Wrap Text
Audited Summary Consolidated Financial Results for the Year Ended 31 December 2018
South Ocean Holdings Limited
(Incorporated in the Republic of South Africa)
(Registration number 2007/002381/06)
Share code: SOH
ISIN: ZAE000092748
AUDITED SUMMARY CONSOLIDATED FINANCIAL RESULTS ANNOUNCEMENT FOR THE YEAR
ENDED 31 DECEMBER 2018 (“FINANCIAL STATEMENTS”)
SALIENT FEATURES
Group revenue increased by 16.2% to R2.009 billion.
Loss per share of 1.9 cents.
Headline earnings per share of 3.6 cents.
Tangible net asset value per share decreased by 20.2% to 240.5 cents per share.
SUMMARY CONSOLIDATED STATEMENT OF FINANCIAL POSITION
(Audited) (Audited)
31 December 31 December
R’000 NOTES 2018 2017
Assets
Non-current assets 191 650 297 500
Property, plant and equipment 4 191 650 293 035
Deferred tax asset - 4 465
Current assets 427 545 389 370
Inventories 181 003 162 879
Trade and other receivables 230 942 214 971
Cash and cash equivalents 15 600 11 520
Disposal Group held for sale 7 239 666 198 024
Total assets 858 861 884 894
Equity and Liabilities
Equity
Share capital 5 461 343 441 645
Reserves 2 063 1 230
Retained earnings 25 414 29 078
Total equity 488 820 471 953
Liabilities
Non-current liabilities 73 382 84 648
Interest bearing borrowings 6 39 005 50 294
Share-based payments 8 406 492
Deferred tax liabilities 25 971 33 862
Current liabilities 240 057 250 813
Trade and other payables 171 209 195 448
Interest bearing borrowings 6 66 490 55 365
Current tax payable 1 468 -
Share-based payments 890 -
Disposal Group held for sale 7 56 602 77 480
Total liabilities 370 041 412 941
Total Equity and Liabilities 858 861 884 894
SUMMARY CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
(Audited) (Audited)
For the year ended
31 December Change 31 December
R’000 NOTES 2018 % 2017
Continuing operations
Revenue 1 727 21.2% 1 425 777
Cost of sales (1 584 314) (1 359 186)
Gross profit 143 478 66 591
Other operating income 6 923 6 795
Administration expenses (55 183) (38 438)
Distribution expenses (2 116) (2 532)
Operating expenses (32 114) (13 117)
Operating profit 60 988 19 299
Finance income 902 828
Finance costs (21 972) (23 946)
Profit/(loss) before taxation 39 918 1 145.3% (3 819)
Taxation 8 (14 250) (2 404)
Profit/(loss) for the year from
continuing operations 25 668 512.5% (6 223)
Loss for the year from discontinuing
operations 7 (29 332) 42.6% (51 127)
Loss for the year (3 664) (57 350)
Other comprehensive profit (loss)
Exchange differences on translation of
foreign operations 833 (569)
Total comprehensive loss attributable
to equity holders of the Group (2 831) 95.1% (57 919)
Cents Cents
per share per share
Loss per share - basic and diluted (1.9) 94.8% (36.7)
SUMMARY CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
For the year ended
(Audited) (Audited)
31 December 31 December
R’000 2018 2017
Share capital
Opening balance 1 274 1 274
Rights issue 469 -
Closing balance 1 743 1 274
Share premium
Opening balance 440 371 440 371
Rights issue 19 229 -
Closing balance 459 600 440 371
Foreign currency translation reserve
Opening balance 1 230 1 799
Exchange differences on translation of foreign
operations 833 (569)
Closing balance 2 063 1 230
SUMMARY CONSOLIDATED STATEMENT OF CHANGES IN EQUITY (continued)
Retained earnings
Opening balance 29 078 86 428
Total comprehensive loss for the year (3 664) (57 350)
Closing balance 25 414 29 078
SUMMARY CONSOLIDATED STATEMENT OF CASH FLOWS
For the year ended
(Audited) (Audited)
31 December 31 December
R’000 2018 2017
Cash flows from operating activities
Cash generated from operations 46 490 146 931
Finance income 1 035 996
Finance costs (24 551) (26 988)
Taxation paid (15 105) -
Net cash from operating activities 7 869 120 939
Cash flows used in investing activities
Purchase of property, plant and equipment (9 385) (6 770)
Proceeds from sale of property, plant and equipment 938 383
Purchase of intangible assets - (1 040)
Net cash used in investing activities (8 447) (7 427)
Cash flows from/(used in) financing activities
Proceeds from rights offer 19 698 -
Proceeds from interest bearing borrowings 1 697 10 699
Repayment of interest bearing borrowings (14 462) (115 703)
Net cash from/(used in) financing activities 6 933 (105 004)
Total cash and cash equivalents movement for the
year 6 355 8 508
Cash and cash equivalents at the beginning of the year 11 520 22 336
Cash and cash equivalents at the beginning of the year
from disposal group 18 755 -
Effect of exchange rate movement on foreign entity
balances 833 (569)
Total cash and cash equivalents from disposal group
at end of year (21 863) (18 755)
Total cash and cash equivalents at end of the year 15 600 11 520
Total cash and cash equivalents from continuing
operations 15 600 11 520
Total cash and cash equivalents from discontinuing
operations 21 863 18 755
37 463 30 275
