| Mon 26 May 2008, 7:05 | | ABL/ABLP - African Bank Investments Limited - Unau |
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ABL ABLP
ABL
ABL/ABLP - African Bank Investments Limited - Unaudited interim results and cash
dividend declaration for the period ended 31 March 2008
African Bank Investments Limited
(Incorporated in the Republic of South Africa)
(Registered bank controlling company)
(Registration number 1946/021193/06)
Ordinary share code: ABL) (ISIN: ZAE000030060)
(Preference share code: ABLP) (ISIN: ZAE000065215)
Unaudited interim results and cash dividend declaration
for the period ended 31 March 2008
Features of the results:
* Ellerines results included for the first time - 3 months earnings
* Gross advances have increased to R18,6 billion (Mar 2007: R9,0 billion)
* Headline earnings of R805 million (H1 2007: R567 million). African Bank -
R652 million and Ellerines - R153 million.
* Headline earnings per share up 10% to 125,1 cps (H1 2007: 114,1 cps)
* Dividend per share up 11% to 105 cps (H1 2007: 95 cps)
The ABIL group`s strategic objectives
During the course of the last few years, ABIL set the following strategic
objectives:
* Grow the business to significant scale, and in this regard an advances book
target of R25 billion was set,
* Use the enhanced scale of the business to significantly drive down the cost of
credit to our customers,
* Grow and widen the existing target client base,
* Offer existing and potential clients more convenient access to credit products
that match their spending and lifestyle needs, whilst being more affordable than
other credit providers, and
* Entrench ABIL`s role as the leading pioneer of risk based credit products in
South Africa.
With this in mind, ABIL identified the furniture and appliance credit retail
market as the best initial entry point to achieving many of these objectives,
and hence ABIL made a successful bid to acquire the Ellerines group, which was
concluded in January 2008.
The ABIL group now represents the combination of two business units, African
Bank and Ellerines. Our immediate objectives are to enhance these individual
business units` performance, whilst ensuring that they act in concert with each
other so as to optimise value to ABIL shareholders.
ABIL GROUP INCOME STATEMENT
for the six months ended 31 March 2008
ABIL
consolidated Ellerines
unaudited unaudited
6 months to 3 months to
R million % change 31 Mar 2008 31 Mar 2008
Revenue 116 4 720 1 899
Gross margin on retail 445 445
business
Interest income on 30 1 972 352
advances
Net assurance income 188 862 306
Non-interest income 130 706 170
Income from operations 88 3 985 1 273
Charge for bad and 109 (826) (160)
doubtful advances
Risk-adjusted income 83 3 159 1 113
from operations
Other interest income 101 135 26
Interest expense 109 (543) (67)
Operating costs 160 (1 491) (861)
Indirect taxation: VAT (24) (16) 0
and RSC
Profit before taxation 33 1 244 211
Direct taxation: STC (13) (65) 0
Direct taxation: SA 28 (351) (58)
normal
Profit for the period 41 828 153
Reconciliation of
headline earnings
and per share statistics
Profit for the period 41 828 153
(basic earnings)
Preference shareholders 23 0
Ordinary shareholders 805 153
Basic earnings 42 805 153
attributable to ordinary
shareholders
Adjustments for non- 0 0
headline items
Headline earnings 42 805 153
Number of shares in 792,0 294,7
issue (net of treasury)
million
Weighted number of 643,7 146,5
shares in issue
million
Fully diluted number of 643,9 146,5
shares in issue
million
Basic earnings per share 10 125,1 104,4
cents
Fully diluted basic 10 125,0 104,4
earnings per share
cents
Headline earnings per 10 125,1 104,4
share cents
