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JSE PSG PGFP
PGFP PSG
PSG / PGFP - PSG Group / PSG Financial - Interim Results (Unaudited) For The
Six Months Ended 31 August 2009
PSG Group Limited
Registration number 1970/008484/06
JSE share code: PSG
ISIN code: ZAE000013017
PSG Financial Services Limited
Registration number 1919/000478/06
JSE share code: PGFP
ISIN code: ZAE000096079
Interim results (unaudited)
for the six months ended 31 August 2009
- Recurring headline earnings increased by 10,8% to 81,8 cents per share
- Headline earnings increased by 359,1% to 135,9 cents per share
Condensed income statement
31 Aug Change 31 Aug 28 Feb
2009 % 2008 2009
Rm Rm Rm
Income
Investment income 208,9 113,6 452,5
Insurance income 2,0 54,0
Net fair value (73,0) (26,3) (374,2)
adjustments to financial
instruments
Commission and other fee 487,9 468,3 979,7
income
Other operating income 43,1 31,4 62,5
Total income 668,9 587,0 1 174,5
Expenses
Insurance claims 3,5 43,2
Operating expenses 473,9 448,3 958,8
Total expenses 477,4 448,3 1 002,0
Net income from operating 191,5 38,1 138,7 172,5
activities
Finance costs (50,2) (33,6) (93,2)
Share of profits of 187,0 128,8 233,0
associated companies
Net income before 328,3 40,4 233,9 312,3
taxation
Taxation (39,0) (70,4) (48,0)
Net income of the group 289,3 76,9 163,5 264,3
Attributable to:
Non-controlling interests 95,6 112,5 213,2
Equity holders of the 193,7 279,8 51,0 51,1
company
289,3 163,5 264,3
Attributable to equity 193,7 51,0 51,1
holders of the company
Non-headline items (note 40,0 (1,1) 58,8
2)
Headline earnings 233,7 368,3 49,9 109,9
Earnings per share
(cents)
- attributable 112,6 271,6 30,3 30,3
- headline 135,9 359,1 29,6 65,3
- diluted attributable 112,3 273,1 30,1 30,2
- diluted headline 135,6 361,2 29,4 64,9
Dividend per share
(cents)
- interim 13,0 19,0 19,0
- final 38,0
- special 200,0 200,0
13,0 219,0 257,0
Number of shares
(million)
- in issue (net of 175,4 168,2 168,0
treasury shares)
- weighted average 172,0 168,5 168,4
- diluted weighted 172,4 169,8 169,3
average
Condensed statement of comprehensive income
31 Aug 31 Aug 28 Feb
2009 2008 2009
Rm Rm Rm
Net income of the group 289,3 163,5 264,3
Share of other comprehensive (0,9) (12,2)
income of associated
companies
Currency translation (5,3) (5,4) 5,4
adjustments and fair value
(losses)/gains
Step acquisition of
associated company
Reversal of previous fair
value
gains on equity securities (162,8)
Revaluation of assets and
liabilities of associated 125,3
company
Total comprehensive income 283,1 158,1 220,0
for the period
Attributable to:
Non-controlling interests 92,9 113,7 220,1
Equity holders of the company 190,2 44,4 (0,1)
283,1 158,1 220,0
Condensed statement of financial position
31 Aug Restated 28 Feb
2009 31 Aug 2009
Rm 2008 Rm
Rm
Assets
Property, plant and equipment 34,8 34,3 32,9
Intangible assets 786,0 742,6 736,4
Investments in associated 3 960,4 3 489,1 3 568,8
companies (note 3)
Financial assets linked to 8 285,0 9 422,6 7 717,0
investment contracts
Other financial assets 512,8 1 290,2 898,9
Deferred income tax 21,6 21,2 28,6
Receivables 260,8 228,8 665,0
Cash and cash equivalents 600,5 302,0 479,1
Total assets 14 461,9 15 530,8 14 126,7
Equity
Ordinary shareholders` equity 2 986,2 2 827,9 2 755,4
Non-controlling interests 2 095,8 1 896,0 1 863,6
Total equity 5 082,0 4 723,9 4 619,0
Liabilities
Insurance liabilities 31,5 1,7 30,8
Financial liabilities under 8 285,0 9 422,6 7 717,0
investment contracts
Other financial liabilities 620,0 789,2 1 317,9
Deferred income tax 68,6 152,6 67,7
Payables and provisions 319,6 320,3 342,7
Current income tax liabilities 55,2 120,5 31,6
Total liabilities 9 379,9 10 806,9 9 507,7
