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”)

 

UNAUDITED CONDENSED CONSOLIDATED INTERIM GROUP FINANCIAL

STATEMENTS for the six month period ended 31 December 2017 GROUP PROFILE

SilverBridge offers solutions that address the business challenges of financial services companies. We have gained experience in this area over more than 20 years of being in business. Our understanding of this industry helps our clients improve and simplify their overall business. We achieve this by provisioning various technology solutions including our own developed software and cloud-based services.

Exergy is our flagship platform that enables core back office policy administration for life assurance, group schemes and pension funds. Exergy can be customised to suit the needs of the client. The solution also extends to offer 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 services are charged to our customers on a monthly basis.

Unaudited condensed consolidated interim statement of comprehensive income for the six month period ended 31 December 2017

Unaudited six months

ended

31

December

2017

Unaudited six months

ended

31

December

2016

Audited

12

months ended

30 June

2017

 

 

 

Percentage

change

Notes R’000 R’000 R’000 %
Revenue 1.5 47 456 46 158 93 112 3
Other income 98 434 664 (77)
Operating

expenses

 

(44 714)

 

(40 395)

 

(80 904)

 

11

 

Operating profit 2 840 6 197 12 872 (54)
Finance income 233 675 1 317 (65)
Profit before

taxation

 

3

 

073

 

6 872

 

14 189

 

(55)

Taxation (962) (1 982) (1 119) (51)
Profit and total comprehensive income for the period  

 

2

 

 

111

 

 

4 890

 

 

13 070

 

 

(57)

Number of shares

in issue (‘000)

 

1.2

 

34

 

781

 

34 781

 

34 781

Weighted average number of shares

in issue (‘000)

 

 

1.2

 

 

29

 

 

000

 

 

33 696

 

 

31 298

Diluted weighted average number

of shares (‘000)

 

 

1.2

 

 

31

 

 

184

 

 

37 261

 

 

33 650

Basic earnings per share

(cents)

 

 

1.2

 

 

7.28

 

 

14.51

 

 

41.76

 

 

(50)

Diluted earnings per share

(cents)

 

 

1.2

 

 

6.77

 

 

13.12

 

 

38.84

 

 

(48)

 

Unaudited condensed consolidated interim statement of financial

position as at 31 December 2017

Unaudited

as at

31 December

2017

Unaudited as at 31 December

2016

Audited as at

30 June

2017

Notes R’000 R’000 R’000
ASSETS
Non-Current Assets
Equipment 2 639 4 380 2 686
Intangible assets 18 356 13 393 16 078
Deferred tax assets 4 239 1 306 4 615
Withholding tax rebates

receivable

 

612

 

1

 

502

 

367

Total Non-Current Assets 25 846 20 581 23 746
Current Assets
Withholding tax rebates

receivables

 

701

 

1

 

312

 

701

Income tax receivable 1 230 916
Revenue recognised not

yet invoiced

 

1.3

 

7 448

 

3

 

243

 

6 374

 

Trade and other

receivables

 

14 760

 

13 731

 

15 439

Cash and cash

equivalents

 

12 201

 

10 104

 

11 547

Total Current Assets 36 340 28 390 34 977
Total Assets 62 186 48 971 58 723
EQUITY AND LIABILITIES
Capital and Reserves
Issued capital 348 348 348
Share premium 11 871 11 871 11 871
Treasury shares (10 898) (11 948) (11 362)
Share based payment

reserve

 

2 740

 

1 107

 

2 453

Retained earnings 45 945 37 860 46 038
Total Equity 50 006 39 238 49 348
Non-Current Liabilities
Deferred tax liability 3 612 1 692 3 026
Total Non-Current

Liabilities

 

3 612

 

1 692

 

3 026

Current Liabilities
Deferred revenue 1.3 2 692 1 078 1 403
Income tax payable 1 245
Trade and other payables 1.4 5 876 5 718 4 946
Total Current

Liabilities

 

8 568

 

8 041

 

6 349

Total Liabilities 12 180 9 733 9 375
Total Equity and Liabilities  

62 186

 

