Wrap Text
Summarised provisional audited results for the year ended 31 December 2017 and declaration of dividend number 7
ANCHOR GROUP LIMITED
(Incorporated in the Republic of South Africa)
(Registration number 2009/005413/06)
("Anchor" or "the Company" or "the Group)
JSE share Code: ACG
ISIN: ZAE000193389
SUMMARISED PROVISIONAL AUDITED RESULTS FOR THE YEAR ENDED 31 DECEMBER 2017 AND DECLARATION OF DIVIDEND NUMBER 7
HIGHLIGHTS
* Top quartile investment performance and strong long-term track record.
* Assets under management and advice grew 14% during 2017 to R52.3 billion (31 December 2016: R45.9 billion).
* Cash and cash equivalents and short-term investments balance of R206 million (R218 million at 31 December 2016).
* The business is highly cash generative and 106% of operating profits were generated in cash.
* Adjusted Headline Earnings down 36% to R73.8 million (R115.2 million to 31 December 2016).
* Adjusted HEPS down 41% to 38 cents per share (64.7 cents to 31 December 2016).
* Final dividend of 10 cents (15 cents in 2016).
COMMENTARY
Anchor began managing assets in 2012 and has grown rapidly to reach group-wide assets under management and advice at 31 December 2017 of R52.3
billion, up by 14% from R45.9 billion on 31 December 2016. Anchor has three primary divisions - Private Clients, Asset Management and Stockbroking.
The long term strategy of Anchor is to become a major player in South African asset management, with an increasing focus on offshore investment. This
will be achieved by both organic and acquisitive growth.
INTRODUCTION
The 2017 year was a difficult one for the investment industry, with activity levels well down on the previous year. Anchor has reacted proactively to
this environment, attracting over 1,600 new high net worth private clients in this reporting period, diversifying income streams and increasing
global exposure. Anchor made meaningful progress in asset growth in 2017. The investment performance was solid and new initiatives delivered ahead of
expectations. This was against a challenging backdrop in South Africa, with slow economic growth, local confidence levels low and investors taking a
cautious stance. The much stronger currency also weighed on the market.
The business progressed well in 2017, but profits decreased. While turnover increased by 14%, the operating margin of 27% (2016: 40%) declined as a
result of:
* A decline in the profitability of our hedge fund business
* Performance fees earned in 2016 not being repeated in 2017
* Lower activity levels resulting in lower private client brokerage revenue
* A stronger Rand and a change in asset mix (more fixed income revenues, where fees are lower)
* Investment "ahead of the curve" in new initiatives which are still building matching revenue.
The Company is well placed to take advantage of a more positive environment. The operating margin of 27% was the lowest since the inception of the
business. This will increase as the scale of the business increases. In addition there are a number of newer businesses which are still operating at
low operating margins.
RESULTS
The turnover of the group grew by 14% to R476 million (2016: R419 million). The yield on average assets (R49 billion) for the period was 0.97%
(2016: 1.01%).
Costs grew by 39% to R350 million (2016: R252 million). There was a like-for-like cost increase of 6%, with the new stockbroking business and newly
consolidated businesses adding the remainder. The margin of certain new businesses is expected to increase going forward. The group also continued to
invest in new distribution staff and partnerships throughout the country to accelerate future growth. Additional costs were also incurred in
compliance and system enhancements to enrich the client experience.
Costs grew faster than turnover, resulting in an operating margin of 27% (2016: 40%). This resulted in operating profits declining by 24% to
R127 million (2016: R167 million).
Profits were negatively impacted by the low return on balance sheet assets, primarily comprising seed investments in Anchor unit trusts and equities.
This was largely due to the Rand/US$ exchange rate strengthening by 9.6% for the year (and especially the 10% strengthening of the currency in
December 2017).
The share of losses from equity accounted associates was a negative R1.9 million (2016: R7.8 million profit). Our offshore associate had lower
earnings in 2017.
