STADIO HOLDINGS LIMITED - Results For The Six Months Ended 30 June 2018

Release Date: 03/09/2018 07:05
Code(s): SDO
 
Wrap Text
Results For The Six Months Ended 30 June 2018

Stadio Holdings Ltd 
(previously Embury Holdings (Pty) Ltd)
Incorporated in the Republic of South Africa 
(Registration number: 2016/371398/06)
JSE Share Code: SDO  
ISIN: ZAE000248662
(STADIO or the Group)

RESULTS FOR THE SIX MONTHS ENDED 30 JUNE 2018

FINANCIAL HIGHLIGHTS
FROM JUNE 2017 TO JUNE 2018

Student numbers increased from 1 112 to 27 777 

Income increased from R35m to R301m

EBITDA increased from (R1m) to R60m

Core headline earnings increased from (R3m) to R32m  

HEPS increased from (0.8) cents to 3.5 cents

CHEPS increased from (0.7) to 4.0 cents


OTHER STATISTICS

STUDENT NUMBERS PER FACULTY AND MODE OF DELIVERY

Student numbers
                                                                                       Year-on-year
                                                        30 Jun 2017      30 Jun 2018    growth rate   Aug 2018*
Faculty
Business and Commerce                                        19 719           21 175             7%      22 424
Creative Industries                                           2 660            2 783             5%       2 787
Education and Training                                        1 112            1 716            54%       1 842
Law, Security and Political Sciences                          1 682            2 103            25%       2 103
                                                             25 173           27 777            10%      29 156
Contact vs distance learning
Contact learning                                              4 237            4 904            16%       4 987
Distance learning                                            20 936           22 873             9%      24 169
                                                             25 173           27 777            10%      29 156  
*Second semester enrolment still in progress
 
PROGRAMMES PER FACULTY AND MODE OF DELIVERY

Programmes
                                                                                 Current
                                                                              registered       Pipeline
                                                                              programmes     programmes   Total
Faculty
Business and Commerce                                                                 33             11      44
Creative Industries                                                                   15              9      24
Education and Training                                                                 7             10      17
Law, Security and Political Sciences                                                   4              9      13
Engineering and Manufacturing                                                          -              5       5
Agriculture and Nature Conservation                                                    -              3       3
                                                                                      59             47     106
Contact vs distance learning
Contact learning                                                                      26             31      57
Distance learning                                                                     33             16      49
                                                                                      59             47     106

COMMENTARY

OVERVIEW

STADIO is an investment holding company that focuses on the acquisition of, investment in and the growth and
development of higher education institutions to assist in meeting the demand for quality and relevant higher
education programmes in Southern Africa. It is the STADIO Group's vision to be a leading Multiversity, offering
qualifications aligned with the needs of societies, students and the world of work. As a Multiversity, STADIO currently
owns 5 registered higher education institutions that are aimed at providing programmes, both undergraduate
(including bachelors degrees, higher certificates and diplomas) and post graduate (including honours and masters
degrees), that provide graduates with a real chance of creating employment opportunities (entrepreneurship) or
finding employment. 

In time STADIO will look to consolidate the programmes offered by its various higher education institutions that
will allow all stakeholders to benefit from the marketing, operational and regulatory advantages of doing so.

STADIO is still currently focused on growing its existing registered higher education institutions, is pursuing potential
further acquisitions of relevant higher education institutions, exploring further expansion opportunities of existing
institutions and overseeing the development of new faculties, programmes and campuses across all institutions.

REVIEW OF RESULTS 

The board is pleased to report its interim results for the six months ended 30 June 2018.

The financial results for the six months ended 30 June 2018 included the consolidation of Lisof (Pty) Ltd including the 
associated property companies Wadam (Pty) Ltd and Histodox (Pty) Ltd (collectively LISOF) effective 1 January
2018, and the consolidation of MBS Education Investments (Pty) Ltd (MBS Education), which owns 100% of
Milpark Education (Pty) Ltd (collectively Milpark) effective 19 March 2018.

On review of the student enrolments at the underlying institutions for the period ended 30 June 2018, the Group
grew contact learning students by 16% compared to the 2017 first semester intake and distance learning students
by 9% over the same period, reflecting an overall growth in Group student enrolments of 10% over the same period.

