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Abridged Audited Consolidated Results for the year ended 31 March 2019 and Notice of Annual General Meeting
Argent Industrial Limited
Registration number 1993/002054/06
(Incorporated in the Republic of South Africa)
Share code: ART ISIN code: ZAE000019188
(‘Argent’ or ‘the group’ or ‘the company’)
ABRIDGED AUDITED CONSOLIDATED RESULTS FOR THE YEAR ENDED 31 MARCH 2019
AND NOTICE OF ANNUAL GENERAL MEETING
Financial Highlights
Headline earnings per share 104.4 cents
Gearing 1.6%
Net asset value per share 1 305.4 cents
The abridged audited financial statements are presented on a consolidated
basis.
Consolidated Statement of Profit or Loss Audited Audited
for the year ended 31 March 2019 2019 2018
R 000 R 000
Revenue 1 721 578 1 828 407
Cost of sales (1 299 966) (1 439 593)
Gross profit 421 612 388 814
Net operating expenses (301 920) (580 883)
Operating profit / (loss) before finance costs 119 692 (192 069)
Net interest expense (4 498) (11 178)
Profit / (loss) before taxation 115 194 (203 247)
Taxation (29 730) 20 657
Profit / (loss) for the year 85 464 (182 590)
Attributable to owners of the
- Parent 83 763 (184 192)
- Non-controlling interest 1 701 1 602
85 464 (182 590)
Basic earnings / (loss) per share (cents) 101.2 (205.3)
Diluted earnings / (loss) per share (cents) 101.2 (205.3)
Headline earnings per share (cents) 104.4 76.8
Diluted headline earnings per share (cents) 104.4 76.8
Dividends per share (cents) 10.0 21.0
Supplementary information
Shares in issue (000)
- at end of period excluding treasury shares 77 686 84 005
- weighted average 82 741 89 784
- diluted weighted average 82 741 89 784
Depreciation and amortisation (R 000) 24 940 25 066
Calculation of headline earnings (R 000)
Earnings / (loss) attributable to ordinary
83 763 (184 192)
shareholders
Adjusted for:
(Profit) / loss on disposal of property, plant and
(1 757) 69 602
equipment
Impairment of property, plant and equipment 3 889 72 674
Impairment of intangible assets - 130 395
Total tax effects of adjustments 492 (19 489)
Headline earnings attributable to ordinary
86 387 68 990
shareholders
Consolidated Statement of other Comprehensive Audited Audited
Income or Loss for the year ended 31 March 2019 2019 2018
R 000 R 000
Profit / (loss) for the period 85 464 (182 590)
Other comprehensive income for the period
Items that may be reclassified subsequently to
profit and loss
Exchange differences on translating foreign
9 493 (4 630)
operations
Items that will not be reclassified subsequently to
profit and loss
Revaluation of land and buildings - (39 903)
Tax effect of above transactions - 11 648
Total other comprehensive income / (loss) for the
94 957 (215 475)
period
Attributable to owners of the
- Parent 93 256 (217 077)
- Non-controlling interest 1 701 1 602
94 957 (215 475)
Consolidated Statement of Financial Position Audited Audited
as at 31 March 2019 2019 2018
R 000 R 000
ASSETS
Property, plant and equipment 450 736 417 589
Intangible assets 3 798 2 513
Goodwill (1) 150 144 80 322
Long-term receivables 17 785 29 123
Deferred taxation 4 683 9 532
Non-current assets 627 146 539 079
Inventories 381 473 374 130
Trade and other receivables 314 814 312 652
Current portion of long-term receivables 6 128 5 611
Taxation - 14
Bank balance and cash 73 679 87 918
Current assets 776 094 780 325
Non-current assets held for sale 10 500 23 288
TOTAL ASSETS 1 413 740 1 342 692
EQUITY AND LIABILITIES
Capital and reserves
Stated capital and treasury shares 392 809 421 789
Reserves 7 666 (1 839)
Retained earnings 613 664 541 795
Attributable to owners of the parent 1 014 139 961 745
Non-controlling interest 18 483 16 782
Total shareholders' funds 1 032 622 978 527
Interest-bearing borrowings 4 708 12 322
Long-term loans 2 621 1 659
Other liabilities 29 832 -
Deferred tax 51 883 43 364
Non-current liabilities 89 044 57 345
Trade and other payables 216 195 194 606
Taxation 9 840 -
Bank overdraft 53 802 81 063
Current portion of interest-bearing borrowings 12 237 31 151
Current liabilities 292 074 306 820
TOTAL EQUITY AND LIABILITIES 1 413 740 1 342 692
Net asset value per share (cents) 1 305.4 1 144.9
1. The group acquired the entire issued share capital of Fuel Proof Limited
("Fuel Proof") and Roll-Tec Safety Limited ("Roll-Tec") for a cash purchase
consideration of GBP4.8 million on 28 June 2018.