Adjusted headline earnings per share declined by 41% to 38 cents (2016: 64.7 cents). Adjusted headline earnings are calculated by the group in order
to reflect the sustainable cash-flow earnings of the group. This number is used as the basis to determine the dividend cover of the group.
The business is highly cash generative and 106% of profits were generated in cash.
Shareholders’ equity grew to R1.13 billion (2016: R1.08 billion). The net asset
value per share is 574 cents. Cash and other liquid instruments were R206 million at 31 December 2017, which represents 104 cents per
share.
OPERATIONAL REVIEW
Private Clients and Asset Management
Anchor is proceeding well, with the growth in assets previously outlined. Assets under management at year-end were R35.6 billion (+6%, 2016: R33.7
billion) and assets under advice R16.7 billion (+38%, 2016: R12.1 billion). Anchor does not own 100% of all of its subsidiaries. If one only includes
Anchor’s attributable share of assets under management the R35.6 billion reduces to R30.5 billion (up 10.5% on 31 December 2016: R27.6 billion).
The business welcomed a record number of new clients and group net inflows remain strong. We are pleased with the following:
* Anchor Capital has a strong institutional pipeline of committed mandates and this should increase Assets Under Management meaningfully in 2018.
The private client pipeline is the strongest it has ever been.
* Offshore managed assets grew by 12% to just over R14.5 billion, in spite of the Rand strengthening by 10% against the US$.
* We received encouraging support from the financial advisor community and investments in group CIS (Collective Investment Scheme, or more commonly
known as unit trusts) assets under management increased by 14% to R14.8 billion from R13 billion at 31 December 2016.
* Anchor’s fixed income business was launched late in 2015 and has grown meaningfully with a strong pipeline.
Group marketing initiatives are proving effective and Anchor has achieved net inflows of over R400 million per month in 2017.
The investment performance of the Group has been strong since inception. The majority of assets are managed in segregated portfolios. Anchor Capital
is relatively new to the CIS space, with three of its Anchor-branded funds now having a three year track record. The Anchor BCI Equity Fund will have
a five year track record in April 2018 and since inception has averaged a compound 15.3% per annum against a peer group average of 9.6%. The Anchor
BCI Worldwide Flexible Fund is third in its category (out of 29) for the same period (source: MoneyMate). After a disappointing year in 2016,
Capricorn bounced back in 2017. The SA team won the Hedge News Africa Award 2018 award for best SA Long Short Hedge Fund. The team won the same award
for 2015 performance. The Lyxor Capricorn GEMS UCITS Fund won the Hedge Fund Journal UCITS Hedge Awards 2018 for Best Emerging Market Long/Short
Equity performance in 2017. They won the same award for 2015 performance.
Portfolio Bureau produced solid growth for the period and AG Capital performed ahead of budget. The contribution from Capricorn Fund Managers was
lower than the prior period with a low level of performance fees. The company is exploring the launch of a long only global emerging market fund, to
leverage off the long term investment performance of an experienced team.
Investment markets delivered reasonable returns in 2017: the SA All Share total return was 21%, the MSCI World was up 20% and the Rand strengthened by
10% against the US$. In the 2017 year Anchor’s offshore performance was ahead of benchmarks, while the local performance was below the benchmark. As
Anchor increases in size, so it becomes increasingly sensitive to market returns and exchange rates. To balance this, Anchor is focused on growing
annuity revenue streams and increasing the mix of asset classes.
Anchor has a long term strategy of being a meaningful South African asset management company and places a great deal of emphasis on fundamental
research. Accordingly it has constructed a large investment team relative to its size. The group has 15 CA(SA)s, 15 CFA charter holders and a 20
strong investment team.
Stockbroking
Anchor Securities Stockbroking was granted a JSE stockbroking license in September 2016 and this business generated profits in its first full year of
operation in 2017, with excellent prospects.
