eXtract GROUP LIMITED - Interim financial report of eXtract Group Limited for the 6 month period ended 28 February 2018

Release Date: 05/06/2018 07:05
Code(s): EXG
 
Wrap Text
Interim financial report of eXtract Group Limited for the 6 month period ended 28 February 2018

eXtract Group Limited
(Incorporated in the Republic of South Africa)
(Registration number 1998/011672/06)
JSE share code: EXG        
ISIN: ZA0002223202
("eXtract" or the "Company" or the "Group")

INTERIM FINANCIAL REPORT OF EXTRACT GROUP LIMITED
FOR THE 6 MONTH PERIOD ENDED 28 FEBRUARY 2018
                                                                                            
SALIENT FEATURES 
-  enX restructuring agreement became effective in September 2017
-  Debt conversion of R1 878 million effective in October 2017
-  Net asset value at the end of the period of R237 million

FINANCIAL REVIEW
-  The Group reported a loss for the period of R82 million compared to a
   loss of R1 533 million in the prior period
-  R652 million of mining assets sold during the period
-  All mining contracts exited in order to monetise asset base

It is important to note that the comparative period is the six months ended 31 December
2016. Due to the change in year-end from 30 June to 31 August, the six-month interim
reporting date is now 28 February.

INTRODUCTION

During the period under review, eXtract continued to focus on exiting the remaining
mining contracts in a responsible manner and stabilising the remaining business while the
downsizing continues.

All the remaining mining contracts were exited during the reporting period (Mogalakwena
and Aganang, which ceased at the end of November 2017, and Mozambique, which
ceased during December 2017).

As previously communicated, the following key events took place during the reporting
period:
-  Repayment of all bank debt;
-  enX Group Limited ("enX") debt to equity conversion of R1.878 billion implemented on
   12 October 2017;
-  Repayment of R175 million of the R250 million enX debt;
-  Sale of interest in the Last Mile Fund at face value of R25 million, receivable over a
   three-year period;
-  Sale of assets at Tharisa, Mogalakwena and Aganang as going concerns;
-  Resolution of the Eqstra Botswana liquidation process and sanctioning by the High
   Court in Botswana;
-  Significant reduction of eXtract's overhead costs, including a reduction in headcount;
-  Disposal of the head office property for R52 million and retrenchment of all head office
   staff;
-  Disposal of further excess assets (R652 million for the period under review); and
-  Changes to the board of directors ("Board") and management of eXtract.

SUBSEQUENT EVENTS

Subsequent to the period-end, the following material events occurred:
-  Repayment of a further R50 million of enX debt, leaving R25 million of debt remaining.
-  Disposal of further excess assets of R19 million during March and April 2018.
-  Receipt of cash of R26 million for the sale of Aganang assets.

FUTURE STRATEGY

Pursuant to the strategic review undertaken in the prior year, a number of key outcomes
have been identified and the implementation is on track. The ultimate goal remains to
protect the remaining shareholder value. The Board will in parallel look to further transform
the Group should any attractive opportunities arise.

SOLVENCY AND LIQUIDITY

The Board is satisfied that after the conversion of the enX mezzanine debt and preference
share instruments into equity during the reporting period, the Group is solvent at the
reporting period-end and for the foreseeable future.

The Board is further satisfied that the strategies to address the liquidity risks are on track and
are being effectively addressed and the Group has the ability to settle liabilities as they become 
due and payable.

DIVIDEND

The Board has not declared a dividend given the Group's performance and change in
strategy.

LOOKING AHEAD

As previously communicated, eXtract will continue to focus on these commitments in the
short to medium-term:
-  Reduction of external debt;
-  Monetisation of assets held for sale; and
-  Improving the efficiencies of existing leasing contracts.

GOING CONCERN

The results presented for the Group have been prepared on the assumption that the
Group, as a whole, will continue to operate as a going concern.