Total equity and liabilities 14 461,9 15 530,8 14 126,7
Net asset value per share 1,703 1,681 1,640
(cents)
Net tangible asset value per 1,254 1,240 1,202
share (cents)
Condensed statement of changes in owners` equity
31 Aug 31 Aug 28 Feb
2009 2008 2009
Rm Rm Rm
Ordinary shareholders` equity at 2 755,4 3 295,4 3 295,4
beginning of period
Shares issued 119,9
Net movement in treasury shares (15,3) (23,2) (38,1)
Share-based payment costs 1,9 3,7 8,6
Total comprehensive income 190,2 44,4 (0,1)
Dividends paid (65,9) (492,4) (510,4)
Ordinary shareholders` equity at 2 986,2 2 827,9 2 755,4
end of period
Non-controlling interests 2 095,8 1 896,0 1 863,6
Beginning of period 1 863,6 1 773,6 1 773,6
Total comprehensive income 92,9 113,7 220,1
Dividends and capital distributions (44,0) (36,8) (112,9)
paid
Interest acquired from minority (16,0)
shareholders
Acquisition of subsidiaries 217,6 74,6 65,6
Preference dividend paid (34,3) (29,1) (66,8)
Total equity at end of period 5 082,0 4 723,9 4 619,0
Condensed statement of cash flows
31 Aug Restated 28 Feb
2009 31 Aug 2009
Rm 2008 Rm
Rm
Cash generated by operations 454,2 100,4 312,3
Net change in financial instruments 199,5 (31,3) (122,3)
Net cash flow from operating 653,7 69,1 190,0
activities
Net cash flow from investment (124,8) 86,6 31,7
activities
Net cash flow from financing 275,7 (330,0) (559,6)
activities
Net increase/(decrease) in cash and 804,6 (174,3) (337,9)
cash equivalents
Cash and cash equivalents at (211,3) 126,6 126,6
beginning of period
Cash and cash equivalents at end of 593,3 (47,7) (211,3)
period *
* Include bank overdrafts and CFD (137,4) (387,5) (915,5)
financing of
* Include clients` cash linked to 130,2 37,8 225,1
investment contracts of
Notes to the condensed financial statements
1. Basis of presentation and accounting policies
The condensed interim financial statements have been prepared in terms of IAS
34 - Interim Financial Reporting and should be read in conjunction with the
annual financial statements for the year ended 28 February 2009, which have
been prepared in accordance with IFRS.
The accounting policies used in the preparation of the interim financial
statements are consistent with those used in the previous financial year. The
following new standards and amendments to standards are mandatory for the
first time for the financial year beginning 1 March 2009:
- IAS 1 (revised), `Presentation of financial statements`. The revised
standard prohibits the presentation of items of income and expenses (that is
`non-owner changes in equity`) in the statement of changes in equity,
requiring `non-owner changes in equity` to be presented separately from owner
changes in equity. All `non-owner changes in equity` are required to be shown
in a performance statement.
Entities can choose whether to present one performance statement (the
statement of comprehensive income) or two statements (the income statement and
statement of comprehensive income).
The group has elected to present two statements: an income statement and a
statement of comprehensive income. The interim financial statements have been
prepared under the revised disclosure requirements.
- IFRS 8, `Operating segments`. IFRS 8 replaces IAS 14, `Segment reporting`.
It requires a `management approach` under which segment information is
presented on the same basis as that used for internal reporting purposes.
Operating segments are reported in a manner consistent with the internal
reporting provided to the chief operating decision-maker. The chief operating
decision-maker has been identified as the PSG Group Executive Committee ("PSG
Exco"), who is responsible for the management of the PSG Group`s investment
portfolio and for making strategic decisions.