Capital allocation and corporate activity
Anchor has developed critical mass in all of its pillars and did not conclude any material acquisitions in 2017. We still see opportunity for bolt-on
acquisitions and strategic partnerships. Anchor repurchased 1.35m shares held as treasury in 2017 at an average price of R4.50. Anchor has a stated,
long-term intention of paying half of adjusted headline earnings as a dividend. The Group deviated from this in the first half of 2017 to build up
its balance sheet and provide capacity to buy back shares. The second half dividend is 10c per share. Given the strong balance sheet and anticipated
cash generation the group commits to the 50% pay-out ratio in addition to any share buybacks in 2018.
STRATEGY AND NEW INITIATIVES
Anchor is in its seventh year of existence and continues to make excellent progress. Anchor is a young and dynamic asset management business, which
maintains its focus on quality and investment excellence, but also aims to do things differently and challenge the status quo. The private client
market in South Africa has shown a strong appetite to support a relatively new player, but to penetrate other segments of the market, longer track
records are required. The company now has a six year track record in its current form and some of its CIS products are approaching five year track
records. As the track record lengthens and the asset base grows, we become a viable asset management alternative for bigger pools of assets. This is
an industry where size begets size and we are encouraged by the early successes in winning mandates with bigger clients. Our critical mass has
enabled us to conclude deals with South Africa’s major platforms, which increases access to a broader set of potential investors.
Anchor Capital has taken a non-traditional approach to building an asset management business by investing heavily in marketing and distribution
capabilities from inception, which is bearing fruit through the growth of assets under management. We are aiming for consequent financial leverage to
follow in coming years.
The Anchor Group’s strategy is as follows:
1. To build a world-class investment product range across asset classes and geographies:
* This is now close to complete and Anchor now has a CIS product range which will service all investment needs, managed by a now
well-established, extremely competent and strongly performing investment process.
* Anchor hired a fixed income team in 2015 and has built further capacity and capability in the hedge and offshore categories, both
organically and acquisitively. The focus now is to leverage off this product offering by increasing assets under management.
* There is a strong focus on offshore, both for funds which are Rand-based and for funds which have been externalised.
2. To build distribution capacity and capability to generate growth in assets under management. This will be achieved in two ways:
* Marketing to traditional channels who outsource the asset management function to third party asset managers. This includes financial
advisors, institutional investors, multi-managers and fund-of-funds. We continue to add high quality personnel to this pursuit.
* Marketing directly to clients, primarily in the private client space. We continue to employ individuals who can attract assets and have
over 50 high quality investment professionals who sign on clients. We will also pursue partnerships and acquisitions of businesses which
have a distribution capability and existing client base. This strategy will prevail into 2018.
PROSPECTS
Anchor views the financial performance in this period as disappointing, with the operating margin below historic levels. Management is targeting
higher margins. In this period the asset base continued to grow and the client experience was a positive one. These factors underpin the future
growth prospects of the business. Management is focussed on delivering on key metrics and building an attractive business.
On the assumption of reasonable investment markets, Anchor looks forward to a stronger 2018. The key driver for the business is assets under
management, which averaged R49 billion for the 2017 financial year. The 2018 financial year began with R52.3 billion of assets under management.
The results for the forthcoming year will also be influenced by:
* The performance of local and global markets and Anchor’s relative performance;
* The impact on assets under management from a larger distribution force and the progress of Anchor Financial Services;
* The exchange rate between the Rand and other currencies (we estimate across the business, including Capricorn Fund Managers,
that the Rand hedge component is approximately 60%);
* The growth of the new stockbroking division, and
* An increase in shares in issue. The average shares in issue for 2017 were 194.3 million and the starting shares in
issue at 1 January 2018 are 197 million.
Anchor intends paying a dividend of at least 50% of adjusted headline earnings per share in 2018, in addition to any money spent on share buyback.
A presentation on the results under review is available on www.anchorgroup.co.za.
CHANGES TO THE BOARD OF DIRECTORS
There were no changes to the board of directors during the period under review.
