SILVERBRIDGE HOLDINGS LIMITED
(INCORPORATED IN THE REPUBLIC OF SOUTH AFRICA)
(REGISTRATION NUMBER 1995/006315/06)
SHARE CODE: “SVB” ISIN: ZAE000086229
(“SILVERBRIDGE” OR “THE GROUP” OR “THE COMPANY”)

ABRIDGED AUDITED CONSOLIDATED RESULTS FOR THE YEAR ENDED 30 JUNE 2018, DIVIDEND DECLARATION AND NOTICE OF ANNUAL GENERAL MEETING

GROUP PROFILE

SilverBridge offers reliable solutions that support the operations of companies offering financial products and services. We have gained experience in this area over more than 20 years of being in business. Our understanding of contract administration processes helps our clients improve and simplify their business processes. We achieve this by implementing our system platforms and customising them to meet product and process needs. Our services are also offered as cloud solutions.

Exergy is our flagship platform that enables core back office policy administration in the life assurance industry. The Exergy solution package can be customised to suit the needs of a life assurer. The solution also extends to offer group scheme and pension fund administration, as well as elements of medical and short-term insurance. This caters for clients wanting to offer a wider range of financial services offerings on a single platform.

Our software products and hosted services are rented to our customers on a monthly basis.

SUMMARISED AUDITED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME FOR THE YEAR ENDED 30 JUNE 2018

Notes 2018
R’000 2017
R’000
Revenue 1.5 94 881 93 112
Other income 274 664
Personnel expenses (64 832) (62 056)
Depreciation and amortisation (1 424) (1 338)
Professional fees paid for services (5 571) (4 553)
Other expenses (15 133) (12 957)
Results from operating activities 8 195 12 872
Finance income 492 1 317
Profit before income tax 8 687 14 189
Income tax (2 781) (1 119)
Profit and total comprehensive income for the year 5 906 13 070

Earnings per share
Number of shares in issue (‘000) 1.3 34 781 34 781
Weighted average number of shares in issue (‘000) 1.3 29 000 31 298
Diluted weighted average number of shares (‘000) 1.3 29 745 33 650
Basic earnings per share 1.3 20.37 41.76
Diluted earnings per share 1.3 19.86 38.84


SUMMARISED AUDITED CONSOLIDATED STATEMENT OF FINANCIAL POSITION AS AT 30 JUNE 2018

Notes 2018
R’000 2017
R’000
ASSETS
Non-current assets 26 725 23 746
Equipment 2 285 2 686
Intangible assets and goodwill 21 173 16 078
Deferred tax assets 2 742 4 615
Withholding tax rebates receivable 525 367

Current assets 38 728 34 977
Withholding tax rebates receivable 989 701
Income tax receivable 1 125 916
Revenue recognised not yet invoiced 1.4 6 948 6 374
Trade and other receivables 16 137 15 439
Cash and cash equivalents 13 529 11 547
Total assets 65 453 58 723

EQUITY AND LIABILITIES
Equity 55 126 49 348
Share capital 348 348
Share premium 11 871 11 871
Treasury shares (10 476) (11 362)
Share based payment reserve 3 643 2 453
Retained earnings 49 740 46 038

Non-current liabilities 3 775 3 026
Deferred tax liabilities 3 775 3 026

Current liabilities 6 552 6 349
Income tax payable 18 –
Trade and other payables 1.2 5 589 4 946
Deferred revenue 1.4 945 1 403
Total liabilities 10 327 9 375
Total equity and liabilities 65 453 58 723
Net asset value per share (cents) 1.6 190.09 170.17
Net tangible asset value per share (cents) 1.6 117.08 114.72


