SABVEST LIMITED - Audited preliminary consolidated summarised results for year ended 31 December 2018 and cash dividend declaration

Release Date: 13/03/2019 17:29
Code(s): SBV SVN
 
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Audited preliminary consolidated summarised results for year ended 31 December 2018 and cash dividend declaration

SABVEST LIMITED
Incorporated in the Republic of South Africa
Registration number 1987/003753/06
“Sabvest” or “the group” or “the company”
ISIN: ZAE000006417 – ordinary shares
ISIN: ZAE 000012043 – “N” ordinary shares
Share code: SBV – ordinary shares
Share code: SVN – “N” ordinary shares

AUDITED PRELIMINARY CONSOLIDATED SUMMARISED RESULTS 
for the year ended 31 December 2018
AND CASH DIVIDEND DECLARATION

CONSOLIDATED SUMMARISED STATEMENT OF FINANCIAL POSITION
as at 31 December 2018
                                       Audited        Audited
                                        31 Dec         31 Dec
                                          2018           2017
                                         R’000          R’000
Non-current assets                   2 367 060      1 135 885
Property, plant and equipment            2 688          1 050
Investment holdings                  2 364 372      1 134 835
 Unlisted investments                1 707 546        652 547
 Listed investments                    566 699        332 279
 Listed investments held indirectly     90 127        150 009
Current assets                         452 538      1 514 928
Finance advances and receivables        34 987      1 388 447
Listed investments held indirectly 
 (held-for-sale)                        65 985              –
 Listed share portfolio                      –        101 556
 Equity investment                           –         24 867
 Bond portfolio                        101 993              –
Cash balances                          249 573             58
Total assets                         2 819 598      2 650 813
Ordinary shareholders’ equity        2 446 148      2 303 945
Non-current liabilities                277 109        235 807
Interest-bearing debt                  100 000        110 000
Deferred tax liabilities               177 109        125 807
Current liabilities                     96 341        111 061
Interest-bearing debt                   66 176         70 897
 Equity/bond portfolio finance               –          7 685
 Current portion of non-current 
  interest-bearing debt                 40 000         30 000
 Interest-bearing debt                  26 176         33 212
Accounts payable and provisions         30 165         40 164
Total equity and liabilities         2 819 598      2 650 813

CONSOLIDATED SUMMARISED STATEMENT OF CASH FLOWS
for the year ended 31 December 2018
                                       Audited        Audited
                                        31 Dec         31 Dec
                                          2018           2017
                                         R’000          R’000
Cash (utilised in)/generated by
 operating activities                  (52 477)        20 766
Net income for the year                238 083        688 364
Adjusted for non-cash items           (214 909)      (641 254)
Cash flows from operations              23 174         47 110
Dividends paid  –  ordinary            (30 345)       (26 344)
                –  special             (45 306)             –
Cash flows from investing 
 activities                            438 465        (31 848)
These include:
Purchase of investment holdings and 
 offshore portfolio                 (1 557 661)      (240 877)
Proceeds from sale of investment 
 holdings and offshore portfolio       643 431        207 675
Proceeds from sale of fixed assets         300              –
Proceeds of special dividend         1 387 500              –
Other                                  (35 105)         1 354
Cash effects of financing 
 activities                           (136 473)         8 053
These include:
Increase in long-term loans                  –         20 000
Interest-bearing debt                   (7 036)        22 057
Decrease in offshore portfolio 
 finance                                (7 685)       (28 892)
Purchase of company shares            (120 609)             –
Other                                   (1 143)        (5 112)
Change in cash and cash equivalents    249 515         (3 029)
Cash and cash equivalents at 
 beginning of year                          58          3 087
Cash and cash equivalents at 
 end of year                           249 573             58