Fully diluted headline 10 125,0 104,4
earnings per share
cents
Dividends per ordinary
share
Interim - declared 11 105
cents
Final - paid cents 0
Total ordinary dividends 11 105
cents
ABIL ABIL
African Bank consolidated consolidated
unaudited unaudited audited
6 months to 6 months to 12 months to
R million 31 Mar 2008 31 Mar 2007 30 Sep 2007
Revenue 2 821 2 187 4 717
Gross margin on retail 0 0 0
business
Interest income on 1 620 1 514 3 098
advances
Net assurance income 556 299 742
Non-interest income 536 307 707
Income from operations 2 712 2 120 4 547
Charge for bad and (666) (396) (823)
doubtful advances
Risk-adjusted income 2 046 1 724 3 724
from operations
Other interest income 109 67 170
Interest expense (476) (260) (636)
Operating costs (630) (574) (1 091)
Indirect taxation: VAT (16) (21) (38)
and RSC
Profit before taxation 1 033 936 2 129
Direct taxation: STC (65) (75) (138)
Direct taxation: SA (293) (274) (616)
normal
Profit for the period 675 587 1 375
Reconciliation of
headline earnings
and per share statistics
Profit for the period 675 587 1 375
(basic earnings)
Preference shareholders 23 20 41
Ordinary shareholders 652 567 1 334
Basic earnings 652 567 1 334
attributable to ordinary
shareholders
Adjustments for non- 0 0 0
headline items
Headline earnings 652 567 1 334
Number of shares in 497,3 497,1 497,2
issue (net of treasury)
million
Weighted number of 497,2 497,0 497,1
shares in issue
million
Fully diluted number of 497,3 497,4 497,4
shares in issue
million
Basic earnings per share 131,1 114,1 268,4
cents
Fully diluted basic 131,1 114,0 268,2
earnings per share
cents
Headline earnings per 131,1 114,1 268,4
share cents
Fully diluted headline 131,1 114,0 268,2
earnings per share
cents
Dividends per ordinary
share
Interim - declared 95 95
cents
Final - paid cents 0 130
Total ordinary dividends 95 225
cents
ABIL group balance sheet
as at 31 March 2008
ABIL Consolida- Ellerines
consolidated tion unaudited
unaudited adjustments
R million 31 Mar 2008 31 Mar 2008 31 Mar
2008
Assets
Goodwill 5,326 4,559 767
Intangible assets 983 0 983
Property and 676 0 513
equipment
Policyholders` 19 0 0
investments
Deferred tax asset 609 0 516
Inventories 760 0 760
Net advances 14,834 0 3,893
Gross advances 18,592 0 5,268
Deferred (280) 0 (99)
administration fees
Impairment provisions (3,478) 0 (1,276)
Other assets 108 (63) 96
Taxation 87 0 0
Statutory assets - 1,560 0 756
bank and insurance
Short-term deposits 1,707 0 45
and cash
Total assets 26,669 4,496 8,329
Liabilities and
equity
Life fund reserve 19 0 0
Subordinated bonds 305 0 0
Bonds and other long- 8,987 0 453
term funding
Short-term money 1,568 0 0
market funding
Deferred tax 466 0 466
liability
Other liabilities 1,492 (39) 1,145
Taxation 181 0 101
Bank overdraft 1,395 0 1,395
Total liabilities 14,413 (39) 3,560
Ordinary 11,773 4,535 4,769
shareholders` equity
Preference 483 0 0
shareholders` equity
Total equity (capital 12,256 4,535 4,769
and reserves)
Total liabilities and 26,669 4,496 8,329
equity
African ABIL ABIL
Bank consolidated consolidated
unaudited unaudited audited
R million 31 Mar 31 Mar 2007 30 Sep 2007
2008
Assets
Goodwill 0 0 0
Intangible assets 0 0 0
Property and 163 128 155
equipment
Policyholders` 19 15 15
investments
Deferred tax asset 93 146 143
Inventories 0 0 0
Net advances 10,941 7,220 8,752
Gross advances 13,324 9,060 10,890
Deferred (181) (238) (246)
administration fees
Impairment provisions (2,202) (1,602) (1,892)
Other assets 75 46 45
Taxation 87 10 13
Statutory assets - 804 586 668
bank and insurance
Short-term deposits 1,662 1,312 1,961
and cash
Total assets 13,844 9,463 11,752
Liabilities and
equity
Life fund reserve 19 34 16
Subordinated bonds 305 0 305
