To view the PDF file, sign up for a MySharenet subscription.

GAIA INFRASTRUCTURE CAPITAL LIMITED - Year-ed results and dividend declaration

Release Date: 31/05/2019 09:00
Code(s): GAI     PDF:  
 
Wrap Text
Year-ed results and dividend declaration

GAIA Infrastructure Capital Limited  
(Incorporated in the Republic of South Africa)
(Registration number 2015/115237/06) 
ISIN: ZAE000210555  Share code: GAI  
("GAIA" or "the Company")

Reviewed Provisional Financial Results
for the year ended 28 February 2019 and cash dividend declaration

SALIENT FEATURES
- Tangible NAV* per share at R10.42 pre-final dividend distribution
- Gross assets under management at R737 million
- Total revenue at R49 million, down 21% due to the short-term effect of the asset 
  diversification strategy
- Headline earnings per share at 56.09 cents per share, down 28%
- Net cash of R8 million
- Final gross cash dividend declaration of 14.8 cents per share
- Asset diversification strategy successfully implemented with the exercise of an option to reduce 
  exposure to the Dorper Wind Farm for economic interest in three solar PV farms
- A diversified asset portfolio by geography, technology and energy resource, with long-term 
  benefits over the life of the assets
  
* Net asset value.

DIRECTORS' REPORT

FINANCIAL COMMENTARY
Effective  12 December  2018, GAIA restructured the Company's asset portfolio to include indirect 
minority interests in three solar PV renewable energy projects in return for a lower exposure to the 
Dorper wind project ("Asset Diversification"). The Company now has a diversified investment portfolio 
of five renewable energy assets with exposure to two (2) wind and three (3) solar energy resources. 
The Asset Diversification strategy with long-term benefits over the life of the assets resulted in 
lower revenue for the year under review.

Revenue decreased to R48.7 million (2018: R62.0 million) for the year under review, comprised of 
dividend and interest income generated from the assets under management. GAIA received dividend 
income of R32.6 million (2018: R60.0 million) from GAIA Financial Services (RF) Proprietary Limited 
("GAIA Financial Services"), a wholly owned subsidiary of the Company which in turn received income 
from the Company's underlying investments. The 2019 financial year enjoyed the benefits of a full 
year  of dividend income from the Noblesfontein investment and will enjoy the full benefits of 
dividend  income from the solar PV farms in the 2020 financial year. The Company earned interest 
income of R2.1 million over the reporting period (2018: R4.3 million) mainly from the Coronation 
Money Market Fund. The reduction from the prior year was as a result of the funds being deployed on 
operating expenses as the Company now operates as a fully fledged investment holding company.

The expense to assets under management ratio has remained relatively flat with operating expenses 
at R17.6 million (2018: R18.5 million) whilst the Company continues to engage shareholders for 
equity capital support required to grow the Company through executing the identified 
investment opportunities.

Expenses by function

                                                                    FY2019               FY2018

                                                              Opex*                  Opex*    
Function                                                       (Rm)      % AUM**      (Rm)     % AUM**
Corporate governance                                           5.7         0.8        6.1        0.8
Investment management                                          4.8         0.7        4.8        0.6
Capital raising                                                4.1         0.6        2.4        0.3
Deal pipeline sourcing                                         0.2         0.0        3.1        0.4
Other                                                          2.8         0.4        2.1        0.3
                                                              17.6         2.5       18.5        2.4
  
*  Operating expenditure.
** Assets under management.

Assets under management (Rm)                                                         2019       2018
Noblesfontein - SARGE                                                                76.4       88.7
Noblesfontein - GAIA SPV                                                            136.4      169.2
Noblesfontein - Education Trust                                                       4.9        4.7
Dorper and Intikon Solar - GAIA RE1                                                 519.6      505.8
                                                                                    737.3      768.4

ASSETS UNDER MANAGEMENT COMMENTARY
GAIA's diversified investment portfolio is made up of operational, Round 1 Renewable Energy 
Independent Power Producer Procurement Programme ("REIPPPP") projects in South Africa.

