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MARSHALL MONTEAGLE PLC - Provisional reviewed results for the year ended 30th September 2018 and proposed dividend declaration

Release Date: 18/12/2018 13:53
Code(s): MMP     PDF:  
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Provisional reviewed results for the year ended 30th September 2018 and proposed dividend declaration

Marshall Monteagle PLC
(Incorporated in Jersey)
(Registration number: 102785)
(External registration number: 2010/024031/10)
JSE Code: MMP ISIN: JE00B5N88T08
(“Marshall Monteagle” or “the Company” or “the Group")

Provisional reviewed results for the year ended 30th September 2018 and proposed dividend
declaration

Chairman’s Statement

As an Investment Company, Marshall Monteagle has a broad and diversified range of investments in both
listed international companies and in trading and property owning subsidiary companies. Our objective is to
invest for the long term to generate reliable profits, cash flow and dividends for our shareholders and thereby
achieve capital growth for the benefit of all our stakeholders. The Group holds portfolios of leading investments
in the U.S.A., U.K., Europe and the Far East as well as commercial properties in the U.S.A. and South Africa.
The Group’s import and distribution businesses operate internationally and in South Africa include interests in
food processing and logistics.

In recent years we have made substantial human investment with the intention of diversifying our international
trading base, enabling us to represent our world-wide suppliers in other countries. A good deal of our trading
profit still comes from South Africa and neighbouring territories.

We believe that our strong cash position and liquid investment portfolios give confidence not only to our
suppliers, tenants and customers, but also importantly, to our staff. The Group’s results could not have been
achieved without the hard work of all our employees and on behalf of the Board, I would like to thank them for
their continued contribution and dedication.

Over the last ten years the Board has been able to recommend increasing dividend payments each year to
shareholders. During this period our investment portfolio and property portfolio have increased in value.
However, the income from these investments in the form of dividends and net rentals have not kept up with
these increased values. Our trading investments during these times have prospered and produced good
results and substantial physical growth. The developed western world has experienced artificially low interest
rates over the last ten years. This seems now to be coming to an end and the US dollar has strengthened
against most currencies in which we trade. I am sure that all stakeholders understand that in uncertain times, it
is necessary that we maintain liquidity with minimal borrowings by retaining a good deal of our annual earnings.

Business Review

The Directors are pleased to report strong results for the year ended 30th September 2018.

Results of operations
•   Net assets per share attributable to shareholders are US$2.25 (2017 – US$2.04). Net assets per share
    have increased, reflecting increases in operating profits.
•   The Directors are proposing a final dividend of 1.9 US cents, (2017 – 1.9 US Cents) making a total of 3.8
    US cents (2017 – 3.7 US cents) for the year. Full details of the dividend will be published on 19 December
    2018.
•   Group revenue increased by 23% to US$417,199,000 compared with the same period last year. In
    constant currency terms revenue increased by 20% to US$409,000,000.
•   Group profit before tax increased by 56% to US$16,175,000 and in constant currency terms increased by
    53% to US$15,895,000.
•   Headline earnings of US$20.9 cents per share were 65.9% higher when compared with US$12.6 cents per
    share in the same period last year.
•   Basic earnings per share of US$27.9 cents per share were 100.7% higher when compared with US$13.9
    cents per share in the same period last year.




                                                                                                              
Import and Distribution
The import and distribution businesses in food and household consumer products continue to perform well in a
constantly changing global environment and we continue to review our supply-chain to ensure that we remain
the most cost effective solution from factory to shelf. During the twelve-month period under review they
achieved a pleasing increase in turnover and product volumes shipped. Currency and raw material markets
have been extremely volatile and we expect these market conditions to continue into the new year. We are
well positioned to navigate these external factors that are beyond our control. This division provides
procurement, supply chain and risk management services to multiple retailers, wholesalers and manufacturers
in Southern and Central Africa, South America, the Middle East and China. We remain committed to working
with suppliers of quality raw materials, skilled technologists and first world production facilities.

The Metals and Minerals business continues to make good progress and we are developing new partnerships
with miners in Southern Africa and end users on an international basis. During 2016-2017 we witnessed major
global fluctuation of supply and demand covering most metals and minerals and during the current financial
year the market has come back into a reasonable balance. This division provides fully integrated marketing,
logistics, finance and shipping services to the Southern African mining industry. We are committed to
partnering with producers who require a professional all-encompassing solution from collection from mine
through to delivery to end users on an international basis.