The growth in revenue, earnings before interest, taxation, depreciation and amortisation (EBITDA) and headline
earnings per share (HEPS) from the prior reporting period is attributable to the successful execution of STADIO's
organic and acquisitive growth plan. The Group grew student numbers organically at the existing Embury Institute
for Higher Education (Pty) Ltd (Embury) campus in Musgrave (Durban), through the opening of the 2 new Embury
campuses in Montana (Pretoria) and Waterfall (Midrand), and through the consolidation of the acquired institutions
namely South African School of Motion Picture Medium and Live Performance (Pty) Ltd (AFDA), Southern
Business School (Pty) Ltd (SBS), LISOF and Milpark.

The Group reported HEPS of 3.5 cents per share and reflected a core headline earnings per share (CHEPS) of
4.0 cents per share. CHEPS represents HEPS adjusted for certain items that, in the Board's view, may distort
the financial results from year to year, giving shareholders a more consistent reflection of the underlying financial
performance of the Group. These core adjustments include once-off acquisition related costs, amortisation costs
associated with client lists acquired (i.e. a non-cash charge arising as a result of the consolidation of the subsidiaries
acquired) and a deferred purchase consideration payable in respect of the CA Connect Professional Institution
CPT (Pty) Ltd (CA Connect) acquisition.

Shareholders are further advised that given the timing of expenses as well as the expenses to be incurred to meet
the operational requirements of the underlying institutions for the 2019 academic year, costs in the second half
of the current financial reporting period will be higher than reflected in the results presented to 30 June 2018.
As such shareholders are advised that the earnings in this report for the six months ended 30 June 2018 should not be
assumed to be a mirror representation of potential earnings for the subsequent six months ending 31 December 2018.
The Board remains of the view that the Group is well positioned to meet its prelisting statement targets for the
2018 financial year.

During the period the Group collectively invested R417 million for the acquisition of a 100% of LISOF (effective 1 January
2018), an 87.2% effective interest in Milpark (effective 19 March 2018) and the business of CA Connect (effective
12 April 2018), further details of which are contained in note 3 of the financial results.

The Group invested a further R36 million on the capital expansion of facilities as well as new programme development.

The current Group cash balance of R304 million will be utilised to fund working capital requirements, to facilitate new
developments and for potential further acquisitions which are in various stages of negotiation. STADIO currently has an
ungeared balance sheet and will review efficient funding structures going forward.

The Group reported R97 million of net cash flow from operating activities, R46 million of which relates to working capital
timing differences mainly generated from income received in advance.

FUTURE CAPITAL EXPANSION INITIATIVES

CAMPUS IN DURBANVILLE

The Group has entered into an agreement to acquire vacant land located in Durbanville, Western Cape as part of its
geographic expansion plan. STADIO intends to develop the aforementioned land with the aim of opening a consolidated
campus offering several faculties, including: Education and Training; Business and Commerce; Law, Security and Political
Sciences; and Creative Industries (including, fashion design, advertising, marketing and communication and the film
industry), as well as future faculties to be developed and acquired by STADIO. It is further envisaged that the new campus
will open in 2021 and accommodate approximately 5 000 contact learning students over time.

QUALIFICATIONS

The Group is in the process of developing and expanding its product offering. STADIO is currently actively exploring
the feasibility of developing further facilities,inter alia, Faculty of Engineering and Manufacturing and a Faculty of Health and Medical
Sciences. The establishment of the aforementioned faculties are currently in the research phase and still require further
engagement with various role-players, including the Council for Higher Education (CHE), the South African Qualifications
Authority (SAQA), the Department of Higher Education and Training (DHET) and other related professional councils.

The STADIO Group currently has 47 qualifications that are in the process of development and/or accreditation.

DIVIDEND

No Group dividend was declared for the period.

DIRECTORATE

On 9 March 2018 Douglas Ramaphosa was appointed as an independent non-executive director. He was further appointed as the 
Chairperson of the Transformation, Social and Ethics Committee as well as a member of the Audit and Risk Committee. 

PROSPECTS

The Board has considered the prospects of the Group and believes that the Group is well positioned to deliver on
its organic and acquisitive growth objectives as set out in its prelisting statement. The Group will continue to seek
out strategic acquisitions and will continue to develop and expand its product offering as part of its journey to create
a "Multiversity" of 100 000 students over time.

