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ECSPONENT LIMITED - Condensed Consolidated Reviewed Second Interim Results for the 12 Months Ended 31 March 2018

Release Date: 29/06/2018 17:32
Wrap Text
Condensed Consolidated Reviewed Second Interim Results for the 12 Months Ended 31 March 2018

ECSPONENT LIMITED
Incorporated in the Republic of South Africa
Registration number: 1998/013215/06
JSE Code: ECS - ISIN: ZAE000179594
Debt Issuers Code: ECSP
("the Company" or "Ecsponent")

Condensed Consolidated Reviewed second interim results for the 12 months ended
31 March 2018 of Ecsponent and its subsidiaries ("the Group" or "Company")

The Board of Directors ("the Board") is pleased to present the consolidated results for the
twelve-month period ended 31 March 2018

Following a series of transactions, announced mid-2017, to further refine the Ecsponent group's
business focus, the Group has disposed of several non-core assets and achieved significant asset
growth. The Group has begun to leverage the rationalised structure, improving the spread of the
asset base to support further expansion and growth.

In line with the rationalisation process, the Company changed its financial year-end during the 2018
financial year, changing the reporting date from 31 March to 30 June. The change resulted in the 
30 June 2018 financial period being extended to a 15-month period, commencing on 1 April 2017. This
followed on the Company's changed financial year-end for the 2017 financial year, where the
reporting date changed from 31 December to 31 March. The 2017 financial period was extended to
a 15-month period, commencing on 1 January 2016.

RESULTS HIGHLIGHTS
The financial results of the 12-month period ended 31 March 2018 reflect the impact of the
rationalisation of the Group's operations which has secured a base from which further growth can
be pursued after several years of already significant growth.

Due to the change in the financial year-end, the second current interim period comprises the 
12-months ended 31 March 2018, while the comparative previous period is for the 15 months ended 
31 March 2017.

Highlights of the Group's second interim results ended 31 March 2018 compared to the comparative
results for the period ended 31 March 2017 ("Prior Period") are set out below:

-   Revenue from continuing operations increased by 17.9% to R379.5 compared to the 15-month
    Prior Period;
-   Operating profits from continuing operations increased by 4.8% to R240.2 compared to
    R229.2 million for the 15-month Prior Period. When excluding the R66.7 million gain on
    disposal of assets included in the Prior Period's operating profit, the increase in operating
    profit amounts to 47.9%;
-   Headline earnings per share ("HEPS") increased by 787.0% to 0.12623 cents per share
    compared to 0.01423 cents per share in the Prior Period; and
-   Total assets increased by 60.0% to R1 943.3 million compared to R1 214.8 million in the Prior
    Period.

The Group's continued growth has translated into an increase of 260% in the Company's share price
to 36 cents per share at market close on Friday, 30 March 2018, compared to 10 cents per share on
31 March 2017.

Of the Group's R1 943.3 million total assets, R582.8 million, or 30% of total assets, are held outside
of the Common Monetary Area. These investments provide a hedge against a weakening Rand but
also expose the Group's results to short-term currency volatility.

In addition, at 31 March 2018 the Group held investments valued at R316.6 million, or 16.3% of
total assets, in listed shares. The valuations of these investments are subject to short-term share
price volatility.

The Company is considering hedging instruments to mitigate against short-term earnings volatility
arising from currency and price risk associated with above mentioned listed shares.

Capital Raising
The Group's preference share programme ("the Programme"), which raises capital to fund
investments, has continued to facilitate the Group's expansion strategy. The Programme provides
retail and institutional investors with returns over a five-year period, after which their capital 
is returned.

As at 31 March 2018, the Group has raised R1.47 billion from the issue of preference
shares since implementation of the Programme in September 2014.

In addition to raising capital through the Programme, the Group has as a strategic objective of
lowering its cost of capital through securing further institutional debt funding.

The Company procured debt funding during the period under review of USD15 million (R184 million)
on market related terms. The Group deployed the funding to expand its African operations and
international asset base. Loans and Investments funded remain US dollar or Euro based to
avoid exposure to emerging market exchange rate risk, thereby providing additional foreign currency assets.

OPERATIONAL REVIEW
Group Overview
Below is an overview of the Group's operations for the 2018 interim period end.

Investment Services

The Group's ability to deliver effective investment and other financial services products to the retail
market is one of its core competencies. To leverage opportunities offered through the established
distribution channel, the Investment Services business unit introduced additional preference share
products to the market. These products will give the Investment Services unit the ability to meet
multiple investment needs of the investor base and lead to additional profit opportunities for the
Group. The Investment Services business unit enhanced its product offering in Swaziland by
obtaining a license to act as a Collective Investment Scheme (CIS) Manager in Swaziland.
Additionally, it introduced a range of traditional investment products to the market, specifically
focusing on compulsory retirement funds.

Credit
The Credit business unit provides secured credit to fund the business operations of qualifying
entities. The unit has two distinct models that cater to the needs of specific unbanked and
underbanked Small to Medium Enterprises (SMEs). Both models offer unique loan and funding
products, that are fully secured so that the Group never takes an unsecured position, thereby
minimising its risk.

    -   The Secured Credit model provides wholesale funding to target niche businesses. The nature
        of these transactions is typically medium-term facilities, but with a short-term call-up to
        ensure liquidity for the group.
    -   Ecsponent's Supply Chain Solution and Enterprise Development solutions aim to integrate
        qualifying vendors into the formal supply chain of large corporate businesses.

The Group controls all credit operations centrally, which significantly improves both governance and
consistency across the operations. In addition, the centralised procurement and logistics operations
provide the critical mass required to support enterprise development in each of the territories. At
the same time, it contributes to securing the Group's interests in transactions related to the supply
chain and enterprise development activities.

The demand for credit from the SME sector remains buoyant and has resulted in continued, sustained
growth of the business across the Group's footprint. Total assets increased by 20.9% from R1 151.4
million to R1 391.9m compared to the comparative period. Operating profit increased by 144% from
R160 million to R390 million.

Equity Holdings
The Equity Holdings business unit invests strategically in companies that are well-managed, self-
sufficient and provide a balance in the Group's short-term and long-term asset base.

It targets businesses with significant intellectual property, which provide a barrier to entry for
competitors, command significant margins and employs a robust business model. As a result, the
Group holds investments in innovative and growing sectors, including biotechnology, digital media
and Fintech.

At 31 March 2018, the group held 12% in the Frankfurt listed (Luxembourg based) Fintech company
MyBucks SA. This investment has the added advantage of providing a foreign currency hedge against
local currency frailty.

