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NVEST FINANCIAL HOLDINGS LIMITED - Summarised audited consolidated results for the year ended 28 February 2018 and Dividend Declaration No 7

Release Date: 25/05/2018 09:05
Code(s): NVE     PDF:  
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Summarised audited consolidated results for the year ended 28 February 2018 and Dividend Declaration No 7

NVEST FINANCIAL HOLDINGS LIMITED AND ITS SUBSIDIARIES
(Incorporated in the Republic of South Africa)
(Registration number 2008/015990/06)
(“NVest”, “the Group” or “the Company”)
ISIN Code: ZAE000199865 JSE Code: NVE


SUMMARISED AUDITED CONSOLIDATED RESULTS FOR THE YEAR ENDED 28 FEBRUARY 2018 AND
DIVIDEND DECLARATION NUMBER 7


HIGHLIGHTS:

-     Headline earnings increased by 6.61% to R59.53 million (2017: R55.84 million).
-     Headline earnings per share increased to 19.66 cents per share from 18.45 cents per share
      in 2017.
-     Revenue increased by 3.15% to R290.94 million (2017: R282.07 million).
-     Net asset value increased by 7.14% to 139.09 cents per share (2017: 129.82 cents per
      share).
-     Assets under management and administration increased by 14.42% to R29.7 billion as at
      28 February 2018 (2017: R26 billion).
-     Declaration of a final dividend of 6.00 cents per share (total dividend for the 2018 financial
      year amounts to 11 cents which represents an increase of 6.8% from the prior year).

Statement of Financial Position as at 28 February 2018
                                                           Audited            Restated         Audited
                                                       28 February         28 February     28 February
    Figures in Rand                                           2018                2017            2016
    ASSETS
    Non-Current Assets
    Property, plant and equipment                       41 099 087          39 087 622      34 307 961
    Investment property                                308 338 397         326 181 102     297 200 000
    Goodwill                                            87 438 936          82 604 170      82 604 170
    Trade and other receivables                                  -           9 686 370               -
    Investments in associates                              150 100             150 100         150 100
    Other financial assets                                 484 957             467 126         145 000
    Operating lease asset                                7 654 398           7 579 681       6 265 170
    Deferred tax                                         1 909 073             870 723         602 520
                                                       447 074 948         466 626 894     421 274 921
    Current Assets
    Other financial assets                              31 008 508          10 348 526       9 511 790
    Loans to shareholders                                  120 381             589 339         694 991
    Operating lease asset                                1 153 480             962 330       1 174 062
    Current tax receivable                               1 088 576             738 989       1 031 886
    Trade and other receivables                         30 807 328          15 671 400      12 408 060
    Cash and cash equivalents                          125 818 709         115 451 178     132 368 716
                                                       189 996 982         143 761 762     157 189 505
    Total assets                                       637 071 930         610 388 656     578 464 426

                                               Audited      Restated       Audited
                                           28 February   28 February   28 February
Figures in Rand                                   2018          2017          2016
EQUITY AND LIABILITIES
EQUITY
Equity Attributable to Equity Holders of
Parent
Share capital                              324 779 200   324 779 200   324 779 200
Reserves                                     4 874 481     3 866 845     1 452 097
Retained earnings                           91 437 240    64 360 955    34 925 335
                                           421 090 921   393 007 000   361 156 632
Non-controlling interest                     2 053 817     2 310 826     5 055 211
                                           423 144 738   395 317 826   366 211 843
LIABILITIES
Non-Current Liabilities
Deferred tax                                15 724 829    16 164 693    11 578 535
Other financial liability                  142 233 919   146 296 862   157 141 541
                                           157 958 748   162 461 555   168 720 076
Current Liabilities
Other financial liabilities                 11 819 600    26 368 002    15 400 000
Loans from group companies                           -             -       116 667
Current tax payable                            158 166        62 101       186 538
Provisions                                     500 000             -             -
Trade and other payables                    43 490 678    26 179 172    27 829 302
                                            55 968 444    52 609 275    43 532 507
Total Liabilities                          213 927 192   215 070 830   212 252 583
Total Equity and Liabilities               637 071 930   610 388 656   578 464 426

