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Unaudited interim results for the six months ended 30 June 2018 and cash dividend declaration
SABVEST LIMITED
Incorporated in the Republic of South Africa
Registration number 1987/003753/06
“Sabvest” or “the group” or “the company”
ISIN: ZAE000006417 – ordinary shares
ISIN: ZAE 000012043 – “N” ordinary shares
Share code: SBV – ordinary shares
Share code: SVN – “N” ordinary shares
UNAUDITED INTERIM RESULTS for the six months ended 30 June 2018
and cash dividend declaration
CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION
as at 30 June 2018
Unaudited
Unaudited Restated*2 Audited
30 June 30 June 31 Dec
2018 2017 2017
R’000 R’000 R’000
Non-current assets 2 086 623 2 056 266 1 135 885
Property, plant and
equipment 2 972 1 216 1 050
Investment holdings 2 083 651 2 055 050 1 134 835
Unlisted investments
– local 876 179 1 480 258 652 547
Unlisted investments
– offshore 499 410 – –
Listed investments 573 295 353 756 332 279
Listed investments
held indirectly 134 767 221 036 150 009
Current assets 749 754 198 115 1 514 928
Finance advances and
receivables 28 210 5 320 1 388 447
Offshore investment
holdings 537 242 192 507 126 423
Listed Share portfolios 394 201 81 774 101 556
Listed Equity holding 41 222 30 987 24 867
Listed Bond portfolio – 79 746 –
Cash portfolio 101 819 – –
Cash balances 184 302 288 58
Total assets 2 836 377 2 254 381 2 650 813
Ordinary shareholders’
equity 2 471 137 1 688 906 2 303 945
Non-current liability 299 641 401 411 235 807
Interest-bearing debt 140 000 70 000 110 000
Deferred tax liability 159 641 331 411 125 807
Current liabilities 65 599 164 064 111 061
Interest-bearing debt 40 235 150 656 70 897
Offshore portfolio
finance 32 130 70 600 7 685
Current portion of
non-current interest-
bearing debt – 50 000 30 000
Interest-bearing debt 8 105 30 056 33 212
Accounts payable and
provisions 25 364 13 408 40 164
Total equity and
liabilities 2 836 377 2 254 381 2 650 813
CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS
for the six months ended 30 June 2018
Unaudited Unaudited Audited
6 months 6 months 12 months
ended ended ended
30 June 30 June 31 Dec
2018 2017 2017
R’000 R’000 R’000
Cash (utilised in)/
generated by operating
activities (65 928) 28 762 20 766
Net income for the period 159 965 54 315 688 364
Adjusted for
non-cash items (164 730) (10 989) (641 254)
Cash flow from
operations (4 765) 43 326 47 110
Dividends paid (61 163) (14 564) (26 344)
Cash flows from investing
activities 251 977 (79 373) (31 848)
These include:
Purchase of investment
holdings, offshore
portfolio and
asset swap (1 205 143) (165 218) (240 877)
Proceeds from sale of
investment holdings,
offshore portfolio and
asset swap 94 446 87 331 207 675
Proceeds from sale
of fixed assets 300 – –
Proceeds of special
dividend 1 387 500 – –
Other (25 126) (1 486) 1 354
Cash effects of financing
activities (1 805) 47 812 8 053
These include:
Increase in long-term
loans – – 20 000
Increase/(decrease) in
offshore portfolio
finance 24 445 34 023 (28 892)
Interest-bearing debt (25 107) 18 901 22 057
Other (1 143) (5 112) (5 112)
Change in cash and cash
equivalents 184 244 (2 799) (3 029)
Cash balances, less
current interest-bearing
debt, excluding portfolio
finance, at beginning
of period 58 3 087 3 087
Cash balances, less RSA
interest-bearing debt at
end of period 184 302 288 58
CONDENSED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
for the six months ended 30 June 2018
Unaudited
Unaudited Restated*2 Audited
6 months 6 months 12 months
ended ended ended
30 June 30 June 31 Dec
2018 2017 2017
R’000 R’000 R’000
Gross income from operations
and investments 227 247 83 508 570 934
Dividends received 15 271 64 329 94 273
Interest received 15 602 3 708 7 117
Forex gain 12 101 – –
Loss on financial
instruments and shares (2 780) (24 632) (22 558)
Fees and sundry income 966 722 1 362
Fair value adjustment to
investments 186 087 39 381 490 740
– Listed 64 637 (17 242) (44 022)
– Listed held indirectly (15 242) 3 936 (67 091)
– Unlisted 136 692 52 687 601 853
Direct transactional costs (532) (259) (633)
Investment acquisition costs (6 223) – –
Impairments written
back/(impairments) 435 – (1 506)
Interest paid (8 442) (7 535) (15 839)
Net income before expenses 212 485 75 714 552 956
Less: Expenditure (18 686) (13 677) (62 474)
Operating costs (18 455) (13 497) (62 108)
Depreciation (231) (180) (366)
Net income before taxation 193 799 62 037 490 482
Taxation – deferred (33 834) (7 722) 197 882
Net income for the period
attributable to equity
shareholders 159 965 54 315 688 364
Translation of foreign
subsidiary *1 69 533 (4 989) (12 217)
Total comprehensive income
attributable to equity
shareholders 229 498 49 326 676 147
*1 This item may subsequently be classified to profit and loss.
