Wrap Text
Reviewed Preliminary Condensed Consolidated Financial Results For The Year Ended 30 September 2018
CORONATION FUND MANAGERS
(Incorporated in the Republic of South Africa)
Registration number: 1973/009318/06
JSE share code: CML
ISIN: ZAE000047353
("Coronation" or "the company")
REVIEWED PRELIMINARY CONDENSED CONSOLIDATED FINANCIAL RESULTS
FOR THE YEAR ENDED 30 SEPTEMBER 2018
- ASSETS UNDER MANAGEMENT (AUM) OF R587 billion
- DILUTED HEADLINE EARNINGS PER SHARE OF 420.7 cents
- TOTAL DIVIDEND PER SHARE OF 420.0 cents
Coronation's 25th year of managing the long-term investments of local and global clients was marked by extremely challenging conditions.
Due to the cyclical nature of the business, our revenue stream is highly geared to the returns of the markets and the level of performance that we generate
on behalf of our clients. Over the past 12 months, these cyclical pressures have been particularly acute.
A very weak domestic economy, combined with meaningful pressure on emerging markets, resulted in the FTSE/JSE All Share Index producing a mediocre return of 3.3%
for the year. Emerging markets (as measured by the MSCI Emerging Markets Index) lost 0.8%, while developed markets (as measured by the MSCI All Country World Index)
gained 9.8% (both in US dollars). Over the period, the local currency weakened by 4.3% against the US dollar to close at R14.20.
Against this backdrop, our total AUM declined by 4.4% to R587 billion (September 2017: R614 billion), but remained flat compared to that of end March 2018.
While our average AUM increased by 3.1% for the 12 months in relation to that of the prior comparable period, revenue declined by 1.8% to R3.8 billion
(September 2017: R3.9 billion) for the year.
Fixed expenses continued to be impacted by the implementation costs associated with changing our outsourced fund administration and unit trust client administration
service providers, as well as related systems changes. These were mitigated by a commensurate decrease in variable expenses, resulting in total operating
expenses remaining flat year on year - a credible performance in an economy with inflationary cost pressures. Headline earnings per share declined by 3.8% to
420.7 cents (September 2017: 437.5 cents).
BUSINESS UPDATE
We are an independent active manager with a long-term, valuation-driven investment philosophy. Although certain strategies, such as our Fixed Interest and
Frontier Markets portfolios, have had an excellent 12 months, our South African equity and Global Emerging Markets equity portfolios underperformed over
this period. The long-term performance across our entire fund range remains excellent. This includes the full suite of local equity, fixed income, multi-asset class,
frontier and emerging market equity products. Of the institutional and retail assets that have been invested with us for a period of at least 10 years, 99.1%* have
outperformed their respective benchmarks since inception.
The past financial year saw continued substantial investments into our business through various initiatives aimed at enhancing our capacity to deliver world-class
service to our significant local and growing offshore business. We have completed the implementation of our new fund administration model, which consolidates
our asset administration service across local and offshore portfolios. In addition, we have insourced our retail client reporting and correspondence and will
migrate our unit trust client administration to a black-owned business in the final quarter of calendar 2018.
*Asset-weighted portfolios
INSTITUTIONAL BUSINESS
Our institutional business manages R346 billion (September 2017: R376 billion) on behalf of South African institutions and a growing number of global clients.
South African clients
We continue to manage a meaningful share of assets in the local pension fund industry, representing a total AUM of R285 billion (September 2017: R305 billion),
making us one of the largest independent managers of pension assets in the country.
Our local institutional portfolios recorded net outflows of R22.6 billion over the 12 months to end September 2018 (2017: R43.7 billion), representing 7.4% of
our opening balance for local institutional assets and a material improvement on the outflows experienced in the three years prior. This outcome was significantly
better than expected, given that the local institutional savings market continues to see structural net outflows and our SA Equity and Multi-Asset strategies
only reopened to new institutional clients in March 2017. The reopening followed a five-year closed period, representing one of the longest institutional product
closes by an asset manager in South Africa.
Within our South African specialist equity strategies:
- Coronation Houseview Equity has produced a return of 16.6% p.a. since its inception in October 1993, delivering an active return (alpha) of 2.3% p.a.