Summarised provisional consolidated statement of comprehensive income
Audited Audited
Figures in R’000 % change 31-Dec-17 31-Dec-16
Revenue 14% 476 283 419 331
Operating Expenses 39% (349 520) (252 096)
Operating profit (24%) 126 763 167 235
Other Income 36% 12 666 8 643
Gain on bargain purchase (100%) - 1 661
Fair Value gain on acquisition of former associate (100%) - 30 645
Finance Costs 354% (4 413) (973)
Share of (losses) / profits from associates (124%) (1 895) 7 763
Profit before taxation (38%) 133 121 214 974
Taxation expense (15%) (36 384) (42 994)
Profit for the period (44%) 96 737 171 980
Other Comprehensive Income (148%) (554) 1 159
Total Comprehensive Income (44%) 96 183 173 139
Profit for the period attributable to:
Owners of the parent (54%) 63 337 138 346
Non-controlling interest (1%) 33 400 33 634
(44%) 96 737 171 980
Total comprehensive income attributable to:
Owners of the parent (55%) 62 783 139 505
Non-controlling interest (1%) 33 400 33 634
(44%) 96 183 173 139
Earnings per share (cents) (58%) 32,6 77,7
Diluted earnings per share (cents) (57%) 32,6 75,9
Headline earnings per share (cents) (45%) 32,6 59,5
Diluted headline earnings per share (cents) (44%) 32,6 58,1
Adjusted headline earnings per share (cents) (41%) 38,0 64,7
Diluted adjusted headline earnings per share (cents) (40%) 37,9 63,2
Earnings and headline earnings per share
Audited Audited
% change 31-Dec-17 31-Dec-16
Earnings attributable to shareholders (44%) 96 737 171 980
Non-controlling interest (1%) 33 400 33 634
Earnings attributable to ordinary shareholders (54%) 63 337 138 346
Gain on bargain purchase (100%) - (1 661)
Fair Value gain on acquisition of former associate (100%) - (30 645)
Headline earnings attributable to ordinary shareholders (40%) 63 337 106 040
Amortisation on Intangible Asset 14% 4 065 3 578
Equity settled share option costs 13% 6 393 5 656
Adjusted headline earnings attributable to ordinary shareholders (36%) 73 795 115 274
Number of shares in issue 2% 197 217 193 455
Weighted average number of shares in issue 9% 194 310 178 120
Employee share incentive scheme (94%) 244 4 253
Contingent purchase consideration
Diluted weighted average number of shares in issue 7% 194 554 182 373
Summarised provisional consolidated statement of financial position Restated
Audited Audited
Figures in R’000 % change 31-Dec-17 31-Dec-16
Assets
Non-Current Assets
Equipment (6%) 7 325 7 806
Goodwill 1% 557 287 551 910
Intangible assets 29% 87 222 67 677
Investments in associates 2%) 334 309 341 764
Financial assets 36% 14 660 10 744
Deferred tax 107% 4 299 2 075
2% 1 005 102 981 976
Current Assets
Current tax receivable (63%) 2 288 6 107
Cash and cash equivalents 20% 93 672 78 184
Other financial assets (20%) 111 882 139 837
Trade and other receivables (15%) 69 764 81 602
Amounts receivable on stockbroking activities 251 566
73% 529 172 305 730
Total Assets 19% 1 534 274 1 287 706
Equity
Share capital 1% 913 902 904 010
Reserves 13% 6 308 5 590
Retained income 23% 183 845 149 526
Equity Attributable to Equity Holders of Parent 4% 1 104 055 1 059 126
Non-controlling interest 50% 27 492 18 366
Total Equity 5% 1 131 547 1 077 492
Liabilities
Non Current Liabilities
Financial liabilities (50%) 52 714 106 020
Deferred Tax 14% 19 308 16 974
(41%) 72 022 122 994
Liabilities
Current Liabilities
Financial liabilities (18%) 37 094 31 305
Trade and other payables (40%) 26 800 45 038
Current tax payable 32% 14 357 10 877
Amounts payable on stockbroking activities 252 454
279% 330 705 87 220
