Correction to published NAV as well as additional disclosure of revenues
Ascendis Health Limited
(Registration number 2008/005856/06)
(Incorporated in the Republic of South Africa)
Share code: ASC ISIN: ZAE000185005
(“Ascendis Health” or “the Company” or “the
Correction to published NAV as well as additional disclosure of revenues relating to the disposal
of the Afrikelp, Efekto, Agro-Serve and Marltons businesses within the Ascendis Biosciences
1. Correction to published NAV
Shareholders are referred to the announcement released on the Stock Exchange News Service of the
JSE on 2 May 2019 (“the Announcement”), in terms of which shareholders were advised that
Ascendis Health had entered into agreements with a consortium, in respect of which certain
businesses within the Ascendis Biosciences division would be disposed of.
Further to the Announcement, shareholders are advised that the net asset values (“NAV”) disclosed
in the Announcement were incorrect, and the corrected figures are set out below:
Name of entity (Rand)
Efekto Zambia Limited 0
Agro-Serve1 11 529 719
Afrikelp Holdings2 85 146 346
Marltons Assets and Liabilities 73 796 085
Efekto Assets and Liabilities 191 538 185
Total 362 010 335
1. Comprises the consolidated NAV of Agro-Serve and its wholly owned subsidiary, being Agro-
2. This comprises the consolidated NAV of Afrikelp Holdings Proprietary Limited and its wholly
owned subsidiaries, being Afrikelp Investments Proprietary Limited (including its subsidiaries,
being Taurus Chemical Namibia, Rotaq, Akusa (USA) and Taurus Chemicals Cape Kelp) and
Afrikelp Proprietary Limited. The consolidated NAV however includes an investment in
subsidiary book value of R160 056 202 into Ascendis Animal Health Proprietary Limited and
related liabilities with a book value of R151 323 863, which will not form part of the Disposal
Businesses (as defined in the Announcement), and will accordingly be transferred into another
Ascendis Group company prior to completion of the Transaction (as defined in the
The financial information in this announcement has been extracted from each entities’ respective
unaudited consolidated interim financial results for the six-month period ended 31 December 2018
which were prepared in accordance with International Financial Reporting Standards.
2. Additional disclosure of revenue
Shareholders are further advised that the total revenue for the Disposal Businesses for the six-month
period ended 31 December 2018 was an amount of R309 160 198, net of indirect taxes, estimated
returns and trade discounts and rebates.
6 May 2019
Questco Corporate Advisory Proprietary Limited
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