CONSOLIDATED SUMMARISED STATEMENT OF COMPREHENSIVE INCOME
for the year ended 31 December 2018
                                                     Restated*2
                                       Audited        Audited
                                        31 Dec         31 Dec
                                          2018           2017
                                         R’000          R’000
Gross income from operations 
 and investments                       364 351        570 934
 Dividends received                     53 557         94 273
 Interest received                      27 758          7 117
 Foreign exchange gain                  21 681              –
 Income/(loss) on financial 
 investments and shares                 68 405        (22 558)
 Fees and sundry income                  2 047          1 362
 Fair value adjustment to 
 investments                           190 903        490 740
 –  Listed                             (89 653)       (44 022)
 –  Listed investments held 
     indirectly                          6 103        (67 091)
 –  Unlisted                           274 453        601 853
Transactional costs                    (11 877)          (633)
Impairments written 
 back/(impairments)                        851         (1 506)
Fair value loss on initial 
 recognition of interest-free loans     (3 907)             –
Interest paid                          (16 752)       (15 839)
Net income before expenses and 
 exceptional items                     332 666        552 956
Less:  Expenditure                     (43 281)       (62 474)
       Operating costs – fixed *2      (27 222)       (26 323)
       Operating costs – variable *2   (15 487)       (35 785)
       Depreciation                       (572)          (366)
Net income before taxation             289 385        490 482
Taxation – deferred                    (51 302)       197 882
Net income for the year attributable
 to equity shareholders                238 083        688 364
Translation of foreign subsidiary *1   101 523        (12 217)
Total comprehensive income
 attributable to equity 
 shareholders                          339 606        676 147

*1 This item may subsequently be classified to profit and loss.
*2 Refer to restatement of comparative information.

OTHER INFORMATION
                                       Audited        Audited
                                        31 Dec         31 Dec
                                          2018           2017
Net asset value per share with 
 investments at fair value – cents       5 852          5 085
Number of shares in issue less 
 held in treasury – 000’s               41 802         45 306
Earnings per share – cents               531,3        1 517,3
Weighted average number of shares 
 in issue – 000’s                       44 813         45 368
Reconciliation of headline 
 earnings (R’000)   
Net income for the year                238 083        668 364
Profit on sale of property, plant 
 and equipment                            (155)             –
Headline earnings for the year         237 928        668 364
Headline earnings per 
 share – cents *3                        530,9        1 517,3

*3 There are no diluting instruments.

SALIENT FEATURES
EXTRACTED FROM THE AUDITED FINANCIAL STATEMENTS*

                                   %   Audited        Audited   
                            Increase/     2018           2017
                            (decrease)   Cents          Cents

Net asset value per share        15,1    5 852          5 085
Dividends per share              11,5       68             61 
Special dividends per share         –      100              –
Headline earnings per share     (65,0)   530,9        1 517,3
Earnings per share              (65,0)   531,3        1 517,3

                          Audited      Audited        Audited
                             2016         2015           2014
                            Cents        Cents          Cents
Net asset value per 
 share                      3 646        3 719          2 683
Dividends per share            55           50             43
Special dividends per share     –            –            100
Headline earnings per share   9,2      1 003,9          444,7
Earnings per share            9,2      1 003,9          445,0

                                    %   
                             Increase/    2018           2017
                            (decrease)      Rm             Rm
Profit after taxation           (65,4)   238,1          688,3
Total comprehensive income      (49,8)   339,6          676,1
Shareholders’ funds               6,2  2 446,1        2 303,9

                            2016          2015           2014
                              Rm            Rm             Rm
Profit after taxation        4,2         459,9          204,6
Total comprehensive 
 income                    (11,8)        495,0          213,8
Shareholders’ funds      1 659,2       1 701,3        1 233,1

* The directors take responsibility for the correct extraction 
  of the information from the audited financial statements.

CONSOLIDATED SUMMARISED STATEMENT OF CHANGES IN EQUITY
for the year ended 31 December 2018

                                     Non-
                                  distri-     Distri-
                 Share    Share  butable     butable
               capital  premium  reserve     reserve       Total
                 R’000    R’000    R’000       R’000       R’000

Balance as 
 at 31 December 
 2016              855   33 545   54 513   1 570 342   1 659 255
Total compre-
 hensive profit 
 for the year        –        –  (12 217)    688 364     676 147
Loss in 
 share trust         –        –       (1)          –          (1)
Shares held in 
 treasury – 
 written back        1   12 203        –           –      12 204
Shares held in 
 treasury           (5) (17 311)       –           –     (17 316)
Dividends paid       –        –        –     (26 344)    (26 344)
Balance as at 
 31 December 
 2017              851   28 437   42 295   2 232 362   2 303 945
Total compre-
 hensive profit 
 for the year        –        –  101 523     238 083     339 606
Shares held in 
 treasury – 
 written back        5   17 311        –           –      17 316
Shares cancelled    (5) (45 748)       –     (93 315)   (139 068)
Dividends paid       –        –        –     (75 651)    (75 651)
Balance as at 
 31 December
 2018              851        –  143 818   2 301 479   2 446 148

                                           31 Dec         31 Dec
                                             2018           2017
                                            R’000          R’000
Dividends per share (proposed after 
 interim/year-end) – cents                   68,0           61,0
Special dividends per share (proposed 
 after year-end) – cents                        –          100,0

CONTINGENT LIABILITIES
at 31 December 2018

1.  The group has rights and obligations in terms of shareholder 
    and purchase and sale agreements relating to its present and 
    former investments.