GAIA's current portfolio of operational assets continues to perform to expectation. Some variability 
around the predicted average resources was experienced, but the expected distribution to shareholders 
was in line with long-term forecasts.

DIVIDEND DISTRIBUTION
GAIA (tax reference number: 9473/844/17/4) paid its interim cash dividend of R13.7 million 
(24.84 cents per share) for the six months ended 31 August 2018, in November 2018.

Notice is hereby given that the board of directors ("the Board") have declared a final gross cash 
dividend of 14.8 cents (11.84 cents net of dividend withholding tax) per ordinary share for the 
period ended 28 February 2019. The dividend has been declared from income reserves. A dividend 
withholding tax of 20% will be applicable to all shareholders who are not exempt from or do not 
qualify for a reduced rate of dividend withholding tax.

This brings the total dividend for the 2019 financial year to 39.64 cents per share, which is lower 
than the comparable dividend for the 2018 financial year due to reduced dividend income from the 
underlying investment portfolio as a result of the short-term effect of the Asset Diversification 
strategy and a change in the discount rate applied in determining fair values of financial assets 
and liabilities of the Company.

The issued share capital at the declaration date is 55 151 000 ordinary shares. The salient dates 
for the dividend will be as follows:

                                                                                                2019
Last day of trade to receive a dividend                                             Tuesday, 18 June
Shares commence trading "ex" dividend                                             Wednesday, 19 June
Record date                                                                          Friday, 21 June
Payment date                                                                         Monday, 24 June

Share certificates may not be dematerialised or rematerialised between Wednesday, 19 June 2019 and 
Friday, 21 June 2019, both days inclusive.

This final cash dividend amounting to R8.2 million has not been recognised as a liability in these 
reviewed provisional financial results.

OUTLOOK
GAIA continues to engage with the equity capital markets to raise funding to enable execution of 
identified value-accretive diversified investments in accordance with the Company's Investment 
Policy for the benefit of its stakeholders.

GAIA's primary focus, the secondary market in infrastructure equity, continues to present 
significant opportunities which are not dependent on whether new infrastructure projects are 
continually developed. The Company's investment case was buoyed by Government's renewed commitment 
to facilitate private sector investment into the selected infrastructure sectors in which GAIA 
invests, being energy, water and sanitation, and transportation infrastructure.

GAIA focuses on core infrastructure assets for which the cash flows can be forecast with a low 
margin of error. These are assets that are mature beyond their demand ramp-up phase, functioning 
in established and transparent regulatory environments, serving demographically and economically 
sound service areas and have minimal obsolescence or technology risks.

CONDENSED STATEMENT OF FINANCIAL POSITION
as at 28 February 2019

                                                                                 Reviewed    Audited
                                                                                     2019       2018
                                                                                    R'000      R'000
Total assets                                                                      576 447    586 718
Non-current assets                                                                520 492    506 286
Current assets                                                                     55 955     80 432
Cash and cash equivalents                                                           8 160     26 729
Trade and other receivables                                                        47 795     53 703
Total equity and liabilities                                                      576 447    586 718
Share capital                                                                     545 852    545 852
Retained income                                                                    28 801     34 728
Total liabilities                                                                   1 794       6138
Net asset value per share (Rand)                                                    10.42      10.53

CONDENSED STATEMENT OF COMPREHENSIVE INCOME
for the year ended 28 February 2019

                                                                                 Reviewed    Audited
                                                                                     2019       2018
                                                                                    R'000      R'000
Total revenue                                                                      48 739     62 019
Interest income                                                                     2 063      4 284
Dividend income                                                                    32 600     60 023
Other income                                                                           25        307
Net fair value gain/(loss)                                                         14 051     (2 595)
Total operating expenses                                                          (17 586)   (18 456)
Finance costs                                                                           -         (2)
Taxation                                                                             (217)      (346)
Net profit for the year                                                            30 935     43 215
Basic earnings per share (cents)                                                    56.09      78.36
Headline earnings per share (cents)                                                 56.09      78.36

