaudited condensed consolidated interim financial statements are available on the company's 
website www.onelogix.com.

By order of the board
8 February 2018

CONDENSED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME

                                                              Unaudited     Unaudited     Audited
                                                             six months    six months        year
                                                                  ended         ended       ended
                                                            30 November   30 November      31 May
                                                                   2017          2016        2017
                                                       %          R'000         R'000       R'000
Revenue                                               14      1 147 052     1 006 029   1 995 888
Operating and administration costs                    15       (984 437)     (858 843) (1 712 294)
Depreciation and amortisation                          5        (66 366)      (63 288)   (132 875)
(Profit)/loss on disposal of property, plant       
and equipment                                                    16 040        (1 233)     (2 573)
Operating profit                                      36        112 289        82 665     148 146
Net finance costs                                    (14)       (25 012)      (29 127)    (57 625)
Profit before taxation                                63         87 277        53 538      90 521
Taxation                                                        (18 797)      (12 320)    (20 958)
Profit from continuing operations                     66         68 480        41 218      69 563
Profit from discontinued operation                                    -         5 712      14 213
Profit on disposal of discontinued operation                     36 526             -           -
Profit for the period                                           105 006        46 930      83 776
Other comprehensive income                         
Movement in foreign currency translation reserve*                     9           420         700
Revaluation of land and buildings                                     -             -      13 968
Total comprehensive income for the period            122        105 015        47 350      98 444
Profit attributable to:                                    
- Non-controlling interest                             6          6 658         6 282      10 808
- Owners of the parent                               142         98 348        40 648      72 968
                                                     124        105 006        46 930      83 776
Total comprehensive income attributable to:                
- Non-controlling interest                             6          6 658         6 282      10 808
- Owners of the parent                               139         98 357        41 068      87 636
                                                     122        105 015        47 350      98 444
Basic and diluted basic earnings per share (cents)   143           39,2          16,1        29,0
Continuing operations                                 78           24,6          13,8        23,4
Discontinued operations                                            14,6           2,3         5,6

* The component of other comprehensive income may subsequently be reclassified to profit and loss 
  during future reporting years.




                                                              Unaudited     Unaudited     Audited
                                                             six months    six months        year
                                                                  ended         ended       ended
                                                            30 November   30 November      31 May
                                                                   2017          2016        2017
                                                       %          R'000         R'000       R'000
Notes to statement of comprehensive income                                               
- Total issued less treasury shares                   (2)       247 110       251 946     251 946
- Weighted                                             -        251 015       251 946     251 946
- Diluted                                              -        251 015       251 946     251 946
- Diluted measure for core earnings purposes           -        251 015       251 946     251 946
Earnings per share measures (cents)                                                      
Headline and diluted headline earnings per                                               
share (cents)                                         21           20,0          16,5        29,6
Continuing operations                                 41           20,0          14,2        24,0
Discontinued operations                                               -           2,3         5,6
Core and diluted core headline earnings per                                              
share (cents)                                         11           23,3          20,9        36,9
Continuing operations                                 27           23,3          18,3        30,6
Discontinued operations                                               -           2,6         6,3
Reconciliation of headline earnings and                                                  
core headline earnings                                                                   
Profit attributable to owners of the parent          142         98 348        40 648      72 968
(Profit)/loss on disposal of property, plant and                                         
equipment less taxation and non-controlling                                              
interests                                                       (11 579)          858       1 649
Profit on disposal of discontinued operation                    (36 526)            -           -
Headline earnings                                     21         50 243        41 506      74 617
Share based payments                                              5 278         7 589      10 555
Amortisation of intangible assets acquired as part                                       
of a business combination less taxation and                                              
non-controlling interests                                         3 015         3 512       7 826
Core headline earnings                                11         58 536        52 607      92 998

ANALYSIS OF RECONCILING AMOUNTS BETWEEN EARNINGS, HEADLINE EARNINGS AND CORE HEADLINE EARNINGS

                                                                                  Non-
                                                        Gross     Income   controlling        Net
                                                       amount        tax      interest     amount
                                                        R'000      R'000         R'000      R'000
(Profit)/loss on disposal of property, plant
and equipment                                         (16 040)     4 497           (36)   (11 579)
Share-based payments                                    5 278          -             -      5 278
Amortisation of intangible assets acquired
as part of a business combination                       4 741     (1 327)         (399)     3 015

CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION

                                                              Unaudited     Unaudited     Audited
                                                                     at            at          at
                                                            30 November   30 November      31 May
                                                                   2017          2016        2017
                                                       %          R'000         R'000       R'000
ASSETS                                                      
Non-current assets                                   (16)     1 182 439     1 406 183   1 182 371
Property, plant and equipment                                 1 022 362     1 197 847   1 018 770
Intangible assets                                               151 369       158 422     155 868
Investment in associate                                               -        42 498           -
Loans and receivables                                             7 834         6 068       6 425
Deferred tax                                                        874         1 348       1 308
Current assets                                        41        615 420       437 111     412 201
Inventories                                                      25 515        23 515      22 914
Trade and other receivables                                     374 315       293 672     292 016
Taxation                                                          1 896         2 186       2 255
Cash resources                                                  213 694       117 738      95 016
Non-current assets held-for-sale                                      -             -     256 380
Total assets                                          (2)     1 797 859     1 843 294   1 850 952
EQUITY AND LIABILITIES                                      
Equity                                                12        911 960       811 166     845 070
Ordinary shareholders' funds                                    873 318       770 366     799 775
Non-controlling interests                                        38 642        40 800      45 295
Liabilities                                                 
Non-current liabilities                              (32)       409 716       598 273     438 519
Interest-bearing borrowings                                     271 685       476 910     309 997
Deferred tax                                                    138 031       121 363     128 522
Current liabilities                                   10        476 183       433 855     410 947
Trade and other payables                                        313 142       260 901     256 797
Interest-bearing borrowings                                     162 419       169 794     150 878
Taxation                                                            622         3 160       3 272
Non-current liabilities held-for-sale                                 -             -     156 416
Total equity and liabilities                          (2)     1 797 859     1 843 294   1 850 952
Notes to statement of financial position                    
Net asset value per share (cents)                     16          353,4         305,8       323,7
Net tangible asset value per share (cents)            20          292,2         242,9       260,6

CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS
                                                              Unaudited     Unaudited     Audited
                                                             six months    six months        year
                                                                  ended         ended       ended
                                                            30 November   30 November      31 May
                                                                   2017          2016        2017
                                                       %          R'000         R'000       R'000
Net cash generated from operating activities         (32)        82 205       121 709     205 099
Cash generated from operations before changes              
in working capital                                     8        167 892       154 836     294 149
Changes in working capital                                      (28 531)       11 557       9 714
Net finance costs                                               (25 012)      (29 127)    (57 625)
Taxation paid                                                   (11 146)      (13 200)    (18 626)
Dividends paid to shareholders                                  (20 998)       (2 357)    (22 513)
Net cash flows from investing activities            >100        162 989       (14 238)    (36 068)
Purchase of property, plant and equipment                       (19 772)      (26 937)    (69 547)
Purchase of intangible assets                                    (2 016)       (1 286)     (5 303)
Proceeds on disposal of property, plant                    
and equipment                                                    10 159        12 935      20 266
Movement in non-current receivables                              (1 409)        1 050         693
Proceeds from disposal of Umlaas Road properties           
(non-current asset held for sale)                               106 322             -           -
Cash flows from associate (non-current asset held         
for sale)                                                        69 705             -      17 823
Net cash flows from financing activities              40       (126 504)      (90 184)   (174 752)
Increase in borrowings                                            7 505        14 719      20 677
Repayment of borrowings                                        (111 623)     (104 903)   (195 429)
Acquisition of non-controlling interests                         (7 702)            -           -
Share buy back                                                  (14 684)            -           -
Net movement in cash resources                                  118 690        17 287      (5 721)
Cash resources at beginning of the period                        95 016       100 012     100 012
Exchange gain on cash resources                                     (12)          439         725
Cash resources at end of the period                   81        213 694       117 738      95 016

CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY

                                             Stated
                                        capital net                                Non-
                                        of treasury   Retained              controlling
                                             shares     income   Reserves     interests     Total
                                              R'000      R'000      R'000         R'000     R'000
At 1 June 2016 - audited                    251 995    456 465     13 615        36 509   758 584
Dividends paid to shareholders                    -    (20 156)         -        (2 357)  (22 513)
Non-controlling interest acquired 
as a result of a business combination             -          -       (335)          335         -
Share-based payment reserve                                                 
movement                                          -          -     10 555             -    10 555
Profit for the period                             -     72 968          -        10 808    83 776
Other comprehensive income                        -          -     14 668             -    14 668
At 31 May 2017 - audited                    251 995    509 277     38 503        45 295   845 070
Dividends paid to shareholders                    -    (12 597)         -        (8 401)  (20 998)
Share-based payment reserve                                                 
movement                                          -          -      5 278             -     5 278
Transactions with non-controlling                                           
interests                                         -          -     (2 793)       (4 910)   (7 703)
Shares repurchased                          (14 684)         -          -             -   (14 684)
Profit for the period                             -     98 348          -         6 658   105 006
Other comprehensive income                        -          -         (9)            -        (9)
At 30 November 2017 - unaudited             237 311    595 028     40 979        38 642   911 960

SEGMENTAL ANALYSIS

                                                              Unaudited     Unaudited     Audited
                                                             six months    six months        year
                                                                  ended         ended       ended
                                                            30 November   30 November      31 May
                                                                   2017          2016        2017
                                                      %           R'000         R'000       R'000
Revenue                                                    
Abnormal logistics                                   20         544 655       452 768     933 245
Primary product logistics                            13         521 448       461 992     907 394
Reportable segments                                  17       1 066 103       914 760   1 840 639
Other                                               (11)         80 949        91 269     155 249
                                                     14       1 147 052     1 006 029   1 995 888
Segment results                                            
Abnormal logistics                                   29          68 896        53 337     100 963
Primary product logistics                            (4)         59 483        61 662     100 739
Reportable segments                                  12         128 379       114 999     201 702
Other                                                 7           6 301         5 905      12 882
Corporate items                                      33         (33 153)      (24 973)    (48 866)
Trading profit (excluding restructuring costs)        6         101 527        95 931     165 718
Restructuring costs at VDS                                            -        (4 444)     (4 444)
Trading profit                                       11         101 527        91 487     161 274
Unallocated:                                               
Share-based payments - employees                    (30)         (5 278)       (7 589)    (10 555)
(Profit)/loss on disposal of property, plant               
and equipment                                      >100          16 040        (1 233)     (2 573)
Operating profit                                                112 289        82 665     148 146
Total assets                                               
Abnormal logistics                                  (20)        668 446       834 164     645 763
Primary product logistics                            10         916 636       835 343     827 158
Reportable segments                                  (5)      1 585 082     1 669 507   1 472 921
Non-current assets held-for-sale                                      -             -     256 380
Other                                                 8          81 328        75 634      66 291
Corporate items                                     147         128 679        52 121      51 797
Investment in associate                            (100)              -        42 498           -
Taxation and deferred taxation                      (22)          2 770         3 534       3 563
                                                     (2)      1 797 859     1 843 294   1 850 952
Total liabilities                                          
Abnormal logistics                                  (40)        264 677       443 593     258 159
Primary product logistics                             3         411 775       398 160     391 389
Reportable segments                                 (20)        676 452       841 753     649 548
Non-current liabilities held-for-sale                                 -             -     156 416
Other                                                 2          46 997        46 032      48 136
Corporate items                                      20          23 797        19 820      19 988
Taxation and deferred taxation                       11         138 653       124 523     131 794
                                                    (14)        885 899     1 032 128   1 005 882
The group has authorised capital expenditure 
over the next six months of R41,5 million.
Commitments
Operating lease commitments (not exceeding 
ten years)                                                      379 831       133 580     163 165

Directors                                            
SM Pityana (Chairman)*#                              
NJ Bester                                            
GM Glass (FD)                                        
AJ Grant*#                                           
IK Lourens (CEO)                                     
B Mathews*#
CV McCulloch (COO)                                                
K Schoeman* (alternate: L Mosiane)
LJ Sennelo*#                                                  
* Non-executive 
# Independent
                                                     
Registered office
46 Tulbagh Road
Pomona                                                     
Kempton Park                                    
                                      
PostNet Suite 10                                               
Private Bag X27                                         
Kempton Park                                                     
1620
                                      
Company secretary                                         
CIS Company Secretaries (Pty) Limited
Rosebank Towers
15 Biermann Avenue
Rosebank
2191

PO Box 61673
Marshalltown
2107

Transfer secretaries
Computershare Investor Services (Pty) Limited
Rosebank Towers
15 Biermann Avenue
Rosebank
2191

PO Box 61051
Marshalltown
2107

Sponsor
Java Capital

www.onelogix.com
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