On behalf of the board,

RH Stumpf                                                  CR van der Merwe
Chairperson                                                Chief Executive Officer 

3 September 2018

CONDENSED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME

                                                                     Unaudited        Unaudited         Audited
                                                                   30 Jun 2018      30 Jun 2017     31 Dec 2017
                                                                      6 months         6 months       12 months
                                                                         R'000            R'000           R'000
Revenue                                                                296 848           33 183         122 554
Other income                                                             4 204            1 462           2 844
Income                                                                 301 052           34 645         125 398
Operating expenses                                                   (241 193)         (35 500)       (124 929)
Earnings before interest, taxation, depreciation and
amortisation (EBITDA)                                                   59 859            (855)             469
Depreciation and amortisation                                         (16 405)          (3 568)        (10 069)
Earnings/(loss) before interest and taxation (EBIT)                     43 454          (4 423)         (9 600)
Interest income                                                         14 298            4 889          14 914
Finance cost                                                           (4 249)          (4 374)         (7 630)
Profit/(loss) before taxation                                           53 503          (3 908)         (2 316)
Taxation                                                              (17 990)              627         (2 788)
Profit/(loss) for the year                                              35 513          (3 281)         (5 104)
Profit attributable to:                                                                                           
Owners of the parent                                                    28 759          (3 281)         (7 037)
Non-controlling interests                                                6 754                -           1 933
Total comprehensive income/(loss) for the year                          35 513          (3 281)         (5 104)
Headline earnings/(loss) (note 4)                                       28 470          (3 281)         (7 038)
Core headline earnings/(loss) (note 4)                                  31 915          (2 854)           3 238

                                                                         Cents            Cents           Cents
Earnings/(loss) per share (EPS)                                                                                   
- Basic                                                                    3.6            (0.8)           (1.2)
- Diluted                                                                  3.6            (0.8)           (1.2)
Headline earnings/(loss) per share (HEPS)                                                                      
- Basic                                                                    3.5            (0.8)           (1.2)
- Diluted                                                                  3.5            (0.8)           (1.2)
Core headline earnings/(loss) per share (CHEPS)                                                                 
- Basic                                                                    4.0            (0.7)             0.6
- Diluted                                                                  3.9            (0.7)             0.6
                                                                                                                  
                                                                       Million          Million         Million
Number of shares in issue                                                                                         
- Basic                                                                    816              407             786
- Diluted                                                                  820              409             792
Weighted average number of shares in issue                                                                        
- Basic                                                                    805              407             576
- Diluted                                                                  808              409             582

CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION

                                                                     Unaudited        Unaudited         Audited
                                                                   30 Jun 2018      30 Jun 2017     31 Dec 2017
                                                                      6 months         6 months       12 months
                                                                         R'000            R'000           R'000
ASSETS                                                                                                          
Non-current assets                                                                                              
Property, plant and equipment                                          553 354           94 675         453 699
Goodwill                                                               739 556           39 923         409 666
Intangible assets                                                      183 787           42 051         113 522
Other investments                                                        2 555                -           1 898
Deferred tax asset                                                      63 084            4 880          14 695
Total non-current assets                                             1 542 336          181 529         993 480
Current assets                                                                                                  
Inventories                                                              4 347            2 245           7 370
Trade and other receivables                                            119 280            6 444          42 364
Loans and advances                                                       2 384               42           2 500
Tax receivable                                                          14 008            3 808           6 448
Cash and cash equivalents                                              303 838          122 537         646 090
Total current assets                                                   443 857          135 076         704 772
Total assets                                                         1 986 193          316 605       1 698 252
EQUITY                                                                                                          
Share capital (note 5)                                               1 558 683           60 812       1 367 123
Retained earnings                                                       46 000           20 164          17 241
Other reserves                                                           3 037                -             953
Total equity attributable to equity holders of the Company           1 607 720           80 976       1 385 317
Non-controlling interest                                                40 961                -          29 354
Total equity                                                         1 648 681           80 976       1 414 671
LIABILITIES                                                                                                     
Non-current liabilities                                                                                         
Borrowings                                                               3 801                -           3 570
Trade and other payables (note 6)                                        1 339                -             719
Deferred tax liability                                                  32 174            7 441          20 116
Total non-current liabilities                                           37 314            7 441          24 405
Current liabilities                                                                                             
Borrowings                                                                 450                -             664
Loans from related parties                                                 623          211 997         119 042
Trade and other payables (note 6)                                      267 405           16 191         136 010
Tax payable                                                             31 720                -           3 460
Total current liabilities                                              300 198          228 188         259 176
Total liabilities                                                      337 512          235 629         283 581
Total equity and liabilities                                         1 986 193          316 605       1 698 252
Net asset value per share (cents)                                          197               20             176

CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE PERIOD ENDED 30 JUNE 2018

                                                                       Unaudited       Unaudited        Audited
                                                                     30 Jun 2018     30 Jun 2017    31 Dec 2017
                                                                        6 months        6 months      12 months
                                                                           R'000           R'000          R'000
Balance at the beginning of the period                                 1 414 671          84 257         84 257
Total comprehensive income/(loss) for the period                          35 513         (3 281)        (5 104)
Issue of ordinary shares                                                 191 925               -      1 321 378
Share issue costs                                                          (365)               -       (15 066)
Recognition of share-based payments expense                                2 085               -            953
Dividends paid to non-controlling shareholders                           (1 690)               -              -
Non-controlling interest                                                   6 542               -         28 253
Balance at the end of the period                                       1 648 681          80 976      1 414 671

CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE PERIOD ENDED 30 JUNE 2018

                                                                   Unaudited         Unaudited          Audited
                                                                 30 Jun 2018       30 Jun 2017      31 Dec 2017
                                                                    6 months          6 months        12 months
                                                                       R'000             R'000            R'000
Net cash flow from/(used in) operating activities                     97 364               964         (47 737)
Cash generated from/(utilised by) operations (note 7)                109 330               449         (37 233)
Interest income                                                       14 298             4 889           14 914
Finance cost                                                         (4 249)           (4 374)          (7 630)
Tax paid                                                            (22 015)                 -         (17 788)
Net cash flow used in investing activities                         (280 972)          (28 461)        (391 903)
Purchase of property, plant and equipment                           (30 573)          (23 370)        (222 185)
Proceeds from sale of property, plant and equipment                      303               662              233
Purchase of intangible assets and curriculum development costs       (5 768)           (5 753)         (11 403)
Acquisition of subsidiaries (note 3)                               (244 934)                 -        (158 548)
Net cash flow from financing activities                            (158 644)             2 763          938 459
(Share issue costs)/net proceeds from shares issued                    (365)                 -          824 934
Net proceeds from loans                                                  624                 -          119 042
Repayment of borrowings                                            (157 213)             2 763             (32)
Dividends paid to non-controlling shareholders                       (1 690)                 -                -
Additional investment in subsidiary with no change of control              -                 -          (5 485)
Net movement in cash and cash equivalents for the period           (342 252)          (24 734)          498 819
Cash and cash equivalents at the beginning of the period             646 090           147 271          147 271
Cash and cash equivalents at the end of the period                   303 838           122 537          646 090

NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL RESULTS

1.    STATEMENT OF COMPLIANCE

      The condensed consolidated interim financial information for the six months ended 30 June 2018 has been
      prepared in accordance with the framework concepts and the measurement and recognition requirements
      of International Financial Reporting Standards (IFRS), the SAICA Financial Reporting Guides as issued by
      the Accounting Practices Committee and Financial Reporting Pronouncements as issued by the Financial
      Reporting Standards Council, and to also, as a minimum, contain the information required by IAS 34: Interim
      Financial Reporting, the Listings Requirements of the JSE and the requirements of the Companies Act of
      South Africa, as amended. The report has been prepared using accounting policies that comply with IFRS
      which are consistent in all material respects with those applied in the financial statements for the year ended 
      31 December 2017. The results have not been reviewed or audited by the Company's auditor. The condensed
      consolidated interim results have been prepared internally under the supervision of the Chief Financial
      Officer, S Totaram, CA(SA) CFA.

2.    ACCOUNTING POLICIES

      The accounting policies adopted in the preparation of the condensed consolidated interim financial information
      are consistent with those of the annual financial statements for the year ended 31 December 2017 and
      includes the adoption of new standards IFRS 9 Financial Instruments and IFRS 15 Revenue from Contracts
      with Customers that were effective 1 January 2018. The new standards that have been adopted do not
      have a material impact on the financial results. For a full list of standards and interpretations that have been
      adopted by the Group, we refer you to the annual financial statements for the year ended 31 December 2017.