Total assets increased by 18.7% from R293.0 million to R347.9 million compared to the comparative
period and revenue increased by 23.6% from R76.6 million to R94.7 million.

Post 31 March 2018, the Group announced its intention to increase its stake in the Fintech company
in the near future. The investment will give the Group access to financial services and related
technology, which provides quantifiable value to its operations.

Geographical Footprint
The Group's operations in South Africa are mirrored across the operational footprint in Swaziland
and Botswana, with in-country client representation in each territory. In Zambia, the Group holds a
25% stake in the local entity, which is registered as a deposit-taking financial institution under the
GetBucks brand.

The back-office infrastructure of each territory is centrally managed from South Africa.

PROSPECTS
Key elements of the Group's on-going growth strategy are:
- the continued focus on core businesses;
- the continued investment in the Group's credit operations;
- increased emphasis on high yield equity opportunities and sector diversification
- obtaining rand-based and foreign currency institutional funding; and
- aggressive cost rationalisation/reduction.

The abovementioned approach is aimed at the continued development of a robust and
complementary financial services Group which continues to provide sustainable returns.

FINANCIAL RESULTS
Presented below are the reviewed condensed consolidated financial statements for the 12 months
ended 31 March 2018.

The Group's rationalisation as initially announced to shareholders on 20 December 2016, was
concluded during the current reporting period, resulting in the statement of profit and loss being
presented in two categories being Continued and Discontinued Operations.

Condensed Consolidated Interim Statement of Financial Position as 
at 31 March 2018                    
                                                                                             Reviewed           Audited
                                                                                            12 months         15 months
                                                                                                ended             ended
                                                                                             31 March          31 March
                                                                                                 2018              2017
                                                                                                Group             Group
                                                                                                R'000             R'000
 ASSETS                                         
 Non-current assets                                           
 Property, plant and equipment                                                                  9 870             6 810
 Intangible assets and goodwill                                                                 5 327             6 011
 Investment in associates                                                             6       318 550                 -
 Other financial assets                                                               7     1 065 009           667 089
 Deferred tax                                                                                  38 057            28 458
 Other non-current receivables                                                                  1 000             4 656
 Current assets                                           
 Inventories                                                                                    1 119             1 222
 Other financial assets                                                               7       428 294           314 542
 Trade and other receivables                                                                   50 981            36 150
 Current tax receivable                                                                           254               186
 Cash and cash equivalents                                                                     24 854            25 380
 Non-current assets held for sale                                                     4             -           124 313
 TOTAL ASSETS                                                                               1 943 315         1 214 817
                                         
 EQUITY AND LIABILITIES                                         
 Equity                                                                                       119 279           106 986
 Non-controlling interest                                                                     (8 200)          (11 429)
                                         
 Non-current liabilities                                         
 Other financial liabilities                                                         10       143 807               872
 Preference share liability                                                          10     1 495 343           921 925
 Deferred revenue                                                                              15 401             2 538
 Deferred tax                                                                                     576            13 454
                                            
Current liabilities                                         
Other financial liabilities                                                          10        61 949            10 475
Preference share liability                                                           10        12 185             6 048
Deferred revenue                                                                                2 800               148
Current tax payable                                                                            68 025            11 864
Trade and other payables                                                                       30 290            20 778
Finance lease liabilities                                                                       1 070                 -
Bank overdraft                                                                                    790               469
Liabilities of disposal groups held for                                               4             -           130 689
sale                                             
TOTAL EQUITY AND LIABILITIES                                                                1 943 315         1 214 817

Condensed Consolidated Statement of Profit and Loss and Other Comprehensive Income
for the interim period ending 31 March 2018

                                                                                                Reviewed        Audited
                                                                                               12 months      15 months
                                                                                                   ended          ended
                                                                                                31 March       31 March
                                                                                                    2018           2017
                                                                                                   Group          Group
                                                                                                   R'000          R'000
Continuing operations                                     
Revenue                                                                                          379 529        321 795
Cost of sales                                                                                   (63 721)       (43 782)
GROSS PROFIT                                                                                     315 808        278 013
Other income                                                                                      25 644         88 543
Operating expenses                                                                             (108 870)      (137 370)
Fair value adjustments                                                                             7 608              -
OPERATING PROFIT                                                                                 240 190        229 186
Fair value adjustments                                                                                 -       (11 017)
Loss from equity accounted investment                                                              (595)              -
Net finance costs                                                                              (192 985)      (130 351)
PROFIT BEFORE TAXATION                                                                            46 610         87 818
Taxation                                                                                 11     (49 289)       (23 094)
LOSS/PROFIT  FROM CONTINUING                                                                     (2 679)         64 724
OPERATIONS                                     
Profit from discontinued operations                                                      4        15 312          2 852
PROFIT FOR THE PERIOD                                                                             12 633         67 576
Other comprehensive income/(loss)                                                                  1 164            282
TOTAL COMPREHENSIVE INCOME                                                                        13 797         67 858
Loss attributable to non-controlling interest                                                      4 103         10 239
TOTAL COMPREHENSIVE INCOME                                                                        17 900         78 097
ATTRIBUTABLE TO ORDINARY                                     
SHAREHOLDERS                                     
                                     
Profit attributable to owners of the parent from:                                     
Continuing operations                                                                              1 424         75 160
Discontinued operations                                                                           15 312          2 852
                                                                                                  16 736         78 012
                                     
Total comprehensive income/(loss) attributable                                     
to:                                     
Owners of the parent                                                                              17 900         78 097
Non-controlling interest                                                                         (4 093)       (10 239)
                                                                                                  13 807         67 858
                                         
Basic and fully diluted earnings per share                                                         0.132          8.074
(cents) from continuing operations attributable                                         
to equity holders of the parent                                         
Basic and fully diluted earnings/(loss) per share                                                  1.418          0.306
(cents)     from      discontinued     operations                                         
attributable to equity holders of the parent                                         
Basic and fully diluted earnings per share                                                    3    1.550          8.380
(cents) attributable to equity holders of the                                     
parent

Condensed Interim Statement of Changes in Equity for the 12 months ended 31 March 2018

