Sharenet Sites 
Sharenet Sites
SABVEST CAPITAL LIMITED
(Incorporated in South Africa)
(Registration number 2020/030059/06)
JSE share code: SBP
ZAE000283511
('Sabcap' or 'the Company' or 'the Group')
Trading update and interim cash dividend declaration
Pursuant to publication of the Company's interim financial results announcement for the six months
ended 30 June 2020 on the Stock Exchange News Service on 9 September 2020 ('Results
Announcement'), shareholders are advised as follows:
TRADING UPDATE
Most of the Group's investee companies are now trading at close to pre-Covid levels, or are reasonably
expected to do so within the next six months, subject to the effects of any changes in Covid mitigation
policies in the countries in which the investees operate. More particularly, the cash flows from investees
to the Group, in the form of dividends, interest and fees, have resumed or are reasonably expected to do
so shortly. The only investee still adversely affected by Covid is the ITL Group. However its revenues,
earnings and cash flows are expected to normalise in Q-3/Q-4 2021 by when seasonal demand from its
US, UK and EU retail accreditations should return to 2019 levels. It also continues to achieve significant
growth in demand for its RFID programs from its existing and new retail customers.
The Group can accordingly now plan its cash flows with more certainty.
No new unlisted investments are being considered internationally. However, shareholders are advised
that the Group's foreign subsidiary re-opened its listed Sabvest Technology Portfolio prior to the US
elections. The original portfolios were realised in full in Q3 2018.
No new investments are being considered in RSA, although the Group has increased its holdings in DNI
and Masimong since the interim reporting date and as explained in the results announcement. Expected
surplus funds in RSA in excess of operating costs and interest and debt service may be applied to dividends
and to share buy backs under the general authority granted at the Company's annual general meeting on
25 June 2020.
Sabcap share buy backs by a subsidiary since the release of the interim results total 378 352 shares at a
cost of R11,5m.
Shareholders are also reminded that the Company's wholly-owned subsidiary, Sabvest Limited
("Sabvest"), is deemed to have bought back 251 880 Sabvest shares at delisting in May 2020, due to
appraisal rights exercised by the holders of those shares in terms of s164 of the Companies Act 71 of 2008.
The deemed buy back price will be determined in the course of the appraisal process and payment will be
effected thereafter.
Accordingly, there has been a reduction in Group listed shares in issue , net of treasury shares of 630 232
since 1 January 2020 being about 1,5% of the shares in issue at the last financial year end.
With regard to the deferred interim dividend referred to in the Results Announcement, the board has now
resolved to declare an interim dividend, but at a lower level than the prior comparative six month period
ended 30 June 2019, due to the use of cash for Sabcap share buy backs and for the Sabvest shares acquired
under the section 164 appraisal rights process.
DECLARATION OF INTERIM CASH DIVIDEND
Notice is hereby given that an interim dividend of 10 cents per Sabcap ordinary share (2019: 36c per
Sabvest ordinary and N ordinary share) has been declared out of income reserves.
The issued share capital of Sabcap net of treasury shares at the declaration date is 41 130 000 ordinary
shares. The income tax number of the company is 9660 061 186.
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 8 cents per share to non-exempt
shareholders.
Declaration Date: Tuesday 10 November 2020
Last date to trade CUM dividends: Tuesday, 1 December 2020
Trading EX dividends commences: Wednesday, 2 December 2020
Record Date: Friday 4 December 2020
Dividend Payment Date: Monday 7 December 2020
Sabcap shares may not be dematerialised or rematerialized between Wednesday, 2 December 2020 and
Friday, 4 December 2020, both days inclusive.
Sandton
10 November 2020
Sponsor
RAND MERCHANT BANK (A division of FirstRand Bank Limited)
Date: 10-11-2020 08:00:00
Supplied by www.sharenet.co.za
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.
