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MERAFE RESOURCES LIMITED - Interim results for the six months ended 30 June 2018 and cash dividend declaration

Release Date: 06/08/2018 07:30
Code(s): MRF     PDF:  
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Interim results for the six months ended 30 June 2018 and cash dividend declaration

Merafe Resources Limited
(incorporated in the Republic of South Africa)
Company Registration Number: 1987/003452/06
Share code: MRF
ISIN: ZAE000060000
("Merafe" or "the Company" or "group")


Key features
- 5.5% increase in total revenue to R2.721bn (June 2017: R2.580bn)
- Production costs per tonne managed to a 4.8% increase from December 2017
- Net cash decreased to R331m* (December 2017: R600m*)
- 2.4% improvement in TRIFR** to 3.65 (December 2017: 3.74)
- 12.9% decrease in HEPS to 16.9 cents (June 2017: 19.4 cents)
- 165.5% increase in interim dividend to R200m (June 2017: R75m)

* Net cash includes cash and cash equivalents, bank overdraft and working capital loan.
** Total recordable injury frequency rate

Review of results
Merafe's revenue and operating income are primarily generated from the Glencore-Merafe Chrome
Venture ("Venture") which is one of the global market leaders in ferrochrome production, with a total
installed capacity of 2.3m tonnes of ferrochrome per annum. Merafe shares in 20.5% of the earnings
before interest, taxation, depreciation and amortisation ("EBITDA") from the Venture. Merafe has one
reportable segment being the mining and beneficiation of chrome ore into ferrochrome and as a result no
segment report has been presented.

Total revenue increased by 5.5% to R2.721bn (June 2017: R2.580bn).

Ferrochrome revenue increased by 2.6% period on period to R2.342bn (June 2017: R2.282bn) mainly
due to higher sales volumes of 181kt (June 2017: 157kt) partly off set by the stronger average 
Rand/US Dollar exchange rate of R12.31 (June 2017: R13.21) and lower net CIF prices.

Chrome ore revenue increased by 27.1% period on period to R378.5m (June 2017: R297.8m) mainly due
to higher realised chrome ore sales prices partly set off by lower sales volumes of 132kt
(June 2017: 146kt) and a stronger average Rand/US Dollar exchange rate. The higher chrome ore
realised prices were impacted by lower local sales volumes period on period.

Merafe's portion of the Venture's EBITDA for the six months ended 30 June 2018 is R814.4m
(June 2017: R887.1m). The EBITDA includes Merafe's attributable share of standing charges of R38.2m
(June 2017: R32.7m) and a foreign exchange gain of R102.6m (June 2017: R50.1m foreign exchange

After accounting for corporate costs of R18.1m (June 2017: R21.7m), which includes a cash settled 
share-based payment expense of R1.4m (June 2017: R2.8m), Merafe's EBITDA reached R796.3m
(June 2017: R865.4m).

Profit for the six months ended 30 June 2018 amounted to R425.1m (June 2017: R486.5m), after 
taking into account depreciation of R203.6m (June 2017: R164.9m), net financing costs of R2.8m
(June 2017: R23.8m) and an income tax expense of R164.7m (June 2017: R190.2m). The taxation
expense includes deferred tax income of R19.2m (June 2017: R91.5m) which arose as a result of
temporary and timing differences on property, plant and equipment, the embedded derivative and
provisions. There is no unredeemed capital expenditure balance at 30 June 2018 given the taxable 
profits exceeded capital expenditure.

Depreciation increased to R203.6m (June 2017: R164.9m) for the six months ended 30 June 2018 as a
result of the accelerated depreciation arising from the scrapping of assets and the reassessment 
of residual values to zero in the second half of 2017. Net financing costs include R13.2m 
(June 2017: R11.9m) relating to the unwinding of discount on the provision for rehabilitation. 
The significant reduction in net financing costs is as a result of the reduction in borrowings 
and higher finance income which is a function of higher average bank balances.

Sustaining capital expenditure incurred for the period was R174.0m (June 2017: R141.3m) and
expansionary capital expenditure incurred for the period was R0.2m (June 2017: R0.8m).

At 30 June 2018, Merafe had cash and cash equivalents of R331.0m*** (Dec 2017: R671.7m***) which
comprised of cash held by Merafe of R255.5m (Dec 2017: R464.0m) and R75.5m (Dec 2017: R207.7m)
being Merafe's share of the cash balance in the Venture. At 30 June 2018, the net cash balance, 
which includes cash and cash equivalents, bank overdraft and working capital loan was R331.0m
(Dec 2017: R600.0m).
*** Includes cash and cash equivalents and bank overdraft.