The purchase consideration consists of:
- a cash purchase consideration of GBP4.8 million;
- a deferred purchase consideration of GBP200 000 payable in twenty-four
months after the effective date; and
- a contingent purchase consideration to be recalculated twenty-four months
after the effective date in that it will either reduce to a minimum of
GBP4.08 million or increase to a maximum of GBP6.4 million.
An additional consideration is payable only if the average profits of Fuel
Proof and Roll-Tec exceed a target level agreed by both parties. The
contingent consideration recognised is GBP1.4 million based on the fair
value of the probable cash outflow. It reflects management’s estimate of a
100% probability that the targets will be achieved. The deferred and
contingent considerations were discounted using a rate of 0.75%.
Fuel Proof has an excellent reputation as leaders of fuel storage and supply
systems that are designed to provide improved security, service life,
reliability and ease of use. Roll-Tec is a specialist manufacturer of roll-
over protection bars for construction machinery as well as being rental
agent for Fuel Proof, renting out its product into the European market.
The acquisition was to grow the group’s portfolio of companies and to expand
internationally into the United Kingdom.
The fair value of assets and liabilities assumed were as follows:
Fuel Proof Roll-Tec Total
R 000 R 000 R 000
Property, plant and equipment 24 929 10 622 35 551
Inventory 24 199 - 24 199
Trade and other receivables 7 617 364 7 981
Bank balance and cash 10 965 101 11 066
Trade and other payables (6 685) (13 696) (20 381)
Taxation liability (3 252) (533) (3 785)
Deferred taxation liability (2 178) (2 094) (4 272)
Interest-bearing borrowings - (1 860) (1 860)
Goodwill / other intangible assets 54 591 15 231 69 822
Total purchase price and acquisition
costs 110 186 8 135 118 321
Deduct bank balance on acquisition (10 965) (101) (11 066)
Cash flow on acquisition net of cash
acquired 99 221 8 034 107 255
R 000
Fair value of consideration transferred
Amount settled in cash 88 598
Fair value of deferred consideration 3 620
Fair value of contingent consideration 26 103
Total fair value of consideration transferred 118 321
Goodwill on acquisition 69 822
The goodwill arising on acquisition is attributable to the
anticipated profitability of these businesses.
Revenue since acquisition date included in consolidated
results for period 118 284
Profit after tax (excluding foreign exchange adjustment) since
acquisition date included in consolidated results for period 12 257
Group revenue had the business combination been included for
the entire period 1 770 416
Group profit after tax (excluding foreign exchange adjustment)
had the business combination been included for the entire
period 91 877
Abridged Consolidated Statement of Cash Flows for Audited Audited
the year ended 31 March 2019 2019 2018
R 000 R 000
CASH FLOWS FROM OPERATING ACTIVITIES
Cash generated from operations 164 387 199 649
Net interest expense (4 498) (11 178)
Dividends paid (8 471) (18 588)
Normal taxation paid (13 338) (11 818)
Net cash inflow from operating activities 138 080 158 065
CASH FLOWS FROM INVESTING ACTIVITIES
Purchase of property, plant and equipment (43 744) (77 541)
Additions to intangible assets (768) (100)
Proceeds on disposal of property, plant and
equipment 38 062 59 446
Acquisition of subsidiaries net of cash acquired (77 423) -
Long-term receivables advanced / (repaid) 5 666 (14 152)
Net cash outflow from investing activities (78 207) (32 347)
CASH FLOWS FROM FINANCING ACTIVITIES
Share buy-back (28 980) (26 083)
Proceeds from long-term loans 962 1 659
Proceeds from interest-bearing borrowings 4 878 8 270
Repayment of interest-bearing borrowings (33 758) (33 769)
Net cash outflow from financing activities (56 898) (49 923)
Net increase in cash and cash equivalents 2 975 75 795
