Wrap Text
Unaudited Condensed Consolidated Interim Group Financial Statements for the Six Month Period Ended 31 December 2018
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”)
UNAUDITED CONDENSED CONSOLIDATED INTERIM GROUP FINANCIAL
STATEMENTS FOR THE SIX MONTH PERIOD ENDED 31 DECEMBER 2018
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.
UNAUDITED CONDENSED CONSOLIDATED INTERIM STATEMENT OF
COMPREHENSIVE INCOME FOR THE SIX MONTH PERIOD ENDED 31 DECEMBER
2018
Unaudited Unaudited Audited
six six 12
months months months
ended 31 ended 31 ended 30
December December June Percentage
2018 2017 2018 change
Notes R’000 R’000 R’000 %
Revenue 1.5 45 714 47 456 94 881 (4)
Other income 143 98 274 46
Operating expenses (47 520) (44 714) (86 960) 6
Operating
(loss)/profit (1 663) 2 840 8 195 (159)
Finance cost (991) - - (100)
Finance income 262 233 492 12
Loss/(Profit)
before taxation (2 392) 3 073 8 687 (146)
Taxation 560 (962) (2 781) (129)
Total comprehensive
(loss)/income for
the period (1 832) 2 111 5 906 (153)
Number of shares in
issue (‘000) 1.2 34 781 34 781 34 781
Weighted average
number of shares in
issue (‘000) 1.2 29 000 29 000 29 000
Diluted weighted
average number of
shares (‘000) 1.2 29 632 31 184 29 745
Basic earnings per
share (cents) 1.2 (6.32) 7.28 20.37 (187)
Diluted earnings
per share (cents) 1.2 (6.18) 6.77 19.86 (191)
UNAUDITED CONDENSED CONSOLIDATED INTERIM STATEMENT OF FINANCIAL
POSITION AS AT 31 DECEMBER 2018
Unaudited Unaudited Audited
as at 31 as at 31 as at 30
December December June
2018 2017 2018
Notes R’000 R’000 R’000
ASSETS
Non-Current Assets
Equipment 1 871 2 639 2 285
Intangible assets 20 524 18 356 21 173
Deferred tax assets 2 499 4 239 2 742
Withholding tax rebates
receivable 512 612 525
Total Non-Current Assets 25 406 25 846 26 725
Current Assets
Withholding tax rebates
receivables 989 701 989
Income tax receivable 470 1 230 1 125
Revenue recognised not yet
invoiced 1.3 4 886 7 448 6 948
Trade and other receivables 15 287 14 760 16 137
Cash and cash equivalents 14 460 12 201 13 529
Total Current Assets 36 092 36 340 38 728
Total Assets 61 498 62 186 65 453
EQUITY AND LIABILITIES
Capital and Reserves
Issued capital 348 348 348
Share premium 11 871 11 871 11 871
Treasury shares (9 840) (10 898) (10 476)
Share based payment reserve 3 620 2 740 3 643
Retained earnings 46 490 45 945 49 740
Total Equity 52 489 50 006 55 126
Non-Current Liabilities
Deferred tax liability 2 745 3 612 3 775
Total Non-Current Liabilities 2 745 3 612 3 775
Current Liabilities
Deferred revenue 1.3 1 075 2 692 945
Income tax payable - - 18
Trade and other payables 1.4 5 189 5 876 5 589
Total Current Liabilities 6 264 8 568 6 552
Total Liabilities 9 009 12 180 10 327
Total Equity and Liabilities 61 498 62 186 65 453
Net asset value per share
(cents) 1.6 181.00 172.43 190.09
Net tangible asset value per
share (cents) 1.6 110.22 109.13 117.08
UNAUDITED CONDENSED CONSOLIDATED INTERIM STATEMENT OF CHANGES IN
EQUITY FOR THE SIX MONTH PERIOD ENDED 31 DECEMBER 2018
Share
based
Issued 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
2017 348 11 871 (11 362) 2 453 46 038 49 348
Total
comprehensive
income for the
period
Profit or loss - - - - 2 111 2 111
Total
comprehensive
income for the
period - - - - 2 111 2 111
Transactions with
owners, recorded
directly in
equity
Contributions by
and distributions
to owners
Dividend paid - - - - (2 204) (2 204)
Treasury shares
purchased by
employees
released from
security - - 349 - - 349
Interest from
share ownership
scheme - - 115 - - 115
Equity settled
share based
payment - - - 287 - 287
Total
contributions by
and distributions
to owners - - 464 287 (93) 658
Balance at 31
December 2017 348 11 871 (10 898) 2 740 45 945 50 006
Total
comprehensive
income for the
period
Profit or loss - - - - 3 795 3 795
Total
comprehensive
income for the
period - - - - 3 795 3 795
Transactions with
owners, recorded
directly in
equity
Contributions by
