| Thu 12 Feb 2009, 12:39 | | TTO - Trustco Group Holdings - Dual Primary Listing Of Trustco On The |
|
JSE
TTT
TTO - Trustco Group Holdings - Dual Primary Listing Of Trustco On The
Africa Board Of The Jse Limited Together With The Existing
Listing On The Namibian Stock Exchange
Trustco Group Holdings Limited
Incorporated in the Republic of Namibia
(Registration number 2003/058)
JSE share code: TTO NSX share code: TUC
ISIN Number: NA000A0RF067
("Trustco" or "the group")
DUAL PRIMARY LISTING OF TRUSTCO ON THE AFRICA BOARD OF THE JSE LIMITED
TOGETHER WITH THE EXISTING LISTING ON THE NAMIBIAN STOCK EXCHANGE
This abridged pre-listing statement is not an invitation to the public to
subscribe for shares in Trustco. It is issued in compliance with the
Listings Requirements of the JSE Limited ("JSE") and the Namibian Stock
Exchange ("NSX") for the purpose of providing information to the public and
investors with regard to Trustco.
1. INTRODUCTION AND HISTORY
QuestCo Sponsors (Proprietary) Limited ("QuestCo") has been authorised to
announce that the NSX and the JSE have formally approved the listing of
707 142 090 ordinary shares, with a par value of N$0.23 each, in the share
capital of Trustco on the NSX on 12 February 2009 and on the Africa Board of
the JSE from the commencement of trade on Thursday, 19 February 2009,
respectively The shares will trade on the JSE under the abbreviated name
"Trustco", with share code "TTO" and ISIN NA000A0RF067 and on the NSX under
the abbreviated name "Trustco", share code "TUC" and ISIN NA000A0RF067.
The listing on the Africa Board of the JSE is by way of introduction, at a
price of N$0.72 per Trustco par value share. The price of N$0.72 per Trustco
share has been calculated as the ruling share price on the NSX of N$3.60
adjusted for a subdivision of five Trustco shares for every one Trustco
share held that was approved by Trustco shareholders on 9 January 2009 and
registered with the Registrar of Companies on 20 January 2009
("subdivision").
Trustco is a high growth Namibian group with a core focus on micro-
insurance, education and micro-financial services. Other investments include
property, property development, aircraft charter services, management
services, publishing and printing. These investments do not only provide
support and marketing services to the group, but also make their services
available to the broader Namibian business community.
Trustco was incorporated on 4 February 2003 under the name Duppies
Investments No.10 (Proprietary) Limited and listed on the NSX on 27
September 2006. The listing on NSX offered all Namibians an opportunity to
participate in Trustco`s future growth and prosperity. For the time being,
Trustco will retain its primary listing in Namibia since its roots are
deeply founded in Namibia.
Trustco is listing on the Africa Board of the JSE so as to broaden the
capital base of Trustco in order to facilitate further growth and
expansion of its operations into the African continent and to further
enhance investor and public awareness of Trustco and its activities within
the international investment community.
2. OVERVIEW OF TRUSTCO
An overview of Trustco`s major subsidiaries and their main businesses is set
out below:
2.1 Insurance
2.1.1 Trustco Insurance Limited (formerly Legal Shield Limited)
Trustco Insurance Limited ("Trustco Insurance"), a wholly owned subsidiary
of Legal Shield Holdings (Proprietary) Limited ("Legal Shield"), is one of
the flagship companies of Trustco and makes cost-efficient and affordable
legal and short-term insurance products available to the Namibian market.
The utilization of advanced computerised systems and various registered
legal practitioners, registered by the Law Society of Namibia, as well as in-
house support, positions Trustco Insurance in the forefront of the industry
within which it operates. Trustco Insurance obtained its short-term
insurance license in terms of the Short-term Insurance Act 4 of Namibia of
1998 to operate as a short-term insurer on 21 June 2000.
Trustco Insurance provides insurance cover against legal costs for families,
excluding business-related claims. A 24-hour service is available to policy
holders. Matters that require legal intervention are referred to legal
practitioners who will represent the policy holders in courts of law.
Trustco Insurance`s products are as follows:
Legal Shield - A short-term insurance policy that covers a policy holder and
his/her direct family against legal costs plus a funeral benefit for the
main policy holder.
