Wrap Text
Unaudited Condensed Consolidated Interim Financial Statements for the Six Month Period ended 31 December 2016
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 FINANCIAL STATEMENTS FOR THE
SIX MONTH PERIOD ENDED 31 DECEMBER 2016
GROUP PROFILE
SilverBridge offers reliable solutions that support the operations of
companies offering financial products and services. Our understanding
of contract administration processes helps our clients to improve and
simplify their business processes. We achieve this by implementing
our system platforms and customising them to meet product and process
needs. We have extended our services to include cloud hosted
solutions. This is a result of experience gained over many years.
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’s on-
premise software requirements. We have extended our portfolio to
include group scheme administration, 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.
We use a project approach to help our clients translate business
objectives into IT requirements. We then implement sustainable
solutions. Our software products and hosted services are rented to
our customers on a usage basis.
UNAUDITED CONDENSED CONSOLIDATED INTERIM STATEMENT OF COMPREHENSIVE
INCOME FOR THE SIX MONTH PERIOD ENDED 31 DECEMBER 2016
Unaudited Unaudited
six months six months Audited
ended ended 12 months
31 31 ended
December December 30 June Percentage
2016 2015 2016 change
Notes R’000 R’000 R’000 %
Revenue 1.5 46 158 39 646 86 442 16
Other income 434 88 152 393
Operating expenses (40 395) (34 657) (74 557) 17
Operating profit 6 197 5 077 12 037 22
Finance income 675 634 1 367 6
Finance expense - - (250) -
Profit before
taxation 6 872 5 711 13 154 20
Taxation (1 982) (1 692) (3 064) 17
Profit and total
comprehensive
income for the
period 4 890 4 019 10 090 22
Number of shares
in issue (‘000) 1.2 34 781 34 781 34 781
Weighted average
number of shares
in issue (‘000) 1.2 33 696 34 675 34 675
Diluted weighted
average number of
shares (‘000) 1.2 37 261 35 610 36 680
Basic earnings per
share (cents) 1.2 14.5 11.6 29.1 25
Diluted earnings
per share (cents) 1.2 13.1 11.3 27.5 16
UNAUDITED CONDENSED CONSOLIDATED INTERIM STATEMENT OF FINANCIAL
POSITION AS AT 31 DECEMBER 2016
Unaudited
Unaudited as at Audited
as at 31 as at
31 December December 30 June
2016 2015 2016
Notes R’000 R’000 R’000
ASSETS
Non-Current Assets
Equipment 4 380 813 983
Intangible assets 13 393 11 740 12 371
Deferred tax assets 1 306 1 158 1 266
Withholding tax rebates
receivable 1 502 2 206 1 190
Total Non-Current Assets 20 581 15 917 15 810
Current Assets
Withholding tax rebates
receivables 1 312 558 1 312
Income tax receivable - - 802
Revenue recognised not yet
invoiced 1.3 3 243 1 022 4 737
Trade and other receivables 13 731 10 959 13 422
Cash and cash equivalents 10 104 24 471 26 956
Total Current Assets 28 390 37 010 47 229
Total Assets 48 971 52 927 63 039
EQUITY AND LIABILITIES
Capital and Reserves
Issued capital 348 348 348
Share premium 11 871 11 871 11 871
Treasury shares (11 948) (197) (197)
Share based payment reserve 1 107 747 910
Retained earnings 37 860 28 984 35 056
Total Equity 39 238 41 753 47 988
Non-Current Liabilities
Deferred tax liability 1 692 817 1 098
Total Non-Current Liabilities 1 692 817 1 098
Current Liabilities
Deferred revenue 1.3 1 078 1 213 398
Income tax payable 1 245 2 888 1 791
Trade and other payables 1.4 5 718 6 256 11 764
Total Current Liabilities 8 041 10 357 13 953
Total Liabilities 9 733 11 174 15 051
