SILVERBRIDGE HOLDINGS LIMITED - Abridged Audited Results for the year ended 30 June 2018, Dividend Declaration and Notice of Annual General Meeting

Release Date: 11/09/2018 08:58
Code(s): SVB
 
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Abridged Audited Results for the year ended 30 June 2018, Dividend Declaration and Notice of Annual General Meeting

SILVERBRIDGE HOLDINGS LIMITED
(INCORPORATED IN THE REPUBLIC OF SOUTH AFRICA)
(REGISTRATION NUMBER 1995/006315/06)
SHARE CODE: “SVB” ISIN: ZAE000086229
(“SILVERBRIDGE” OR “THE GROUP” OR “THE COMPANY”)

ABRIDGED AUDITED CONSOLIDATED RESULTS FOR THE YEAR ENDED
30 JUNE 2018, DIVIDEND DECLARATION AND NOTICE OF ANNUAL GENERAL
MEETING

GROUP PROFILE

SilverBridge offers reliable solutions that support the operations
of companies offering financial products and services. We have
gained experience in this area over more than 20 years of being in
business. Our understanding of contract administration processes
helps our clients improve and simplify their business processes.
We achieve this by implementing our system platforms and
customising them to meet product and process needs. Our services
are also offered as cloud solutions.

Exergy is our flagship platform that enables core back office
policy administration in the life assurance industry. The Exergy
solution package can be customised to suit the needs of a life
assurer. The solution also extends to offer group scheme and
pension fund administration, as well as elements of medical and
short-term insurance. This caters for clients wanting to offer a
wider range of financial services offerings on a single platform.

Our software products and hosted services are rented to our
customers on a monthly basis.
SUMMARISED AUDITED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 JUNE 2018

                                                    2018       2017
                                        Notes      R’000      R’000
Revenue                                 1.5       94 881     93 112
Other income                                         274        664
Personnel expenses                              (64 832)   (62 056)
Depreciation and amortisation                    (1 424)    (1 338)
Professional fees paid for services              (5 571)    (4 553)
Other expenses                                  (15 133)   (12 957)
Results from operating activities                  8 195     12 872
Finance income                                       492      1 317
Profit before income tax                           8 687     14 189
Income tax                                       (2 781)    (1 119)
Profit and total comprehensive income              5 906     13 070
for the year

Earnings per share
Number of shares in issue (‘000)        1.3       34 781     34 781
Weighted average number of shares in    1.3       29 000     31 298
issue (‘000)
Diluted weighted average number of      1.3       29 745     33 650
shares (‘000)
Basic earnings per share                1.3        20.37      41.76
Diluted earnings per share              1.3        19.86      38.84

SUMMARISED AUDITED CONSOLIDATED STATEMENT OF FINANCIAL POSITION AS
AT 30 JUNE 2018

                                                   2018         2017
                                      Notes       R’000        R’000
ASSETS
Non-current assets                               26 725       23 746
Equipment                                         2 285        2 686
Intangible assets and goodwill                   21 173       16 078
Deferred tax assets                               2 742        4 615
Withholding tax rebates receivable                  525          367

Current assets                                   38 728       34 977
Withholding tax rebates receivable                  989          701
Income tax receivable                             1 125          916
Revenue recognised not yet invoiced   1.4         6 948        6 374
Trade and other receivables                      16 137       15 439
Cash and cash equivalents                        13 529       11 547
Total assets                                     65 453       58 723

EQUITY AND LIABILITIES
Equity                                           55 126       49 348
Share capital                                       348          348
Share premium                                    11 871       11 871
Treasury shares                                (10 476)     (11 362)
Share based payment reserve                       3 643        2 453
Retained earnings                                49 740       46 038

Non-current liabilities                           3 775        3 026
Deferred tax liabilities                          3 775        3 026