Medi Shield - A short-term insurance policy that insures a policyholder and
his/her direct family against the occurrence of specified medical events
plus a funeral benefit for the main policy holder.
Salary Shield - A short-term insurance policy that insures a policyholder
against the loss of his/her salary due to sickness after the member`s sick
leave has been exhausted, including a hospital benefit.
Elite Plan - This policy provides cover in the case of emergency medical
evacuation. A qualified team stands by with a call centre available 24 hours
a day. In the unfortunate event of death, Trustco Insurance will arrange
transport of the mortal remains of the policyholder`s beloved one from any
mortuary to a chosen place of burial in Namibia or South Africa. The plan
also makes provision for the insured to plan his/her estate, to provide for
death bed expenses, debts due, financial provision for the insured`s
dependants while the estate is being finalized, possible savings on estate
duty and income tax and costs of documentation to the Master of the High
Court.
OneShield - This product is a new addition to the Legal Shield family,
introduced in July 2006, and aims at a product that will include all of the
above benefits in one product for an affordable premium, providing complete
protection to the policyholder. This product is focused on the more affluent
market.
Trustco Insurance`s short-term policies have grown over the past three years
from 50 000 at the end of March 2004 to approximately 225 000 at the end of
March 2008.
2.1.2 Trustco Life Limited (Previously Legal Shield Limited)
Trustco Life Limited ("Trustco Life"), a wholly owned subsidiary of Legal
Shield, registered as a long-term life insurer on 27 March 2006. Trustco
Life is responsible for a very successful funeral shield product and
underwrites the death benefits offered by the various policies of Trustco
Insurance.
Trustco Life`s long term policies have grown from approximately 31 000 as at
31 March 2004 to approximately 82 000 at 31 March 2008.
2.2 Trustco Education (Proprietary) Limited
2.2.1 Institute for Open Learning (Proprietary) Limited
The Institute for Open Learning (Proprietary) Limited ("IOL") is a Namibian
distance education institution and was founded in July 1997. The Namibian
Qualification Authority ("NQA") officially granted recognition to the
primary education courses of IOL during 2001. This means that both the
primary and tertiary education courses of IOL, including grade 12, are
approved and recognized by the Ministry of Education for salary and
promotion purposes.
IOL started offering computer based educational courses to its students in
the 2006 financial year. Short courses were introduced in the 2007 financial
year extending the reach of the educational services provided. In addition,
contact sessions are also presented via television five days a week to
ensure that "classes" are accessible to all students studying through IOL.
Students tune in to the Namibia Broadcasting Corporation to gain access to
interactive classes. Student numbers grew by 16% in the 2008 financial year
and 46% in the 2007 financial year. The growth in student numbers is
primarily as a result of the following:
- IOL is the only distance learning institution in Namibia offering
financing of its courses; and
- IOL is one of the few institutions offering the Advanced Certificate
in Education (ACE), which is recognised by the NQA and results in the
upgrade of the existing teaching qualification from category C to
category D.
2.2.2 Trustco Finance (Proprietary) Limited
Trustco Finance (Proprietary) Limited was established to provide student
loans to IOL students (currently 94% of students utilise this
facility) and is a micro-lender and therefore regulated by the Namibian
Financial Institutions Supervisory Authority. The focus remains on
educational loans.
During the 2008 financial year, IOL`s student base increased from 11 950 as
at 31 March 2007 to 15 500 as at 31 March 2008 and Trustco Finance`s loan
book grew by 47.3% from N$63.8 million as at 31 March 2007 to N$ 94.0
million over the same period.
2.3 Trustco Mobile
One of the new innovative products launched by the group in June 2008 was
Trustco Mobile, which provides micro insurance services to the uninsured in
the African context via a mobile distribution network. Trustco developed an
actuarial model to provide free life insurance to mobile subscribers based
on airtime spend. Life cover, which is based on 100 times the airtime spend
in a 30 day period and which is capped, is valid for 30 days after
activation for anyone between the ages of 16 - 60 years. The concept was
launched with Namibia`s second cellular operator, CellOne, and it has
captured more than 10 000 subscribers in the first 3 months since its
launch.
The systems development and software platform, which was developed
internally, provides for a seamless integration with mobile operators and
Trustco`s Life Insurance system. It almost provides for a paperless
environment and the ability to mass-underwrite in a short time span.