                              Share capital   Foreign currency      Common     Accumulated          Non-   Total equity
                                                   translation     control   profit/(loss)   controlling
                                                       reserve     reserve                      interest
                                      R'000              R'000       R'000           R'000         R'000          R'000
 Balance at 1 January               118 071              (483)    (36 687)         (2 711)       (4 653)         73 537
 2016
 Total comprehensive profit               -                 85           -          78 012      (10 239)         67 858
 for the year
 Issue of shares                     27 098                  -           -               -             -         27 098
 Business combination and                 -                  -    (56 824)               -      (18 155)       (74 979)
 common control
 acquisitions
 Realisation pf common                    -                  -      93 511        (93 511)                            -
 control reserve
 Disposal of subsidiaries                 -                  -           -               -         2 043          2 043
 Purchase of non-                         -                  -           -        (19 575)        19 575              -
 controlling interest
 Balance at 1 April 2017            145 169              (398)           -        (37 785)      (11 429)         95 557
 
 Total comprehensive profit               -              1 164           -          16 736       (4 093)         13 807
 for the 12 months  
 Profit for the 12 months                 -                  -           -          16 736       (4 103)         12 633
 Other comprehensive                      -              1 164           -               -            10          1 174
 income
 Disposal of subsidiary                   -                  -           -               -         7 322          7 322
 Adjustments to Retained                  -                  -           -         (5 607)                      (5 607)
 earnings
 Balance at 31 March 2018           145 169                766           -        (26 656)       (8 200)        111 079


Condensed Consolidated Cash Flow Statement for the 12 months ended 31 March 2018
                                                                                                Reviewed        Audited
                                                                                               12 months      15 months
                                                                                                   ended          ended   
                                                                                                31 March       31 March 
                                                                                                    2018           2017
                                                                                                   Group          Group
                                                                                                   R'000          R'000
Cash generated by operations                                                                     251 208        177 263
Interest Income                                                                                        -              -
Finance cost                                                                                   (143 428)      (106 732)
Taxation paid                                                                                   (17 766)       (25 234)
NET CASH INFLOW FROM OPERATING ACTIVITIES                                                         90 014         45 297
                                
Proceeds/(cash disposed of) through sale of                                                5     (7 369)       (24 994)
investment in subsidiary                                
Investment in financial assets                                                                 (835 289)      (797 841)
Proceeds from financial assets                                                                   109 557        133 063
Business combinations                                                                                  -         10 233
Investments in associates                                                                       (57 885)              -
Purchase of PPE                                                                                  (4 040)        (4 439)
NET CASH OUTFLOW FROM INVESTING ACTIVITIES                                                     (795 026)      (683 978)
                                
Proceeds from other financial liabilities                                                        710 819        656 597
Repayment of other financial liabilities                                                         (9 471)       (18 899)
Proceeds from rights offer                                                                             -         19 465
Other                                                                                                  -          (111)
NET CASH INFLOW FROM FINANCING ACTIVITIES                                                        701 348        657 052
                                
Movement in cash and cash equivalents for the period                                             (3 664)         18 371
Cash and cash equivalents at the beginning of the period                                          26 481          9 741
Effect of exchange rate movement on cash balances                                                  1 247        (1 631)
Cash and cash equivalents at the end of the period                                                24 064         26 481

Notes to the Condensed Consolidated Reviewed Financial statements for the interim 
12 months ended 31 March 2018

1. ACCOUNTING POLICIES, BASIS OF PREPARATION OF RESULTS AND REVIEW OPINION
The condensed consolidated reviewed interim financial statements have been prepared in accordance
with International Financial Reporting Standard, (IAS) 34 Interim Financial Reporting, the SAICA Financial
Reporting Guides as issued by the Accounting Practices Committee and Financial Pronouncements as
issued by the Financial Reporting Standards Council and in the manner required by the Companies Act of
South Africa and the JSE Listings Requirements. The principle accounting policies applied in the
preparation of the condensed consolidated reviewed interim financial statements are in terms of the
International Financial Reporting Standards and are consistent with those applied in the comparative
consolidated annual financial statements.

The results of the Group were prepared under the supervision of its financial director, Mr. DP van der
Merwe CA (SA).

These condensed consolidated reviewed interim financial statements for the period ended 31 March
2018 have been reviewed by Nexia SAB&T Inc., who expressed an unmodified review conclusion. A
copy of the auditor's review report is available for inspection at the Company's registered office
together with the condensed consolidated reviewed interim financial statements identified in the
auditor's report.

2. REVIEW OF RESULTS AND FINANCIAL POSITION
The condensed consolidated reviewed interim financial results represent the trading results of the
Company and its subsidiaries which are active in the Investment services, Credit and Equity Holding
markets. There remained increased expansion to the portfolio of business credit and equity assets.
Funding for the expansions was sustained through the Group's listed preference share programme. The
market subscription of the preference shares continues to reflect healthy demand for the Company's
products.

3. EARNINGS AND FULLY DILUTED EARNINGS PER SHARE

                                                                                           Reviewed          Audited
                                                                                           31 March         31 March
                                                                                               2018             2017
 BASIC AND HEADLINE EARNINGS                                                                  R'000           R' 000
 Basic earnings                                                                              16 736           78 012
 Headline earnings                                                                            1 363              132
 Basic and diluted basic earnings per share (cents)                                         1.55000          8.38000
 attributable to equity holders of the parent                                
 Headline and diluted headline earnings per share                                           0.12623          0.01423
 (cents) attributable to equity holders of the parent                                
                               
 Number of shares in issue                                                            1 079 550 795    1 079 550 795
 Weighted average number of shares                                                    1 079 550 795      930 907 328
                               
 RECONCILIATION BETWEEN BASIC EARNINGS                               
 AND HEADLINE EARNINGS                                
 Basic earnings                                                                              16 736           78 013
 (Profit)/Loss on disposal of property plant and                                                  -              252
 equipment                                
 Impairment of intangible assets                                                                 65                -
 Gain on disposal of subsidiary                                                                   -         (25 795)
 Gain on disposal of discontinued operations                                               (15 438)         (52 338)
 Headline earnings                                                                            1 363              132

The calculation of earnings per share ("EPS") is based on the profit for the period attributable to
ordinary shareholders and the weighted average number of ordinary shares in issue during the period.
Headline earnings per share ("HEPS") are calculated in accordance with Circular 4/2018 issued by the
South African Institute of Chartered Accountants.

4. DISCONTINUED OPERATIONS

The Group undertook a process of rationalising its operations and investments during the latter part of
2016. This included a series of financial transactions designed to streamline operations and re-align the
Group for increased strategic growth.

The financial transactions as referred to above were concluded and finalised effective 31 March 2017,
except for the disposal of the Groups interest in the Botswana retail operation and the dilution through
the subscription agreement of the retail operation in Zambia. These two transactions were concluded
and finalised during the current reporting period.