Statement of Profit or Loss and Other Comprehensive Income
                                                                     Year            Year
                                                                  Audited        Restated
                                                              28 February     28 February
 Figures in Rand                                                     2018            2017
 Revenue                                                      290 942 740     282 066 249
 Cost of sales                                               (111 187 866)   (107 425 200)
 Gross profit                                                 179 754 874     174 641 049
 Other income                                                   1 866 616       1 651 849
 Fair value adjustments                                          (491 867)      7 441 269
 Operating expenses                                           (93 731 632)    (89 591 468)
 Operating profit                                              87 397 991      94 142 699
 Investment revenue                                            10 142 755       9 548 125
 Finance costs                                                (15 453 865)    (16 816 225)
 Income from associates                                           942 735         881 100
 Profit before taxation                                        83 029 616      87 755 699
 Taxation                                                     (22 898 709)    (25 687 600)
 Profit for the year ended                                     60 130 907      62 068 099

 Other comprehensive income:

 Items that will not be reclassified to profit or loss:
 Gains and losses on property valuation                           829 570       3 111 789
 Income tax relating to items that will not be
 reclassified                                                    (232 279)       (697 041)
 Total items that will not be reclassified to profit or 
 loss                                                             597 291       2 414 748

 Total comprehensive income for the year                       60 728 198      64 482 847

 Profit attributable to:
 Equity holders of the parent                                  59 046 896      60 978 197
 Non-controlling interest                                       1 084 011       1 089 902
                                                               60 130 907      62 068 099

 Total comprehensive income attributable to:
 Equity holders of the parent                                  59 644 187      63 392 945
 Non-controlling interest                                       1 084 011       1 089 902
                                                               60 728 198      64 482 847
Statement of Cash Flows
                                                    Audited            Audited
 Figures in Rand                           28 February 2018   28 February 2017
 Cash flows from operating activities
 Cash generated from operations                  93 255 170         83 240 719
 Interest received                                9 618 541          9 201 232
 Dividends received                                 524 214            346 893
 Finance costs                                  (15 453 865)       (16 816 225)
 Tax paid                                       (24 928 841)       (21 898 225)
 Net cash generated by operating
 activities                                      63 015 219         54 074 394

 Cash flows used in investing activities
 Purchase of property, plant and
 equipment                                       (3 212 602)        (3 617 844)
 Disposal of property, plant and
 equipment                                           25 343            398 706
 Purchase of investment property                          -        (21 663 005)
 Sale of investment property                     17 442 190                  -
 Purchase of subsidiary through
 business combination                            (4 500 000)                 -
 Net cash acquired in business
 combination                                        523 011                  -
 Additional investments in current
 subsidiaries                                    (2 309 188)        (4 080 000)
 Loans advanced to group
 companies                                                -           (116 667)
 Purchase of financial assets                   (25 000 000)        (1 158 863)
 Disposal of financial assets                     4 342 017                  -
 Decrease/(increase) in trade and
 other receivables (non-current)                  9 686 370         (9 686 370)
 Other non-cash item                               (500 000)                 -
 Net cash used in investing activities           (3 502 859)       (39 924 043)

 Cash flows from financing activities
 Proceeds from other financial
 liabilities                                              -          2 241 138
 Repayment of other financial
 liabilities                                    (18 611 345)        (2 117 815)
 Proceeds from shareholders loan                    468 958            117 851
 Repayment of shareholders loan                           -            (12 199)
 Dividends paid                                 (30 274 172)       (30 576 914)
 Dividends paid to non-controlling
 interests                                         (728 270)          (719 950)
 Net cash used in financing activities          (49 144 829)       (31 067 889)