Trustco Mobile intends to cater for the SADC population of which between 60%
and 70% do not have life insurance. The group has patented this exclusive
product internationally.
2.4 Trustco Property Holdings (Proprietary) Limited
Although relatively small in terms of its contribution to the overall
turnover of the group, property development and holding activities have
remained one of the trademark features of the company for a long time.
Trustco Property Holdings (Proprietary) Limited ("Trustco Property") was
established in 1992 as a division within the group and later became a
subsidiary holding company. It deals with the management and maintenance of
Trustco`s existing property portfolio, as well as the management of any new
developments.
In April 2004, Trustco acquired approximately 368 hectares of unspoiled land
in the Lafrenz area, which is a 15 minute drive north of the Windhoek city
centre. A development of around 1 800 housing units over the next 10 years
is planned for middle income families. The concept of the new development,
the first of its kind in Namibia is to build residential houses in a secure
area and within walking distance of shops, schools, business facilities as
well as recreation and sports facilities.
Trustco Property`s portfolio consists of residential and commercial
property, both in Namibia and, more recently, in South Africa. The value of
the portfolio is estimated to be in excess of R 160 million.
2.5 Trustco Media (Proprietary) Limited
2.5.1 Trustco Newspapers
Informante is a fast emerging specialist publication in Namibia, with a
reputation for being first with the news on significant political, economic
and social developments and infotainment across the country, as well as
focussing on the growth momentum of the group by being its mouthpiece.
The weekly issue has succeeded in extrapolating tabloid news into a serious
news-analytical publication thereby justifying its relevance to readers from
all walks of society. This publication is distributed free of charge.
Today, Informante is read weekly by a wide range of institutions and
individuals around the country, all of them united in their need for
timely, accurate and incisive analysis of contemporary Namibian
developments.
Informante has shown tremendous growth on all fronts. Its editorial content,
which initially focused on the growth momentum of the holding company, has
gradually taken on a national flair, depicting stories and analysis that
matter to the Namibian society. Its advertising content, likewise, now
consists of a broad array of companies and organizations, confirming that it
has indeed developed into a valuable medium for advertisers. On the
distribution front, it now covers almost 95% of all major towns in Namibia.
Informante received an award for the second consecutive year at this year`s
PMR Golden Arrow Awards in the Category of Best Local Community Newsletter.
Nominations are taken from the general Namibian public as well as
businessmen and other influential people. The nominations are collected by
the Professional Management Review, an independent South African company, to
avoid any manipulation of the results. A recent independent study concluded
that the Informante is the most widely read newspaper in Namibia.
2.5.2 Printas
Printas is, as its name suggests a printing press, which operates in
Windhoek, Namibia. It is owned 50/50 by the group and The Free Press of
Namibia (Proprietary) Limited, publisher of the independent daily newspaper,
The Namibian.
It started operations in September 2006. Apart from printing all issues of
the Informante, Printas also prints inserts for other papers, posters,
flyers, glossy magazines and handbooks for IOL. This business unit is
affected by fluctuations in exchange rates and raw materials, determining
the import price of paper. Constant technological and operational innovation
is therefore of the essence.
Negotiations are underway with the view to possibly acquire all shares in
Printas.
2.6 Trustco Tourism Holdings (Proprietary) Limited
2.6.1 Trustco Air Services
The fleet consists of two luxurious Pilatus PC12 aircraft which are owned by
Trustco Fleet Management Services (Proprietary) Limited, a wholly owned
subsidiary of Trustco Corporate (Proprietary) Limited. The focus is on
charter services to rural regions of Namibia as well as to Botswana, Angola,
Zambia and South Africa. These charter services have become an invaluable
tool for the group. The service is extremely popular, with flight schedules
booked out months in advance. Management expects this division to show
strong growth and plans for expansion are already under way.
2.7 Financial Services outside Namibia
2.7.1 Trustco Financial Services (Proprietary) Limited ("TFS")
(previously DexGroup Financial Services (Proprietary) Limited)
On 2 November 2007 a written agreement was concluded between DexGroup
(Proprietary) Limited, a company incorporated in South Africa, and the group
in terms of which the group acquired the entire shareholding, loan accounts
and claims in TFS, including E-Sure, a computer software system with effect
from 1 November 2007.