CONDENSED STATEMENT OF CHANGES IN EQUITY
for the year ended 28 February 2019

                                                                        Share    Retained      Total
                                                                      capital      income     equity
                                                                        R'000       R'000      R'000
Balance at 1 March 2017 - Audited                                     545 852      40 234    586 086
Net profit for the year                                                     -      43 215     43 215
Dividends paid                                                              -     (48 720)   (48 720)
Balance at 1 March 2018 - Audited                                     545 852      34 729    580 581
Net profit for the year                                                     -      30 935     30 935
Dividends paid                                                              -     (36 863)   (36 863)
Balance at 28 February 2019 - Reviewed                                545 852      28 801    574 653

CONDENSED STATEMENT OF CASH FLOWS
for the year ended 28 February 2019

                                                                                 Reviewed    Audited
                                                                                     2019       2018
                                                                                    R'000      R'000
Cash flows from operating activities                                             
Cash generated from/(used in) operations                                           18 950     (3 079)
Finance costs                                                                           -         (2)
Dividends paid                                                                    (36 863)   (48 720)
Tax paid                                                                             (396)    (1 067)
Net cash used in operating activities                                             (18 309)   (52 869)
Cash flows from investing activities                                             
Purchase of property, plant and equipment                                             (29)      (454)
Investment in financial asset                                                        (230)    (4 705)
Net cash used in investing activities                                                (259)    (5 159)
Total cash movement for the year                                                  (18 569)   (58 027)
Cash at beginning of year                                                          26 729     84 756
Total cash at end of year                                                           8 160     26 729

NOTES TO THE CONDENSED FINANCIAL STATEMENTS
for the year ended 28 February 2019

1.  BASIS OF PREPARATION AND ACCOUNTING POLICIES
    The reviewed provisional financial results have been prepared in accordance with the framework 
    concepts and the measurement and recognition requirements of International Financial Reporting 
    Standards ("IFRS") and interpretations of IFRS, as issued by the International Accounting 
    Standard Board, the SAICA Financial Reporting Guides as issued by the Accounting Practices 
    Committee, the Financial Pronouncements as issued by Financial Reporting Standards Council, the 
    JSE Limited Listings Requirements, and the requirements of the South African Companies Act, 71 
    of 2008, and the presentation and disclosure requirements of IAS 34 Interim Financial Reporting.

    The provisional financial results have been prepared on the historic cost basis except that 
    financial assets and liabilities at fair value through profit and loss are stated at their fair 
    value. The results are presented in Rand, which is the Company's functional and 
    presentation currency.
    
    Accounting policies
    The accounting policies applied in the preparation of the annual financial statements from which 
    the provisional financial statements were derived are in terms of IFRS and are consistent with 
    the previous annual financial statements, except as noted below.

2.  PREPARATION
    The condensed provisional financial results have been prepared internally under the supervision 
    of the Chief Executive Officer, P Lebina CA(SA), and approved by the Board.
    
    The Directors take full responsibility for the preparation of the provisional financial 
    statements and for correctly extracting the financial information, from the reviewed condensed 
    financial statements for inclusion in the announcement.
    
    The reviewed condensed provisional financial results were reviewed by the Company's external 
    auditor, Deloitte & Touche. A copy of their unmodified review conclusion is available from the 
    Company's registered office. Any reference to future financial performance included in this 
    announcement, has not been reviewed or reported on by the external auditor. The auditor's report 
    does not necessarily report on all the information contained in this announcement. Shareholders 
    are therefore advised that in order to get 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 Company's registered office.

3.  NEW STANDARDS AND INTERPRETATION
    In the current year, the Company has adopted the following standards and interpretations that 
    are effective for the current financial year and that are relevant to its operations:
    - Standard: IFRS 15 Revenue from Contracts with Customers.
    - Effective date: years beginning on or after 1 January 2018.
    - Expected impact: The adoption of this standard has not had a material impact on the results of 
      the Company, but has resulted in more disclosure than would have previously been provided in 
      the financial statements.
  