Bonds and other long- 8,534 5,315 7,095
term funding
Short-term money 1,568 1,016 808
market funding
Deferred tax 0 0 0
liability
Other liabilities 386 381 415
Taxation 80 41 148
Bank overdraft 0 0 0
Total liabilities 10,892 6,787 8,787
Ordinary 2,469 2,193 2,482
shareholders` equity
Preference 483 483 483
shareholders` equity
Total equity (capital 2,952 2,676 2,965
and reserves)
Total liabilities and 13,844 9,463 11,752
equity
ABIL group statement of changes in equity
for the 6 months ended 31 March 2008
Ordinary shares
R million Share Treasury Distributable
capital shares reserves
and
premium
Balance at 30 September 2006 12 (24) 2,219
Dividends paid 0 0 (597)
Employee share based payments 0 4 12
Profit for the period 0 0 567
Balance at 31 March 2007 12 (20) 2,201
Dividends paid 0 0 (473)
Employee share based payments 0 1 (6)
Profit for the period 0 0 767
Balance at 30 September 2007 12 (19) 2,489
Issue of ordinary shares 9,139 0 0
Dividends paid 0 0 (647)
Employee share based payments 0 4 (22)
Foreign exchange translation 0 0 12
differences
Profit for the period 0 0 805
Balance at 31 March 2008 9,151 (15) 2,637
Preference
share
capital
and
premium
R million Total
Balance at 30 September 2006 483 2,690
Dividends paid (20) (617)
Employee share based payments 0 16
Profit for the period 20 587
Balance at 31 March 2007 483 2,676
Dividends paid (21) (494)
Employee share based payments 0 (5)
Profit for the period 21 788
Balance at 30 September 2007 483 2,965
Issue of ordinary shares 0 9,139
Dividends paid (23) (670)
Employee share based payments 0 (18)
Foreign exchange translation 0 12
differences
Profit for the period 23 828
Balance at 31 March 2008 483 12,256
ABIL GROUP CASH FLOW STATEMENT
for the six months ended 31 March 2008
ABIL ABIL ABIL
consolidated consolidated consolidated
unaudited unaudited audited
6 months to 6 months to 12 months to
R million 31 Mar 2008 31 Mar 2007 30 Sep 2007
Cash generated from 1 885 1 528 3 352
operations
Cash received from lending 4 755 2 231 4 771
and insurance activities
and cash reserves
Recoveries on advances 111 87 193
previously written off
Cash paid to funders, (2 981) (790) (1 612)
staff, suppliers and
insurance beneficiaries
Increase in gross advances (2 561) (1 647) (3 712)
Decrease in working (316) (157) (208)
capital
Decrease in inventories 50
Increase in other assets (27) (34) (33)
Decrease in other (339) (123) (175)
liabilities
Indirect and direct (618) (439) (749)
taxation paid
Cash inflow from equity 1 3 3
accounted incentive
transactions
Cash outflow from (1 609) (712) (1 314)
operating activities
Cash outflowinflow from (268) (72) (186)
investing activities
Acquisition of property (76) (34) (85)
and equipment (to maintain
operations)
Disposal of property and 3 0 1
equipment
Other investing activities (195) (38) (102)
Cash inflow from financing 1 529 848 2 231
activities
Cash inflow from funding 2 199 1 465 3 342
activities
Preference shareholders` (23) (20) (41)
payments and transactions
Ordinary shareholders` (647) (597) (1 070)
payments and transactions
(Decrease)/increase in (348) 64 731
cash and cash equivalents
Cash and cash equivalents 2 094 1 363 1 363
at the beginning of the
period
Cash and cash equivalents (741) 0 0
acquired on acquisition of
EHL
Cash and cash equivalents 1 005 1 427 2 094
at the end of the period
Made up as follows:
Short-term deposits and 1 707 1 312 1 961
cash
Bank overdraft (1 395) 0 0
Statutory cash reserves - 693 115 133
insurance
1 005 1 427 2 094
Segmental analysis
The ABIL business is currently being managed in terms of two segments, the
African Bank and Ellerines business units. The revenue, profit before tax and
profit after tax are disclosed above.
