AFRICAN & OVERSEAS ENTERPRISES LIMITED - Condensed consolidated preliminary financial results for the year ended 30 June 2018

Release Date: 07/09/2018 15:55
Code(s): AON AOO AOVP
 
Wrap Text
Condensed consolidated preliminary financial results for the year ended 30 June 2018

African and Overseas Enterprises Limited 
(Incorporated in the Republic of South Africa - Registration number: 1947/027461/06) 
JSE SHARE CODES: AOO - AON - AOVP  
ISIN: ZAE000000485 - ZAE000009718 - ZAE000000493
("the company")


CONDENSED CONSOLIDATED PRELIMINARY FINANCIAL RESULTS
for the year ended 30 June 2018


CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION
                                                                                  As at       As at
                                                                                30 June     30 June
                                                                                   2018        2017
                                                                               Reviewed     Audited
                                                                                  R'000       R'000
ASSETS                  
Non-current assets                                                              156 096     159 628 
   Property, plant and equipment                                                 60 721      57 150 
   Investment property                                                           68 741      71 032 
   Intangible assets                                                             22 980      24 773 
   Other investments                                                                835         524 
   Deferred tax asset                                                             2 819       6 149 
Current assets                                                                  192 920     170 987 
   Inventories                                                                   92 132      77 842 
   Trade and other receivables                                                   27 521      28 300 
   Forward exchange contracts                                                       746          38 
   Income tax receivable                                                            163       1 304 
   Accrued operating lease asset                                                  2 859       3 558 
   Cash and cash equivalents                                                     69 499      59 945 
Total assets                                                                    349 016     330 615 
                  
EQUITY AND LIABILITIES                  
Capital and reserves                                                            272 522     260 795 
   Share capital                                                                  1 200       1 200 
   Share premium                                                                  6 616       6 616 
   Share-based payment reserve                                                     (116)       (116)
   Other reserves                                                                 1 438       1 301 
   Retained earnings                                                            140 227     134 518 
   Non-controlling interest                                                     123 157     117 276 
Non-current liabilities                                                          19 807      19 979 
   Post-retirement liability                                                        792         899 
   Accrued operating lease liability                                             14 235      15 966 
   Deferred tax liability                                                         4 780       3 114 
Current liabilities                                                              56 687      49 841 
   Trade and other payables                                                      51 819      47 245 
   Accrued operating lease liability                                              4 849       2 570 
   Income tax payable                                                                19          26 
Total equity and liabilities                                                    349 016     330 615


CONDENSED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
                                                                             Year ended  Year ended
                                                                                30 June     30 June
                                                                                   2018        2017
                                                                          %    Reviewed     Audited
                                                                     change       R'000       R'000
Revenue                                                                10.8     608 064     548 572 
Turnover                                                               11.1     587 632     528 759 
Cost of sales                                                                  (267 730)   (237 200)
Gross profit                                                            9.7     319 902     291 559 
Other income                                                            3.0      15 700      15 243 
Other operating costs                                                   5.0    (322 834)   (307 583)
Operating profit/(loss)                                             1 734.8      12 768        (781)
Dividend income                                                                      45          21 
Finance income                                                                    4 687       4 549 
Finance costs                                                                       (71)       (163)
Profit before tax                                                     380.7      17 429       3 626 
Income tax expense                                                               (5 897)     (1 939)
Profit for the period                                                 583.6      11 532       1 687 
Other comprehensive income                        
Items that will not be reclassified to profit or loss                        
Actuarial gain on post-retirement defined benefit plan                                -       1 072 
Items that are or may be subsequently reclassified to profit or loss                        
Fair value adjustment on available-for-sale investments                             245         (52)
Total comprehensive income for the period (net of taxation)                      11 777       2 707 
Profit attributable to:                        
   Ordinary and "N" ordinary shareholders of the parent                           5 709         147 
   Preference shareholders                                                           33         102 
   Profit attributable to equity holders of the parent                            5 742         249 
   Non-controlling interest                                                       5 790       1 438 
Profit for the year                                                              11 532       1 687 
Total comprehensive income attributable to:                        
   Ordinary and "N" ordinary shareholders of the parent                           5 846         756 
   Preference shareholders                                                           33         102 
   Profit attributable to equity holders of the parent                            5 879         858 
   Non-controlling interest                                                       5 898       1 849 
Total comprehensive income for the year                                          11 777       2 707 
Reconciliation of headline earnings                        
Profit attributable to ordinary and "N" ordinary shareholders                     5 709         147 
Adjusted for:                        
   Loss from disposal of property, plant and equipment (net of 
   taxation and non-controlling interest)                                            12         232 
Headline earnings                                                                 5 721         379 
                        