Improvements to the manufacturing process in our Coffee business have led to efficiencies and an adaptive
base from which the business is managed daily. We have improved our British Retail Consortium accreditation
to a higher level for the current year. The volatile currency and coffee prices internationally continue to put
pressure on margins.

Our Tool & Machinery import and distribution business trading performance continued to improve over last
year, and ended the year with a much improved profit. Our drive to extract value by better stock and debtor
control has proved very successful. This has freed up cash allowing us to investigate further product
opportunities. We are well positioned to continue growing market share.

The Group continues to fund the additional working capital requirements of these growing trading businesses
from its cash resources.

Investment Portfolio
We have added US$2m of seven-day treasury bills to the investment portfolio and invested a net US$1.5m in
stock market investments. Market movements in the value of share prices and exchange rate changes were
substantially lower at US$135,000 (2017: profit of US$1,681,000).

Property Portfolio
Rental income from our large multi-tenanted industrial property in San Diego has continued to grow and the
property is now fully let. The market for the purchase of commercial and industrial property in Southern
California remains highly competitive, though we continue to seek to invest further in similar property in the
region.

The Group’s South African commercial and light industrial property portfolio has maintained a steady return
due to tighter cost management and favourable lease renewals. Consequently, there has been an above
average increase in the underlying property values.

Dividend
The Directors are proposing a final dividend of 1.9 US cents, (2017 – 1.9 US cents) making a total of 3.8 US
cents (2017 – 3.7 US cents) for the year. Full details of the dividend will be published on 19 December 2018.
The salient dates are as follows

Last day to trade                                                Tuesday 8 January 2019
Shares trade ex dividend                                         Wednesday 9 January 2019
Record date                                                      Friday 11 January 2019
Pay date                                                         Friday 18 January 2019

No dematerialisation or rematerialisation of share certificates, nor transfer of shares between the registers in
Jersey and South Africa will take place between Wednesday 9 January 2019 and Friday 11 January 2019, both
dates inclusive.

                                                                                       By order of the Board
                                                                        City Group P.L.C., Company Secretary
                                                                                           18 December 2018


                                                                                                              
Condensed Consolidated Statement of Profit or Loss and Other Comprehensive Income

For the year ended 30th September                                                        2018           2017
                                                                            Notes   Reviewed          Audited
                                                                                      US$000          US$000
Profit or Loss
Group revenue                                                                 1       417,199         340,052
Other income                                                                  2         5,813           3,269
                                                                                      423,012         343,321

Increase in inventories of finished goods and work in progress                          3,996           4,938
Cost of finished goods, raw materials and consumables                                (339,121)       (283,940)
Employee benefit expenses                                                             (20,608)        (16,221)
Depreciation expenses                                                                  (1,147)           (927)
Other expenses                                                                3       (47,834)        (34,490)
Share of associated companies results                                                      51              36
Finance expense                                                                        (2,174)         (2,316)
Profit before tax                                                                      16,175          10,401
Taxation                                                                               (2,957)         (2,902)
Profit for the year                                                                    13,218           7,499

Profit attributable to owners of the parent                                            10,011            4,985
Profit attributable to non-controlling interests                                        3,207            2,514

Basic and fully diluted earnings per share (US cents)                         4         27.9c            13.9c

Other Comprehensive Income: -
Items that may be reclassified subsequently to profit and loss: -
Exchange differences on translation into US Dollars of the financial
statements of foreign entities                                                         (1,881)             453
Unrealised gain on revaluation of available for sale investments                           51            2,093
Less applicable tax                                                                      (136)            (223)
Reclassification of previously recognised profits on disposal of
available for sale investments                                                           (203)             (89)
Total of items that may be reclassified                                                (2,169)           2,234

Items that will not be reclassified subsequently to profit and loss: -
  Commercial property fair value adjustments                                              395              510
  Less applicable tax                                                                    (104)             (85)
                                                                                          291              425

Total Other Comprehensive Income                                                       (1,878)          2,659
Total Comprehensive Income                                                             11,340          10,158

Total Comprehensive Income attributable to owners of the parent                         8,640            7,388
Total Comprehensive Income attributable to non-controlling
interests                                                                               2,700            2,770