Group results for the period ending 31 March 2008
The ABIL group generated headline earnings of R805 million for the six months
ended 31 March 2008 (H1 2007: R567 million). Headline earnings per share
increased by 11% to 125,1 cents (H1 2007: 114,1 cents), with the weighted number
of ordinary shares in issue rising to 643,7 million after the new issue of
shares as a result of the Ellerines acquisition. This period`s performance was
diluted by the incorporation of the Ellerines business unit for the first time.
The return on equity (RoE) for the period was 23,1%, considerably diluted from
the 53,8% for the prior period, as a result of the R9,1 billion equity issued
for the acquisition of Ellerines. On the other hand, the net asset value per
share as at 31 March 2008 rose to R14,86 (H1 2007 R4,41). The return on equity
will start to accelerate as economic value is created and surplus capital is
dealt with.
Macro economic conditions
Higher interest rates and increasing inflation, particularly in respect of food
and fuel, are exerting pressure on the ordinary citizen. As a result ABIL has
initiated certain specific initiatives to help alleviate some of the effect of
these forces on its staff and customers. In particular, we have made a special
grant to general staff whose annual increases will occur towards the end of the
calendar year. In respect of our customers, these dynamics give further impetus
to the group to accelerate the reduction in the pricing of our products. The
implementation of alternative debt mediation mechanisms has received heightened
attention in order to assist those customers who are in financial distress.
These results have been achieved on the back of a tightening credit cycle caused
by rising food and fuel prices and the pre-NCA flood of credit into the market,
affecting both African Bank and Ellerines.
Underlying business units` results for the period ending 31 March 2008
The consolidated results of the ABIL Group reflect the different stages that the
two business units find themselves in. The African Bank business unit commenced
with its price differentiation, risk segmentation and price reduction strategy
three years ago. As a result, this business has experienced significant growth,
which, combined with cost control, has resulted in an expansion of the market it
serves. On the other hand Ellerines has only just taken the first tentative step
along this journey. As a result, the growth in Ellerines is more influenced by
the present market dynamics and therefore its growth will only start to outpace
the industry growth over the next three years as these strategies start to take
effect.
The African Bank business unit
This business generated a 15% increase in headline earnings to R652 million (H1
2007: R567 million) for the six months ended 31 March 2008. This was as a result
of the following key factors:
* Advances grew by 47% to R13,3 billion on the back of a reduction of yields
from 49,8% to 43,8%.
* The bad debt charge as a percent of average advances increased to 10,7%
breaching our medium-term target of 8,5% to 9,5%.
* In contrast though the cost to average advances ratio fell from 13,5% to 10,2%
as a result of increased efficiencies and growth in the advances book.
* The combination of these two ratios (the risk/cost efficiency ratio) fell from
22,8% to 20,9%, giving further impetus to passing these benefits through to our
clients via lower prices.
* The return on assets fell to 10,2% in line with our longer-term target of
bringing this ratio down towards 8%.
* Gearing increased from 4,2 times to 5,5 times therefore lifting the ROE from
53,8% to 55,7%.
Bringing all these factors together resulted in economic profit for the period
growing by 13% to R471 million (H1 2007: R417 million) which was below our
medium-term target growth rate of CPI plus 15%. The first half of the financial
year historically lags the second half as a result of higher proportional costs,
bad debts, and the STC charge.
