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SPUR CORPORATION LIMITED - Notice of AGM and change statement

Release Date: 25/10/2019 11:00
Code(s): SUR     PDF:  
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Notice of AGM and change statement

SPUR CORPORATION LIMITED
(Incorporated in the Republic of South Africa)
(Registration number 1998/000828/06)
Share Code: SUR
ISIN: ZAE000022653
("Spur" or "the company")

NOTICE OF ANNUAL GENERAL MEETING AND CHANGE STATEMENT


Shareholders are advised that the company’s Notice of Annual General Meeting,
Form of Proxy and Summarised Audited Consolidated Financial Statements have
been posted to shareholders today and that the complete Audited Consolidated
Financial Statements of the company for the year ended 30 June 2019 (“AFS”) as
well as the 2019 Integrated Report will be available on the company’s website
(www.spurcorporation.com/investors/results-centre/) from 11h00 today, 25 October
2019.

   1. Change Statement

The AFS were audited by Spur’s auditors, KPMG Inc., and contain a reclassification
of revenue items (“Reclassification”) within the revenue note (refer note 5 to the
AFS) as compared to the same information disclosed in note 4 to the Reviewed
Condensed Consolidated Results which were released on SENS on 12 September
2019 (“Reviewed Results”). In this regard:

    - “distribution and rebate income” included in revenue from “sales-based
       royalties” in the Reviewed Results was separated into “distribution income”
       and “rebate income” and reallocated to revenue “recognised at a point in
       time” in the AFS;
    - “marketing supplier income” included in revenue “recognised at a point in
       time” in the Reviewed Results was reallocated to revenue “recognised over
       time”; and
    - revenue from “services rendered” included in revenue “recognised at a point
       in time” in the Reviewed Results was reallocated to revenue “recognised over
       time”
in accordance with the company’s accounting policy for revenue as detailed in note
42.13 to the AFS.
The table below shows the effect of the Reclassification:

                                                   Reviewed                         Reviewed
                                                    Results                          Results
Revenue                               AFS 2019       2019                AFS 2018     2018
R'000                                 (note 5)     (note 4)      Dif     (note 5)   (note 4)      Dif
Sales-based royalties                  588 999      640 080   (51 081)    539 420    580 577   (41 157)
   Distribution and rebate income              -     51 081   (51 081)                41 157   (41 157)
   Ongoing franchise fee income        354 494      354 494          -   326 896     326 896          -
   Marketing fund contributions        234 505      234 505          -   212 524     212 524          -
Recognised at a point in time          326 037      294 307     31 730   324 832     304 384     20 448
   Sales of purchased and
      manufactured sauces              150 853      150 853          -   145 067     145 067          -
   Retail restaurants' sales            69 753       69 753          -    69 534      69 534          -
   Distribution income                  46 517            -     46 517    34 981           -     34 981
   Marketing supplier contributions          -        8 712    (8 712)         -       9 971    (9 971)
   Sales of franchisee supplies         45 188       45 188          -    51 893      51 893          -
   Sales of marketing materials          9 162        9 162          -    17 181      17 181          -
   Rebate income                         4 564            -      4 564     6 176           -      6 176
   Services rendered                         -       10 639   (10 639)         -      10 738   (10 738)
Recognised over time                    29 743       10 392     19 351    27 545       6 836     20 709
   Initial franchise fee income         10 392       10 392          -     6 836       6 836          -
   Services rendered                    10 639            -     10 639    10 738           -     10 738
   Marketing supplier contributions      8 712            -      8 712     9 971           -      9 971


 Total external revenue                944 779      944 779          -   891 797     891 797          -


The Reclassification has no impact on the statements of profit or loss and other
comprehensive income, financial position, changes in equity, and cash flows
included in the AFS relative to the Reviewed Results and furthermore has no effect
on earnings, headline earnings, earnings per share, headline earnings per share,
diluted earnings per share, and diluted headline earnings per share. Other than the
Reclassification, there were no modifications to the Reviewed Results.

   2. Notice of the Annual General Meeting

Notice is hereby given that the Annual General Meeting of Spur shareholders will be
held at 11h00 on Friday, 6 December 2019 at 14 Edison Way, Century Gate
Business Park, Century City, Cape Town to transact the business as stated in the
Notice of Annual General Meeting which was posted to shareholders on, and
available on the company's website from, 25 October 2019.

   3. Salient dates

The Notice of Annual General Meeting was posted to shareholders of the company
who were recorded as such in the company's securities register on 18 October 2019.

The date on which shareholders of the company must be recorded as such in the
company's securities register in order to attend and vote at the Annual General
Meeting is Friday, 29 November 2019. The last day to trade in order to be entitled to
vote at the Annual General Meeting is Tuesday, 26 November 2019.

Forms of Proxy may be presented at any time prior to, or at, the Annual General
Meeting. If Forms of Proxy are directed to the Company’s transfer secretaries these
must be lodged by no later than 11h00 on Thursday, 5 December 2019.

   4. Broad-based Black Economic Empowerment Certificate

Shareholders are hereby notified that in accordance with the JSE Listings
Requirements, Spur’s compliance report in terms of section 13G(2) of the Broad-
Based Black Economic Empowerment Act 53 of 2003 read with the Broad-Based
Black Economic Empowerment Act 46 of 2013, has been published and is available
on the company’s website, www.spurcorporation.com/investors/results-centre/.

Cape Town
25 October 2019

Sponsor
Sasfin Capital (A member of the Sasfin Group)

Date: 25/10/2019 11:00:00
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