Basic earnings per ordinary share (cents)                           3 753.8        50.1         1.3 
Headline earnings per ordinary share (cents)                        1 421.2        50.2         3.3 
Diluted earnings per ordinary share (cents)                         3 753.8        50.1         1.3 
Diluted headline earnings per ordinary share (cents)                1 421.2        50.2         3.3 
Weighted average number of equity shares on which earnings 
   per share is based (000's)                                                    11 387      11 387 
Weighted average number of equity shares on which diluted 
   earnings per share is based (000's)                                           11 387      11 393


CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
                                                                             Year ended  Year ended
                                                                                30 June     30 June
                                                                                   2018        2017
                                                                               Reviewed     Audited
                                                                                  R'000       R'000
Share capital                                                                     1 200       1 200 
Share premium                                                                     6 616       6 616 
   Opening balance                                                                6 616       6 076
   Reallocation relating to share options                                             -         540
Share-based payment and other reserves                                            1 322       1 185 
   Opening balance                                                                1 185       1 045 
   Actuarial gains on post-retirement defined benefit plans                           -         638 
   Fair value adjustment on available-for-sale investments                          137         (29)
   Delivery of treasury shares                                                        -        (430)
   Change in degree of control                                                        -         (39)
Retained earnings                                                               140 227     134 518 
   Opening balance                                                              134 518     136 688 
   Profit for the year                                                            5 742         249 
   Change in degree of control                                                        -        (381)
   Preference dividends paid                                                        (33)       (102)
   Ordinary dividends paid                                                            -      (1 936)
Non-controlling interest                                                        123 157     117 276
   Opening balance                                                              117 276     117 401 
   Profit for the year                                                            5 790       1 438 
   Preference dividends paid                                                        (17)        (17)
   Ordinary dividends paid                                                            -      (2 501)
   Delivery of treasury shares                                                        -         430 
   Reallocation relating to share options                                             -        (540)
   Proceeds from delivery of employee share options                                   -         234 
   Change in degree of control                                                        -         420 
   Other comprehensive income                                                       108         411 
Total capital and reserves                                                      272 522     260 795


CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS
                                                                             Year ended  Year ended
                                                                                30 June     30 June
                                                                                   2018        2017
                                                                               Reviewed     Audited
                                                                                  R'000       R'000
Cash flows from operating activities                  
Operating profit before working capital changes                                  39 367      25 640 
Working capital changes                                                          (8 238)    (17 731)
Interest received                                                                 4 687       4 549 
Interest paid                                                                       (71)       (163)
Dividends paid                                                                      (50)     (4 556)
Dividends received                                                                   45          21 
Income tax paid                                                                     167        (862)
Net cash inflows from operating activities                                       35 907       6 898 
Cash flows from investing activities                  
Additions to property, plant, equipment and investment property                 (24 445)    (25 555)
Additions to intangible assets                                                   (1 908)     (3 410)
Proceeds from disposal of property, plant, equipment and investment property          -         199 
Acquisition of business                                                               -      (2 939)
Net cash outflows from investing activities                                     (26 353)    (31 705)
Cash flows from financing activities                  
Proceeds from delivery of employee share options                                      -         234 
Net cash inflows from financing activities                                            -         234 
Net increase/(decrease) in cash and cash equivalents                              9 554     (24 573)
Cash and cash equivalents at the beginning of the year                           59 945      84 518 
Cash and cash equivalents at the end of the year                                 69 499      59 945