2. Non-headline items
31 Aug 31 Aug 28 Feb
2009 2008 2009
Rm Rm Rm
Gross Net Gross Net Gross Net
Gross/net of taxation
and non-controlling
interests
Impairment of (52,0) (48,8) (30,0) (28,7)
investments in
associated companies
Net (loss)/profit on (0,3) (0,3) 0,4 0,4 (9,9) (9,1)
sale/dilution of
investments in
subsidiaries
Net loss on (2,8) (2,9) (2,9) (3,6) (5,2) (9,3)
sale/dilution of
investments in
associated companies
Negative goodwill on 18,0 18,0 19,3 19,3
acquisition of
subsidiaries
Profit on 6,4 4,5 (20,0) (20,0)
sale/(impairment) of
available-for-sale
assets
Impairment of intangible (13,5) (13,5) (14,9) (12,7)
assets (incl. goodwill)
Impairment of (4,9) (4,2)
shareholders` loans
Non-headline items of (1,7) 2,2 11,6 4,7 16,6 6,8
associated companies
Other investment 1,3 0,8 (0,8) (0,4) (1,7) (0,9)
activities
(44,6) (40,0) 8,3 1,1 (50,7) (58,8)
3. Investments in associated companies
31 Aug 31 Aug 28 Feb
2009 2008 2009
Rm Rm Rm
Carrying value
- listed 1 575,3 1 296,1 1 503,3
- unlisted 2 385,1 2 193,0 2 065,5
3 960,4 3 489,1 3 568,8
Market and directors` valuation
- listed 1 964,0 1 088,3 1 163,5
- unlisted 2 442,7 2 313,3 2 123,0
4 406,7 3 401,6 3 286,5
4. Segment reporting
The PSG Exco reviews the group`s internal reporting in order to assess
performance and allocate resources. Management has determined the operating
segments based on these reports.
The PSG Exco considers the headline earnings, split between recurring headline
earnings and non-recurring headline earnings, from each of its significant
business units as a reliable measure to evaluate the financial performance of
the group.
The information provided to the PSG Exco is measured in a manner consistent
with the information in the financial statements.
31 August 2009
Inter- Recurring Non- Net
recurring
segment headline headline Headline asset
Segment Income income earnings earnings earnings value
Rm Rm Rm Rm Rm Rm
Capitec* 61,8 61,8 1 303,5
Zeder 53,3 40,4 4,3 44,7 913,1
Paladin** 7,2 30,1 68,1 98,2 752,6
PSG Konsult 417,1 (19,2) 28,9 28,9 274,1
PSG Fund 143,9 (2,4) 9,8 9,8 137,5
Management
PSG Corporate 86,7 (17,7) 9,9 20,5 30,4 430,7
Before 708,2 (39,3) 180,9 92,9 273,8 3 811,5
funding and
STC
Funding and (40,1) (40,1) (825,3)
STC
Total 708,2 (39,3) 140,8 92,9 233,7 2 986,2
Non-headline (40,0)
Attributable 193,7
earnings
* Equity accounted
** Including Petmin that was sold to Paladin effective 1 March 2009
31 August 2008
Inter- Recurring Non- Net
recurring
segment headline headline Headline asset
Segment Income income earnings earnings earnings value
Rm Rm Rm Rm Rm Rm
Capitec* 41,3 41,3 1 230,2
Zeder 33,6 31,2 5,5 36,7 586,4
Paladin 27,2 38,3 (30,9) 7,4 609,2
PSG Konsult 414,6 (19,2) 34,7 34,7 252,1
PSG Fund 143,1 (6,5) 13,9 13,9 123,3
Management
PSG Corporate 9,1 (14,9) 16,6 (13,7) 2,9 1 056,3
Before 627,6 (40,6) 176,0 (39,1) 136,9 3 857,5
funding and
STC
Funding and (51,6) (35,4) (87,0) (1
STC 029,6)
Total 627,6 (40,6) 124,4 (74,5) 49,9 2 827,9
Non-headline 1,1
Attributable 51,0
earnings
* Equity accounted
28 February 2009
Inter- Recurring Non- Net
recurring
segment headline headline Headline asset
Segment Income income earnings earnings earnings value
Rm Rm Rm Rm Rm Rm
Capitec* 104,3 104,3 1 260,1
Zeder 72,0 73,8 6,7 80,5 661,8
Paladin** 63,7 70,5 (77,9) (7,4) 701,7
PSG Konsult 809,3 (34,8) 70,9 70,9 276,3
PSG Fund 318,3 (9,4) 31,2 21,8 53,0 148,4
Management
PSG Corporate 6,2 (50,8) 40,9 (99,8) (58,9) 637,8
Before 1 269,5 (95,0) 391,6 (149,2) 242,4 3 686,1
funding and
STC
Funding and (97,1) (35,4) (132,5) (930,7)
STC
Total 1 269,5 (95,0) 294,5 (184,6) 109,9 2 755,4
Non-headline (58,8)
Attributable 51,1
earnings
* Equity accounted
** Including Petmin that was sold to Paladin effective 1 March 2009
31 Aug 31 Aug 28 Feb
2009 2008 2009
Rm Rm Rm
5. Commitments
Operating lease commitments 87,6 69,8 61,0
6. Reclassification of prior period figures
The 31 August 2008 figures were reclassified as follows:
- Margin accounts and collateral held relating to Contracts for Difference
("CFDs") of R78,2 million, previously included in other financial assets, have
been reclassified as receivables.