and distributions
to owners
Shares held as
security for
employee loan
taken back as
treasury shares - - (138) - - (138)
Treasury shares
purchased by
employees
released from
security - - 460 - - 460
Interest from
share ownership
scheme - - 100 - - 100
Equity settled
share based
payment - - - 903 - 903
Total
contributions by
and distributions
to owners - - 422 903 3 795 5 120
Balance at 30
June 2018 348 11 871 (10 476) 3 643 49 740 55 126
Total
comprehensive
income for the
period
Profit or loss - - - - (1 832) (1 832)
Total
comprehensive
income for the
period - - - - (1 832) (1 832)
Transactions with
owners, recorded
directly in
equity
Contributions by
and distributions
to owners
Dividend paid - - - - (1 418) (1 418)
Employees
exercising share
options 245 (444) (199)
Treasury shares
purchased by
employees - - 308 - - 308
released from
security
Interest from
share ownership
scheme - - 83 - - 83
Equity settled
share based
payment - - - 421 - 421
Total
contributions by
and distributions
to owners - - 636 (23) (1 148) (805)
Balance at 31
December 2018 348 11 871 (9 840) 3 620 46 490 52 489
UNAUDITED CONDENSED CONSOLIDATED INTERIM STATEMENT OF CASH FLOWS
FOR THE SIX MONTH PERIOD ENDED 31 DECEMBER 2018
Unaudited Unaudited Audited
six six 12
months months months
Ended 31 Ended 31 ended
December December 30 June
2018 2017 2018
R’000 R’000 R’000
Cash generated from operations 1 568 5 841 9 263
Interest received 262 234 492
Taxation received/(paid) 410 (312) (350)
Net cash inflow from operating
activities 2 240 5 763 9 405
Cash flows from investing activities
Equipment acquired to maintain
operations (202) (448) (615)
Proceeds from disposal of equipment 119 68 14
Cash outflow from capitalisation of
Development costs - (2 525) (5 504)
Net cash outflow from investing
activities (83) (2 905) (6 105)
Cash flows from financing activities
Receipts from employee loans 391 - 886
Employees exercising share options (199)
Dividends paid to equity holders (1 418) (2 204) (2 204)
Net cash outflow from financing
activities (1 226) (2 204) (1 318)
Net increase/(decrease) in cash and
cash equivalents 931 654 1 982
Cash and cash equivalents at the
beginning of the period 13 529 11 547 11 547
Cash and cash equivalents at the end
of the period 14 460 12 201 13 529
UNAUDITED CONDENSED CONSOLIDATED INTERIM SEGMENT REPORTS FOR THE
SIX MONTH PERIOD ENDED 31 DECEMBER 2018
REPORTABLE SEGMENT REPORT
Hosting Research
Implemen- and out- Rental &
tation Support sourcing & main- develop-
Total services services services tenance ment
R’000 R’000 R’000 R’000 R’000 R’000
Unaudited six
months ended
31 December
2018
Total revenue 46 919 1 179 20 078 2 126 23 536 -
Inter-group
revenue (1 205) - (1 155) - (50) -
Net revenue 45 714 1 179 18 923 2 126 23 486 -
Direct segment
cost (25 306) (908) (14 996) (2 453) (3 027) (3 922)
Segment gross
profit 20 408 271 3 927 (327) 20 459 (3 922)
Indirect
segment cost (22 071) (2 650) (8 390) (662) (3 087) (7 282)
Segment result (1 663) (2 379) (4 463) (989) 17 372 (11 204)
Finance cost (991)
Finance income 262
Income tax
expense 560
Loss for the
period (1 832)
Hosting Research
Implemen- and out- Rental &
tation Support sourcing & main- develop-
Total services services services tenance ment
R’000 R’000 R’000 R’000 R’000 R’000
Unaudited six
months ended 31
December 2017
Total revenue 48 243 6 455 18 147 2 319 21 322 -
Inter-group
revenue (787) (157) (630) - - -
Net revenue 47 456 6 298 17 517 2 319 21 322 -
Direct segment (25
cost 020) (4 290) (10 943) (1 151) (3 857) (4 779)
Cost
capitalised 2 525 - - - - 2 525
Segment gross
profit 24 961 2 008 6 574 1 168 17 465 (2 254)
Indirect (20
segment cost 601) (2 398) (7 758) (741) (2 839) (6 865)
Provision for
doubtful debt (1 520) (1 520) - - - -
Segment result 2 840 (1 910) (1 184) 427 14 626 (9 119)
Finance income 233
Income tax
expense (962)
Profit for the
period 2 111
Hosting Research
Implemen- and out- Rental & &
tation Support sourcing main- develop-
