PSG GROUP LIMITED - Reviewed Preliminary Consolidated Financial Results For The Year Ended 28 February 2018

Release Date: 24/04/2018 13:00
Code(s): PSG PGFP
 
Wrap Text
Reviewed Preliminary Consolidated Financial Results For The Year Ended 28 February 2018

PSG Group Limited
Incorporated in the Republic of South Africa
Registration number: 1970/008484/06
JSE Ltd (“JSE”) share code: PSG
ISIN code: ZAE000013017
(“PSG Group” or “PSG” or “the company” or “the group”)

PSG Financial Services Limited
Incorporated in the Republic of South Africa
Registration number: 1919/000478/06
JSE share code: PGFP
ISIN code: ZAE000096079
(“PSG Financial Services”)

REVIEWED PRELIMINARY CONSOLIDATED FINANCIAL RESULTS FOR THE YEAR ENDED 28 FEBRUARY 2018

• Recurring earnings up 7% to R9.94 per share
• Sum-of-the-parts value of R252.81 per share as at 20 April 2018
• Dividend for the year up 11% to R4.15 per share

OVERVIEW

PSG is an investment holding company consisting of underlying investments that operate across a
diverse range of industries, which include banking, education, financial services and food and
related business, as well as early-stage investments in selected growth sectors. PSG’s market
capitalisation (net of treasury shares) is approximately R49bn.

PERFORMANCE

The two key benchmarks used by PSG to measure performance are sum-of-the-parts (“SOTP”) value and
recurring earnings per share, as long-term growth in PSG’s SOTP value and share price should depend
on, inter alia, sustained growth in the recurring earnings per share of our underlying investments.

SOTP

The calculation of PSG’s SOTP value is simple and requires limited subjectivity as more than 90%
of the value is calculated using JSE-listed share prices, while other investments are included at
market-related valuations. At 28 February 2018, the SOTP value per PSG share was R255.17
(2017: R240.87), representing a 6% increase. At 20 April 2018, it was R252.81 per share. The
five-year compound annual growth rate (“CAGR”) of both PSG’s SOTP value and share price was 29% at
28 February 2018.

                                29 Feb      28 Feb      28 Feb      20 Apr
                                  2016        2017        2018        2018       Share   Five-year
Asset/(liability)                   Rm          Rm          Rm          Rm    of total      CAGR^^

Capitec*                        16 820      25 727      29 540      30 670         54%         35%
Curro* (including Stadio
 until unbundling in Oct 2017)   9 773      11 180       7 987       7 079         12%         13%
PSG Konsult*                     5 441       6 084       7 048       7 363         13%         25%
Zeder*                           2 815       5 398       4 823       4 464          8%         14%
PSG Alpha                        1 367       1 909       5 201       4 626          8%         29%
 Stadio* (since unbundling
  from Curro in Oct 2017)                                2 379       1 727
 Other investments+              1 367       1 909       2 822       2 899
Dipeo+                             557         812         535         378          1%
Other assets                     5 868       3 586       2 603       2 604          4%
 Cash^                           2 895       1 513       1 000         962
 Pref investments and loans
  receivable^                    1 335       2 002       1 558       1 597
 PSG Corporate++                 1 510
 Other^                            128          71          45          45
Total assets                    42 641      54 696      57 737      57 184        100%
Perpetual pref funding*         (1 309)     (1 350)     (1 278)     (1 184)
Other debt^                       (949)       (949)       (949)     (1 004)
Total SOTP value                40 383      52 397      55 510      54 996

Shares in issue (net of
 treasury shares) (m)            216.3       217.5       217.5       217.5

SOTP value per share (R)        186.67      240.87      255.17      252.81                     29%

Share price (R)                 173.69      251.43      217.50      226.45                     29%

* Listed on the JSE   + SOTP value   ++ Valuation   ^ Carrying value

^^ Based on share price/SOTP value per share

Note: PSG’s live SOTP is available at www.psggroup.co.za

Capitec remains PSG’s largest investment comprising 51% of the total SOTP assets as at
28 February 2018 (2017: 47%), and the major contributor to PSG’s recurring earnings.

RECURRING EARNINGS

During the year under review, PSG changed its recurring headline earnings key benchmark to that of
recurring earnings, following the first-time inclusion of PSG Alpha’s investment in Evergreen,
a company that owns and operates retirement villages. Evergreen’s financial performance is
predominantly measured with reference to the fair value adjustments recognised on its investment
property, being excluded from headline earnings in terms of accounting conventions. Being a sizeable
investment, it has necessitated PSG to include such fair value adjustments on investment property to
provide management with a realistic measure to evaluate the group’s earnings performance. Recurring
earnings is therefore simply recurring headline earnings as previously reported, plus the after-tax
fair value adjustments recognised on Evergreen’s investment property portfolio in the current
financial year.

PSG’s recurring earnings per share increased by 7% following resilient performance from the majority
of PSG’s core investments during the year under review. This was offset by Zeder’s weaker performance,
being largely invested in the food and related sectors that were negatively affected by particularly
tough conditions.

                                                  29 Feb        28 Feb                      28 Feb
                                                    2016          2017        Change          2018
                                                      Rm            Rm             %            Rm

Capitec                                              989         1 164                       1 369
Curro (including Stadio until
 unbundling in Oct 2017)                              58            96                         110
PSG Konsult                                          254           300                         348
Zeder                                                212           275                         205
PSG Alpha (including Stadio since
 unbundling in Oct 2017)                             113           133                         172
Dipeo                                                (28)          (20)                        (56)
PSG Corporate                                         69            29                          (7)
Other (mainly pref div income)                       101           112                         136
Recurring earnings before funding                  1 768         2 089             9         2 277
Funding (net of interest income)                    (148)         (104)                       (135)
Recurring earnings                                 1 620         1 985             8         2 142
Non-recurring items                                 (250)          160                        (186)
Headline earnings                                  1 370         2 145            (9)        1 956
Non-headline items                                   113            17                         (42)
Attributable earnings                              1 483         2 162           (11)        1 914

Non-recurring items comprise:
- Unrealised fair value (losses)/gains on
   Dipeo’s investment portfolio                     (170)          187                        (131)
- Other                                              (80)          (27)                        (55)
                                                    (250)          160                        (186)

Weighted average number of shares in issue
 (net of treasury shares) (m)                      205.7         214.2             1         215.5

Earnings per share (R)
- Recurring                                         7.88          9.27             7          9.94
- Headline                                          6.66         10.01            (9)         9.08
- Attributable                                      7.21         10.09           (12)         8.88

Dividend per share (R)                              3.00          3.75            11          4.15

PSG’s headline and attributable earnings per share decreased by 9% and 12%, respectively, mainly as a
result of unrealised fair value losses incurred on Dipeo’s investment portfolio, as opposed to
unrealised fair value gains achieved in the prior year.