Cash and cash equivalents at beginning of year 6 855 (68 129)
Exchange differences on cash and cash equivalents 10 047 (811)
Cash and cash equivalents at end of year 19 877 6 855
Consolidated Statement of Changes in Stated Treasury Employee
Equity for the year ended capital shares share
31 March 2019 incentive
reserve
R 000 R 000 R 000
Balance at 31 March 2017 540 918 (93 046) 1 301
Share-based payments - - 521
Share buy-back (26 083) - -
Transfer of reserve to retained
earnings - - (1 382)
Total comprehensive loss - - -
Dividends – current interim and prior
final - - -
Less dividend on treasury shares - - -
Balance at 31 March 2018 514 835 (93 046) 440
Adjustment from the adoption of
IFRS 9 - - -
Adjusted balances at 1 April 2018 514 835 (93 046) 440
Share-based payments - - 301
Share buy-back (28 980) - -
Transfer of reserve to retained
earnings - - (289)
Total comprehensive income - - -
Dividends – current interim and prior
final - - -
Less dividend on treasury shares - - -
Balance at 31 March 2019 485 855 (93 046) 452
Consolidated Statement of Changes in Revaluation Foreign Retained
Equity for the year ended reserve currency earnings
31 March 2019 (continued) translation
reserve
R 000 R 000 R 000
Balance at 31 March 2017 36 323 (13 447) 750 923
Share-based payments - - -
Share buy-back - - -
Transfer of reserve to retained
earnings - 7 730 (6 348)
Total comprehensive loss (28 255) (4 630) (184 192)
Dividends – current interim and prior
final - - (19 375)
Less dividend on treasury shares - - 787
Balance at 31 March 2018 8 068 (10 347) 541 795
Share-based payments - - -
Adjustment from the adoption of
IFRS 9 - - (3 712)
Adjusted balances at 1 April 2018 8 068 (10 347) 538 083
Share buy-back - - -
Transfer of reserve to retained
earnings - - 289
Total comprehensive income - 9 493 83 763
Dividends – current interim and prior
final - - (8 846)
Less dividend on treasury shares - - 375
Balance at 31 March 2019 8 068 (854) 613 664
Consolidated Statement of Changes Total Non- Total
in Equity for the year ended attributable controlling shareholders’
31 March 2019 (continued) to owners of interest funds
the parent
R 000 R 000 R 000
Balance at 31 March 2017 1 222 972 15 180 1 238 152
Share-based payments 521 - 521
Share buy-back (26 083) - (26 083)
Transfer of reserve to retained
earnings - - -
Total comprehensive loss (217 077) 1 602 (215 475)
Dividends – current interim and
prior final (19 375) - (19 375)
Less dividend on treasury shares 787 - 787
Balance at 31 March 2018 961 745 16 782 978 527
Adjustment from the adoption of
IFRS 9 (3 712) - (3 712)
Adjusted balances at 1 April 2018 958 033 16 782 974 815
Share-based payments 301 - 301
Share buy-back (28 980) - (28 980)
Transfer of reserve to retained
earnings - - -
Total comprehensive income 93 256 1 701 94 957
Dividends – current interim and
prior final (8 846) - (8 846)
Less dividend on treasury shares 375 - 375
Balance at 31 March 2019 1 014 139 18 483 1 032 622
The initial application of IFRS 9 has led to an adjustment of R3.7 million.
Segmental review Manufacturing Steel Properties Consolidated
trading
R 000 R 000 R 000 R 000
Business segments
for the year ended
31 March 2019
Revenue from external
sales 1 199 290 518 403 3 885 1 721 578
Inter-segment sales 67 119 125 375 26 336
Total revenue 1 266 409 643 778 30 221
Profit before taxation 86 691 18 551 9 952 115 194
Taxation (29 730)
Profit for the year 85 464
Other information
Segment assets 931 038 257 104 225 598 1 413 740
Segment liabilities 239 091 45 259 96 768 381 118
Capital expenditure 9 149 16 629 18 733 44 511
Depreciation /
amortisation 22 519 2 388 33 24 940
Net interest expense* (4 923) (1 739) 11 160 4 498
* As per the group policy, finance costs and finance income derived from
primary banking is netted off. The company has net finance income and this
is distorting the segment for finance costs.