3.    BUSINESS COMBINATIONS

      During 2018 the Group invested R417 million in the acquisition of LISOF, Milpark and the business of
      CA Connect.

      LISOF

      Effective 1 January 2018, the Group acquired 100% of LISOF for a total purchase consideration of R127 million. 

      LISOF is a registered private higher education institution (focusing on fashion design and retail education)
      with six registered programmes ranging from higher certificates to honours degrees offered at two campuses
      in Johannesburg and Pretoria.

      MILPARK

      Effective 19 March 2018, the Group acquired an effective 70% interest in Milpark for a purchase consideration
      of R211 million. Brimstone Investment Corporation Ltd (Brimstone), the Group's BEE partner, acquired the
      remaining 30% effective interest in Milpark for a purchase consideration of R89 million. The total purchase
      consideration for Milpark amounted to R300 million.

      On 20 March 2018, the Group and Brimstone concluded an asset-for-share agreement whereby the Group
      acquired 17.2% of Brimstone's effective 30% interest in Milpark for a purchase consideration of R50.9 million.
      This consideration was settled through the issue of 9.8 million ordinary STADIO shares (which are subject to a BEE   
      lock-in period of seven years), at an issue price of R5.20 per share (being STADIO's volume weighted average
      share price, less a 20% discount at the date of settlement). Following the acquisition of the 17.2% interest
      from Brimstone, the Group has an effective interest of 87.2% in Milpark. The Group's aggregate consideration
      for its effective interest of 87.2% amounted to R261 million.

      Milpark is a registered private higher education institution with a wide variety of programmes primarily in
      business and commerce (ranging from higher certificates to an MBA), the majority of which is offered
      through the distance learning mode of delivery.

      CA CONNECT

      Effective 12 April 2018, Milpark acquired the business of CA Connect for purchase consideration of
      R32.3 million, with the deferred consideration being subject to the achievement of certain profit targets.
      The Group's purchase consideration amounted to R28.2 million for an effective interest of 87.2%. The purchase
      consideration was settled partly in shares and partly in cash on 12 April 2018. CA Connect specialises in education
      services related to the Post Graduate Diploma in Accounting, a pathway for students who aspire to be a
      Chartered Accountant.

      The fair value of net assets acquired are:
                                                           LISOF         MILPARK       CA CONNECT         TOTAL
                                                           R'000           R'000            R'000         R'000
      Property, plant and equipment                       69 524          12 185                -        81 709
      Intangible assets                                   17 100          48 802            2 829        68 731
      Deferred tax asset                                   1 626          13 857                -        15 483
      Deferred tax liability                             (6 703)         (2 671)            (993)      (10 367)
      Trade and other receivables                          2 828          44 848            3 547        51 223
      Other financial assets                                   -             510                -           510
      Trade and other payables                           (6 295)       (112 891)                -     (119 186)
      Income tax payable                                 (1 472)               -                -       (1 472)
      Income tax receivable                                1 348           6 667                -         8 015
      Borrowings                                        (16 653)               -                -      (16 653)
      Loans and advances                                (21 518)               -                -      (21 518)
      Cash and cash equivalents                            2 729          34 415                -        37 144
      Total identifiable net assets acquired              42 514          45 722            5 383        93 619
      Non-controlling interest                                 -         (5 853)            (689)       (6 542)
      Goodwill                                            84 824         221 582           23 484       329 890
      Consideration paid by the Group                    127 338         261 451           28 178       416 967
      Consideration paid by the Group                                                                             
      Cash                                              (68 690)       (206 996)          (6 392)     (282 078)
      Equity                                            (58 648)        (50 863)          (8 006)     (117 517)
      Deferred consideration                                   -         (3 592)         (13 780)      (17 372)
      Total consideration                              (127 338)       (261 451)         (28 178)     (416 967)
      Net cash flow on acquisition                                                                                
      Cash consideration paid                           (68 690)       (206 996)          (6 392)     (282 078)
      Cash and cash equivalents acquired                   2 729          34 415                -        37 144
                                                        (65 961)       (172 581)          (6 392)     (244 934)