SELECTED NOTES TO THE SUMMARISED CONSOLIDATED FINANCIAL INFORMATION
1. General information
South Ocean Holdings Limited and its subsidiaries (“SOH”) manufacture and distribute electrical
cables, import and distribute light fittings, lamps, electrical accessories and audio-visual hardware
and accessories, and hold investments in a light fittings assembly operation and property investment
company. South Ocean Holdings Limited is a public company listed on the JSE Limited (“JSE”) and is
incorporated and domiciled in the Republic of South Africa.
The audited summary consolidated financial information was externally compiled under supervision of
MK Zack and was approved for issue by the directors on 25 March 2019.
2. Basis of preparation
The audited summary consolidated Financial Statements of South Ocean Holdings Limited have
been prepared in accordance with the JSE Listing Requirements for provisional reports and the
requirements of the Companies Act of South Africa applicable to summary Financial Statements. This
should be read with the audited Financial Statements for the year ended 31 December 2018 from
which these results have been extracted. The JSE Listing Requirements require provisional reports to
be prepared in accordance with the framework concept and the measurement and recognition
requirements of the International Financial Reporting Standards (“IFRS”) and the SAICA Financial
Reporting Guides as issued by the Accounting Practices Committee and Financial 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 directors take full responsibility for the preparation of the provisional report and that the financial
information has been correctly extracted from the underlying annual financial statements.
3. Accounting policies
The accounting policies applied in the preparation of the Financial Statements from which the
Summary Consolidated Financial Statements were derived are in terms of IFRS and are consistent
with those accounting policies applied in the preparation of the Consolidated Financial Statements
used in the prior year, except where indicated. In the current year, the Group has applied IFRS 9 and
15 with an initial date of application of 1 January 2018. The application of these standards has not
had a material impact on the Group’s results. There are no other new standards or amendments that
were issued since the last annual report that will result in a material impact in the reported or future
results of the Group.
4. Property, plant and equipment and intangible assets
During the year, the Group invested R8.6 million (2017: R7.8 million) in capital expenditure. An
impairment charge of R8.5 million (2017: R18.7 million impairment reversal) before tax was raised
against the properties at Anchor Park Investments 48 Proprietary Limited (“Anchor Park”) due to the
carrying value of the properties being higher than the net realisable value. The details of changes in
tangible and intangible assets are as follows:
(Audited) (Audited)
Tangible Intangible
R’000 assets assets
Year ended 31 December 2018
Opening net carrying amount 293 035 -
Additions 8 629 -
Disposals (1 363) -
Depreciation (14 169) -
Property classified as held for sale (86 000) -
Impairment of property classified as held for sale (8 482) -
Closing net carrying amount 191 650 -
Property, plant and equipment and intangible assets (continued)
(Audited) (Audited)
Tangible Intangible
R’000 assets assets
Year ended 31 December 2017
Opening net carrying amount 289 699 7 783
Additions 6 770 1 040
Disposals (341) (1 339)
Impairment reversed 18 743 -
Depreciation / amortisation (15 450) -
Classified as held for sale - impairment (6 386) (7 484)
Closing net carrying amount 293 035 -
5. Share capital and share premium
Number of Ordinary Share
Shares shares premium Total
issued (R’000) (R’000) (R’000)
At 1 January 2018
Opening balance 156 378 794 1 274 440 371 441 645
Issue of ordinary shares during the year
through the exercise of options issued under
the non-renounceable rights offer 46 898 000 469 19 229 19 698
Closing balance 203 276 794 1 743 459 600 461 343
At 31 December 2017
Opening and closing balance 156 378 794 1 274 440 371 441 645
SOH concluded a Rights Offer to Shareholders recorded in the register at the close of trade on
Friday, 20 April 2018, to subscribe for Rights Offer Shares on the basis of 29.99000 Rights Offer
Shares for every 100 SOH shares held on such date at a Rights Offer Price of 42 cents per Rights
Offer Share. The Rights Offer Price represented a premium of approximately 92.73% to the 30-day
VWAP share price of SOH of 21.79236 cents per share as at Wednesday, 7 March 2018. The Rights
Offer was underwritten by Macrovest 147 Proprietary Limited (“Macrovest”). The Group successfully
raised R19 697 160 cash through the issue of 46 898 000 shares. The proceeds of this Rights Offer
were applied to reduce borrowings.