SUMMARISED AUDITED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY FOR THE YEAR ENDED 30 JUNE 2018

Share capital
R’000 Share premium R’000 Treasury shares
R’000 Share based
payment
reserve
R’000 Retained
earnings
R’000 Total
equity
R’000
Balance at 1 July 2016 348 11 871 (197) 910 35 056 47 988
Total comprehensive income for the year
Profit for the year – – – – 13 070 13 070
Total comprehensive income for the year – – – – 13 070 13 070
Transactions with owners, recorded directly in equity:
Dividend paid (2 086) (2 086)
Interest from share ownership scheme 61 61
Purchase of treasury shares by Trust (11 560) (11 560)
Treasury shares purchased by employees released from security 334 334
Equity settled share based payment 1 543 1 543
Total transactions with owners – – (11 165) 1 543 (2 086) (11 708)
Balance at 30 June 2017 348 11 871 (11 362) 2 453 46 038 49 348
Total comprehensive income for the year
Profit for the year – – – – 5 906 5 906
Total comprehensive income for the year – – – – 5 906 5 906
Transactions with owners, recorded directly in equity:
Dividend paid (2 204) (2 204)
Interest from share ownership scheme 215 215
Shares held as security for employee loan taken back as treasury shares (138) (138)
Treasury shares purchased by employees released from security 809 809
Equity settled share based payment 1 190 1 190
Total transactions with owners – – 886 1 190 (2 204) (128)
Balance at 30 June 2018 348 11 871 (10 476) 3 643 49 740 55 126


SUMMARISED AUDITED CONSOLIDATED CASH FLOW STATEMENT FOR THE YEAR ENDED 30 JUNE 2018

2018
R’000 2017
R’000
Cash generated from operations 9 263 7 613
Interest received 492 1 317
Taxation paid (350) (4 445)
Net cash inflow from operating activities 9 405 4 485

Cash flows from investing activities
Equipment acquired to maintain operations (615) (2 640)
Proceeds from sale of equipment 14 178
Cash outflow from capitalisation of development costs (5 504) (4 181)
Net cash used in investing activities (6 105) (6 643)

Cash flows from financing activities
Dividend paid (2 204) (2 086)
Receipts from employee loans 886 –
Purchase of treasury shares – (11 165)
Net cash outflow from financing activities (1 318) (13 251)
Net increase/(decrease) in cash and cash equivalents 1 982 (15 409)
Cash and cash equivalents at the beginning of the year 11 547 26 956
Cash and cash equivalents at the end of the year 13 529 11 547


SUMMARISED AUDITED CONSOLIDATED SEGMENT REPORTS FOR THE YEAR ENDED 30 JUNE 2018

BUSINESS SEGMENTS

2018 Implemen-tation
services
R’000 Support services R’000 Hosting and out-sourcing services
R’000 Rental and main-tenance
R’000 Research &
Develop-ment
R’000 Total R’000
Segment revenue 10 250 37 774 5 137 43 186 – 96 347
Segment revenue inter-group (157) (1 309) – – – (1 466)
Segment revenue external 10 093 36 465 5 137 43 186 – 94 881
Direct segment cost (5 612) (23 236) (3 411) (6 522) (11 083) (49 864)
Cost capitalised – – – – 5 504 5 504
Segment gross profit 4 481 13 229 1 726 36 664 (5 579) 50 521
Provision for doubtful debt (1 520) – – – – (1 520)
Indirect segment cost (4 748) (15 369) (1 467) (5 624) (13 598) (40 806)
Segment result (1 787) (2 140) 259 31 040 (19 177) 8 195
Finance income 492
Income tax (2 781)
Profit for the year 5 906


2017 Imple-
mentation
services
R’000 Support services R’000 Hosting and out-sourcing services
R’000 Rental and main-tenance
R’000 Research &
Dev-elopment
R’000 Total R’000
Segment revenue 9 926 38 864 3 354 42 219 – 94 363
Segment revenue inter-group (48) (1 020) (183) – – (1 251)
Segment revenue external 9 878 37 844 3 171 42 219 – 93 112
Direct segment cost (5 031) (24 122) (4 076) (3 258) (12 216) (48 703)
Cost capitalised – – – – 4 181 4 181
Segment gross profit 4 847 13 722 (905) 38 961 (8 035) 48 590
Indirect segment cost (4 156) (13 453) (1 284) (4 923) (11 902) (35 718)
Segment result 691 269 (2 189) 34 038 (19 937) 12 872
Finance income 1 317
Income tax (1 119)
Profit for the year 13 070


COMMENTARY

1. NOTES TO THE SUMMARISED AUDITED CONSOLIDATED FINANCIAL STATEMENTS

1.1 BASIS OF PREPARATION

The summarised consolidated financial statements are prepared in accordance with the requirements of the JSE Limited Listing Requirements for abridged reports, and the requirements of the Companies Act applicable to summary financial statements. The listing requirements require abridged reports to be prepared in accordance with the framework concepts and the measurement and recognition requirements of International Financial Reporting Standards (IFRS) and the SAICA Financial Reporting Guides as issued by the Accounting Practices Committee and the Financial Reporting Pronouncements as issued by the Financial Reporting Standards Council and to also, as a minimum, contain the information required by IAS 34 Interim Financial Reporting. The accounting policies applied in the preparation of the consolidated financial statements, from which the summary consolidated financial statements were derived, are in terms of International Financial Reporting Standards and are consistent with the accounting policies applied in the preparation of the previous consolidated annual financial statements.

