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Salient features of the unaudited results for the six months ended 30 June 2019 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: ZAE000012043 – “N” ordinary shares
Share code: SBV – ordinary shares
Share code: SVN – “N” ordinary shares
SALIENT FEATURES OF THE UNAUDITED RESULTS
for the six months ended 30 June 2019
and cash dividend declaration
PROFILE
Sabvest is an investment group which has been listed on the JSE
since 1988. Its 17,0m ordinary shares and 24,8m ‘N’ ordinary
shares are quoted in the Equity Investment Instruments sector of
the JSE.
Sabvest has interests in eight unlisted investments, direct and
indirect interests in six listed investments and an offshore bond
portfolio, all accounted for on a fair value basis. In addition
Sabvest makes finance advances, holds general debt, share and cash
portfolios, and undertakes other fee, finance and profit earning
activities from time to time.
RESULTS
%
increase/
(decrease)
6 months
to
30 June
2019 Unaudited Unaudited Unaudited
compared 6 months 6 months 12 months
to to to to
30 June 30 June 30 June 31 December
2018 2019 2018 2018
Net asset value
per share – cents 8,2 5 908 5 458 5 852
Dividends per
share – cents 12,5 36 32 68
Special dividends
per share – cents – 100 100
Headline earnings
per share
– cents (64,3) 125,7 352,9 530,9
Earnings per share
– cents (64,4) 125,7 353,3 531,3
Profit after
taxation – R’m (67,1) 52,6 159,9 238,0
Total comprehensive
income – R’m (83,1) 38,6 229,5 339,6
Shareholders’
funds – R’m (0,1) 2 469,7 2 471,1 2 446,1
Net (debt)/cash
– R’m (199,4) 36,1 83,5
INVESTMENT HOLDINGS
Number of Economic Fair
Ordinary interest value
shares/units % R’000
UNLISTED INVESTMENTS
Classic Food Brands
(Pty) Ltd 25,0 29 114
DNI-4PL Contracts
(Pty) Ltd *1 20,0 478 728
Flexo Line Products
(Pty) Ltd 47,5 35 206
ITL Holdings Group *2 30,0 788 862
Masimong Group Holdings
(Pty) Ltd 10,0 114 000
Revix Group *6 30,0 –
SA Bias Industries
(Pty) Ltd *3 59,9 683 140
Sunspray Food Ingredients
(Pty) Ltd *4 28,2 58 720
2 187 770
LISTED INVESTMENTS
Brait S.E. 4 000 000 74 000
Corero Network
Security Plc 28 000 000 37 109
Metrofile Holdings
Limited 49 000 000 79 380
Net1 UEPS Technologies Inc 300 000 16 575
Rolfes Holdings Limited 28 500 000 64 125
Transaction Capital
Limited 10 000 000 199 700
470 889
LISTED INVESTMENTS HELD INDIRECTLY
Rolfes Holdings
Limited *5 22 500 000 50 625
50 625
Non-current investment holdings 2 709 284
Current investments 71 761
– Listed bond portfolio 71 761
– Listed investments held-for-sale –
TOTAL HOLDINGS 2 781 045
*1 Effective interest of 16,0% in DNI through 34,78% of JAA
Holdings which owns 46,0% of DNI and a 4% direct interest in
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 Revix UK Limited, Revix Technologies Limited and Revix SA
Holdco (Pty) Ltd.
CASH DIVIDEND DECLARATION
Notice is hereby given that an interim dividend of 36 cents (2018:
32 cents) per ordinary and ‘N’ ordinary share for the six months
ended 30 June 2019 has been declared out of income reserves.
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, 27 August 2019
Trading “EX” dividend commences Wednesday, 28 August 2019
Record date Friday, 30 August 2019
Dividend payment date Monday, 2 September 2019
No dematerialisation or rematerialisation of share certificates
will be allowed during the period Wednesday, 28 August 2019 to
Friday, 30 August 2019, both days inclusive.
Sandton
12 August 2019
The above announcement is a summary of information in the full
announcement and does not contain full or complete details and is
the responsibility of the directors. Any investment decisions by
investors and/or shareholders should be based on the full
announcement which is available on
https://senspdf.jse.co.za/documents/2019/JSE/ISSE/SBV/INTRes2019.pdf
and published on the Company’s website on
http://www.sabvest.com/pdf/SABVEST-interims-2019.pdf on 12 August
2019. The full announcement is also available at Sabvest’s
registered office and the offices of the sponsor at no charge,
between 8:30 and 17:00, Monday to Friday.
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 # (Chairperson), BJT Shongwe # (Deputy Chairperson),
CS Seabrooke * (Chief Executive), NSH Hughes # (Lead Independent
Director), L Mthimunye #, 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
Date: 12/08/2019 05:25:00
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