Total Liabilities 92% 402 727 210 214
Total Equity and Liabilities 19% 1 534 274 1 287 706
Net asset value per share (cents) 3% 574 557
Net tangible asset value per share (cents) 4% 247 237
Summarised provisional consolidated statement of cash flows
Audited Audited
Figures in R’000 % change 31-Dec-17 31-Dec-16
Cash flows from operating activities
Cash generated from / (used) from operations (11%) 140 736 157 260
Interest income (3%) 6 538 6 748
Finance costs 354% (4 413) (973)
Tax paid (65%) (29 750) (85 620)
Net cash from operating activities 49% 113 111 77 415
Cash flows utilised in investing activities
Purchase of equipment and intangible assets 125% (9 256) (4 121)
Cash acquired through business combination (64%) 4 363 12 254
Proceeds / (Purchase) of financial assets (166%) 22 892 (34 444)
Decrease in investments in associates (91%) (21 499) (237 057)
Proceeds on sale of associate 5 200
Net cash utilised in investing activities (98%) (3 500) (258 168)
Cash flows from financing activities
Increase in stated capital / share capital (61%) 4 229 10 829
(Decrease) / Increase of other financial liabilities (189%) (39 891) 44 976
Purchase of ACG shares (5 121)
Dividends paid (52%) (53 292) (110 944)
Net Cash from financing activities 71% (94 075) (55 139)
Total cash and cash equivalents movement for the year (107%) 15 562 (235 892)
Cash and cash equivalents at the beginning of the year (75%) 78 184 314 486
Effect of exchange rate movement on cash balances (88%) (48) (410)
Total cash and cash equivalents at end of the year 20% 93 672 78 184
Summarised provisional consolidated statement of changes in equity
Figures in R’000
Total
attribut-
Foreign able to
currency Share equity
transl- based holders of Non-
Share tion Equity Treasury payment Total Retained the group controlling Total
Capital Reserve Reserve shares reserve reserves Income / company interest equity
Balance at 01 January 2016 635 946 8 - - 4 580 4 588 70 673 711 207 2 423 713 630
Profit for the year - - - - - - 138 346 138 346 33 634 171 980
Other comprehensive income - 1 151 - - - 1 151 - 1 151 - 1 151
Total Comprehensive income
for the year - 1 151 - - - 1 151 138 346 139 497 33 634 173 131
Issue of shares for
Acquisitons of subsidiaries 268 064 - - - - - - 268 064 - 268 064
Acquisition of CFM SA - 32 164 32 164
Acquisition of AG Capital - - - - - - - - 1 816 1 816
Share buyback CFMSA - (4 800) - (4 800) - (4 800) - (4 800)
Share based payments - - - - 5 656 5 656 - 5 656 - 5 656
Changes in ownership
interest - control not lost (1 005) - (1 005) (1 005) (220) (1 225)
Dividends - - - - - (59 493) (59 493) (51 451) 110 944)
Total contributions by and
distributions to owners of
company recognised directly
in equity 268 064 - (5 805) - 5 656 (149) (59 493) 208 422 (17 691) 190 731
Balance at 01 January 2016 904 010 1 159 (5 805) - 10 236 5 590 149 526 1 059 126 18 366 1 077 492
Profit for the year 63 337 63 337 33 400 96 737
Other comprehensive income - (554) - - - (554) - (554) - (554)
Total comprehensive
income for the year - (554) - - - (554) 63 337 62 783 33 400 96 183
Issue of shares 9 892 - - - - - 9 892 9 892
Shares of ACG held in
subsidiary - - - (5 121) - (5 121) - (5 121) - (5 121)
Share issue costs - - -
Share based payments - - - - 6 393 6 393 - 6 393 - 6 393
Dividends - - - - - - (29 018) (29 018) (24 274) (53 292)
Total contributions by and
distributions to owners of
company recognised directly
in equity 9 892 - - (5 121) 6 393 1 272 (29 018) (17 854) (24 274) (42 128)