Segmental review Manufacturing Steel Properties Consolidated
(continued) trading
R 000 R 000 R 000 R 000
for the year ended
31 March 2018
Revenue from external
sales 1 251 892 575 816 699 1 828 407
Inter-segment sales 111 742 150 641 29 546
Total revenue 1 363 634 726 457 30 245
Loss before taxation (148 311) (40 795) (14 141) (203 247)
Taxation 20 657
Loss for the year (182 590)
Other information
Loss before taxation
per above (148 311) (40 795) (14 141) (203 247)
Impairment of
intangible assets 127 842 2 553 - 130 395
Impairment of property,
plant and equipment 68 049 48 630 27 687 144 366
Profit before taxation
and impairments 47 580 10 388 13 546 71 514
Segment assets 803 205 296 401 243 086 1 342 692
Segment liabilities 226 460 38 659 99 046 364 165
Capital expenditure 50 174 3 057 24 410 77 641
Depreciation /
amortisation 20 462 4 571 33 25 066
Net interest expense* (4 462) 3 225 12 415 11 178
* As per the group policy, finance costs and finance income derived from
primary banking is netted off. The company has net finance income and this
is distorting the segment for finance costs.
Segmental review South Africa Rest of the Consolidated
(continued) world
R 000 R 000 R 000
Geographical segments
for the year ended 31 March 2019
Revenue from external sales 1 413 517 308 061 1 721 578
Profit before taxation 67 002 48 192 115 194
Taxation (29 730)
Profit for the year 85 464
Segment assets 1 173 166 240 574 1 413 740
Segment liabilities 315 846 65 272 381 118
Capital expenditure 37 448 7 063 44 511
Depreciation / amortisation 18 200 6 740 24 940
Net interest expense * 4 782 (284) 4 498
for the year ended 31 March 2018
Revenue from external sales 1 647 685 180 722 1 828 407
(Loss) / profit before taxation (230 507) 27 260 (203 247)
Taxation 20 657
Loss for the year (182 590)
Segment assets 1 210 034 132 658 1 342 692
Segment liabilities 350 567 13 598 364 165
Capital expenditure 72 460 5 181 77 641
Depreciation / amortisation 23 005 2 061 25 066
Net interest expense * 11 366 (188) 11 178
Fair value measurement of financial instruments
Assets and liabilities measured at fair value in the statement of financial
position are grouped into three levels of a fair value hierarchy.
The three levels are defined based on the observability of significant
inputs to the measurement, as follows:
- Level 1: quoted prices (unadjusted) in active markets for identical
assets or liabilities;
- Level 2: inputs other than quoted prices included within Level 1 that are
observable for the asset or liability, either directly or indirectly; and
- Level 3: unobservable inputs for the asset or liability.
The following table sets out the group's assets and liabilities that are
measured and recognised at fair value:
31 March 2019 Level 1 Level 2 Level 3 Total
R 000 R 000 R 000 R 000
Recurring fair value
measurements
Financial assets:
BEE minority shareholder
loan - - 12 316 12 316
Forward exchange contracts - 520 - 520
Total recurring financial
assets - 520 12 316 12 836
Non-financial assets:
Land and building - - 279 053 279 053
Total non-recurring
financial assets - - 279 053 279 053
Non-recurring fair value
measurements
Land and buildings held for
sale - - 10 500 10 500
Total non-recurring
financial assets - - 10 500 10 500
Recurring fair value
measurements
Financial liabilities:
Contingent consideration - - 29 832 29 832
Total recurring financial
liabilities - - 29 832 29 832
31 March 2018 Level 1 Level 2 Level 3 Total
R 000 R 000 R 000 R 000
Recurring fair value
measurements
Financial liabilities:
Forward exchange contracts - 346 - 346
Total recurring financial
liabilities - 346 - 346
Non-financial assets:
Land and building - - 279 367 279 367
Total non-recurring
financial assets - - 279 367 279 367
Non-recurring fair value
measurements
Land and buildings held for
sale - - 23 288 23 288
Total non-recurring
financial assets - - 23 288 23 288
The group has measured land and buildings at fair value on a non-recurring
basis as a result of the reclassification of land and buildings as held for
sale.
There have been no transfers between Level 1 and Level 2 recurring fair
value measurements during 2018 and 2019.
The group's policy is to recognise transfers into and out of the different
fair value hierarchy levels at the date the event or change in circumstances
that caused the transfer occurred.
Measurement of fair value of financial and non-financial instruments
The group’s finance team performs valuations of financial items for
financial reporting purposes, including Level 3 fair values, in consultation
with third party valuation specialists for complex valuations. Valuation
techniques are selected based on the characteristics of each instrument,
with the overall objective of maximising the use of market-based
information. The finance team reports directly to the financial director
(FD) and to the audit and risk committee. Valuation processes and fair value
changes are discussed among the audit and risk committee and the valuation
team at least every year, in line with the group’s reporting dates. The
valuation techniques used for instruments categorised in Level 2 are
described below.