TFS has four wholly owned subsidiaries, details of which are as follows:
- Brokernet (Proprietary) Limited;
- Trustco Corporate Solutions (Proprietary) Limited (previously Dex
Corporate Solutions (Proprietary) Limited);
- ICE Insurance Claims Exchange (Proprietary) Limited; and
- Trustco Informatix (Proprietary) Limited (previously Dex Informatrix
(Proprietary) Limited).
TFS and its subsidiaries conduct business in the financial services sector
in South Africa. It manages policy and claims administration and money
management on behalf of registered brokers in the short-term insurance
industry at an agreed fee. Today TFS is a specialized provider of solution-
driven products and services across the financial and management services
sectors. Flexibility and innovation is the essence of what TFS is about and
has been proven in unique methodologies such as volume business management
methodologies.
The greatest opportunities lie in those markets comprising a combination of
emerging middle class and previously disadvantaged communities who can
benefit from the application of these unique methodologies and products.
3. PROSPECTS
Trustco realises that it has an important role to fulfil in the Southern
African economy and strives to ensure that services and products are the
best in the region. Trustco has made substantial progress in this regard
through continued development of its core segments, education and insurance,
via product and systems development for its insurance businesses and IOL.
The group`s revenue has increased from N$44 million in the 2004 financial
year to more than N$283 million in the 2008 financial year, with the
increase in turnover being attributable to the various initiatives
implemented by the group in Namibia, primarily within the education and
insurance segments as noted above, and the acquisition of TFS in South
Africa.
The key drivers to Trustco`s future growth will be to build on the solid
foundation it has established in Namibia, as well as the roll out of its
operations into selected countries in Southern Africa. The group`s latest
creation is an exciting new micro insurance product and an innovation in
mobile telephony. Trustco Mobile looks set to become one of their most
lucrative ventures and is the latest product launched by the group in June
2008. The premise of the Trustco Mobile concept is that it will cater for
the between 60% and 70% of the SADC population that do not have life
insurance. To this end the group intends to embark on further capital and
debt raising exercises and acquisitions.
The dual primary listing on the Africa Board of the JSE will enhance
investor and public awareness of Trustco and its activities, thereby
assisting the group to sell the Trustco product and expertise in Southern
Africa. These factors should result in substantial turnover growth being
achieved over the next three years.
The greatest growth opportunities for the recently acquired TFS lie in the
application of its unique methodologies and products to the target market.
The products and services benefit the emerging middle class and previously
disadvantaged communities. The business of TFS is considered to be
complimentary to certain of the services and products offered by Trustco.
The acquisition of TFS serves as a base and the first step in marketing the
group`s services and products within the South African market.
4. MAJOR AND CONTROLLING SHAREHOLDERS
As at 31 January 2009, following the conversion of the no par value shares
into par value shares and the subdivision of the Trustco shares on the basis
of five par value shares for every one held, the following major
shareholders are interested in the issued share capital of Trustco:
Name of shareholder Number of Percentage
shares held
held
Q van Rooyen 392 554 55.51
120
First National Bank (Namibia) 113 971 16.12
Nominees 795
Standard Bank Namibia Nominees 108 793 15.38
450
TOTAL 615 319 87.01
365
Save as set out in the table above, no other shareholders will, as far as
the directors of Trustco are aware, directly or indirectly, hold 5% or more
of the issued share capital of Trustco following the dual primary listing on
the Africa Board of the JSE.
Insofar as is known to the directors, the controlling shareholder of Trustco
is, and is anticipated to remain, as follows:
Name of shareholder Number of Percentage
shares held
held
Q van Rooyen 392 554 55.51
120
5. DIRECTORS
The full names, ages, business address and occupations of the directors of
Trustco are set out below:
Full name Age Occupation Business address
Dr D Namwandi 54 Independent International
Chairman University of Management
59 Bahnhof Street
Windhoek
Republic of Namibia
V de Klerk 61 Independent Swabou Building
non- 25 Schonlein Street
executive Windhoek West
director Republic of Namibia
M Nashandi 48 Independent Government Offices
non- Robert Mugabe Avenue
executive Windhoek
director Republic of Namibia
A Toivo Ya Toivo 84 Independent 7 Luderitz Street
non- Windhoek
executive Republic of Namibia
director
Q van Rooyen 43 Managing 2 Keller Street
director Windhoek
Republic of Namibia
J Jones 37 Alternate to 2 Keller Street
Q van Rooyen Windhoek
Republic of Namibia
GRI Walters 39 Executive 2 Keller Street
director Windhoek
business Republic of Namibia
development
FJ Abrahams 33 Financial 2 Keller Street
director Windhoek
Republic of
Namibia
All of the directors are Namibian citizens.