The group has a R200m three-year revolving credit facility which was secured during 2017 as 
previously reported. At the reporting date, this facility was unutilised.

Inventories increased to R1.881bn (Dec 2017: R1.498bn) as a result of higher finished goods on 
hand at period end, which amounts to approximately four to five months of sales. The increase is 
a function of higher production volumes compared to sales volumes as well as higher production 

A reassessment of the closure and restoration costs of all smelters was performed during the period. 
As a result of this reassessment, the provision for closure and restoration was increased to R185.8m
(Dec 2017: R157.1m).

Trade and other receivables increased by 32.2% to R1.167bn (Dec 2017: R0.883bn) mainly due to a
weaker closing Rand/US Dollar of R13.71 (Dec 2017: R12.39) as well as earlier than expected receipts
from debtors in December 2017 compared to June 2018.

The Board of directors of Merafe ("Board") declared an interim cash dividend of R200.0m.

Review of Operations and Safety
Review of operations
Merafe's attributable ferrochrome production from the Venture for the first six months of 2018 decreased
by 2.3% to 211kt (June 2017: 216kt). The production for the period is equivalent to an installed capacity
utilisation of 88% (June 2017: 90%).

Total production costs per tonne of ferrochrome increased by 4.8% compared to 31 December 2017,
mainly as a result of an increase in electricity prices of 5.3% effective 1 April 2018 as well as  
an increase in reductant costs, arising from a change in mix due to availability.

The Venture's operations were not significantly impacted by electricity supply constraints in the 
first half of 2018.

Wage settlements have been concluded and implemented at the Venture's eastern operations whilst
wage negotiations are currently ongoing at its western operations.

Safety remains a priority and a critical focus area of the Venture. Our TRIFR reduced by 2.4% to 3.65
compared to 31 December 2017. All efforts continue to be made to ensure that the highest standards of
safety remain in place at our operations.

Mineral Reserves, Mineral Resources and Mining Rights
There were no material changes to mineral reserves, mineral resources and mining rights of the
participants in the Venture from those reported in the Integrated Annual Report for the year ended
31 December 2017.

Market Review (source: CRU)
Global stainless steel production increased by 10% period on period. For the first time in years, Chinese
output was not the leading factor behind this rise. Although China's stainless steel production rose by 7%
period on period, the ex-China market, notably Indonesia, increased its stainless steel output by 13%,
period on period. European and North American stainless steel production increased by 2.5% and 1%
period on period, respectively.

Due to strong growth in Indonesia, where stainless steel production is almost entirely dependent on
primary chrome units, global demand for ferrochrome increased by 11%, period on period. Growth in
ferrochrome supply has not matched the rise in demand so far this year with global ferrochrome
production rising by 8%, period on period. Chinese ferrochrome smelters made the largest contribution
to this increase, their output rose by more than 11% period on period to about 2.4m tonnes. More modest
supply increases took place in South Africa and India.

The Chinese market has been periodically in slight deficit in recent months, particularly when
environmental inspections forced the closure of furnace capacity.

Movements in the European benchmark ferrochrome price have largely mirrored the relative balance of
the Chinese market this year. Following a period of tightness in the Chinese market in the first quarter 
of 2018, the benchmark rose 20% to reach $1.42/lb for deliveries in the second quarter. Supply disruptions
in China, coincided with the settlement period for deliveries in the third quarter, with the result that the
benchmark dropped by 4USc/lb to $1.38/lb.

A 13% period on period increase in China's chrome ore imports between January and May helped to
maintain UG2 concentrate transaction levels within a range between $170-$250/t CIF China, with
continuing volatility, albeit a narrower range than that recorded for the same period last year.

At 30 June 2018, chrome ore stocks in Chinese ports rose to 3.2m tonnes (source: ICDA) or about 15 weeks 
of consumption over the period.

Total 2018 stainless steel production is currently forecast to be 50.8m tonnes (CRU), an increase of 4.9%
over 2017. Price and exchange rate volatility are expected to continue, especially given uncertainties
driven by trade wars and the global economic environment.

In accordance with our strategy, we remain committed to maximising return to our shareholders in the
near term in the form of dividends and will continue to assess opportunities to deliver shareholder value.