Current liabilities                               6 552        6 349
Income tax payable                                   18            –
Trade and other payables              1.2         5 589        4 946
Deferred revenue                      1.4           945        1 403
Total liabilities                                10 327        9 375
Total equity and liabilities                     65 453       58 723
Net asset value per share (cents)     1.6        190.09       170.17
Net tangible asset value per share
(cents)                               1.6        117.08       114.72

SUMMARISED AUDITED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY FOR
THE YEAR ENDED 30 JUNE 2018

                                                   Share
                                                   based
                        Share  Share     Treasury  payment  Retained   Total
                      capital  premium   shares    reserve  earnings   equity
                        R’000  R’000     R’000     R’000    R’000      R’000
Balance at 1 July
2016                      348  11 871      (197)    910      35 056     47 988
Total comprehensive
income for the year
Profit for the year         –      –         –       –       13 070     13 070
Total comprehensive
income for the year         –      –         –       –       13 070     13 070
Transactions with
owners, recorded
directly in equity:
Dividend paid                                               (2 086)     (2 086)
Interest from share
ownership scheme                             61                              61
Purchase of
treasury shares by
Trust                                   (11 560)                        (11 560)
Treasury shares
purchased by
employees released
from security                               334                             334
Equity settled
share based payment                                1 543                  1 543
Total transactions
with owners                 –      –    (11 165)   1 543     (2 086)   (11 708)
Balance at 30 June
2017                      348  11 871   (11 362)   2 453     46 038      49 348
Total comprehensive
income for the year
Profit for the year         –      –         –       –        5 906       5 906
Total comprehensive
income for the year         –      –         –       –        5 906       5 906
Transactions with
owners, recorded
directly in equity:
Dividend paid                                               (2 204)     (2 204)
Interest from share
ownership scheme                           215                              215
Shares held as
security for
employee loan taken                       (138)                           (138)
back as treasury
shares
Treasury shares
purchased by
employees released
from security                              809                             809
Equity settled
share based payment                                 1 190                1 190
Total transactions      –      –
with owners                                886      1 190   (2 204)      (128)
Balance at 30 June
2018                   348  11 871    (10 476)      3 643    49 740     55 126

SUMMARISED AUDITED CONSOLIDATED CASH FLOW STATEMENT FOR THE YEAR
ENDED 30 JUNE 2018

                                                   2018       2017
                                                  R’000      R’000
Cash generated from operations                    9 263      7 613
Interest received                                   492      1 317
Taxation paid                                     (350)    (4 445)
Net cash inflow from operating activities         9 405      4 485

Cash flows from investing activities
Equipment acquired to maintain operations         (615)    (2 640)
Proceeds from sale of equipment                      14       178
Cash outflow from capitalisation of
development costs                               (5 504)    (4 181)
Net cash used in investing activities           (6 105)    (6 643)

Cash flows from financing activities
Dividend paid                                   (2 204)    (2 086)
Receipts from employee loans                        886          –
Purchase of treasury shares                           –   (11 165)
Net cash outflow from financing activities      (1 318)   (13 251)
Net increase/(decrease) in cash and cash
equivalents                                       1 982   (15 409)
Cash and cash equivalents at the beginning
of the year                                      11 547     26 956
Cash and cash equivalents at the end of
the year                                         13 529     11 547

SUMMARISED AUDITED CONSOLIDATED SEGMENT REPORTS FOR THE YEAR ENDED
30 JUNE 2018

BUSINESS SEGMENTS

                                      Hosting     Rental     Research
                 Implemen-            and out-    and         &
                 tation     Support   sourcing    main-      Develop-
                 services   services  services    tenance    ment      Total
2018             R’000      R’000     R’000       R’000      R’000     R’000