2.  Commitments for the lease of premises are as follows:
    Year 1         R1 101 565
    Year 2           R474 750

3.  Guarantees for the bank borrowings of two investees utilised 
    at the year-end in amounts totalling R165,8m (utilisation by 
    investees at 31 December 2018, R139m).

INVESTMENT HOLDINGS
as at 31 December 2018

                               Number    
                                   of   Economic          Fair
                             Ordinary   interest         value
                         shares/units          %         R’000

UNLISTED INVESTMENTS
Classic Food 
 Brands (Pty) Ltd                           25,0        25 762
DNI-4PL Contracts 
 (Pty) Ltd *1                                7,6       159 714
Flexo Line Products 
 (Pty) Ltd                                  47,5        24 572
ITL Holdings Group *2                       30,0       704 968
SA Bias Industries 
 (Pty) Ltd *3                               59,9       738 700
Sunspray Food Ingredients 
 (Pty) Ltd *4                               28,2        53 831
                                                     1 707 547
LISTED INVESTMENTS 
Brait S.E.                  4 000 000                  120 000
Corero Network 
 Security Plc (UK)         28 000 000                   64 129
Metrofile Holdings 
 Limited                   46 500 000                  117 645
Net1 UEPS 
 Technologies Inc             300 000                   15 075
Rolfes Holdings Limited    27 500 000                   79 750
Transaction Capital 
 Limited                   10 000 000                  170 100
                                                       566 699

LISTED INVESTMENTS 
 HELD INDIRECTLY
Rolfes Holdings 
 Limited *5                22 500 000                   65 250
Value Capital Partners 
 Fund *6                      200 000                   24 877
                                                        90 127
Non-current investment holdings                      2 364 373
Current investments                                    167 968
– Listed bond portfolio                                101 983
– Listed investments held-for-sale                      65 985
TOTAL HOLDINGS                                       2 532 341

*1  Effective interest of 7,59% in DNI through 35,72% of JAA 
    Holdings which owns 21,24% of DNI.

*2  ITL Holdings Limited Jersey held through Mandarin Industries 
    Limited BVI and ITL Holdings SA (Pty) Ltd held through 
    Mandarin Holdings (Pty) Ltd.

*3  Voting interest 49%.

*4  Held indirectly through ordinary shares in Famdeen 
    Investments (Pty) Ltd.

*5  Held indirectly through participating preference shares in 
    Masimong Chemicals (Pty) Ltd  linked to the performance of 
    22,5m shares in Rolfes Holdings Limited.

*6  Value Active PFP H4 Fund invested in listed equities 
    presently primarily in Altron, Sun International and PPC.

COMMENTARY

PROFILE

Sabvest is an investment group which has been listed on the JSE 
since 1988. Its ordinary and ‘N’ ordinary shares are quoted in 
the Equity Investments Instruments sector.   

Sabvest has significant interests in six unlisted groups, long-
term direct and indirect holdings in seven listed investments and 
equity funds, and an offshore bond portfolio, all accounted for 
on a fair value basis. In addition, Sabvest invests in debt 
instruments and portfolios and undertakes other fee, finance and 
profit-earning activities from time to time.

CHANGES IN INVESTMENT HOLDINGS

During the period Sabvest:
– increased its interest to 47,5% and provided loan funding to 
  Flexo Line Products (Pty) Ltd;

– purchased 30% of Mandarin Industries Limited (BVI) which owns 
  100% of the ITL Group (International Trimmings & Labels) 
  internationally for $33,6m (R398,5m);

– purchased effective 30% and provided funding to ITL Holdings 
  RSA indirectly through Mandarin Holdings (Pty) Ltd (RSA) for 
  R93m, of which R90m is a preference share in Mandarin with a 
  coupon of 11% redeemable 39 months from issue;

– increased its interest in Sunspray Food Ingredients (Pty) Ltd 
  from 22% to 28% as a result of a share buy-back from a 
  retiring shareholder for R9,2m;

– purchased 35,72% of JAA Holdings (Pty) Ltd (JAA) which owns 
  21,24% of DNI 4PL Contracts (Pty) Ltd (DNI) resulting in  
  Sabvest having a look-through interest of 7,59% in DNI for 
  R159,7m;

