AFRICAN & OVERSEAS ENTERPRISES LIMITED - Unaudited interim condensed consolidated results for the six months ended 31 December 2018

Release Date: 25/03/2019 16:35
Code(s): AON AOO AOVP
 
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Unaudited interim condensed consolidated results for the six months ended 31 December 2018

African and Overseas Enterprises Limited
(Incorporated in the Republic of South Africa - Reg No. 1947/027461/06)
("the company")
JSE share codes: AOO - AON - AOVP  
ISIN: ZAE000000485 - ZAE000009718 - ZAE000000493

Unaudited interim condensed consolidated results for the six months ended 31 December 2018


CONDENSED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
                                                                               Six months ended      Six months ended      Year ended    
                                                                                    31 December           31 December         30 June    
                                                                                           2018                  2017            2018    
                                                                                      Unaudited             Unaudited         Audited    
                                                                       % Change           R'000                 R'000           R'000    
Revenue                                                                    13.9         361 691               317 506         608 064    
Turnover                                                                   13.5         349 567               307 987         587 632    
Cost of sales                                                                          (158 739)             (145 578)       (267 730)    
Gross profit                                                               17.5         190 828               162 409         319 902    
Other income                                                               14.7           8 839                 7 705          15 700    
Other operating costs                                                       4.6        (168 689)             (161 236)       (322 834)    
Operating profit                                                          248.9          30 978                 8 878          12 768    
Dividend income                                                                              23                    22              45    
Finance income                                                                            3 262                 1 792           4 687    
Finance costs                                                                               (75)                  (99)            (71)    
Share of profit of associate (net of taxation)                                           26 516                     -               -    
Dilution loss on investment in associate                                                (14 811)                    -               -    
Profit before tax                                                         333.2          45 893                10 593          17 429    
Income tax expense                                                                      (10 214)               (3 358)         (5 897)    
Profit for the period                                                     393.1          35 679                 7 235          11 532    
Other comprehensive income                                                                                                               
Items that are or may be subsequently reclassified to                 
profit or loss                                                                     
Fair value adjustment on available-for-sale investment                                        -                     -             245    
Fair value adjustment on assets held at fair value through            
other comprehensive income                                                                    9                     -               -    
Total comprehensive income for the period (net of taxation)                              35 688                 7 235          11 777    
Profit attributable to:                                                                                                                  
Ordinary and "N" ordinary shareholders of the parent                                     18 995                 3 614           5 709    
Preference shareholders                                                                      17                    17              33    
Profit attributable to equity holders of the parent                                      19 012                 3 631           5 742    
Non-controlling interest                                                                 16 667                 3 604           5 790    
Profit for the period                                                                    35 679                 7 235          11 532    
Total comprehensive income attributable to:                                                                                              
Ordinary and "N" ordinary shareholders of the parent                                     19 000                 3 614           5 846    
Preference shareholders                                                                      17                    17              33    
Profit attributable to equity holders of the parent                                      19 017                 3 631           5 879    
Non-controlling interest                                                                 16 671                 3 604           5 898    
Total comprehensive income for the period                                                35 688                 7 235          11 777    
Reconciliation of headline earnings                                                                                                      
Earnings attributable to Ordinary and "N" ordinary shareholders       
of the parent                                                                           18 995                  3 614           5 709    
Adjusted for:                                                                                                                            
(Profit) / loss from disposal of property, plant and equipment                             (88)                     3              12    
(net of taxation)                                                                                                                        
Dilution loss on investment in associate                                                  8 133                     -               -    
Non-headline earnings items included in earnings from associate                         (17 296)                    -               -    
Gain from bargain purchase of investment                                                (17 300)                    -               -    
Loss from disposal of property, plant and equipment (net of taxation)                         4                     -               -    
Headline earnings                                                                         9 744                 3 617           5 721    
Basic earnings per ordinary share (cents)                                 426.2           166.8                  31.7            50.1    
Headline earnings per ordinary share (cents)                              169.2            85.6                  31.8            50.2    
Diluted earnings per ordinary share (cents)                               426.2           166.8                  31.7            50.1    
Diluted headline earnings per ordinary share (cents)                      169.2            85.6                  31.8            50.2    
Weighted average number of equity shares on which earnings per        
share is based (000's)                                                                   11 387                11 387          11 387    
Weighted average number of equity shares on which diluted earnings per
share is based (000's)                                                                   11 387                11 387          11 387    
KEY RATIOS                                                                                                                               
Gross profit margin                                                           %            54.6                  52.7            54.4    
Retail operating costs to turnover                                            %            46.3                  50.5            53.0    
Other operating costs to revenue                                              %            46.6                  50.8            53.1    
Operating profit margin                                                       %             8.9                   2.9             2.2    
Retail segment operating profit margin                                        %             8.4                   2.3             1.4    


CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION

                                                                                      As at            As at          As at    
                                                                                31 December      31 December        30 June    
                                                                                       2018             2017           2018    
                                                                                  Unaudited        Unaudited        Audited    
                                                                     Notes            R'000            R'000          R'000    
ASSETS                                                                                                                         
Non-current assets                                                                  206 702          158 395        156 096    
Property. plant and equipment                                                        59 623           60 776         60 721    
Investment property                                                                  67 195           69 667         68 741    
Intangible assets                                                                    21 880           23 821         22 980    
Investment in associate                                                4.1           11 705                -              -    
Loan to associate                                                      4.1           43 092                -              -    
Other investments                                                                       847              524            835    
Deferred tax asset                                                                    2 360            3 607          2 819    
Current assets                                                                      192 666          176 085        192 920    
Inventories                                                            4.2          129 607           67 461         92 132    
Trade and other receivables                                                          21 935           27 971         27 521    
Forward exchange contracts                                                            2 525                -            746    
Income tax receivable                                                                   227              134            163    
Accrued operating lease asset                                                           267            3 189          2 859    
Cash and cash equivalents                                                            38 105           77 330         69 499    
Total assets                                                                        399 368          334 480        349 016    
Equity and liabilities                                                                                                         
Capital and reserves                                                                308 185          268 005        272 522    
Share capital                                                          4.3            1 200            1 200          1 200    
Share premium                                                                         6 616            6 616          6 616    
Share-based payment reserve                                                           (116)            (116)          (116)    
Other reserves                                                                        1 443            1 301          1 438    
Retained earnings                                                                   159 222          138 132        140 227    
Non-controlling interest                                                            139 820          120 872        123 157    
Non-current liabilities                                                              20 827           18 518         19 807    
Post-retirement liability                                                               778              910            792    
Accrued operating lease liability                                                    13 903           13 816         14 235    
Deferred tax liability                                                                6 146            3 792          4 780    
Current liabilities                                                                  70 356           47 957         56 687    
Trade and other payables                                                             57 518           40 878         51 819    
Accrued operating lease liability                                                     4 635            5 027          4 849    
Forward exchange contracts                                                                -            2 049              -    
Income tax payable                                                                    8 203                3             19    
Total equity and liabilities                                                        399 368          334 480        349 016    


OTHER INFORMATION AND KEY RATIOS
                                                                                                                      As at    
                                                                                      As at            As at        30 June    
                                                                                31 December      31 December           2018    
                                                                                       2018             2017      Audited /    
                                                                                  Unaudited        Unaudited      Unaudited        
                                                                                      R'000            R'000          R'000         
Capital commitments                                                                                                            
Authorised - not contracted for                                     (R'000)           3 046            6 199         12 102    
Authorised - contracted for                                         (R'000)           2 273            2 372          5 723    
Return on equity ^                                                       %             13.2              2.7            2.1    
Return on capital ^                                                      %             31.7              8.1            6.6    
Return on assets ^                                                       %             24.6              6.4            5.1    
Inventory turn ^                                                     times              2.9              4.0            3.2    
Asset turn ^                                                         times              1.9              1.9            1.7    
Net asset value per share                                                R            14.44            12.62          12.81    
^ Ratios for December have been annualised


CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
                                                                            Six months ended     Six months ended     Year ended    
                                                                                 31 December          31 December        30 June    
                                                                              2018 Unaudited       2017 Unaudited   2018 Audited    
                                                                                       R'000                R'000          R'000    
Operating profit before working capital changes                                       42 963               24 713         39 367    
Working capital changes                                                              (25 855)               4 710        (8 238)    
Interest received                                                                      1 632                1 792          4 687    
Interests paid                                                                           (75)                 (99)           (71)    
Dividends paid                                                                           (25)                 (25)           (50)    
Dividends received                                                                        23                   22             45    
Income tax (paid) / received                                                            (312)               1 012            167    
Net cash inflow from operations                                                       18 351               32 125         35 907    
Additions to property, plant and equipment                                            (7 789)             (13 422)       (22 951)    
Additions to investment property                                                        (311)                (517)        (1 494)    
Additions to intangible assets                                                          (533)                (801)        (1 908)    
Proceeds from disposal of property, plant and equipment                                  215                    -              -    
Loan advanced to associate                                                           (41 327)                   -              -    
Net cash outflow from investing activities                                           (49 745)             (14 740)       (26 353)    
Net (decrease) / increase in cash and cash equivalents                               (31 394)              17 385          9 554    
Cash and cash equivalents at the beginning of the period                              69 499               59 945         59 945    
Cash and cash equivalents at the end of the period                                    38 105               77 330         69 499    


CONDENSED CONSOLIDATED STATEMENT OF CASH FLOW
                                                                            Six months ended     Six months ended     Year ended    
                                                                                 31 December          31 December        30 June    
                                                                              2018 Unaudited       2017 Unaudited   2018 Audited    
                                                                                       R'000                R'000          R'000    
Share capital                                                                          1 200                1 200          1 200    
Share premium                                                                          6 616                6 616          6 616    
Other reserves and share based payment reserve                                         1 327                1 185          1 322    
Opening balance                                                                        1 322                1 185          1 185    
Fair value adjustment on available-for-sale financial assets                               -                    -            137    
Fair value adjustment on assets held at fair value through other                                                    
comprehensive income                                                                       5                    -              -    
Retained earnings                                                                    159 222              138 132        140 227    
Opening balance                                                                      140 227              134 518        134 518    
Profit for the period                                                                 19 012                3 631          5 742    
Preference dividends declared / paid                                                     (17)                 (17)           (33)    
Non-controlling interest                                                             139 820              120 872        123 157    
Opening balance                                                                      123 157              117 276        117 276    
Profit for the period                                                                 16 667                3 604          5 790    
Fair value adjustment on available-for-sale financial assets                               -                    -            108    
Fair value adjustment on assets held at fair value through other                                                    
comprehensive income                                                                       4                    -              -    
Preference dividends declared / paid                                                      (8)                  (8)           (17)    
Total capital and reserves                                                           308 185              268 005        272 522    


GROUP SEGMENTAL REPORTING


                                                                            Six months ended     Six months ended     Year ended    
                                                                                 31 December          31 December        30 June    
                                                                                        2018                 2017           2018    
                                                                                   Unaudited            Unaudited        Audited    
                                                                                       R'000                R'000          R'000    
Revenue                                                                                                                             
Total external retail revenue                                                        349 603              307 979        587 632    
Retail segment revenue                                                               352 399              309 970        591 644    
Intersegment revenue earned                                                           (2 796)              (1 991)        (4 012)    
Total external property revenue                                                        8 667                7 713         15 700    
Property segment revenue                                                              11 543               10 518         21 381    
Intersegment revenue earned                                                           (2 876)              (2 805)        (5 681)    
Water infrastructure revenue                                                             136                    -              -    
Dividend income                                                                           23                   22             45    
Finance income                                                                         3 262                1 792          4 687    
Total group revenue                                                                  361 691              317 506        608 064    
Segment operating profit                                                                                                            
Retail segment profit                                                                 29 364                7 003          8 171    
Property segment profit                                                                5 566                4 894          9 984    
Water infrastructure profit                                                               98                    -              -    
Group services loss*                                                                  (4 050)              (3 019)        (5 387)    
Total group operating profit                                                          30 978                8 878         12 768    
Depreciation and amortisation                                                                                                       
Retail                                                                                10 317               11 409         22 791    
Property                                                                               2 032                2 013          4 046    
Total group depreciation and amortisation                                             12 349               13 422         26 837    
Segment assets                                                                                                                      
Retail                                                                               242 492              222 619        213 844    
Property                                                                              76 885               75 234         78 475    
Water infrastructure                                                                  54 797                    -              -    
Group services*                                                                       25 194               36 627         56 697    
Total group segment assets                                                           399 368              334 480        349 016    
Segment liabilities                                                                                                                 
Retail                                                                                79 123               58 573         67 805    
Property                                                                               8 889                5 855          7 019    
Water infrastructure                                                                     583                    -              -    
Group services*                                                                        2 588                2 047          1 670    
Total group segment liabilities                                                       91 183               66 475         76 494    
Capital expenditure                                                                                                                 
Retail                                                                                 8 193               13 198         22 734    
Property                                                                                 440                1 542          3 619    
Total group capital expenditure                                                        8 633               14 740         26 353    
* Group services include corporate costs                                  