Foreign currency forward contracts (Level 2)
The group’s foreign currency forward contracts are not traded in active
markets. These have been fair valued using observable forward exchange rates
and interest rates corresponding to the maturity of the contract. The
effects of non-observable inputs are not significant for foreign currency
forward contracts.
BEE minority shareholder loan (Level 3)
The fair value of the loan was based on unobservable inputs. The fair value
has been calculated with reference to the underlying net asset value in the
company where the shares are held.
The reconciliation of the carrying amounts of financial assets classified
within Level 3 is as follows:
BEE minority shareholder loan R 000
Balance at 1 April 2018 17 051
Adjustment from the adoption of IFRS 9 (5 155)
Recognised in profit or loss
Interest income 420
Balance at 31 March 2019 12 316
Contingent consideration (Level 3)
The fair value of the contingent consideration related to the acquisition of
Fuel Proof Limited and Roll-Tec Safety Limited based on unobservable inputs.
The fair value of the contingent consideration is based on the fair value of
probable cash outflow. This reflects management’s estimate of a 100%
probability that targets will be achieved. The deferred and contingent
considerations were discounted using a rate of 0.75%.
The reconciliation of the carrying amounts of financial liabilities
classified within Level 3 is as follows:
Contingent consideration R 000
Balance at 1 April 2018 -
New business combination 29 832
Balance at 31 March 2019 29 832
Land and buildings (Level 3)
The group's land and buildings is estimated based on appraisals performed by
the directors. The valuation processes and fair value changes are reviewed
by the board of directors and audit and risk committee at each reporting
date.
The fair values of the land and buildings is estimated using an income
approach which capitalises the estimated rental income stream, net of
projected operating costs, using a discount rate derived from market yields
and take into account the type of property and the property's location.
The most significant inputs, all of which are unobservable, are the
estimated rental value assumptions about vacancy levels and the discount
rate. The estimated fair value increases if the estimated rental increases,
vacancy levels decline or if discount rates (market yields) decline.
Management considers the range of reasonably possible alternative
assumptions is greatest for rental values and vacancy levels and that there
is also an interrelationship between these inputs. The assumed discount
rates applied for the future income streams range between 9.5% and 10.7%
(2018 - 9.2% and 11.6%).
The reconciliation of the carrying amounts of non-financial assets
classified within Level 3 is as follows:
Land and buildings R 000
Balance at 1 April 2018 279 367
New business combinations 1 207
Additions 19 260
Disposals (8 008)
Reclassification to non-current assets held for sale (10 500)
Recognised in other comprehensive income
Exchange difference on translation of foreign operation 2 087
Recognised in profit or loss
Impairments (3 889)
Depreciation (471)
Balance at 31 March 2019 279 053
Financial overview
Argent Industrial is a South African group with both, local and
international manufacturing and commodity trading interests. The group has
interests in South Africa, the United Kingdom and the United States of
America.
Results
The group achieved its objectives for the year by successfully investing in
stable, developed international markets and in itself, via the repurchase of
its own shares.
Argent will continue to disinvest out of its South African companies where
it believes that the funds would be better invested offshore, buy back its
own shares and/or return the excess funds to its shareholders.
The consolidated results produced an operating profit before financing costs
of R119.7 million and a subsequent profit after taxation of R85.4 million,
resulting in headline earnings per share of 104.4 cents.
The number of shares in issue excluding treasury shares is 77.6 million,
reduced from the previous year of 84 million shares.
During the course of this financial year, the group sold Parlance
Investments and its property for an amount of R10.6 million, Cedar Paint
property for R24 million and has entered into an agreement to sell its
Xpanda Security Johannesburg property for R10.5 million, the transfer of
which is expected to go through in the 2020 financial year.
The group acquired Fuel Proof Limited and Roll-Tec Safety Limited on 28 June
2018 for an amount of GBP4.8 million. Performance targets are expected to
increase this amount to GBP6.4 million, with the balance of the purchase
price being payable on 1 July 2020.
Argent repurchased and cancelled 6.3 million shares at a cost of R28.9
million during this period of review.
The group is in the process of looking at various offers received regarding
the disposal of its property portfolio. Given that they would all have to be
rented back, we are also exploring the option of refinancing them in a
separate entity, which then could, in part be disposed of.