Segment revenue     10 250   37 774   5 137       43 186        –     96 347
Segment revenue
inter-group          (157)  (1 309)        –           –        –    (1 466)
Segment revenue
external            10 093   36 465   5 137       43 186        –     94 881
Direct segment
cost               (5 612) (23 236)  (3 411)     (6 522)  (11 083)  (49 864)
Cost capitalised         –        –       –            –     5 504     5 504
Segment gross
profit               4 481   13 229   1 726       36 664   (5 579)    50 521
Provision for
doubtful debt      (1 520)        –       –            –        –    (1 520)
Indirect segment
cost               (4 748) (15 369) (1 467)      (5 624)  (13 598)  (40 806)
Segment result     (1 787)  (2 140)     259       31 040  (19 177)     8 195
Finance income                                                           492
Income tax                                                           (2 781)
Profit for the
year                                                                   5 906
                                      Hosting   Rental     Research
                Imple-                and out-  and            &
                mentation  Support    sourcing  main-      Dev-
                services   services   services  tenance    elopment   Total
2017            R’000      R’000      R’000     R’000      R’000      R’000

Segment revenue     9 926  38 864      3 354    42 219         –     94 363
Segment revenue
inter-group          (48)  (1 020)     (183)        –          –    (1 251)
Segment revenue
external            9 878   37 844      3 171    42 219        –     93 112
Direct segment
cost              (5 031) (24 122)     (4 076)  (3 258)   (12 216) (48 703)
Cost
capitalised             –        –          –         –      4 181    4 181
Segment gross
profit              4 847   13 722       (905)   38 961    (8 035)   48 590
Indirect
segment cost       (4 156) (13 453)    (1 284)  (4 923)   (11 902) (35 718)
Segment result        691      269     (2 189)   34 038   (19 937)   12 872
Finance income                                                        1 317
Income tax                                                          (1 119)
Profit for the
year                                                                13 070
COMMENTARY

1. NOTES TO THE SUMMARISED AUDITED CONSOLIDATED FINANCIAL
STATEMENTS

1.1   BASIS OF PREPARATION

The summarised consolidated financial statements are prepared in
accordance with the requirements of the JSE Limited Listing
Requirements for abridged reports, and the requirements of the
Companies Act applicable to summary financial statements. The
listing requirements require abridged 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 the 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
accounting policies applied in the preparation of the consolidated
financial statements, from which the summary consolidated
financial statements were derived, are in terms of International
Financial Reporting Standards and are consistent with the
accounting policies applied in the preparation of the previous
consolidated annual financial statements.

This consolidated abridged report is extracted from audited
information, but is not itself audited. PricewaterhouseCoopers
Inc audited the financial statements for the year ended 30 June
2018 and expressed an unmodified opinion on those financial
statements. For a better understanding of the Group’s financial
position and results of operations, these abridged financial
statements must be read in conjunction with the Group’s audited
financial statements for the year ended 30 June 2018 which include
all disclosures required by IFRS, and which are expected to be
released on or about 11 September 2018. The Group’s integrated
report which incorporates the Annual Financial Statements can be
obtained from our website or by contacting the Company directly.
These abridged financial statements were prepared by the Chief
Financial Officer, Petro Mostert CA (SA), under the supervision of
the Group Financial Director, Lee Kuyper CA (SA).

The directors take full responsibility for the preparation of the
abridged report and the financial information has been correctly
extracted from the underlying annual financial statements.

1.2 TRADE AND OTHER PAYABLES
Trade and other payables comprised of the following:

                                                    2018         2017
                                                   R’000        R’000
Trade payables                                       488          786
Other payables (accruals)                          4 260        3 620
VAT payable                                          841          540
Total trade and other payables                     5 589        4 946

1.3 EARNINGS PER SHARE

BASIC EARNINGS PER ORDINARY SHARE

Basic earnings per ordinary share is calculated by dividing the
profit for the year attributable to ordinary equity holders of the
parent, of R5.9 million (2017: R13.1 million) by the weighted
average number of ordinary shares outstanding during the year of
29 million (2017: 31.3 million).