6. Interest bearing borrowings
(Audited) (Audited)
31 December 31 December
R’000 2018 2017
Secured loans
Non-current liabilities 39 005 50 294
Current liabilities 66 490 55 365
105 495 105 659
The movement in borrowings is analysed as follows:
Opening balance 105 659 249 037
Additional loans raised 1 697 10 699
Finance costs 20 773 5 851
Repayments (22 634) (121 555)
Liabilities held for sale - (38 373)
Closing balance 105 495 105 659
7. Discontinuing operation and Non-current assets held for sale
In a general meeting held on 29 November 2018, the shareholders approved the disposal by SOH of
100% of the issued share capital in and claims against Radiant Group and the disposal of the
properties from which Radiant Group operates, to Eurolux Proprietary Limited. The effective date of
the disposal and loss of control was 1 January 2019. The selling price of Radiant Group is R96.8
million, of which R77.0 million was received on 18 January 2019 with the balance of R19.8 million to
be received by 31 March 2019. The properties will be derecognised on date of transfer, which is
expected to take place by June 2019. The properties were sold for R86 million.
The disposal group consists of the assets and liabilities of Radiant Group, as well as the properties
from which Radiant Group operates and which are owned by Anchor Park. These are classified as
held for sale in terms of IFRS 5 in the Annual Financial Statements and are set out below:
(Audited) (Audited)
31 December 31 December
R’000 2018 2017
Assets and Liabilities
Assets of disposal Group
Property, plant and equipment 86 000 -
Inventories 100 928 136 227
Trade and other receivables 30 853 43 042
Derivative financial instrument 22 -
Cash and cash equivalents 21 863 18 755
239 666 198 024
Liabilities of disposal Group
Interest bearing borrowings 25 773 38 374
Derivative financial instrument - 4 348
Trade and other payables 30 829 34 758
56 602 77 480
(Audited) (Audited)
31 December 31 December
R’000 2018 2017
Financial performance of discontinuing operations
Revenue 281 076 303 017
Cost of sales (198 458) (229 666)
Gross profit 82 618 73 351
Other operating income 6 421 644
Total expenses (103 224) (100 198)
Impairment of non-current assets (13 804) (8 295)
Operating loss (27 989) (34 498)
Finance income 133 167
Finance expenses (2 579) (3 042)
Loss before taxation (30 435) (37 373)
Taxation 1 103 (13 754)
Loss for the year (29 332) (51 127)
Cash flow information
Net cash inflow from operating activities 4 295 40 566
Net cash inflow/(outflow) from investing activities 10 753 (1 139)
Net cash outflow from financing activities (90) (18 194)
Net increase in cash generated by disposal group 14 958 21 233
8. Taxation
The effective tax rate is 35.7% (2017: 62.9%) which is greater than the corporate tax rate of 28% due
to legal and professional fees in respect of disposal and rights issue which are not tax deductible.