Within our market-leading multi-asset strategies:
- Coronation Global Houseview has delivered 15.9% p.a. since its launch in October 1993, thereby achieving a real return of 9.8% p.a., while Coronation Managed
has produced 16.1% p.a. since its launch in May 1996, representing a real return of 10.2% p.a.
Within our South African specialist fixed income strategies:
- Coronation Strategic Bond has produced a return of 9.8% p.a. since its inception in January 2008, thereby outperforming the All Bond Index by 1.4% p.a., while
Coronation Active Bond has produced a return of 11.4% p.a. since its launch in July 2000, representing alpha of 1.0% p.a.
Global clients
We manage a combined total of R61 billion (September 2017: R71 billion) in our global strategies on behalf of several leading international retirement funds,
endowments and family offices. Net outflows of R4.2 billion represented 5.9% of our opening AUM; a reasonable outcome, given the material shift towards passive
strategies away from active managers. Our Global Emerging Markets strategy achieved its 10-year milestone in July and we are exceedingly proud of the performance
and credibility achieved relative to the global peer group.
We remain confident in the long-term outlook for our global strategies as well as their value proposition to clients through active management:
- Our Africa Frontiers Strategy has delivered a strong absolute return of 9.5% p.a. (in US dollars) since its launch more than 10 years ago in October 2008,
placing it in the top quartile of its peer group globally.
- Despite experiencing some pressure in the short term, the long-term alpha generated by our Global Emerging Markets Equity Strategy remains strong at 3.4% p.a.
since its inception more than a decade ago in July 2008. This performance places it in the top quartile of its peer group globally.
- Coronation Global Managed has delivered a return of 8.2% p.a. (in US dollars) since its inception in November 2009, representing a real return of 6.5% p.a.
All institutional performance returns are stated gross of fees.
RETAIL BUSINESS
We remain one of the country's leading managers of long-term assets in the collective investment schemes industry, with retail assets totalling R241 billion
(September 2017: R238 billion). Once again, net inflows at an industry level were subdued, driven by weak economic conditions impacting savings levels. Against this
backdrop, we experienced net outflows of R4.2 billion for the 12 months under review, compared to R6.9 billion for the previous reporting period to end September 2017.
Performance highlights across our domestic and international fund range are detailed below, reflecting consistent first-quartile rankings in their corresponding
Morningstar categories since their respective inception dates:
- Coronation Top 20, a top-performing general equity fund, has outperformed its benchmark (FTSE/JSE Capped All Share Index) by 3.7% p.a. since its inception
in October 2000, and by 1.2% p.a. over the past 10 years.
- Coronation Balanced Plus, the no. 1 balanced fund in South Africa since its launch in April 1996, has outperformed its average competitor by 2.0% p.a. and
inflation by 8.7% p.a. over this same period.
- Coronation Capital Plus, the no. 1 multi-asset medium equity fund since its inception in July 2001, has delivered a real return of 6.2% p.a. over this same period.
- Coronation Balanced Defensive, a top-performing conservative fund, has produced a real return of 3.6% p.a. since its launch in February 2007.
- Coronation Strategic Income, the no. 1 multi-asset income fund since its launch in July 2001, has outperformed cash by, on average, 2.6% p.a. over this same period.
- Coronation Global Opportunities Equity [ZAR] Feeder, a top-performing global equity general fund since its launch in August 1997, has outperformed the global
equity market by 0.9% p.a. over its more than 20-year history.
- Coronation Global Managed [ZAR] Feeder, the no. 1 global multi-asset high equity fund in South Africa since its launch in October 2009, has outperformed
its average competitor by 1.5% p.a. over this same period.
All performance returns are stated net of fees for the respective retail classes.
TRANSFORMATION
As a proudly South African company, we are determined to ensure that our actions deliver sustainable long-term value to our stakeholders. More specifically,
for the past quarter of a century, we have been active participants in advancing meaningful transformation not only within our own business, but also in the
broader industry as well as the communities in which we operate. Key highlights include:
- For the past 11 years, we have committed 10% of our annual South African brokerage to emerging black stockbrokers through our Business Support Programme.
We also support the Association for Savings and Investment South Africa's (ASISA) Stockbroker Development Programme, an industry initiative aimed at accelerating
and further unlocking the growth potential of South African black stockbroking houses.
- We are a sponsor and co-founder of ASISA's Independent Financial Advisor (IFA) Development Programme, that provides business development support and skills
training to black IFAs.