NOTES

1. Basis of presentation of financial statements
   The unaudited condensed consolidated interim financial statements are prepared in accordance with the requirements
   of the JSE Listings Requirements and the requirements of the Companies Act of South Africa. The JSE Listings 
   Requirements require interim reports to be prepared in accordance with the framework concepts and the measurement 
   and recognition requirements of International Financial Reporting Standards (IFRS) and the SAICA Financial Reporting 
   Guides as issued by the Accounting Practices Committee and Financial Pronouncements as issued by the Financial 
   Reporting Standards Council and to also, as a minimum, contain the information required by IAS 34: Interim Financial 
   Reporting.

   These financial statements have been prepared using accounting policies that comply with IFRS and which are
   consistent with those applied in the preparation of the annual financial statements for the year ended 30 June 2018, 
   except for the adoption of IFRS 9: Financial Instruments and IFRS 15: Revenue from Contracts with Customers. Neither 
   standards however had a material  impact on these results or comparative information.

2. Unaudited results
   These results have not been reviewed nor audited by the group's auditors. The unaudited condensed consolidated
   interim financial statements have been prepared under the supervision of WD Nel CA (SA), the company's fiancial 
   director, and were approved by the board of directors on 25 March 2019.

3. Preference dividend
   A dividend on the 6% cumulative preference shares for the six months ended 31 December 2018 in the amount of  R16 500
   was declared by the board of directors on 14 December 2018 and was paid on 14 January 2019.

4. Notes to the financial results
4.1. Investment in and loan to associate: 
     During the period under review the group subscribed for 33.78% of the issued share capital of SA Water Works 
     Holding Company (RF) (Pty) Ltd (formerly SA Water Works Holding Company (Pty) Ltd) ("SAWW") for a nominal 
     consideration through its wholly-owned subsidiary, Ombrecorp Trading (RF) (Pty) Ltd (formerly Ombrecorp Trading 
     (Pty) Ltd) ("Ombrecorp") which was acquired as a shelf company for this purpose.

     SAWW was specifically incorporated to house the water business interests of the group and is accounted for as an
     associate within the group. Simultaneously with the subscription, SAWW acquired, through a wholly-owned subsidiary, 
     a majority equity interest in Sembcorp Siza Water (RF) (Pty) Ltd ("Sembcorp Siza") through shareholder and external 
     loan funding.

     Sembcorp Siza conducts a water concession business operating predominantly in the municipal boundaries of the
     Ilembe District Municipality and surrounding areas in Kwazulu-Natal, South Africa. Founded in 1998, it provides 
     water and water services to residential, industrial and commercial consumers pursuant to a concession agreement 
     executed between the Ilembe District Municipality and Sembcorp Siza's predecessors-in-title.
 
     Subsequent to the aforementioned acquisition, SAWW acquired, via the same wholly-owned subsidiary, [i] 100% of the
     ordinary issued share capital of SA Water Works Utilities Proprietary Limited (formerly Sembcorp Utilities South 
     Africa Proprietary Limited) ("SA Water Works Utilities") which holds 52% of the ordinary issued shares in 
     Silulumanzi - and [ii] 48% of the ordinary issued shares in the share capital of Silulumanzi, from Sembcorp 
     Utilities (Netherlands) NV.

     SA Water Works Utilities has been in existence since 1998 and provides operation and maintenance services to
     Silulumanzi. Silulumanzi conducts a water concession business, operating in the municipal boundaries of the City 
     of Mbombela Local Municipality and the greater parts of Nelspruit and, since 1999, has provided water and water 
     services to residential, commercial and industrial consumers pursuant to the concession agreement executed between 
     the City of Mbombela Local Municipality and Silulumanzi's predecessors-in-title. 