Chris Molefe                          Zanele Matlala
Independent Non-executive Chairman    Chief Executive Officer

6 August 2018

                                                                           As at                              
                                                              30 June 2018      31 December 2017    
                                                                 Unaudited               Audited    
                                                                     R'000                 R'000    
Non-current assets                                                                                  
Property, plant and equipment                                    3 215 061             3 271 155    
Long term receivables                                               10 494                13 864    
Deferred tax asset                                                  19 362                17 726    
Total non-current assets                                         3 244 917             3 302 745    
Current assets                                                                                      
Inventories                                                      1 881 387             1 497 798    
Trade and other receivables                                      1 167 839               883 249    
Cash and cash equivalents                                          341 232               671 655    
Total current assets                                             3 390 458             3 052 702    
Total assets                                                     6 635 375             6 355 447    
EQUITY AND LIABILITIES                                                                              
Capital and reserves                                                                                
Share capital                                                       25 107                25 107    
Share premium                                                    1 269 575             1 269 575    
Retained earnings                                                3 539 986             3 340 843    
Total equity attributable to equity holders                      4 834 668             4 635 525    
Non-current liabilities                                                                             
Loans and borrowings                                                10 506                11 094    
Share based payment liability                                        2 646                 5 379    
Provisions                                                         334 023               287 518    
Deferred tax                                                       762 546               780 485    
Total non-current liabilities                                    1 109 721             1 084 476    
Current liabilities                                                                                 
Loans and borrowings                                                 1 130                 1 044    
Current tax liability                                               77 011                 8 198    
Trade and other payables                                           600 181               550 556    
Working capital loan                                                     -                72 272    
Share based payment liability                                        2 460                 3 376    
Bank overdraft                                                      10 204                     -    
Total current liabilities                                          690 986               635 446    
Total liabilities                                                1 800 707             1 719 922    
Total equity and liabilities                                     6 635 375             6 355 447    

                                                                      Six months ended                       
                                                              30 June 2018          30 June 2017    
                                                                 Unaudited              Reviewed    
                                                                     R'000                 R'000    
Revenue                                                          2 720 702             2 579 981    
Earnings before interest, taxation,                                             
depreciation and amortisation                                      796 251               865 393    
Depreciation and amortisation                                     (203 629)             (164 938)   
Net financing costs                                                 (2 820)              (23 781)   
Profit before income tax                                           589 802               676 674    
Income tax expense                                                (164 696)             (190 183)   
Current tax                                                       (183 914)             (281 682)   
Deferred tax                                                        19 218                91 499    
Profit and total comprehensive income for the period               425 106               486 491    
Basic earnings per share (cents)                                      16.9                  19.4    
Diluted earnings per share (cents)                                    16.9                  19.4    
Ordinary shares in issue                                     2 510 704 248         2 510 704 248    
Weighted average number of shares for the period             2 510 704 248         2 510 704 248    
Diluted weighted average number of shares for the period     2 510 704 248         2 510 704 248    

                                                                        Six months ended                      
                                                              30 June 2018          30 June 2017    
                                                                 Unaudited              Reviewed    
                                                                     R'000                 R'000    
Share capital                                                       25 107                25 107    
Balance at beginning and end of the period                          25 107                25 107    
Share premium                                                    1 269 575             1 269 575    
Balance at beginning and end of the period                       1 269 575             1 269 575    
Retained earnings                                                3 539 986             2 988 537    
Balance at beginning of the period                               3 340 843             2 602 474    
Profit and total comprehensive income for the period               425 106               486 491    
Dividend paid                                                     (225 963)             (100 428)   
Total equity at end of period                                    4 834 668             4 283 219    