The combined results of the discontinued operations included in the profit for the year are set out below
The following disposal groups continued to be classified as held for sale for the period ended
31 March 2018:

 Profit and loss – 12 months ended 31 March 2018                                 Botswana        Zambia       TOTAL:
                                                                                    R'000         R'000        R'000
 Revenue                                                                            8 469           406        8 875
 Cost of sales                                                                    (1 580)           (2)      (1 582)
 Gross profit                                                                       6 889           404        7 293
 Other Income                                                                         125           514          639
 Operating expenses                                                                 (860)          (31)        (891)
 Operating profit/(loss)                                                            6 154           887        7 041
 Investment revenue                                                                     -             -            -
 Finance Costs                                                                    (6 112)       (1 297)      (7 409)
 Profit/(loss) before taxation                                                         42         (410)        (368)
 Taxation                                                                              70           173          243
 Net profit/(loss) after tax                                                          112         (237)        (125)
 Gain (loss) on measurement to fair value less cost to sell                        10 452         6 384       16 836
 Tax thereon                                                                      (1 399)             -      (1 399)
 Profit/(loss) for the period from discontinuing operations                         9 165         6 147       15 312

Assets classified as held for sale –                          Botswana      Zambia     Subtotal    Disposal   TOTAL:
31 March 2018                       
                                                                 R'000       R'000        R'000       R'000    R'000
Property, plant and equipment                                      930         692        1 622     (1 622)        -
Intangible assets                                                    -       4 488        4 488     (4 488)        -
Other financial assets                                          87 425       4 770       92 195    (92 195)        -
Deferred tax                                                     1 935       3 525        5 460     (5 460)        -
Income tax receivable                                              103           -          103       (103)        -
Trade Receivables                                               12 635           -       12 635    (12 635)        -
Cash and cash equivalents                                       11 601         404       12 005    (12 005)        -
                                                               114 629      13 879      128 508   (128 508)        -
Liabilities of disposal groups                      
Other Financial Liabilities                                  (103 157)    (16 901)    (120 058)     120 058        -
Deferred income                                                (6 233)           -      (6 233)       6 233        -
Trade Payables                                                   (448)        (24)        (472)         472        -
Bank overdraft                                                 (4 636)           -      (4 636)       4 636        -
                                                             (114 474)    (16 925)    (131 399)     131 399        -

Cash flows from discontinued operations – 12 months ended 31 March 2018
                                                                                      Botswana     Zambia      TOTAL:
                                                                                         R'000      R'000       R'000
Net cash flows from operating activities                                                 (852)      (384)     (1 236)
Net cash flows from investing activities                                                 2 485      (404)       2 081
Net cash flows from financing activities                                                 4 218        752       4 970
Net cash flow movement                                                                   5 851       (36)       5 815
                               
Operating segment                                                                       Credit     Credit
Geographical segment                                                                  Botswana     Zambia

5. DISPOSALS

The Group concluded the remaining two transactions in relation to the process of rationalisation
detailed above, during the current interim reporting period. Refer below for more details regarding
these transactions.

Aggregated business disposals for the period                                                                    Group
                                                                                                             31 March
                                                                                                                 2018
                                                                                                                R'000
Property, plant and equipment                                                                                   1 622
Intangible assets                                                                                               4 488
Deferred tax asset                                                                                              5 460
                 
Other financial assets                                                                                         92 195
Income tax receivable                                                                                             103
Trade and other receivables                                                                                    12 635
Cash and cash equivalents                                                                                      12 005
Loans from group companies                                                                                   (86 081)
Other financial liabilities                                                                                  (33 976)
Deferred income                                                                                               (6 233)
Trade and other payables                                                                                        (471)
Bank overdraft                                                                                                (4 636)
Total identifiable net assets/(liabilities)                                                                   (2 889)
Non-controlling interest                                                                                        1 716
Foreign currency translation reserve                                                                              685
Loans from group companies settled through loan implementation                                                      -
Net assets/(liabilities) derecognised                                                                           (488)
Recognition of 25% investment in associate at fair value                                                      (3 698)
Profit/(loss) on disposal                                                                                      16 836
Consideration receivable                                                                                       12 650
                 
The gains on disposals have been included in 'Other income' of profit or loss from 
discontinued operations.

Net cash flow on disposal
Purchase consideration (*)                                                                                          -
Net cash (balance)/overdraft disposed of                                                                      (7 369)
                                                                                                              (7 369)

* The purchase considerations are payable on deferred payment terms, and no balance was payable
at the effective date. All cash flow movements are therefore recognised through the movements in
Other financial assets.

Business disposals during the 2018 financial period
Disposal of 50% of Sure Choice (Pty) Ltd (Botswana) ("Botswana")
Ecsponent entered into an agreement to dispose of its 50% shareholding in Botswana, a subsidiary
which provides retail credit loans to individuals. The commercial terms of the agreement were concluded
on 29 June 2017. The total consideration of P10 million is payable in twelve equal instalments from 
31 July 2017. Interest at 12.5% per annum accrued on the deferred consideration.

Fair value of the assets and liabilities disposed of are as follows:                                           Group
                                                                                                            31 March
                                                                                                                2018
                                                                                                               R'000
Property, plant and equipment                                                                                    930
Deferred tax asset                                                                                             1 935
Other financial assets                                                                                        87 425
Income tax receivable                                                                                            103
Trade and other receivables                                                                                   12 635
Cash and cash equivalents                                                                                     11 601
Loans from group company                                                                                    (69 597)
Other financial liabilities                                                                                 (33 560)
Deferred income                                                                                              (6 233)
Trade and other payables                                                                                       (448)
Bank overdraft                                                                                               (4 636)
Total identifiable net assets                                                                                    155
Non-controlling interest                                                                                       1 716
Foreign currency translation reserve                                                                             327
Net assets derecognised                                                                                        2 198
Profit on disposal                                                                                            10 452
Consideration receivable                                                                                      12 650
Net cash flow on disposal                  
Purchase consideration (*)                                                                                         -
Net cash balance disposed of                                                                                 (6 965)
                                                                                                             (6 965)
(*) The disposal proceeds are receivable on deferred payment terms and no balance was received at
the effective date. All cash flow movements are therefore recognised through the movements in Other
Financial Assets.

Dilution of shareholding in Ecsponent Financial Services Ltd ("Zambia")
The issue of 1 500 000 new shares by Zambia, equating to 75% of the total issued share capital in the
company after the issue, to GetBucks Limited ("GetBucks MU"), for a subscription price equal to ZMW
7 500 000, payable in cash ("the EFS Zambia Subscription"), resulting in a dilution of Ecsponent's
interest from 100% to 25%, resulting in the loss of control.