GROUP SEGMENTAL REPORTING
                                                                             Year ended  Year ended
                                                                                30 June     30 June
                                                                                   2018        2017
                                                                               Reviewed     Audited
                                                                                  R'000       R'000
Revenue                  
   Total external retail revenue                                                587 632     528 972 
      Retail segment revenue                                                    591 644     532 746 
      Intersegment revenue earned                                                (4 012)     (3 774)
   Total external property revenue                                               15 700      15 030 
      Property segment revenue                                                   21 381      20 359 
      Intersegment revenue earned                                                (5 681)     (5 329)
   Dividends received                                                                45          21 
   Interest income                                                                4 687       4 549 
   Total group revenue                                                          608 064     548 572 
Segment operating profit/(loss)                  
   Retail segment profit/(loss)                                                   8 171      (1 923)
   Property segment profit                                                        9 984       7 951 
   Group services operating loss                                                 (5 387)     (6 809)
   Total group operating profit/(loss)                                           12 768        (781)
Depreciation and amortisation                  
   Retail                                                                        22 791      21 742 
   Property                                                                       4 046       3 720 
   Total group depreciation and amortisation                                     26 837      25 462 
Segment assets                  
   Retail                                                                       213 844     216 059 
   Property                                                                      78 475      80 797 
   Group services*                                                               56 697      33 759 
   Total group assets                                                           349 016     330 615 
Segment liabilities                  
   Retail                                                                        67 805      61 737 
   Property                                                                       7 019       5 884 
   Group services*                                                                1 670       2 199 
   Total group liabilities                                                       76 494      69 820 
Capital expenditure                  
   Retail                                                                        22 734      23 904 
   Property                                                                       3 619       5 061 
   Total group capital expenditure                                               26 353      28 965 
                  
* Group services include corporate costs.                  


OTHER INFORMATION
                                                                             Year ended  Year ended
                                                                                30 June     30 June
                                                                                   2018        2017
                                                                               Reviewed     Audited
Capital commitments                  
Authorised - not contracted for                                      (R'000)     12 102      21 553 
Authorised - contracted for                                          (R'000)      5 723       7 632 
Gross profit margin                                                      (%)       54.4        55.1
Operating profit/(loss) margin                                           (%)        2.2        (0.1)
Retail segment operating profit/(loss) margin                            (%)        1.4        (0.4)


NOTES
1  Review of the independent auditors
   These condensed consolidated preliminary financial statements of African and Overseas Enterprises 
   Limited for the year ended 30 June 2018 have been reviewed by KPMG Inc., who expressed an unmodified 
   review conclusion thereon. The auditor's report does not necessarily report on all of the 
   information contained in these financial results. Shareholders are therefore advised that in order 
   to obtain a full understanding of the nature of the auditor's engagement they should obtain a 
   copy of the auditor's report together with the accompanying financial statements from the issuer's 
   registered office.

2  Basis of preparation
   The condensed consolidated preliminary financial statements are prepared in accordance with the 
   requirements of the JSE Listings Requirements for preliminary reports and the requirements of the 
   Companies Act of South Africa. The Listings Requirements require preliminary reports to be 
   prepared in accordance with the framework concepts and the measurement and recognition requirements 
   of International Financial Reporting Standards ("IFRS") and the SAICA Financial Reporting Guides 
   as issued by the Accounting Practices Committee and Financial 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 accounting policies applied in the preparation of the 
   summarised condensed preliminary financial statements are in terms of IFRS and are consistent with 
   those applied in the previous consolidated annual financial statements. Comparative figures are 
   regrouped or restated where necessary in accordance with current year classifications. This report 
   was prepared under the supervision of the financial director, WD Nel CA (SA).

3  Dividends
   A dividend on the 6% cumulative participating preference shares for the six months ended 
   30 June 2018 in the amount of 6 cents per preference share was declared by the board of directors 
   on 15 June 2018 and was paid on 9 July 2018. The directors have not proposed a dividend in respect 
   of the ordinary and "N" ordinary shares.

4  Notes to the financial statements
   4.1  Acquisition of business
        The group acquired the Queenspark Namibian franchise business, previously operated by a 
        third party, in the prior year for a cash consideration of R2 939 000. The rationale for 
        the acquisition was to implement an expansion strategy in Namibia. The assets acquired are 
        listed below and represent their fair value. No liabilities were acquired.

                                                                                              R'000
        Intangible asset                                                                      1 100
        Property, plant and equipment                                                           500
        Inventory                                                                             1 339
                                                                                              2 939

   4.2  Financial instruments 
        Financial instruments included in trade and other receivables, trade and other payables and 
        forward exchange contract assets/liabilities are short term in nature, settled within 
        12 months, and the carrying value substantially approximates the fair value. 

5  Standards and interpretations issued but not yet effective
   A number of new standards, amendments to standards and interpretations are effective for annual 
   periods beginning on or after 1 July 2018, and have not been applied in preparing these financial 
   statements. Those which may be relevant to the group are set out below. The group does not plan 
   to adopt these standards early. These will be adopted in the period that they become mandatory.