*2 Refer to restatement of comparative information.
OTHER INFORMATION
as at 30 June 2018
Unaudited Unaudited Audited
30 June 30 June 31 Dec
2018 2017 2017
R’000 R’000 R’000
Net asset value per
share – cents 5 458 3 728 5 085
Number of shares in issue
less held in
treasury – 000’s 45 274 45 306 45 306
Earnings per share – cents*3 353,3 119,7 1 517,3
Dividends per share – cents 32,0 26,0 61,0
Special dividends per
share – cents 100,0 – –
Weighted average number of
shares in issue – 000’s 45 279 45 368 45 368
Reconciliation of headline
earnings (R’000)
Net income for the period 159 965 54 315 688 364
Profit on sale of property,
plant and equipment (155) – –
Headline earnings for
the period 159 810 54 315 688 364
Headline earnings per
share – cents*2 352,9 119,7 1 517,3
*3 There are no diluting instruments.
CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
for the six months ended 30 June 2018
Non-
distri- Disti-
Share Share butable butable
capital premium reserve reserve Total
R’000 R’000 R’000 R’000 R’000
Balance as
at 1 January
2017 855 33 545 54 513 1 570 342 1 659 255
Total com-
prehensive
income for
the period – – (12 217) 688 364 676 147
Loss in
share trust – – (1) – (1)
Shares held
in treasury
– written back 1 12 203 – – 12 204
Shares held
in treasury (5) (17 311) – – (17 316)
Dividends paid – – – (26 344) (26 344)
Balance as at
31 December
2017 851 28 437 42 295 2 232 362 2 303 945
Total com-
prehensive
income for
the period – – 69 533 159 965 229 498
Shares held
in treasury
– written back 5 17 311 – – 17 316
Shares held
in treasury (5) (18 454) – – (18 459)
Dividends paid – – – (61 163) (61 163)
Balance as at
30 June 2018 851 27 294 111 828 2 331 164 2 471 137
CONTINGENT LIABILITIES
1. The group has rights and obligations in terms of shareholder
and purchase and sale agreements relating to its present and
former investments.
2. Commitments for the lease of premises are as follows:
Year 1 R1 056 163
Year 2 R1 044 450
INVESTMENT HOLDINGS
as at 30 June 2018
Number of Eco-
Ordinary nomic Fair
shares/ interest value
units % R’000
UNLISTED INDUSTRIAL
INVESTMENTS
Local
Classic Food Brands (Pty) Ltd 30,0 19 237
Flexo Line Products (Pty) Ltd 47,5 42 982
Mandarin Holdings (Pty) Ltd 30,0 93 060
SA Bias Industries (Pty) Ltd*1 59,9 673 000
Sunspray Food Ingredients
(Pty) Ltd *2 28,2 47 900
876 179
Offshore
Mandarin Industries
Limited (BVI) 30,0 499 410
LISTED LONG-TERM
INVESTMENTS
Brait S.E. 4 000 000 170 320
Metrofile Holdings
Limited 40 000 000 138 000
Net1 UEPS Technologies Inc 250 000 28 500
Rolfes Holdings Limited 22 500 000 65 475
Transaction Capital
Limited 10 000 000 171 000
573 295
LISTED LONG-TERM
INVESTMENTS HELD
INDIRECTLY
Rolfes Holdings Limited*3 22 500 000 65 475
Torre Industries Limited*4 62 842 500 44 618
Value Capital Partners
Fund*5 200 000 24 674
134 767
LONG-TERM INVESTMENT
HOLDINGS 2 083 651
OFFSHORE INVESTMENT
HOLDINGS 537 242
Listed Share portfolios 394 201
Listed Bond portfolio –
Corero Network Security
Plc (UK) 6,8 41 222
Cash portfolio 101 819
TOTAL HOLDINGS 2 620 893
*1 Voting interest 49%.