The directors of Trustco:
- have considered all statements of fact and opinion in the abridged
pre-listing statement;
- accept, collectively and individually, full responsibility for the
accuracy of such statements; and
- certify that, to the best of their knowledge and belief, there are
no omissions of facts or considerations which would make any statements
of fact or opinion contained in this abridged pre-listing statement false
or misleading and that all reasonable enquiries to ascertain such facts
have been made and that this abridged pre-listing statement contains all
information required in terms of the NSX and JSE Listings Requirements.
6. SHARE CAPITAL AND DIVIDENDS
Authorised and issued share capital
The authorised and issued share capital of Trustco, taking into account the
listing costs which are to be offset against the share premium, are set out
below:
Number of Share
Shares Capital
(N$`000)
Authorised
2 500 000 000 par value ordinary 2 500 000 575 000
shares of N$0.23 each 000
Issued
707 142 090 par value ordinary shares 707 142 090 162 645
of N$0.23 each
Share premium 3 361
Less: 29 901 800 par value ordinary (6 877)
shares of N$0.23 each - (12 260)
deemed treasury shares (881)
Share premium - deemed
treasury shares
Less: Share issue expenses
145 988
All the authorised and issued shares are of the same class and rank pari
passu in every respect. The entire share capital of Trustco will be listed
on the Africa Board of the JSE on Thursday, 19 February 2009.
Dividends
The directors of Trustco believe that as the group is in a high growth phase
an initial dividend cover of between 4 and 5 times will be sustainable. As
Trustco progresses and attains maturity, the directors believe that a more
aggressive dividend cover of between 3 and 4 times will be more appropriate.
The dividend will be declared and paid in the form of a final dividend and
will be declared and paid after the annual financial statements have been
finalised. It is the intention of the group to periodically consider this
dividend policy and to take into account prevailing market conditions,
particular circumstances of the group, and future cash requirements in
determining whether it would be appropriate to pay a dividend in respect of
any particular financial reporting period.
Should the group resolve to pay dividends, Trustco will only declare and pay
dividends in respect of any given financial year, early in the following
financial year, subject to any NSX and JSE timetable that may be applicable
in respect to the declaration and payment of dividends by the group.
In terms of the group`s articles of association, any dividend that remains
unclaimed for a period of three years after having been declared by the
group, shall revert to the group.
There is no arrangement under which future dividends will be waived or have
been waived, except for the staff share incentive scheme.
7. EXTRACTS OF FINANCIAL INFORMATION
Set out below is an extract from the historic income statement of Trustco
for the six months ended 30 September 2008 and the financial years ended 31
March 2008 and 31 March 2007 the preparation of which is the responsibility
of the directors.
TRUSTCO TRUSTCO TRUSTCO
Reviewed Audited Reviewed
6 months 12 months 12
months
30 September 31 March 31 March
2008 2008 2007
R`000 R`000 R`000
Revenue 178 783 208 207 114 210
Cost of sales (113 211) (118 928) (54 325)
Gross profit 65 572 89 279 59 885
Insurance income 43 416 75 704 68 085
Claims and benefits (19 688) (15 286)
paid on insurance (10 053)
contracts
Transfer to (271) (274) 773
policyholder
liabilities
Change in unearned 99 (759) (2 071)
premium provision
Gross profit 98 763 144 262 111 386
Other income 1 511 37 776 5 008
Administrative (77 457) (109 581) (84 595)
expenses
Net profit before 72 457 31 799
investment income,
fair value adjustments 22 817
and finance costs
Investment revenue 1 550 22 406 14 061
Profit before interest 24 367 94 863 45 860
and taxation
Fair value adjustments 1 024 1 889 9 694
Finance costs (11 278) (38 201) (24 755)
Profit before taxation 14 113 58 551 30 799
Taxation 6 923 19 364 692
Profit after taxation 21 036 77 915 31 491
Attributable to:
Equity holders of the 20 474 77 682 32 863
parent
Minority interest 562 233 (1 372)
21 036 77 915 31 491
Weighted average 119 440 114 757
number of shares in 125 882
issue
Earnings per share 16.26 65.04 28.64
(cents)
Diluted earnings per 16.26 61.66 28.64
share (cents)
Headline earnings per 15.92 38.83 23.43
share (cents)
Diluted headline 36.82 23.43
earnings per share 15.92
(cents)
Dividends declared per 5.0 2.5 -
share (cents)
Dividends paid per 5.0 2.5 -
share (cents)
Pro forma earnings and headline earnings for the six month period ended 30
September 2008 and the financial years ended 31 March 2008 and 31 March 2007
following the subdivision of the Trustco shares and the issue of Trustco
shares to D van Huyssteen
The unaudited pro forma earnings and headline earnings set out below have
been prepared on the basis that the weighted average number of Trustco
shares in issue had been subdivided in the ratio of five shares for each one
share held and that, following the subdivision, 7 001 405 ordinary shares of
N$0.23 each had been issued to D van Huyssteen at N$0.71 each ("subdivision
and new issue"). The unaudited pro forma financial information is provided
for illustrative purposes only to provide information about how the
subdivision and new issue may have impacted on the group had the subdivision
and new issue taken place on 1 April 2008, 1 April 2007 and 1 April 2006.
