TISO BLACKSTAR GROUP SE - Tiso Blackstar Group Clarifies Its Position Following Misleading Reporting

Tiso Blackstar Group Clarifies Its Position Following Misleading Reporting

Tiso Blackstar Group SE
(Incorporated in England and Wales)
(Company number SE 110)
(registered as an external company with limited liability in the Republic of South Africa under
registration number 2011/008274/10)
JSE Share code: TBG
ISIN: GB00BF37LF46
(“Tiso Blackstar Group” or the “Group”)


TISO BLACKSTAR GROUP CLARIFIES ITS POSITION FOLLOWING MISLEADING REPORTING

Tiso Blackstar Group wishes to reiterate that it is performing well and ahead of expectations, contrary
to misleading reports by Independent Media. Tiso Blackstar Group is truly committed to editorial
independence and free speech, but a series of inaccurate reports about the Group by Independent
Media’s titles have prompted us to set the record straight. We wish to highlight the fact that editorial
decisions are made in line with a strict policy and with no intervention or influence by the Tiso
Blackstar Group board, its CEO or its shareholders.

In summary:

Tiso Blackstar Group has stated consistently that its non-core assets are held for sale and will be
realised when the timing allows, and the price is right. The fact that the sale of its interest in Kagiso
Tiso Holdings (KTH) was not realised due to various factors has not put the business in an untenable
position. The Group is not in debt rescue.

The Group’s decision to delist from Alternative Investment Market (AIM) of the London Stock
Exchange was owing to the fact that less than 8% of Tiso Blackstar Group’s shares were held via this
listing, and were adding limited value. It was decided by the Board, following consultation with key
investors on the AIM register, that the costs of the secondary listing were not justified given this small
shareholder base. The Group was similarly supported by local shareholders in cancelling the AIM
listing. The AIM shareholder’s shares were transferred onto the JSE share register on cancellation of
the AIM listing.

The Group’s core businesses – Hirt & Carter, Media, and Broadcast and Content – are performing
well and continue to grow profits despite the difficult economic conditions. They are also well
positioned for any improvement in the economic cycle.

Tiso Blackstar Group’s debt obligations are not under threat and are being serviced in line with
commitments. The Group’s debt will be reduced further once the sale of non-core assets is realised.

The Group’s cash flow is positive and continues to improve as a result of strong cash management
and improved trading conditions.

Readers can refer to the December 2017 Interim Results as well as the June 2017 Integrated Report
published on the Group’s website: http://www.tisoblackstar.com for a detailed and accurate account of
the Group’s financial position. The Integrated Report also clarifies the remuneration of Tiso Blackstar
Group’s CEO, Andrew Bonamour, and discredits the highly exaggerated annual salary figure of R20
million reported by Independent Media.

It is also important to highlight that Tiso Blackstar Group is committed to transformation and the
revised Broad-Based Black Economic Empowerment Codes of Good Practice. The Group holds a
level-2 contributor status – one of the highest in the media industry. Tiso Blackstar Group is also
active in the development of black and female talent.

Tiso Blackstar would normally refer misleading and dishonest reporting to the Press Ombudsman.
However, Independent Media has withdrawn from the Press Council and refuses to subject itself to
the rigors of the Press Code to which Tiso Blackstar and other media companies subscribe. Such
withdrawal denies any member of the public, including Tiso Blackstar Group, an opportunity to
challenge the accuracy of the reports through the regulatory system.

Any allegations by Independent Media and its representatives against Tiso Blackstar Group and its
representatives not specifically addressed in this statement are equally denied.

On behalf of the: The Tiso Blackstar Group SE Board

Johannesburg
19 April 2018

 For further information, please contact:
 Tiso Blackstar Group SE                     Leanna Isaac                  +44(0) 20 7887 6017

 JSE Sponsor: One Capital                    Sholto Simpson                +27(0) 11 550 5000

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