- Since our inception, we have created numerous new financial services businesses. More recently, we supported the establishment of an independent, black-owned
unit trust client administration business.
- We are 23% black owned as measured by the Financial Sector Charter.
- 58% of our employees are black, of which 58% are black females.
- 67% of our non-executive directors are black, of which 50% are female.
- 78% of our new hires in the 2018 financial year are black.
- Based on our initial assessment of the revised Financial Sector Charter, we should move to a Level 2 rating*. Currently, we are rated Level 3
*This rating is yet to be confirmed by a verification agency.
FINAL DIVIDEND
We continue to reward shareholders through regular and significant distributions of free cash flow generated. We endeavour to distribute at least 75% of
after-tax cash profit. After assessing any projected future cash requirements, a final gross dividend of 197.0 cents per share has been declared for the year ended
30 September 2018 from income reserves, which has resulted in a final net dividend of 157.6 cents per share for shareholders subject to Dividends Tax (DT).
Together with the interim gross dividend of 223.0 cents per share, this amounts to a total gross dividend of 420.0 cents per share for the year.
Last day to trade Tuesday, 4 December 2018
Shares trade ex dividend Wednesday, 5 December 2018
Record date Friday, 7 December 2018
Payment date Monday, 10 December 2018
Share certificates may not be dematerialised or rematerialised between Wednesday, 5 December 2018 and Friday, 7 December 2018, both days inclusive. In terms of DT,
the following additional information is disclosed:
- The local DT rate is 20%.
- The number of ordinary shares in issue at the date of this declaration is 349 799 102.
- Coronation's tax reference number is 9 675 107 719.
PROSPECTS
While the South African economy remains beset with difficulties, we are encouraged by the actions taken by the current leadership. We believe they will translate
into higher levels of confidence initially, and potentially higher levels of investment into the economy which will promote growth over the medium to long term.
We are also more optimistic about the outlook for the major South African asset classes which, following a period of very disappointing returns, are presenting
above-average opportunities to long-term, valuation-driven investors such as ourselves. The outlook for global asset classes is more mixed, which too has enabled
us to construct differentiated portfolios. We remain optimistic that the current positioning of our strategies will generate higher future returns for our clients.
Together with our increased investment in our infrastructure, technology and people over the past year to support the provision of world-class service to our
clients, we believe this will ensure the delivery of sustainable long-term value for all stakeholders.
EXTERNAL AUDIT REVIEW
External auditor, EY, reviewed the preliminary condensed consolidated statement of financial position of Coronation as at 30 September 2018 and the related
condensed consolidated statements of comprehensive income, changes in equity and cash flows for the year then ended, and other explanatory notes. The review has
been conducted in accordance with the International Standard on Review Engagements 2410. Copies of the unqualified report of EY are available for inspection at
the registered office of the company. The auditor's report does not necessarily report on all 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 engagement, they should obtain a copy of the
auditor's report, together with the accompanying financial information, from the issuer's registered office.
Shams Pather Anton Pillay John Snalam
Chairman Chief executive officer Chief financial officer
Cape Town
20 November 2018
CONDENSED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
REVIEWED AUDITED
30 SEPT 30 SEPT
2018 2017 %
R MILLION R MILLION CHANGE
Fund management activities
Revenue 3 848 3 919 (2)
Other income 18 6
Total operating expenses* (1 933) (1 934) (0)
Other expenses* (3) (6)
Operating expenses* (1 930) (1 928)
Results from operating activities 1 933 1 991 (3)
Finance and dividend income 38 37
Finance expense (24) (23)
Share of profit of equity-accounted investee 8 8
Profit from fund management 1 955 2 013 (3)
Income attributable to policyholder linked assets and investment partnerships 5 2
Net fair value gains on policyholder and investment partnership financial instruments 99 45
Administration expenses borne by policyholders and investors in investment partnerships (94) (43)
Profit before income tax 1 960 2 015 (3)
Income tax expense (489) (492)
Taxation on shareholder profits (484) (490)
Taxation on policyholder investment contracts (5) (2)
Profit for the year 1 471 1 523 (3)