Condensed Consolidated Statement of Changes in Equity

                                        Called up                                   Total             Non-
                                            share    Share   Other Retained Shareholders’        controlling       Group
                                          capital premium reserves earnings     interests         interests         Total

                                          US$000       US$000   US$000    US$000    US$000         US$000 US$000
Year ended 30th September 2017
(Loss)/Profit after tax                            -       -      (457)    5,442      4,985          2,514         7,499
Other Comprehensive Income                         -       -     2,403         -      2,403            256         2,659
Total Comprehensive Income                         -       -     1,946     5,442      7,388          2,770        10,158
                                                                                                               
Dividends paid                              -            -        -    (1,326)     (1,326)    (1,732)   (3,058)


Balances at start of year               8,964       23,606   (2,719)   37,344     67,195      8,002     75,197
Balances at end of year                 8,964       23,606    (773)    41,460     73,257      9,040     82,297




Year ended 30th September 2018
Profit after tax                                -        -    2,196     7,815     10,011       3,207        13,218
Other Comprehensive Expense                     -        -   (1,371)         -    (1,371)       (507)       (1,878)
Total Comprehensive Income                      -        -     825      7,815       8,640      2,700        11,340
Dividends paid                                  -        -       -     (1,363)     (1,363)    (1,321)       (2,684)



Balances at start of year               8,964       23,606    (773)    41,460     73,257       9,040        82,297

Balances at end of year                 8,964       23,606      52     47,912     80,534      10,419        90,953



Condensed Consolidated Statement of Financial Position

at 30th September                                                                     2018        2017
                                                                        Notes    Reviewed       Audited
                                                                                   US$000       US$000

Assets
Non-current assets
Investment property                                                                23,565        20,923
Property, plant and equipment                                                      11,524        10,397
Goodwill                                                                              175           183
Intangible assets                                                                     668           717
Deferred taxation                                                                   1,901         2,293
Investment in associated companies                                                    192           187
Investments                                                              5         31,292        27,994
                                                                                   69,317        62,694
Current assets
Inventories                                                                        29,409        29,162
Accounts receivable                                                      6         67,589        56,589
Other financial assets                                                                969           495
Tax recoverable                                                                       138            68
Cash and cash equivalents                                                8         18,482        21,177
                                                                                  116,587       107,491
Total assets                                                                      185,904       170,185

Current liabilities
Bank overdrafts                                                          6         (12,571)      (6,840)
Financial liabilities                                                    6         (59,930)     (59,045)
Other financial liabilities                                                           (305)        (146)
Tax payable                                                                           (498)      (2,065)
Total current liabilities                                                          (73,304)     (68,096)
Net current assets                                                                 43,283        39,395
Total assets less current liabilities                                             112,600       102,089

Non-current liabilities
Financial liabilities                                                    6         (14,903)     (13,571)
Deferred taxation                                                                   (6,744)      (6,221)
                                                                                                        
Total non-current liabilities                                                       (21,647)    (19,792)
Net assets                                                                           90,953      82,297
Capital and reserves
Called up share capital                                                               8,964      8,964
Share premium account                                                                23,606     23,606
Other reserves                                                                           52       (773)
Retained earnings                                                                    47,912     41,460
Equity attributable to owners of the parent                                          80,534     73,257
Non-controlling interests                                                            10,419      9,040
Total equity                                                                         90,953     82,297



Condensed Consolidated Statement of Cash Flows

For the year ended 30th September                                    2018      2017
                                                                Reviewed     Audited
                                                                  US$000     US$000
Operating activities
Profit for the year                                                13,218      7,499
Adjustments
Taxation                                                            2,957      2,902
Depreciation                                                        1,147        927
Share of associated companies’ results                                (51)       (36)
Interest paid                                                       2,174      2,316
Other income                                                       (5,434)    (3,269)
Other expense – fair value adjustments and losses on disposal       1,633        893
                                                                   15,644     11,232
Changes in working capital
Increase in inventories                                            (1,575)    (4,675)
Increase in receivables                                           (13,054)   (14,492)
Increase in payables                                                2,055      8,171
Cash generated by operations                                        3,070        236

Interest paid                                                      (2,174)    (2,316)
Taxation paid                                                      (3,670)    (2,943)
Cash outflow from operating activities                             (2,774)    (5,023)