Fair value of the assets and liabilities derecognised are as follows: 
                                                                                                               Group
                                                                                                            31 March
                                                                                                                2018
                                                                                                               R'000
Property, plant and equipment                                                                                    692
Deferred tax asset                                                                                             3 525
Intangible asset                                                                                               4 488
Other financial assets                                                                                         4 770
Cash and cash equivalents                                                                                        404
Loans from group company                                                                                    (16 485)
Other financial liabilities                                                                                    (414)
Trade and other payables                                                                                        (24)
Total identifiable net assets                                                                                (3 044)
Foreign currency translation reserve                                                                             358
Net assets derecognised                                                                                      (2 686)
Recognition of 25% investment in associate at fair value                                                     (3 698)
Profit on disposal                                                                                             6 384
                 
Consideration receivable                                                                                           -
Net cash flow on disposal                        
Net cash balance disposed of                                                                                   (404)
                                                                                                               (404)
6. INVESTMENT IN ASSOCIATE
                                                                        
Investment in associates consists of: 
                                                                                                            31 March
                                                                                                                2018
                                                                                                               R'000
At cost:                                   
Ecsponent Financial Services Ltd Zambia                                                                       22 119
                                                                                                              22 119
Share of post-acquisition results net of dividend received                                                     (596)
                                                                                                              21 523
Market value – Ecsponent Financial Services Ltd Zambia                                                        21 523
                                   
At fair value:                                   
MyBucks SA - Listed shares*                                                                                  295 019
Fair value adjustment                                                                                          2 008
                                                                                                             297 027
*Fair value hierarchy is level 1                                   
                              
Total Investments in Associates                                   
Held at cost                                                                                                  21 523
Held at fair value                                                                                           297 027
                                                                                                             318 550


                                                                                            Proportion
Name of companies                                          Holding            Place of    of ownership
                                                           company       incorporation        interest
                                                                                                   (%)
                                                                                              Mar 2018     Mar 2017
Ecsponent Financial Services                
Zambia                                            Ecsponent Ltd SA      Lusaka, Zambia           25.0%       100.0%
MyBucks SA                                     Ecsponent Ltd (BOT)          Luxembourg           12.0%         9.4%

The investment in the Zambian associate is accounted for using the equity method in these
consolidated financial statements. The investment in MyBucks has been accounted for using the fair
value model.

The investment in MyBucks was reported on a fair value basis as part of other financial assets in the Prior Period.  
At 30 September 2017 Ecsponent obtained significant influence and classified the investment in MyBucks as an equity 
accounted associate. The application of the fair value model in the current reporting period has had no material 
impact on the financial results previously reported.   

The financial period end date of Zambia is still 31 March annually. No change of reporting date was
therefore required. For the purposes of applying the equity method of accounting, the management
accounts of Zambia for the period ended 31 March 2018 have been used.

As at 31 March 2018, the group had significant influence over MyBucks SA and EFS Zambia by virtue
of its voting powers affecting returns and the appointment of directors at the shareholders meeting of
the Group.

7. OTHER FINANCIAL ASSETS

The other financial asset category incorporates secured credit advance listed ordinary and preference
shares, a listed bond, secured business funding and purchase price repayment facilities. Provided below
is the detail regarding the Group's other financial assets:   
                                                                                     Reviewed           Audited
                                                                                        Group             Group
                                                                                     31 March          31 March
                                                                                         2018              2017
                                                                                       R '000            R '000
 At fair value through profit and loss –                           
 designated Listed shares                                                                   -           232 980
 On 30 March 2017, the Group acquired 1 100                        
 000 foreign denominated listed equities,                        
 representing 9.4% of the issued share capital                        
 of the MyBucks Group, as part of its private                        
 equity portfolio. The shares are listed on the                        
 Frankfurt stock exchange. The investment                        
 was reclassified during the period.                        
                        
 Listed Bond                                                                           61 681                 -
 The bond relates to the investment in the                        
 GetBucks Listed Bond in Botswana. This is                        
 listed on the Botswana Stock Exchange. The                        
 annual rate of this financial instrument                         
 is 1.55%.                        
                        
 Preference shares                                                                    100 000                 -
 The preference share investment comprises                        
 1 666 667 preference shares held in VSS                        
 Financial Services (Pty) Ltd.                        
                        
 Loans and receivables                        
 Business funding – advances (per industry)                        
 - Fintech                                                                            493 631           339 770
 The Business funding advances are secured,                         
 via a cession of the underlying equity and/or                        
 assets, ranging between 125 - 150%. The                        
 advances bear interest at fixed interest rates                        
 based on the entity risk profile, ranging                        
 between 24 - 30% (2017: 24 - 30%) and                                          
 repayment terms are facility specific, ranging                        
 between 1 - 4 years.                        
                        
 - Financial services and Investments                                                 825 830           408 881
 The Business funding advances are secured,                        
 via a cession of the underlying equity and/or                        
 assets, ranging between 125 - 150%. The                        
 advances bear interest at fixed interest rates                        
 based on the entity risk profile, ranging                        
 between 24 - 30% (2017: 24 - 30%) and                        
 repayment terms are facility specific, ranging                        
 between 2 - 5 years.                        
                        
 Disposal proceeds facility                                                            12 161                 -
 Repayment facility relating to the Botswana                        
 disposal, repayable over 12 months.                        
                        
 TOTAL OTHER FINANCIAL ASSETS                                                       1 493 303           981 631
                          
 Total included in non-current assets                                               1 065 009           667 089
 Total included in current assets                                                     428 294           314 542
 
8. TRADE AND OTHER RECEIVABLES

The trade and other receivables are made up of the following:
                                                                                         Reviewed       Audited
                                                                                            Group         Group
                                                                                         31 March      31 March
                                                                                             2018          2017
                                                                                           R '000        R '000
 Trade receivables                                                                         24 951        27 622
 Deposits                                                                                     462           267
 VAT                                                                                        9 072         7 228
 Prepayments                                                                               15 693         5 432
 Other receivables                                                                          1 803           257
                        
 TOTAL TRADE AND OTHER RECEIVABLES                                                         51 981        40 806
                        
 Total included in non-current liabilities                                                  1 000         4 656
 Total included in current liabilities                                                     50 981        36 150

9. PREFERENCE SHARE CAPITAL

Ecsponent's business model requires funding for both organic business growth and to pursue further
acquisitions. Funding is deployed in the growth of Credit assets and the acquisition of new equity
investments. Preference shares are considered a reliable source of funding for these ongoing business
needs and accordingly the Company has registered a R5 billion preference share programme. The
Programme was approved by the JSE on 8 September 2014 and again on 15 December 2015. By 31
March 2018, Ecsponent Limited had received subscription investments of R1.47 billion.