The Ellerines business unit
Given the significant changes in accounting policies implemented on the
acquisition of Ellerines, comparatives are by and large irrelevant. The emphasis
in this set of results is on establishing a base on which stakeholders will be
able to model the outcomes of the unfolding business strategy. The Ellerines
business unit generated headline earnings of R153 million for the three months
ending 31 March 2008. The decomposition of the earnings between the two parts of
the Ellerines business reveals that the Retail division generated a loss of R73
million and the Financial Services division a profit of R226 million. This
result was influenced by the following:
* The period under review contains the lowest retail trading months of the
calendar year.
* Credit activity was intentionally reduced given the level of risk that was
taken on in the previous six months.
* Market conditions became more challenging over this period.
* These factors resulted in lower sales of R1,0 billion, down by 4% over the
equivalent prior period.
The above factors were exacerbated by lower margins (down almost 4%), higher
costs (up 7,7%), flat advances and the bad debt charge as a percent of average
advances reaching 11,4%. Accordingly, based on its shareholders` equity, the
Ellerines business unit generated an economic loss of R29 million in the three
months.
Given that only three months have transpired since the acquisition of Ellerines
by ABIL, and in order to assist stakeholders in evaluating the performance of
this investment, we have set out explicit medium term (3 to 5 years) performance
targets for both divisions of this business unit. These targets incorporate an
initial estimation of the value sharing transfer that will take place from the
Financial Services division to the Retail division. The Retail division is being
configured such that over the medium-term it will achieve a return on sales
(being profit after tax) of 10% as a pure retailer. The Financial Services part
of the business will be transferred to African Bank over the next twelve to
eighteen months and as such will approximate the returns generated by that
business unit.
Prioritising the business integration plans
The acquisition of Ellerines has brought with it no shortage of opportunities to
enable the greater group to deliver value to our customer base through this
transaction. The challenge has been to ensure that ABIL focuses on delivering a
few things well rather than trying to attempt too much all at the same time. As
a result, the group will be rolling out the following three priorities:
* Continue to reposition the customer value proposition within African Bank,
* Invigorate Ellerines into a focused retailer given that the furniture industry
has lagged GDP growth, and
* Introduce competitive credit products into Ellerines to equip them with a
significant competitive advantage in order to enable customers to purchase goods
on the best possible terms.
The first two aspects are dealt with more fully in the respective business unit
reviews which are available on the ABIL website.
The sole objective of the present integration agenda is to develop competitive
credit products to support the Ellerines retail business, and to then implement
these into Ellerines with a seamless link back into the African Bank systems and
support functions. The financial services business of Ellerines will be
integrated into African Bank and an economic value sharing model developed to
ensure Ellerines is adequately incentivised to support the African Bank credit
offering.
Economic Profit
ABIL uses Economic Profit as a key measure of performance. Economic Profit
recognises a charge for the use of shareholders` equity. It has established a
medium-term target of growing Economic Profit by CPI plus 15%. The equity base
of the group has grown significantly on the back of the Ellerines transaction
given that it was funded entirely through the issue of new ordinary shares. In
order to evaluate whether a transaction has been value enhancing for
shareholders it is necessary to charge the profits earned from that investment
with a cost for the capital issued to acquire the investment, and to measure
that over the period of time. If the return exceeds the cost of capital,
economic profit will be created. The Economic Profit generated by ABIL over this
period is as follows:
Average
ordinary
R million share-
6 months ended No of holder Return on Cost of
31 March 2008 months funds equity equity
African Bank business unit 6 2 341 55,7% 15,50%
Consolidated Ellerines 3 9 241 6,6% 15,50%
business unit
Ellerines busines unit - 3 4 706 13,0% 15,50%
based on its own equity
Goodwill arising on 3 4 535 n/a 15,50%
acquisition - equity
component
Consolidated ABIL group 6 6 962 23,1% 15,50%
6 months ended 31 March 2007
Consolidated ABIL group 6 2 106 53,8% 14,25%
Earnings
attributable
R million to ordinary Charge for
6 months ended share- the cost of Economic
31 March 2008 holders equity profit
African Bank business unit 652 (181) 471
Consolidated Ellerines 153 (358) (205)
business unit
Ellerines busines unit - 153 (182) (29)
based on its own equity
Goodwill arising on 0 (176) (176)
acquisition - equity
component
Consolidated ABIL group 805 (540) 265
6 months ended 31 March 2007
Consolidated ABIL group 567 (150) 417
Whilst the African Bank business unit grew its economic profit by 13% to R471
million, the Ellerines business generated a R205 million economic loss, based on
the R9,1 billion equity issued for the purchase price plus average retained
earnings for the period. This resulted in a net economic profit of R265 million
for the period.
