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ANCHOR GROUP LIMITED - Change statement and notice of annual general meeting

Release Date: 30/06/2020 17:35
Code(s): ACG     PDF:  
 
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Change statement and notice of annual general meeting

ANCHOR GROUP LIMITED
(Incorporated in the Republic of South Africa)
(Registration number 2009/005413/06)
Share code: ACG ISIN: ZAE000193389
(“Anchor” or “the Company”)


CHANGE STATEMENT AND NOTICE OF ANNUAL GENERAL MEETING


Shareholders are advised that Anchor’s 2019 integrated annual report, incorporating the audited annual financial statements for the
year ended 31 December 2019 (“Audited AFS”) (on which the Company’s auditors expressed an unmodified audit opinion) and
notice of annual general meeting (“AGM”) was posted to shareholders on 30 June 2020 and is available on the Company’s website:
http://www.anchorgroup.co.za/presentationsresults/.

The audited annual financial statements contain the following changes to the changes to the reviewed consolidated results for the
year ended 31 December 2019 (“Reviewed AFS”) released on SENS on 3 April 2020:

Consolidated statement of financial position as at 31 December 2019

                                                                        Audited AFS                              Reviewed AFS
 Assets                                                                        R’000                                      R’000
 Non-current assets                                                          870 461                                    870 461
 Equipment                                                                     4 328                                      4 328
 Investment property                                                           6 540                                      6 540
 Goodwill                                                                    590 455                                    590 455
 Intangible assets                                                           136 308                                    136 308
 Right-of-use assets                                                           6 798                                      6 798
 Investments in associates and joint venture                                  71 885                                     71 885
 Financial assets                                                             47 284                                     47 284
 Deferred tax                                                                  6 863                                      6 863
 Current Assets                                                              186 208                                    186 208
 Trade and other receivables                                                  59 315                                     59 315
 Financial assets                                                             49 966                                     49 966
 Current tax receivable                                                        4 901                                      4 901
 Cash and cash equivalents                                                    72 026                                     72 026
 Total Assets                                                              1 056 669                                  1 056 669

 Equity Attributable to Equity Holders of Parents
 Share Capital                                                                977 808                                      977 808
 Reserves                                                                      17 667                                       9 504
 Accumulated loss                                                            (66 707)                                    (66 707)
                                                                              928 768                                     920 605
 Non-controlling interest                                                      13 206                                      21 369
                                                                              941 974                                     941 974
 Liabilities
 Non-Current liabilities                                                       38 532                                     38 532
 Financial liabilities                                                              -                                          -
 Lease liabilities                                                              5 535                                      5 535
 Deferred tax                                                                  32 997                                     32 997

 Current liabilities                                                          76 163                                      76 163
 Trade and other payables                                                     41 064                                      41 064
 Financial liabilities                                                        26 551                                      26 551
 Lease liabilities                                                             2 106                                       2 106
 Current tax payable                                                           6 442                                       6 442
 Total liabilities                                                           114 695                                     114 695
 Total equity and liabilities                                              1 056 669                                   1 056 669
Statement of changes in equity at 31 December 2019
Reviewed AFS:
 Reviewed:
                             Share         Foreign     Equity    Treasury       Share           Total        Restated           Total           Non-         Total
                            Capital       currency    Reserve      shares       based        reserves        Retained     attributable      controlling      equity
                                        translation                            payment                         Income       to equity        interest
                                            Reserve                             reserve                                    holders of
                                           Reserve                                                                         the group /
 Figures in R'000                                                                                                           company
 Balance at 01 January                                                                                           (114
 2019                      961 332           2 737     (5 805)   (15 527)      23 615           5 020            991)       851 361            18 585      869 946
  Profit for the year                                                                                          87 225        87 225            21 430      108 655
  Other comprehensive
 income                                      2 876           -                                  2 876                          2 876                         2 876
  Total comprehensive
 income for the year                -        2 876           -          -              -        2 876          87 225        90 101            21 430      111 531
  Issue of shares           16 476                                                                    -                      16 476                         16 476
  Shares of ACG held in
 subsidiary                                                       (4 819)                      (4 819)                       (4 819)                        (4 819)
  Change in ownership
 - Methwold                                                                                                                                     3 359        3 359
  Share based
 payments                                                                       6 427           6 427                          6 427                          6 427
  Dividends                                                                                         -        (38 941)       (38 941)         (22 005)      (60 946)
  Total contributions
 by and distributions
 to owners of
 company recognised
 directly in equity         16 476                -          -    (4 819)       6 427           1 608        (38 941)       (20 857)         (18 646)      (39 503)
  Balance at 31
 December 2019             977 808           5 613     (5 805)   (20 346)      30 042           9 504        (66 707)       920 605            21 369      941 974


Audited AFS:
                           Share           Foreign     Equity    Treasury      Share          Total       Accumulated             Total           Non-       Total
                          Capital         currency    Reserve      shares      based       reserves               loss     attributable      controlling    equity
                                        translation                          payment                                          to equity        interest
                                           Reserve                           reserve                                     holders of the
                                                                                                                                group /
 Figures in R'000                                                                                                             company
 Balance at 01 January                                                                                                                                         869
 2019                     961 332            2 737    (5 805)    (15 527)     23 615         5 020           (114 991)         851 361           18 585        946
                                                                                                                                                               108
  Profit for the year                                                                                          87 225            87 225          21 430        655
  Other comprehensive
 income                                      2 876           -                               2 876                                2 876                      2 876
  Total comprehensive                                                                                                                                          111
 income for the year            -            2 876           -          -          -         2 876             87 225            90 101          21 430        531
 Issue of shares           16 476                                                                 -                              16 476                     16 476
                                                                                                                                                                (4
  Treasury shares                                                 (4 819)                   (4 819)                              (4 819)                      819)
  Change in ownership -
 control not lost                                       8 163                                8 163                                8 163          (4 804)     3 359
  Share based
 payments                                                                      6 427         6 427                                6 427                      6 427
                                                                                                                                                               (60
  Dividends                                                                                       -           (38 941)         (38 941)         (22 005)      946)
  Total contributions
 by and distributions
 to owners of
 company recognised                                                                                                                                            (39
 directly in equity        16 476                 -     8 163     (4 819)      6 427         9 771            (38 941)         (12 694)         (26 809)      503)
  Balance at 31                                                                                                                                                941
 December 2019            977 808            5 613      2 358    (20 346)     30 042        17 667            (66 707)         928 768           13 206        974



