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Trading statement
ALTVEST CAPITAL LIMITED
Incorporated in the Republic of South Africa
(Registration Number: 2021/540736/06)
LEI Number: 37898OOE85B7YW5EEW57
JSE Share Data:
Ordinary Share Code: ALV ISIN: ZAE000337051
Preferred A Ordinary Share Code: ALVA ISIN: ZAE000338422
Preferred B Ordinary Share Code: ALVB ISIN: ZAE000338430
Preferred C Ordinary Share Code: ALVC ISIN: ZAE000338448
("Altvest")
TRADING STATEMENT
In terms of paragraph 3.4(b) of the JSE Listings Requirements, companies are required to publish a trading statement as
soon as a reasonable degree of certainty exists that the financial results to be reported upon next, being the financial
results for the year ended 28 February 2025 ("FY2025" or the "current period"), will differ by at least 20% from the
financial results for the corresponding period in the prior year, being the financial results for the year ended 29 February
2024 ("FY2024" or the "comparative period").
Altvest is in the process of preparing its financial results for the year ended 28 February 2025.
Shareholders are advised that a reasonable degree of certainty exists that the net asset value ("NAV"):
• per ordinary share for the current period will be between R10.01 and R11.49, which will be between 44% and
64% higher than the NAV per ordinary share for the comparative period (FY2024: R7.00).
• per A Share for the current period will be between R1.84 and R2.22, which will be between 3% lower and 17%
higher than the NAV per A Share for the comparative period (FY2024: R1.90).
• per B Share for the current period will be between R3.00 and R4.93, which will be between 50% and 70% lower
than the NAV per B Share for the comparative period (FY2024: R9.85); and
• per C Share for the current period will be between R2.56 and R3.03 which will be between 11% and 31% higher
than the NAV per C Share for the comparative period (FY2024: R2.31).
The increases in NAV per share is attributable to.
• The increase in NAV per ordinary share is primarily due to fair value adjustments on the company's investment
portfolio, reflecting favorable market movements and improved valuations of most of its underlying assets. These
adjustments are in line with the company strategy of enhancing shareholder value through prudent investment
selection and active portfolio management.
• The range of the NAV per A Share reflects a relatively stable asset base, with movements in NAV influenced by
market-related adjustments and operational developments over the period. While the lower end of the range
indicates a marginal decrease, the upper end reflects potential growth driven by improving fundamentals.
• The decline in NAV per B Share is primarily due to losses incurred during the year because of the ongoing
restructuring of the business. The restructuring process, which remains underway, has impacted on the
performance of the operations of the company, contributing to the reduction in net asset value.
• The increase in NAV per C Share reflects the Company's improved operational performance and increased capital
deployment during the year. These developments have enhanced the value of the underlying assets and
contributed to a stronger balance sheet position for the C Share portfolio.
This trading statement has not been reviewed or reported on by Altvest's external auditors.
27 May 2025
Designated Advisor
Questco Corporate Advisory
Date: 27-05-2025 05:00:00
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