It is anticipated that this transaction will be dilutive to the Economic Profit
generated by ABIL for the first 18 months. The medium-term target for Economic
Profit growth, however, remains unchanged.
Ordinary dividends
ABIL has declared an interim ordinary dividend of 105 cents per share up 11% on
the 95 cents per share for the prior period. This set of results incorporates
the Ellerines earnings for a three month period and the 294,7 million ABIL
ordinary shares issued to acquire the group. Given that the resultant earnings
per share is calculated using a weighted average number of shares and the
dividends are declared on the enlarged actual number of shares in issue, the
dividend per share of 105 cents is not directly comparable to the earnings per
share of 125,1 cents.
The following table reflects the rationale used to determine the ordinary
dividend for this period. Based on the group`s targeted ordinary dividend cover
of 1.2, an amount of R671 million (85 cents per share) would be available for
distribution out of earnings. In addition, ABIL is releasing R161 million (20
cents per share) of its approximate R2 billion surplus capital, taking the total
ordinary dividend to R832 million (105 cents per share) resulting in an
effective dividend cover of 1,0 times.
Cent per share
Weighted number of ordinary shares in 643,7
issue (million)
Actual number of ordinary shares in issue 792,0
(net of treasury shares) (million)
Earnings for the period (R million) 805
Targeted ordinary dividend cover (times) 1,2
Ordinary dividend from earnings for the
period (R million) 671 85
Ordinary dividend from surplus capital
released (R million) 161 20
Total ordinary dividends (R million) 832 105
Effective dividend cover (times) 1,0
Looking ahead
ABIL intends to entrench its position as the market leader in a larger, more
competitive and fast changing unsecured credit market, and at the same time,
offering a quality retail product powered by an affordable credit proposition.
Thus key to achieving success in our strategies are:
* Continuing to drive down the cost of credit to our clients in order to make
the group more competitive, increase demand for and make unsecured credit more
affordable. This is achieved through continued refinement of the underwriting
and risk segmentation models;
* Delivering value to the customer by providing the most competitive retail
furniture proposition, being a function of price, value, quality and customer
service;
* Designing a best of breed credit delivery model for the Ellerines business. A
highly focused project team has been assembled to study all aspects of this
challenge and their brief is to design a solution that will significantly reduce
the cost of credit whilst also improving the convenience and utility of the
credit offerings to Ellerines clients, and to grow the customer base through
improved leverage of the group`s brands and distribution footprint;
* Continuing the development and growth of the credit card product in order to
take it to scale; and
* Improving levels of client service through faster turnaround, higher
acceptance rates and convenient access to credit.
BEE status
The Ellerines acquisition resulted in the dilution of ABIL`s BEE shareholding
from 6,8% to 4,3%. In terms of the Ellerines acquisition, the total
consideration to be received by the Ellerines shareholder was reduced by an
amount of 11 557 109 ABIL shares. These shares were reserved and placed under
the control of the ABIL board in order to facilitate a second BEE programme and
remedy the dilution.