Due to the nature of the unaudited pro forma financial information, it may
not give a fair representation of the Group`s earnings and headline earnings
per share after the subdivision and new issue. The directors of Trustco are
responsible for the preparation of the unaudited pro forma financial
information.
Pro forma earnings and Before After
headline earnings for Reviewed Pro forma
the six months ended
30 September 2008
Illustrative average
number of shares in 125 882 636 410(1)
issue (`000)
Pro forma earnings per 16.26 3.22(2)
share (cents)
Pro forma diluted 16.26 3.22(2)
earnings per share
(cents)
Pro forma headline 15.92 3.15(2)
earnings per share
(cents)
Pro forma diluted
headline earnings per 15.92 3.15(2)
share (cents)
Pro forma earnings and Before After
headline earnings for Audited Pro forma
the year ended 31
March 2008
119 440
Illustrative average
number of shares in 604 200(1)
issue (`000)
Pro forma earnings per 65.04 12.86(2)
share (cents)
Pro forma diluted 61.66 12.20(2)
earnings per share
(cents)
Pro forma headline 38.83 7.68(2)
earnings per share
(cents)
Pro forma diluted 36.82 7.28(2)
headline earnings per
share (cents)
Pro forma earnings and Before After
headline earnings for Reviewed Pro forma
the year ended 31
March 2007
Illustrative average 114 757
number of shares in 580 785(1)
issue (`000)
Pro forma earnings per 28.64 5.66(2)
share (cents)
Pro forma diluted 28.64 5.66(2)
earnings per share
(cents)
Pro forma headline 23.43 4.63(2)
earnings per share
(cents)
Pro forma diluted 23.43 4.63(2)
headline earnings per
share (cents)
Notes:
1. The after illustrative average number of shares in issue is the average
number of Trustco shares that would have been in issue if the subdivision
and issue had taken place at the beginning of each period.
2. The after earnings, diluted earnings, headline earnings and diluted
headline earnings per share assumes that the subdivision and issue took
place at the beginning of each period.
8. COPIES OF THE PRE-LISTING STATEMENT
This abridged pre-listing statement is a summary of the full pre-listing
statement and has been prepared and issued in relation to the dual primary
listing of Trustco on the Africa Board of the JSE together with the existing
listing on the NSX. It contains the salient features of the pre-listing
statement dated 16 February 2009, which should be read in its entirety for a
full appreciation thereof. More information can be obtained by sending an e-
mail to shares@tgi.na
Copies of the full pre-listing statement, in English, may be obtained during
office hours at the following addresses:
- the registered office of Trustco: 2 Keller Street, Windhoek,
Republic of Namibia; and
- the office of the Sponsor to Trustco, Questco Sponsors: The Campus,
57 Sloane Street, 1st Floor, Wrigley Field, Bryanston.
Windhoek
12 February 2009
JSE Sponsors: Questco Sponsors (Pty) Ltd
NSX Sponsors: IJG Securities
SA Legal advisors: Routledge Modise
Namibian legal advisors: Van der Merwe
Auditors and reporting accountant: BDO Spencer Steward
Date: 12/02/2009 12:39:16 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.