*2 Held indirectly through ordinary shares in Famdeen Investments
(Pty) Ltd.
*3 Held indirectly through participating preference shares in
Masimong Chemicals (Pty) Ltd linked to the performance of
22,5m shares in Rolfes Holdings Limited.
*4 Held indirectly through ordinary shares in Newshelf 1400 (Pty)
Ltd.
*5 Value Active PFP H4 Fund invested in listed equities presently
primarily in Allied Electronics Corporation Limited and Adcorp
Holdings Limited.
OFFSHORE PORTFOLIOS
as at 30 June 2018
Market
value
R’000
GENERAL PORTFOLIO
Adidas AG 4 502
Alibaba Group Holdings Ltd 7 658
Alphabet Inc 7 675
Amazon.com Inc 7 016
Anheuser-Busch Inbev 4 166
Anthem Inc 8 188
Apple Inc 5 094
Ball Corporation 4 891
Facebook Inc 6 684
Fedex Corp 3 124
Illumina Inc 8 838
JP Morgan Chase 4 301
Kering Act 6 212
LVMH Moët Hennessy 5 495
Medtronic Plc 7 068
Restaurant Brands International Inc 4 978
Tencent Holdings Ltd 6 905
Thermo Fisher 7 125
Visa Inc 5 467
Zoetis Inc 5 861
121 248
Ishares Nasdaq US Biotechnology ETF 4 248
Polar Capital Biotechnology Fund 4 131
8 379
129 627
TECHNOLOGY PORTFOLIO
Activision Blizzard Inc 9 451
Alibaba Group Holdings Ltd 20 422
Alphabet Inc 19 955
Amazon.com Inc 23 387
Apple Inc 15 282
Baidu Inc 13 374
Facebook Inc 21 389
Microsoft Corporation 13 568
Netflix Inc 16 157
Nvidia Corporation 11 408
Palo Alto Networks Inc 16 962
Paypal Holdings Inc 5 729
Splunk Inc 12 273
Spotify Technology 5 787
Tencent Holdings Ltd 18 644
Visa Inc 14 579
238 367
Vanguard Technology Fund 26 207
264 574
LISTED SHARE PORTFOLIOS 394 201
CASH PORTFOLIO
Cash at bank 4 550
Ishares USD Short Duration Hy Corporate Bond ETF 97 269
101 819
COMMENTARY
PROFILE
Sabvest is an investment group which has been listed on the JSE
since 1988. Its ordinary and ‘N’ ordinary shares are quoted in
the Equity Investment Instruments sector.
Sabvest has significant interests in five unlisted industrial
groups, long-term direct and indirect holdings in eight listed
investments and equity funds, and offshore share, bond and cash
portfolios, all accounted for on a fair value basis. In addition,
Sabvest invests in debt instruments and portfolios and undertakes
other fee and profit-earning activities from time to time.