     Persuant to the introduction of a new SAWW shareholder, Ombrecorp's shareholding in SAWW was subsequently diluted
     from 33.78% to 15.16%.

     Subsequent to the reporting date, the principal operating subsidiary of the company, Rex Trueform Group Ltd 
     ("Rex Trueform"), entered into a subscription agreement with certain not-for-profit organisations (being The 
     Community Chest of the Western Cape, Cornerstone Institute (RF) NPC, Desmond Tutu HIV Foundation NPC, the 
     Trustees for the time being of the District Six Museum Foundation Trust and the Trustees for the time being 
     of the Wheatfield Estate Foundation Trust) (collectively, the "new Ombrecorp Shareholders") and Ombrecorp 
     whereby Rex Trueform and each of the new Ombrecorp shareholders subscribed for new shares in Ombrecorp. Rex 
     Trueform's shareholding in Ombrecorp was consequently diluted from 100% to 52% due to the introduction of the 
     new Ombrecorp shareholders. 

     In addition, Ombrecorp subscribed for further SAWW ordinary shares and advanced further funding to SAWW such that
     Ombrecorp now holds 30% of the issued share capital of SAWW. Further detail in this regard is contained in the SENS
     announcement issued by Rex Trueform on 25 February 2019.

4.2  Inventories:
     Inventories increased in line with the increased store foot print and the strategic acceleration of new store roll
     outs in conjunction with a drive to increase turnover per store.

4.3  Share capital is comprised of the following:

                                            As at             As at
                                      31 December       31 December           As at     
                                             2018              2017    30 June 2018    
                                        Unaudited         Unaudited         Audited
                                            R'000             R'000           R'000
     Ordinary share capital                   650               650             650    
     Preference share capital                 550               550             550    
                                            1 200             1 200           1 200 

5. Standards and interpretations issued but not yet effective
   The following standard and interpretation that are relevant to the group have been issued but are not effective for
   the period under review.  

   IFRS 16: Leases             
   Effective for annual period beginning on or after 1 January 2019
   IFRS 16 replaces the existing lease standard, IAS 17 Leases, and related interpretations. The standard will be
   adopted for the first time by the group for the financial year commencing 1 July 2019.

   The group's property segment will not be significantly impacted as lessor accounting will remain largely unchanged.

   The standard will significantly impact the group's retail segment operating from leased premises. Based on the new
   standard the group will no longer be required to straight-line operating lease payments, as a result, occupancy costs
   will decrease. 
   
   The new standard will require the recognition of a right of use asset and a corresponding lease liability resulting
   in increased depreciation and finance costs. Key metrics in the statement of financial position and statement of
   comprehensive income will be affected. 

   Optional exemptions for short-term leases and leases of low-value items will lessen the impact of the standard.
   The group continues to assess the potential impact of the new standard on its consolidated financial statements,
   including the assessment of the practical application of the principles contained in the new standard. 

   The actual impact of applying IFRS 16 on the financial statements in the period of initial application will depend
   on, inter alia, future economic conditions including the group's borrowing rate at 1 July 2019, the criteria that meet
   the definition of a lease, the composition of the store lease portfolio and the group's assessment of its intent to
   exercise lease renewal options. 

   Once the new standard is adopted, the group will either apply the standard on a full or modified, with practical
   expedients allowed per IFRS 16, retrospective basis.

   IFRIC Interpretation 23: Uncertainty over Income Tax Treatment.
   Effective for annual periods beginning on or after 1 January 2019
   The interpretation addresses the accounting for income taxes when tax treatments involve uncertainty that affects
   the application of IAS 12 and does not apply to taxes or levies outside the scope of IAS 12, nor does it specifically
   include requirements relating to interest and penalties associated with uncertain tax treatments. 
   
   Management is in the process of assessing the potential impact of this new interpretation on the group.


COMMENTARY

The principal operating subsidiary, Rex Trueform Group Limited, reports as follows:

"Group profile 
Rex Trueform Group Ltd ("Rex Trueform") is an investment holding company and is currently invested in property, retail
and water infrastructure. Its interest in retail is through its wholly-owned subsidiary company, Queenspark (Pty) Ltd
("Queenspark"), and its subsidiary. Rex Trueform's interest in property includes direct property ownership as well as
indirect property investment through a subsidiary. Rex Trueform's investment in water infrastructure is through its
wholly-owned subsidiary Ombrecorp Trading (RF) (Pty) Ltd and its investments. During the prior period, Rex Trueform changed
its name from Rex Trueform Clothing Company Ltd to Rex Trueform Group Ltd to better reflect the diverse nature of its
business.