Balance at 31 December 2017 913 902 605 (5 805) (5 121) 16 629 6 308 183 845 1 104 055 27 492 1 131 547
Summarised provisional segmental information (R’ 000)
31-Dec-17 Non-asset Management Asset Management Stockbroking Eliminations Total
Revenue 55 292 372 050 129 850 (80 909) 476 283
Operating expenses (23 827) (270 283) (92 078) 36 668 (349 520)
Operating profit 31 465 101 767 37 772 (44 241) 126 763
Other Income 8 106 8 093 3 259 (6 792) 12 666
Share of losses from associates (1 895) - - (1 895)
Finance costs (548) (5 081) (1 491) 2 707 (4 413)
Profit before tax 37 128 104 779 39 540 (48 326) 133 121
31-Dec-16 Non-asset Management Asset Management Stockbroking Eliminations Total
Revenue 90 883 407 906 - (79 457) 419 331
Operating expenses (32 883) (234 886) - 15 673 (252 096)
Operating profit 58 000 173 020 (63 784) 167 236
Other Income 24 095 39 966 - (23 112) 40 949
Interest Income - - - - -
Share of profits from associates 8 012 329 - (578) 7 763
Finance Costs (347) (626) - - (973)
Profit before tax 89 760 212 689 - (87 474) 214 974
Financial Position
31-Dec-17 Non-asset Management Asset Management Stockbroking Eliminations Total
Assets 1 098 078 421 838 297 114 (282 756) 1 534 274
Non Current Assets 988 442 251 717 8 889 (243 946) 1 005 102
Current Assets 109 636 170 121 288 225 (38 810) 529 172
Liabilities (65 416) (90 691) (268 911) 22 291 (402 726)
Non Current Liabilities (63 468) (11 456) (17 237) 20 139 (72 022)
Current liabilities (1 948) (79 235) (251 674) 2 152 (330 705)
Equity 1 032 662 331 147 28 203 (260 465) 1 131 547
31-Dec-16 Non-asset Management Asset Management Stockbroking Eliminations Total
Assets 1 058 798 458 706 (229 798) 1 287 706
Non Current Assets 924 434 252 001 - (194 459) 981 976
Current Assets 134 364 206 705 - (35 339) 305 730
Liabilities (125 648) (154 851) 70 285 (210 214)
Non Current Liabilities (75 772) (84 801) 37 579 (122 214)
Current Liabilities (49 876) (70 050) 32 706 (87 220)
Equity 964 350 303 855 - (159 513) 1 077 492
BASIS OF PREPARATION AND ACCOUNTING POLICIES
The accounting policies and method of measurement and recognition applied in the preparation of these condensed consolidated financial results are in
terms of International Financial Reporting Standards ("IFRS") and are consistent with those applied in the audited annual financial statements for
the previous year ended 31 December 2016 except for the adoption of new standards and interpretations which became effective in the current year.
The summarised consolidated financial statements are prepared in accordance with the requirements of the JSE Listings Requirements for provisional
reports and the requirements of the Companies Act of South Africa. The summarised consolidated financial results have been prepared in accordance
with International Financial Reporting Standards ("IFRS") and are presented in terms of the minimum disclosure requirements set out in International
Accounting Standards ("IAS") 34 - Interim Financial Reporting, as well the SAICA Financial Reporting Guides as issued by the Accounting Practices
Committee and Financial Reporting Pronouncements as issued by the Financial Reporting Standards Council.
The financial director, Omair Khan CA(SA), was responsible for the preparation of the condensed consolidated financial results, which process was
overseen by the CEO, Mr Peter Armitage CA(SA).
Any reference to future financial performance included in this announcement has not been reviewed or reported on by the group’s external auditors.