CHANGES IN INVESTMENT HOLDINGS
During the period Sabvest:
– increased its interest to 47,5% and provided loan funding to
Flexo Line Products (Pty) Ltd;
– purchased 30% of Mandarin Industries Limited (BVI) which owns
100% of the International Trimmings & Labels Group (ITL)
internationally for $33,6m (R398,5m);
– purchased 30% and provided loan funding to ITL Holdings South
Africa indirectly through Mandarin Holdings (Pty) Ltd (RSA)
for R93m, of which R60m is a loan which will be replaced by a
R60m preference share with a coupon of 8% redeemable 48 months
from issue, which will be before year-end;
– increased its interest in Sunspray Food Ingredients (Pty) Ltd
from 22% to 28% as a result of a share buy-back by Sunspray
from a retiring shareholder;
– purchased 3,2m shares in Brait for R128,5m thereby increasing
its direct holding to 4m shares in Brait;
– purchased 15m shares in Metrofile Holdings for R52,8m thereby
increasing its direct holding to 40m shares, representing 9,6%
of Metrofile;
– purchased 200 000 shares in Net1 UEPS Technologies Inc for
R24,6m thereby increasing its direct holding to 250 000
shares;
– purchased 12m shares in Rolfes Holdings Limited for R38,8m
thereby increasing its direct and indirect holdings in Rolfes
to 45m shares, representing a 27,8% economic interest in
Rolfes;
– purchased 4,4m shares in Corero Network Security Plc for
GBP253 000 (R4,3m) thereby increasing its holding to 26,4m
shares, representing a 6,5% interest in Corero;
– concluded an asset swap of R300m into US dollars;
– invested the dollar equivalent of R209,3m ($17,3m) from the
asset swap in a bespoke offshore technology portfolio which
comprised 16 large cap technology companies and one technology
fund at the reporting date, the details of which are disclosed
in this announcement, and which had a market value of R264m at
the reporting date;
– retained the balance in cash and short-term interest-bearing
instruments abroad;
– increased its offshore general equity portfolio to R129,6m
($9,4m) comprising 20 large cap listed companies and two
biotech funds; and
– repurchased 1 271 Sabvest ordinary shares and 31 000 Sabvest
‘N’ ordinary shares for R1,1m.
FINANCIAL RESULTS
The key features of the results for the period were:
– NAV per share increased by 46,4% to 5 458 cents compared with
the prior interim reporting date, and by 7,3% for the six
months ended on the reporting date. If no special dividend of
100 cents had been paid during the six months, the increase
would have been 49,1% to 5 558 cents compared to the prior
interim reporting date and 9,5% for the six months ended on
the reporting date.
– HEPS and EPS increased by 195% over the previous interim
period to 352,9 cents and 353,3 cents respectively in the
twelve months to the reporting date.
– DPS for the interim period increased by 23% to 32 cents
compared with the prior interim period.
– PAT for the six months was R159,9m and comprehensive income
R229,5m. This performance was primarily due to the weaker
rand, improved valuations of Mandarin and Sunspray as a result
of satisfactory trading and strong share price performances in
the offshore portfolios and locally in Transaction Capital and
the Value Capital Partners Fund. The results were reduced by
the negative share price performances of Brait, Metrofile and
Torre.
– Shareholders’ funds increased to R2,47bn and the balance sheet
was liquid with net cash (cash balances and cash portfolio net
of interest-bearing debt) of R105,9m.
– With regard to the gross income, dividends received were
materially lower than usual as Mandarin will not commence
paying dividends until 2019 and SA Bias did not declare a
final dividend for 2017 due to the substantial special
dividend of R2,2bn declared by it at the end of 2017. Both
companies are expected to pay two dividends a year from 2019.
– Investment acquisition costs were incurred arising from the
process resulting in the new investments in Mandarin
Industries and Mandarin Holdings.
HISTORICAL PERFORMANCE
The group calculates its performance record annually. For
reference purposes the returns for the periods ended 31 December
2017 were as follows:
Com- Com- Com- Com-
pound pound pound pound
Growth Growth Growth Growth Growth
1 3 5 10 15
year years years years years
(%) (%) (%) (%) (%)
Net asset value
per share 39,5 23,8 22,4 21,9 19,4
Headline earnings
per share > 100 50,6 37,5 30,2 26,9
Earnings per share > 100 50,2 37,5 31,2 28,7
Dividends per share* 10,9 12,4 13,8 15,9 53,6
* Calculation excludes special dividends of 100 cents per share
paid in 2013, 2014 and 2018.
LISTED INVESTMENTS
– Brait’s share price reduced materially pursuant to concerns
relating to its interests in the UK after the Brexit vote and
in particular the weakness in the retail sector and the
effects on its investment in New Look. Remedial actions have
been implemented in New Look and the balance of the portfolio
comprises high quality assets.