– purchased 3,2m shares in Brait for R128,5m thereby increasing 
  its holding to 4m shares;

– purchased 21,5m shares in Metrofile Holdings for R69,6m 
  thereby increasing its holding to 46,5m shares, representing 
  11,3% of Metrofile;

– purchased 250 000 shares in Net1 UEPS Technologies Inc for 
  R30m thereby increasing its holding to 300 000 shares;

– purchased 17m Rolfes shares for R53,5m thereby increasing 
  its direct and indirect holdings in Rolfes to 50m shares, 
  representing a 31% economic interest in Rolfes;

– purchased 6m shares in Corero Network Security Plc for 
  GBP443 000 (R7,9m) thereby increasing its holding to 28m 
  shares, representing a 6,6% interest in Corero;

– invested $17,5m in a bespoke offshore technology portfolio 
  in February which was realised in full in August;

– invested $7m in an offshore bond ETF;

– disposed of its offshore general equity portfolio in 
  September for $7,9m (R116,9m) which is currently held in 
  cash in US dollars;

– repurchased 1 271 Sabvest ordinary shares and 3 502 602 
  Sabvest ‘N’ shares for R121,7m and cancelled all the 
  treasury shares held, with the result that at the year end 
  16 975 293 ordinary shares and 24 826 919 ‘N’ ordinary 
  shares remained in issue;

Subsequent to the reporting date:

– on 30 January 2019 JAA increased its interest in DNI to 
  34,92%, partially funded by the issue of new JAA shares, 
  which diluted Sabvest’s interest in JAA to 28,4% but 
  increased its look-through interest in DNI to 9,92%;

– effective on 1 March 2019 Sabvest purchased a 10% interest 
  in Masimong Group Holdings (Pty) Ltd, the major investments 
  of which are 25% of Seriti Resources (Pty) Ltd (which owns 
  90% of Seriti Coal), 49% of Lephalale Coal Mines (Pty) Ltd 
  and 18,1% of Mouton Holdings (Pty) Ltd (which owns 100% of 
  Mouton Citrus and 65% of Carmien Tea);

– disposed of its offshore bond portfolio of $7,3m, the 
  proceeds of which are currently held in cash.

FINANCIAL RESULTS

PAT reduced to R238,1m which Sabvest regards as a more normalised 
level relative to the exceptional and record results in 2017.

PAT was, however, negatively affected by reductions in the share 
prices of the group’s RSA listed holdings other than Transaction 
Capital and the Value Capital Partners Fund which performed 
strongly.

Operating costs reduced due mainly to performance linked 
incentives in the current year based on a lower level of PAT. 
Pursuant to the reduction in PAT, HEPS reduced to 530,9 cents.

NAV per share increased by 15,1% to a new high of 5 852 cents per 
share and shareholders’ funds increased to R2 446,1m, 
notwithstanding the payment of a special dividend of 100 cents 
per share. The increase in NAV per share was aided by the 
material share buyback during the year and the resulting 41,8m 
shares in issue at the reporting date (2017: 45,4m).

LISTED INVESTMENTS

– Brait’s share price reduced materially pursuant to concerns 
  relating to its interests in the UK with the Brexit 
  uncertainty, the weakness in the retail sector and the 
  effects of the recapitalisation initiatives in New Look.

– The Corero share price continues to be volatile on small 
  volumes but strategically its new relationship with Juniper 
  Networks holds considerable promise.

– Metrofile’s earnings have been below expectations and its share 
  price has been weak most of the year.

– Net1 has suffered difficult trading conditions in its post 
  SASSA contract period and its share price has been weak 
  accordingly.

– Rolfes is trading well and has good prospects but has 
  experienced a sideways share price performance.

– Torre Industries has paid a special dividend and its 
  shareholders, including Sabvest, have accepted an offer for 
  the company. The investment is accordingly held for sale.

– Transaction Capital continues to trade very satisfactorily. 
  It produced good growth for the year and its share price 
  continues to strengthen.

– The Value Capital Partners Fund experienced a satisfactory 
  increase in value driven in particular by its holding in 
  Altron.

– The group’s offshore, technology and general portfolios were 
  sold in Q3 with a satisfactory gain on sale, both in terms of 
  performance and currency.

UNLISTED INDUSTRIAL INVESTMENTS

– Classic Food Brands has established its start-up manufacturing 
  facilities, has reached profitability and has material growth 
  prospects.

– DNI is growing strongly with profitability ahead of 
  projections.