Investing activities
Purchase of and improvements to tangible non-current assets        (2,311)    (1,626)
Proceeds of disposal of tangible assets                                87      1,452
Purchase of software                                                  (55)      (190)
Acquisition of investments                                         (5,686)      (839)
Proceeds of disposal of investments                                 2,145        280
Dividends received                                                    853        693
Interest received                                                   1,067        869
Cash (outflow)/inflow from investing activities                    (3,900)       639

Cash outflow before financing                                      (6,674)    (4,384)

Financing activities
Drawdown of new long-term loans                                     1,273      1,238
Repayment of long term loans                                         (182)       (56)
Dividends paid to Group shareholders                               (1,363)    (1,326)
Dividends paid to non-controlling interests of subsidiaries        (1,321)    (1,732)
Cash outflow from financing activities                             (1,593)    (1,876)

Decrease in cash and cash equivalents                              (8,267)    (6,260)

Cash and cash equivalents at 1st October                           14,337     20,544
Effect of foreign exchange rate changes                             (159)         53
                                                                                  5
Cash and cash equivalents at 30th September (see note 8)                                 5,911           14,337




EXPLANATORY NOTES

1. SEGMENTAL REPORTING

For management purposes the Group is organised on a worldwide basis into the following main business
segments grouped by similar businesses and services:

Import and distribution     Trade in tools, food and household consumer products primarily imports to,
                            and exports from, South Africa.
Property                    Investment properties in U.S.A. and South Africa.
Investments in associated   Companies involved in marketing and merchandising.
companies
Excluded from the           Mainly transactions relating to the share portfolios, profits on disposals of
segmental analysis are      tangible and intangible non-current assets, local head office costs and
Other activities            interest.

There are no sales between entities in business segments and businesses carrying out similar trade and
services are grouped in the same segments.


                                                                   2018                          2017
                                                                           Profit/                        Profit/
                                                          Revenue          (Loss)      Revenue           (Loss)
Segmental analysis of results                              US$000         US$000        US$000          US$000
Import and distribution *                                  414,085          14,693      337,256          11,022
Property                                                     3,114             966        2,796             421
Investments in associated companies                              -              51            -              36
                                                           417,199          15,710      340,052          11,479

Other expenses                                                              (3,174)                      (2,031)
Other income                                                                 5,813                        3,269
Finance expense                                                             (2,174)                      (2,316)
Profit before tax                                                           16,175                       10,401

*   Includes sales to the Group’s major customers representing 10% or more of Group revenue:
                                                                                        2018              2017
                                                                                     US$000             US$000

Customer A                                                                             246,440          143,623
Customer B                                                                              31,198           38,878



1. SEGMENTAL REPORTING (continued)

Segment assets consist of property, plant and equipment, inventories and receivables and exclude cash
balances. Segment liabilities are operating liabilities and exclude items such as taxation and borrowings.
Unallocated assets and liabilities are investments, holding company assets and liabilities, cash balances,
taxation and borrowings. Capital expenditure comprises additions to property, plant and equipment.

                                              Assets Liabilities      Net assets         Capital    Depreciation
                                                                                     expenditure         charge
                                             US$000       US$000          US$000         US$000         US$000
Segmental analysis of net assets 30th September 2018
Import and distribution                       108,875      (58,709)       50,166          2,288          (1,145)
Property                                       24,397         (669)       23,728             23              (2)
Investment in associated companies                192             -          192              -                -
Unallocated (including cash, tax and debt)     52,440      (35,573)       16,867              -                -

                                                                                                              
Consolidated total                             185,904       (94,951)       90,953          2,311      (1,147)


Segmental analysis of net assets 30th September 2017
Import and distribution                           97,812        (60,690)     37,122         1,583        (921)
Property                                          21,611           (623)     20,988             2          (6)
Investment in associated companies                   187               -        187             -            -
Unallocated (including cash, tax and debt)        50,575        (26,575)     24,000             -            -
Consolidated total                               170,185        (87,888)     82,297         1,585        (927)



Secondary Reporting Format – Geographical Segments

The Group operates in the following geographic areas.
Europe        Location for part of the Group’s import and distribution business, the non-trading parent
              company and most of the Group's investment portfolio.
Middle East     Location for part of the Group’s import and distribution business.
United States   Location for part of the Group's property portfolio and some of the Group’s investment
                portfolio.
South Africa    Location for the bulk of the Group's import and distribution business and part of the Group’s
                property portfolio.