                                                       2018      2017
Reconciliation of the weighted average number
of shares in issue
Shares in issue at the beginning of the year
('000)                                             34 781       34 781
Effect of treasury shares acquired ('000)         (5 781)      (3 483)
Weighted average number of shares in issue
during the year (‘000)                             29 000      31 298
Shares in issue at the end of the year – net
of treasury shares (‘000)                          29 000      29 000
Earnings attributable to ordinary shareholders
(R'000)                                              5 906     13 070
Basic earnings per share (cents)                     20.37      41.76

DILUTED EARNINGS PER ORDINARY SHARE

Diluted earnings per ordinary share is calculated by dividing the
diluted profit attributable to ordinary equity holders of the
parent of R5.9 million (2017: R13.1 million) by the diluted
average number of ordinary shares of 29.7 million (2017: 33.7
million).

                                                       2018      2017
Reconciliation between weighted average number
of shares in issue and weighted average number
of shares in issue used for diluted earnings
per share
Weighted average number of shares in issue         29 000      31 298
Effect of diluted amount of shares                    745       2 352
Weighted average number of shares in issue
used for diluted earnings per share                29 745      33 650

Earnings attributable to ordinary shareholders
used for diluted earnings (R'000)                   5 906      13 070
Diluted earnings per share (cents)                  19.86       38.84

The dilutive effect resulted from share options issued and shares
purchased by The SilverBridge Share Trust for an employee share
programme (refer to note 6).

HEADLINE EARNINGS PER ORDINARY SHARE

Headline earnings per ordinary share is calculated by dividing the
headline earnings attributable to ordinary equity holders of the
parent of R5.9 million (2017: R13.0 million) by the weighted
average number of ordinary shares outstanding during the year of
29 million (2017: 31.3 million).

                                                     2018     2017
Weighted average number of shares in issue
('000)                                             29 000   31 298
Reconciliation between basic earnings and
headline earnings
Basic earnings (R'000)                              5 906   13 070
Adjusted for:
– Loss/(Profit) on disposal of equipment
(R'000)                                              (10)     (77)
Headline earnings (R'000)                           5 896   12 993
Headline earnings per share (cents)                 20.33    41.51

DILUTED HEADLINE EARNINGS PER ORDINARY SHARE

Diluted headline earnings per ordinary share is calculated by
dividing the diluted headline earnings attributable to ordinary
equity holders of the parent of R5.9 million (2017: R13.0 million)
by the diluted weighted average number of ordinary shares
outstanding during the year of 29.7 million (2017: 33.7 million).

                                                     2018     2017
Weighted average number of shares in issue
used for diluted earnings per share (‘000)         29 745   33 650
Headline earnings (R'000)                           5 896   12 993
Diluted headline earnings per share (cents)         19.82    38.61

The dilutive effect resulted from share options issued and shares
purchased by The SilverBridge Share Trust for an employee share
programme (refer to note 6).
1.4 DEFERRED REVENUE AND REVENUE RECOGNISED BUT NOT YET INVOICED

Deferred revenue and revenue recognised but not yet invoiced
refers to the timing difference between recognition of revenue and
invoicing to the client.

                                                        2018      2017
                                                       R'000     R'000
Current asset
Revenue recognised not yet invoiced                    6 948     6 374
Current liability
Deferred revenue                                       (945)   (1 403)
Net asset/(liability)                                  6 003     4 971

1.5 REVENUE PER GEOGRAPHICAL REGION

                                                                Group
                                                     2018        2017
                                                    R’000       R’000
South Africa                                       40 998      37 460
Namibia                                            20 456      26 361
Zimbabwe                                           10 361       7 330
Kenya                                               5 101       6 076
Lesotho                                             4 786       6 037
Botswana                                            3 941       2 056
Ghana                                               2 298       1 956
Mauritius                                           2 236       1 887
Malawi                                              1 801       1 576
Tanzania                                              845       1 189
Nigeria                                               862       1 184
                                                   94 881      93 112

1.6 NET ASSET AND TANGIBLE NET ASSET VALUE PER SHARE

                                                       2018      2017
Shares in issue at the beginning of the
period (‘000)                                      34 781       34 781
Effect of treasury shares acquired (‘000)         (5 781)      (5 781)
Shares net of treasury shares at the end
of the period (‘000)                               29 000      29 000
Net asset value per share (cents)                  190.09      170.17
Tangible asset value per share (cents)             117.08      114.72

1.7 FAIR VALUES
The carrying amounts of all financial assets and liabilities are a
reasonable approximation of their fair value.

