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Salient features extracted from audited preliminary results for year ended 31/12/2019 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 EXTRACTED FROM THE AUDITED PRELIMINARY SUMMARISED
RESULTS for the year ended 31 December 2019
and cash dividend declaration
PROFILE
Sabvest is an investment group which has been listed on the JSE
since 1988. Its 17m ordinary shares and 24,3m ‘N’ ordinary shares
are quoted in the Equities Investment sector of the JSE. The
ordinary shares carry 500 votes each and the ‘N’ ordinary shares
carry one vote each. The Seabrooke Family Trust (SFT) is the
controlling shareholder of Sabvest.
Sabvest has interests in nine unlisted investments, direct and
indirect interests in six listed investments and an offshore bond
portfolio, all accounted for on a fair value basis. Two of the
listed investments are classified as current assets held for sale.
Sabvest also 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 2019 2018
Net asset value per
share – cents 14,3 6 689 5 852
Headline earnings per
share – cents 72,7 916,8 530,9
Earnings per share – cents 72,6 916,8 531,3
Dividends per share – cents 10,3 75 68
Special dividends per share – cents – – 100
Profit after taxation – R’m 381,9 238,1
Total comprehensive income – R’m 361,3 339,6
Shareholders’ funds – R’m 2 759,4 2 446,1
Gross assets – R’m 3 224,2 2 819,6
GROWTH METRICS
Percentage Compound Growth
1 year 3 years 5 years
Cents % % %
Net asset value
per share *1 6 689,0 14,3 22,4 20,0
Headline earnings
per share 916,8 72,7 363,6 15,6
Earnings per share 916,8 72,6 363,6 15,5
Dividends per share 75,0 10,3 10,9 11,8
GROWTH METRICS (continued)
Percentage Compound Growth
10 years 15 years
% %
Net asset value per share *1 19,8 19,8
Headline earnings per share 22,7 20,6
Earnings per share 20,8 20,6
Dividends per share 18,3 23,9
*1 Growth in NAV per share is calculated without dividends paid
being re-invested.
The growth metrics have not been audited but have been determined
by the directors based on audited information.
INVESTMENT HOLDINGS PER SECTOR
Number
of Economic Fair
Listed/ Ordinary interest value
Unlisted shares/units % R’000
INDUSTRIAL AND
SERVICES
DNI-4PL Contracts
(Pty) Ltd U 20,0 470 200
ITL Holdings Group U 30,0 760 014
Metrofile
Holdings Limited L 50 147 862 11,1 141 416
SA Bias Industries
(Pty) Ltd U 59,9 735 600
2 107 230
INDUSTRIAL – FOOD AND
RELATED PRODUCTS
Classic Food Brands
(Pty) Ltd U 25,0 23 926
Flexo Line Products
(Pty) Ltd U 47,5 65 206
Sunspray Food
Ingredients (Pty)
Ltd U 27,6 62 690
151 822
INFORMATION
TECHNOLOGY
Corero Network
Security Plc L 36 250 000 7,3 39 228
Revix Group U 25,0 –
39 228
MINING, CHEMICALS AND
AGRICULTURE
Masimong Group
Holdings (Pty) Ltd U 10,0 147 100
Rolfes Holdings
Limited L 51 000 000 31,5 147 390
294 490
SPECIALISED FINANCIAL
Apex Partners
Holdings (Pty) Ltd U 49,9 93 842
Brait S.E.
Convertible Bonds L 30 000 – 55 452
Transaction Capital
Limited L 10 000 000 1,6 211 000
360 294
Non-current investment
holdings 2 953 065
Current investments 139 333
Brait S.E. L 4 000 000 55 600
Net 1 UEPS
Technologies Inc L 300 000 15 472
Bond portfolio L 68 261
TOTAL HOLDINGS 3 092 398
CASH DIVIDEND DECLARATION
Notice is hereby given that a final dividend of 39 cents (2018: 36
cents) per ordinary and ‘N’ ordinary share for the year ended 31
December 2019 has been declared out of income reserves making a
total of 75 cents for the year (2018: 68 cents).
The issued share capital of the company at the declaration date is
16 975 293 ordinary and 24 276 919 ‘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 31,2 cents per
ordinary and ‘N’ ordinary share to non-exempt shareholders.
Last date to trade “CUM” dividend Tuesday, 31 March 2020
Trading “EX” dividend commences Wednesday, 1 April 2020
Record date Friday, 3 April 2020
Dividend payment date Monday, 6 April 2020
No dematerialisation or rematerialisation of share certificates
will be allowed during the period Wednesday, 1 April 2020 to
Friday, 3 April 2020 both days inclusive.
Sandton
12 March 2020
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/2020/JSE/ISSE/SBV/YEres19.pdf
and published on the company’s website on
http://www.sabvest.com/pdf/2019/SABVEST-YE-results-Dec19.pdf
on 12 March 2020. 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.
The annual financial statements including the audit opinion of the
external auditor, Deloitte & Touche, which sets out the key audit
matters and the basis for its unmodified opinion, is available on
the company’s website on
http://www.sabvest.co.za/pdf/2019/SABVEST-AFS-Dec2019.pdf
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 and
Lead Independent Director), CS Seabrooke * (Chief Executive),
L Mthimunye *, K Pillay ^#, R Pleaner *, L Rood *
*Executive #Independent ^Appointed 1 January 2020
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: 12-03-2020 01:45:00
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