– Flexo Line Products traded below expectations due primarily to 
  labour and management issues. Both have been resolved and the 
  company is now trading at improved levels of profitability;

– ITL traded well notwithstanding a competitive market place. 
  Its customer base continues to grow in line with expectations, 
  its comprehensive RFID solution is gaining traction both in 
  South Africa and internationally, it has concluded agreements 
  to increase its interest from 50% to 100% in ITL Bangladesh 
  and its new ITL Ethiopian operation will come on line shortly 
  to service certain new US retail accreditations.

– SA Bias Industries’ results were mixed. Flowmax in the UK 
  traded satisfactorily despite disruptions caused by Brexit, 
  Narrowtex and Apparel Components in South Africa experienced 
  challenging local market conditions.  

– Sunspray is trading well with profitability ahead of budget.

Unlisted investments are valued using the maintainable earnings 
model. Current earnings are calculated on an EBITDA basis and 
also referenced to NOPAT and are moderated if appropriate 
relative to forward earnings projections.

EBITDA multiples are based on transaction multiples usual for 
small/medium cap private companies and are in the range of 4 to 6 
times. The ITL Group multiple is at a higher level of 9,25 times 
but which is below the 2018 acquisition multiple. Each resulting 
calculation is then adjusted for net cash/debt/equivalents to 
determine net EV.

FUTURE INVESTMENTS

Sabvest remains focused on unlisted investments but will also 
hold some listed investments where it is represented on the board 
and has influence to execute particular strategies. It will use 
its surplus cash and debt capacity if appropriate. It may also 
issue new shares but only if the value exchange in the capital 
allocation decision is compelling.

PARTNERSHIP PRINCIPLE

Sabvest has currently and will in the future usually only invest 
alongside a family, operating or financial partner. This is 
presently the case in all of its unlisted investments and most of 
its listed investments.

CAPITAL RESTRUCTURE

The group is in discussions which may lead to proposals to 
shareholders to simplify the group’s dual share structure. 
Shareholders will be advised as these progress.

DIVIDENDS

Dividends are determined relative to Sabvest’s own cash flows 
from investments and services and capital receipts or special 
dividends that are not earmarked for new investments.
Dividends are considered twice annually. The normal dividends for 
the twelve months have been increased by 11% to 68 cents per 
share.

A special dividend of 100 cents per share was paid in February 
2018.

RELATED PARTIES

Related party transactions exist between subsidiaries and the 
holding company, fellow subsidiaries and investee companies, and 
comprise fees, dividends and income.

Transactions with directors relate to fees and monies lent to the 
group by individuals and companies controlled by the directors.

ACCOUNTING POLICIES

The audited consolidated summarised financial statements have 
been prepared in accordance with the framework concepts and the 
recognition and measurement criteria of International Financial 
Reporting Standards (IFRS) and comply with the minimum disclosure 
requirements of International Accounting Standard 34: Interim 
Financial Reporting as issued by the International Accounting 
Practices Standards Board (IASB), the SAICA Financial Reporting 
Guides issued by the Accounting Practices Committee and Financial 
Pronouncements issued by the Financial Reporting Council, the JSE 
Listings Requirements and the requirements of the Companies Act 
of South Africa.

They have been prepared on a historical cost basis except for 
financial instruments and investments which are measured at fair 
value. The significant accounting policies and methods of 
computation are consistent in all material aspects to those 
applied in the previous financial year other than the adoption of 
IFRS 9 and IFRS 15 during the current year.

The group has adopted the revised or amended accounting standards 
issued by the International Accounting Standards Board (IASB) and 
the IFRS Interpretations Committee (IFRIC) which were effective 
and applicable to the group from 1 January 2018. The application 
of these changes, had no impact on the group’s financial results 
for the year other than IFRS 9. In respect of IFRS 9, the loans 
of which the interest were non-market-related, were discounted at 
a market-related rate to determine a fair value at initial 
recognition during the current year.

The significant accounting policies are available for inspection 
at the group’s registered office. There has been no material 
change in judgements or estimates of the amounts reported in 
prior reporting periods. The preparation of these preliminary 
consolidated summarised financial statements were supervised by 
the Chief Financial Officer, R Pleaner CA(SA). 

This announcement does not include the information required 
pursuant to paragraph 16A(j) of IAS 34. The full annual financial 
statements of the group set out these disclosures and are 
available on the issuer’s website, at the issuer’s registered 
offices and upon request.

RESTATEMENT OF COMPARATIVE INFORMATION

The group has enhanced its disclosure of total operating costs by 
separating fixed and variable costs to enable shareholders to 
assess the variability of costs. This has not resulted in any 
changes to the total amounts reflected in the statements of 
financial position and comprehensive income.