Total services services services tenance ment
R’000 R’000 R’000 R’000 R’000 R’000
Audited twelve
months ended
30 June 2018
Total revenue 96 347 10 250 37 774 5 137 43 187 -
Inter-group
revenue (1 466) (157) (1 309) - - -
Net revenue 94 881 10 093 36 465 5 137 43 187 -
Direct segment
cost (49 864) (5 612) (23 236) (3 411) (6 522) (11 083)
Cost
capitalised 5 504 - - - - 5 504
Segment gross
profit 50 521 4 481 13 229 1 726 36 664 (5 579)
Indirect
segment cost (40 806) (4 748) (15 369) (1 467) (5 624) (13 598)
Provision for
doubtful debt (1 520) (1 520) - - - -
Segment result 8 195 (1 787) (2 140) 259 31 040 (19 177)
Finance income 492
Income tax
expense (2 781)
Profit for the
period 5 906
ASSETS AND LIABILITIES
The assets and liabilities of the group are organised and managed
at a corporate business support level. As the assets and
liabilities contribute at a corporate level, it is not practical
to determine a reasonable allocation of the assets and liabilities
to the business segments.
COMMENTARY
1. NOTES TO THE CONDENSED UNAUDITED CONSOLIDATED INTERIM FINANCIAL
STATEMENTS FOR THE PERIOD ENDED 31 DECEMBER 2018
1.1. BASIS OF PREPARATION
The condensed unaudited consolidated interim 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 these
condensed unaudited consolidated interim financial statements,
which are based on reasonable judgment and estimates, are in
accordance with International Financial Reporting Standards
(“IFRS”) and are consistent with those applied in the annual
audited financial statements for the year ended 30 June 2018.
These condensed unaudited consolidated interim financial
statements have been prepared by Freddie van Heerden, Group
Financial Manager, under the supervision of the Group Financial
Director, Lee Kuyper CA(SA).
The directors take full responsibility for the preparation of
these condensed unaudited consolidated interim financial
statements and the financial information has been correctly
extracted from the underlying financial information. These
interim results have not been audited or reviewed by the Group’s
auditors.
1.2. EARNINGS PER SHARE
BASIC AND DILUTED EARNINGS PER ORDINARY SHARE
Basic earnings per ordinary share is calculated by dividing the
earnings for the period attributable to ordinary equity holders of
the parent by the weighted average number of ordinary shares
outstanding during the period.
Unaudited Unaudited Audited
six months six months 12 months
as at as at as at
31 December 31 December 30 June
2018 2017 2018
Reconciliation of the weighted
average number of shares in issue
Shares in issue at the beginning
of the period (‘000) 34 781 34 781 34 781
Effect of treasury shares
acquired (5 781) (5 781) (5 781)
Weighted average number of shares
in issue during the period (‘000) 29 000 29 000 29 000
Shares in issue at the end of the
period – net of treasury shares
(‘000) 29 000 29 000 29 000
Earnings attributable to ordinary
shareholders (R'000) (1 832) 2 111 5 906
Basic earnings per share (cents) (6.32) 7.28 20.37
Diluted earnings per ordinary share is calculated by dividing the
diluted earnings for the period attributable to ordinary equity
holders of the parent by the diluted weighted average number of
ordinary shares outstanding during the period.
Unaudited Unaudited Audited
six months six months 12 months
as at as at as at
31 December 31 December 30 June
2018 2017 2018
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 (‘000) 29 000 29 000 29 000
Diluted number of shares due to
share options in issue (‘000) 632 2 184 745
Weighted average number of shares
in issue used for diluted
earnings per share (‘000) 29 632 31 184 29 745
Earnings attributable to ordinary
shareholders (R'000) (1 832) 2 111 5 906
Diluted earnings per share
(cents) (6.18) 6.77 19.86
HEADLINE AND DILUTED 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 by the weighted average number of ordinary shares
outstanding during the period.