Total Equity and Liabilities 48 971 52 927 63 039
Net asset value per share
(cents) 1.6 136.2 120.4 138.4
Net tangible asset value per
share (cents) 1.6 89.7 86.6 102.7
UNAUDITED CONDENSED CONSOLIDATED INTERIM STATEMENT OF CHANGES IN
EQUITY FOR THE SIX MONTH PERIOD ENDED 31 DECEMBER 2016
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 2015 348 11 871 (197) 462 26 704 39 188
Total
comprehensive
income for the
period
Profit or loss - - - - 4 019 4 019
Total
comprehensive
income for the
period - - - - 4 019 4 019
Transactions
with owners,
recorded
directly in
equity
Contributions
by and
distributions
to owners
Dividend paid - - - - (1 739) (1 739)
Equity settled
share based
payment - - - 285 - 285
Total
transactions
with owners - - - 285 (1 739) (1 454)
Balance at 31
December 2015 348 11 871 (197) 747 28 984 41 753
Total
comprehensive
income for the
period
Profit or loss - - - - 6 072 6 072
Total
comprehensive
income for the
period - - - - 6 072 6 072
Transactions
with owners,
recorded
directly in
equity
Contributions
by and
distributions
to owners
Equity settled
share based
payment - - - 163 - 163
Total
transactions
with owners - - - 163 - 6 235
Balance at 30
June 2016 348 11 871 (197) 910 35 056 47 988
Total
comprehensive
income for the
period
Profit or loss 4 890 4 890
Total
comprehensive
income for the
period 4 890 4 890
Transactions
with owners,
recorded
directly in
equity
Contributions
by and
distributions
to owners
Dividend paid
(note 2.1) - - - - (2 086) (2 086)
Purchase of
treasury
shares by
Employee Share
Trust (note 3) - - (11 751) - - (11 751)
Equity settled
share based
payment - - - 197 - 197
Total
contributions
by and
distributions
to owners - - (11 751) 197 2 804 (8 750)
Total
transactions
with owners
Balance at 31
December 2016 348 11 871 (11 948) 1 107 37 860 39 238
UNAUDITED CONDENSED CONSOLIDATED INTERIM STATEMENT OF CASH FLOWS
FOR THE SIX MONTH PERIOD ENDED 31 DECEMBER 2016
Unaudited Audited
Unaudited six months 12
six months ended months
Ended 31 ended
31 December December 30 June
2016 2015 2016
Notes R’000 R’000 R’000
Cash generated from operations 2 774 9 152 15 455
Interest received 675 634 1 367
Taxation paid (1 172) (797) (3 894)
Net cash inflow from operating
2 277 8 989 12 928
activities
Cash flows from investing
activities
Equipment acquired to maintain
(3 802) (117) (585)
operations
Proceeds from disposal of
65 32 23
equipment
Purchase of treasury shares 3 (11 751) - -
Cash outflow from
capitalisation of development (1 555) (909) (1 886)
costs
Net cash outflow from investing
(17 043) (994) (2 448)
activities
Cash flows from financing
activities
Dividends paid to equity
(2 086) (1 738) (1 738)
holders
Net cash outflow from financing
(2 086) (1 738) (1 738)
activities
Net increase/(decrease) in cash
(16 852) 6 257 8 742
and cash equivalents
Cash and cash equivalents at
26 956 18 214 18 214
the beginning of the period
Cash and cash equivalents at
10 104 24 471 26 956
the end of the period
UNAUDITED CONDENSED CONSOLIDATED INTERIM SEGMENT REPORTS FOR THE SIX
MONTH PERIOD ENDED 31 DECEMBER 2016
REPORTABLE SEGMENT REPORT
As reported at the year ended June 2016, there were changes made to
our segment reporting. The current unaudited interim results for the
6 months ended 31 December 2016 are consistent with these changes.
The unaudited comparative period (6 months to December 2015) already
reflected these changes. No further changes to the segment report
have been made in the current reporting period.
