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SABVEST LIMITED - Salient features of the unaudited results for the six months ended 30 June 2019 and cash dividend declaration

Release Date: 12/08/2019 17:25
Code(s): SBV SVN     PDF:  
 
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Salient features of the unaudited results for the six months ended 30 June 2019 and cash dividend declaration

SABVEST LIMITED
Incorporated in the Republic of South Africa
Registration number 1987/003753/06
“Sabvest” or “the group” or “the company”
ISIN: ZAE000006417 – ordinary shares   
ISIN: ZAE000012043 – “N” ordinary shares
Share code:  SBV – ordinary shares    
Share code: SVN – “N” ordinary shares

SALIENT FEATURES OF THE UNAUDITED RESULTS
for the six months ended 30 June 2019
and cash dividend declaration

PROFILE

Sabvest is an investment group which has been listed on the JSE 
since 1988. Its 17,0m ordinary shares and 24,8m ‘N’ ordinary 
shares are quoted in the Equity Investment Instruments sector of 
the JSE.

Sabvest has interests in eight unlisted investments, direct and 
indirect interests in six listed investments and an offshore bond 
portfolio, all accounted for on a fair value basis. In addition 
Sabvest makes finance advances, holds general debt, share and cash 
portfolios, and undertakes other fee, finance and profit earning 
activities from time to time.

RESULTS
                        %
                 increase/
                (decrease)
                 6 months 
                       to
                  30 June 
                     2019  Unaudited     Unaudited     Unaudited
                 compared   6 months      6 months     12 months 
                       to         to            to            to
                  30 June    30 June       30 June   31 December
                     2018       2019          2018          2018

Net asset value 
 per share – cents    8,2      5 908         5 458         5 852
Dividends per 
 share – cents       12,5         36            32            68
Special dividends 
 per share – cents                 –           100           100
Headline earnings 
 per share 
 – cents            (64,3)     125,7         352,9         530,9
Earnings per share 
 – cents            (64,4)     125,7         353,3         531,3
Profit after 
 taxation – R’m     (67,1)      52,6         159,9         238,0
Total comprehensive 
 income – R’m       (83,1)      38,6         229,5         339,6
Shareholders’ 
 funds – R’m         (0,1)   2 469,7       2 471,1       2 446,1
Net (debt)/cash 
 – R’m                        (199,4)         36,1          83,5

INVESTMENT HOLDINGS

                              Number of   Economic          Fair
                               Ordinary   interest         value
                           shares/units          %         R’000
UNLISTED INVESTMENTS  
Classic Food Brands 
 (Pty) Ltd                                    25,0        29 114
DNI-4PL Contracts 
 (Pty) Ltd *1                                 20,0       478 728
Flexo Line Products 
 (Pty) Ltd                                    47,5        35 206
ITL Holdings Group *2                         30,0       788 862
Masimong Group Holdings 
 (Pty) Ltd                                    10,0       114 000
Revix Group *6                                30,0             –
SA Bias Industries 
 (Pty) Ltd *3                                 59,9       683 140
Sunspray Food Ingredients 
 (Pty) Ltd *4                                 28,2        58 720
                                                       2 187 770

LISTED INVESTMENTS             
Brait S.E.                     4 000 000                  74 000
Corero Network 
 Security Plc                 28 000 000                  37 109
Metrofile Holdings 
 Limited                      49 000 000                  79 380
Net1 UEPS Technologies Inc       300 000                  16 575
Rolfes Holdings Limited       28 500 000                  64 125
Transaction Capital 
 Limited                      10 000 000                 199 700
                                                         470 889

LISTED INVESTMENTS HELD INDIRECTLY            
Rolfes Holdings 
 Limited *5                   22 500 000                  50 625
                                                          50 625

Non-current investment holdings                        2 709 284
Current investments                                       71 761
–  Listed bond portfolio                                  71 761
–  Listed investments held-for-sale                            –
TOTAL HOLDINGS                                         2 781 045

*1  Effective interest of 16,0% in DNI through 34,78% of JAA 
    Holdings which owns 46,0% of DNI and a 4% direct interest in 
    DNI.

*2  ITL Holdings Limited Jersey held through Mandarin Industries 
    Limited BVI and ITL Holdings SA (Pty) Ltd held through 
Mandarin 
    Holdings (Pty) Ltd.

*3  Voting interest 49%.

*4  Held indirectly through ordinary shares in Famdeen Investments 
    (Pty) Ltd.

*5  Held indirectly through participating preference shares in 
    Masimong Chemicals (Pty) Ltd  linked to the performance of 
    22,5m shares in Rolfes Holdings Limited.

*6  Revix UK Limited, Revix Technologies Limited and Revix SA 
    Holdco (Pty) Ltd.

CASH DIVIDEND DECLARATION

Notice is hereby given that an interim dividend of 36 cents (2018: 
32 cents) per ordinary and ‘N’ ordinary share for the six months 
ended 30 June 2019 has been declared out of income reserves.

The issued share capital of the company at the declaration date is 
16 975 293 ordinary and 
24 826 919 ‘N’ ordinary shares. The income tax number of the 
company is 9375/105/716.

Withholding tax on dividends at a rate of 20% will be deducted for 
all shareholders who are not exempt in terms of the legislation. 
This will result in a final net cash dividend of 28,8 cents per 
ordinary and ‘N’ ordinary share to non-exempt shareholders.

Last date to trade “CUM” dividend         Tuesday, 27 August 2019

Trading “EX” dividend commences         Wednesday, 28 August 2019

Record date                                Friday, 30 August 2019

Dividend payment date                    Monday, 2 September 2019

No dematerialisation or rematerialisation of share certificates 
will be allowed during the period Wednesday, 28 August 2019 to 
Friday, 30 August 2019, both days inclusive.

Sandton
12 August 2019

The above announcement is a summary of information in the full 
announcement and does not contain full or complete details and is 
the  responsibility of the directors. Any investment decisions by 
investors and/or shareholders should be based on the full 
announcement which is available on 
https://senspdf.jse.co.za/documents/2019/JSE/ISSE/SBV/INTRes2019.pdf 
and published on the Company’s website on 
http://www.sabvest.com/pdf/SABVEST-interims-2019.pdf on 12 August 
2019. The full announcement is also available at Sabvest’s 
registered office and the offices of the sponsor at no charge, 
between 8:30 and 17:00, Monday to Friday.

SABVEST LIMITED

REGISTERED ADDRESS: 
4 Commerce Square, 39 Rivonia Road, Sandhurst, Sandton 2196  

COMMUNICATIONS: 
Postal address: PO Box 78677, Sandton 2146, Republic of South 
Africa 

Telephone: (011) 268 2400  
Fax: (011) 268 2422  
e-mail: ho@sabvest.com 

TRANSFER SECRETARIES: 
Computershare Investor Services (Pty) Ltd, Rosebank Towers, 
15 Biermann Avenue, Rosebank 2196 
(PO Box 61051, Marshalltown 2107) 

DIRECTORS:  
DNM Mokhobo # (Chairperson), BJT Shongwe # (Deputy Chairperson), 
CS Seabrooke * (Chief Executive), NSH Hughes # (Lead Independent 
Director), L Mthimunye #, R Pleaner *, L Rood *^ 
*Executive      #Independent      
^Appointed 1 January 2019 

SPONSOR: 
Rand Merchant Bank (A division of FirstRand Bank Limited), 
1 Merchant Place, Corner of Fredman Drive and Rivonia Road, 
Sandton 2196

COMPANY SECRETARY: 
Levitt Kirson Business Services (Pty) Ltd

www.sabvest.com

Date: 12/08/2019 05:25:00
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