Unaudited Unaudited Audited
six months six months 12 months
as at as at as at
31 December 31 December 30 June
2018 2017 2018
Weighted average number of shares
in issue 29 000 29 000
Reconciliation between basic
earnings and headline earnings
Basic earnings (R’000) (1 832) 2 111 5 906
Adjusted for:
– Profit on disposal of equipment
(R’000) (13) (68) (10)
Headline earnings (R'000) (1 845) 2 043 5 896
Headline earnings per share
(cents) (6.36) 7.04 20.33
Diluted Headline earnings per ordinary share is calculated by
dividing the headline earnings attributable to ordinary equity
holders of the parent by the diluted weighted average number of
ordinary shares outstanding during the period.
Unaudited Unaudited Audited
six months six months 12 months
as at as at as at
31 December 31 December 30 June
2018 2017 2018
Weighted average number of shares
in issue used for diluted
earnings per share (‘000) 29 632 31 184 29 745
Diluted headline earnings (R'000) (1 845) 2 043 5 896
Diluted headline earnings per
share (cents) (6.23) 6.55 19.82
1.3. 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 contracts.
Unaudited
Unaudited six six months Audited 12
months Ended ended 31 months
31 December December ended 30
2018 2017 June 2018
R’000 R’000 R’000
Current asset
Revenue recognised not yet
invoiced 4 886 7 448 6 948
Current liability
Deferred revenue (1 075) (2 692) (945)
Net asset 3 811 4 756 6 003
1.4. TRADE AND OTHER PAYABLES
Trade and other payables comprised of the following:
Unaudited
Unaudited six six months Audited 12
months as at as at 31 months as
31 December December at 30 June
2018 2017 2018
R’000 R’000 R’000
Trade payables 881 705 488
Other payables (accruals) 4 308 5 171 5 101
Total 5 189 5 876 5 589
1.5. REVENUE PER GEOGRAPHICAL REGION
Group
Unaudited Unaudited 6 Audited 12
6 months months months
ending 31 ending 31 ending 31
Dec 2018 Dec 2017 Dec 2018
R’000 R’000 R’000
South Africa 17 177 19 166 40 998
Namibia 11 489 12 888 20 456
Zimbabwe 4 202 4 250 10 361
Kenya 2 450 1 985 5 101
Ghana 2 420 1 135 2 298
Botswana 2 185 1 506 3 941
Lesotho 1 975 2 913 4 786
Malawi 1 368 1 102 1 801
Mauritius 1 278 1 295 2 236
Zambia 675 370 1 196
Nigeria 457 424 862
Tanzania 38 422 845
Total 45 714 47 456 94 881
1.6. NET ASSET AND TANGIBLE NET ASSET VALUE PER SHARE
Unaudited six Unaudited six Audited 12
months as at months as at months as
31 December 31 December at 30 June
2018 2017 2018
Number Number Number
of shares of shares of shares
’000 ’000 ’000
Shares in issue at the
beginning of the period 34 781 34 781 34 781
Effect of treasury shares
acquired (5 781) (5 781) (5 781)
Shares at the end of the
period 29 000 29 000 29 000
Net asset value per share
(cents) 181.00 172.43 190.09
Tangible asset value per
share (cents) 110.22 109.13 117.08
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 DIVIDENDS AND CAPITAL DISTRIBUTION
No dividend was declared for the period under review. The
directors declared and approved a final gross dividend of 4.5
cents per share on 10 September 2018 for the year ended 30 June
2018 from income reserves and the payment distributions were made
during the period under review.
2.2 SUBSEQUENT EVENTS
No events occurred subsequent to the period end that would require
the interim financial statements to be adjusted.
2.3 CHANGES TO THE BOARD OF DIRECTORS
Mr Stuart Blyth has resigned as an executive director of the
Company with effect 1 November 2018.
3. FINANCIAL RESULTS AND PERFORMANCE
Despite positive growth in our core annuity revenue segments we
experienced a difficult six months in terms of implementation
revenue and growth of some of our new initiatives. This was
largely influenced by the continued slow down of the economies in
the countries in which we do business, as well as increased
political uncertainty in many African countries, including South
Africa.
Our customers in Zimbabwe have specifically faced a difficult
period and continue to do so. These businesses while large and
successful, with strong financial positions, have found it
difficult to get access to foreign currency to pay for the
software and services we have been contracted for and provided
them. We however remain committed to these businesses and
continue to support them while their country navigates this
difficult period. From an accounting perspective we have taken a
position that, where there is historic evidence and an indication
from these customers that payment may be made on delayed terms,
we will discount the revenue amount and account for a financing
component as finance cost which is then realised over this
extended period. This charge to the income statement was R1
million for the period under review.
