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Summarised Audited Consolidated Financial Results for the year ended 31 December 2019
Arden Capital Limited
(formerly Brainworks Limited)
(Incorporated in the Republic of Mauritius)
(Registration number: 115883 C1/GBL)
Share Code: ACZ
ISIN: MU0548S00026
(“Arden Capital” or “the Company”)
SUMMARISED AUDITED CONSOLIDATED FINANCIAL RESULTS FOR THE YEAR ENDED 31 DECEMBER 2019,
DISTRIBUTION OF ANNUAL REPORT AND NOTICE OF THE ANNUAL GENERAL MEETING
The board of directors of Arden Capital (“the Board”) presents the summarised audited consolidated
financial results of the Company and its subsidiaries (“the Group”) for the twelve months ended
31 December 2019 (“Full Year Results”).
Financial highlights of the Group
The Full Year Results when compared to the twelve months ended 31 December 2018 (“the
Comparative Period”), are set out below:
- revenue decreased by 27% to US$58.1 million compared to US$79.3 million for the Comparative
Period;
- earnings per share increased by 108% to 12.86 cents per share compared to 6.18 cents per
share for the Comparative Period;
- headline earnings per share improved by 199% to 3.11 cents per share compared to the headline
loss per share of 3.14 cents for the Comparative Period; and
- total debt decreased by 97% to US$0.46 million compared to US$17.1 million as at the beginning
of the period under review.
No dividends were declared or paid during the period under review or during the Comparative Period.
Shareholders should note that the headline earnings per share indicated above differs from the headline
earnings per share expectation provided in the trading statement published by the Company on SENS
on 28 May 2020.
The Company’s reporting currency is the United States Dollar.
Adverse audit report
The Company’s independent auditor has expressed an adverse audit report on the Full Year Results
as a result of non-compliance with International Accounting Standard (“IAS”) 21 – The Effects of
Changes in Foreign Exchange Rates, IAS 29 – Financial Reporting in Hyperinflationary Economies and
valuation issues arising from the methodology adopted by the Company’s subsidiaries in deriving the
Zimbabwe dollar values for investment property and property and equipment.
The independent auditor’s report includes a section on key audit matters. The key audit matter raised
in the auditor’s report relates to the assessment of allowance for expected credit losses.
The Company’s 2019 Annual Report will be distributed to shareholders today and a copy thereof,
together with a copy of the audit report are available as follows:
a) on the Company’s website: http://www.arden-capital.com/investor-relations/financial-results-
reports; and
b) at the Company’s registered office.
Notice of Annual General Meeting
Notice is hereby given that the Annual General Meeting of the Company (“AGM”) will be held at the
Company’s head office, main boardroom, Suite 1, Perrieri Office Suites C2-302, Level 3 Office Block
C, La Croisette, Grand Baie, 3051, Republic of Mauritius, on Tuesday, 30 June 2020 at 15:00 (GMT
+4).
The Board has determined that the following dates in respect of the AGM:
Record date that a shareholder must be recorded as a Friday, 22 May 2020
shareholder in the Company’s register of shareholders in order
to receive notice of the AGM
Last day to trade in order to be eligible to participate and vote at Tuesday, 23 June 2020
the AGM
Record Date in order to participate and vote at the AGM Friday, 26 June 2020
Short form announcement
This short form announcement is the responsibility of the Board and does not contain full or complete
details. Any investment decisions by investors and/or shareholders should be based as a whole on
consideration of the audited consolidated financial results for the twelve months ended 31 December
2019 (“Full Announcement”) which may be downloaded from:
https://senspdf.jse.co.za/documents/2020/jse/ISSE/ACZE/Dec19FY.pdf or the Company’s website at:
http://www.arden-capital.com/investor-relations/financial-results-reports and may also be viewed, at no
cost, at the registered office of the Company and the Johannesburg office of its Sponsor, during ordinary
business hours, for a period of 30 calendar days following the date of this announcement.
A copy of the Full Announcement may be requested from the Company by contacting
investorrelations@arden-capital.com.
Grand Baie, Mauritius
29 May 2019
Registered office:
Suite 1, Perrieri Office Suites,
C2-302, Level 3, Office Block C,
La Croisette, Grand Baie, 30517
Mauritius
Sponsor
Questco Corporate Advisory Proprietary Limited
Date: 01-06-2020 07:05:00
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