                                                       Group        Non-Current
Segmental analysis at 30th September                 revenue             assets             Assets    Liabilities
2018                                                  US$000            US$000             US$000       US$000
Europe                                                 79,783               140             58,029       (20,372)
Middle East                                             4,439                 3              1,072          (489)
United States                                           1,254            12,694             26,525       (10,523)
Total outside South Africa                             85,476            12,837             85,626       (31,384)
South Africa                                          331,723            23,287            100,278       (63,567)
Total                                                 417,199            36,124            185,904       (94,951)

                                                       Group         Non-Current
Segmental analysis at 30th September                 revenue              assets     Assets US$000     Liabilities
2017                                                 US$000             US$000                          US$000
Europe                                                66,246                135             52,526      (21,164)
Middle East                                            2,857                   6               934          (434)
United States                                          1,176             11,290             26,801      (10,448)
Total outside South Africa                            70,279             11,431             80,261      (32,046)
South Africa                                         269,773             20,976             89,924      (55,842)
Total                                                340,052             32,407            170,185      (87,888)


Assets and liabilities are shown by the geographical area in which the assets are located. Non-current assets
exclude investments and deferred tax.


2. OTHER INCOME
                                                                                            2018         2017
                                                                                         US$000       US$000
Fair value adjustments on investment property                                              3,202          494
Gain on disposal of non-current tangible assets                                               13           25
Recovery of impairment on non-current asset                                                   10           37
Fair value adjustments on forward foreign exchange contracts                                   -           64
Dividend income                                                                              819          657
Interest income                                                                            1,067          869
Other income                                                                                 370          472
Exchange gains                                                                               100          255
Profit on disposal of investments                                                            232          396
Total income                                                                               5,813        3,269

3. OTHER EXPENSES

                                                                                                           
                                                                                           2018            2017
                                                                                        US$000          US$000
 Fair value adjustments on investment property                                                 -           (221)
 Fair value adjustments on foreign exchange contracts                                      (324)              -
 Loss on disposal of non-current tangible assets                                            (33)            (18)
 Fair value adjustments and losses on disposal                                             (357)           (239)
 Exchange losses                                                                         (1,232)           (654)
 Administration and other expenses                                                      (46,245)        (33,597)
                                                                                        (47,834)        (34,490)


                                                                                          2018            2017
                                                                                        US$000          US$000
 Administration and other expenses include:
 Marketing and sales expenses                                                              7,679           9,712
 Operating lease costs:
  Premises                                                                                 3,329           2,162
  Plant, equipment and vehicles                                                              203             108
 Auditors’ fees of the Company and its subsidiaries
  Audit related                                                                              445             402
  Other                                                                                        -               3


 4. EARNINGS PER SHARE
                                                                                            2018            2017

 Basic and fully dilated earnings per share                                                27.9c           13.9c
 Headline earnings per share                                                               20.9c           12.6c

 Earnings per share and headline earnings per share are based on the result attributable to shareholders of the
 Group and on the weighted average of shares in issue of 35,857,512 (2017– 35,857,512). There are no
 dilutive equity instruments in issue.

                                                                                           2018            2017
Reconciliation between basic and headline earnings per share                            US$000          US$000
Basic earnings                                                                           10,011            4,985
Adjusted for:
Gain on disposal of investment property, net of tax effect of US$Nil (2017 –
US$88,000)                                                                                      -           (88)
Fair value adjustments on investment property, net of tax effect of US$879,000
(2017 – US$7,000)                                                                         (2,323)           (229)
Recovery of impairment of non-current assets                                                 (10)            (37)
Reclassification of previously recognised gains on disposal of available for sale
investments                                                                                 (203)            (89)
Net loss/(profit) on disposal of non-current tangible assets                                  20              (7)
Headline earnings                                                                          7,495           4,535


 5. INVESTMENTS
 Investments include listed investments with a fair value of US$26,481,000 (2017 – US$25,369,000), seven day
 treasury bills of US$2,000,000 (2017- Nil) and an unlisted investment in Heartstone Inns Ltd (“Heartstone”)
 with a fair value of US2,811,000 (2017 – US$ 2,625,000). The change in fair value for both listed and unlisted
 investments in the year has been included in Other Comprehensive Income. Listed investments have
 decreased in value by US$135,000 (2017 – increase of US$1,681,000) and the value of the investment in
 Heartstone has increased by US$186,000 (2017 -US$412,000).