4.  FINANCIAL ASSETS AT FAIR VALUE THROUGH PROFIT OR LOSS
    GAIA has adopted an accounting policy of measuring its investments at fair value through profit 
    or loss with fair value movements on its assets under management recognised in the statement of 
    profit or loss.

                                                                                 Reviewed    Audited
                                                                                     2019       2018
                                                                                    R'000      R'000
    At fair value through profit or loss - designated
    GAIA Financial Services (RF) (Pty) Limited                                    515 135    501 085
    
    The Company funded the acquisition of its effective see-through economic interest of 25.2% of 
    Dorper, through a R501 million loan to GAIA Financial Services. The loan is interest-free, 
    unsecured and has no fixed terms of repayment.
    
    The acquisition entailed the subscription for the ordinary shares in GAIA RE1 equal to 34.9% 
    (R265 036 179) economic and voting interest of the issued share capital and the advancing of a 
    convertible loan (R235 963 821) to GAIA RE 1 which will effectively give the Company an economic 
    interest of 84.2% in GAIA RE1. The convertible loan could be settled in one of two ways, which 
    could trigger the acquisition of minority interest in three (3) additional renewal energy 
    projects ("IK Option") by GAIA or the conversion of the convertible loan into additional ordinary 
    shares in GAIA RE 1 ("DK Option").
    
    Effective 12 December 2018, the Company acquired indirect effective minority interests in 
    three (3) solar assets, being Jasper (4.0%), Lesedi (5.3%) and Letsatsi (5.3%) Solar PV Farms 
    ("Intikon Solar Assets") through the exercise of the IK Option. On conversion, the fair value 
    movement was recognised to the statement of profit or loss.
    
    Post implementation of the IK Option, GAIA RE 1 nows holds 30% of the issued share capital in 
    Dorper and 100% in Intikon Solar which holds indirect economic interests in the Intikon 
    Solar Assets.
    
    GAIA Financial Services interest in Noblesfontein Wind Farm
    On 19 September 2017 GAIA Financial Services acquired C Preference Shares GAIA SPV (RF) (Pty) 
    Limited ("GAIA SPV") for an aggregate subscription price of R130 million and, as a result, 
    acquired an effective economic interest of 13.001% in the combined distributions linked to the 
    ordinary shares and shareholder loan claims against Noblesfontein Wind Farm.
    
    In addition, GAIA Financial Services entered into funding agreements with SARGE whereby GAIA 
    Financial Services subscribed for A Preference Shares and B Preference Shares in SARGE for an 
    aggregate subscription price of R57 493 127. As a result of the SARGE Transaction, GAIA 
    Financial Services acquired a further effective economic interest of 7.03% of the distributions 
    linked to the ordinary shares in the Noblesfontein Wind Farm.

    GAIA Financial Services obtained funding to facilitate, inter alia, its subscription for the 
    by it, of A Preference Shares and B Preference Shares to RMBIA for an aggregate subscription 
    price of approximately R188 million in terms of the GAIA Financial Services Preference Share 
    Subscription Agreement. The Company extended a loan to the Noblesfontein Educational Trust, 
    having taken it over from the previous shareholder at an interest rate, and with repayment terms 
    more beneficial than market rates and terms, in order to benefit the beneficiaries of the trust, 
    being members of the local Noblesfontein community.

                                                                                 Reviewed    Audited
                                                                                     2019       2018
                                                                                    R'000      R'000
    Loans and receivables
    Noblesfontein Educational Trust                                                 4 935      4 705

    The loan shall accrue interest at a rate equal to the aggregate of CPI plus 7% net of taxes 
    applied as a nominal annual compounded monthly in arrears rate, and calculated on the loan 
    outstanding principal for that interest period. The loan is secured by a cession of any shares 
    held by Noblesfontein Educational Trust in Noblesfontein Wind Farm.
    
