Wrap Text
Unaudited summary consolidated results for the six months ended 28 February 2018
PURPLE GROUP LIMITED
(Incorporated in the Republic of South Africa)
(Registration number 1998/013637/06)
Share code: PPE ISIN: ZAE000185526
("Purple Group" or "the Company" or "the Group")
UNAUDITED SUMMARY CONSOLIDATED RESULTS
FOR THE SIX MONTHS ENDED 28 FEBRUARY 2018
GROUP LOSS PER SHARE AT 1.89 CENTS DOWN 66% HY 2017: LOSS 5.52c)
EQUITY ATTRIBUTABLE TO PURPLE GROUP SHAREHOLDERS AT R272M UP 14% (HY 2017: R239m)
FUNDED INVESTMENT ACCOUNTS AT 58 518 UP 98% (HY 2017: 29 554)
EASYEQUITIES REVENUE AT R7.8M UP 123% (HY 2017: R3.5m)
EASY EQUITIES PLATFORM ASSETS AT R2.87BN UP 158% (HY 2017: R1.1bn)
RETAIL CLIENT DEPOSITS R629M UP 99% (HY 2017: R316m)
RETAIL CLIENTS REGISTERED AT 126 558 UP 129% (HY 2017: 55 239)
FUNDED TRADING ACCOUNTS AT 5 412 UP 36.5% (HY 2017: 3 965)
GT247.COM PROFIT AFTER TAX AT R2.0M UP 105% (HY 2017: R1.0m)
CHAIRMAN'S LETTER
Easy Equities has now achieved a level of market acceptance and momentum
that provides a strong base for future growth:
- revenue has grown from R1.7 million to R7.8 million over the past two
years, a compound growth rate of 113% p.a.
- Funded investment accounts has grown from zero when EE was
launched in October 2014 to 58 518 accounts currently
Our core trading operation, GT247.com, has, until recently, funded the
technology, platform development, people and marketing costs in EE.
Sanlam, on 17 November 2017, invested R100 million to fund further
development and secure a 30% equity stake in EasyEquities.
GT247.com is expected to return to the stable earnings we have enjoyed from
this operation over the years:
- average attributable earnings over the past five years was R18 million;
- cost savings achieved over the past twelve months, annualized, are in
excess of R10 million;
- Trading Revenue is up 18% compared to HY 2016;
- The new platform has already resulted in a 44% increase in funded
trading accounts in the last 6 months.
The combination of predictable earnings in GT247.com and the exciting
capital growth prospects of EasyEquities will prove to be just the right mix
for Purple Group's shareholders going forward - providing a base for
returning to dividend payments whilst enjoying the rating EasyEquities will attract as a
Fintech disruptor.
Purple has turned the corner and I expect better times ahead for all of us.
Mark Barnes
Chairman
CHIEF EXECUTIVE OFFICER'S LETTER
Purple Group posted an accounting consolidated loss after tax, attributable to
ordinary shareholders of the company, of R16.8 million, which was offset by an
economic gain, taken directly to reserves, of R67.4 million arising from the sale
of 30% of EasyEquities.
Investors, shareholders and analysts alike are encouraged to pay special attention
to the underlying companies' financials and key performance indicators (KPI's) in
assessing our true performance.
The compounded annual growth rate (CAGR) achieved across all KPI's in EasyEquities,
over the past three years, continues to prove the business case.
- Retail Client Registrations have grown from 4 161 to 126 518 a CAGR of 212%
- Funded Investment Accounts have grown from 2 981 to 58 518 a CAGR of 170%
- Platform Assets have grown from R62 Million to R 2.875 Billion a CAGR of 259%
- Retail Deposits have grown from R34.7 Million to R628 Million a CAGR of 163%
- Net Revenue has grown from (R1.148) Million to R7.79 Million a CAGR of 98%
The average annual growth rate across all KPI's from H1 2017 to H1 2018 was
121.6%. This is now the 7th half year reporting period for
EasyEquities where we have evidenced that our unique platform driven market
disruption is real and tangible.
We remain focused and attentive to ensuring that growth continues,
in partnership, both locally and, very soon, abroad too. Our partner strategy is
already proving to be very rewarding. We welcome Rise to our stable of partner
platforms, our first foray into the institutional market. Independent feedback
on the Rise platform capability confirms that we have every chance of disrupting
this market too. More exciting partner opportunities are in the pipeline, we will
keep you posted.