Prospects
Argent Industrial Limited will continue with its current strategy as set out
above and expects its foreign operations to exceed the South African
earnings by September 2020.
The group is in discussions with various parties regarding the disposal of
certain South African subsidiaries, as well as expanding certain of its
subsidiaries internationally.
Dividend
No dividends were declared by the Board of Directors for the year ended 31
March 2019. Excess funds will be utilised for the share buy-back programme.
Basis of preparation
The abridged audited consolidated financial statements have been prepared in
accordance with International Financial Reporting Standards (IFRS), the
presentation and disclosure requirements of IAS 34 - Interim Financial
Reporting, the SAICA Financial Reporting Guides as issued by the Accounting
Practices Committee, the Financial Reporting Pronouncements as issued by the
Financial Reporting Standards Council and in compliance with the Companies
Act of South Africa (No. 71 of 2008) and the Listing Requirements of the JSE
Limited. The results have been prepared on the historical cost basis except
for the revaluation of land and buildings and certain financial instruments,
which are carried at either fair value or amortised cost, as appropriate.
The accounting policies are consistent with those of the previous annual
financial statements, except for the adoption of IFRS 9 and IFRS 15, to the
extent that they are applicable. The abridged audited consolidated financial
statements have been prepared under the supervision of the Financial
Director, Ms SJ Cox CA (SA).
Events after the reporting period
No material facts or circumstances have occurred between the accounting date
and the date of this report.
Going concern
Shareholders are advised that the audited results for the year ended 31
March 2019 have been prepared on the going concern concept. This basis
presumes that funds will be available to finance future operations and that
the realisation of assets and settlement of liabilities, contingent
obligations and commitments will occur in the ordinary course of business.
Abridged Audited Financial Statements and Notice of Annual General Meeting
The abridged audited consolidated financial statements for the financial
year ended 31 March 2019, is expected to be posted to shareholders on or
about the 28 June 2019 (the Abridged Audited Financial Statements). The
annual report will be available on the company’s website, www.argent.co.za
on 28 June 2019.
Notice is hereby given that Argent’s Annual General Meeting (AGM) of
shareholders will be held in the company’s boardroom at First floor, Ridge
63, 8 Sinembe Crescent, La Lucia Ridge Office Estate, Umhlanga, on Tuesday,
20 August 2019 at 10:00 to transact the business as stated in the notice of
AGM circulated together with the abridged audited financial statements. The
date on which shareholders must be recorded as such in the share register to
be eligible to vote at the AGM is Thursday, 8 August 2019, with the last day
to trade being Monday,5 August 2019.
Audit opinion
The auditors, SNG Grant Thornton (EY Lakhi as designated auditor), have
audited the group`s financial statements for the year ended
31 March 2019 and their unqualified audit report is available for inspection
at the company`s registered office.
These abridged results are extracted from audited information but are not in
itself audited. The directors therefore take full responsibility for the
preparation of the abridged results and that the financial information has
been correctly extracted from the underlying financial statements.
The auditor’s report does not necessarily cover all of the information
contained in this announcement. Shareholders are therefore advised that in
order to obtain a full understanding of the nature of the auditor’s work
they should obtain a copy of that report together with the accompanying
financial information from the registered office of the company.
Changes to the board
During the reporting period changes to the board of directors were:
- Mr. Khathutshelo Mapasa was appointed as independent non-executive
director on 10 April 2019.
On behalf of the board
TR Hendry CA(SA) Umhlanga Rocks
Chief Executive Officer 27 June 2019
Registered Office: First floor
Ridge 63
8 Sinembe Crescent
La Lucia Ridge Office Estate
4019
Tel: +27 (0) 31 791 0061
Auditors: SNG Grant Thornton (EY Lakhi as designated
auditor)
Sponsors: PSG Capital
Second floor, Building 3
11 Alice Lane
Sandhurst
Sandton
2196
Transfer Secretaries: Link Market Services South Africa
Proprietary Limited
13th floor
Rennie House
19 Ameshoff Street
Johannesburg
2001
Company Secretary: Jaco Dauth
Directors: CD Angus(Independent Non-executive),PA Christofides
(Independent Non-executive), Ms SJ Cox (Financial Director), TR Hendry
(Chief Executive Officer), AF Litschka, K Mapasa (Independent Non-
executive), T Scharrighuisen (Non-executive Chairman).
Date: 27/06/2019 03:58:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE').
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