SIGNIFICANT TRANSACTIONS DURING THE YEAR

PSG Alpha obtained a 50% interest in Evergreen, one of South Africa’s leading providers of retirement
living, for a total investment of R675m, of which R400m has been paid. This investment marks a
significant new focus area for PSG and one of its biggest initial cash investments to date.

Following its listing and unbundling from Curro, Stadio, the private higher education provider,
undertook a fully-underwritten rights offer of R640m to fund growth. PSG Alpha followed its rights,
investing R328m at R2.50 per share.

CAPITEC (30.7%)

Capitec is a South African retail bank focused on delivering simplified banking that is both affordable
and easy to access through personal service.

It reported an 18% increase in headline earnings per share for the year under review.

Capitec is listed on the JSE and its comprehensive results are available at www.capitecbank.co.za.

PSG KONSULT (61.5%)

PSG Konsult is a financial services company, focused on providing wealth management, asset management
and insurance solutions to clients.

It reported a 16% increase in headline earnings per share for the year under review.

PSG Konsult is listed on the JSE and the Namibian Stock Exchange, and its comprehensive results are
available at www.psg.co.za.

CURRO (55.4%)

Curro is the largest provider of private school education in Southern Africa.

Curro’s schools-only business (i.e. excluding Stadio’s results prior to its unbundling) reported a
17% increase in headline earnings per share for its financial year ended 31 December 2017.

Curro is listed on the JSE and its comprehensive results are available at www.curro.co.za.

ZEDER (43.7%)

Zeder is an investor in the broad agribusiness industry. Its largest investment is a 27% interest in
Pioneer Foods, comprising 53% of Zeder’s total SOTP assets.

It reported a 35% decrease in recurring earnings per share for the year under review.

Both Zeder and Pioneer Foods are listed on the JSE and their respective comprehensive results are
available at www.zeder.co.za and www.pioneerfoods.co.za.

PSG ALPHA (98%)

PSG Alpha serves as incubator to identify and help build the businesses of tomorrow. Given its nature,
this portfolio is likely to yield volatile earnings, while providing optionality. Its major investments
include shareholdings in Stadio (45.4%), CA Sales (48.1%), Energy Partners (52.5%) and Evergreen (50%).

PSG Alpha reported a 4% increase in recurring earnings per share for the year under review, with most
of the investments performing to expectation.

DIPEO (49%)

Dipeo, a BEE investment holding company, is 51%-owned by the Dipeo BEE Education Trust of which all
beneficiaries are black individuals. Dipeo’s most significant investments include shareholdings in
Curro (5.2%), Stadio (3.5%), Pioneer Foods (4.3%), Quantum Foods (4.2%), Kaap Agri (20%) and
Energy Partners (15.7%) - the latter investment having been acquired for R150m during the year under
review. The investments in Pioneer Foods, Quantum Foods and Energy Partners remain subject to BEE
lock-in periods.

Dipeo’s SOTP value was R1.09bn (2017: R1.66bn) as at 28 February 2018. Its SOTP value was R0.77bn as
at 20 April 2018.

The Dipeo BEE Education Trust will use its share of the value created in Dipeo to fund black
students’ education.

PROSPECTS

Although Zeder, in particular, experienced a challenging year, we believe PSG’s investment portfolio
is well positioned to continue yielding above-average returns.

DIVIDENDS

Ordinary shares
PSG’s policy remains to pay up to 100% of available free cash flow as an ordinary dividend, of which
approximately one third is payable as an interim and the balance as a final dividend at year-end.
The directors have resolved to declare a final gross dividend of 277 cents (2017: 250 cents) per
share from income reserves for a total gross dividend of 415 cents (2017: 375 cents) per share in
respect of the year ended 28 February 2018.

The final dividend amount, net of South African dividends tax of 20%, is 221.6 cents per share for
those shareholders that are not exempt from dividends tax. The number of ordinary shares in issue
at the declaration date is 231 449 404, and the income tax number of the company is 9950080714.

The salient dates for this dividend distribution are:
Last day to trade cum dividend                            Tuesday, 15 May 2018
Trading ex-dividend commences                           Wednesday, 16 May 2018
Record date                                                Friday, 18 May 2018
Payment date                                               Monday, 21 May 2018

Share certificates may not be dematerialised or rematerialised between Wednesday, 16 May 2018, and
Friday, 18 May 2018, both days inclusive.

Preference shares

The directors of PSG Financial Services declared a gross dividend of 423.56 cents per share in
respect of the cumulative, non-redeemable, non-participating preference shares for the six months
ended 28 February 2018, which was paid on Monday, 26 March 2018. The detailed announcement in
respect hereof was disseminated on the JSE’s Stock Exchange News Service.

REVIEWED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 28 FEBRUARY 2018

                                                                            Reviewed       Audited
                                                                              Feb-18        Feb-17
Condensed consolidated income statement                                           Rm            Rm

Revenue from sale of goods                                                    13 956        14 429
Cost of goods sold                                                           (11 934)      (12 416)
Gross profit from sale of goods                                                2 022         2 013

Income
Changes in fair value of biological assets                                       195           224
Investment income (note 7)*                                                    2 059         1 851
Fair value gains and losses (note 7)                                           1 758         1 540
Fair value adjustment to investment contract liabilities (note 7)             (1 670)         (976)
Fair value adjustment to third-party liabilities arising on
 consolidation of mutual funds (note 7)                                       (1 873)       (1 239)
Commission, school, net insurance and other fee income*                        6 799         5 763
Other operating income                                                           277           158
                                                                               7 545         7 321

Expenses
Insurance claims and loss adjustments, net of recoveries                        (629)         (581)
Marketing, administration and other expenses                                  (7 283)       (6 224)
                                                                              (7 912)       (6 805)

Net income from associates and joint ventures
Share of profits of associates and joint ventures                              1 926         1 827
Loss on impairment of associates                                                  (8)           (6)
Net (loss)/profit on sale/dilution of interest in associates                     (14)           10
                                                                               1 904         1 831

Profit before finance costs and taxation                                       3 559         4 360
Finance costs                                                                   (516)         (474)

Profit before taxation                                                         3 043         3 886
Taxation                                                                        (616)         (537)
Profit for the year                                                            2 427         3 349

Attributable to:
 Owners of the parent                                                          1 914         2 162
 Non-controlling interests                                                       513         1 187
                                                                               2 427         3 349

* Reclassified as set out in note 11.