Congrats to Team #Easy on an extraordinary set of results.
GT247's KPI's achieved over the last 18 months are also starting to show signs of life
- Funded Trading Accounts increased from 3 930 to 5412 a growth of 38%
- Trading Revenue increased from R19.8 Million to R23.4 Million a growth of 18.2%
- Operating Expenses decreased from R25.6 Million to R19.8 Million a saving of 22.7%
Additional cost savings and efficiencies can be expected in the year ahead. The
platform migration and cost saving initiatives are now behind us and the team have
returned to focusing on earnings growth. Having had sight of our marketing and Crypto
Currency launch plans I am optimistic for the year ahead. The economic and political
climate is also setting up for a sustained period of increased investor confidence,
albeit with higher levels of market volatility, both are good drivers of GT247.com's
income growth into the future.
Emperor Asset Management has been restructured for the future, with new management in
place. In partnering RISE and EasyEquities, Emperor has an enviable distribution
opportunity for their products and services. To this extent the new team has already
secured two institutional asset consulting mandates.
The write-offs in Real People are now behind us.
On balance I'm very proud of what we are creating, the team we are building and
the disruption we are driving. I am grateful to all shareholders for their incredible
support and I am confident that we all see the future value being created.
Charles Savage
Group CEO
CHIEF FINANCIAL OFFICERS REVIEW BY OPERATING SEGMENT
The internal restructuring of the Purple Group was completed effective 1 November
2017 and shortly thereafter, the transaction with Sanlam Investment Holdings
Proprietary Limited ("SIH") was concluded effective 17 November 2017. In the result,
SIH acquired a 30% shareholding in EasyEquities for a consideration of R100 million.
The current Purple Group structure is reflected below:
SANLAM INVESTMENT HOLDINGS (PTY) LTD 30% First World Trader (PTY) Ltd t/a EasyEquities (FSP 22588)
PURPLE GROUP LIMITED 70% First World Trader (PTY) Ltd t/a EasyEquities (FSP 22588)
PURPLE GROUP LIMITED 100% GT247 (Pty) Ltd t/a GT247.com
PURPLE GROUP LIMITED 100% Emperor Asset Management (Pty) Ltd (FSP 44978)
Operating segment review
GT247.com review
This business provides a trading destination for active over-the-counter derivatives
traders as well as execution services for the Group's asset management business,
Emperor Asset Management.
Trading Revenue HY 2018 is up 14.5% compared to HY 2017.
Client trading activity was up 3.9% in respect of equity CFDs, primarily driven by a
number of specific market events and a general increase in market volatility. Increased
volatility also drove revenue generated from clients trading indices, commodities and
currencies.
Asset management execution revenue for EAM clients was down. This decrease was primarily
driven by a 51.6% decrease in Client Funds under management.
GT247.com
HY2018 HY2017
R'000 R'000 % move
Revenue 24 273 26 588 (8.7)
Trading revenue 23 425 20 463 14.5
Asset management execution revenue 743 5 795 (87.2)
Other revenue 105 330 (68.2)
Trading expenses (1 543) (2 304) (33.0)
Operating expenses (19 771) (21 999) (10.1)
Net income 2 959 2 285 29.5
Interest expense (114) (433) (73.7)
Depreciation and amortisation (533) (655) (18.6)
Profit before tax 2 312 1 197 93.1
Current and deferred tax (314) (223) 40.8
Profit after tax 1 998 974 105.1
Key revenue drivers
Client funds (R'm) - Trading 97.9 138.2 (29.2)
Trading activity indicator - Equity CFDs 3.69 3.55 3.9
Client funds (R'm) - Asset management
execution 146.9 303.6 (51.6)
Funded Trading Accounts 5 412 3 965 (36.58)
The GT247.com business generated a profit after tax of R2 million for HY 2018,
representing a 105.1% increase over the comparative period. Although this profit
for the six months is far from the profit after tax generated by this business for the
12 months ended 31 August 2015 of R37.7 million, it is encouraging to show an increase.