These summarised consolidated financial statements for the year ended 31 December 2017 have been audited by Grant Thornton, who expressed an
unmodified opinion. A copy of the auditor’s report is available for inspection at the company’s registered office.
These summary audited consolidated financial statements have been derived from the Anchor Group’s annual financial statements. The directors take
full responsibility for the preparation of the provisional report and that the financial information has been correctly extracted from the underlying
annual financial statements.
The auditor’s report does not necessarily report on all the information contained in this announcement. Shareholders are therefore advised that, in
order to obtain a full understanding of the nature of the auditor’s engagement, they should obtain a copy of the auditor’s report together with the
accompanying financial information from the Company’s registered office.
EVENTS AFTER THE REPORTING PERIOD
Anchor has no events after reporting period to report on.
RESTATEMENT IN CONSOLIDATED FINANCIAL STATEMENTS DUE TO GOODWILL
On 1 December 2016, the group acquired 50% of the issued shares and voting rights of AG Capital Proprietary Limited. The group had recognised
provisional amounts at the acquisition date owing to certain facts and circumstances being unknown at the acquisition date relating to the the
determination of the purchase price allocation and identifiable assets.
The unknown facts were the potential liability created due to underpin on the share price. At 30 November 2017, an additional at-acquisition
contingent purchase consideration liability was raised as part of the finalisation of the provisional fair values. The effect resulted in a change to
goodwill of the 2016 financial results, where applicable.
A liability on acquisition arose for an amount payable to the previous owners if the profit warranty was exceeded. This was not the case and the
liability was derecognised through the statement of comprehensive income.
DIVIDEND
As stated, the Company has a long-term intention of paying out approximately half of its adjusted headline earnings as a dividend going forward as a
listed business.
For the year ended 31 December 2017, the company has declared a gross dividend (Number 7) of 10 cents per share. The dividend was declared out of
income reserves. The total dividend declared for the year amounts to 10 cents (2016: 32 cents).
The dividend will be subjected to a dividend withholding tax rate of 20% or 2 cents per ordinary share and accordingly the net dividend is 8 cents per share,
while the dividend payable to shareholders who are exempt from dividend withholding tax is 10 cents per share.
Anchor’s tax reference number is 9527/450/16/8. There are 197 216 921 ordinary shares in issue at the declaration date.
The salient dates for the dividend are as follows:
Last date to trade ‘cum’ dividend Tuesday, 17 April 2018
Shares commence trading ‘ex’ dividend Wednesday, 18 April 2018
Record date (date shareholders recorded in share register) Friday, 20 May 2018
Payment date Monday, 23 April 2018
Shareholders may not dematerialise or rematerialise their share certificates between Wednesday, 18 April 2018 and Friday, 20 April 2018,
both dates inclusive.
The dividend will be transferred to the shareholder’s CSDP accounts/broker on Monday, 23 April 2018. Certificated shareholder’s dividend payments will
be paid to certificated shareholder’s bank accounts on or about Monday, 23 April 2018.
For and on behalf of the Board
Peter Armitage Mike Teke
Chief Executive Officer Chairman
26 March 2018
DIRECTORS
Executive Directors: Peter Armitage (Chief Executive Officer), Todd Kaplan (Chief Operating Officer), Omair Khan (Financial Director)
Non-executive directors: Mike Teke (Chairman), Paul Nkuna (Lead independent), Alastair Adams (Independent), Nick Dennis (Independent),
Kajal Bissessor (Independent)
DESIGNATED ADVISOR
Java Capital
TRANSFER SECRETARIES
Link Market Services South Africa Proprietary Limited
(Registration number 2000/007239/07)
13th Floor, 19 Ameshoff Street, Braamfontein, 2001
(PO Box 4844, Johannesburg, 2000)
REGISTERED OFFICE
25 Culross Road, Bryanston, Sandton, 2191
POSTAL ADDRESS
PO Box 1337, Gallo Manor, 2052
WEBSITE: www.anchorgroup.co.za
Date: 26/03/2018 05:39:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE').
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