9. Reconciliation of headline earnings/(loss)
(Audited) (Audited)
31 December 31 December
R’000 2018 2017
Loss attributable to equity holders of the Group (3 664) (57 350)
Adjustment for:
Loss/(profit) on disposal of property, plant and 440 (30)
equipment
Net impairment of non-current assets 9 938 1 187
Headline earnings/(loss) 6 714 (56 193)
Headline earnings/(loss) per share (cents) 3.6 (35.9)
10. Weighted average number of shares
(Audited) (Audited)
31 December 31 December
2018 2017
Number of shares in issue 203 276 794 156 378 794
Weighted average number of shares in issue at beginning of
the year 156 378 794 156 378 794
Weighted average number of shares in issue at end of the
year 187 858 273 156 378 794
11. Net asset value
(Audited) (Audited)
31 December 31 December
2018 2017
Net asset value per share (cents) 240.5 301.8
Tangible net asset value per share (cents) 240.5 301.8
12. Final dividend declaration
No final dividend has been declared.
13. Audit opinion
These summary Consolidated Financial Statements for the year ended 31 December 2018 have
been audited by PricewaterhouseCoopers Inc., who expressed an unmodified opinion thereon. The
auditor also expressed an unmodified opinion on the Financial Statements from which these
summary Consolidated Financial Statements were derived.
A copy of the auditor’s report on the summary Consolidated Financial Statements and of the auditor’s
report on the Consolidated Audited Financial Statements are available for inspection at the
Company’s registered office, together with the Audited Financial Statements identified in the
respective auditor’s reports.
14. Segment reporting
The chief operating decision-maker reviews the Group’s internal reporting in order to assess
performance and has determined the operating segments based on these reports.
The business performance of the operating segments: electrical cables manufacturing, lighting and
electrical accessories, and property investments, is evaluated from the market and product
performance perspective.
The segment information has been prepared in accordance with IFRS 8 – ‘Operating Segments’,
which defines the requirements for the disclosure of financial information of an entity’s segments.
The standard requires segmentation on the Group’s internal organisation and reporting of revenue
and adjusted EBITDA based upon internal accounting presentation.
The segment revenue and adjusted EBITDA generated by the Group’s reportable segments are
summarised as follows:
Adjusted Segment Segment
R’000 Revenue EBITDA assets liabilities
Year ended
31 December 2018
Electrical cable manufacturing 1 728 365 85 878 517 806 230 127
Lighting and electrical 290 111 (12 604) 153 667 56 602
accessories (discontinued
operations)
Property investments 23 767 17 257 179 761 44 030
2 042 243 90 531 851 234 330 759
31 December 2017
Electrical cable manufacturing 1 427 627 29 267 487 432 243 748
Lighting and electrical 304 977 (34 325) 198 024 77 480
accessories (discontinuing
operations)
Property investments 22 794 17 924 189 800 50 208
1 755 398 12 866 875 256 371 436
Reconciliation of total segment report to the statement of financial position and statement of
comprehensive income is provided as follows:
(Audited) (Audited)
31 December 31 December
R’000 2018 2017
Revenue
Reportable segment revenue 2 042 243 1 755 398
Inter-segment revenue (property rentals) (21 385) (20 784)
Inter-segment revenue – other (11 990) (5 820)
Discontinuing operations (281 076) (303 017)
Revenue per consolidated statement of
comprehensive income 1 727 792 1 425 777
Segment reporting (continued)
(Audited) (Audited)
31 December 31 December
R’000 2018 2017
Profit/(loss) before tax
Adjusted EBITDA 90 531 12 866
Corporate and other overheads (25 590) (16 152)
Depreciation (15 524) (15 450)
Impairment of intangible assets - lighting and electrical
accessories segment (2 015) (5 573)
Reversal impairments of plant and machinery – electrical
cable manufacturing segment - 18 743
Amortisation of intangible assets – lighting and electrical (218) (1 339)
accessories segment
Impairment of non-current assets – lighting and electrical - (8 294)
accessories segment
Impairment of current assets – lighting and electrical (5 450) -
accessories segment
Impairment of non-current assets – property investments (8 482) -
segment
Impairment of investment in subsidiaries (253)
Discontinuing operations 27 989 34 498
Operating profit per consolidated statement of 60 988 19 299
comprehensive income
Finance income 1 035 995
Finance costs (24 551) (26 988)
Discontinuing operations 2 446 2 875
Profit/(loss) before tax per consolidated statement of
comprehensive Income 39 918 (3 819)
Assets
Reportable segment assets 851 234 875 256
Corporate and other assets 7 627 5 173
Deferred tax - 4 465
Total assets per statement of financial position 858 861 884 894
Liabilities
Reportable segment liabilities 330 759 371 436
Corporate and other liabilities 11 843 7 643
Taxation payable 1 468 -
Deferred tax 25 971 33 862
Total liabilities per statement of financial position 370 041 412 941
15. Related party transactions
There were no related party transactions during the period ended 31 December 2018, save for
various intercompany transactions in the ordinary course of business.