Other comprehensive income (to be reclassified to profit and loss in future periods) 55 67
Foreign currency translation differences for foreign operations 22 (24)
Net change in fair value of available-for-sale financial assets 33 91
Total comprehensive income for the year 1 526 1 590
Profit attributable to:
- equity holders of the company 1 471 1 523 (3)
- non-controlling interest - -
Profit for the year 1 471 1 523
Total comprehensive income attributable to:
- equity holders of the company 1 526 1 590 (4)
- non-controlling interest - -
Total comprehensive income for the year 1 526 1 590
Earnings per share (cents)
- basic 420.7 435.4 (3)
- diluted 420.7 435.4 (3)
Note to the statement of comprehensive income
Earnings attributable to shareholders 1 471 1 523
Non-controlling interest - -
Earnings attributable to ordinary shareholders 1 471 1 523
Profit on disposal of financial assets available for sale - 7
Headline earnings attributable to ordinary shareholders 1 471 1 530
Headline earnings per share (cents)
- basic 420.7 437.5 (4)
- diluted 420.7 437.5 (4)
Dividend per share (cents)
- interim 223.0 220.0 1
- final 197.0 217.0 (9)
* The following changes have been made to the presentation of operating expenses in order to more appropriately describe the nature
of such expenses. 'Other expenses' now includes foreign exchange losses as well as share-based payment expenses. Previously the
share-based payment expense was separately disclosed as 'Share-based payment expense'. No foreign exchange losses were incurred
in the 2017 financial year, and the foreign exchange losses reported at interim this year have all reversed.
CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION
REVIEWED AUDITED
30 SEPT 30 SEPT
2018 2017
R MILLION R MILLION
Assets
Intangible assets 1 088 1 088
Equipment 20 21
Investment in equity-accounted investees 41 39
Deferred tax asset 125 171
Investments backing policyholder funds and investments held through investment partnerships 51 424 55 721
Investment securities 1 190 934
Taxation receivable 15 -
Trade and other receivables 448 558
Cash and cash equivalents 805 564
Total assets 55 156 59 096
Liabilities
Long-term borrowings (note 3) 300 150
Deferred tax liabilities 23 24
Policyholder investment contract liabilities and liabilities to holders of interests in
investment partnerships 51 421 55 718
Short-term portion of long-term borrowings (note 3) - 150
External investors in consolidated funds (note 5) 221 -
Taxation payable - 35
Trade and other payables 935 747
Total liabilities 52 900 56 824
Net assets 2 256 2 272
Equity
Share capital and premium 256 256
Retained earnings 1 539 1 607
Reserves 301 243
Total equity attributable to equity holders of the company 2 096 2 106
Non-controlling interest in consolidated funds (note 5) 160 166
Total equity 2 256 2 272
CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS
REVIEWED AUDITED
30 SEPT 30 SEPT
2018 2017
R MILLION R MILLION
Cash flows from operating activities
Profit from fund management 1 955 2 013
Non-cash and other adjustments (15) 15
Operating cash flows before changes in working capital 1 940 2 028
Working capital changes 314 (5)
Cash flows from policyholders and investment partnership activities (2 427) (977)
Cash (utilised by)/generated from operations (173) 1 046
Interest paid (24) (23)
Income taxes paid (490) (454)
Net cash from operating activities (687) 569
Cash flows from investing activities
Finance and dividend income 38 37
Acquisition of equipment (12) (10)
Net (acquisition)/disposal of investment securities (8) 9
Net cash from investing activities 18 36
Cash flows from financing activities
Dividends paid (1 539) (1 532)
Net cash from financing activities (1 539) (1 532)
Decrease in cash and cash equivalents (2 208) (927)
Net increase in cash and cash equivalents - shareholders 219 50
Net decrease in cash and cash equivalents - policyholders and investment partnerships (2 427) (977)
Cash and cash equivalents at beginning of the period 8 259 9 210
Cash and cash equivalents at beginning of period - shareholders 564 538
Cash and cash equivalents at beginning of period - policyholders and investment partnerships 7 695 8 672
Effect of exchange rate fluctuations on cash held 22 (24)
Cash and cash equivalents at end of the period 6 073 8 259
Cash and cash equivalents at end of period - shareholders 805 564
Cash and cash equivalents at end of period - policyholders and investment partnerships 5 268 7 695
The above cash flows include the policyholder and investment partnership activities. These cash flows represent net contributions and withdrawals by
policyholders and investment partnerships and the related investing activities. Cash and cash equivalents of policyholders and investment partnerships are
not available for use by the shareholders of the group.