48 971

 

58 723

Net asset value per share (cents)  

1.6

 

172.43

 

136.24

 

170.19

Net tangible asset value

per share (cents)

 

1.6

 

109.13

 

89.74

 

114.72

Unaudited condensed consolidated interim statement of changes in equity for the six month period ended 31 December 2017

 

Issued capital

 

Share premium

 

Treasury shares

Share based payment

reserve

Retaine

d earning

s

 

Total equity

R’000 R’000 R’000 R’000 R’000 R’000
Balance at 1 July 2016 348 11 871 (197) 910 35 056 47 988
Total comprehensive income for the

period

Profit or loss 4 890 4 890
Total comprehensive income for the

period

4 890 4 890
Transactions with owners, recorded

directly in equity

Contributions by and distributions to

owners

Dividend paid (note 2.1) (2 086) (2 086)
Purchase of treasury shares by Employee

Share Trust (note 3)

 

(11 751)

 

(11 751)

Equity settled share based payment 197 197
Total contributions by and distributions

to owners

197
(11 751) 2 804 (8 750)
Balance at 31 December 2016 348 11 871 (11 948) 1 107 37 860 39 238
Total comprehensive income for the

period

Profit or loss 8 178 8 178

 

Total comprehensive income for the

period

8 178 8 178
Transactions with owners, recorded

directly in equity

Contributions by and distributions to

owners

Treasury shares purchased by employees 525 525
Interest from share ownership scheme 61 61
Equity settled share based payment 1 346 1 346
Total contributions by and distributions

to owners

1 346
586 8 178 10 110
Balance at 30 June 2017 348 11 871 (11 362) 2 453 46 038 49 348
Total comprehensive income for the

period

Profit or loss 2 111 2 111
Total comprehensive income for the

period

2 111 2 111
Transactions with owners, recorded

directly in equity

Contributions by and distributions to

owners

Dividend paid (2 204) (2 204)
Treasury shares purchased by employees 349 349
Interest from share ownership scheme 115 115
Equity settled share based payment 287 287
Total contributions by and distributions

to owners

287
464 (93) 658
Balance at 31 December 2017 348 11 871 (10 898) 2 740 45 945 50 006

 

Unaudited

six months Ended

31

December

2017

Unaudited

six months Ended

31

December

2016

 

Audited

12

months ended

30 June

2017

Notes R’000 R’000 R’000
Cash generated from operations  

5 841

 

2 774

 

7 613

Interest received 234 675 1 317
Taxation paid (312) (1 172) (4 445)
Net cash inflow from

operating activities

5 763 2 277 4 485
Cash flows from investing

activities

Equipment acquired to

maintain operations

(448) (3 802) (2 640)
Proceeds from disposal of

equipment

68 65 178
Cash outflow from capitalisation of

Development costs

 

(2 525)

 

(1 555)

 

(4 181)

Net cash outflow from

investing activities

(2 905) (5 292) (6 643)
Cash flows from financing

activities

Purchase of treasury shares (11 751) (11 165

)

Dividends paid to equity

holders

(2 204) (2 086) (2 086)
Net cash outflow from financing activities (2 204) (13 837) (13

251)

Net increase/(decrease) in cash and cash equivalents  

654

 

(16 852)

(15 409

)

Cash and cash equivalents at

the beginning of the period

11 547 26 956 26 956
Cash and cash equivalents at

the end of the period

12 201 10 104 11 547

Reportable Segment Report

 

 

Total

 

Imple- mentation

services

 

Support services

Hosting and out- sourcing

services

 

Rental & main-

tenance

Research

& develop-

ment

R’000 R’000 R’000 R’000 R’000 R’000
Unaudited six months ended

31 December

2017

 

Total revenue

48 24

3

 

6 455

 

18 147

 

2 319

 

21 322

 

Inter-group

revenue

 

(787)

 

(157)

 

(630)

 

 

 

 

Net revenue

47

456

 

6 298

 

17 517

 

2 319

 

21 322

 

Direct segment

cost

(25

020)