DIRECTOR CHANGES

The following directors resigned on 23 February 2018:
-  Bernard Swanepoel - Executive chairman
-  Clinton Halsey - Interim chief executive officer and chief investment officer
-  Sipho Nkosi - Lead independent non-executive director
-  Octavia Matloa - Independent non-executive director
-  Khetiwe McClain - Independent non-executive director

The following directors were appointed on 23 February 2018:
-  Frank Davidson - Lead independent non-executive director
-  Nelis Leonard - Non-executive director
-  Fedja Basic - Independent non-executive director

The following director's function was changed as announced on SENS on 3 May 2018:
-  Jannie Serfontein - now chief executive officer and financial director until 30 June 2018

By order of the board of directors

JL Serfontein
Chief executive officer and financial director

4 June 2018

SUMMARISED CONSOLIDATED STATEMENT OF FINANCIAL POSITION
as at   
                                                      Unaudited         Unaudited      Audited
                                                    28 February       31 December    31 August
                                                           2018              2016         2017
                                                             Rm                Rm           Rm
ASSETS             
Non-current assets                                            -               762            -
Property, plant and equipment                                 -                85            -
Leasing assets                                                -               677            -
Current assets                                              365             1 625        1 267
Inventories                                                   -                78           15
Trade and other receivables and             
derivatives                                                 114               515          313
Cash and cash equivalents(15)                                75               162          109
Assets held for sale(2)                                     176               870          830
             
Total assets                                                365             2 387        1 267
EQUITY AND LIABILITIES            
Capital and reserves            
Stated capital                                            3 769             1 891        1 891
Other reserves                                              286               374          325
Accumulated loss                                        (3 818)           (3 256)      (3 736)
Equity (deficit) attributable to owners            
of the parent                                               237             (991)      (1 520)
Non-controlling interests                                     -                 -            -
Total equity (deficit)                                      237             (991)      (1 520)
Non-current liabilities                                       7             2 294        1 891
Interest-bearing borrowings(3)                                -             2 256        1 877
Deferred tax liabilities                                      7                38           14
Current liabilities                                         121             1 084          896
Current portion of interest-bearing            
borrowings(3)                                                 -               465            -
Trade and other payables, provisions            
and derivatives                                              20               420          226
Liabilities directly associated with            
assets held for sale(2)                                     101               199          670
            
Total equity and liabilities                                365             2 387        1 267
          
SUMMARISED CONSOLIDATED STATEMENT OF OTHER COMPREHENSIVE INCOME

                                                     Unaudited         Unaudited
                                                       for the           for the
                                                    six months        six months      Audited
                                                         ended             ended     year-end
                                                   28 February       31 December    31 August
                                                          2018              2016         2017
                                                            Rm                Rm           Rm
Loss for the period                                       (82)           (1 533)      (2 013)
Total other comprehensive loss for            
the period, net of taxation                               (39)              (55)         (72)
Items that may be reclassified            
subsequently to profit or loss            
Exchange differences on            
realisation of foreign exchange            
reserve                                                   (42)                 -            -
Exchange differences on translation            
of foreign subsidiaries                                      3              (55)         (72)
            
Total comprehensive loss for the            
period, net of taxation                                  (121)           (1 588)      (2 085)
Attributable to:            
Owners of the parent                                     (121)           (1 590)      (2 087)
Non-controlling interests                                    -                 2            2
                                                         (121)           (1 588)      (2 085)

SUMMARISED CONSOLIDATED DISCONTINUED OPERATIONS INCOME STATEMENT

                                                     Unaudited         Unaudited
                                                       for the           for the
                                                    six months        six months      Audited
                                                         ended             ended     year-end
                                                   28 February       31 December    31 August
                                                          2018              2016         2017
                                                            Rm                Rm           Rm
Revenue                                                  1 316             3 611        5 418
(Loss)/profit from operations before          
depreciation and amortisation                            (173)               813          635
Depreciation and amortisation                                -             (192)        (330)
Operating (loss)/profit                                  (173)               621          305
Net foreign exchange (before items          
listed below) (losses)/gains                                66              (24)         (36)
Fair value gains recycled from equity                        -                 -           44
Net impairment of assets(6)                                 16           (1 389)      (1 494)
IFRS 5 adjustment(9)                                      (33)             (439)        (448)
Loss before net finance costs                            (124)           (1 231)      (1 629)
Net finance costs(8)                                       (2)             (264)        (340)
Finance costs                                              (4)             (375)        (353)
Finance income                                               2               111           13
         
Loss before taxation                                     (126)           (1 495)      (1 969)
Income tax expense                                          44                28           22
Loss for the period                                       (82)           (1 467)      (1 947)
Loss on sale of subsidiaries                                 -               (3)          (3)
Deconsolidation of subsidiary(7)                             -              (63)         (63)
Total loss for the period from          
discontinued operations                                   (82)           (1 533)      (2 013)
Attributable to:
Owners of the parent                                      (82)           (1 535)      (2 015)
Non-controlling interests                                    -                 2            2
Loss for the period                                       (82)           (1 533)      (2 013)

                                                         Cents             Cents        Cents
Loss per share from discontinued           
operations(11)           
- Basic and diluted loss per share                     (384,0)        (75 840,0)   (84 640,0)

*  Amounts re-presented to show all operations in comparative results as discontinued operations.