CONDENSED CONSOLIDATED SEGMENT REPORT
AFRICA INTERNATIONAL GROUP
AUDITED AUDITED
REVIEWED 30 SEPT REVIEWED 30 SEPT REVIEWED AUDITED
30 SEPT 2017 30 SEPT 2017 30 SEPT 30 SEPT
R MILLION 2018 RESTATED** 2018 RESTATED** 2018 2017
Segment external revenue 2 516 2 525 1 332 1 394 3 848 3 919
Segment operating expenses (1 457) (1 461) (476) (473) (1 933) (1 934)
Segment profit 1 059 1 064 856 921 1 915 1 985
Share of income of equity-accounted investee 8 8 - - 8 8
Net finance and other income/(expense) 10 17 22 3 32 20
Profit from fund management 1 077 1 089 878 924 1 955 2 013
Income* 5 2
Profit before income tax 1 960 2 015
Segment assets 1 557 1 121 921 956 2 478 2 077
Investments* 52 678 57 019
Total assets 55 156 59 096
* Income and investments are attributable to and backing policyholder funds and investments held through investment partnerships,
consolidated funds and other assets.
** Segmental assets to the value of R505 million previously categorised as Africa assets have been restated as International assets.
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
ISSUE CAPITAL
AND RESERVES
SHARE FOREIGN ATTRIBUTABLE
CAPITAL CURRENCY SHARE BASED TO EQUITY NON-
AND TRANSLATION RETAINED PAYMENT REVALUATION HOLDERS OF TROLLING TOTAL
R MILLION PREMIUM RESERVE EARNINGS RESERVE RESERVE THE COMPANY INTEREST EQUITY
Balance at 30 September 2016 (audited) 256 155 1 586 29 16 2 042 136 2 178
Total comprehensive income for the year
Profit for the year 1 523 1 523 1 523
Other comprehensive income (available to be
recycled to profit and loss in future periods)
Currency translation differences (24) (24) (24)
Revaluation of available-for-sale
financial assets 91 91 91
Total other comprehensive income - (24) - - 91 67 - 67
Total comprehensive income for the year - (24) 1 523 - 91 1 590 - 1 590
Transactions with owners recorded directly
to equity
Share-based payments 6 6 6
Transfer to retained earnings 30 (30)
Dividends paid (1 532) (1 532) (1 532)
Change in non-controlling interest in
consolidated funds (note 5) 30 30
Total transactions with owners - - (1 502) (24) - (1 526) 30 (1 496)
Balance at 30 September 2017 (audited) 256 131 1 607 5 107 2 106 166 2 272
Total comprehensive income for the year
Profit for the year 1 471 1 471 1 471
Other comprehensive income (available to be
recycled to profit and loss in future periods)
Currency translation differences 22 22 22
Revaluation of available-for-sale
financial assets 33 33 33
Total other comprehensive income - 22 - - 33 55 - 55
Total comprehensive income for the year - 22 1 471 - 33 1 526 - 1 526
Transactions with owners recorded directly
to equity
Share-based payments 3 3 3
Dividends paid (1 539) (1 539) (1 539)
Change in non-controlling interest in
consolidated funds (note 5) (6) (6)
Total transactions with owners - - (1 539) 3 - (1 536) (6) (1 542)
Balance at 30 September 2018 (reviewed) 256 153 1 539 8 140 2 096 160 2 256
Notes to the condensed consolidated financial statements
1. Basis of preparation and accounting policies
The financial information has been prepared in accordance with the framework concepts and the measurement and recognition requirements of the International
Financial Reporting Standards (IFRS); the International Accounting Standard 34 Interim Financial Reporting; the Listings Requirements of the JSE Limited; the
SAICA Financial Reporting Guides as issued by the Accounting Practices Committee and Financial Reporting Pronouncements as issued by the Financial Reporting
Standards Council, as well as the South African Companies Act, Act 71 of 2008. The condensed consolidated financial statements do not include all of the
information required for a complete set of IFRS annual financial statements.
These condensed consolidated financial statements have been prepared in accordance with the historical cost basis except for certain financial instruments
which are stated at fair value. The condensed consolidated financial statements are presented in rand, rounded to the nearest million. The accounting policies
applied in the presentation of the condensed financial statements are in terms of IFRS and are consistent with those presented in the previous annual financial
statements. IFRS 9 and IFRS 15 will not have a material impact on opening equity for the 2019 financial year. Comparatives will not be restated.