Group results 
The group produced a pleasing performance during the first half of the financial year. Revenue, mainly impacted by the
retail segment, increased by 13.9% to R361.9 million (2017: R317.7 million). The gross profit generated from the retail
segment increased by 17.5% to R190.8 million (2017: R162.4 million). Other group income which includes rental income
increased by 14.2%. Operating costs were contained and increased by 4.3%.

The result is that operating profit has increased by 234.7% to R32.2 million (2017: R9.6 million). Profit before tax
has increased by 316.3% to R47.2 million (2017: R11.3 million) resulting in the basic earnings per share increasing by
363.0%. Headline earnings per share has increased by 151.0%, mainly due to the exclusion of the gain from bargain purchase
of the investment in the water infrastructure business, amounting to R31.5 million.

Net asset value per share increased to R14.99 per share (2017: R12.99 per share).  

Retail
The Queenspark store growth strategy progressed well with the opening of five new stores and the closure of one in the 
period bringing the total number of walk-in stores in South Africa and Namibia to seventy-four, excluding one franchise 
store in Kenya. Where feasible and the risk of cannibalisation is low, Queenspark continues to introduce new brands to
complement the existing ranges.

As a result of the implementation of its strategy, Queenspark's turnover increased by 13.5% and it achieved a gross
profit margin of 54.6% (2017: 52.7%). Retail operating costs, which included additional store costs, were well contained
and increased by a modest 3.9%. This resulted in a retail operating profit of R29.4 million (2017: R7.0 million).

Property
The Rex Trueform Office Park complex in Salt River is the main income generating operation within the group's property
segment. There are a further two undeveloped properties in the Salt River precinct: one has heritage significance and
the other is vacant land. 

One further property is situated in the Wynberg precinct in Cape Town and is leased to Queenspark as a distribution centre.
The operating profit of this segment for the period amounted to R5.6 million (2017: R4.9 million). This improvement in
operating profit was partly due to the containment of operating costs.

Water infrastructure  
The investment in water infrastructure was made during the period under review and contributed R11.8 million to the
profit for the period of the group. 

Please refer to note 4.1 to the results for further details of the acquisition.

Group services 
Costs for group services increased by 25.1% to R2.8 million (2017: R2.3 million). This was largely due to costs incurred 
in setting up an employee share incentive scheme as well as printing and publication costs pertaining to the water
infrastructure investment.

Prospects
Retail  
While the Queenspark strategy and initiatives are delivering the required result, management is cognisant of the
difficult trading environment (including having regard to the recent recurrence of load-shedding in South Africa) and
subdued economy. 

Management however remains confident in the retail segment's future and in its ability to deliver sustainable growth
and value creation for shareholders.

Property 
Rex Trueform has the intention to develop the two undeveloped properties in the medium term, both situated in the Cape
Town area, and is continuing to consider development options in this regard. One of the undeveloped properties has
heritage significance. As a result, decisions regarding the development of the property have been delayed in order 
to consider the significance of the property in this regard and heritage guidelines more fully, whilst also ensuring 
that any development is sustainable and economically viable. Financing is also being carefully considered in relation 
to all development options."

MR Molosiwa
(Chairman)

MA Golding
(Chief Executive Officer)

Cape Town
25 March 2019

 
ADMINISTRATION
Directors: 
MR Molosiwa* (Chairman), MA Golding (Chief Executive Officer), WD Nel (Financial Director), 
HB Roberts*, PM Naylor*, LK Sebatane*
* Independent non-executive

There were no changes to the board of directors during this period.

Registered office: 
263 Victoria Road, Salt River, Cape Town, 7925

Company Secretary: 
AT Snitcher

Transfer secretaries: 
Computershare Investor Services Proprietary Limited
Rosebank Towers, 15 Biermann Avenue, Rosebank, 2196

Sponsor: 
Java Capital 

Websites:
http://www.queenspark.com 
http://www.rextrueform.com 

Date: 25/03/2019 04:35:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE'). 
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