The following is a reminder of the changes that were made and
communicated for the year ended June 2016:
Connect support and Rubix support are now reported as one Support
services segment.
A new segment, Hosting and outsourcing services was established.
Hosting Software 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 2016
Total revenue 46 473 4 508 18 716 1 575 21 674 -
Inter-group
revenue (315) - (196) (119) - -
Net revenue 46 158 4 508 18 520 1 456 21 674 -
Direct segment
cost (24 494) (2 731) (11 761) (1 981) (2 756) (5 265)
Cost capitalised 1 555 - - - - 1 555
Segment gross
profit 23 219 1 777 6 759 (525) 18 918 (3 710)
Indirect segment
cost (17 022) (1 417) (6 445) (2 172) (1 671) (5 317)
Segment result 6 197 360 314 (2 697) 17 247 (9 027)
Finance income 675
Finance expense -
Income tax
expense (1 982)
Profit for the
period 4 890
Hosting Software 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 2015
Total revenue 40 652 4 846 17 716 175 17 915 -
Inter-group
revenue (1 006) - (711) (175) (120) -
Net revenue 39 646 4 846 17 005 - 17 795 -
Direct segment
cost (18 991) (2 845) (9 032) (1 013) (3 158) (2 943)
Cost
capitalised 909 - - - - 909
Segment gross
profit 21 564 2 001 7 973 (1 013) 14 637 (2 034)
Indirect
segment cost (16 487) (2 372) (7 265) (212) (3 260) (3 378)
Segment result 5 077 (371) 708 (1 225) 11 377 (5 412)
Finance income 634
Finance expense -
Income tax
expense (1 692)
Profit for the
period 4 019
Hosting Software 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 12
months ending
30 June 2016
Total revenue 89 449 11 027 38 145 3 060 37 217 -
Inter-group
revenue (3 007) - (1 900) (867) (240) -
Net revenue 86 442 11 027 36 245 2 193 36 977 -
Direct segment
cost (42 609) (5 775) (19 775) (3 562) (6 894) (6 603)
Cost
capitalised 1 885 - - - - 1 885
Segment gross
profit 45 718 5 252 16 470 (1 369) 30 083 (4 718)
Indirect
segment cost (33 681) (4 568) (14 458) (558) (7 002) (7 095)
Segment result 12 037 684 2 012 (1 927) 23 081 (11 813)
Finance income 1 367
Finance expense (250)
Income tax
expense (3 064)
Profit for the
period 10 090
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 2016
1.1. BASIS OF PREPARATION
The condensed unaudited consolidated interim financial statements are
prepared in accordance with International Accounting Standard 34 (“IAS
34”), the SAICA Financial Reporting Guides as issued by the Accounting
Practices Committee and Financial Reporting Pronouncements as issued
by the Financial Reporting Standards Council, the Listings
Requirements of JSE Limited ("the Listings Requirements") and the
requirements of the Companies Act of South Africa (Act 71 of 2008) as
amended (“the Companies Act”).
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 2016.