   Effective for the financial year commencing 1 July 2018
   IFRS 15: Revenue from Contracts with Customers
   IFRS 9: Financial Instruments

   Effective for the financial year commencing 1 July 2019
   IFRS 16: Leases

   IFRS 15: Revenue
   IFRS 15, published in May 2014, introduces a new revenue recognition model for contracts with 
   customers. It replaces IAS 11, IAS 18, IFRIC 13, IFRIC 15, IFRIC 18 and SIC-31. IFRS 15 includes 
   extensive new disclosure requirements. The standard is effective for the financial year ending 
   June 2019. 

   Sales of goods
   For the sale of goods, revenue is currently recognised when the goods are purchased, which is 
   taken to be the point in time at which the customer accepts the goods and the related risks and 
   rewards of ownership transfer. Revenue is recognised at this point provided that the revenue and 
   costs can be measured reliably, the recovery of the consideration is probable and there is no 
   continuing management involvement with the goods. The value of returned goods is considered 
   immaterial. 

   Effectively under IFRS 15 revenue will be recognised when a customer obtains control of the goods. 

   Under IFRS 15 revenue will be recognised for these contracts to the extent that it is probable 
   that a significant reversal in the amount of cumulative revenue recognised will not occur. 

   The group does not have a loyalty programme. Lay-byes and gift cards only generate turnover when 
   a customer takes possession of the goods. In all cases this will only occur when the full purchase 
   price has been received. The group provides a small amount of goods to certain online retailers 
   on consignment basis. Revenue in this case is only recognised when the product is sold to the 
   end customer. 

   Based on its current and ongoing assessment, management is of the opinion that the requirements 
   of IFRS 15 will not have a material impact on the financial statements, as currently the revenue 
   recognition is in line with the IFRS principles. 

   Transition
   However small the impact of the new standard, the group plans to adopt IFRS 15 using the cumulative 
   effect method, with the effect of initially applying this standard recognised at the date of 
   initial application (i.e. 1 July 2018). As a result, the group will not apply the requirements 
   of IFRS 15 to the comparative period presented.

   Disclosure
   The group has assessed the impact of the new disclosure requirements on its financial statements 
   and management believes that current disclosures of accounting policies, significant judgement 
   and estimates and related notes will not change materially as a result of the implementation of 
   the new standard. No significant changes are expected to systems and processes.

   The audit committee will be reviewing and monitoring the group's transition to the new 
   accounting standards and to ensure proactively promoted compliance to the newly effective 
   accounting standards.

   IFRS 9: Financial Instruments
   On 24 July 2014 the IASB issued the final IFRS 9: Financial Instruments Standards, which replaces 
   earlier versions of IFRS 9 as well as IAS 39: Financial Instruments - Recognition and Measurement.

   Classification - financial assets
   IFRS 9 contains a new classification and measurement approach for financial assets that reflects the 
   business model in which the assets are managed and their cash flow characteristics. The three 
   principal classification categories for financial assets are: measured at amortised cost, fair value 
   through profit or loss ("FVTPL") and fair value through other comprehensive income ("FVOCI"). 

   The standard eliminates the existing IAS 39 categories of held to maturity, loans and receivables 
   and available for sale. 

   Based on its assessment, the group does not believe that the new classification requirements will 
   have a material impact on its accounting for financial assets. 

   Measurement - Financial assets
   IFRS 9 replaces the "incurred loss" model in IAS 39 with a forward-looking "expected credit loss" 
   ("ECL") model. This will require considerable judgement as to how changes in economic factors 
   affect ECLs, which is required to be determined on a probability-weighted basis. Under IFRS 9 
   loss allowances will be measured on the lifetime ECLs basis. These are ECLs that result from all 
   possible default events over the expected life of a financial instrument. The group is in the 
   process of refining its impairment model under IFRS 9.

   The new impairment model will apply to financial assets measured at amortised cost or FVOCI, 
   except for investments in equity instruments.

   The group's trade receivables arise solely from online sales through two contracted online 
   platforms and which amount to a very small portion of revenue. The trade receivable book 
   (comprising the two online platforms) is monitored on a monthly basis for any trends. The group 
   has not experienced any bad or doubtful debt with its current receivable book and is not expecting 
   any to arise in the future. Therefore, regardless of the judgement that will be required referred 
   to above, based on its ongoing assessment, the group believes that impairment losses (if any) 
   are not likely to increase in terms of the scope of the IFRS 9 impairment model.