                                                                                 Reviewed    Audited
                                                                                     2019       2018
                                                                                    R'000      R'000
    Total other financial assets                                                  520 071    505 790
    Non-current assets                                                          
    Designated as at fair value through profit or loss                            515 135    501 085
    Loans and receivables at amortised cost                                         4 935      4 705
                                                                                  520 071    505 790
  
    Valuation of underlying renewable assets
    The value of the investment in the ordinary shares of Dorper and intikon Solar was determined 
    using the discounted cash flow valuation model.
    
    Assumptions and inputs used in valuation techniques include long-term CPI forecast and 
    determination of an investor premium used in estimating discount rates.

    The value of the investments in the preference shares in SARGE and GAIA SPV are also calculated 
    using the discounted cash flow valuation model. The assumptions and inputs used include CPI rate, 
    prime rate and JIBAR.

    The objective of valuation techniques is to arrive at a fair value measurement that reflects the 
    prices that would be received to sell the investments in underlying renewable assets in an 
    orderly transaction between market participants at the measurement date.

    The Company uses valuation models that were developed by experienced independent third parties 
    during the bidding process for the rights of the project. These models have been developed from 
    recognised valuation models and developers' experience regarding the valuation of renewable 
    energy projects.

    Some of the significant inputs into the discounted cash flow model may not be observable in the 
    market and are derived from market prices or rates or are based on assumptions. This valuation 
    model therefore requires additional management judgement and estimation in determination of 
    fair value.

    In the valuation for the investment in Dorper, Intikon Solar and the preference shares related to
    Noblesfontein, management's judgement and estimation is required for:
    - selection of the appropriate valuation model to be used, in this case the discounted cash 
      flow model;
    - assessment and determination of the expected cash flows from the investments; and
    - selection of the appropriate discount rate.

    The fair value estimate obtained from the discounted cash flow model will only be adjusted 
    forfactors such as liquidity risk and model uncertainty to the extent that the Company believes 
    that a third-party market participant would take them into account in pricing a transaction. 
    No such adjustments were deemed necessary in the valuation of the investments in underlying 
    renewable assets. The Company has an established control framework with respect to the 
    measurement of fair values.

    Specific controls include:
    - verification of observable pricing inputs;
    - a review and approval process for new models and changes to such models;
    - analysis and investigation of significant valuation movements; and
    - review of unobservable inputs and valuation adjustments.

    Fair value hierarchy of financial assets at fair value through profit or loss
    For financial assets recognised at fair value, disclosure is required of a fair value 
    hierarchy which reflects the significance of the inputs used to make the measurements.
    
    - Level 1 represents those assets which are measured using unadjusted quoted prices in active 
      markets for identical assets.
    - Level 2 applies inputs other than quoted prices that are observable for the assets either 
      directly (as prices) or indirectly (derived from prices).
    - Level 3 applies inputs which are not based on observable market data. This category includes 
      all instruments for which the valuation technique includes inputs not based on observable 
      data and the unobservable inputs have a significant effect on the instrument's valuation. 
      This category includes instruments that are valued based on quoted prices for similar 
      instruments but for which significant unobservable adjustments or assumptions are required 
      to reflect differences between the instruments.
   
      The table below analyses financial instruments measured at fair value at the reporting date 
      by the level in the fair value hierarchy into which the fair value measurement is categorised. 
      The amounts are based on the values recognised in the statement of financial position. 
      All fair value measurements below are recurring.
   
                                                                                 Reviewed    Audited
                                                                                     2019       2018
                                                                                    R'000      R'000
    Level 3                                                                   
    GAIA Financial Services (Pty) Limited                                         515 135    501 085
 
    As at 28 February 2019, the fair value measurement of shares held by the Company in GAIA 
    Financial Services is categorised into Level 3. The fair value of investments in its 100% 
    subsidiary is determined using unadjusted net asset value of GAIA Financial Services at the 
    reporting date.
 
    Reconciliation of financial assets at fair value through profit or loss measured at Level 3
 
                                                               Opening    Gains in profit   
                                                               balance     profit or loss      Total
    GAIA Financial Services (Pty) Limited                      501 085             14 051    515 135
 
    The change in unrealised gains or losses (net gain) for the period is included in profit or 
    loss for financial assets held at the reporting date. These gains and losses are recognised in 
    profit or loss as a net gain from financial instruments at fair value through profit or loss.
 