                                                                Change      Reviewed       Audited
Earnings per share and number of shares in issue                     %        Feb-18        Feb-17

Earnings per share (R)
- Recurring                                                          7          9.94          9.27
- Headline (note 4)                                                 (9)         9.08         10.01
- Attributable                                                     (12)         8.88         10.09
- Diluted headline                                                  (9)         8.90          9.79
- Diluted attributable                                             (12)         8.70          9.86

Number of shares (m)
- In issue                                                                     231.4         231.4
- In issue (net of treasury shares)                                            215.9         215.4
- Weighted average                                                             215.5         214.2
- Diluted weighted average                                                     217.9         216.7

                                                                            Reviewed       Audited
                                                                              Feb-18        Feb-17
Condensed consolidated statement of comprehensive income                          Rm            Rm

Profit for the year                                                            2 427         3 349
Other comprehensive loss for the year, net of taxation                           (92)         (519)
Items that may be subsequently reclassified to profit or loss
 Currency translation adjustments                                               (106)         (450)
 Cash flow hedges                                                                (13)          (21)
 Share of other comprehensive income/(losses) and equity
  movements of associates                                                          7           (44)
Items that may not be subsequently reclassified to profit or loss
 Gains/(losses) from changes in financial and demographic
  assumptions of post-employment benefit obligations                              20            (4)
Total comprehensive income for the year                                        2 335         2 830

Attributable to:  
 Owners of the parent                                                          1 847         1 974
 Non-controlling interests                                                       488           856
                                                                               2 335         2 830

                                                                            Reviewed       Audited
                                                                              Feb-18        Feb-17
Condensed consolidated statement of financial position                            Rm            Rm

Assets
Property, plant and equipment*                                                 9 310         7 918
Intangible assets*                                                             3 825         3 132
Biological assets                                                                558           486
Investment in ordinary shares of associates and joint ventures                14 318        13 212
Investment in preference shares of/loans granted to associates
 and joint ventures                                                              149           144
Deferred income tax assets                                                       245           194
Financial assets linked to investment contracts (note 7)                      24 279        22 561
 Cash and cash equivalents                                                         1            14
 Other financial assets                                                       24 278        22 547
Other financial assets (note 7)*                                              29 147        26 796
Inventory                                                                      1 723         1 667
Trade and other receivables (note 8)                                           4 492         3 838
Current income tax assets                                                         90            64
Cash and cash equivalents                                                      2 278         2 035
Non-current assets held for sale                                                   7            14
Total assets                                                                  90 421        82 061

Equity
Ordinary shareholders’ equity                                                 17 143        15 900
Non-controlling interests                                                     11 729        10 900
Total equity                                                                  28 872        26 800

Liabilities
Insurance contracts                                                              543           544
Financial liabilities under investment contracts (note 7)                     24 279        22 561
Borrowings                                                                     7 332         5 411
Other financial liabilities                                                      113           156
Third-party liabilities arising on consolidation of mutual funds (note 7)     23 600        21 394
Deferred income tax liabilities                                                  997           857
Trade and other payables and employee benefit liabilities (note 8)             4 630         4 281
Current income tax liabilities                                                    55            57
Total liabilities                                                             61 549        55 261

Total equity and liabilities                                                  90 421        82 061

Net asset value per share (R)                                                  79.39         73.81
Net tangible asset value per share (R)                                         61.67         59.27

* Reclassified as set out in note 11.

                                                                            Reviewed       Audited
                                                                Change        Feb-18        Feb-17
Condensed consolidated statement of changes in equity                %            Rm            Rm

Ordinary shareholders’ equity at beginning of the year                        15 900        13 634
Total comprehensive income                                                     1 847         1 974
Issue of shares                                                                    1            75
Share-based payment costs - employees                                             66            60
Net movement in treasury shares                                                   30            21
Transactions with non-controlling interests                                      135           832
Dividends paid                                                                  (836)         (696)
Ordinary shareholders’ equity at end of the year                              17 143        15 900

Non-controlling interests at beginning of the year                            10 900        10 127
Total comprehensive income                                                       488           856
Issue of shares                                                                1 399         1 415
Share-based payment costs - employees                                             32            27
Subsidiaries acquired (note 6.1)                                                  47            14
Transactions with non-controlling interests                                     (723)       (1 188)
Dividends paid                                                                  (414)         (351)
Non-controlling interests at end of the year                                  11 729        10 900

Total equity                                                                  28 872        26 800

Dividend per share (R)
- Interim                                                                       1.38          1.25
- Final                                                                         2.77          2.50
                                                                    11          4.15          3.75

                                                                            Reviewed       Audited
                                                                              Feb-18        Feb-17
Condensed consolidated statement of cash flows                                    Rm            Rm

Net cash flow from operating activities
Cash generated from operations (note 5)*^                                        272           302
Interest income*^                                                              1 615         1 431
Dividend income*                                                               1 202         1 078
Finance costs                                                                   (463)         (433)
Taxation paid*                                                                  (532)         (553)
Net cash flow from operating activities before cash movement
 in policyholder funds                                                         2 094         1 825
Cash movement in policyholder funds*                                             (13)         (101)
Net cash flow from operating activities                                        2 081         1 724

Net cash flow from investing activities                                       (2 937)       (1 674)
Cash flow from businesses/subsidiaries acquired (note 6.1)                      (428)         (491)
Cash flow from businesses sold (note 6.2)                                         27
Cash flow from first-time consolidation of mutual funds                                         32
Acquisition of ordinary shares in associates and joint ventures                 (598)         (147)
Proceeds from disposal of ordinary shares in associates                                         13
Acquisition of property, plant and equipment                                  (1 641)       (1 631)
Other investing activities                                                      (297)          550

Net cash flow from financing activities*                                         784            76
Dividends paid to group shareholders                                            (836)         (696)
Dividends paid to non-controlling interests                                     (414)         (351)
Capital contributions by non-controlling interests                               804         1 183
Acquisition from non-controlling interests                                      (429)         (202)
Borrowings drawn                                                               3 406           495
Borrowings repaid                                                             (1 787)         (449)
Proceeds from delivery of holding company’s treasury shares                       39            21
Shares issued                                                                      1            75