Revenue was down 4% as a result of a significant decrease in the
implementation segment. Revenue from our core annuity segments of
software rental and support, however, grew by 10% and 8%
respectively. Gross profit was down 18%, impacted by the decrease
in revenue but also due to no capitalisation of costs. After the
allocation of indirect costs, an operating loss was posted for
the period.
Our cash position increased to R14.5 million from R13.5 million
at year end. The balance sheet remains healthy and debt free.
Despite difficult circumstances we have maintained strong
relationships with our clients. Although not to the extent that
we would have hoped, we have had some success in securing new
contracts for some of our new offerings. While the drop in
revenue and earnings is disappointing, we are pleased that we
continued to strengthen and grow our annuity segments.
SEGMENTAL REVIEW
IMPLEMENTATION SERVICES
This segment implements our solutions for clients and is project
based.
Revenue decreased by 81% due to the low number of implementations
when compared to the comparative period. This was mainly due to
delayed decisions in securing new business. After the allocation
of indirect costs, the segment posted a loss.
We remain happy with our implementation delivery model. Although
we have not secured many new deals in the period, we see this as a
temporary impact of the current economic and political climate.
SUPPORT SERVICES
Support is contracted on a monthly basis and is annuity based.
Revenue increased by 8% from higher demand for additional support
and projects. The segment posted a loss of R4.5 million compared
to a loss of R1.2 million in the comparative period. This was due
to the excess capacity which historically would have been
allocated to the implementation segment being used to provide
value to our existing customers.
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 complementary managed services to
our clients. The services include cloud-based hosting, outsourced
technical services, digitalisation 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.
Revenue was down 8% from R2.3 million to R2.1m as a result of the
cancellation of some outsourced contracts. The segment posted a
loss of R1 million after an increase in direct costs in an effort
to generate more revenue and growth in this segment.
While the slowdown in growth of this segment is disappointing, we
still see 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 10% from the addition of new clients that were
implemented in the previous year. The segment posted a profit of
R17.4 million compared to R14.6 million in the comparative period.
While we continued to invest in the maintenance of our products,
we were able to do so at a comparatively lower cost in this
period.
Our software and the growth of our annuity rental stream remain a
core focus going forward.
RESEARCH AND DEVELOPMENT (“R&D”)
The majority of our research and development for the period was
related to research efforts in terms of insurtech opportunities.
Total direct costs were R3.9 million compared to R4.8 million in
the comparative period. Given that the nature of these efforts
were research based, no amounts were capitalised.
4. GROUP OUTLOOK
We remain positive about the future despite a challenging period.
Although the tough economic conditions and political uncertainty
are likely to remain for some time, we are confident that we are
well positioned to capitalise on any improvement that may come in
future. We also remain committed to our customers in Zimbabwe and
confident that our relationships will hold us in good stead when
the country is in a better position.
We still see opportunity within some of our new initiatives,
albeit slower than expected. We continue to build our core annuity
streams which are the foundation of the group.
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.
On behalf of the board of directors
Robert Emslie Jaco Swanepoel
Chairman Chief Executive Officer
Pretoria
14 February 2018
CORPORATE INFORMATION
SILVERBRIDGE HOLDINGS LIMITED
(Incorporated in the Republic of South Africa)
(Registration No. 1995/006315/06)
JSE SHARE CODE: “SVB” ISIN CODE: ZAE000086229
(“SilverBridge” or “the Group”)
DIRECTORS OF SILVERBRIDGE HOLDINGS
Robert Emslie (Chairman)**, Jaco Swanepoel (CEO), Jeremy de
Villiers **, Hasheel Govind *, Tyrrel Murray**, Lee Kuyper (Group
Financial Director), Lulama Booi*.
(All the directors are South African citizens).
* Non-executive
**Independent non-executive
REGISTERED OFFICES
Castle Walk Corporate Park, Block D
Corner of Nossob & Swakop 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 Incorporated
(Registration number: 1998/012055/21)
4 Lisbon Lane, Waterfall City, Jukskei View, 2090
(Private Bag X36, Sunninghill, 2157, South Africa)
TRANSFER SECRETARIES
Computershare Investor Services Proprietary Limited
(Registration number: 2004/003647/07)
70 Marshall Street,
Johannesburg,
(Call centre: 0861 100 634)
(PO Box 61051, Marshalltown, 2107)
DESIGNATED ADVISER
PSG Capital
(Registration number: 2006/015817/07)
Second Floor, Building 3, 11 Alice Lane, Sandton,2196
(PO Box 650957, Benmore, 2010)
www.silverbridge.co.za
Date: 14/02/2019 11:26:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE').
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