The change between the Audited AFS and the Reviewed AFS is due to the change in allocations between the equity reserves balance
and non-controlling interest balances. Post the review, it was found that the non-controlling interest balances had balances relating
to Capricorn Fund Managers SA (Pty) Ltd. This was corrected by removing the non-controlling interest balance and accounting for
the increased equity, due to Anchor increasing its stake in Capricorn Fund Managers SA (Pty) Ltd to 100% from 48.49%.
Consolidated segmental information for the year ended 31 December 2019

Reviewed AFS:

Statements of comprehensive income

                           Non-Asset              Asset        Stockbroking    Eliminations      Total
                          management          management
 
 Revenue                     134 083            426 195               95 322      (189 740)     465 860
 Operating                  (23 508)          (295 138)            (128 604)         95 449   (351 801)
 expenses
 Operating profit              110 575           131 057            (33 282)       (94 291)    114 059
 Other income                    9 986             9 796              44 614       (41 558)     22 839
 Share of loss from              1 154               391                 605                     1 368
 associates      and
 joint venture
 Loss of control of
 subsidiary
 Movement          in            (690)            (9 019)                             5 915     (3 794)
 credit allowances
 Finance costs                    (187)           (4 902)            (1 375)          3 756     (2 708)
 Profit before tax             120 838           126 542              10 562      (126 178)     131 764
 Taxation                       (3 702)          (16 595)            (2 812)                   (23 109)
 Profit for the                117 136           109 947               7 750      (126 178)     108 654
 year


Financial position


                           Non-Asset              Asset        Stockbroking    Eliminations      Total
                         management         management
 Assets                      845 461            400 951              35 898       (225 639)   1 056 670
 Non-Current                 780 837            219 058              10 225       (139 658)     870 462
 Assets
 Current Assets               64 624           181 892              25 673        (85 981)      186 208
 Liabilities                 (29 157)           (65 279)           (12 741)        (7 521)     (114 698)
 Non-Current                 (26 990)           (32 095)            (4 576)        25 129      (38 532)
 Liabilities
 Current liabilities          (2 167)          (33 183)            (8 165)        (32 650)     (76 166)
 Equity                       816 304           335 672              23 157      (233 161)      41 972

Audited AFS:

Statements of comprehensive income

                           Non-Asset               Asset          Stockbroking              Intercompany                  Total
                         management           management                                     Eliminations

 Revenue                     134 083              412 398                 55 738                  (136 358)              465 861
 Operating expenses         (22 426)            (296 560)               (53 618)                     20 804            (351 800)
 Operating profit            111 657              115 838                  2 120                  (115 554)              114 061
 Other income and              8 374                9 587                  9 560                    (4 862)               22 839
 fair value
 adjustments
 Share of loss from              1 154                 391                  605                                            1 368
 associates and joint
 venture
 Movement in credit               (690)             (3 105)                                                               (3 795)
 allowances
 Finance costs                    (187)             (4 264)             (1 375)                       3 118              (2 708)
 Taxation                       (3 703)            (16 594)              (2 813)                                         (23 110)
 Profit after tax              116 605             101 071                8 097                   (117 118)              108 655
 *Revenue                     (127 773)             (8 585)                   -                           -            (136 358)
 (Intercompany
 Eliminations)
 Included in
 operating expenses
 is:
 - Amortisation                       -           (14 431)                    -                              -          (14 431)
 - Depreciation                    (19)            (2 161)                (867)                              -           (3 047)


Financial position


                              Non-Asset                Asset          Stockbroking            Intercompany                 Total
                            management              management                                 Eliminations
 Assets                          844 527               393 949                 35 898             (217 705)            1 056 669
 Non-Current                     657 835               352 453                 10 225             (150 052)              870 461
 Assets
 Current Assets                   186 692               41 496               25 673               (67 653)               186 208
 Liabilities                     (29 748)              (72 939)             (12 743)                  735              (114 695)
 Non-Current                       (1 862)             (32 094)              (4 576)                                    (38 532)
 Liabilities
 Current liabilities             (27 886)             (40 845)               (8 167)                  735               (76 163)
 Equity                         (814 779)            (321 010)              (23 155)              216 970              (941 974)

The reason for the differences in segmental information from the Reviewed AFS to the Audited AFS were required to correct the
misallocation between intercompany eliminations, asset management and stockbroking in the Reviewed AFS.

It should be noted that there were no changes to the earnings per share, headline earnings per share, adjusted earnings per share,
statement of comprehensive income and statement of cash flows from the Reviewed AFS to the Audited AFS.

The AGM will be held electronically via a remote interactive electronic platform Zoom at 09:00 on Thursday, 30 July 2020 to
transact the business as stated in the notice of the AGM.

The record date on which shareholders of the Company must be registered as such in the Company’s securities register in order to
participate in and vote at the AGM is Friday, 24 July 2020 and accordingly the last day to trade in order to be included in the
Company’s securities register is Tuesday, 21 July 2020.

30 June 2020


Designated advisor
Java Capital

Date: 30-06-2020 05:35:00
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