                                                   Reconciliation of the number of preference shares in issue:
                                                                              Ecsponent Limited (South Africa)
                                    Class A      Class B       Class C       Class D      Class E      Class G
 Reported at the                    415 595    1 657 701     6 024 439             -            -            -
 beginning of the       
 period       
 Issue of preference                367 474    1 553 535     1 320 075       634 725      649 270       19 050
 shares during the      
 period       
                                    783 069    3 211 236     7 344 514       634 725      649 270       19 050
 Weighted average                     96.89       100.00        100.00        100.00       100.00       100.00
 issue price per      
 share (Rand)       
                                                                                 Ecsponent Limited (Swaziland)
                                                                                        Class A        Class E
 Reported at the                                                                     53 195 000     53 727 700
 beginning of the                                                            
 period                                                            
 Issue of preference                                                                 70 763 000     31 605 000
 shares during the                                                             
 period                                                                             123 958 000     85 332 700
 Weighted average                                                                          1.00           1.00
 issue price per                                                         
 share (converted to      
 Rand)      
                                                                                  Ecsponent Limited (Botswana)
                                                                                       Class A         Class B
 Reported at the                                                                    11 750 000       2 067 000
 beginning of the                                                        
 period                                                        
 Repayment of                                                                       -1 400 000               -
 preference shares                                                         
 during the period                                                                  10 350 000       2 067 000
 Weighted average                                                        
 issue price per                                                                          1.00            1.00
 share (Pula)                                                        
                                                         
 Weighted average                                                                         1.21            1.21
 issue price per                                                         
 share (Rand)                                                        

10. OTHER FINANCIAL LIABILITIES

The preference share capital is classified as debt and separately disclosed in the Condensed Consolidated
Statement of Financial Position as at 31 March 2018 in line with the principles of IFRS. Consequently, the
preference share dividends are classified as finance costs and disclosed as such in the Condensed
Consolidated Statement of Profit and Loss and Other Comprehensive Income for the 12 months ended
31 March 2018.

The other financial liabilities category incorporates external funding facilities with either banks, individuals
or corporate funding entities. Provided below is the detail regarding the Group's other financial liabilities:

                                                                                  Reviewed             Audited
                                                                                     Group               Group
                                                                                  31 March            31 March
                                                                                      2018                2017
                                                                                    R '000              R '000
 Held at amortised cost               
 Preference share liability                                                      1 507 528             927 973
 Esperite NV Group                                                                   6 226               6 197
 Scipion                                                                           122 336                   -
 GetBucks (Pty) Ltd                                                                      -               4 241
 Everprosperous                                                                     61 949                   -
 Other                                                                              15 245                 909
               
 TOTAL OTHER FINANCIAL LIABILITIES                                               1 713 284             939 320
               
 Total included in non-current liabilities                                       1 639 150             922 797
 Total included in current liabilities                                              74 134              16 523
           
11. RECONCILIATION OF THE TAX EXPENSE

Reconciliation between the applicable tax rate and average effective tax rate.
                                                                                     Reviewed          Audited
                                                                                        Group            Group
                                                                                     31 March         31 March
                                                                                         2018             2017
                                                                                            %                %
 Applicable tax rate                                                                    28.00            28.00
 Different tax rates applied in foreign subsidiaries                                     4.22             0.05
 Previously unrecognised deferred tax asset                                                 -           (0.48)
 Disallowable charges - preference share dividends                                      77.49            22.30
 and miscellaneous              
 Disallowable charges - penalties                                                           -             0.54
             
 Income from equity accounted investments                                              (0.36)                -
 Exempt income                                                                         (1.80)                -
 Effect of unused tax losses and tax offsets not                                            -           (4.00)
 recognised as deferred tax asset             
 Capital gains tax*                                                                    (1.80)          (24.88)
                     
                                                                                       105.75            21.53

12. RELATED PARTY DISCLOSURES
The Group has transacted with the following related parties during the period:
 Relationship
                                           Mason Alexander (Pty) Ltd – Represented by G. Manyere
 Shareholders with significant             (also being a Non-executive director on the MyBucks SA
 influence                                 Group Board)
                                           Esperite NV

 Associate companies where the             MyBucks SA and its subsidiaries
 Company has significant influence         Ecsponent Financial Services Ltd (Zambia)

Below is a summary of the relevant balances and transactions in this regard:

                                                                                       Reviewed       Audited
                                                                                       31 March      31 March
                                                                                           2018          2017
                                                                                          R'000         R'000
 Related party balances                    
 Investments in:                     
 Associate companies                                                                    318 550       273 285
                     
 Other financial assets owing (to)/by:                     
 Associate companies                                                                    500 615             -
 Shareholders with significant influence                                                (6 226)       (6 197)
                                 
 Amounts included in Trade receivable/(Trade Payable):                     
 Associate companies                                                                      (272)             -
                     
 Related party transactions                    
 Interest received from/(paid to):                     
 Associate companies                                                                        780             -
 
13. FINANCIAL INSTRUMENTS – FAIR VALUE AND RISK MANAGEMENT
 
Group – 31 March 2018                                  Carrying         Carrying         Carrying        Fair
                                                        amounts          amounts          amounts       value
                                                          R'000            R'000            R'000       R'000
                                                     Designated          Loans &             Non-     Level 1
                                                  at fair value     receivables/        financial
                                                                  Liabilities at      instruments
                                                                       amortised
                                                                            cost
Financial assets measured at                
fair value                
Other financial assets – listed                          19 600                                        19 600
equities                
Financial assets that are not                
measured at fair value                
Other financial assets                                                 1 473 703
Trade receivables                                                         26 754          25 227
Cash and cash equivalents                                                 24 854
Financial liabilities that are                
not measured at fair value                
Cash and cash equivalents                                                  (790)
Preference shares                                                    (1 507 528)
Other financial liabilities                                            (205 756)
Trade and other payables                                                (26 724)         (3 566)
                 