Net (decrease)/increase in cash and cash equivalents                             (72)          126
Exchange gains/(losses) on cash and cash equivalents                               9           (71)
Cash and cash equivalents at beginning of the year                             1 056         1 001
Cash and cash equivalents at end of the year**                                   993         1 056

Cash and cash equivalents consists of:
 Cash and cash equivalents per the statement of financial position             2 278         2 035
  Cash and cash equivalents attributable to equity holders                     1 924         1 946
  Other clients’ cash and cash equivalents                                       354            89
 Cash and cash equivalents linked to investment contracts                          1            14
 Bank overdrafts attributable to equity holders (included in borrowings)      (1 286)         (993)
                                                                                 993         1 056

*  These line items are impacted by linked investment contracts, consolidated mutual funds and
   other client-related balances as detailed in note 7.
** Available cash held at a PSG Group-level is invested in the PSG Money Market Fund. As a result
   of the group’s consolidation of the PSG Money Market Fund, the cash invested therein is
   derecognised and all of the fund’s underlying highly liquid debt securities (included in “other
   financial assets” in the condensed consolidated statement of financial position) are recognised.
   Third parties’ cash invested in the PSG Money Market Fund are recognised as a payable and
   included under “third-party liabilities arising on consolidation of mutual funds”. Available
   cash held at a PSG Group head office level and invested in the PSG Money Market Fund amounted
   to R1bn (2017: R1.5bn) at the reporting date.
^  Reclassified as set out in note 11.

Notes to the condensed consolidated financial statements

1. Basis of presentation and accounting policies

These condensed consolidated financial statements have been prepared in accordance with the
recognition and measurement principles of International Financial Reporting Standards (“IFRS”) as
issued by the International Accounting Standards Board, including IAS 34 Interim Financial
Reporting; the SAICA Financial Reporting Guides, as issued by the Accounting Practices Committee;
the Financial Reporting Pronouncements, as issued by the Financial Reporting Standards Council; the
requirements of the South African Companies Act, 71 of 2008, as amended; and the JSE Listings
Requirements.

The accounting policies applied in the preparation of these condensed consolidated financial
statements are in terms of IFRS and consistent in all material respects with those used in the
prior year’s consolidated annual financial statements. The group also adopted the various revisions
to IFRS which were effective for its financial year ended 28 February 2018. These revisions have
not resulted in material changes to the group’s reported results and disclosures in these condensed
consolidated financial statements.

In preparing these condensed consolidated financial statements, the significant judgements made by
management in applying the group’s accounting policies and the key sources of estimation uncertainty
were materially the same as those that applied to the group’s annual financial statements for the
year ended 28 February 2017.

2. Preparation

These condensed consolidated preliminary financial statements were compiled under the supervision
of the group chief financial officer, Mr WL Greeff, CA (SA), and were reviewed by PSG Group’s
external auditor, PricewaterhouseCoopers Inc. A copy of their unmodified review opinion is available
from PSG Group’s registered office. Any reference to future financial performance included in this
announcement, has not been reviewed or reported on by the company’s auditor.

The auditor’s report does not necessarily report on all the information contained in this
announcement. Users are therefore advised that in order to get 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.

3. PSG Financial Services

PSG Financial Services is a wholly-owned subsidiary of PSG Group, except for the 17 415 770
(2017: 17 415 770) perpetual preference shares which are listed on the JSE. These preference shares
are included in non-controlling interests in PSG Group’s condensed consolidated statement of
financial position. No separate financial statements are presented in this announcement for
PSG Financial Services as it is the only directly held asset of PSG Group.

                                                                            Reviewed       Audited
                                                                              Feb-18        Feb-17
                                                                                  Rm            Rm

4. Headline earnings

Profit for the year attributable to owners of the parent                       1 914         2 162
Non-headline items
 Gross amounts                                                                    30            (8)
  Loss on impairment of associates                                                 8             6
  Net loss/(profit) on sale/dilution of interest in associates                    14           (10)
  Profit on sale of businesses (note 6.2)                                        (85)
  Fair value gain on step-up from associate to subsidiary                        (11)          (39)
  Net loss on sale/impairment of intangible assets (including goodwill)          153             5
  Net loss on sale/impairment of property, plant and equipment                     1            11
  Non-headline items of associates                                               (31)           18
  Bargain purchase gain                                                          (18)          (15)
  (Reversal of impairment)/impairment of non-current assets held for sale         (1)           16
 Non-controlling interests                                                      (137)          (10)
 Taxation                                                                        149             1
Headline earnings                                                              1 956         2 145

Headline earnings per share (R)                                                 9.08         10.01

5. Cash generated from operations

Profit before taxation                                                         3 043         3 886
Share of profits of associates and joint ventures                             (1 926)       (1 827)
Depreciation and amortisation                                                    503           433
Investment income*                                                            (2 059)       (1 851)
Finance costs                                                                    516           474
Working capital changes and other non-cash items                                 195          (813)
Cash generated from operations*                                                  272           302

* Reclassified as set out in note 11.

6. Businesses/subsidiaries acquired/sold

6.1 Businesses/subsidiaries acquired

Businesses/subsidiaries acquired by the group during the year under review included:

Expo Africa (Pty) Ltd and related entities (“Expo Africa”)
During April 2017, the group, through CA Sales Holdings Ltd (“CA Sales”), being a subsidiary of
PSG Alpha Investments (Pty) Ltd (“PSG Alpha”), acquired 90% of the issued share capital of
Expo Africa for a cash consideration of R20m and contingent consideration of R4m. Expo Africa is
involved in sales and merchandising throughout Southern Africa, being complementary to CA Sales’
existing operations. Goodwill of R20m arose in respect of, inter alia, the workforce, expected
synergies and the business’s growth potential.

Platchro Holdings (Pty) Ltd (“Platchro”)
During May 2017, the group, through Provest Group (Pty) Ltd (“Provest”), being a subsidiary of
PSG Alpha, acquired 100% of the issued share capital of Platchro for a cash consideration of R125m.
Platchro is involved in the mining services industry, offering complementary services to Provest’s
existing operations. Goodwill of R74m arose in respect of, inter alia, the workforce, expected
synergies, economies of scale and the business’s growth potential.