                                                                       Six months ended                      
                                                              30 June 2018          30 June 2017    
                                                                 Unaudited              Reviewed    
                                                                     R'000                 R'000    
Profit before taxation                                             589 802               676 674    
Finance expense                                                     13 850                25 942    
Finance income                                                     (11 030)               (2 161)   
Depreciation and amortisation                                      203 629               164 938    
Movement in provisions                                              21 119                     -    
Embedded derivative (income)/expense                               (34 792)              190 304    
Vesting and payment of share grants                                 (5 077)              (11 057)   
Adjusted for non-cash items                                          1 428                 2 813    
Adjusted for working capital changes                              (584 711)             (469 375)   
Cash flows from operations                                         194 218               578 078    
Interest paid                                                         (311)              (20 044)   
Interest received                                                    9 575                 1 754    
Tax paid                                                          (115 458)              (75 177)   
Cash flows from operating activities                                88 024               484 611    
Cash flows from investing activities                              (174 228)             (142 052)   
Acquisition of property, plant and equipment - expansionary           (188)                 (785)   
Acquisition of property, plant and equipment - sustaining         (174 040)             (141 267)   
Cash flows from financing activities                              (226 465)             (464 049)   
Dividend paid                                                     (225 963)             (100 428)   
Repayment of borrowings                                               (502)             (363 621)   
Net decrease in cash and cash equivalents                         (312 669)             (121 490)   
Cash and cash equivalents at the beginning of the period           671 655               263 305    
Effect of exchange rate fluctuations on cash held                  (27 958)              (19 431)   
Cash and cash equivalents at the end of the period             331 028****               122 384    

**** Closing balance of cash and cash equivalents is net of bank overdraft of R10.2m.

1. Basis of preparation
Merafe prepared its interim results for the six months ended 30 June 2018 under the supervision of 
Kajal Bissessor CA(SA), Financial Director, in accordance with and containing the information required 
by IAS 34: Interim Financial Reporting, as well as the SAICA Financial Reporting Guides as issued by 
the Accounting Practices Committee, the Financial Pronouncements as issued by Financial Reporting 
Standards Council, the requirements of the Companies Act of South Africa and the JSE Limited 
Listings Requirements.

1.1. Going concern
In determining the appropriate bases of preparation of the interim results, the directors are required 
to consider whether the group can continue to be in operational existence for the foreseeable future. 
The financial performance of the group is dependent upon the wider economic environment in which the 
group operates.

These interim results are prepared on a going concern basis. The Board is satisfied that the group 
is sufficiently liquid and solvent to be able to support the operations for the next twelve months.

1.2. Accounting policies
The accounting policies applied in the preparation of these interim results are in terms of 
International Financial Reporting Standards and are consistent with those applied in the annual 
financial statements for the year ended 31 December 2017.

No new standards or amendments to the published standards or interpretations which became effective 
for the year commencing on 1 January 2018 had an effect on the reported results or the group 
accounting policies. The group did not early adopt any new, revised or amended accounting 
standards or interpretations. The most prominent was IFRS: 15 Revenue from Contracts with 
Customers and the following assessment was performed to conclude that the standard does not 
have an impact on the company:

IFRS 15 contains a single model that applies to contracts with customers and two approaches to 
recognising revenue: at a point in time or over time. The model features a contract-based five 
step analysis of transactions to determine whether, how much and when revenue is recognised. 
It replaced IAS 18 Revenue, IAS 11 Construction Contracts and related interpretations and is 
effective for annual periods beginning on or after 1 January 2018.

The Venture has done an assessment to determine whether the the five-step model will have an impact 
on the existing revenue recognition principles. The assessment involved a review of the various types 
of sales contracts and to identify and consider each component of the five-step model. The conclusion 
of the assessment is that IFRS 15 does not have a significant impact on the company.

1.3. Use of estimates and judgements
The preparation of the interim results requires management to make judgements, estimates and assumptions 
that affect the application of accounting policies and the reported amounts of assets, liabilities, income 
and expenses. The estimates and associated assumptions are based on historical experience and various 
other factors that are believed to be reasonable under the circumstances, the results of which form the 
basis of making the judgements about carrying values of assets and liabilities that are not readily 
apparent from other sources. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates 
are recognised in the period in which the estimate is revised.

In particular, information about significant areas of estimation, uncertainty and critical judgements in 
applying accounting policies that have the most significant effect on the amount recognised in the interim 
results are as follows:
- Measurement of depreciation, useful lives and residual values of property, plant and equipment;
- Inputs used in the determination of the fair value of the share-based payment transactions;
- Lease classification between operating and finance lease and depreciation of finance lease assets;
- Assumptions used in calculation of the life of the mines/smelters, estimation of the closure and 
  restoration costs and inputs used in the calculation of the present value of the provision for 
  closure and restoration costs;
- Recognition of deferred tax asset and projection of future taxable income to recover the deferred 
  tax asset;
- Consolidation: control assessment; and
- Fair value measurement of embedded derivative.

2. Determination of fair values
A number of the accounting policies and disclosures require the determination of fair value, for both 
financial and non-financial assets and liabilities. Fair values have been determined for measurement 
and/or disclosure purposes based on the methods as indicated below.