Group – 31 March 2017                                  Carrying         Carrying        Carrying         Fair
                                                        amounts          amounts         amounts        value
                                                          R'000            R'000           R'000        R'000
                                                     Designated          Loans &            Non-      Level 1
                                                  at fair value     receivables/       financial
                                                                  Liabilities at     instruments
                                                                       amortised 
                                                                            cost
Financial assets measured at                
fair value                
Other financial assets – listed                        232 980                                        232 980
equities                
Financial assets that are not                
measured at fair value                 
Other financial assets                                                   748 651
Trade receivables                                                         27 880          12 926
Cash and cash equivalents                                                 25 380
Financial liabilities that are                
not measured at fair value                
Cash and cash equivalents                                                  (469)
Preference shares                                                      (927 973)
Other financial liabilities                                             (11 347)
Trade and other payables                                                (16 012)         (4 766)
   
 Financial instrument carried at fair value (level 1)                                   Reviewed      Audited
                                                                                        31 March     31 March
                                                                                            2018         2017
 Opening balance at the start of the period                                              232 980            -
 Purchases                                                                                14 000      262 570
 Revaluation                                                                               5 600     (29 590)
 Transfer to Investment in Associate                                                   (232 980)            -
 Balance at the end of the period                                                         19 600      232 980

Financial Instruments
Financial assets at fair value through profit and loss are recognised at fair value, which is therefore equal
to their carrying amounts.

The carrying amount of all financial assets and liabilities approximates the fair value. Directors consider
the carrying value of financial instruments of a short-term nature, that mature in 12 months or less, to
approximate the fair value of such assets or liability classes. The carrying value of longer term assets are
considered to approximate their fair value as these instruments bear interest at interest rates appropriate
to the risk profile of the asset or liability class.

Risk Management
The Group's risk management objectives and policies, relating to capital risk, financial risk, liquidity
risk, interest rate risk, credit risk and foreign exchange risk, are consistent with those disclosed in the
consolidated annual financial statements as at and for the year ended 31 March 2017. This note is a
condensed disclosure note, the full version is available on the Group's website, at the issuer's registered
offices and upon request. This announcement is itself not reviewed but extracted from the underlying
reviewed information.

14. SUMMARISED CONSOLIDATED SEGMENTAL INFORMATION

The segments identified are based on the operational and financial information reviewed by management
for performance assessment and resource allocation. The Group rationalisation as concluded in the prior
financial period also resulted in a change to the basis of operational segmentation and on the basis of
measurement of segment profit or loss since the 2017 annual financial statements. The change has
therefore resulted in the re-presentation of the prior period results, in order to reflect the same basis of
measurement for comparative purposes.

The Group has the following operating segments:
   -   Investment Services (previously 'Financial Services'). The division changed by introducing new
       products to the market, changing the segment to a profit centre and not only a capital raising vehicle.
   -   Credit (previously part of 'Financial Services'). The deployment of capital in the Group is now
       managed separately as a profit centre through the products offered as secured business credit
       provision and Enterprise Development. The Group disposed of all its retail lending operations.
   -   Equity Holdings (previously 'Private Equity'). At the end of the 2017 financial period, the Group
       expanded its Equity Holdings to also include listed equities. This division houses all the equity
       investments that do not fall within the investment services environment.
   -   Corporate (unchanged). This segment represents the Group's shared services operations.

The continued expansion of the Group has resulted in the need for geographic segmentation in addition
to the operational segmentation.

Period ended 31 March 2018

 Operating Segment                                      Total Assets             Revenue           Operating
                                                                                               profit/(loss)
                                                              R' 000              R' 000               R'000
 Credit                                                    1 391 864             291 277             390 340
 Investment Services                                         348 317             177 626             259 966
 Equity Holdings                                             347 927              94 747            (17 063)
 Corporate                                                    12 708              37 616             (3 420)
 Eliminations                                              (157 501)           (212 862)           (382 592)
 Discontinued operations                                           -             (8 875)             (7 041)
 Group total                                               1 943 315             379 529             240 190
       
 Geographic Segment                                     Total Assets             Revenue           Operating
                                                                                               profit/(loss)
                                                              R' 000              R' 000               R'000
 South Africa                                              1 233 538             474 511             499 299
 Botswana                                                    688 111              44 037              54 349
 Swaziland                                                   165 138              81 804              75 295
 Namibia                                                         194                 508                 (5)
 Zambia                                                       13 835                 406                 885
 Eliminations                                              (157 501)           (212 862)           (382 592)
 Discontinued operations                                           -             (8 875)             (7 041)
 Group total                                               1 943 315             379 529             240 190
       
Year ended 31 March 2017 (Re-presented)       
       
 Operating Segment                                      Total Assets             Revenue           Operating
                                                                                               profit/(loss)
                                                              R' 000              R' 000               R'000
       
 Credit                                                    1 151 412             249 942             160 070
 Investment Services                                       1 083 560              92 996              17 309
 Equity Holdings                                             293 007              76 649            (18 106)
 Corporate                                                     7 355             112 951              57 748
 Eliminations                                            (1 320 517)           (165 900)              19 170
 Discontinued operations                                   (124 313)            (44 843)             (7 005)
 Group total                                               1 090 504             321 795             229 186
       
 Geographic Segment                                     Total Assets             Revenue           Operating
                                                                                               profit/(loss)
                                                              R' 000              R' 000               R'000
South Africa                                               1 944 539             406 740             168 382
Botswana                                                     425 344              75 300              28 277
Swaziland                                                    152 731              47 981              24 418
Namibia                                                          187                 626                  19
Zambia                                                        12 533               1 891             (4 075)
Eliminations                                             (1 320 517)           (165 900)              19 170
Discontinued operations                                    (124 313)            (44 843)             (7 005)
Group total                                                1 090 504             321 795             229 186

15. EVENTS AFTER THE REPORTING PERIOD

The directors are not aware of any material event, other than the matters listed below, which occurred
after the reporting date and up to the date of this report, which require disclosure. Refer to
www.ecsponentlimited.com for the full announcement and relevant details of each of these matters.