CAMI Education business operations (“CAMI”)
During November 2017, the group, through FutureLearn Holdings (Pty) Ltd (“FutureLearn”), being a
subsidiary of PSG Alpha, acquired the business operations of CAMI for a cash consideration of R18m.
CAMI is involved in the creation and distribution of education software to schools and home learners,
offering complementary services to FutureLearn’s existing operations. Goodwill of R14m arose in
respect of, inter alia, the workforce, expected synergies, economies of scale and the business’s
growth potential.

Multistage business operations (“Multistage”)
During March 2017, the group, through Energy Partners Holdings (Pty) Ltd (“Energy Partners”),
being a subsidiary of PSG Alpha, acquired the business operations of Multistage for a cash
consideration of R20m. Multistage is involved in industrial refrigeration, offering complementary
services to Energy Partners’ existing operations.

The South African School of Motion Picture Medium and Live Performance (Pty) Ltd and associated
property-owning companies (“AFDA”)
During September 2017, the group, through Stadio Holdings Ltd (“Stadio”), being a subsidiary of
PSG Alpha, acquired 100% of the issued share capital of AFDA for a cash consideration of R179m,
the issue of Stadio shares worth R120m and contingent consideration of R89m. AFDA is involved in
the private higher education sector in South Africa, offering complementary services to Stadio’s
existing operations. Goodwill of R226m arose in respect of, inter alia, the workforce, expected
synergies, economies of scale and the business’s growth potential.

Southern Business School (Pty) Ltd (“SBS”)
During November 2017, the group, through Stadio, being a subsidiary of PSG Alpha, acquired 74%
of the issued share capital of SBS for a cash consideration of R100m and the issue of Stadio
shares worth R100m. SBS is involved in the private higher education sector in South Africa and
Namibia, offering complementary services to Stadio’s existing operations. Goodwill of R144m
arose in respect of, inter alia, the workforce, expected synergies, economies of scale and the
business’s growth potential.

LISOF (Pty) Ltd and associated property-owning companies (“LISOF”)
During January 2018, the group, through Stadio, being a subsidiary of PSG Alpha, acquired the
entire issued share capital of LISOF for a cash consideration of R63m, the issue of Stadio shares
worth R50m and contingent consideration of R14m. LISOF is involved in the private higher education
sector in South Africa, offering complementary services to Stadio’s existing operations. Goodwill
of R70m arose in respect of, inter alia, the workforce, expected synergies, economies of scale and
the business’s growth potential.

The amounts of identifiable net assets of businesses/subsidiaries acquired, as well as goodwill
and non-controlling interests recognised from business combinations during the year under review,
can be summarised as follows:

                                       Expo Africa    Platchro        CAMI  Multistage   Sub-total
Reviewed                                        Rm          Rm          Rm          Rm          Rm

Identifiable net assets acquired                 4          51           4          24          83
Goodwill recognised                             20          74          14                     108
Bargain purchase gain                                                               (4)         (4)
Purchase consideration                          24         125          18          20         187
Contingent consideration                        (4)                                             (4)
Cash consideration paid                         20         125          18          20         183

Cash consideration paid                        (20)       (125)        (18)        (20)       (183)
Cash and cash equivalents acquired                          27           1           3          31
Cash flow from businesses/subsidiaries
 acquired                                      (20)        (98)        (17)        (17)       (152)

                             Sub-total        AFDA         SBS       LISOF       Other       Total
Reviewed                            Rm          Rm          Rm          Rm          Rm          Rm

Identifiable net assets
 acquired                           83         162          90          57          60         452
Goodwill recognised                108         226         144          70          54         602
Bargain purchase gain               (4)                                            (14)        (18)
Non-controlling interests
 recognised                                                (34)                    (13)        (47)
Derecognition of investment
 in associates at fair value                                                       (41)        (41)
Purchase consideration             187         388         200         127          46         948
Equity securities issued                      (120)       (100)        (50)                   (270)
Contingent consideration            (4)        (89)                    (14)                   (107)
Cash consideration paid            183         179         100          63          46         571

Cash consideration paid           (183)       (179)       (100)        (63)        (46)       (571)
Cash and cash equivalents
 acquired                           31          79          41          13         (21)        143
Cash flow from businesses/
 subsidiaries acquired            (152)       (100)        (59)        (50)        (67)       (428)

Transaction costs relating to the business combinations were immaterial and expensed in the
condensed consolidated income statement.

The aforementioned business combinations’ accounting have been finalised and do not contain any
contingent consideration or indemnification asset arrangements, unless otherwise stated.
Non-controlling interests were measured with reference to their proportionate share of the
identifiable net assets acquired.

Had the aforementioned business combinations been accounted for with effect from 1 March 2017
instead of their respective acquisition dates, the condensed consolidated income statement would
have reflected additional revenue of R1.2bn and profit for the year of R105m.

Receivables of R155m are included in the identifiable net assets acquired, which are all considered
to be recoverable. The fair value of these receivables consequently approximates its carrying value.

6.2 Businesses sold

During July 2017, the group, through Capespan Group Ltd (“Capespan”), being a subsidiary of Zeder
Investments Ltd (“Zeder”), merged the fruit distribution businesses of two wholly-owned subsidiaries,
Capespan Japan Ltd (“Capespan Japan”) and Metspan Hong Kong Ltd (“Metspan”), with that of
Joy Wing Mau Asia (“JWM Asia”) in exchange for a 30% equity interest in JWM Asia, a loan receivable
and cash consideration of R59m.

The amounts of identifiable net assets/liabilities of the businesses sold, as well as the remaining
interest in associate recognised during the year under review, can be summarised as follows:

                                                      Capespan
                                                         Japan     Metspan       Other       Total
Reviewed                                                    Rm          Rm          Rm          Rm

Identifiable net (assets)/liabilities derecognised         (76)        (51)          5        (122)
Recognition of investment in associate                                  26                      26
Recognition of loans granted to associate                   73          49                     122
Profit on sale of businesses                                           (80)         (5)        (85)
Cash consideration received                                 (3)        (56)          -         (59)

Cash consideration received                                  3          56                      59
Cash and cash equivalents derecognised                     (18)        (14)                    (32)
Cash flow from businesses sold                             (15)         42           -          27

7. Linked investment contracts, consolidated mutual funds and other client-related balances

Linked investment contracts are represented by PSG Life Ltd (an existing subsidiary of PSG Konsult)
clients’ assets held under investment contracts, which are linked to a corresponding liability.
Accordingly, the value of policy benefits payable is directly linked to the fair value of the
supporting assets and therefore the group is not exposed to the financial risks associated with
these assets and liabilities.