2.1. Embedded derivative
The embedded derivative is included in trade and other receivables at fair value. The fair value of the 
embedded derivative is based on the latest available ferrochrome prices and closing foreign exchange rate. 
The embedded derivative at 30 June 2018 was R14.4m debit (Dec 2017: R35.5m credit) and is based on 
level 2 hierarchy per IFRS 13: Fair value measurement. The valuation is based on observable market 
inputs including prices and exchange rates.

2.2. Share based payment transactions
The fair value of employee share options and share grants is measured using the Black-Scholes 
Merton model. Measurement inputs include share price on measurement date, exercise price of the 
instrument, expected volatility (based on weighted average historic volatility adjusted for changes 
expected due to publicly available information), weighted average expected life of the instruments 
(based on historical experience and general option holder behaviour), expected dividends, and the 
risk-free interest rate (based on Government bonds). The total balance of the share-based payment 
liability at 30 June 2018 was R5.1m (Dec 2017: R8.8m).

                                                                       Six months ended                      
                                                              30 June 2018          30 June 2017    
                                                                 Unaudited              Reviewed    
                                                                     R'000                 R'000    
3. Earnings per share                                                                               
Headline earnings per share (cents)                                   16.9                  19.4    
Diluted headline earnings per share (cents)                           16.9                  19.4    
Profit, total comprehensive income for the period and                             
headline earnings                                                  425 106               486 491    
4. Capital commitments                                             348 822               314 558    
Contracted for but not provided for                                138 725               112 938    
Authorised but not contracted for                                  210 097               201 620    

5. Related parties
5.1. Related party transactions
The Company, in the ordinary course of its business, enters into various transactions with related 
parties as defined in IAS 24, Related Party Disclosures.

Related party transactions were concluded on an arms-length basis and relate to Merafe's 
attributable 20.5% interest in the Venture.

Name of related party           Description of relationship             Transactions and balance
Glencore Limited                Glencore Limited acts as the            Sale of ferrochrome including
(Stamford) (GLS)                Venture's exclusive marketing           derivative (R237m) (2017: (R379m))
                                agent to sell ferrochrome on            Commission expense R5m (2017: R13m)
                                its behalf and act as distributor       Interest expense R3m (2017: R2m).  
                                in the USA and Canada.                  Receivable at the end of the period
                                                                        (R208m) (Dec 2017: (R205m)) which 
                                                                        is reduced as and when GLS receives 
                                                                        funds from customers.    

Glencore International AG       Glencore International AG acts          Commission expense on the sale of
                                as the Venture's exclusive              ferrochrome and chrome ore R104m 
                                marketing agent to sell                 (2017: R102m) 
                                ferrochrome and chrome ore              Marketing expense R1m (2017: R1m)
                                on its behalf.                          Interest income (R1m) (2017: (R2m))         
                                                                        Purchase of raw material R180m (2017: R80m).
                                The Venture purchases various raw       Balance owing at the end of the period R60m
                                materials from Glencore                 (Dec 2017: R36m) payable on confirmation
                                International AG on an ongoing basis.   of final sales.

African Carbon                  African Carbon Manufacturers (Pty)      Purchase of raw materials R10m (2017: R11m)
Manufacturers (Pty) Ltd         Ltd sells raw materials to              Balance owing at the end of the period R1m 
                                the Venture.                            (Dec 2017: R2m) payable 30 days from
                                                                        statement date.
African Fine Carbon (Pty) Ltd   African Fine Carbon (Pty) Ltd sells     Purchase of raw materials R16m (2017: R12m)
                                raw materials to the Venture.           Balance owing at the end of the period R4m 
                                                                        (Dec 2017: R3m) payable 30 days from 
                                                                        statement date.                                    

Chartech Technology (Pty)       Chartech Technology (Pty) Ltd sells     Purchase of raw materials R16m (2017: R16m).
Ltd                             raw materials to the Venture.           Balance owing at the end of the period R3m 
                                                                        (Dec 2017: R2m) payable 30 days from 
                                                                        statement date.                                    

Glencore Property               Glencore Property Management Company    Lion housing expense Rnil (2017: R2m)
Management Company (Pty)        (Pty) Ltd owns and manages employee     Balance owing at the end of the period Rnil 
Ltd                             housing at the Lion operation.          (Dec 2017: Rnil).