AUDIT OPINION

The auditors, Deloitte & Touche, have issued an unmodified audit 
opinion on the consolidated financial statements for the year 
ended 31 December 2018. Their audit was conducted in accordance 
with the International Standard of Auditing. The audited 
preliminary consolidated summarised results presented have been 
derived from the audited consolidated financial statements for 
the year ended 31 December 2018. The auditors, Deloitte & Touche, 
have issued an unmodified opinion of the preliminary consolidated 
summarised financial information. The auditors’ report does not 
necessarily cover all of the information contained in this 
announcement. Shareholders are therefore advised that in order to 
obtain full understanding of the nature of the auditors’ work 
they should obtain a copy of that report with the accompanying 
financial information from the registered office of the company. 
A copy of the full consolidated financial statements including 
the audit report and report on this preliminary consolidated 
summarised information are available for inspection at the 
company’s registered office.

DIRECTORATE

As advised in the interim results, Ms Lindiwe Mthimunye-Bakoro, 
M.Com, H.Dip Tax Law, CA(SA) joined the board as an independent 
non-executive director on 5 June 2018 and is a member of all 
board committees.

Mr BJT Shongwe has joined the social and ethics committee.
On 1 January 2019 Mr Leon Rood , B.Com, LLB joined Sabvest as an 
executive director.

KING IV COMPLIANCE

Sabvest’s King IV compliance report is on the Sabvest website and 
will be updated in the 2018 integrated annual report.

PROSPECTS

All of the group’s unlisted investee companies are budgeting 
improved profitability in 2019.

In the listed portfolio, Corero, Rolfes, Transaction Capital and 
Value Capital Partners are performing to expectations but it is 
obviously not possible to project likely listed share prices. In 
certain of the investees actions are being taken with the 
intention of unlocking value appropriately.

We anticipate a satisfactory year in 2019.

References to future financial information in this announcement 
have not been reviewed or reported on by the group’s auditors.

For and on behalf of the Board

Dawn Mokhobo        Christopher Seabrooke       Raymond Pleaner
Chairman            CEO                         CFO

Sandton
13 March 2019

CASH DIVIDEND DECLARATION 

Notice is hereby given that a final dividend of 36 cents (2017: 
35 cents) per ordinary and ‘N’ ordinary share for the year ended 
31 December 2018 has been declared out of income reserves making 
a total of 68 cents for the year (2017: 61 cents).

The issued share capital of the company at the declaration date 
is 16 975 293 ordinary and 24 826 919 ‘N’ ordinary shares. The 
income tax number of the company is 9375/105/716.

Withholding tax on dividends at a rate of 20% will be deducted 
for all shareholders who are not exempt in terms of the 
legislation. This will result in a final net cash dividend of 
28,8 cents per ordinary and ‘N’ ordinary share to non-exempt 
shareholders.

Last date to trade “CUM” dividend         Tuesday, 2 April 2019
Trading “EX” dividend commences         Wednesday, 3 April 2019
Record date                                Friday, 5 April 2019
Dividend payment date                      Monday, 8 April 2019

No dematerialisation or rematerialisation of share certificates 
will be allowed during the period Wednesday, 3 April 2019 to 
Friday, 5 April 2019, both days inclusive.

SABVEST LIMITED

Registered address: 
4 Commerce Square, 39 Rivonia Road, Sandhurst, Sandton 2196 

Communications: 
Postal address: PO Box 78677, Sandton 2146, Republic of South 
Africa 

Telephone: (011) 268 2400 
Fax: (011) 268 2422 
e-mail: ho@sabvest.com 

Transfer secretaries: 
Computershare Investor Services (Pty) Ltd, Rosebank Towers, 
15 Biermann Avenue, Rosebank 2196 (PO Box 61051, Marshalltown 
2107) 

Directors:  
DNM Mokhobo# (Chairman), BJT Shongwe# (Deputy Chairman), 
CS Seabrooke* (Chief Executive), NSH Hughes# (Lead Independent 
Director), L Mthimunye-Bakoro#, R Pleaner*, L Rood*^ 

*Executive      #Independent      ^Appointed 1 January 2019 

Sponsor: 
Rand Merchant Bank (A division of FirstRand Bank Limited), 1 
Merchant Place, Corner of Fredman Drive and Rivonia Road, Sandton 
2196

Company secretary: 
Levitt Kirson Business Services (Pty) Ltd

www.sabvest.com

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