    Significant unobservable inputs used in measuring fair value
 
    Significant unobservable inputs are developed as follows:
    - Discount rate
      Represents the rate used to discount projected levered or unlevered forecast cash flows 
      for an asset to determine their present values. Their discounted present value cash flows 
      are determined as their fair value at reporting date. GAIA RE1 uses a discount rate that 
      appropriately captures Dorper's and Intikon Solar Assets stage-of-life, using South African 
      data, substantiated by international findings. GAIA FS used a discount rate that 
      appropriately reflects the Noblesfontein risk and return profile using South African data, 
      substantiated by international findings.
   
    - CPI/JIBAR and prime rate
      Rates are obtained from publicly available consensus views.
   
5.  SHARE CAPITAL
    Authorised
    6 000 000 000 ordinary no par value shares.
 
                                                                                     2019       2018
                                                                                    R'000      R'000
    Issued and fully paid                                                        
    55 151 000 no par value shares, net of share issue cost                       545 852    545 852
 
6.  EARNINGS PER SHARE
    In the year under review, earnings per share decreased by 28% to 56.09 cents per share compared 
    to 78.36 cents per share in 2018. There were no potential dilutive shares in issue, or headline 
    adjustments required, therefore diluted earnings per share and headline earnings per share were 
    in line with basic earnings per share.
 
    Basic earnings per share
    Basic earnings per share is determined by dividing profit or loss attributable to the ordinary 
    equity holders by the weighted average number of ordinary shares outstanding during the period. 
    Profit or loss attributable to the ordinary equity holders is determined as profit or loss after 
    adjusting for the tax effect.
 
                                                                                 Reviewed    Audited
                                                                                     2019       2018
                                                                                    R'000      R'000
    Basic earnings per share                                                                
    Basic earnings per share                                                                
    From continuing operations (cents)                                              56.09      78.36
    From continuing operations (cents)                                              56.09      78.36
 
    Basic earnings per share was based on earnings of R30 935 474 (2018: R43 214 601) and weighted 
    average number of ordinary shares of 55 151 000 (2018: 55 151 000).
 
                                                                                 Reviewed    Audited
                                                                                     2019       2018
                                                                                    R'000      R'000
    Reconciliation of profit for the period to basic earnings                  
    Profit for the period attributable to equity holders of GAIA               
    Infrastructure Capital Limited                                                 30 935     43 215
 
    Diluted earnings per share
    In the determination of diluted earnings per share, profit or loss attributable to the equity 
    holders and the weighted average number of ordinary shares are adjusted for the effects of all 
    dilutive potential ordinary shares.
 
                                                                                 Reviewed    Audited
                                                                                     2019       2018
                                                                                    R'000      R'000
    From continuing operations (cents)                                              56.09      78.36
 
    Diluted earnings per share is equal to earnings per share because there are no dilutive 
    potential ordinary shares in issue.
 
    Headline earnings and diluted headline earnings per share
    Headline earnings per share is calculated using Circular 4/2018. The calculation of headline 
    earnings per ordinary share is based on the weighted average of 55 151 000 (2018: 55 151 000) 
    ordinary shares in issue during the year, and headline earnings calculated as follows:
 
    Headline earnings per share and diluted headline earnings per share are determined by dividing 
    headline earnings and diluted headline earnings by the weighted average number of ordinary 
    shares outstanding during a period.
 