 The unlisted investment in Heartstone is carried at fair value which is calculated based on the net asset value
 per share at 30th September 2018 of US$1.90 less a discount of 10% to take into account the illiquidity of this
 holding in a private company, based upon management accounts. A change in the net asset value by 16%
 would change the fair value by US$449,000.

 6. FINANCIAL INSTRUMENTS
                                                                                                              
The categories of financial instruments used by the Group are:
                                                                            Level in         2018            2017
                                                                          Fair Value
                                                                           hierarchy      US$000          US$000
Financial assets
Available for sale carried         at   fair   value    though    Other
Comprehensive Income
 Investments – listed                                                         1            26,481          25,369
        Invest – treasury bills                                               1             2,000               -
 Investments – unlisted                                                       3             2,811           2,625

At fair value through Profit or Loss
 Forward foreign exchange contracts in Other financial assets                 2               695             301

Loans and accounts receivable at amortised cost
 Accounts receivable                                                         n/a           67,589          56,589
 Accrued operating lease income on properties in Other financial
 assets                                                                      n/a              274             194
 Cash at bank in Cash and cash equivalents                                   n/a           18,453          20,323
 Money market funds in Cash and cash equivalents                             n/a               29             854

Financial liabilities
At amortised cost
 Trade and other payables
 - current – in Current financial liabilities                                n/a           59,930          59,045
 - non-current                                                               n/a           14,903          13,571
 Bank overdrafts in Current financial liabilities                            n/a           12,571           6,840
 Capitalised lease obligations in Other financial liabilities                n/a               89              92

At fair value through Profit or Loss
 Forward foreign exchange contracts in Other financial liabilities            2               216              54


The fair value of forward foreign exchange contracts is determined by market value quotes received from
independent financial institutions.
Accounts receivable and accounts payable due within one year are carried at amortised cost which
approximates to their fair values at the year-end, as the effect of discounting would be insignificant.
The carrying value of bank loans payable in more than one year approximates to their fair values. This is due
to the loans all attracting market related interest rates, and thus the effect of discounting (using a market rate
interest rate) when applying the effective interest rate method would result in no real difference between the
fair value determined and the carrying value of the bank loans.




7. SECURED LIABILITIES

Overdrafts of US$12,571,000 (2017 - US$6,840,000) are included in current liabilities. Group long-term
financial liabilities are secured on various properties and bear interest at commercial rates.

8. CASH AND CASH EQUIVALENTS

                                                         2017         Exchange         Cash Flow             2018
                                                                     movements         movement
                                                       US$000          US$000            US$000           US$000
Cash at bank and in hand                                20,323            (363)           (1,507)          18,453
Money market funds                                         854             (74)             (751)              29
                                                        21,177            (437)           (2,258)          18,482
Bank overdrafts                                         (6,840)            278            (6,009)         (12,571)
                                                        14,337            (159)           (8,267)           5,911


                                                                                                                
9. BASIS OF PREPARATION

This provisional report has been prepared in accordance with the framework, concepts and the measurement
and recognition requirements of International Financial Reporting Standards, the Financial Reporting
Pronouncements as issued by the Financial Reporting Standards Council, the Listings Requirements of the
JSE Limited, the financial reporting guides issued by the Accounting Practices Committee of the South African
Institute of Chartered Accountants (the “SAICA Financial Reporting Guides”) and contains the information
required by IAS 34 Interim Financial Reporting. The accounting policies applied in this provisional
announcement are consistent with those adopted and disclosed in the Group's annual report for the year
ended 30th September 2017.

Responsibility Statement

The directors take full responsibility for the preparation of the provisional report and the financial information
has been correctly extracted from the underlying annual financial statements.

Review Report

This provisional report for the year ended 30 September 2018 was prepared under the supervision of the
Financial Director, Mr E.J. Beale, and has been reviewed by the Company's auditor, Saffery Champness, who
expressed an unmodified review conclusion thereon. The review opinion is available for inspection at the
registered office of the Company. The audited annual report will be mailed to shareholders in early 2019.

18 December 2018
Johannesburg

Sponsor
Sasfin Capital (a member of the Sasfin Group)




                                                                                                                 

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