 

(4 290)

 

(10 943)

 

(1 151)

 

(3 857)

 

(4 779)

Cost

capitalised

 

2 525

 

 

 

 

 

2 525

Segment gross

profit

24

961

 

2 008

 

6 574

 

1 168

 

17 465

 

(2 254)

Indirect

segment cost

(20

601)

 

(2 398)

 

(7 758)

 

(741)

 

(2 839)

 

(6 865)

Provision for

doubtful debt

(1 52

0)

 

(1 520)

 

 

 

 

Segment result 2 840 (1 910) (1 184) 427 14 626 (9 119)
Finance income 233
Income tax

expense

 

(962)

Profit for the

period

 

2 111

 

 

 

Total

Imple-

men tation

services

 

Support services

Hosting and out- sourcing

services

 

Rental &

main-

tenance

Research

& develop-

ment

R’000 R’000 R’000 R’000 R’000 R’000
Unaudited six months ended 31

December 2016

Total revenue 46 473 4 508 18 716 1 575 21 674
Inter-group

revenue

 

(315)

 

 

(196)

 

(119)

 

 

Net revenue 46 158 4 508 18 520 1 456 21 674
Direct segment

cost

(24 494

)

 

(2 731)

 

(11 761)

 

(1 981)

 

(2 756)

 

(5 265)

 

Cost

capitalised

 

1 555

 

 

 

 

 

1 555

Segment gross

profit

 

23 219

 

1 777

 

6 759

 

(525)

 

18 918

 

(3 710)

Indirect

segment cost

(17

022)

 

(1 417)

 

(6 445)

 

(2 172)

 

(1 671)

 

(5 317)

Segment result 6 197 360 314 (2 697) 17 247 (9 027)
Finance income 675
Income tax

expense

 

(1 982)

Profit for the

period

 

4 890

 

 

 

Total

 

Imple- mentation services

 

Support services

Hosting and out- sourcing

services

 

Rental &

main-

tenance

Research

& develop-

ment

R’000 R’000 R’000 R’000 R’000 R’000
Audited 12 months ending

30 June 2017

Total revenue 94 363 9 926 38 864 3 354 42 219
Inter-group

revenue

 

(1 251)

 

(48)

 

(1 020)

 

(183)

 

 

Net revenue 93 112 9 878 37 844 3 171 42 219
Direct segment

cost

(48 703

)

(4 076)
(5 031) (24 122) (3 258) (12 216)
Cost

capitalised

4 181 4 181
Segment gross

profit

(905)
48 590 4 847 13 722 38 961 (8 035)
Indirect

segment cost

(35 718

)

(1 284)
(4 156) (13 453) (4 923) (11 902)
Segment result 12 872 691 269 (2 189) 34 038 (19 937)
Net finance

income

 

1 317

Income tax

expense

 

(1 119)

Profit for the

period

 

13 070

Assets and liabilities

The assets and liabilities of the Group are organised and managed at a corporate business support level. As the assets and liabilities contribute at a corporate level, it is not practical to determine a reasonable allocation of the assets and liabilities to the business segments.

COMMENTARY

  1. NOTES TO THE CONDENSED UNAUDITED CONSOLIDATED INTERIM FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 DECEMBER 2017
  • Basis of preparation

The condensed unaudited consolidated interim 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 these condensed unaudited consolidated interim financial statements, which are based on reasonable judgment and estimates, are in accordance with International Financial Reporting Standards (“IFRS”) and are consistent with those applied in the annual audited financial statements for the year ended 30 June 2017.

These condensed unaudited consolidated interim financial statements have been prepared by Petro Mostert CA(SA), Chief Financial Officer, under the supervision of the Group Financial Director, Lee Kuyper CA(SA).

The directors take full responsibility for the preparation of these condensed unaudited consolidated interim financial statements and the financial information has been correctly extracted from the underlying financial information.        These interim results have not been audited or reviewed by the Group’s auditors.