This consolidated abridged report is extracted from audited information, but is not itself audited. PricewaterhouseCoopers Inc audited the financial statements for the year ended 30 June 2018 and expressed an unmodified opinion on those financial statements. For a better understanding of the Group’s financial position and results of operations, these abridged financial statements must be read in conjunction with the Group’s audited financial statements for the year ended 30 June 2018 which include all disclosures required by IFRS, and which are expected to be released on or about 11 September 2018. The Group’s integrated report which incorporates the Annual Financial Statements can be obtained from our website or by contacting the Company directly. These abridged financial statements were prepared by the Chief Financial Officer, Petro Mostert CA (SA), under the supervision of the Group Financial Director, Lee Kuyper CA (SA).

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

1.2 TRADE AND OTHER PAYABLES

Trade and other payables comprised of the following:

2018
R’000 2017
R’000
Trade payables 488 786
Other payables (accruals) 4 260 3 620
VAT payable 841 540
Total trade and other payables 5 589 4 946

1.3 EARNINGS PER SHARE

BASIC EARNINGS PER ORDINARY SHARE

Basic earnings per ordinary share is calculated by dividing the profit for the year attributable to ordinary equity holders of the parent, of R5.9 million (2017: R13.1 million) by the weighted average number of ordinary shares outstanding during the year of 29 million (2017: 31.3 million).

2018 2017
Reconciliation of the weighted average number of shares in issue
Shares in issue at the beginning of the year (‘000) 34 781 34 781
Effect of treasury shares acquired (‘000) (5 781) (3 483)
Weighted average number of shares in issue during the year (‘000) 29 000 31 298
Shares in issue at the end of the year – net of treasury shares (‘000) 29 000 29 000
Earnings attributable to ordinary shareholders (R’000) 5 906 13 070
Basic earnings per share (cents) 20.37 41.76

DILUTED EARNINGS PER ORDINARY SHARE

Diluted earnings per ordinary share is calculated by dividing the diluted profit attributable to ordinary equity holders of the parent of R5.9 million (2017: R13.1 million) by the diluted average number of ordinary shares of 29.7 million (2017: 33.7 million).

2018 2017
Reconciliation between weighted average number of shares in issue and weighted average number of shares in issue used for diluted earnings per share
Weighted average number of shares in issue 29 000 31 298
Effect of diluted amount of shares 745 2 352
Weighted average number of shares in issue used for diluted earnings per share 29 745 33 650

Earnings attributable to ordinary shareholders used for diluted earnings (R’000) 5 906 13 070
Diluted earnings per share (cents) 19.86 38.84

The dilutive effect resulted from share options issued and shares purchased by The SilverBridge Share Trust for an employee share programme (refer to note 6).

HEADLINE EARNINGS PER ORDINARY SHARE

Headline earnings per ordinary share is calculated by dividing the headline earnings attributable to ordinary equity holders of the parent of R5.9 million (2017: R13.0 million) by the weighted average number of ordinary shares outstanding during the year of 29 million (2017: 31.3 million).

2018 2017
Weighted average number of shares in issue (‘000) 29 000 31 298
Reconciliation between basic earnings and headline earnings
Basic earnings (R’000) 5 906 13 070
Adjusted for:
– Loss/(Profit) on disposal of equipment (R’000) (10) (77)
Headline earnings (R’000) 5 896 12 993
Headline earnings per share (cents) 20.33 41.51

DILUTED HEADLINE EARNINGS PER ORDINARY SHARE

Diluted headline earnings per ordinary share is calculated by dividing the diluted headline earnings attributable to ordinary equity holders of the parent of R5.9 million (2017: R13.0 million) by the diluted weighted average number of ordinary shares outstanding during the year of 29.7 million (2017: 33.7 million).