16. Director changes
Ms MK Lehloenya who was the Chief Financial Officer resigned as director on 31 January 2018. Mr B
Petersen was appointed as Non-Executive Director on 11 June 2018. Mr MK Zack was appointed as
Chief Financial Officer on 7 August 2018.
17. Subsequent events
In a general meeting held on 29 November 2018, the shareholders approved the disposal by SOH of
100% of the issued share capital in and claims against Radiant Group and the disposal of the
properties from which Radiant Group operates, to Eurolux Proprietary Limited. The effective date of
the disposal and loss of control was 1 January 2019. The selling price of Radiant Group is R96.8
million, of which R77.0 million was received on 18 January 2019 with the balance of R19.8 million to
be received by 31 March 2019. The properties will be derecognised on date of transfer, which is
expected to take place by June 2019. The propertIes were sold for R86 million.
The disposal group consists of the assets and liabilities of Radiant Group, as well as the properties
from which Radiant Group operates and which are owned by Anchor Park. These are classified as
held for sale in terms of IFRS 5 in the Annual Financial Statements. Refer to note 7.
Notwithstanding the above, the directors are not aware of any other significant events arising since
the end of the financial year, which would materially affect the operations of the Group or its operating
segments.
18. Going concern
The Annual Financial Statements have been prepared on the basis of accounting policies applicable
to a going concern. This basis presumes that funds will be available to finance future operations and
that the realisation of assets and settlement of liabilities, contingent obligations and commitments will
occur in the ordinary course of business.
The Group had short-term borrowings to the value of R92.3 million (2017: R81.2 million) as disclosed
in notes 11 and 13 of the Annual Financial Statements. South Ocean Electric Wire Company
Proprietary Limited (“SOEW”) has an overdraft facility with First National Bank of R214.3 million
(2017: R214.3 million). The facility is due for review during March 2019.
The directors perform a property valuation every three years with the previous valuation having been
performed at the end of 2017. The market valuation of the properties was in excess of the carrying
value by R3.5 million at the time. The properties are stated at historical cost less accumulated
depreciation and impairment losses, in line with the Group’s accounting policy.
COMMENTARY
Introduction
The Board of South Ocean Holdings Limited announced its summary consolidated results for the year
ended 31 December 2018 (“the year”).
South Ocean Holdings Limited is an investment holding company, comprising four operating
subsidiaries namely: South Ocean Electric Wire Company Proprietary Limited (“SOEW’), a
manufacturer of low voltage electrical cables, Radiant Group Proprietary Limited (‘Radiant Group”),
an importer and distributor of light fittings, lamps, electrical accessories and audio visual hardware
and accessories, Anchor Park Investments 48 Proprietary Limited (“Anchor Park”), a property holding
company, and Icembu Services Proprietary Limited (“Icembu”), a light fittings assembly company.
Financial overview
The results as per the Statement of Comprehensive Income is split between continuing operations
and discontinuing operations. The loss for the year for the Group is R3.7 million compared to the loss
of R57.4 million for the 2017 financial year. The segment results are discussed below.
Segment results
Electrical cable manufacturing – SOEW
Revenue increased by 21.1% (2017: 0.7%, decreased) to R1.728 billion (2017: R1.426 billion). The
increase in SOEW revenue was mainly attributable to reduced market supply enabling increased
volumes and improved pricing.
The volatility in the Rand Copper Price (“RCP”) again negatively impacted on gross profit margins as
customers placed orders depending on the movement of the RCP price which resulted in lower
margins.
Working capital increased during the year from R189.4 million in 2017 to the current working capital
of R235.6 million due to the timing of certain supplier payments over year-end. The overdraft balance
increased from R42.9 million to R53.9 million.
Management continues to focus on improving efficiencies in the factory and cost containment to
ensure that the company will remain profitable.