 Total cash movement for the year                10 367 531        (16 917 538)
 Cash at the beginning of the year              115 451 178        132 368 716
 Total cash at end of the year                  125 818 709        115 451 178
Statement of Changes in Equity
                                                                             Share                                           Total
                                                                             based                                    attributable           Non-
                                                            Revaluation                                Retained
                                            Share capital                  payment           Total                       to equity    controlling   Total equity
                                                                reserve                                  income
                                                                           reserve        reserves                      holders of       interest
 Figures in Rand                                                                                                         the Group
 Balance at 1 March 2016                     324 779 200      1 452 097          -       1 452 097    34 925 335       361 156 632      5 055 211    366 211 843

 Profit for the year                                   -              -          -               -    60 978 197        60 978 197      1 089 902     62 068 099
 Other comprehensive income                            -      2 414 748          -       2 414 748             -         2 414 748                     2 414 748
 Total comprehensive income for the
 year                                                  -         14 748          -       2 414 748    60 978 197        63 392 945      1 089 902     64 482 847

 Acquisition from non-controlling
 interest                                              -              -          -               -      (965 663)         (965 663)    (3 114 337)    (4 080 000)
 Dividends                                             -              -          -                   (30 576 914)      (30 576 914)      (719 950)   (31 296 864)
 Total contributions by and distributions
 to owners of company recognised
 directly in equity                                    -              -          -                   (31 542 577)      (31 542 577)    (3 834 287)   (35 376 864)
 Balance at 1 March 2017                     324 779 200      3 866 845          -       3 866 845    64 360 955       393 007 000      2 310 826    395 317 826
 Profit for the year                                   -              -          -               -    59 046 896        59 046 896        904 010     59 950 906
 Other comprehensive income                            -        597 291          -         597 291             -           597 291              -        597 291
 Total comprehensive income for the
 year                                                  -        597 291          -         597 291    59 046 896        59 644 187        904 010     60 548 197
 Share option expense                                  -              -    410 345         410 345             -           410 345              -        410 345
 Acquisition from non-controlling
 interest                                              -              -          -               -    (1 696 439)       (1 696 439)      (612 749)    (2 309 188)
 Other                                                 -              -          -               -             -                 -        180 000        180 000
 Dividends                                             -              -          -               -   (30 274 172)      (30 274 172)      (728 270)   (31 002 442)
 Total contributions by and distributions
 to owners of company recognised
 directly in equity                                    -              -    410 345         410 345   (31 970 611)      (31 560 266)    (1 161 019)   (32 721 285)
 Balance at 28 February 2018                 324 779 200      4 464 136    410 345       4 874 481    91 437 240       421 090 921      2 053 817    423 144 738

SEGMENT ANALYSIS
The following information relates to segment financial information of the group:
2018
                                                        Profit
                                      Revenue       before tax           Assets    Liabilities
  Segments:
  Insurance broking                18 734 067        3 122 351        9 466 754      2 098 653
  Wealth management               221 080 433       60 044 057      104 701 466     49 544 393
  Administration of estates
  and trusts                        3 396 941        1 060 710        3 666 243      1 370 390
  Property services                55 809 585        8 146 002      372 011 441    287 753 474
  Investments                      56 724 801       48 797 638      325 648 652      1 837 263
  Intercompany eliminations       (64 803 087)     (38 141 142)    (178 422 626)  (128 677 101)
                                  290 942 740       83 029 616      637 071 930    213 927 192

2017
                                                        Profit
                                      Revenue       before tax          Assets      Liabilities
 Segments:
 Insurance broking                 16 481 791        2 938 385       8 930 913        1 908 533
 Wealth management                213 599 772       59 242 686      74 472 774       27 438 614
 Administration of estates
 and trusts                         2 876 360          710 926       2 780 163        1 248 021
 Property services                 57 084 225       17 020 856     392 836 383      313 546 236
 Investments                       50 262 838       45 582 447     309 052 404          923 023
 Intercompany eliminations        (58 238 737)     (37 739 601)   (177 683 981)    (129 993 597)
                                  282 066 249       87 755 699     610 388 656      215 070 830

All the operating segments of the Group operate in South Africa. Operations are integrated
and therefore not shown per geographical area.