-   The Company announced the following transactions on 23 May 2018:

    -   a proposed investment into Capitis Equities (Pty) Ltd, a black woman owned (as defined by
        the Black Economic Empowerment Act 2003) venture capital company, with specialist skills
        focused on the acquisition and management of equity investments. The board approved an
        immediate investment of R156 million, with further investments of up to R400 million by the
        end of 30 June 2019, subject to shareholder approval.
    -   The proposed acquisition of a further 1 498 610 MyBucks SA ("MyBucks") shares, comprising
        an additional investment of 11.568% in MyBucks. The proposed acquisitions comprise:
           -   the acquisition of 352 612 shares from DTM Capital (Pty) Ltd in settlement of DTM's
               loan owing to the Ecsponent Group; and
           -   the acquisition of 1 145 998 shares from Coronado Trading 258 (Pty) Ltd.
-   On 18 June 2018, it announced the disposal of the going concern business of Return on Innovation
    (Pty) Ltd, a 100% subsidiary of the Company, to iKGB Media Information Services (Pty) Ltd for
    R7.3 million.
-   The disposal of the Group's 50% equity holding in Cryo-Save South Africa (Pty) Ltd and Salveo
    Swiss Technologies Ltd, to Go Life International for R10 million, effective 30 June 2018.
-   The Group entered into a securitisation transaction of a retail loan book with GetBucks SA, 
    to the value

16. CORPORATE ACTIONS

The following corporate actions were implemented during the period under review with the objective of
expanding the Group's Preference Share product range thereby providing additional investment products
with enhanced flexibility to clients in response to market demands.

Amendments to Classes D, E, F and G Preference Shares

The Board proposed amendments to the Company's Memorandum of Incorporation ("MOI") amending
the terms of the Company's unissued Preference Shares comprising of Class D, Class E, Class F and Class
G. Shareholders approved the proposed amendments on 14 August 2017 via written consent in terms of
Section 60 of the Companies Act.

These amended classes of preference shares contain provisions for conversion into ordinary shares on
certain default events. Specific approval for the issue of convertible Class G Preference Shares was
previously obtained from shareholders in a general meeting held on 3 May 2016.

A Prospectus was issued during September 2017 offering Class D, E and G Preference Shares to the
public. The Company listed 10 000 Class D, 10 000 Class E and 2 500 Class G Preference Shares on 
4 October 2017, subject to the directors' general authority to issue shares.

Specific approval for the issue of convertible Class D and E Preference Shares was obtained from
shareholders in a general meeting on 20 October 2017, with the meeting taking place after the current
interim period end date.

Amendments to Classes A, B and C Preference Shares
The Board proposed amendments to the Company's MOI amending the terms of the Company's issued
Preference Shares comprising of Class A, Class B and Class C to incorporate voluntary redemption terms
at the option of the company.

Ordinary shareholders and Preference Shareholders with investments in Class A, B and/or C Preference
Shares approved the proposed amendments to the MOI in general meetings held on 2 November 2017.

17. SHARE CAPITAL
No ordinary shares were issued during the 12 months ended 31 March 2018.

                                                        Number of         Issued share              Total
                                                           shares              capital
                                                             '000                R'000              R'000
 Opening balance 1 January 2016                           901 588              118 072            118 072
 Acquisition of Clade Investment Management                19 096                4 000              4 000
 Odd-lot offer - repurchase and cancellation                (543)                (112)              (112)
 Shares issued pursuant to the Directors' Issue            11 629                2 112              2 112
 Director share issue - incentives                         12 022                1 631              1 631
 Capitalisation of share issue expenses                         -                (898)              (898)
 Proceeds from rights offer                               135 758               20 364             20 364
 Closing balance 31 March 2017                          1 079 550              145 169            145 169
 Movement for the current period                                -                    -                  -
 Closing balance 31 March 2018                          1 079 550              145 169            145 169

18. DIVIDENDS
No ordinary dividends have been declared or proposed for the year.

The Company has issued and listed three additional classes of Preference Shares. Six classes are now in
issue with the following dividend terms:
-   Class A – 10% fixed rate monthly dividend;
-   Class B – 0% monthly dividend, but redeeming at a rate equal to 170% of the Initial Issue Price;
-   Class C – prime plus 4% floating rate monthly dividend.
-   Class D – 12.5% fixed rate monthly dividend;
-   Class E – 11.25% fixed rate monthly dividend
-   Class G – 10% fixed rate monthly dividend

Preference Share dividends and interest of R182million accrued to investors for the 12 months ended 31
March 2018. The dividends are classified as finance costs and included in the finance cost expense in the
Condensed Consolidated Statement of Profit and Loss and Comprehensive Income.

19. CONTINGENCIES
The directors are not aware of any material contingent liability which existed at the reporting date and
up to the date of this report that requires disclosure.

20. DIRECTOR CHANGES
Dirk van der Merwe (previous Group Company Secretary) took over the role of Financial Director from
Bryan Shanahan with effect from 1 February 2018.
Eune Engelbrecht resigned as a non-executive director effective 31 May 2017.

21. COMPANY SECRETARY
Lezanne du Preez-Cilliers was appointed as the company secretary for the Group on 1 February 2018.

22. AUDITORS
Nexia SAB&T Inc. continued in office as the Group's auditors for the 2018 interim financial period. At the
Annual General Meeting held on 4 August 2017, shareholders reappointed Nexia SAB&T Inc. as the
independent external auditors of the Group for the 2017/2018 financial year.

23. GOING CONCERN
The directors believe that the Group has adequate financial resources to continue in operation for the
foreseeable future and accordingly the Condensed Consolidated Interim Financial Statements for the 12
months ended 31 March 2018 have been prepared on a going concern basis. The directors have satisfied
themselves that the Group is in a sound financial position and that it has access to sufficient equity and
borrowing facilities to meet its foreseeable cash requirements.

The directors are not aware of any new material changes that may adversely affect the Group's ability to
continue as a going concern. The directors are also not aware of any material non-compliance with
statutory or regulatory requirements or of any pending changes to legislation which may affect the Group.

For and on behalf of the Board

TP Gregory
Pretoria
29 June 2018

Directors: RJ Connellan* (Chairman), KA Rayner*, BR Topham*, W Oberholzer*, P Matute #, G
Manyere (Vice Chairman) #, TP Gregory (Chief Executive Officer) and DP van der Merwe (Financial Director).
(* Independent Non-Executives)
(# Non-Executive)
Company Secretary: L Du Preez-Cilliers

Registered Office: Fintech Campus, on Lynnwood, Cnr Botterklapper and Ilanga Street, The Willows,
Pretoria East, PO Box 39660, Garsfontein East 0060

Transfer Secretaries: Computershare Investor Services Proprietary Limited, (Registration number
2004/003647/07), 2nd Floor, Rosebank Towers, 15 Biermann Avenue, Rosebank, 2196, (PO Box 61051,
Marshalltown, 2107)

Auditors: Nexia SAB&T Inc.

Sponsor: Questco Corporate Advisory (Pty) Ltd
Date: 29/06/2018 05:32:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE'). 
The JSE does not, whether expressly, tacitly or implicitly, represent, warrant or in any way guarantee the truth, accuracy or completeness of
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