    Headline earnings and diluted headline earnings are determined by adjusting basic earnings and 
    diluted earnings by excluding separately identifiable remeasurement items. Headline earnings 
    and diluted headline earnings are presented after tax and non-controlling interest.
                                                                                    
                                                                                 Reviewed    Audited
                                                                                     2019       2018
                                                                                    R'000      R'000
    Headline earnings per share (cents)                                             56.09      78.36
    Diluted headline earnings per share (cents)                                     56.09      78.36
    Reconciliation between earnings and headline earnings                                  
    Basic earnings                                                                 30 935     43 215
    Reconciliation between earnings and headline earnings                                  
    Diluted earnings                                                               30 935     43 215

7.  RELATED PARTIES
    Relationships

    Common directors                                                GAIA Fund Managers (Pty) Limited
                                                          GAIA Infrastructure Partners (Pty) Limited
  
    Subsidiary                                            GAIA Financial Services (RF) (Pty) Limited
                                                                               GAIA SPV (RF) Limited
   
    Investments                                                               GAIA RE1 (Pty) Limited

    GAIA Infrastructure Partners (Pty) Limited has been appointed as the Management Company ("ManCo") 
    of the Company and therefore has significant influence.

    GAIA Infrastructure Partners (Pty) Limited holds 1 000 shares in the Company.

    A management fee calculated as 0.8% of the enterprise value is paid to GAIA Infrastructure 
    Partners (Pty) Limited in quarterly instalments.

                                                                                     2019       2018
                                                                                    R'000      R'000
    Financial assets at fair value through profit or loss                                       
    GAIA Financial Services (RF) (Pty) Limited                                     15 135    501 085
    Amounts included in trade receivable/(trade payable)                                    
    regarding related parties                                                               
    GAIA Infrastructure Partners (Pty) Limited                                                (3 951)
    GAIA Financial Services (Pty) Limited                                           1 611      7 708
    GAIA SPV (RF) (Pty) Limited                                                       226          -
    Management fees paid to related parties                                                 
    GAIA Infrastructure Partners (Pty) Limited                                      4 845      4 790
    Dividend income                                                                         
    GAIA Financial Services (RF) (Pty) Limited                                     32 600     60 023

8.  GOING CONCERN
    The provisional financial statements have been prepared on the basis of accounting policies 
    applicable to a going concern. This basis presumes that funds will be available to finance 
    future operations and that the realisation of assets and settlement of liabilities, contingent 
    obligations and commitments will occur in the ordinary course of business.

    On behalf of the Board

    KP Lebina
    Chief Executive Officer

    31 May 2019
    Johannesburg

GENERAL INFORMATION

Country of incorporation and domicile         Transfer secretaries
South Africa                                  Computershare Investor
                                              Services (Pty) Limited
                                              Rosebank Towers
Directors                                     15 Biermann Avenue, Rosebank
KP Lebina (Chief Executive Officer            Johannesburg, 2196
and Interim Financial Director)              
MMN Nieuwoudt (Chief Investment Officer)      Company secretary
KE Mbalo* (Chairman)                          Fusion Corporate Secretarial
S Tuku*                                       Services (Pty) Limited
L Mondi*                                      Unit 7, Block C
N Kimber*                                     Southdowns Office Park
T Bukula*                                     Karee Street, Irene
L de Wit                                      Pretoria, 0169
C Ferreira                                   
B Schabort                                    Company registration number
                                              2015/115237/06
* Independent Non-Executive                                         
                                              Tax reference number
Registered office                             9473/844/17/4
3rd Floor, Penthouse 5                        
4 The High Street                             Preparer
Melrose Arch, 2196                            The financial statementsnwhere 
                                              compiled under Prudence Lebina's 
Sponsor                                       supervision.     
Sasfin Capital                                      
29 Scott Street, Waverley                           
Johannesburg, 2090
                                 
Bankers
FirstRand Bank Limited

Auditors
Deloitte & Touche

www.gaia-ic.com
Date: 31/05/2019 09:00:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE'). 
The JSE does not, whether expressly, tacitly or implicitly, represent, warrant or in any way guarantee the truth, accuracy or completeness of
 the information published on SENS. The JSE, their officers, employees and agents accept no liability for (or in respect of) any direct, 
indirect, incidental or consequential loss or damage of any kind or nature, howsoever arising, from the use of SENS or the use of, or reliance on,
 information disseminated through SENS.

Email this JSE Sens Item to a Friend.

Share This Story