Glencore Operations South       Glencore Operations South Africa        Raw material expense R4m (2017: Rnil)
Africa (Pty) Ltd                (Pty) Ltd is Merafe Ferrochrome         Employee costs R56m (2017: R49m)    
                                and Mining (Pty) Ltd's partner          Head-office costs R9m (2017: R9m)   
                                in the Venture.                         Lion housing expense R7m (2017: R4m)
                                                                        Training and Human Resource Development 
                                                                        expenses R3m (2017: R3m)
                                                                        Shared service center expenses R4m 
                                                                        (2017: R4m).
                                                                        Balance owing at the end of the period 
                                                                        R24m (Dec 2017: R2m) payable 10 days 
                                                                        after month end.                                       

Access World (South Africa)        Access World (South Africa) (Pty)    Storage expenses R6m (2017: R5m).
(Pty) Ltd                          Ltd is a warehousing company that    Balance owing at the end of the period
                                   provides storage facilities of       R1m (Dec 2017: R3m) payable 30 days after   
                                   ferrochrome and chrome ore to        statement date.                   
                                   the Venture.
6. Taxation
The group's effective tax rate for the six months ended 30 June 2018 is 28% (June 2017: 28%).

7. Events after reporting period
An interim cash dividend of R200.0m (2017: R75.3m) was declared on 6 August 2018. No other material events 
occurred between the reporting date of 30 June 2018 and the date of issue of these condensed consolidated 
interim financial statements.

8. Contingent liabilities
There were no contingent liabilities at 30 June 2018.

9. Directors
Ms Karabo Nondumo resigned as an independent non-executive director of Merafe on 8 May 2018. Ms Kajal Bissessor 
has resigned in her capacity as Financial Director effective 31 August 2018. Mr Ditabe Chocho has been appointed 
as the Financial Director for the group effective 1 August 2018. Ms Matsotso Vuso has been appointed as an 
independent non-executive director of Merafe effective 30 July 2018. There were no other changes to the Board.

10. Review by independent auditors
These condensed consolidated interim financial statements of Merafe Resources Limited for the six months ended 
30 June 2018 have not been reviewed by the independent auditor, Deloitte & Touche.

11. Declaration of an ordinary cash dividend for the interim period ended 30 June 2018
Notice is hereby given that a gross interim local ordinary cash dividend of R200.0m (7.96589 cents per share) 
has been declared payable, by the Board, to holders of ordinary shares. The dividend will be paid out of 
income reserves.

The ordinary dividend will be subject to a local dividend tax rate of 20%. The net local ordinary cash dividend, 
to those shareholders who are not exempt from paying dividend tax, is therefore 6.37271 cents per share. 
Merafe's income tax number is 9550 008 602. The number of ordinary shares issued at the date of the 
declaration is 2 510 704 248.

The important dates pertaining to the dividend are as follows:
Declaration date:                                                 Monday, 6 August 2018        
Last day for ordinary shares to trade cum ordinary dividend:      Tuesday, 28 August 2018      
Ordinary shares commence trading ex-ordinary dividend:            Wednesday, 29 August 2018    
Record date:                                                      Friday, 31 August 2018       
Payment date:                                                     Monday, 3 September 2018     

Shares may not be dematerialised/rematerialised between Wednesday 29 August 2018 and Friday, 31 August 2018, 
both days inclusive. Where applicable, in terms of instructions received by the Company from certificated 
shareholders, the payment of the dividend will be made electronically to shareholders' bank accounts on 
payment date. In the absence of specific mandates, cheques will be posted to shareholders. Shareholders 
who have dematerialised their shares will have their accounts with their CSDP or broker credited on 
Monday, 3 September 2018.

Sponsor: One Capital Sponsor Services (Pty) Ltd

Executive Directors: Z Matlala (Chief Executive Officer), K Bissessor, D Chocho

Non-executive Directors: CK Molefe (Chairman)^, NB Majova^, A Mngomezulu^, M Vuso^,
M Mosweu, S Blankfield
^ independent

Company Secretary: CorpStat Governance Services

Registered office: Building B, 2nd Floor, Ballyoaks Office Park, 35 Ballyclare Drive,
Bryanston, 2191

Transfer secretaries: Link Market Services South Africa (Pty) Ltd

Investor relations: Kajal Bissessor/Ditabe Chocho Tel: +27 11 783 4780

Date: 06/08/2018 07:30:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE'). 
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