Per share information                                                              2018              2017

  Earnings per share information:
  Earnings per share (cents)                                                      19,50             20,14
  Headline earnings per share (cents)                                             19,66             18,45

  Earnings attributable to equity holders of the parent                      59 046 896        60 978 205
  Fair value loss/(gain) adjustment of investment
  property                                                                      400 515        (7 318 097)
  Loss on disposal of fixed assets                                              110 117            56 010
  Restatement of CGT inclusion rate                                                   -           470 498
  Impairment loss on fixed assets                                                44 463                 -
  Tax effect                                                                    (70 470)        1 655 190
                                                                             59 531 521        55 841 806

  Weighted average number of shares                                         302 741 722       302 741 722

  Net asset value per share:
  Net asset value per share (cents)                                              139,09            129,82
  Net tangible asset value per share (cents)                                     110.21            102,53
  Shares in issue at 28 February 2017                                       302 741 722       302 741 722
BASIS OF PREPARATION AND ACCOUNTING POLICIES

The accounting policies and method of measurement and recognition applied in the preparation of these summarised audited 
consolidated provisional results are in terms of International Financial Reporting Standards (“IFRS”) and are consistent with those applied in
the audited annual financial statements for the previous year ended 28 February 2017. The summarised audited consolidated provisional results 
are prepared in accordance with the requirements of the JSE Limited Listings Requirements for provisional reports and the requirements of the 
Companies Act, 71 of 2008.


The summarised audited consolidated provisional results are presented in terms of the minimum disclosure requirements set out in 
International Accounting Standards (“IAS”) 34 – Interim Financial Reporting, as well the SAICA Financial Reporting Guides as issued by the
Accounting Practices Committee and Financial Reporting Pronouncements as issued by the Financial Reporting Standards Council.

The Group Financial Director, Frank Knox (B.Comm, B Compt (Hons)), was responsible for the preparation of the summarised audited 
consolidated provisional results. Any reference to future financial performance included in this announcement has not been reviewed or
reported on by the Group’s external auditors.

The directors of NVest (“the Board”) take full responsibility for the preparation of the provisional report. The financial information 
has been correctly extracted from the underlying annual financial statements.

This summarised report is extracted from audited information but is itself not audited.

The annual financial statements for the year ended 28 February 2018 have been audited by BDO Cape Inc. (Note: Grant Thornton Cape 
Incorporated merged into the BDO network on the 22nd of February 2018 and changed its name to BDO with effect from that date). A copy
of the auditor’s unmodified opinion is available for inspection at the Company’s registered office.

This announcement does not include the information required pursuant to paragraph 16A(j)of IAS 34. The full (interim, preliminary, provisional or abridged) report is available on the issuer’s
website, at the issuer’s registered offices and upon request www. nvestholdings.co.za.

COMMENTARY

Although NVest listed on the Alternative Exchange in May 2015, the Company has been in operation (through its NFB Financial Advisory business) 
for 33 years and continues to grow as a broad-range Financial Services Provider. The Group consists of ten wholly or majority owned
subsidiaries located in Gauteng, East London, Port Elizabeth and Cape Town. The core business operations are Private Wealth Management, 
Stockbroking and Asset Management. The Group also includes other complementary business subsidiaries aimed at providing a holistic
financial services proposition, which includes a short-term insurance brokerage, a commercial property investment portfolio and a property 
services business and a wills and administration of deceased estates business. This complementary collection of businesses, alongside the
commercial property portfolio, provides a diverse set of income streams. The Group’s long-term strategy is to become a pre-eminent independent, 
national financial advisory business providing a holistic and integrated client product and service proposition. This will be achieved
through both organic and acquisitive growth. NVest is well positioned in terms of both capital reserves and human resources to execute against 
this strategy.