Management has implemented a number of initiatives over the past 12 months that
would be expected to position the GT247.com business to compete more effectively
and deliver an improved bottom line, including:
1. The swap out of the GT247.com proprietary trading platforms (over the past six
months) for the Meta Trader 5 platform, which provides clients with a single
destination for all their trading needs with functionality rivalling the best in the
world; and
2. Numerous cost saving initiatives have been implemented and should largely be
completed by 31 August 2018. These cost savings are expected to result in the
realisation of around R4 million of savings during the current year, ending 31
August 2018, and then an additional decrease of R6 million to be realised during
FY 2019 off the FY 2018 base.
Emperor Asset Management review
Emperor Asset Management is a boutique asset manager that primarily offers retail clients
segregated portfolios tailored to each individual's risk-return profile.
EMPEROR ASSET MANANGEMENT
HY2018 HY2017
R'000 R'000 % move
Revenue 2 144 7 365 (70.9)
Trading expenses (314) (375) (16.3)
Operating expenses (2 952) (3 166) (6.8)
Net (loss)/income (1 122) 3 824 (129.3)
Depreciation and amortisation (10) - -
(Loss)/profit before tax (1 132) 3 824 (129.6)
Current and deferred tax 152 (697) (121.8)
(Loss)/profit after tax (980) 3 127 (131.3)
Key revenue drivers
Client funds (R'm) - Asset management 191.5 340.2 (43.7)
Client funds (R'm) - Asset consulting 1 005.7 - >100
Emperor has an 11-year track record of quantitative momentum-style
investing.
The last 24 months have been an extremely difficult period, resulting in significant
outflows from Emperor's momentum based alternative strategies, with a resultant
decrease in revenue.
Emperor has taken steps to reposition and add to its offering over the last 12 months
to cater to a broader audience of investors.
In this regard Emperor has secured client assets of R14 million through offering
managed portfolios on the EasyEquities platform, alongside other asset managers.
In addition, Emperor secured its first two institutional asset consulting mandates
(totalling R1 billion) during February 2018. Although the revenue expected to be
generated from these mandates is modest, it is a positive step towards institutionalising
Emperor's offering.
EasyEquities
EasyEquities review www.easyequities.co.za
HY2018 HY2017
R'000 R'000 % move
Revenue 7 789 3 488 123.3
Trading expenses (557) (629) (11.4)
Operating expenses (21 442) (18 733) 14.5
Net loss (14 210) (15 874) (10.5)
Other income - - -
Loss before interest, depreciation and
amortisation (14 210) (15 874) (10.5)
Interest income 1 339 - -
Interest expense (195) (1 264) (84.6)
Depreciation and amortisation (2 776) (1 607) 72.7
Loss before share of net profit of joint
venture (15 842) (18 745) (15.5)
Share of net profit of joint venture
accounted for using the equity method (195) - -
Loss before tax (16 037) (18 745) (14.4)
Current and deferred tax 2 123 3 418 (37.9)
Loss after tax (13 914) (15 327) (9.2)
Key revenue drivers
Direct retail client assets (R'm) 1 418.0 912.4 55.4
Partner retail client assets (R'm) 446.5 199.8 123.5
Partner institutional assets (R'm) 1 005.7 - >100
Total platform assets 2 870.2 1 112.2 158.1
Retail client deposits (R'm) 628.6 315.6 99.2
Retail clients registered 126 518 55 239 129.0
Funded investment accounts 58 518 29 554 98.0
These unaudited results are available on the Company's website:
http://www.purplegroup.co.za
The Group has continued to invest in its EasyEquities investment platform over the
past six months.
Revenue for the six months ended 28 February 2018 was 123.3% higher than the
comparative period last year.
Total Client Assets on the EasyEquities platform increased 158.1% to R2.87 billion
compared to HY 2017. Direct Retail Client Assets increased by 55.4% HY 2018
compared to HY 2017, supported by the launch of the EasyEquities US Investment
Account during September 2017 and the EasyEquities Retirement Annuity Account
during January 2018. Direct Retail Client deposits totalled R465 million HY 2018, an
increase of 76% compared to HY 2017.
Partner Retail Assets increased by 123.5%, which also included the addition of unit
trusts into the investment universe. Total deposits across partner retail clients
totalled R164.8 million HY 2018, an increase of 218% compared to HY 2017.