Lighting and electrical accessories – Radiant Group
Radiant Group reported revenues of R285.5 million (2017: R304.9 million) which is a decrease of
6.4% (2017: 11.6%, decrease) when compared to the prior year.
Radiant Group’s turnaround strategy has seen the company make progress in managing working
capital. The tough economic conditions and stiff competition has hindered the implementation of the
turnaround strategy. Inventory management has seen reduction in stock holding by R29.8 million, the
clearance of excess and slow-moving stock affected margins significantly. The stock provision has
increased to R27.8 million as provision was made for all slow-moving stock.
Cash management has improved significantly as interest expense has decreased by R1.8 million or
38.5% for the year if compared to the previous year.
The Radiant Group was sold on 1 January 2019 for R96.8 million.
Property investment – Anchor Park
Anchor Park’s revenue is derived mainly from Group companies, as it leases its properties to fellow
subsidiaries. The increase in revenue of 4.3% in rental income was due to increased rental premiums
and from renting out additional space to third parties.
The properties from which the Radiant Group operates and which are owned by Anchor Park were
sold as part of the Radiant Group transaction on 1 January 2019. Transfer of ownership is expected
to take place during the first half of 2019.
Seasonality
The Group’s earnings are affected by seasonality as earnings for the second half of the year are
historically higher than the first six months. Management expects the traditional seasonality trend to
continue in future.
Prospects
The Group’s focus for the year is to improve profitability and the first step was to finalise the sale of
Radiant Group and the sale of the properties occupied by Radiant Group.
The cash generated from the sale will be utilised to reduce the overdraft facility and spent on capex to
increase SOEW’s production capacity.
The Group increased its BEE shareholding and is working on increasing the BEE shareholding to at
least 25%, which will create opportunities in increasing revenue as new markets can be targeted. The
drivers for growth are global and local economic growth, increasing customer base, improving BEE
shareholding and improvement in efficiencies.
Management is confident that the above actions will improve the Group’s profitability.
Appreciation
The directors would like to express their appreciation towards the management and staff as well as all
our valued customers, suppliers, advisors, business partners, stakeholders and shareholders for their
continued support.
Forward looking information included in this announcement has not been reviewed and reported on
by the Group’s independent auditors.
On behalf of the board
25 March 2019
KH Pon CA(SA) JP Bekker CA(SA)
Chairman Chief Executive Officer
Directors: K H Pon# (Chairman), H L Li# Q Deputy-Vice Chairman), J P Bekker*(Chief Executive
Officer), M K Zack*(Chief Financial Officer), N Lalla#, D J C Pan@A, B Petersen?, C Y Wu?Q ,
* Executive # Independent Non-Executive ? Non-Executive Q Taiwanese @ Brazilian AAlternate
Registered Office: 12 Botha Street, Alrode, 1451 (PO Box 123738, Alrode, 1451)
Company Secretary: WT Green, 21 West Street, Houghton, 2198 (PO Box 123738, Alrode, 1451)
Sponsor: Arbor Capital Sponsors Proprietary Limited, 20 Stirrup Lane, Woodmead Office Park,
corner Woodmead Drive and Van Reenens Avenue, Woodmead, 2191 (Suite #439, Private Bag X29,
Gallo Manor, 2052)
Share Transfer Secretary: Computershare Investor Services (Pty) Ltd, 70 Marshall Street, Ground
Floor, Johannesburg, 2001 (PO Box 61051, Marshalltown, 2107, South Africa), Telephone: +27(11)
370 5000, Telefax: +27(11) 688 5200, Website: www.computershare.com
Auditors: PricewaterhouseCoopers Inc. 4 Lisbon Lane, Waterfall City, Jukskeiview, Johannesburg,
2090. Telephone: +27(12) 797 4000 Telefax +27(12) 797 5800, Website: www.pwc.co.za
Date: 25/03/2019 05:45:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE').
The JSE does not, whether expressly, tacitly or implicitly, represent, warrant or in any way guarantee the truth, accuracy or completeness of
the information published on SENS. The JSE, their officers, employees and agents accept no liability for (or in respect of) any direct,
indirect, incidental or consequential loss or damage of any kind or nature, howsoever arising, from the use of SENS or the use of, or reliance on,
information disseminated through SENS.
Sharenet Sites 