2018 2017
Weighted average number of shares in issue used for diluted earnings per share (‘000) 29 745 33 650
Headline earnings (R’000) 5 896 12 993
Diluted headline earnings per share (cents) 19.82 38.61

The dilutive effect resulted from share options issued and shares purchased by The SilverBridge Share Trust for an employee share programme (refer to note 6).

1.4 DEFERRED REVENUE AND REVENUE RECOGNISED BUT NOT YET INVOICED

Deferred revenue and revenue recognised but not yet invoiced refers to the timing difference between recognition of revenue and invoicing to the client.

2018 2017
R’000 R’000
Current asset
Revenue recognised not yet invoiced 6 948 6 374
Current liability
Deferred revenue (945) (1 403)
Net asset/(liability) 6 003 4 971

1.5 REVENUE PER GEOGRAPHICAL REGION

Group
2018 2017
R’000 R’000
South Africa 40 998 37 460
Namibia 20 456 26 361
Zimbabwe 10 361 7 330
Kenya 5 101 6 076
Lesotho 4 786 6 037
Botswana 3 941 2 056
Ghana 2 298 1 956
Mauritius 2 236 1 887
Malawi 1 801 1 576
Tanzania 845 1 189
Nigeria 862 1 184
94 881 93 112

1.6 NET ASSET AND TANGIBLE NET ASSET VALUE PER SHARE

2018 2017
Shares in issue at the beginning of the period (‘000) 34 781 34 781
Effect of treasury shares acquired (‘000) (5 781) (5 781)
Shares net of treasury shares at the end of the period (‘000) 29 000 29 000
Net asset value per share (cents) 190.09 170.17
Tangible asset value per share (cents) 117.08 114.72

1.7 FAIR VALUES

The carrying amounts of all financial assets and liabilities are a reasonable approximation of their fair value.

2. CORPORATE ACTIVITY

2.1. DIVIDEND

The directors have declared and approved a final gross dividend of 4.5 cents per share for the year ended 30 June 2018 from income reserves.

The following dates will apply to the abovementioned final dividend:

Last day to trade cum dividend: Tuesday, 9 October 2018
Trading ex-dividend commences: Wednesday, 10 October 2018
Record date: Friday, 12 October 2018
Dividend payment date: Monday, 15 October 2018

Share certificates may not be dematerialised or re-materialised between Wednesday, 10 October 2018 and Friday, 12 October 2018, both days inclusive.

The dividend is made from income reserves and is subject to dividend withholding tax of 20% which results in a net dividend of 3.6 cents per share. In determining the dividends tax (DT) of 20% to withhold in terms of the Income Tax Act (No. 58 of 1962) for those shareholders who are not exempt from the DT, no secondary tax on companies (STC) credits have been utilised. Shareholders who are not exempt from the DT will therefore receive a dividend of (dividend multiplied by 80%) cents per share net of DT. The company has 34 781 471 ordinary shares in issue as at 30 June 2018 and its income tax reference number is 9841087647.

The above dates are subject to change. Any changes will be released on SENS. Where applicable, dividends in respect of certificated shares will be transferred electronically to shareholders` bank accounts on the payment date. In the absence of specific mandates, dividend cheques will be posted to shareholders. Ordinary shareholders who hold dematerialised shares will have their accounts at their CSDP or broker credited/updated on Monday, 15 October 2018.

3. AUDIT REPORT

The financial statements for the year ended 30 June 2018 have been audited by PricewaterhouseCoopers Inc. with Pienaar Zietsman as the designated partner. Their unmodified audit report is available for inspection at the Company’s registered office.

4. RE-APPOINTMENT OF AUDITORS

The board of directors recommend the re-appointment of PwC Incorporated, as the independent external auditors for the 2018/2019 financial year.

5. SUBSEQUENT EVENTS

Subsequent to year end the directors have declared and approved a final gross dividend of 4.5 cents on 10 September 2018 for the year ended 30 June 2018 from income reserves. Other than the dividend distribution referred to above, no events occurred subsequent to the year end that would require adjustment to a disclosure on the summarised consolidated financial statements.

6. FINANCIAL RESULTS AND PERFORMANCE

There were several highlights in the past financial year, despite a generally tough environment driven by market uncertainty. We have added new clients and solidified our strong position in the African market as a provider of innovative solutions that solve business challenges. However, the impact of the slowing South African economy and political uncertainty contributed to a general slowdown in customer spend and delays in decision-making for new solutions.