  • Earnings per share

Basic and diluted earnings per ordinary share

Basic earnings per ordinary share is calculated by dividing the earnings for the period attributable to ordinary equity holders of the parent by the weighted average number of ordinary shares outstanding during the period.

 

Unaudited six months

as at

31 December

2017

Unaudited six months

as at 31

December

2016

 

Audited

12 months

as at

30 June

2017

Reconciliation of the weighted

average number of shares in issue

Shares in issue at the beginning

of the period (‘000)

 

34 781

 

34 781

 

34 781

Effect of treasury shares

acquired on 1 March 2007 (‘000)

 

(106)

 

(106)

 

(106)

Effect of treasury shares

acquired on 30 Nov 2016 (‘000)

 

(5 675)

 

(979)

 

(3 377)

Weighted average number of shares in issue during the

period (‘000)

 

 

29 000

 

 

33 696

 

 

31 298

Shares in issue at the end of the period – net of treasury shares (‘000)  

 

29 000

 

 

28 800

 

 

29 000

Earnings attributable to ordinary shareholders (R’000)  

2 111

 

4 890

 

13 070

Basic earnings per share (cents) 7.28 14.51 41.76

 

Diluted earnings per ordinary share is calculated by dividing the diluted earnings for the period attributable to ordinary equity holders of the parent by the diluted weighted average number of ordinary shares outstanding during the period.

 

Unaudited six months

as at

31 December

2017

Unaudited six months

as at 31

December

2016

 

Audited

12 months

as at

30 June

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 (‘000)

 

29

 

000

 

33

 

696

 

31

 

298

Diluted number of shares due to

share options in issue (‘000)

 

2

 

184

 

3

 

565

 

2

 

352

Weighted average number of shares in issue used for diluted earnings per share (‘000)  

 

31

 

 

184

 

 

37

 

 

261

 

 

33

 

 

650

Earnings attributable to ordinary shareholders (R’000)  

2

 

111

 

4

 

890

 

13

 

070

Diluted earnings per share (cents)  

6.77

 

13.12

 

38.84

 

Headline and diluted 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 by the weighted average number of ordinary shares outstanding during the period.

Unaudited

six months as at 31

December

2017

Unaudited

six months as at 31

December

2016

 

 

Audited

12 months

as at

30 June

2017

Weighted average number of

shares in issue

 

29 000

 

33 696

 

31 298

Reconciliation between basic

earnings and headline earnings

Basic earnings (R’000) 2 111 4 890 13 070
Adjusted for:
– Profit on disposal of

equipment (R’000)

 

(68)

 

(47)

 

(77)

Headline earnings (R’000) 2 043 4 843 12 993
Headline earnings per share

(cents)

 

7.04

 

14.37

 

41.51

 

Diluted Headline earnings per ordinary share is calculated by dividing the headline earnings attributable to ordinary equity holders of the parent by the weighted average number of ordinary shares outstanding during the period.

Unaudited

six months as at 31

December

2017

Unaudited

six months as at 31

December

2016

 

Audited

12

months as at

30 June

2017

Weighted average number of shares in issue used for diluted earnings per share

(‘000)

 

 

31 184

 

 

37 261

 

 

33 650

Diluted headline earnings

(R’000)

12 993
2 043 4 843
Diluted headline earnings per share (cents)  

6.55

 

13.00

 

38.61

 

  • 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 contracts.

Unaudited Unaudited Audited
 

six months

 

six months

12

months

Ended ended ended
 

31 December

31

December

 

30 June

2017 2016 2017
R’000 R’000 R’000
Current asset
Revenue recognised not yet

invoiced

 

7 448

 

3 243

 

6 374

Current liability
Deferred revenue (2 692) (1 078) (1 403)
Net asset 4 756 2 165 4 971
  • Trade and other payables

Trade and other payables comprised of the following:

Unaudited six months

as at

31 December

 

Unaudited six months

as at

Audited

12 months

as at

30 June

 

2017 31

December

2016

2017
R’000 R’000 R’000
Trade payables 705 579 786
Leave accrual 808*
Other payables (accruals) 5 171 4 331 4 160
Total 5 876 5 718 4 946

*The group has adopted a new leave policy that allows discretionary time off. The leave accrual was realised during the previous period resulting in no obligation in the period under review. This change will eliminate future obligations.