The board of ABIL has approved the second BEE transaction which will focus
primarily on the Ellerines permanent employees working for the South African
operations. All Ellerines employees working in South Africa, regardless of race,
sex, tenure of service or seniority in the organisation, who do not participate
in any share or long-term incentive plans will be give the right to subscribe
for a fixed maximum number of shares at a nominal price. Over and above that,
the proximity and waterfall principles as used in the original ABIL BEE
programme will again apply to qualifying black individuals in order to ensure
that those closest to Ellerines get the biggest allocation of shares and
discount price. Any shares not taken up by a specific class of proposed
participants will be available to the next category of persons at the lower
discount.
Implementation of this second BEE transaction will commence in June/July with
the planned finalisation by early September 2008.
Changes to the board of directors
During the past six months, ABIL announced the following changes to its board:
* Daniel Tembe and Ramani Naidoo, chairperson of the directors` affairs
committee, have retired with effect from 1 February 2008,
* Guenter Steffens, chairman of the group risk committee, will be retiring with
effect from 31 May 2008,
* Nic Adams has been appointed as a non-executive director of ABIL, effective
from 1 February 2008, and
* Mpho Nkeli, previously a non-executive director of Ellerine Holdings Limited,
was appointed as a non-executive director of ABIL effective from 7 March 2008.
In addition to these board changes, Craig Brighten was appointed as the ABIL
group company secretary with effect from 1 February 2008.
Accounting policies
These condensed group consolidated financial statements have been prepared in
accordance with International Financial Reporting Standards (IFRS) and comply
with International Accounting Standard (IAS) 34 and the requirements of the
South African Companies Act (Act 61 of 1973), as amended.
The disclosures in terms of IFRS 3 paragraph 70 as required by paragraph 16 of
IAS 34 have not been provided as it is considered impracticable due to the
significant adjustments that arose as a result of the fair value adjustments and
the realignment of the accounting policies. Please refer to the SENS
announcement issued on 7 May 2008 for details of the adjustments made.
The accounting policies and methods of computation of the group are consistent
with those applied in the previous year after incorporating the relevant
accounting policies, as amended, that were applied by Ellerine Holdings Limited.
IFRS 7 - Financial Instruments: Disclosures will be adopted this year. This
standard deals with disclosures and does not have any impact on the interim
results as published.
Cash dividend declaration
Ordinary shares Preference shares
Share code ABL ABLP
ISIN ZAE000030060 ZAE000065215
Dividend number 15 7
Dividends per share 105 cents 525 cents
(cash dividends)
Declaration date Monday, 26 May 2008 Monday, 26 May 2008
Last date to trade cum-Friday, 6 June 2008 Friday, 6 June 2008
dividend
Shares commence Monday, 9 June 2008 Monday, 9 June 2008
trading ex-dividend
Record date Friday, 13 June 2008 Friday, 13 June 2008
Dividend payment date Tuesday, 17 June 2008 Tuesday, 17 June 2008
Share certificates may not be dematerialised or rematerialised between Monday, 9
June 2008 and Friday, 13 June 2008, both days inclusive.
On behalf of the board
Ashley Mabogoane, Chairman
Gordon Schachat, Executive deputy chairman
Leon Kirkinis, Chief executive officer
Midrand
26 May 2008
Board of directors
AS Mabogoane (Chairman), G Schachat (Deputy Chairman)*,
L Kirkinis (CEO)*, N Adams, A Fourie*, DB Gibbon, BD Goba,
MC Mogase, MEK Nkeli, BPF Steele, GZ Steffens (German),
TM Sokutu*, A Tugendhaft, DF Woollam*
* Executive
Group Secretary
C Brighten
Share transfer secretaries
Link Market Services SA Pty Limited
11 Diagonal Street, Johannesburg, 2001
PO Box 4844, Johannesburg, 2000
Telephone +27 11 630 0800
Telefax: +27 86 674 4381
africanbank@linkmarketservices.co.za
For a full analysis of the ABIL group interim results and the underlying African
Bank and Ellerines business units` performance, refer to
http://www.abil.co.za
Sponsor
RAND MERCHANT BANK (A division of FirstRand Bank Limited)
Date: 26/05/2008 07:05:11 Produced by the JSE SENS Department.
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