   Classification - financial liabilities
   IFRS 9 largely retains the existing requirements in IAS 39 for the classification of financial 
   liabilities. However, under IAS 39 all fair value changes of liabilities designated as at FVTPL 
   are recognised in profit or loss, whereas under IFRS 9 these fair value changes are generally 
   presented as follows:

   -  the amount of change in the fair value that is attributable to changes in the credit risk of 
      the liability is presented in OCI; and
   -  the remaining amount of change in the fair value is presented in profit or loss.

   The group has not designated any financial liabilities at FVTPL and it has no current intention 
   to do so.

   Disclosure
   IFRS 9 will require extensive new disclosures, in particular with regard to credit risk and ECLs. 
   The group's assessment included an analysis to identify data gaps against current processes and 
   the group is in the process of implementing the system and controls changes that it believes 
   will be necessary to capture the required data.

   Transition
   Changes in accounting policies resulting from the adoption of IFRS 9 will generally be applied 
   retrospectively, except as described below.

   -  The group will take advantage of the exemption allowing it not to restate comparative 
      information for prior periods with respect to classification and measurement (including 
      impairment) changes. Differences in the carrying amounts of financial assets and financial 
      liabilities resulting from the adoption of IFRS 9 will generally be recognised in retained 
      earnings and reserves as at 1 July 2018.
   -  The following assessments have to be made on the basis of the facts and circumstances that 
      exist at the date of initial application (1 July 2018):
      - the determination of the business model within which a financial asset is held;
      - the designation and revocation of previous designations of certain financial assets as measured 
        at FVTPL; and
      - the designation of certain investments in equity instruments not held for trading as at FVOCI.

   The impact assessment on systems and processes is currently under way and management is evaluating 
   whether any changes to systems and processes are warranted.

   IFRS 16: Leases
   IFRS 16 replaces the existing lease standard, IAS 17 Leases, and related interpretations. The standard 
   will be adopted for the first time by the group for the financial year ending 30 June 2020.

   The group's property segment will not be significantly impacted as lessor accounting will remain 
   largely unchanged.

   The standard will significantly impact the group's retail segment in which there are currently 
   seventy store operating leases. Based on the new standard the group will no longer be required 
   to straight-line operating lease payments, as a result, occupancy costs will decrease. The new 
   standard will require the recognition of a right of use asset and a corresponding lease liability 
   resulting in increased depreciation and finance costs. Key metrics in the statement of financial 
   position and statement of comprehensive income will be affected. Optional exemptions for short-term 
   leases and leases of low-value items will lessen the impact of the standard.

   The group continues to assess the potential impact of the new standard on its consolidated 
   financial statements, including the assessment of the practical application of the principles contained 
   in the new standard. The actual impact of applying IFRS 16 on the financial statements in the period of 
   initial application will depend on, inter alia, future economic conditions including the group's 
   borrowing rate at 1 July 2019, the criteria that meet the definition of a lease, the composition of 
   the store lease portfolio and the group's assessment of its intent to exercise lease renewal options. 
   Once the new standard is adopted, the group will either apply the standard on a full or modified, 
   with practical expedients allowed per IFRS 16, retrospective basis.

6  Events subsequent to the reporting date
   No events material to the understanding of the condensed consolidated preliminary financial 
   statements have occurred between the financial year-end and the date hereof. 


COMMENTARY

The principal operating subsidiary, Rex Trueform Group Limited, reports as follows:

"Group profile 
Rex Trueform Group Limited ("Rex") is invested in the property and retail segments. Its interest in 
retail is through its South African subsidiary, Queenspark Proprietary Limited ("Queenspark"), 
which operates fashion retail stores across South Africa and Namibia. Rex's interest in property 
includes direct property ownership and indirect property investment through a wholly-owned subsidiary, 
Queenspark Distribution Centre Proprietary Limited. During the period under review Rex changed its 
name to Rex Trueform Group Limited to better reflect the diverse nature of its business.

Group results 
The group's performance during the 2018 financial year improved significantly compared to the prior 
financial year notwithstanding the weak economic environment. Revenue, mainly driven by the retail 
segment, increased by 10.8% to R608.5 million (2017: R549.0 million). The gross profit generated 
from the retail segment increased by 9.7% to R319.9 million (2017: R291.6 million). Other group 
income, including rental and royalty income, increased by 2.6% and was negatively impacted by the 
reduction of third party royalty income. Trading expenses were contained and increased by 5.0%.