 SUMMARISED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
                                                              (Accum-
                                                               ulated
                                                                loss)         Non-
                                      Stated        Other    Retained  controlling
                                     capital     reserves      income     interest      Total
                                          Rm           Rm          Rm           Rm         Rm
Balance at 1 July 2016                 1 839          449       (688)           29      1 629
Total comprehensive loss   
for the period                             -         (55)     (1 535)            2    (1 588)
Loss for the period                        -           -      (1 535)            2    (1 533)
Other comprehensive income
for the period, net of taxation            -         (55)           -            -       (55)
Vesting of share incentive
scheme                                     -          (4)           -            -        (4)
New issue of stated capital*              37            -           -            -         37
Conversion of treasury shares             15            -           -            -         15
Dividend paid                              -            -           -          (2)        (2)
Dividend in specie                         -            -     (1 022)            -    (1 022)
Reversal of share-based 
payment reserve                            -         (16)          16            -          -
Transfer within categories of
reserves                                   -           22        (22)            -          -
Disposal of subsidiary                     -         (27)           -         (29)       (56)
Deferred taxation directly in
equity                                     -            5         (5)            -          -
Balance at 31 December 2016            1 891          374     (3 256)            -      (991)
Total comprehensive loss
for the period                             -         (17)       (480)            -      (497)
Loss for the period                        -            -       (480)            -      (480)
Other comprehensive loss for
the period, net of taxation                -         (17)           -            -       (17)
Realisation of translation reserve         -         (32)           -            -       (32)
Balance at 31 August 2017              1 891          325     (3 736)            -    (1 520)
Total comprehensive loss
for the period                             -         (39)        (82)            -      (121)
Loss for the period                        -            -        (82)            -       (82)
Other comprehensive loss for
the period net of taxation                 -         (39)           -            -       (39)
New issue of stated capital            1 878            -           -            -      1 878
Balance at 28 February 2018            3 769          286     (3 818)            -        237

* On 16 November 2016 101 400 000 shares were issued at R1 each.

 SUMMARISED CONSOLIDATED STATEMENT OF CASH FLOWS

                                                      Unaudited        Unaudited      Audited
                                                    28 February      31 December    31 August
                                                           2018             2016         2017
as at                                                        Rm               Rm           Rm
Cash flows from operating activities            
Cash generated from operations            
before working capital movements                           (93)              688          740
Working capital movements                                  (18)              697          594
Cash (utilised in) generated from           
operations                                                (111)            1 385        1 334
Finance income                                                2              111           13
Finance costs                                               (4)            (341)        (353)
Taxation paid                                               (3)             (29)         (45)
Net cash flows from operating           
activities                                                (116)            1 126          949
Cash flows from investing activities          
Acquisition/disposal of businesses                            -             (75)         (11)
Net capital disposals                                       652            (820)        (211)
Movement in finance lease           
receivables                                                   -               36           36
Net cash flows from investing           
activities                                                  652            (859)        (186)
Cash flows from financing activities           
Issue of shares                                               -               37           37
Conversion of treasury shares                                 -                -           15
Dividends paid to minorities                                  -              (2)          (2)
Net decrease in interest-bearing          
borrowings                                                (567)            (447)        (995)
Net cash flows from financing           
activities                                                (567)            (412)        (945)
Net decrease in cash and cash           
equivalents                                                (31)            (145)        (182)
Effect of exchange rate of translation           
on cash and cash equivalents                                (3)              (5)         (20)
Derecognition of cash and cash          
equivalents                                                   -             (22)         (23)
Cash and cash equivalents at          
beginning of period                                         109              334          334
Cash and cash equivalents at end             
of period                                                    75              162          109
  