The platform secured its first two institutional clients during February 2018 through
its joint venture, RISE ("Retirement Investments and Savings for Everyone Proprietary
Limited"). RISE is a new entity that has been established to target the pension
administration and related asset management industry. The assets secured onto the
platform comprise the first in respect of this joint venture.
Operating expenses were 14.5% higher HY 2018 compared to HY 2017 due to higher
professional fees and employment related costs. Professional fees incurred during
the period mainly comprise audit fees in respect of the year ended 31 August 2017
and legal consulting fees paid, associated with the USD Investment Account and the
Retirement Annuity Account launched during the period. Additional staff resources
were employed to support the new products launched and the increased volumes
being generated by the business.
In the result, the loss before tax decreased by 14.4% HY 2018 compared to the prior
comparative period.
Purple Group head office and investments review
The below income statements includes the Purple Group Head Office expenses and
the investment related activities of the Purple Group.
Purple Group Limited
HY2018 HY2017
R'000 R'000 % move
Revenue 58 - -
Operating expenses (4 663) (5 285) (11,8)
Net loss (4 605) (5 285) (12,9)
Other income 3 444 903 281,4
Loss before interest, depreciation and
amortisation (1 161) (4 382) (73,5)
Interest expense (3 470) (108) 3 113,0
Depreciation and amortisation (23) (34) (32,4)
Loss before fair value, impairments and
guaranteed adjustments (4 654) (4 524) 2,9
Fair value, impairments and guarantee
adjustments (8 113) (42 942) (81,1)
Loss before tax (12 767) (47 466) (73,1)
Current and deferred tax 5 823 10 444 (44,2)
Loss after tax (6 944) (37 022) (81,2)
Operating expenses have decreased by 11.8% HY 2018, compared to HY 2017 primarily
driven by additional costs being allocated to the operating subsidiaries, in line with
services provided by Purple Group employed resources.
Other income includes a profit of R3.4 million realised by Purple Group in respect of its
investment in Misty Sea Trading, which was realised for a total consideration of R6.1
million during HY 2018. This investment was carried at R2.7 million at 31 August 2017.
The higher interest expense relates to an increase in the debt commitments at Purple
Group Level.
Guarantee adjustments
The fair value write down relates to Purple Group's indirect investment in Real People
Investment Holdings Limited ("RPIH") through Blockbuster Trading 3 Proprietary
Limited ("BBT"). Although Purple Group's investment in BBT was largely written off,
the shareholders of BBT, at the inception of this deal during September 2007, granted
the Industrial Development Corporation ("IDC"), (which funded the transaction) a
put option, on a joint and several basis, whereby the IDC may put any unredeemed
preference shares to the shareholders of BBT at the subscription price. At 31 August
2017 Purple Group provided for the estimated liability in respect of this guarantee, an
amount of R26.9 million.
Subsequent to year-end the shareholders of BBT reached final agreement with the
IDC in respect of the debt owed to the IDC. In the result, Purple Group was allocated
a disproportionate share of this liability, an amount totalling R35 million (being an
additional R8.1 million above the amount raised of R26.9 million), for which Purple
Group has reached payment terms.
PURPLE GROUP CONSOLIDATED RESULT
In the result, the Purple Group has generated a consolidated loss after tax, attributable
to ordinary shareholders of Purple Group, of R16.8 million for the six months ended
28 February 2018, compared to a loss after tax of R48.2 million in the comparative period.
Purple Group shareholders' share of the EasyEquities loss after tax for the period of
R10.9 million (HY 2017: loss of R15.3 million), along with the loss after tax incurred by
the Purple Group Head Office and Investments segment of R6.9 million (HY 2017: loss
of R37.0 million) have largely contributed to the consolidated loss of R16.8 million.
The Basic loss and headline loss per share for HY 2018 has decreased by 66% from
a loss of 5.52 cents per share in HY 2017 to a loss per share of 1.89 cents per share
for HY 2018.
Segmental balance sheets
Purple
GT247.com Group and 2018
and EAM EasyEquities Investments Total
R'000 R'000 R'000 R'000
As at 28 February 2018
Segment asset
Non-current assets 14 835 29 528 265 714 310 077
Current assets 123 186 92 579 11 570 227 335
Total assets 138 021 122 107 277 284 537 412
Segment liabilities
Non-current liabilities - - 20 500 20 500
Current liabilities 134 243 42 964 38 147 215 354
Total liabilities 134 243 42 964 58 647 235 854
SUBSEQUENT EVENTS
The directors are not aware of any other matter or circumstances arising since 28
February 2018 up to the date of this announcement, not otherwise dealt with in this announcement.