Revenue was up 2%, with 83% of total revenue being annuity based. Gross profit was up 4%. However, operating profit was down 36%, impacted by an increase in indirect costs and once-off impacts relating to a provision for doubtful debt and a prior year reversal of the provision for leave pay as reported in the interim period. Net profit declined by 55%.

Cashflow was good and our cash position increased to R13.5 million from R11.5 million at the previous year end. The balance sheet remains healthy and debt free.

Our client relationships continued to strengthen with efforts into value-added engagements driven by new offerings and our cloud-based hosting and managed services. While the drop in earnings is disappointing we are pleased that the performance in the second half of the year showed improvement and that we continued to strengthen and grow our annuity software rental segment. The investment made in the previous two years to enable growth of our new offerings positions us well for the future.
Included in the earnings figures is an expense for the accounting of the cost related to the share option scheme in accordance with IFRS 2, totaling R 1 189 609 for F2018 (F2017: R 721 133). IFRS 2 requires an upfront valuation of the expected value that staff will receive from the options and then requires this to be expensed over the period of the scheme. The expense remains fixed irrespective of the future movement in the share price and the actual number of shares exercised.

Given the recent reduction in the SilverBridge share price and comparing it to the option exercise price, we believe that the IFRS 2 accounting treatment has the potential to be materially misleading in terms of the actual impact on the group’s performance.

The expense included has no cashflow impact on the group and ignores the fact the likely number of shares to be issued to staff be will be significantly lower than the number used in the calculation due to the lower share price. While the resulting expense negatively impacts the earnings annually, any reversal created through the accounting of this expense if options are not exercised or are done so at a lower value is done through a reclassification of equity from the share-based payment reserve to retained earnings.

SEGMENTAL REVIEW

Implementation services

This segment implements our solutions for clients and is project based.

Revenue increased by 2%. The gross margin decreased from 49% to 44% because of a decision to do a specific project (in the first half) at a lower margin to open up an opportunity of a potential multiple country roll-out for a large African insurer.

After the allocation of indirect costs, the segment posted a small loss. This was further impacted by the provision for doubtful debt that was raised in the first half of the year. This relates to a new customer for which an implementation was completed but did not yet go live. The customer has been involved in a legal dispute which placed strain on its business and they have been unable to pay. We have subsequently taken action against the customer to recover the outstanding amount but given the uncertainty surrounding their ability to ultimately pay, we have raised the provision.

We remain happy with our implementation delivery model and continue to secure new contracts in the small to medium sized market in South Africa and the rest of Africa.

Support services

Support is contracted on a monthly basis and is annuity based.

Revenue decreased by 4% from lower demand for additional support and a slowdown in spending from existing customers. The result was further impacted by higher indirect costs. The segment posted a loss of R2.1 million compared to a profit of R0.3 million in the comparative period.

We continue to focus on additional higher value-added offerings in this segment. Despite the tough economic climate, we are seeing a pickup in the uptake of these offerings.

Hosting and outsourcing services

This segment provides a range of complimentary managed services to our clients. The services include cloud-based hosting, outsourced technical services and full business process outsourcing.

This segment is important for the Group as it enables us to offer additional services to existing clients as well as make our offerings appeal to a wider range of potential clients. It also helps keep our offerings relevant regarding technology trends.

We are pleased by the growth in revenue of 62% to R5.1 million. This was from new deals being concluded. The segment posted a profit of R0.3 million.

We secured our first fully outsourced South African client under our Financial Sector Conduct Authority (FSCA) license, previously the Financial Services Board (FSB). Our license and experience gained here bodes well for the future.

We remain satisfied with the progress thus far and the opportunities that lie ahead. We envisage the segment becoming a larger contributor to profit as it achieves more scale.

Software rental and maintenance

Software rental is annuity based.

Revenue was up 2% impacted by the loss of rental earned from the last client on the older SDT Life platform. The Exergy portion of our software rental grew by 9%. The segment made a profit of R31 million, compared to R34 million in the prior year, with overall margins of 72% and 81% respectively. The overall segment margin declined from 81% to 72% from a planned increase in spend on maintenance of our Exergy software and a higher allocation of indirect costs.

Our software and the growth of our annuity rental stream remain a core focus going forward.

Research and development (“R&D”)

We continue to invest into the future of the business. In the year we invested into both the development of new software, as well as Insurtech focused research. We are pleased with the progress.