These condensed unaudited consolidated interim financial statements
have been prepared by Petro Mostert CA(SA), Head of Finance and Shared
Services, under the supervision of the 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
2016 2015 2016
Number Number Number
of shares of shares of shares
'000 '000 '000
Reconciliation of the weighted
average number of shares in issue
Shares in issue at the beginning of
the period 34 781 34 781 34 781
Effect of treasury shares acquired
on 1 March 2007 (106) (106) (106)
Effect of treasury shares acquired
on 30 Nov 2016 (979) - -
Weighted average number of shares
in issue at the end of the period 33 696 34 675 34 675
Earnings attributable to ordinary
shareholders (R'000) 4 890 4 019 10 090
Basic earnings per share (cents) 14.51 11.59 29.10
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
2016 2015 2016
Number Number Number
of shares of shares of shares
'000 '000 '000
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 33 696 34 675 34 675
Diluted amount of shares due to
share options in issue 3 565 935 1 985
Weighted average number of shares
in issue used for diluted earnings
per share 37 261 35 610 36 660
Earnings attributable to ordinary
shareholders (R'000) 4 890 4 019 10 090
Diluted earnings per share (cents) 13.12 11.29 27.52
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
2016 2015 2016
Number Number Number
of shares of shares of shares
'000 '000 '000
Weighted average number of shares
in issue 33 696 34 675 34 675
R’000 R’000 R’000
Reconciliation between basic
earnings and headline earnings
Basic earnings 4 890 4 019 10 090
Adjusted for:
– Profit on disposal of equipment (47) (23) (17)
Headline earnings (R'000) 4 843 3 996 10 073
Headline earnings per share (cents) 14.37 11.52 29.05
Diluted 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
2016 2015 2016
Number Number Number
of shares of shares of shares
'000 '000 '000
Weighted average number of shares
in issue used for diluted earnings
per share 37 261 35 610 36 660
R’000 R’000 R’000
Diluted headline earnings (R'000) 4 843 3 996 10 073
Diluted headline earnings per share
(cents) 13.00 11.22 27.48
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 Audited
six months six months 12 months
Ended ended ended
31 December 31 December 30 June
2016 2015 2016
R’000 R’000 R’000
Current asset
Revenue recognised not yet
invoiced 3 243 1 022 4 737
Current liability
Deferred revenue (1 078) (1 213) (398)
Net asset/(liability) 2 165 (191) 4 339
1.4. TRADE AND OTHER PAYABLES
Trade and other payables comprised of the following:
Unaudited Unaudited Audited
six months six months 12 months
as at as at as at
31 December 31 December 30 June
2016 2015 2016
R’000 R’000 R’000
Trade payables 579 732 2 094
Leave accrual 808 1 727 2 542
Incentive accrual - 2 500 3 342
Other payables (accruals) 4 331 1 297 3 786
Total 5 718 6 256 11 764
1.5 REVENUE PER GEOGRAPHICAL REGION
Other
South African
Total Africa countries*
R’000 R’000 R’000
Unaudited 6 Months ended 31
December 2016 46 158 30 080 16 078
Unaudited 6 Months ended 31
December 2015 39 646 23 916 15 730
Audited 12 Months ended 30
June 2016 86 442 45 542 40 900
* Other African countries include Angola, Botswana, Kenya, Malawi,
Mauritius, Ghana, Namibia, Lesotho, Swaziland and Zimbabwe
1.6 NET ASSET AND TANGIBLE NET ASSET VALUE PER SHARE
Unaudited Audited
Unaudited six months 12
six months as at months
as at 31 as at
31 December December 30 June
2016 2015 2016
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 on 1 March 2007 (106) (106) (106)
Effect of treasury shares
acquired on 30 Nov 2016 (5 875) - -
Shares at the end of the
period 28 800 34 675 34 675
Net asset value per share
(cents) 136.24 120.41 138.39
Tangible asset value per
share (cents) 89.74 86.56 102.71
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 6 cents on 14
September 2016 for the year ended 30 June 2016 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
Ms. Jocobeth Chikaonda has resigned as a non-executive director of the
Company with effect 24 January 2017. Her resignation is in line with
disposal of Kagiso Tiso Holdings shareholding in SilverBridge.
3. PURCHASE OF TREASURY SHARES
The SilverBridge Employee Share Trust concluded an agreement with C
Shell 448 Proprietary Limited for the purchase of shares during the
period under review. The SilverBridge Employee Share Trust purchased
and paid for 5 874 923 ordinary shares for the consideration of R11.7m
on 30 November 2016. Although these shares remain in issue, they are
treated as treasury shares resulting in the total issued number of
shares of R34.8 million being reduced to R28.8 million when considered
net of treasury shares.