  • Revenue per geographical region
Group
 

 

Unaudited

6 months ending 31

Dec 2017

Unaudite

d 6 months ending

31 Dec

2016

Audited

12

months ending

31 Dec

2017

R’000 R’000 R’000
South Africa 19 166 16 369 37 460
Namibia 9 660 12 910 26 361
Zimbabwe 4 250 3 762 7 330
Kenya 1 985 2 831 6 076
Lesotho 2 913 3 003 6 037
Botswana 1 506 1 003 2 056
Ghana 1 135 1 102 1 956
Mauritius 1 295 865 1 887
Malawi 1 102 916 1 576
Tanzania 3 650 3 034 1 189
Nigeria 424 363 1 184
Zambia 370
Total 47 456 46 158 93 112
  • Net asset and tangible net asset value per share
Unaudited six months

as at

31 December

 

Unaudited six months

as at

Audited

12 months

as at

30 June

 

2017 31

December

2016

2017
Number

of shares

Number

of shares

Number

of shares

’000 ’000 ’000
Shares in issue at the

beginning of the period

 

34 781

 

34 781

 

34 781

Effect of treasury shares

acquired on 1 March 2007

 

(106)

 

(106)

 

(106)

Effect of treasury shares

acquired on 30 Nov 2016

 

(5 675)

 

(5 875)

 

(5 675)

Shares at the end of the

period

 

29 000

 

28 800

 

29 000

Net asset value per share

(cents)

 

172.43

 

136.24

 

170.17

Tangible asset value per

share (cents)

 

109.13

 

89.74

 

114.72

  • Fair values

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

  1. CORPORATE ACTIVITY
  • Dividends and capital distribution

No dividend was declared for the period under review. The directors declared and approved a final gross dividend of 7 cents per share on 12 September 2017 for the year ended 30 June 2017 from income reserves and the payment distributions were made during the period under review.

  • Subsequent events

No events occurred subsequent to the period end that would require the interim financial statements to be adjusted.

  • Changes to the board of directors

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

  1. FINANCIAL RESULTS AND PERFORMANCE

Revenue was up 3% compared to the comparative period, being below the growth expectation. This was as a result of lower growth in the rental and support segments. Rental revenue decreased due to a loss of rental earned from the last client on our older SDT Life platform. Support revenue was impacted by a lower demand for additional support and a slowdown in spending from existing customers impacted by longer decision-making processes by customers as well as a generally tougher economic environment.

Gross profit up 7% and net profit declined with 57% compared to the comparative period, impacted by the increase in indirect costs due to the following once-off impacts related to a provision for doubtful debt and a prior year reversal of the provision for leave pay.

Indirect cost also increased due to investments made into marketing and technology to support future revenue growth of new offerings

Cashflow was good and our cash position increased to R12.2 million from R11.5 million at 30 June 2017.

Our client relationships remain healthy and we continued efforts to deliver higher value-added offerings. These are aimed at solving the continued challenges the financial services industry faces. We also continued to invest in developing new offerings in cloud-based software applications, hosting and managed services. Although the performance in the first six months of the year has been disappointing we remain focused on efforts to enable ongoing growth.

SEGMENTAL REVIEW

Implementation services

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

We are pleased with the increase in revenue of 40% from a number of new implementation projects. The gross margin decreased from 39% to 32% because of a decision to do a specific project at a lower margin to open up an opportunity of a potential multiple country roll-out for a large African insurer.

The segment posted a loss owing to a provision for doubtful debt that was raised under allocated indirect costs. 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 such that it has not yet been able to pay SilverBridge. 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 monthly and is annuity based.

Revenue decreased by 5% from lower demand for additional support and a slowdown in spending from existing customers. The segment posted a loss of R1.2 million compared to a profit of R0.3 million in the comparative period.

The segment result was impacted by a higher allocation of indirect costs.