As a result of the group’s consolidation of mutual funds which it controls in accordance with IFRS 10,
the group’s investments in these mutual funds have been derecognised and all the funds’ underlying
assets have been recognised. Third parties’ funds invested in the respective mutual funds are
recognised as a payable and included under “third-party liabilities arising on consolidation of mutual
funds”.

The condensed consolidated income statement impact recognised from the assets and liabilities
pertaining to the linked investment contracts, consolidated mutual funds and other client-related
balances are split from the corresponding condensed consolidated income statement line items
attributable to the equity holders of the group below:

                                          Reviewed                             Audited
                                            Feb-18                              Feb-17
                               Client-                             Client-
                               related      Equity                 related      Equity
                              balances     holders       Total    balances     holders       Total
                                    Rm          Rm          Rm          Rm          Rm          Rm

Investment income*               1 601         458       2 059       1 398         453       1 851
Fair value gains and
 losses                          2 037        (279)      1 758         957         583       1 540
Fair value adjustment to
 investment contract
 liabilities                    (1 670)                 (1 670)       (976)                   (976)
Fair value adjustment to
 third-party liabilities
 arising on consolidation
 of mutual funds                (1 873)                 (1 873)     (1 239)                 (1 239)
Various other line items           (95)                    (95)       (140)                   (140)
                                     -                                   -

* Reclassified as set out in note 11.

The condensed consolidated statement of cash flows impact recognised from the assets and liabilities
pertaining to the linked investment contracts, consolidated mutual funds and other client-related
balances are split from the corresponding condensed consolidated statement of cash flows line items
attributable to the equity holders of the group below:

                                          Reviewed                             Audited
                                            Feb-18                              Feb-17
                               Client-                             Client-
                               related      Equity                 related      Equity
                              balances     holders       Total    balances     holders       Total
                                    Rm          Rm          Rm          Rm          Rm          Rm

Cash (utilised by)/
 generated from
 operations*                    (1 240)      1 512         272      (1 236)      1 538         302
Interest income*                 1 013         602       1 615         802         629       1 431
Dividend income                    421         781       1 202         375         703       1 078
Finance costs                                 (463)       (463)                   (433)       (433)
Taxation paid                      (29)       (503)       (532)        (50)       (503)       (553)
Cash movement in
 policyholder funds                (13)                    (13)       (101)                   (101)
Net cash flow from
 operating activities              152       1 929       2 081        (210)      1 934       1 724
Net cash flow from
 investing activities                       (2 937)     (2 937)         32      (1 706)     (1 674)
Net cash flow from
 financing activities              100         684         784                      76          76
Net increase/(decrease)
 in cash and cash
 equivalents                       252        (324)        (72)       (178)        304         126
Exchange gains/(losses)
 on cash and cash
 equivalents                                     9           9                     (71)        (71)
Cash and cash equivalents
 at beginning of the year          103         953       1 056         281         720       1 001
Cash and cash equivalents
 at end of the year                355         638         993         103         953       1 056

* Reclassified as set out in note 11.

8. Trade and other receivables and payables

Included under trade and other receivables are PSG Online broker and clearing accounts of which
R1.4bn (2017: R1.2bn) represents amounts owing by the JSE for trades conducted during the last few
days before the reporting date. These balances fluctuate on a daily basis depending on the activity
in the market.

The control account for the settlement of these transactions is included under trade and other
payables, with the settlement to clients taking place within three days after the transaction date.
All such balances have subsequently been settled accordingly.

9. Corporate actions

Apart from the transactions set out in notes 6.1 and 6.2, the group’s most significant corporate
actions are detailed in the commentary section of this announcement.

10. Financial instruments

10.1 Financial risk factors

The group’s activities expose it to a variety of financial risks: market risk (including currency risk,
fair value risk, fair value interest rate risk and price risk), credit risk and liquidity risk.

These condensed consolidated financial statements do not include all financial risk management
information and disclosures set out in the consolidated annual financial statements, and therefore
they should be read in conjunction with the group’s consolidated annual financial statements for the
year ended 28 February 2018. Risk management continues to be carried out by each entity within the
group under policies approved by the respective boards of directors.

10.2 Fair value estimation

The group, through PSG Life Ltd, issues linked investment contracts where the value of the policy
benefits (i.e. liability) is directly linked to the fair value of the supporting assets, and as such
does not expose the group to the market risk relating to fair value movements in the supporting assets.

The information below analysis financial assets and liabilities, which are carried at fair value, by
level of hierarchy as required by IFRS 13. The different levels in the hierarchy are defined below:

- Level 1: quoted prices (unadjusted) in active markets for identical assets or liabilities.
- Level 2: input other than quoted prices included within level 1 that is observable for the asset
           or liability, either directly (that is, as prices) or indirectly (that is, derived from
           prices).
- Level 3: input for the asset or liability that is not based on observable market data (that is,
           unobservable input).

The carrying value of financial assets and liabilities carried at amortised cost approximates their
fair value, while those measured at fair value can be summarised as follows:

                                                       Level 1     Level 2     Level 3       Total
28 February 2018 (reviewed)                                 Rm          Rm          Rm          Rm

Assets
 Derivative financial assets                                            43                      43
 Equity securities                                       2 330       1 312         679       4 321
 Debt securities                                           922       1 501                   2 423
 Unit-linked investments                                            41 481         719      42 200
 Investment in investment contracts                                     15                      15
 Closing balance                                         3 252      44 352       1 398      49 002

Liabilities
 Derivative financial liabilities                                       70          39         109
 Investment contracts                                               23 421         698      24 119
 Trade and other payables                                                           45          45
 Third-party liabilities arising on consolidation
  of mutual funds                                                   23 600                  23 600
 Closing balance                                             -      47 091         782      47 873

                                                       Level 1     Level 2     Level 3       Total
28 February 2017 (audited)                                  Rm          Rm          Rm          Rm

Assets
 Derivative financial assets                                            64                      64
 Equity securities                                       2 257       1 606          50       3 913
 Debt securities                                         1 005       1 686                   2 691
 Unit-linked investments                                            36 545       1 111      37 656
 Investment in investment contracts                                     16                      16
 Closing balance                                         3 262      39 917       1 161      44 340