4.   HEADLINE EARNINGS/(LOSS) PER SHARE
                                                                      Unaudited        Unaudited        Audited
                                                                    30 Jun 2018      30 Jun 2017    31 Dec 2017
                                                                       6 months         6 months      12 months
                                                                          R'000            R'000          R'000 
      Reconciliation of headline earnings/(loss):                                                               
      Basic earnings/(loss)                                              28 759          (3 281)        (7 037)
      Adjustments attributable to parent:                                                                       
      Loss/(profit) on disposal of property, plant and
      equipment                                                             163                -            (1)
      Compensation from third parties for items of property,
      plant and equipment that were impaired, lost or given up            (564)                -              -
      Tax on above                                                          112                -              -
      Headline earnings/(loss)                                           28 470          (3 281)        (7 038)
      Reconciliation of core headline earnings/(loss):                                                           
      Headline earnings/(loss)                                           28 470          (3 281)        (7 038)
      Adjustments attributable to parent:                                                                        
      Finance cost on deferred purchase consideration                       868                -              -
      Acquisition costs                                                   1 097                -          4 744
      Listing costs, legal and other fees                                     -                -          4 154
      Amortisation of client list                                         2 061              593          1 916
      Tax on above                                                        (581)            (166)          (538)
      Core headline earnings/(loss)                                      31 915          (2 854)          3 238

5.    SHARE CAPITAL

      The Company issued ordinary shares during the period as per the share capital reconciliation below:

                                                                                        Number
                                                                                   of ordinary
                                                                                        shares    Share capital
                                                                                     (million)          (R'000)
      Balance as at 1 January 2018                                                         786        1 367 123
      Issue of shares in respect of acquisitions                                            30          191 560
      Balance as at 30 June 2018                                                           816        1 558 683

6.    TRADE AND OTHER PAYABLES
                                                                     Unaudited       Unaudited          Audited
                                                                   30 Jun 2018     30 Jun 2017      31 Dec 2017
                                                                      6 months        6 months        12 months
                                                                         R'000           R'000            R'000
      Trade and other payables                                          78 468          10 685           25 304
      Income received in advance                                       172 904           5 506           22 609
      Deferred purchase consideration                                   17 372               -           88 816
                                                                       268 744          16 191          136 729

7.    CASH GENERATED FROM/(UTILISED BY) OPERATIONS
                                                                 Unaudited         Unaudited            Audited
                                                               30 Jun 2018       30 Jun 2017        31 Dec 2017
                                                                  6 months          6 months          12 months
                                                                     R'000             R'000              R'000
      Profit/(loss) before taxation                                 53 503           (3 908)            (2 316)
      Non-cash and other items disclosed separately                  9 510             3 053              4 526
                                                                    63 013             (855)              2 210
      Movements in working capital                                  46 317             1 304           (39 443)
      Decrease/(increase) in inventories                             3 024             1 565            (3 561)
      Increase in trade and other receivables                     (25 575)           (6 148)            (2 760)
      Increase/(decrease) in trade and other payables               68 868             5 887           (33 122)
      Cash generated from/(utilised by) operations                 109 330               449           (37 233)

8.    SEGMENTAL REPORTING

      Due to all the services provided by the Group being related to higher education services within Southern
      Africa, the Group only has one reportable segment. All historical information presented represents the
      financial information of this single segment.

9.    EVENTS AFTER THE REPORTING PERIOD

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

STATUTORY AND ADMINISTRATION

Directors: CR van der Merwe*, S Totaram*, D Singh*, PN de Waal**, DM Ramaphosa^, RH Stumpf^, R Kisten^,
KS Sithole^, A Mellet** (Alternate to PN de Waal)

* Executive director ** Non-executive director ^ Independent non-executive director

Company secretary: Stadio Corporate Services (Pty) Ltd

Registered office: Unit 13, San Domenico, 10 Church Street, Durbanville, 7550

Transfer secretaries: Computershare Investor Services (Pty) Ltd, Rosebank Towers, 15 Biermann Avenue, Rosebank,
Johannesburg, 2196. PO Box 61051, Marshalltown, 2107

Corporate adviser and sponsor: PSG Capital (Pty) Ltd 

Website: www.stadio.co.za



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