The purchase of the treasury shares has been disclosed accordingly in
the Unaudited Condensed Consolidated Interim Statement of Financial
Position, Unaudited Condensed Consolidated Interim Statement of
Changes in Equity and Unaudited Condensed Consolidated Interim
statement of Cash Flows. The effect on the weighted number of shares
in issue and the resulting Earnings per Share has been disclosed in
note 1.2
4. FINANCIAL RESULTS AND PERFORMANCE
We are pleased to report a continued improvement in our results. Net
profit increased by 22% compared to the comparative period. Revenue
was up 16%, driven by good growth in annuity Software rental. Careful
management of indirect cost helped to increase operating profit by
22%. Headline earnings per share was up 25% to 14.4 cents from 11.5
cents in the comparative period.
The cash position reduced to R10.1m from R27.0m at 30 June 2016. This
was mainly a result of the treasury share purchase, mentioned in note
3.
Our client relationships remain healthy. We continued with efforts
into higher value-added offerings for existing clients as well as
further developing our new offerings in cloud-based hosting and
managed services. We are pleased with the performance and that our
efforts have translated into revenue growth. We remain focused on
efforts to enable ongoing growth.
SEGMENTAL REVIEW
Implementation services
This segment implements our solutions for clients and is project
based.
Although revenue declined by 7%, the segment posted a small profit
versus a small loss in the comparative period.
The revenue decline is a result of further improvement in delivery
efficiencies. We are implementing projects faster and more efficiently
to enable better growth in the support and software rental segments.
We are 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 increased by 9%, helped by new offerings in data analytics.
The segment result decreased to a profit of R314k compared to a profit
of R708k in the comparative period.
The gross profit margin and segment result was impacted by the hiring
of additional staff in this area to cater for the growth. We expect
the margin to improve as new staff get up to speed.
We continue to focus on additional higher value-added offerings in
this segment.
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 is a relatively new initiative for the Group. 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 with regard to technology trends.
For the period, the segment generated revenue of R1.5 million with a
loss of R2.7 million. We remain satisfied with the progress thus far
and the opportunities that lie ahead. We envisage the segment becoming
profitable as it achieves more scale.
SOFTWARE RENTAL AND MAINTENANCE
Software rental is annuity based. It depends on usage, increasing with
the number of contracts or policies administered.
Revenue was up 22%. New customers and complimentary products
contributed to the growth. The segment made a profit of R17.2 million,
compared to R11.4 million in the prior year. The overall margin
increased to 80% from 64% in the comparative period.
Our software and the growth of our annuity rental stream remain a core
focus going forward.
RESEARCH AND DEVELOPMENT (“R&D”)
Our efforts have continued on developing new products that can
generate future annuity revenue. Several new products have been
launched and are contributing to revenue. We have also put effort into
offerings for the new Hosting and outsourcing services segment.
We continue with R&D efforts in order to keep our existing assets
relevant in terms of technology and market trends.
During the period, total direct costs were R5.3 million, of which R1.6
million was capitalised.
5. GROUP OUTLOOK
Overall we remain positive about the outlook for the Group. We
continue to build our core annuity streams and we are making progress
with revenue growth.
We are pleased to see that new initiatives are starting to pay off. In
particular, the higher value-added offerings and the new cloud-based
hosting and managed services. We remain optimistic that our efforts
will help enable sustained growth.
The financial services industry continues to adapt to meet its
customers’ changing needs in an increasingly digital world. Financial
services providers are driving change in their business. They are
differentiating their products and services in order to remain
relevant in a rapidly changing world. 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 new product development initiatives.
On behalf of the board of directors
Robert Emslie Jaco Swanepoel
Chairman Chief Executive Officer
Pretoria
20 February 2017
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 (Financial Director),
Stuart Blyth.
(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
First Floor, The Greens Office Park
Charles de Gaulle Avenue, 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)
2 Eglin Road, Sunninghill
Johannesburg
(Private Bag X36
Sunninghill, Johannesburg, 2157)
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)
First Floor, Building 8,
Inanda Greens Business Park,
54 Wierda Road West, Wierda Valley, Sandton, 2196
(PO Box 650957, Benmore, 2010)
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