SUMMARISED CONSOLIDATED STATEMENT OF DISCONTINUED CASH FLOWS

                                                      Unaudited        Unaudited      Audited
                                                    28 February      31 December    31 August
                                                           2018             2016         2017
as at                                                        Rm               Rm           Rm
Net cash flows from operating            
activities                                                (116)            1 126          949
Net cash flows from investing           
activities                                                  652            (859)        (186)
Net cash flows from financing           
activities                                                (567)            (412)        (945)
Net cash outflow                                           (31)            (145)        (182)

NOTES

(1)  Basis of preparation
 
     The unaudited summarised consolidated financial statements for the six months
     ended 28 February 2018 have been prepared in accordance with the framework
     concepts, measurement and recognition requirements of International Financial
     Reporting Standards (IFRS), the SAICA Financial Reporting Guides, as issued by the
     Accounting Practices Committee and the Financial Reporting Pronouncements
     as issued by the Financial Reporting Standards Council and contains information
     required by IAS 34: Interim Financial Reporting, the JSE Limited Listings Requirements
     and the South African Companies Act. The accounting policies and their application
     are consistent, in all material respects, with those detailed in eXtract's previous annual
     financial statements, except for the adoption on 1 September 2017 of those new,
     revised and amended standards and interpretations detailed therein. These financials
     have not been reviewed or reported on by the Company's auditors.
 
     The adoption of the new and amended statements of generally accepted accounting
     practice, interpretations of statements of generally accepted accounting practice,
     and improvements project amendments did not have a material impact on the
     Group.
 
     These financial statements were prepared under the supervision of JL Serfontein
     CA(SA).
 
(2)  Assets classified as held for sale
                                                  Unaudited       Unaudited         Audited
                                                28 February     31 December       31 August
                                                       2018            2016            2017
                                                         Rm              Rm              Rm
     Property, plant and equipment                        -               -              52
     Leasing assets and inventory                       176             870             778
                                                        176             870             830
     Liabilities directly associated with
     assets held for sale
     Interest-bearing borrowings                         26             151             375
     Current taxation liabilities                         -              48              45
     enX mezzanine debt                                  75               -             250
                                                        101             199             670

     Excess assets comprises leasing assets in all operations. There were sales of R652 million
     during the reporting period to 28 February 2018.
    
     Management believes that the sale of these assets is highly probable within the next
     12 months.

     Corporate transaction disposal statement of financial position
                                                                                  Disposal
                                                                                 statement
                                                                              of financial
                                                                                  position
                                                                                8 November
                                                                                      2016
                                                                                        Rm
     ASSETS       
     Intangible assets                                                                   3
     Property, plant and equipment                                                     257
     Leasing assets                                                                  5 056
     Other investments and loans                                                        30
     Finance lease receivables                                                           2
     Inventories                                                                       853
     Trade and other receivables and derivatives                                       646
     Operating assets                                                                6 847
     Taxation in advance                                                                58
     Cash and cash equivalents                                                          75
     Unallocated loss on sale from the corporate transaction                         (487)
     Total assets                                                                    6 493
     LIABILITIES       
     Trade and other payables and derivatives                                        1 153
     Interest-bearing borrowings                                                     6 575
     Loans due from Contract Mining entities                                       (2 853)
     Operating liabilities                                                           4 875
     Deferred tax liabilities                                                          411
     Current tax liabilities                                                           114
     Total liabilities                                                               5 400
     
     The sale of the Fleet Management and Logistics division and the Industrial Equipment
     division to enX took place on 8 November 2016. The disposal balance sheet is
     disclosed above.

     As part of the corporate transaction, subsidiaries of eXtract in the Fleet Management
     and Logistics and Industrial Equipment divisions were transferred to enX on the
     effective date being 8 November 2016.

(3)  Interest-bearing borrowings
                                                     Unaudited      Unaudited      Audited
                                                   28 February    31 December    31 August
                                                          2018           2016         2017
                                                            Rm             Rm           Rm
     Facility breakdown               
     External senior bank debt                               -            465            -
     enX Mezzanine debt                                      -          1 656        1 277
     Preference shares                                       -            600          600
                                                             -          2 721        1 877

     In the current reporting period all bank debt was repaid.
    
     The remaining portion of enX mezzanine debt was converted into equity except for
     R250 million which remained as due and payable from the sale of assets and has
     been reclassified as "liabilities directly associated with assets held for sale". Of this
     R250 million, R75 million remains payable as at 28 February 2018.