These reviewed results have been prepared under the supervision of H Rawoot CA(SA).
2. Related party transactions
Related party transactions for the current year are similar to those disclosed in the group's annual financial statements for the year ended 30 September 2017.
No new significant related party transactions arose during the current year.
3. Long-term and short-term borrowings
Cumulative redeemable preference shares with dividends linked to prime are payable on a quarterly basis, with R150 million capital repayments due on 1 April 2020
and 1 April 2021 respectively. The latter was previously due on 31 March 2018.
4. Fair value disclosure
The table below analyses financial instruments carried at fair value, by valuation method. The different levels have been defined as follows:
Level 1: Quoted prices (unadjusted) in active markets for identical assets or liabilities.
Level 2: Inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly (i.e. as closing prices) or indirectly
(i.e. derived from closing prices). The majority of Level 2 investments are deposits held with financial institutions. The fair values of these deposits are
determined using a discounted cash flow valuation methodology based on market rates, reflecting the time value of money and counter party credit risk. The fair
value of policyholder and investment partnership liabilities that are included in Level 2 of the hierarchy are measured with reference to the quoted prices in an
active market of the investments underlying the liabilities. Cash and cash equivalent balances along with their related liabilities of R1 383 million
(R2 253 million: 30 September 2017) have been excluded from the below table in current and prior years respectively.
Level 3: Inputs for the asset or liability that are not based on observable market data (unobservable inputs).
R MILLION LEVEL 1 LEVEL 2 LEVEL 3 TOTAL
September 2018
Investments backing policyholder funds and investments
held through investment partnerships 45 017 5 024 - 50 041
Investment securities 1 189 - 1 1 190
46 206 5 024 1 51 231
Policyholder, external investor and investment
partnership liabilities - 50 259 - 50 259
September 2017
Investments backing policyholder funds and investments
held through investment partnerships 46 960 6 508 - 53 468
Investment securities 933 - 1 934
47 893 6 508 1 54 402
Policyholder, external investor and investment
partnership liabilities - 53 465 - 53 465
During the current year, a net amount of R63 million in debentures were transferred from Level 1 to Level 2 as these are now considered to be held in an inactive market.
Fair value for all other financial assets and liabilities have not been presented because they are not carried at fair value and their carrying amounts approximate
fair value.
5. Non-controlling interest in consolidated funds and external investors in consolidated funds
The non-controlling interest in consolidated funds arises as a result of the continued consolidation of Coronation Global Frontiers Fund. The group's interest in
the Coronation Global Equity Select Feeder Fund increased to 52% during the period under review to augment regulatory capital held within the group. As a result
the fund is now consolidated and there has been no material change to the acquisition value as at year end.
6. Contingent liabilities: South African Revenue Service (SARS) matters
From time to time, in common with other organisations, companies in the group are subject to review by SARS. One of our companies has been the subject of a review
on a matter of principle relating to international operations, and assessed for the 2012, 2013 and 2014 financial periods, to which management strongly disagrees
and has objected. Management is confident, supported by external advisors, of the company's position and an outflow is not considered probable should the matter
be interpreted by a court of law, the ultimate tax authority on these matters. Any amounts involved are currently not considered capable of reliable estimation.
Directors:
S Pather (Chairman)*, A C Pillay (CEO), J A Snalam (CFO), L Boyce*, J G February*, J D McKenzie*, H A Nelson*, A Watson*
(* Independent non-executive)
Registered office:
7th Floor, MontClare Place,
Cnr Campground and Main Roads,
Claremont 7708, Cape Town
Postal address:
PO Box 44684, Claremont 7735,
Cape Town
Registration number:
1973/009318/06
Transfer secretaries:
Computershare Investor Services
(Pty) Ltd, Rosebank Towers
15 Biermann Avenue
Rosebank
2196
Sponsor:
PSG Capital (Pty)Ltd
1st Floor, Ou Kollege Building
35 Church Street
Stellenbosch
7600
JSE share code: CML
ISIN: ZAE000047353
Any forward-looking information contained in this announcement has not been reviewed or reported on by the company's external auditors.
Date: 20/11/2018 07:05:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE').
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