We continue to focus on additional higher value-added offerings in this segment.

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. We are pleased by the growth in revenue of 59% from new deals secured.

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.

For the period, the segment generated revenue of R2.3 million, up from R1.5 million, with a profit of R0.4 million, assisted by a lower allocation of indirect costs. 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.

We have concluded our first full South African Business process outsourcing (BPO) agreement in January 2018 under our FSB license.

Software rental and maintenance

Software rental is annuity based. It depends on usage, increasing with the number of contracts or policies administered.

Revenue was down 2%. This was driven by two factors. First, policy volume from existing customers was down 1% for the period. Second was the loss of rental earned from the last client on our older SDT Life platform. Despite this, we were pleased to add several new clients during the period, which will contribute to the growth of the segment in the future. The segment made a profit of R14.6 million compared to R17.2 million in the corresponding period. The drop in margin was from a planned increase in spend on maintenance 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 continued with R&D efforts in terms of new software offerings, new markets and new technologies. We are pleased with the progress made in the development of our new product branded ‘Lucid’, a web-based platform which will open up previously unaddressed segment of our market. This product investment is aimed at generating new annuity revenue in the future.

During the period, total direct costs were R4.8 million, of which R2.5 million was capitalised.

Indirect costs

Indirect costs increased by 30% during the period. This increase was significantly influenced by the two once-off impacts explained in paragraph 3 above. Without these two impacts indirect costs have increased by 11% largely driven by an increase in costs in our marketing and technology support divisions which are necessary to enable growth in revenue from our new offerings.

  1. GROUP OUTLOOK

We remain positive about the outlook for the Group, despite a challenging period. Although economic conditions are currently suppressed, we continue to build our core annuity streams which will assist in achieving improved revenue growth.

We are pleased to see that new initiatives are paying off, albeit slower than expected. We are excited about our new product development project 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 new product development initiatives.

On behalf of the board of directors

Robert Emslie                               Jaco Swanepoel

Chairman                               Chief Executive Officer

 

Pretoria

19 February 2018

 

Designated Advisor PSG Capital

CORPORATE INFORMATION SILVERBRIDGE HOLDINGS LIMITED

(Incorporated in the Republic of South Africa) (Registration No. 1995/006315/06)

JSE SHARE CODE: “SVB”   ISIN CODE: ZAE000086229

(“SilverBridge” or “the Group”)

 

DIRECTORS OF SILVERBRIDGE HOLDINGS

Robert Emslie (Chairman)**, Jaco Swanepoel (CEO), Jeremy de Villiers **, Hasheel Govind *, Tyrrel Murray**, Lee Kuyper (Group Financial Director), Stuart Blyth, Lulama Booi*. (All the directors are South African citizens).

* Non-executive

**Independent non-executive

 

REGISTERED OFFICES

Castle Walk Corporate Park, Block D

Corner of Nossob & Swakop Street, Erasmuskloof,

Pretoria, 0048

(PO Box 11799, Erasmuskloof, 0048)

 

COMPANY SECRETARY

Fusion Corporate Secretarial Services Proprietary Limited represented by

Melinda Gous

Unit 2B, Corporate Corner,

Corner of Marco Polo & John Vorster Avenues 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 Incorporated (Registration number: 1998/012055/21)

4 Lisbon Lane, Waterfall City, Jukskei View, 2090 (Private Bag X36, Sunninghill, 2157, South Africa)

 

TRANSFER SECRETARIES

Computershare Investor Services Proprietary Limited (Registration number: 2004/003647/07)

70 Marshall Street, Johannesburg,

(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 Lane

Sandown, Sandton, 2196

(PO Box 650957, Benmore, 2010) www.silverbridge.co.za

Recorded online broadcast presentation of the Group’s interim

financial results

Monday 19 February @ 09:00.

Conference call for Q & A from 14:30 to 15:30 Participant PIN : 414124

Gauteng Johannesburg 010 500 4334
Gauteng Pretoria 012 004 4334
Western Cape Cape Town 021 300 4334
KwaZulu-Natal Durban 031 100 4334