Basis of preparation of the unaudited results
The unaudited condensed Group interim financial statements are prepared in
accordance with the recognition and measurement requirements of International
Financial Reporting Standards ("IFRS"), the presentation and disclosure requirements
of IAS 34 - Interim Financial Reporting, 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 Listings Requirements of
the JSE Limited and in the manner required by the South African Companies Act, 71
of 2008.
This announcement does not include the information required pursuant to paragraph
16A(j) of IAS 34, however, the areas that include significant judgements made by
management in applying the Group's accounting policies and key sources of estimation
uncertainty were the same as those that were identified in the audited consolidated
annual financial statements as at and for the year ended 31 August 2017, and which
are available on the Company's website, at its registered office and upon request.
Accounting policies which comply with IFRS have been applied consistently by all
entities in the Group and are consistent with those applied in the previous financial year.
The preparation of these unaudited condensed Group interim financial statements for
the six months ended 28 February 2018 was supervised by the Financial Director, Gary
van Dyk CA (SA).
Any forward-looking statements contained in this announcement have not been
reviewed or reported on by the Company's auditors.
The directors take full responsibility for the preparation of the unaudited consolidated
results for the six months ended 28 February 2018.
On behalf of the board
Mark Barnes (Non-Executive Chairman)
Charles Savage (Chief Executive Officer)
Gary van Dyk (Chief Financial and Operations Officer)
Johannesburg
19 April 2018
CONDENSED GROUP STATEMENT OF FINANCIAL POSITION
as at 28 February 2018
Unaudited Unaudited Audited
six months six months 12 months
28 February 28 February 31 August
2018 2017 2017
R'000 R'000 R'000
ASSETS
Equipment 2 620 3 327 3 168
Intangible assets and goodwill 240 607 220 785 233 868
Other investments 12 208 12 208 12 208
Other financial assets 1 013 906 1 004
Deferred tax assets 53 629 41 119 45 845
Total non-current assets 310 077 278 345 296 093
Trade and other receivables 13 897 8 567 5 587
Tax receivable 2 831 4 227 2 763
Other investments 3 439 5 785 5 862
Other financial assets 1 919 1 946 1 886
Cash and cash equivalents 205 249 115 641 140 792
Total current assets 227 335 136 166 156 890
Total assets 537 412 414 511 452 983
EQUITY AND LIABILITIES
Share capital and premium 464 022 477 187 483 321
Accumulated loss (222 931) (263 892) (273 506)
Non-controlling interest 29 532 - -
Other reserves 30 935 25 970 28 497
Total Equity 301 558 239 265 238 312
Financial guarantee 20 500 26 887 26 887
Total non-current liabilities 20 500 26 887 26 887
Bank overdraft 14 499 12 798 13 614
Financial guarantee 16 499 - -
Trade and other payables 40 419 21 258 13 618
Client position liability 138 937 114 303 140 552
Borrowings 5 000 20 000
Total current liabilities 215 354 148 359 187 784
Total equity and liabilities 537 412 414 511 452 983
Net asset value per ordinary share (cents) 33.58 31.06 29.88
CONDENSED GROUP STATEMENT OF CASH FLOWS
for the six months ended 28 February 2018
Unaudited Unaudited Audited
six months six months 12 months
28 February 28 February 31 August
2018 2017 2017
R'000 R'000 R'000
Cash flow utilised in operating activities (195) (42 324) (29 336)
Cash flow generated/(utilised) in investing
activities 68 656 (7 018) (15 798)
Cash flow (utilised in)/generated by
financing activities (4 889) 20 518 40 645
Net increase/(decrease) in cash and cash
equivalents 63 572 (28 824) (4 489)
Cash and cash equivalents at the
beginning of the period 127 178 131 667 131 667
Cash and cash equivalents at the end of
the period 190 750 102 843 127 178
CONDENSED GROUP STATEMENT OF CHANGES IN EQUITY
for the six months ended 28 February 2018