2. CORPORATE ACTIVITY

2.1. DIVIDEND

The directors have declared and approved a final gross dividend of
4.5 cents per share for the year ended 30 June 2018 from income
reserves.

The following dates will apply to the abovementioned final
dividend:

Last day to trade cum dividend:    Tuesday,    9 October 2018
Trading ex-dividend commences:     Wednesday, 10 October 2018
Record date:                       Friday,    12 October 2018
Dividend payment date:             Monday,    15 October 2018

Share certificates may not be dematerialised or re-materialised
between Wednesday, 10 October 2018 and Friday, 12 October 2018,
both days inclusive.

The dividend is made from income reserves and is subject to
dividend withholding tax of 20% which results in a net dividend of
3.6 cents per share. In determining the dividends tax (DT) of 20%
to withhold in terms of the Income Tax Act (No. 58 of 1962) for
those shareholders who are not exempt from the DT Shareholders who
are not exempt from the DT will therefore receive a dividend of
(dividend multiplied by 80%) cents per share net of DT. The
company has 34 781 471 ordinary shares in issue as at 30 June 2018
and its income tax reference number is 9841087647.

The above dates are subject to change. Any changes will be
released on SENS. Where applicable, dividends in respect of
certificated shares will be transferred electronically to
shareholders` bank accounts on the payment date. In the absence of
specific mandates, dividend cheques will be posted to
shareholders. Ordinary shareholders who hold dematerialised shares
will have their accounts at their CSDP or broker credited/updated
on Monday, 15 October 2018.

3. AUDIT REPORT

The financial statements for the year ended 30 June 2018 have been
audited by PricewaterhouseCoopers Inc. with Pienaar Zietsman as
the designated partner. Their unmodified audit report is available
for inspection at the Company’s registered office.
4. RE-APPOINTMENT OF AUDITORS

The board of directors recommend the re-appointment of PwC
Incorporated, as the independent external auditors for the
2018/2019 financial year.

5. SUBSEQUENT EVENTS

Subsequent to year end the directors have declared and approved a
final gross dividend of 4.5 cents on 10 September 2018 for the
year ended 30 June 2018 from income reserves. Other than the
dividend distribution referred to above, no events occurred
subsequent to the year end that would require adjustment to a
disclosure on the summarised consolidated financial statements.

6. FINANCIAL RESULTS AND PERFORMANCE

There were several highlights in the past financial year, despite
a generally tough environment driven by market uncertainty. We
have added new clients and solidified our strong position in the
African market as a provider of innovative solutions that solve
business challenges. However, the impact of the slowing South
African economy and political uncertainty contributed to a general
slowdown in customer spend and delays in decision-making for new
solutions.

Revenue was up 2%, with 83% of total revenue being annuity based.
Gross profit was up 4%. However, operating profit was down 36%,
impacted by an increase in indirect costs and once-off impacts
relating to a provision for doubtful debt and a prior year
reversal of the provision for leave pay as reported in the interim
period. Net profit declined by 55%.

Cashflow was good and our cash position increased to R13.5 million
from R11.5 million at the previous year end. The balance sheet
remains healthy and debt free.

Our client relationships continued to strengthen with efforts into
value-added engagements driven by new offerings and our cloud-
based hosting and managed services. While the drop in earnings is
disappointing we are pleased that the performance in the second
half of the year showed improvement and that we continued to
strengthen and grow our annuity software rental segment. The
investment made in the previous two years to enable growth of our
new offerings positions us well for the future.
Included in the earnings figures is an expense for the accounting
of the cost related to the share option scheme in accordance with
IFRS 2, totaling R 1 189 609 for F2018 (F2017: R 721 133). IFRS 2
requires an upfront valuation of the expected value that staff
will receive from the options and then requires this to be
expensed over the period of the scheme. The expense remains fixed
irrespective of the future movement in the share price and the
actual number of shares exercised.