(4)  Capital commitments
                                                   28 February    31 December    31 August
                                                          2018           2016         2017
                                                            Rm             Rm           Rm
     Capital commitments                                     -            229            -
     - Contracted                                            -             59            -
     - Authorised by directors but               
       not contracted                                        -            170            -
     Guarantees                                              -             19            2
             
(5)  Fair value hierarchy disclosures 

     Valuation methodology

     Level 1 - valuations with reference to quoted prices in an active market:

     Financial instruments valued with reference to unadjusted quoted prices for identical
     assets or liabilities in active markets where the quoted price is readily available and
     the price represents actual and regularly occurring market transactions on an arm's
     length basis.

     Level 2 - valuations based on observable and unobservable inputs include:

     Financial instruments valued using inputs other than quoted prices as described above
     for level 1 but which are observable for the asset or liability, either directly or indirectly,
     such as quoted price for similar assets or liabilities in an active market; quoted price
     for identical or similar assets or liabilities in inactive markets; valuation model using
     observable inputs; and valuation model using inputs derived from/corroborated by
     observable market data.

     There are no financial asset and liabilities that are recognised and subsequently
     measured at fair value, analysed by valuation technique.

(6)  Impairment of assets
                                                28 February     31 December     31 August
                                                       2018            2016          2017
                                                         Rm              Rm            Rm
     Impairment of leasing assets(1)                      -           1 329         1 411
     Impairment of intangible assets                      -              42            32
     Impairment of restricted cash                        -              18            18
     Impairment of property, plant and                    -               -            33
     equipment
     Impairment and reversal of                        (16)               -             -
     impairments of loans
     Total impairments                                 (16)           1 389         1 494
     Discontinued operations                             16           (248)       (1 494)
     Continuing operations                                -           1 141             -

     *Amounts re-presented to show comparative results from discontinued operations.

(7)  Deconsolidation of subsidiary
                                                28 February     31 December     31 August
                                                       2018            2016          2017
                                                         Rm              Rm            Rm
     Discontinued operations
     Gain on deconsolidation of subsidiary                -             156           156
     Provision for liabilities                            -            (67)          (67)
     (Net of expected proceeds)
     Impairment of inter-company loans                    -           (152)         (152)
     Total                                                -            (63)          (63) 

     The Karowe contract in Botswana was unlawfully terminated and money withheld
     which resulted in the Botswana entity being placed in liquidation. The Group was
     therefore no longer in control of the subsidiary and it was deconsolidated.
    
     A deconsolidation gain was offset by the relevant impairment on inter-company
     loans and provision for liabilities for which guarantees were provided.

(8)  Net finance costs including fair value gains

                                                28 February     31 December    31 August
                                                       2018            2016         2017
                                                         Rm              Rm           Rm
     Net finance costs from continued                     -           (134)            -
     operations
     Net finance costs from discontinued                (2)           (130)        (340)
     operations
     Total finance costs                                (2)           (264)        (340)

(9)  Discontinued operations

     All operations have been classified as discontinued in line with the Group strategy.

(10) Net/(deficit) asset value per share attributable to owner of the parent 

                                                28 February     31 December    31 August
                                                       2018            2016         2017
                                                      cents           cents        cents
                                                    1 112,9         (198,8)      (576,8)

(11) Headline loss per share
                                                28 February     31 December    31 August
                                                       2018           2016*        2017*
                                                      cents           cents        cents
     Reconciliation of discontinued
     headline loss per share
     Basic and diluted loss per share               (384,0)      (75 840,0)   (84 640,0)
     Net impairments of assets                       (75,6)        68 620,0     62 740,0
     IFRS 5 fair value adjustment                     157,1        21 680,0     18 820,0
     Loss on sale of subsidiaries                         -           140,0        140,0
     Deconsolidation of subsidiary                        -         3 120,0      2 660,0
     Taxation effect                                      -      (19 220,0)    (2 660,0)
     Headline loss per share                        (302,6)       (1 500,0)    (2 940,0)
     Diluted headline loss per share                (302,6)       (1 500,0)    (2 940,0)

     * Comparative period basic and headline loss per share have been adjusted to
       reflect the effect of 200:1 share consolidation implemented during the reporting
       period.