Liabilities
 Derivative financial liabilities                                       38         114         152
 Investment contracts                                               21 317       1 099      22 416
 Trade and other payables                                                           38          38
 Third-party liabilities arising on consolidation
  of mutual funds                                                   21 394                  21 394
 Closing balance                                             -      42 749       1 251      44 000

The following table presents changes in level 3 financial instruments during the respective years:

                                                          Reviewed                 Audited
                                                            Feb-18                  Feb-17
                                                        Assets Liabilities      Assets Liabilities
                                                            Rm          Rm          Rm          Rm

Opening balance                                          1 161       1 251       1 403       1 369
Additions                                                1 188         542         193         295
Disposals                                                 (915)     (1 029)       (454)       (449)
Fair value adjustments                                      31          18          19          36
Other movements                                            (67)
Closing balance                                          1 398         782       1 161       1 251

Unit-linked investments represent the largest portion of the level 3 financial assets and relate to
units held in hedge funds that are priced monthly. The prices are obtained from the asset managers
of the particular hedge funds. These are held to match investment contract liabilities, and as such
any change in measurement would result in a similar adjustment to investment contract liabilities,
which in turn represent the largest portion of level 3 financial liabilities.

Derivative financial assets, equity securities, debt securities, unit-linked investments and
investment in investment contracts are all included in “other financial assets” in the condensed
consolidated statement of financial position, while “other financial liabilities” comprise mainly
derivative financial liabilities.

There have been no significant transfers between level 1, 2 or 3 during the year under review, nor
were there any significant changes to the valuation techniques and inputs used to determine fair
values. Valuation techniques and main inputs used to determine fair value for financial instruments
classified as level 2 can be summarised as follows:

Instrument                          Valuation technique                Main inputs

Derivative financial assets         Exit price on recognised           Not applicable
 and liabilities                     over-the-counter platforms
Debt securities                     Valuation model that uses the      Bond interest rate curves,
                                     market inputs (yield of            issuer credit ratings and
                                     benchmark bonds)                   liquidity spreads
Unit-linked investments             Quoted exit price provided         Not applicable - daily
                                     by the fund manager                prices are publicly
                                                                        available
Investment in investment            Prices are obtained from the       Not applicable - prices
 contracts                           insurer of the particular          provided by registered
                                     investment contract                long-term insurers
Investment contracts                Current unit price of underlying   Not applicable
                                     unitised financial asset that
                                     is linked to the liability,
                                     multiplied by the number of
                                     units held
Third-party liabilities arising on  Quoted exit price provided by      Not applicable - daily
 consolidation of mutual funds       the fund manager                   prices are publicly
                                                                        available

11. Reclassification of prior year figures

Leasehold improvements made by a subsidiary, Curro Holdings Ltd, have been reclassified from
“other financial assets” to “property, plant and equipment”, since these leasehold improvements
are not recoverable from the landlord. Furthermore, computer software previously incorrectly
classified as “property, plant and equipment” were reclassified to “intangible assets”. These
reclassifications had no impact on previously reported equity, liabilities, profitability or
cash flows; however, it had the following impact on the condensed consolidated statement of
financial position at 28 February 2017:

                                                                Previously         Now
                                                                  reported    reported      Change
Statement of financial position                                         Rm          Rm          Rm

Property, plant and equipment                                        7 703       7 918         215
Intangible assets                                                    3 108       3 132          24
Other financial assets                                              27 035      26 796        (239)
                                                                                                 -

Fees earned by a subsidiary of PSG Konsult Ltd, a subsidiary, have been reclassified from
“investment income” to “commission, school, net insurance and other fee income”, in order to reflect
the nature of the fees earned more accurately. This reclassification had no impact on previously
reported assets, equity, liabilities or profitability; however, it had the following impact on the
condensed consolidated income statement and condensed consolidated statement of cash flows for the
year ended 28 February 2017:

                                                                Previously         Now
                                                                  reported    reported      Change
Income statement                                                        Rm          Rm          Rm

Investment income                                                    1 896       1 851         (45)
Commission, school, net insurance and other fee income               5 718       5 763          45
                                                                                                 -

Statement of cash flows

Net cash flow from operating activities
Cash generated from operations                                         257         302          45
Interest income                                                      1 476       1 431         (45)
                                                                                                 -

12. Segment report

The group’s classification into seven reportable segments, namely: Capitec, Curro, PSG Konsult,
Zeder, PSG Alpha, Dipeo and PSG Corporate, remains unchanged. These segments represent the major
investments of the group. The services offered by PSG Konsult consist of financial advice, stock
broking, asset management and insurance, while Curro offers private education services. The other
segments offer financing, banking, investing and advisory services. All segments operate
predominantly in the Republic of South Africa. However, the group has exposure to operations
outside the Republic of South Africa through, inter alia, Curro, Zeder’s investments in Capespan,
Zaad and Agrivision Africa, and PSG Alpha’s investment in CA Sales and Stadio.

Intersegment income represents income derived from other segments within the group which is
recorded at the fair value of the consideration received or receivable for services rendered in
the ordinary course of the group’s activities. Intersegment income mainly comprises intergroup
management fees charged in terms of the respective management agreements, intergroup advisory fees
and interest income.

Recurring earnings are calculated on a proportional basis, and include the proportional earnings
of underlying investments, excluding marked-to-market adjustments and once-off items. The result
is that investments in which the group holds less than 20% and which are generally not equity
accountable in terms of accounting standards, are equity accounted for the purpose of calculating
the consolidated recurring earnings. Non-recurring earnings include once-off gains and losses and
marked-to-market fluctuations, as well as the resulting taxation charge on these items.

SOTP is a key valuation tool used to measure PSG’s performance. In determining SOTP, listed assets
and liabilities are valued using quoted market prices, whereas unlisted assets and liabilities are
valued using appropriate valuation methods. These values will not necessarily correspond with the
values per the condensed consolidated statement of financial position since the latter are measured
using the relevant accounting standards which include historical cost and the equity method of
accounting.