Unaudited Unaudited Audited
six months six months 12 months
28 February 28 February 31 August
2018 2017 2017
R'000 R'000 R'000
Balance at beginning of the period 238 312 263 383 263 383
Shares Issued - 20 518 26 580
Loss for the period (16 828) (48 248) (57 862)
Share-based payments 2 999 3 025 5 704
Foreign currency translation reserve (562) 587 507
Own shares purchased (19 299) - -
Reserve generated from sale of minority
share of subsidiary 67 404 - -
Attributable to owners of the company 272 026 239 265 238 312
Loss for the period (3 012) - -
Reserve generated from sale of minority
share of subsidiary 32 544 - -
Non-controlling interest 29 532 - -
Total Equity 301 558 239 265 238 312
CONDENSED GROUP STATEMENT OF PROFIT OR LOSS
for the six months ended 28 February 2018
Audited
Unaudited Unaudited twelve
six months six months months
Change 28 February 28 February 31 August
2017 to 2018 2018 2017 2017
% R'000 R'000 R'000
Revenue (8) 34 264 37 441 74 518
Trading expenses (27) (2 414) (3 308) (6 513)
Operating expenses (1) (48 828) (49 183) (91 557)
Net loss 13 (16 978) (15 050) (23 552)
Other income 3 444 903 1 972
Loss before interest,
depreciation and
amortisation (4) (13 534) (14 147) (21 580)
Interest income 1 339 - -
Interest expense (3 779) (1 805) (3 456)
Depreciation and
amortisation (3 342) (2 296) (4 837)
Loss before fair value,
impairment adjustments
and tax 6 (19 316) (18 248) (29 873)
Fair value impairment and
guarantee adjustments (8 113) (42 942) (44 109)
Share of net profit of joint
venture accounted for using
the equity method (195) - -
Loss before tax (55) (27 624) (61 190) (73 982)
Current and deferred tax 7 784 12 942 16 120
Loss for the period (59) (19 840) (48 248) (57 862)
Loss attributable to:
Owners of the company (65) (16 828) (48 248) (57 862)
Non-controlling interest (3 012) - -
(19 840) (48 248) (57 862)
Weighted number of shares
in issue at end of period
('000) 890 953 873 390 901 334
Loss per share
Basic loss per share (cents) (66) (1.89) (5.52) (6.42)
Diluted loss per share (cents) (65) (1.84) (5.27) (6.13)
Headline loss per share
Loss for the period (65) (16 828) (48 248) (57 862)
Headline loss for the period (65) (16 828) (48 248) (57 862)
Headline loss per share
(cents) (66) (1.89) (5.52) (6.42)
Diluted headline loss per
share (cents) (65) (1.84) (5.27) (6.13)
GROUP STATEMENT OF COMPREHENSIVE INCOME
for the six months ended 28 February 2018
Unaudited Unaudited Audited
six months six months 12 months
28 February 28 February 31 August
2018 2017 2017
R'000 R'000 R'000
Loss for the period (19 840) (48 248) (57 862)
Other comprehensive income
Items that may be reclassified
subsequently to profit/loss
Foreign currency translation reserve (562) 587 507
Total other comprehensive income/(loss) (562) 587 507
Total comprehensive loss (20 402) (47 661) (57 355)
Total comprehensive loss attributable to:
Owners of the company (17 390) (47 661) (57 355)
Non controlling interest (3 012) - -
(20 402) (47 661) (57 355)
Registered office Group secretary and transfer secretaries Directors
Block B, The Offices of Hyde Park, Strouthos Place, Trifecta Statutory and Governance Services, a division Mark Barnes Chairman
Hyde Park, 2196 of Trifecta Capital Services Proprietary Limited Non-executive
31 Beacon Road, Florida North, 1709 Charles Savage Chief Executive Officer
Independent auditors Gary van Dyk Chief Financial and
BDO South Africa Incorporated Sponsor Operations Officer
Chartered Accountants (SA) Deloitte & Touche Sponsor Services Proprietary Dennis Alter Independent
Registered Auditors Limited Non-executive Director
22 Wellington Road, Parktown, 2193, Private Bag Building 8, Deloitte Place, The Woodlands, Craig Carter Independent
X60500, Houghton, 2041 20 Woodlands Drive, Woodmead, 2196 Non-executive Director
Private Bag X6, Gallo Manor, 2052 Ronnie Lubner Non-executive Director
Date: 20/04/2018 05:30:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE').
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