– Metrofile produced stable earnings and concluded the
acquisition of G4S Kenya. Its share price has nevertheless
been weak for most of the period.
– Net1 traded satisfactorily but its share price has been weak
due to the uncertainty surrounding its SASSA contract.
– Rolfes is trading well and has exciting prospects but has
experienced share price weakness due to portfolio sales by
small asset managers.
– Torre Industries’ share price has been weak due to poor
operating performances in the divisions affected by weakness
in the mining and industrial sectors. Its interim results
indicate that its prospects have stabilised and the receipts
from the sale of certain of its offshore operations have
resulted in a strong and liquid balance sheet. Torre has
announced its intention to delist from the JSE. Sabvest
intends to remain invested after the delisting.
– Transaction Capital continues to trade very strongly and
produced good growth for the interim period. Its share price
strengthened in response.
– The Value Capital Partners Fund experienced a satisfactory
increase in value, driven in particular by its holding in
Altron.
– The group’s offshore general share portfolio performed
strongly with an increase in value of average holdings for the
6 months of 10,7% in US dollars.
– The group’s offshore technology portfolio performed strongly
with an increase in value on average holdings for the four and
a half months since inception of 9,2% in US dollars.
– The Corero share price continues to be volatile on small
volumes.
UNLISTED INDUSTRIAL INVESTMENTS
– Classic Food Brands has established its start-up manufacturing
facilities, has now reached profitability and its prospects
are good.
– Flexo Line Products traded below expectations due primarily to
labour and management issues. Both have been resolved and the
company is now trading at a satisfactory level of
profitability.
– International Trimmings and Labels (ITL) through Mandarin
Industries internationally and Mandarin Holdings in South
Africa traded satisfactorily notwithstanding a competitive
marketplace. Its customer base continues to grow in line with
expectations, its comprehensive RFID solution is gaining
traction with both South African and international retailers,
it has increased its interest from 50% to 100% in ITL
Bangladesh, and the new ITL Ethiopia operation will come on
line in the next six months to service certain new US retail
accreditations.
– SA Bias Industries’ results were mixed. Flowmax in the UK
traded satisfactorily but Narrowtex and Apparel Components in
South Africa experienced difficult trading conditions. SA
Bias’ investment division’s results were slightly below
budget.
– Sunspray is trading well with profitability ahead of budget.
Unlisted investments are valued using the maintainable earnings
model. The earnings are calculated on an EBITDA basis and also
referenced to NOPAT and are considered relative to current and
forward earnings. Multiples are based on transaction multiples
usual for small cap private companies and are in the range of 4
to 6 times. The Mandarin Industries multiple is at a higher
level of 9,5 times which is below the 2018 acquisition multiple.
Each resultant calculation is then adjusted for net
cash/debt/equivalents to determine EV.
FUTURE INVESTMENTS
Sabvest remains focused on considering new unlisted investments
or listed investments where it is represented on the board and
has influence. It will use its surplus cash and realise its
general and technology equity portfolios to fund new investments
if it becomes appropriate or use its debt capacity. It may also
issue new shares but only if the value exchange in the capital
allocation decision is compelling.
DIVIDENDS
Dividends are determined relative to Sabvest’s own cash flows
from investments and services, and capital receipts or special
dividends that are not earmarked for new investments.
A special dividend of 100 cents per share was paid in February
2018.
Dividends are considered twice annually. The normal dividend for
the six months has been increased by 23% to 32 cents per share.
RELATED PARTIES
Related party transactions exist between subsidiaries and the
holding company, fellow subsidiaries and investee companies, and
comprise fees, dividends and income.
Transactions with directors relate to fees and monies lent to the
group by individuals and companies controlled by the directors.
ACCOUNTING POLICIES
The unaudited condensed consolidated interim financial statements
have been prepared in accordance with and containing the
information required of International Accounting Standard 34:
Interim Financial Reporting as issued by the International
Accounting Practices Standards Board (IASB), the SAICA Financial
Reporting Guides issued by the Accounting Practices Committee and
Financial Pronouncements issued by the Financial Reporting
Standards Council and the requirements of the Companies Act of
South Africa.