RESULTS

The Board is pleased to report another year of solid results and steady growth in the context of challenging operating conditions. The results 
also reflect continued progress in terms of executing against key strategic objectives of the Group. The year on year growth is highlighted
by an increase in total assets under management and administration, which grew by 14.42% to R29.7 billion (R26 billion: 2017). Revenue also 
increased by 3.15% to R290.94 million (R282.07 million in 2017) which is almost exclusively organic growth.

Disciplined cost management remains a priority for the business. Cost of Sales have increased by 3.50% (R3.76 million) which was in line with 
expectation and broadly proportionate to the overall growth of the business. The increase in costs is a product of:

-   Variable costs growing in line with revenue;
-   Continued costs associated with the listing such as Legal, Regulatory and Compliance costs; and
-   Operations and IT infrastructure and investment costs.

Headline earnings increased to R59.53 million (2017: R55.84 million). The overall position in terms of revenue growth and the increased cost 
of sales translated into a profit before tax and net of fair value adjustments of R 83.52 million (2017: R 80.31 million), which represents 
growth of 4%.

Headline earnings per share increased to 19.66 cents per share (2017: 18.45 cents per share), which represents an increase of 6.61% - despite 
the tough market and operating environment.

The Company remains highly cash generative. Net cash from operating activities increased by 16.5% from R54.07 million in 2017 to R63.02 million 
for the year under review. NVest continues to hold substantial cash reserves (R125.82 million) which will be applied predominantly in acquisitions 
going forward to ensure a more attractive yield than what these funds currently earn on call.

RESTATEMENT OF PRIOR YEAR RESULTS

The results for the prior year were restated to address reclassifications within the Statement of Financial Position and Statement of 
Comprehensive Income. Certain reclassifications were identified pursuant to a Pro-Active Monitoring Review by the JSE and the Audit and Risk
Committee identified the non-elimination of specific inter-company transactions and balances. These can be summarised as follows:

-   In the prior year the deposit paid for the Illovo Point property was reflected as an Investment. The true nature of this transaction is 
    better reflected as a deposit, which has been included under trade and other receivables.

-   Certain inter-company eliminations were not done during 2017 and these affected trade and other receivables, trade and other payables, 
    revenue, investment revenue and finance costs. They have been restated to reflect the inter-company eliminations.

-   In the prior year deferred tax assets and liabilities were netted off. Likewise, tax assets and liabilities were netted off. These have 
    been restated and reflected separately.

-   Other financial liabilities were restated to reflect the short-term portion of two of the commercial notes.

-   Straight-line lease assets were restated to distinguish between the current and non-current portions.
   
-   The investment in associate was reflected under financial assets and has been correctly restated to the correct line item.

-   Revenue and other income have been restated to better reflect interest and dividend income, which is considered to be revenue at a holding company level.

-   Equity accounted income from associates was incorrectly included under other income.

-   Cost of sales and operating expenses were restated as certain commissions were included under employee costs. These are now reflected under cost of sales.

None of these restatements affected net profit. There was also no impact on earnings and headline earnings per share as a consequence of the 
restatements.

The table below sets out all line items that have been impacted and which have changed as a result of the review and restatement.

