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Unaudited interim results for the period ended 30/06/2021 and cash dividend declaration
SABVEST CAPITAL LIMITED
Incorporated in the Republic of South Africa
Registration number 2020/030059/06
“Sabcap” or “the group” or “the company”
ISIN: ZAE000283511
JSE share code: SBP
SALIENT FEATURES OF THE UNAUDITED RESULTS for the six months ended
30 June 2021 and cash dividend declaration
PROFILE
Sabvest Capital Limited (Sabcap) was listed on the JSE on 13 May
2020 when it acquired 100% of the ordinary and N ordinary shares
of Sabvest Limited (Sabvest), an investment group which had been
listed on the JSE since 1988, in exchange for Sabcap ordinary
shares. The Seabrooke Family Trust (SFT) controls Sabcap through
an unlisted Z share. At the interim reporting date Sabcap had
40 190 000 shares in issue net of treasury shares.
Sabcap has interests in ten unlisted and three listed investments,
and also holds listed equity, debt and cash portfolios when it has
surplus liquidity – all accounted for on a fair value basis.
Sabcap’s primary focus is on industrial and service businesses,
usually unlisted and co-invested with family, management or
financial partners in terms of Sabcap’s Partnership Principle.
Sabcap also makes finance advances and undertakes other fee and
profit earning activities from time to time.
RESULTS
% %
increase increase
30 June 30 June
2021 2021 Unaudited Unaudited
compared compared 6 months 6 months
to to to to
31 December 30 June 30 June 30 June
2020 2020 2021 2020
Net asset value
per share – cents 10,7 24,4 8 240 6 624
Shareholders’
funds – R’m 8,6 20,4 3 311,8 2 749,6
Gross assets
– R’m 4,8 19,5 3 820,1 3 195,8
Dividends per
share – cents 100,0 20 10
Profit after
taxation – R’m > 100,0 320,6 (160,9)
Headline earnings
per share – cents > 100,0 793,2 (387,4)
Earnings per
share – cents > 100,0 793,2 (387,5)
RESULTS (continued)
Audited
12 months
to
31 December
2020
Net asset value per share – cents 7 444
Shareholders’ funds – R’m 3 049,0
Gross assets – R’m 3 645,8
Dividends per share – cents 25
Profit after taxation – R’m 293,2
Headline earnings per share – cents 708,5
Earnings per share – cents 708,4
GROWTH METRICS
Sabcap’s primary financial metric is growth in NAV per share. This
is measured annually and growth rates over different periods are
included in the year end results. The 15-year compounded annual
growth rate to the 2020 year-end was 18,6%, calculated without re-
investing dividends. The compounded annual growth rate in NAV per
share over 15 years with dividends reinvested was 19,89%*.
With regard to the discount of the share price to NAV per share,
Sabcap hopes to facilitate a reduction through buybacks, continued
sound investment performance, improved communications to
shareholders and a more long-term shareholder profile of family
offices, HNWIs and institutions. However, it should be noted that
shareholders investing at a particular discount get the same
growth in share price as the growth in NAV as long as the discount
doesn’t widen, and any reduction in discount is an added return.
* Calculated with dividends notionally not paid and the amounts
notionally retained by the Company growing at 9% per annum.
INVESTMENT HOLDINGS PER SECTOR
as at 30 June 2021
Number of Economic Fair
Listed/ ordinary interest value
Unlisted shares/units % R’000
INDUSTRIAL AND
SERVICES
Apex Partners
Holdings (Pty) Ltd U 44,8 240 854
Classic Food
Brands (Pty) Ltd U 25,0 7 730
DNI-4PL Contracts
(Pty) Ltd U 19,1 864 631
Flexo Line
Products (Pty) Ltd U 47,5 104 525
ITL Holdings Group U 34,0 588 003
Metrofile Holdings
Limited L 51 000 000 11,8 161 160
Rolfes Holdings
(Pty) Ltd U 25,1 172 988
SA Bias Industries
(Pty) Ltd U 85,1 801 229
Sunspray Food
Ingredients
(Pty) Ltd U 27,7 75 843
3 016 963
MINING AND AGRICULTURE
Masimong Group
Holdings (Pty) Ltd U 10,0 213 493
213 493
SPECIALISED FINANCIAL
AND TECHNOLOGY
Corero Network
Security Plc L 36 250 000 7,3 75 850
Revix Group U 15,5 –
Transaction Capital
Limited L 8 000 000 1,1 302 560
378 410
NON-CURRENT
INVESTMENT HOLDINGS 3 608 866
CURRENT INVESTMENTS
Capital Group New
Perspective Fund
(LUX – Equity) L 12 500 63 567
63 567
TOTAL HOLDINGS 3 672 433
PROSPECTS
Sabcap is comfortable with the current performance and future
prospects of its investees. Accordingly Sabcap expects continued
satisfactory growth in the 2021 financial year.
CASH DIVIDEND DECLARATION
Notice is hereby given that an interim dividend of 20 cents (2020:
10 cents) per ordinary share for the six months ended 30 June 2021
has been declared out of income reserves.
The issued share capital of the Company at the declaration date is
41 000 000 ordinary shares. The income tax number of the Company
is 9660061186.
Withholding tax on dividends at a rate of 20% will be deducted for
all shareholders who are not exempt in terms of the applicable
legislation. This will result in a net cash dividend of 16 cents
per ordinary share to non-exempt shareholders.
Last date to trade “CUM” dividend Tuesday, 14 September 2021
Trading “EX” dividend commences Wednesday, 15 September 2021
Record date Friday, 17 September 2021
Dividend payment date Monday, 20 September 2021
No dematerialisation or rematerialisation of share certificates
will be allowed during the period Wednesday, 15 September 2021 to
Friday, 17 September 2021, both days inclusive.
Sandton
20 August 2021
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/2021/JSE/ISSE/SBPE/Int21.pdf
and published on the company’s website on
http://www.sabvestcapital.com/pdf/2021/IntRes21.pdf
on 20 August 2021. 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 CAPITAL 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 (Private Bag X9000, Saxonwold
2132)
DIRECTORS:
K Pillay # (Chairperson), BJT Shongwe # (Deputy Chairperson and
Lead Independent Director), CS Seabrooke * (Chief Executive),
O Ighodaro #, L Mthimunye #, R Pleaner *, L Rood *
*Executive #Independent
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.sabvestcapital.com
Date: 20-08-2021 07:30:00
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