They have been prepared on a historical cost basis except for
financial instruments and investments which are measured at fair
value. The significant accounting policies and methods of
computation are consistent in all material aspects with the
framework concepts and the recognition and measurement criteria
of IFRS and to those applied in the previous financial year and
are available for inspection at the group’s registered office.
There has been no material change in judgements or estimates of
the amounts reported in prior reporting periods. The preparation
of these unaudited condensed interim financial statements was
supervised by the Chief Financial Officer, R Pleaner CA (SA).
RESTATEMENT OF COMPARATIVE INFORMATION – JUNE 2017
In line with the JSE monitoring process, the group has reported
its investment in listed shares in two categories, those directly
held and those indirectly held through other vehicles. This
restatement also aligns with the disclosure of the fair value
hierarchy and had the result of correcting the classification of
listed investments held indirectly from a level 1 to a level 2.
This is still based on observable quoted share prices and has not
resulted in any change in value with the consolidated statement
of financial position or consolidated statement of comprehensive
income.
DIRECTORATE
We are pleased to welcome Ms Lindiwe Mthimunye-Bakoro, M.Com,
H.Dip Tax Law, CA (SA) as an independent non-executive director
of the company and as a member of the Audit and Risk Committee
and the Social and Ethics Committee. Her appointment was
effective on 5 June 2018.
It is the board’s intention to appoint one further independent
non-executive director in due course.
KING IV COMPLIANCE
Sabvest’s King IV compliance report is on the Sabvest website and
included in the 2017 integrated annual report.
PROSPECTS
The group’s major unlisted investee companies are budgeting
improved profitability in 2018 although trading at SA Bias’ South
African subsidiaries remains weak.
The group’s listed investee companies are performing to
expectations but it is obviously not possible to project likely
listed share prices.
The group continues to focus on its rand hedge characteristics
and the majority of its asset base, directly and indirectly
continues to be invested in foreign currency assets.
We anticipate a satisfactory year in 2018.
Any reference to future financial information in the announcement
has not been reviewed or reported on by the company’s auditors.
For and on behalf of the Board
Dawn Mokhobo Christopher Seabrooke Raymond Pleaner
Chairman CEO CFO
Sandton
20 July 2018
CASH DIVIDEND DECLARATION
Notice is hereby given that an interim gross dividend of 32 cents
(2017: 26 cents) per ordinary and “N” ordinary share for the six
months ended 30 June 2018 has been declared out of income
reserves.
The issued share capital of the company at the declaration date
is 17 076 804 ordinary and 28 883 000 “N” ordinary shares. The
income tax number of the company is 9375/105/716.
Withholding tax on dividends at a rate of 20% will be deducted
for all shareholders who are not exempt in terms of the
legislation. This will result in an interim net cash dividend of
25,6 cents per ordinary and “N” ordinary share to non-exempt
shareholders.
Last date to trade “CUM” dividend Tuesday, 14 August 2018
Trading “EX” dividend commences Wednesday, 15 August 2018
Record date Friday, 17 August 2018
Dividend payment date Monday, 20 August 2018
No dematerialisation or rematerialisation of share certificates
will be allowed during the period Wednesday, 15 August 2018 to
Friday, 17 August 2018, both days inclusive.
SABVEST LIMITED
Registered address:
4 Commerce Square, 39 Rivonia Road, Sandhurst, Sandton 2196
Communications:
Postal address:
PO Box 78677, Sandton 2146, Republic of South Africa
Telephone: (011) 268 2400
Fax: (011) 268 2422
e-mail: ho@sabvest.com
Transfer secretaries:
Computershare Investor Services (Pty) Ltd, Rosebank Towers, 15
Biermann Avenue, Rosebank 2196 (PO Box 61051, Marshalltown 2107)
Directors:
DNM Mokhobo# (Chairman), BJT Shongwe# (Deputy Chairman), CS
Seabrooke* (Chief Executive), NSH Hughes# (Lead Independent
Director), L Mthimunye-Bakoro#, R Pleaner*
*Executive #Independent
Sponsor:
Rand Merchant Bank (A division of FirstRand Bank Limited), 1
Merchant Place, Corner of Fredman Drive and Rivonia Road, Sandton
2196
www.sabvest.com
Date: 20/07/2018 09:05:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE').
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