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Voluntary Quarterly Intrinsic Net Asset Value (“NAV”) disclosure
Brimstone Investment Corporation Limited
(Incorporated in the Republic of South Africa)
Registration number 1995/010442/06
Share Code: BRT ISIN: ZAE000015277
Share Code: BRN ISIN: ZAE000015285
("Brimstone" or the "Company")
Voluntary Quarterly Intrinsic Net Asset Value ("NAV") disclosure
A full analysis of the Intrinsic NAV, together with applicable explanations for the quarter ended 31 March 2025 is set out below.
Summary Change Dec 2024 to 31 Mar 25 31 Dec 24 31 Dec 23 31 Dec 22 31 Dec 21
Mar 2025
Intrinsic NAV of Brimstone (Rm) (24.4%) 2 026.8 2 681.4 2 978.9 3 287.2 3 255.6
Intrinsic NAV per share (cents) ¹ (24.1%) 842.1 1 110.1 1 213.3 1 325.0 1 314.0
Fully diluted Intrinsic NAV per share (cents) ¹ (24.2%) 818.5 1 079.1 1 187.7 1 301.5 1 292.6
Market price per share (cents)
Ordinary shares (12.7%) 440 504 511 526 630
'N' Ordinary shares (16.6%) 421 505 485 563 649
Discount to Intrinsic NAV
Ordinary shares 47.7% 54.6% 57.9% 60.3% 52.1%
'N' Ordinary shares 50.0% 54.5% 60.0% 57.5% 50.6%
Intrinsic NAV analysis by asset
An analysis of the Intrinsic NAV of Brimstone as at 31 March 2025 is set out below, including the valuation basis of each asset. Where applicable, Intrinsic NAV is net of ring-fenced
debt and potential CGT relating to that asset.
Asset % held Closing Closing Valuation Basis Gross Debt CGT Mar 2025 Mar 2025 Gross Dec 2024 Dec 2024 Increase /
share share Value (R'000) (R'000) INAV INAV/share portfolio INAV INAV/share (Decrease)
price at price at (R'000) (R'000) (cents) weighting (R'000) (cents)
31 Mar 31 Dec
2025 2024
Market value per
Oceana 2 25.2% 58.00 67.48 share 1 898 580 - - 1 898 580 788.8 49.2% 2 208 899 914.5 (13.7%)
Market value per
Sea Harvest 2 44.5% 6.78 8.35 share 1 081 809 - - 1 081 809 449.5 28.0% 1 332 317 551.6 (18.5%)
Market value per
Phuthuma Nathi 1.3% 40.00 81.01 share 35 817 - - 35 817 14.9 0.9% 72 538 30.0 (50.3%)
Market value per
MTN Zakhele Futhi 1.3% 8.82 8.00 share 13 792 - - 13 792 5.7 0.4% 13 448 5.6 1.8%
FPG Property Fund 10.0% Book value 440 416 - (60 609) 379 807 157.8 11.4% 379 807 157.2 0.4%
FPG Investments 1.4% Cost 50 000 - - 50 000 20.8 1.3% 50 000 20.7 0.5%
Aon Re Africa 18.0% PE valuation 87 903 - (17 263) 70 640 29.3 2.3% 70 640 29.2 0.3%
Obsidian 70.0% Book value 75 114 - (8 125) 66 989 27.8 1.9% 66 989 27.7 0.4%
SAED 25.0% Book value 70 155 - - 70 155 29.1 1.8% 70 155 29.0 0.3%
Other Investments,
Assets & Liabilities Various Valuation 29 078 - 17 604 46 682 19.4 0.8% 46 682 19.3 0.5%
Cash / (Net debt) 100.0% Book value 74 822 (1 762 298) - (1 687 476) (701.1) 2.0% (1 630 117) (674.9) 3.9%
3 857 486 (1 762 298) (68 393) 2 026 795 842 100.0% 2 681 358 1 110 (24.1%)
Intrinsic NAV per share (cents)
1 603 (732) (28) 842
Fully diluted Intrinsic NAV per share (cents)
1 558 (712) (28) 818
Notes:
1. Based on 241 million shares (December 2024: 242 million shares) in issue, net of treasury shares as calculated below:
Number of shares in issue Fully diluted number of shares
Gross number of shares in issue 264 850 108 264 850 108
Treasury shares (fully diluted number is net of notionally realised unvested FSPs) (24 167 062) (17 224 037)
Net shares in issue for Intrinsic NAV purposes 240 683 046 247 626 071
2. No CGT provided on shareholding in Oceana and Sea Harvest due to potential use of the corporate relief provisions of the Income Tax Act.
The Intrinsic NAV information presented has been prepared on a basis consistent with that used in the integrated report for the year ended 31 December 2024, which is available
on the Company's website at www.brimstone.co.za.
The above information is the responsibility of the directors and has not been reviewed or reported on by the Company's auditors.
5 June 2025
Sponsor
Nedbank Corporate and Investment Banking. a division of Nedbank Limited
Date: 05-06-2025 09:20:00
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