The above resulted in the operating profit increasing by 1 765.2% to R14.1 million (2017: R0.8 million). 
Profit after tax increased by 303.8% to R12.8 million (2017: R3.2 million) resulting in the earnings 
per share increasing by 305.9% to 62.1 cents per share (2017: 15.3 cents per share).

Retail (Queenspark)
The Queenspark strategy includes the introduction of new brands to complement the existing ranges. 
A number of new brands, together with new product categories, were introduced during the period 
under review in an endeavour to provide an improved offering to customers. This new strategy, 
although in its infancy, is progressing well. In line with its longer-term strategy Queenspark 
opened ten new stores and closed one store during the financial year, bringing its total number of 
stores to 70, excluding one franchise store in Kenya and two online sales platforms.

Retail comparable period
As a result of the implementation of its strategy, the Retail segment turnover increased by 11.1% 
to R587.6 million (2017: R528.8 million). Its gross margin decreased marginally to 54.4% 
(2017: 55.1%) partly due to more aggressive markdowns. Retail operating costs, which included 
additional store costs, increased by 6.2%. The above resulted in a retail operating profit of 
R8.2 million compared to an operating loss of R1.9 million in the prior financial year.

Property
The Rex Trueform Office Park complex is the main income-generating operation within the group's 
property segment. The operating profit of this segment increased by 25.6% to R10.0 million 
(2017: R8.0 million). This improvement in operating profit was largely due to the containment of 
operating costs.

Group services 
Group services costs decreased by 22.8% to R4.1 million (2017: R5.3 million) in line with the 
strategy to reduce the cost base of the group.

Prospects
Retail (Queenspark)
Queenspark is making progress on its strategic initiatives to build new channels of growth and 
increase brand awareness. The introduction of third party brands has been well received by the 
customer and our new house brands continue to grow and complement our existing ranges. Customer 
relationship management has been, and continues to be, a major focus, and we are beginning to reap 
the rewards of enhanced customer knowledge and understanding. The introduction of lay-by as a form 
of payment has been well received and continues to gain traction. We will continue to open new 
stores that are considered feasible, with a view to expanding our footprint both in South Africa 
and Namibia.

The first seven weeks of the new financial year have exceeded management's expectations and whilst 
we are fully aware that we are trading in difficult economic times, we remain confident in our future 
and in our ability to deliver sustainable growth and value creation for shareholders.

Property
Rex has the intention to develop two further properties in the medium term, both situated in the 
Cape Town area, and is continuing to consider development options in this regard. One of the 
undeveloped properties is classified as a heritage site which will limit development opportunities 
and has caused a delay in the development process."

MR Molosiwa           MA Golding
(Chairman)            (Chief Executive Officer)

Cape Town
7 September 2018

Directors: MR Molosiwa* (Chairman), MA Golding (Chief Executive Officer), WD Nel (Financial Director), 
HB Roberts*, PM Naylor*, LK Sebatane*    * Independent non-executive

ML Krawitz retired as chairman and as a non-executive director of the company, and RV Orlin and 
HJ Borkum retired as independent non-executive directors of the company, with effect from 
30 September 2017. MA Golding was elected as the chairman of the board of directors of the company 
with effect from 30 September 2017. HB Roberts, LK Sebatane and MR Molosiwa were elected by 
shareholders as directors of the company at the annual general meeting of the company held on 
17 November 2017. DS Johnson resigned as the financial director of the company with effect from 
31 March 2018, at which point a vacancy arose on the board. On 12 June 2018 WD Nel was appointed 
as financial director of the company by the board in order to fill such vacancy. MA Golding resigned 
as the chairman of the board of directors of the company with effect from 31 August 2018 with 
MR Molosiwa being appointed as the independent non-executive chairman in his stead. CEA Radowsky 
resigned as the chief executive officer of the company with effect from 31 August 2018 with 
MA Golding being appointed as the chief executive officer of the company in her stead.

Registered office: 263 Victoria Road, Salt River, Cape Town, 7925
Company secretary: AT Snitcher
Transfer secretaries: Computershare Investor Services Proprietary Limited, 
Rosebank Towers, 15 Biermann Avenue, Rosebank, 2196
Sponsor: Java Capital

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