The chief operating decision-maker (the PSG Group Executive Committee) evaluates the following
information to assess the segments’ performance:

                                                     Recurring
                                            Inter-    earnings        Non-
                                           segment    (segment   recurring    Headline        SOTP
Year ended 28 February 2018   Income**    income**     profit)    earnings    earnings      value^
(reviewed)                          Rm          Rm          Rm          Rm          Rm          Rm

Capitec*                                                 1 369                   1 369      29 540
Curro                            2 145                     110          (1)        109       7 987
PSG Konsult                      4 188                     348                     348       7 048
Zeder                            8 903                     205         (21)        184       4 823
PSG Alpha                        6 311                     172         (22)        150       5 201
Dipeo                             (304)                    (56)       (131)       (187)        535
PSG Corporate                      196         (47)         (7)                     (7)
Funding                            155         (46)       (135)        (11)       (146)     (2 227)
Other                                                      136                     136       2 603
Total                           21 594         (93)      2 142        (186)      1 956      55 510
Non-headline items                                                                 (42)
Earnings attributable to
 non-controlling interests                                                         513
Taxation                                                                           616
Profit before taxation                                                           3 043

                                                     Recurring
                                            Inter-    earnings        Non-
                                           segment    (segment   recurring    Headline        SOTP
Year ended 28 February 2017   Income**    income**     profit)    earnings    earnings      value^
(audited)                           Rm          Rm          Rm          Rm          Rm          Rm

Capitec*                                                 1 164                   1 164      25 727
Curro                            1 834                      96                      96      11 180
PSG Konsult                      3 799                     300                     300       6 084
Zeder                           10 522                     275          (4)        271       5 398
PSG Alpha                        4 781                     133           3         136       1 909
Dipeo                              594                     (20)        187         167         812
PSG Corporate                      155        (102)         29          (7)         22
Funding                            193         (26)       (104)        (19)       (123)     (2 299)
Other                                                      112                     112       3 586
Total                           21 878        (128)      1 985         160       2 145      52 397
Non-headline items                                                                  17
Earnings attributable to
 non-controlling interests                                                       1 187
Taxation                                                                           537
Profit before taxation                                                           3 886

                                                                              Reviewed     Audited
                                                                                Feb-18      Feb-17
Reconciliation of segment revenue to IFRS revenue:                                  Rm          Rm

Segment revenue as stated above:
 Income                                                                         21 594      21 878
 Intersegment income                                                               (93)       (128)
Less:
 Changes in fair value of biological assets                                       (195)       (224)
 Fair value gains and losses                                                    (1 758)     (1 540)
 Fair value adjustment to investment contract liabilities                        1 670         976
 Fair value adjustment to third-party liabilities arising on
  consolidation of mutual funds                                                  1 873       1 239
 Other operating income                                                           (277)       (158)
IFRS revenue ***                                                                22 814      22 043

Non-recurring earnings comprised the following:
 Non-recurring items from investments                                             (175)        186
 Other losses                                                                      (11)        (26)
                                                                                  (186)        160

*   Equity method of accounting applied.
**  The total of “income” and “intersegment income” comprises the total of “revenue from sale of
    goods” and “income” per the condensed consolidated income statement.
*** IFRS revenue comprises “revenue from sale of goods”, “investment income” and “commission,
    school, net insurance and other fee income” as per the condensed consolidated income statement.
^   SOTP is a key valuation tool used to measure the group’s performance, but does not necessarily
    correspond to net asset value.

13. Capital commitments, contingencies and suretyships

Curro continues with its expansion and development of new campuses. At the reporting date,
authorised and contracted capital expenditure amounted to R516m (2017: R128m), while authorised
but not yet contracted capital expenditure amounted to R1.8bn (2017: R1.9bn).

In addition to the aforementioned and those detailed elsewhere in this announcement, capital
commitments, contingencies and suretyships materially similar to those disclosed in the group’s
annual financial statements for the year ended 28 February 2017 remained in effect during the year
under review.

14. Related-party transactions

Related-party transactions similar to those disclosed in the group’s annual financial
statements for the year ended 28 February 2017 were entered into during the year under review.

15. Events subsequent to the reporting date

During March 2018, the group, through Stadio, being a subsidiary of PSG Alpha, obtained an
effective interest of 87.2% in the entities operating Milpark, a registered private higher
education institution. Stadio’s purchase consideration amounted to R258m, of which R207m was
paid in cash and the remainder settled through the issue of Stadio shares.

During March 2018, the group, through CA Sales, being a subsidiary of PSG Alpha, concluded an
agreement to acquire warehouse and office properties currently leased by CA Sales in Gaborone
and Francistown, being in Botswana. The purchase consideration amounts to approximately P243m
(approximately R314m) and will be financed by financial institutions in Botswana and South Africa.

During April 2018, the group, through Curro, concluded an agreement to acquire the entire issued
share capital in Cooper College (Pty) Ltd and related entities, which operate a private primary
school and crèche in Gauteng, South Africa.

Apart from the aforementioned, no material event has occurred between the reporting date and the
date of approval of these condensed consolidated financial statements.

On behalf of the board

Jannie Mouton                      Piet Mouton                        Wynand Greeff
Chairman                           Chief Executive Officer            Chief Financial Officer

Stellenbosch
24 April 2018

DIRECTORS:
JF Mouton (Chairman)+, PE Burton^^, ZL Combi^, FJ Gouws+, WL Greeff (CFO)*,
JA Holtzhausen*, B Mathews^, JJ Mouton+, PJ Mouton (CEO)*, CA Otto^
* Executive   + Non-executive   ^ Independent non-executive   ^^ Lead independent director

The following changes took effect during the past year:
- On 2 October 2017, Mr TLR de Klerk replaced Mr AB la Grange as alternate director to
  Mr MJ Jooste;
- On 6 December 2017, Mr MJ Jooste resigned as director and Mr TLR de Klerk, his alternate, was
  appointed as director;
- On 9 February 2018, Mr TLR de Klerk resigned as director;
- On 20 February 2018, Mr ZL Combi was appointed chairman of the PSG Group Remuneration
  Committee, and the PSG Group Social and Ethics Committee was reconstituted to comprise
  Messrs ZL Combi, PE Burton and PJ Mouton.

COMPANY SECRETARY AND REGISTERED OFFICE:
PSG Corporate Services (Pty) Ltd, 1st Floor Ou Kollege, 35 Kerk Street, Stellenbosch, 7600;
PO Box 7403, Stellenbosch, 7599

TRANSFER SECRETARY:
Computershare Investor Services (Pty) Ltd, Rosebank Towers, 15 Biermann Avenue, Rosebank, 2196;
PO Box 61051, Marshalltown, 2107

SPONSOR:
PSG Capital

AUDITOR:
PricewaterhouseCoopers Inc
Date: 24/04/2018 01:00:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE'). 
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