Given the recent reduction in the SilverBridge share price and
comparing it to the option exercise price, we believe that the
IFRS 2 accounting treatment has the potential to be materially
misleading in terms of the actual impact on the group’s
performance.

The expense included has no cashflow impact on the group and
ignores the fact the likely number of shares to be issued to staff
be will be significantly lower than the number used in the
calculation due to the lower share price. While the resulting
expense negatively impacts the earnings annually, any reversal
created through the accounting of this expense if options are not
exercised or are done so at a lower value is done through a
reclassification of equity from the share-based payment reserve to
retained earnings.

SEGMENTAL REVIEW

Implementation services

This segment implements our solutions for clients and is project
based.

Revenue increased by 2%. The gross margin decreased from 49% to
44% because of a decision to do a specific project (in the first
half) at a lower margin to open up an opportunity of a potential
multiple country roll-out for a large African insurer.

After the allocation of indirect costs, the segment posted a small
loss. This was further impacted by the provision for doubtful debt
that was raised in the first half of the year. This relates to a
new customer for which an implementation was completed but did not
yet go live. The customer has been involved in a legal dispute
which placed strain on its business and they have been unable to
pay. We have subsequently taken action against the customer to
recover the outstanding amount but given the uncertainty
surrounding their ability to ultimately pay, we have raised the
provision.

We remain happy with our implementation delivery model and
continue to secure new contracts in the small to medium sized
market in South Africa and the rest of Africa.

Support services

Support is contracted on a monthly basis and is annuity based.

Revenue decreased by 4% from lower demand for additional support
and a slowdown in spending from existing customers. The result was
further impacted by higher indirect costs. The segment posted a
loss of R2.1 million compared to a profit of R0.3 million in the
comparative period.

We continue to focus on additional higher value-added offerings in
this segment. Despite the tough economic climate, we are seeing a
pickup in the uptake of these offerings.

Hosting and outsourcing services

This segment provides a range of complimentary managed services to
our clients. The services include cloud-based hosting, outsourced
technical services and full business process outsourcing.

This segment is important for the Group as it enables us to offer
additional services to existing clients as well as make our
offerings appeal to a wider range of potential clients. It also
helps keep our offerings relevant regarding technology trends.

We are pleased by the growth in revenue of 62% to R5.1 million.
This was from new deals being concluded. The segment posted a
profit of R0.3 million.

We secured our first fully outsourced South African client under
our Financial Sector Conduct Authority (FSCA) license, previously
the Financial Services Board (FSB). Our license and experience
gained here bodes well for the future.

We remain satisfied with the progress thus far and the
opportunities that lie ahead. We envisage the segment becoming a
larger contributor to profit as it achieves more scale.

Software rental and maintenance

Software rental is annuity based.

Revenue was up 2% impacted by the loss of rental earned from the
last client on the older SDT Life platform. The Exergy portion of
our software rental grew by 9%. The segment made a profit of
R31 million, compared to R34 million in the prior year, with
overall margins of 72% and 81% respectively. The overall segment
margin declined from 81% to 72% from a planned increase in spend
on maintenance of our Exergy software and a higher allocation of
indirect costs.

Our software and the growth of our annuity rental stream remain a
core focus going forward.

Research and development (“R&D”)

We continue to invest into the future of the business. In the year
we invested into both the development of new software, as well as
Insurtech focused research. We are pleased with the progress.

During the period, total direct costs were R11.1 million, of which
R5.5 million was capitalised. This is from enhancements to our
Exergy software and new stand-alone software products, both of
which open up new markets.