(12) Weighted average number of shares in issue for the period

                                                28 February     31 December    31 August
                                                       2018           2016*        2017*
                                                         Rm              Rm           Rm
     Number of ordinary shares
     - in issue                                        21,3             2,5          2,5
     - in issue (net of treasury shares)               21,3             2,5          2,5
     Weighted average number of ordinary  
     shares in issue during the period                 21,3             2,0          2,4
     - opening shares (net of treasury  
     shares)                                          506,9             2,0          2,0
     - Additional shares issued                           -             0,1          0,4
     - Share consolidation                          (485,6)               -            -
     - disposal of treasury shares                        -             0,0          0,0
 
     Diluted weighted average number of
     ordinary shares                                   21,3             2,0          2,4
 
     * Comparative period shares in issue have been adjusted to reflect the effect of 200:1
     share consolidation implemented during the reporting period.

(13) Significant judgements and estimates

     The preparation of the interim financial report requires the group's management to
     make judgements, estimates and assumptions that affect the reported amounts of
     assets and liabilities and disclosure of contingent assets and liabilities at the date of
     the interim financial statements, and the reported amounts of revenues and expenses
     during the reporting period. The determination of estimates requires the exercise
     of judgement based on various assumptions and other factors such as historical
     experience and current and expected economic conditions. Actual results could differ
     from those estimates.

     The following accounting policies have been identified as involving particularly
     complex or subjective decisions or assessments:

     IMPAIRMENT OF ASSETS

     An impairment loss is recognised when the recoverable amount of an asset is estimated
     to be less than its carrying amount. In assessing fair value, management have obtained
     independent valuations of all assets held-for-sale based on current market conditions.

     INCOME TAXES

     The group is subject to income taxes in numerous jurisdictions. Significant judgement
     is required in determining the provision for income taxes due to the complexity of
     legislation and the different tax jurisdictions involved. There are many transactions and
     calculations for which the ultimate tax determination is uncertain during the ordinary
     course of business. The group recognises liabilities for anticipated taxes based on
     estimates. Where the final tax outcome of these matters is different from the amounts
     that were initially recorded, such differences will impact the income tax and deferred
     tax provisions in the period in which such determination is made.

     CONTINGENT LIABILITIES

     Management applies judgement to the probabilities and advice it receives from
     its attorneys, advocates and other advisors in assessing if an obligation is probable,
     more likely than not, or remote. This judgement application is used to determine if the
     obligation is recognised as a liability or disclosed as a contingent liability.

     INVENTORY PROVISIONS

     The provision for inventory obsolescence is based on a physical count and inspection
     of stock items which is performed periodically and takes into account the age,
     condition and usage rates of the inventory.

     FAIR VALUES AND FINANCIAL INSTRUMENTS

     The carrying amounts of financial assets and liabilities with a maturity of less than six
     months are assumed to approximate their fair value.

     OTHER PROVISIONS

     Management have taken a conservative view on various other potentially recoverable
     assets, these continue to be pursued and will only be recognised once reasonable
     certainty exists over the recoverability of the asset. These include Cash and cash
     equivalents, property, plant and equipment, trade receivables and inventory.

(14) Exchange rates utilised:

     Average USD: ZAR of 13.04

     Closing USD: ZAR of 11.75

     Closing BWP: ZAR of 1.25

(15) Cash and cash equivalents:

     Mozambique: The equivalent of R20 million is held in the bank account of Eqstra
     Mozambique Limitada (a subsidiary of eXtract) for potential claims. Management are
     of the view that the cash will be repatriated to South Africa. However, the repatriation
     of this cash is subject to Exchange Control approval.

     Nigeria: The equivalent of R8 million is held in Nigeria in the bank account of Eqstra Fleet
     Services Nigeria Limited (a subsidiary of eXtract) and continues to be impaired.

NAME AND REGISTRATION NUMBER
eXtract Group Limited
1998/011672/06
JSE share code: EXG
ISIN: ZAE0002223202

REGISTERED OFFICE AND BUSINESS ADDRESS
61 Maple Street, Pomona, Kempton Park, 1619. PO Box 1050,
Bedfordview, 2008

EXECUTIVE DIRECTORS
JL Serfontein
(Chief executive officer and financial director)

NON-EXECUTIVE DIRECTORS
Frank Davidson
Nelis Leonard
Fedja Basic

COMPANY SECRETARY
Fusion Corporate Secretarial Services (Pty) Ltd

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

SPONSOR
Java Capital



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