                                                                 Restated     Previously published
                                                                        R                        R
 Statement of Financial Position
 Investment                                                             -                9 686 370
 Trade and other receivables (non-current)                      9 686 370                        -
 Trade and other receivables (current)                         15 671 400               17 035 363
 Investment in associate                                          150 100                      100
 Deferred tax (asset)                                             870 723                        -
 Other financial assets                                           467 126                  617 126
 Current tax receivable                                           738 989                  676 888
 Deferred tax (liability)                                      16 164 693               15 293 970
 Other financial liabilities (non-current)                    146 296 862              155 296 862
 Straight-line lease asset (non-current)                        7 579 681                        -
 Straight-line lease asset (current)                              962 330                8 542 011
 Other financial liabilities (current)                         26 368 002               17 368 002
 Current tax payable                                               62 101                        -
 Trade and other payables                                      26 179 172               26 891 159
 Provisions                                                             -                  651 984

 Profit or Loss
 Revenue                                                      282 066 249              287 630 210
 Cost of sales                                               (107 425 200)             (91 004 044)
 Other income                                                   1 651 849                4 001 877
 Fair value adjustments                                         7 441 269                7 497 278
 Operating expenses                                           (89 591 468)            (113 904 054)
 Investment revenue                                             9 548 125               16 169 835
 Finance costs                                                (16 816 225)             (22 635 395)
 Income from associates                                           881 100                        -

PROSPECTS

The Group has performed admirably during the year under review, delivering strong results in the context of particularly challenging operating 
conditions. A strong Rand, ongoing political uncertainties, market volatilities and weak investment confidence have all contributed to a
difficult business environment. Despite these prevailing headwinds NVest continues to deliver growth in key areas including top line revenue, 
assets under management and administration and headline earnings. This bears testimony to the resilience of NVest’s operating model and
its continued relevance to the market. The Board and Management team are positive about the future prospects for the Group. The business is 
optimally placed in terms of capital reserves which provides a meaningful source of funding for acquisitions and the leadership team is
settled, supported by a Board and governance structures that are maturing effectively.

ACQUISITIONS, DISPOSALS, SHARE ISSUES AND REPURCHASES

During the year under review, the Company increased its shareholding in NFB Insurance Brokers (Border) Proprietary Limited from 76.67% to 
85.00% and in NFB Finance Brokers Port Elizabeth Proprietary Limited from 65.00% to 100.00%. Accordingly, NFB Finance Brokers Port
Elizabeth Proprietary Limited is now a wholly owned subsidiary. Various other acquisitive opportunities were actively considered during the 
year and this remains a key focus within the Group’s long-term strategy and ambition to become a pre-eminent, national financial services
Group.

There were no share issues and repurchases during the year under review.

As at 28 February 2018, the Company had 302 741 722 shares in issue.

BUSINESS COMBINATION

On 01 June 2017 the Group, through NFB Finance Brokers Port Elizabeth Proprietary Limited, acquired 100% of the voting equity interest of 
Three Oaks Capital RF Proprietary Limited. Three Oaks Capital RF Proprietary Limited is principally involved in the financial and intermediary
services industry. With effect from 01 December 2017 the businesses of NFB Finance Brokers Port Elizabeth Proprietary Limited and Three Oaks 
Capital RF Proprietary Limited were merged and amalgamated under the NFB brand. As a result of the acquisition of Three Oaks Capital RF
Proprietary Limited and the subsequent merger of that business with NFB Finance Brokers Port Elizabeth Proprietary Limited, the Group has 
significantly increased its scale and presence in the targeted growth region of Port Elizabeth. The merger presents the opportunity to 
capitalise on various cost saving synergies through the business combination.

Goodwill of R 4 834 766 arising from the acquisition consists largely of the synergies and economies of scale benefits expected from combining 
the respective operations of the entities, as well as from intangible assets which did not qualify for separate recognition.

Goodwill is not deductible for income tax purposes.

 Fair value of assets acquired and liabilities assumed

 Property, plant and equipment                                          97 540
 Other financial assets                                                    999
 Cash and cash equivalents                                             523 011
 Current tax payable                                                   -66 166
 Trade and other payables                                              -390200
 Total identifiable net assets                                         165 234
 Goodwill                                                            4 834 766
                                                                     5 000 000
 Acquisition date fair value of consideration paid

 Cash                                                                4 500 000
 Contingent consideration arrangement                                  500 000
                                                                     5 000 000

“Contingent consideration arrangement”: Management is of the opinion that the conditions will be met and has raised the provision of R 500 000.