Indirect Cost

Indirect costs increased by 19% during the period. This increase
was significantly influenced by the two once-off impacts relating
to a provision for doubtful debt and a prior year reversal of the
provision for leave pay as reported in the interim period. Without
these two impacts, indirect costs increased by 9%. This was driven
by increased costs in our marketing and technology support
divisions, which are necessary to enable growth in revenue from
our new offerings.

7. GROUP OUTLOOK

We remain positive about the future despite a challenging period.
Although economic conditions are suppressed, we have seen an
increase in optimism in our market. We continue to build our core
annuity streams which will drive improved revenue growth for the
group.

We are pleased with the contribution that new initiatives are
starting to make to the group, albeit slower than expected. We are
excited about our product development and we remain optimistic
that our efforts will help enable sustained growth.

The financial services industry continues to face significant
challenges and increased competition to meet its customers’
changing needs in an increasingly digital world. This results in
many of our existing and potential clients searching for solutions
to enable them to adapt quickly and more effectively. SilverBridge
remains well positioned to meet these needs. It presents us with
opportunities to create platforms that can help the industry to
adapt and continues guiding our product development initiatives.

8. NOTICE OF THE ANNUAL GENERAL MEETING

Notice is hereby given that the Annual General Meeting of the
Company will be held at 11:30 on Wednesday 28 November 2018 at the
registered office of SilverBridge, Castle Walk Corporate Park,
Corner of Swakop & Nossob Street, Erasmuskloof, Pretoria, to
transact the business as stated in the notice of the Annual
General Meeting, which is contained in the Integrated Annual
Report to be distributed on or about 11 September 2018.

The board of directors of SilverBridge (“the Board”) has
determined that, in terms of section 62(3)(a), as read with
section 59 of the Companies Act, 2008 (Act 71 of 2008), the record
date for the purposes of determining which shareholders of the
Company are entitled to participate in and vote at the Annual
General Meeting is Friday, 23 November 2018. Accordingly, the last
day to trade in SilverBridge shares in order to be recorded in the
Register to be entitled to vote at the Annual General Meeting will
be Tuesday, 20 November 2018.

9. CHANGES TO THE BOARD OF DIRECTORS

There have been no changes to the board of directors in the period
under review.


On behalf of the Board
Jaco Swanepoel                                    Robert Emslie
Chief Executive Officer                                Chairman

Pretoria
11 September 2018
CORPORATE INFORMATION

Directors of SilverBridge:
Robert Emslie (Chairman) **, Jaco Swanepoel (CEO), Jeremy de
Villiers **, L Booi *, Hasheel Govind *, Tyrrel Murray**, Lee
Kuyper (Financial Director), Stuart Blyth.

(All the directors are South African citizens).
* Non-executive
**Independent non-executive

SILVERBRIDGE REGISTERED OFFICES
Castle Walk Corporate Park, Block D
Corner of Swakop & Nossob Street, Erasmuskloof
Pretoria, 0048
(PO Box 11799, Erasmuskloof, 0048)

COMPANY SECRETARY:
Fusion Corporate Secretarial Services Proprietary Limited
represented by Melinda Gous
Unit 2, Corporate Corner, Marco Polo Street, Highveld
Centurion, Gauteng
(PO Box 68528, Highveld, 0169)

LEGAL ADVISERS:
Gildenhuys Malatji Attorneys Inc.
(Registration number: 1997/002114/21)
GLMI House
Harlequins Office Park,
164 Totius Street,
Groenkloof
(PO Box 619, Pretoria, 0001)

GROUP AUDITORS
PricewaterhouseCoopers Inc.
(Registration number: 1998/012055/21)
4 Lisbon Lane, Waterfall City, Jukskei View, 2090
(PO Box 35296, Menlo Park, Pretoria, 0102)

TRANSFER SECRETARIES
Computershare Investor Services Proprietary Limited
(Registration number: 2004/003647/07)
Rosebank Towers, 15 Biermann Avenue, Rosebank, 2107
(Call centre: 0861 100 634)
(PO Box 61051, Marshalltown, 2107)

Pretoria
11 September 2018
Designated Adviser
PSG Capital

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