During the period, total direct costs were R11.1 million, of which R5.5 million was capitalised. This is from enhancements to our Exergy software and new stand-alone software products, both of which open up new markets.

Indirect Cost

Indirect costs increased by 19% during the period. This increase was significantly influenced by the two once-off impacts relating to a provision for doubtful debt and a prior year reversal of the provision for leave pay as reported in the interim period. Without these two impacts, indirect costs increased by 9%. This was driven by increased costs in our marketing and technology support divisions, which are necessary to enable growth in revenue from our new offerings.

7. GROUP OUTLOOK

We remain positive about the future despite a challenging period. Although economic conditions are suppressed, we have seen an increase in optimism in our market. We continue to build our core annuity streams which will drive improved revenue growth for the group.

We are pleased with the contribution that new initiatives are starting to make to the group, albeit slower than expected. We are excited about our product development and we remain optimistic that our efforts will help enable sustained growth.

The financial services industry continues to face significant challenges and increased competition to meet its customers’ changing needs in an increasingly digital world. This results in many of our existing and potential clients searching for solutions to enable them to adapt quickly and more effectively. SilverBridge remains well positioned to meet these needs. It presents us with opportunities to create platforms that can help the industry to adapt and continues guiding our product development initiatives.

8. NOTICE OF THE ANNUAL GENERAL MEETING

Notice is hereby given that the Annual General Meeting of the Company will be held at 11:30 on Wednesday 28 November 2018 at the registered office of SilverBridge, Castle Walk Corporate Park, Corner of Swakop & Nossob Street, Erasmuskloof, Pretoria, to transact the business as stated in the notice of the Annual General Meeting, which is contained in the Integrated Annual Report to be distributed on or about 11 September 2018.

The board of directors of SilverBridge (“the Board”) has determined that, in terms of section 62(3)(a), as read with section 59 of the Companies Act, 2008 (Act 71 of 2008), the record date for the purposes of determining which shareholders of the Company are entitled to participate in and vote at the Annual General Meeting is Friday, 23 November 2018. Accordingly, the last day to trade in SilverBridge shares in order to be recorded in the Register to be entitled to vote at the Annual General Meeting will be Tuesday, 20 November 2018.

9. CHANGES TO THE BOARD OF DIRECTORS

There have been no changes to the board of directors in the period under review.

On behalf of the Board

Jaco Swanepoel Robert Emslie
Chief Executive Officer Chairman

Pretoria
11 September 2018

CORPORATE INFORMATION

Directors of SilverBridge:
Robert Emslie (Chairman) **, Jaco Swanepoel (CEO), Jeremy de Villiers **, L Booi *, Hasheel Govind *, Tyrrel Murray**, Lee Kuyper (Financial Director), Stuart Blyth.

(All the directors are South African citizens).
* Non-executive
**Independent non-executive

SILVERBRIDGE REGISTERED OFFICES
Castle Walk Corporate Park, Block D
Corner of Swakop & Nossob Street, Erasmuskloof
Pretoria, 0048
(PO Box 11799, Erasmuskloof, 0048)

COMPANY SECRETARY:
Fusion Corporate Secretarial Services Proprietary Limited
represented by Melinda Gous
Unit 2, Corporate Corner, Marco Polo Street, Highveld
Centurion, Gauteng
(PO Box 68528, Highveld, 0169)

LEGAL ADVISERS:
Gildenhuys Malatji Attorneys Inc.
(Registration number: 1997/002114/21)
GLMI House
Harlequins Office Park,
164 Totius Street,
Groenkloof
(PO Box 619, Pretoria, 0001)

GROUP AUDITORS
PricewaterhouseCoopers Inc.
(Registration number: 1998/012055/21)
4 Lisbon Lane, Waterfall City, Jukskei View, 2090
(PO Box 35296, Menlo Park, Pretoria, 0102)

TRANSFER SECRETARIES
Computershare Investor Services Proprietary Limited
(Registration number: 2004/003647/07)
Rosebank Towers, 15 Biermann Avenue, Rosebank, 2107
(Call centre: 0861 100 634)
(PO Box 61051, Marshalltown, 2107)

DESIGNATED ADVISER:
PSG Capital
(Registration number: 2006/015817/07)
Second Floor, Building 3
11 Alice Lance
Sandton, 2196
(PO Box 650957, Benmore, 2010)

www.silverbridge.co.za