RELATED PARTY INFORMATION

As reported previously, within the prior financial year ending 28 February 2017, NVest Properties Limited (“NVP” a wholly owned subsidiary), 
entered into an agreement with the developers of Erf no. 3 Illovo which is being developed into an office park (“Illovo Point”) by 
Johannesburg 2 Properties Proprietary Limited to acquire units 16 and 17 of the Illovo Point development.

In 2017 NVest Financial Holdings Limited ceded R27.1 million of its cash held with Investec as a guarantee of the purchase by NVP of the two 
office units within Illovo Point and which will only be called upon when transfer is registered, which is expected in September 2018. NVP has
issued a guarantee limited to R14.2 million for the construction of the development.

NFB Finance Brokers Gauteng Proprietary Limited, along with NFB Asset Management Proprietary Limited and the Sandton branch of NVest Securities 
Proprietary Limited, will take up one of the office units upon completion. The building development is progressing according to schedule and is 
expected to be completed in the last quarter of 2018.

The balance of the related party information is of a historic and repetitive nature and is fully disclosed in the audited financial statements.

CHANGES TO THE BOARD OF DIRECTORS

During the year under review, Mr Andrew Vincent Kent retired as an Executive Director of NVest with effect from 22 November 2017.

Mr Christopher Grant Lemmon was subsequently appointed as an Executive Director of the Company, but with effect from 1 March 2018.

SUBSEQUENT EVENTS

The directors are not aware of any material event which occurred after the reporting date and up to the date of this report.

DIVIDEND DECLARATION

The Board has declared a final gross dividend (Number 7) of 6.00 cents per share for the year ended 28 February 2018. In line with our target 
to grow the dividend materially on a year on year basis we are pleased to confirm that the dividends declared for the 2018 financial year
reflect an increase of 6.8% compared against the 2017 financial year.

The dividend is declared out of income reserves. The dividend will be subject to a dividend withholding tax rate of 20% or 1.20 cents per 
ordinary share. Shareholders, unless exempt or qualifying for a reduced withholding tax rate, will receive a net dividend of 4.80 cents per
share.

NVest’s tax reference number is 905398110. The number of ordinary shares in issue at the declaration date is 302,741,722.

The salient dates for the dividend will be as follows:

                                                                                              2018
 Last date to trade “cum’ dividend                                                Tuesday, 12 June
 Shares commence trading ‘ex’ the dividend                                      Wednesday, 13 June
 Record date (date shareholders recorded in share register)                       Friday,  15 June
 Payment date                                                                     Monday,  18 June

Shareholders may not dematerialise or rematerialise their share certificates between Wednesday,13 June 2018 and Friday, 15 June 2018, both 
dates inclusive.

For and on behalf of the Board

Anthony Godwin                                                           Frank Knox
Chief Executive Officer                                                  Financial Director

25 May 2018

 Executive Directors:                             Independent Non-executive Directors:
 Anthony Godwin (Chief Executive Officer)         Jonathan Goldberg (Chairman)
 Frank Knox (Financial Director)                  Siviwe Kwatsha
 Michael Estment                                  Professor Lana Weldon
 Christopher Lemmon                               Non-executive Directors:
                                                  Dylan Schemel
 Company Secretary and Registered Office:         Transfer Secretaries:
 Brendan Connellan                                Computershare Investor Services Proprietary
 42 Beach Road                                    Limited
 Nahoon                                           70 Marshall Street
 East London                                      Johannesburg, 2001
 Eastern Cape                                     (PO Box 61051 Marshalltown, 2107)
 (PO Box 8132, Nahoon, 5210)

 WEBSITE:                                         Designated Advisor:
 http://www.nvestholdings.co.za/                  Arbor Capital Sponsors Proprietary Limited

Date: 25/05/2018 09:05:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE'). 
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