- The composition of financial assets included in the at-acquisition statement
of financial position of PSG FutureWealth was reclassified. The net impact of
same was an increase in cash of R139,2 million as at 29 February 2008, with a
corresponding reduction in other financial assets linked to investment
contracts. In addition, other financial assets linked to investment contracts
of R37,8 million was reclassified as cash and cash equivalents as at 31 August
2008.
The effect on the specific line items is reflected below:
As Reclassification Reclassification Restated
previously of PSG of CFD-related
stated FutureWealth equity
statement of securities to
financial receivables
position
Rm Rm Rm Rm
Statement of
financial position
Assets
Other financial 1 368,4 (78,2) 1 290,2
assets
Receivables 150,6 78,2 228,8
Statement of cash
flows
Net change in 70,1 (101,4) (31,3)
financial
instruments
Net cash flow from 170,5 (101,4) 69,1
operating
activities
Net (72,9) (101,4) (174,3)
increase/(decrease)
in cash and cash
equivalents
Cash and cash (12,6) 139,2 126,6
equivalents at
beginning of period
Cash and cash (85,5) 37,8 (47,7)
equivalents at end
of period*
*Include clients` 37,8 37,8
cash linked to
investment
contracts of
These reclassifications had no taxation impact or effect on the net income
attributable to the equity holders of the group or earnings per share as at 31
August 2008.
7. PSG Financial Services Limited
The company is a wholly owned subsidiary of PSG Group Limited, except for the
6 079 738 preference shares which are listed on the JSE Limited. No separate
interim financial statements are presented for the company as it is the only
asset of PSG Group Limited.
Contribution to headline earnings
Headline earnings Number Net asset value
of
shares
31 Aug 31 Aug 28 Feb 31 Aug 31 Aug 31 Aug 28 Feb
2009 2008 2009 2009 2009 2008 2009
Rm Rm Rm m Rm Rm Rm
Recurring headline 180,9 176,0 391,6 3 307,8 2 917,9 3 143,8
earnings (before
funding and STC)
Capitec Bank 61,8 41,3 104,3 28,9 1 303,5 1 230,2 1 260,1
PSG Konsult 28,9 34,7 70,9 536,3 274,1 252,1 276,3
PSG Fund 9,8 13,9 31,2 137,5 123,3 148,4
Management
(including PSG
FutureWealth)
Paladin Capital 30,1 38,3 70,5 418,6 526,6 446,5 548,4
and other private
equity
Zeder 396,9 839,9 492,1 568,1
Equity accounted
earnings,
dividends and
other income 36,4 27,9 64,9
Management fee
earned by PSG
after costs 4,0 3,3 8,9
PSG Corporate 226,2 207,7 141,9
Investment income 2,9 3,6 17,8
BEE funding 10,7 12,6 24,8
Net operating
costs (3,7) (6,2) (8,7)
Channel Life 6,6 7,0 166,0 200,6
(sold)
Non-recurring 92,9 (74,5) (184,6) 503,7 904,6 542,3
headline earnings
Marked-to-market
profits/(losses)
Paladin Capital
(mainly Thembeka) 68,1 (30,9) (77,9) 226,0 162,7 153,3
Zeder 4,3 5,5 6,7 73,2 94,3 93,7
Other investments 23,3 (12,2) (95,5) 154,3 618,9 242,3
Interest rate
swap (2,8) (4,3) (15,0) 0,1 13,6 2,9
Other
STC (special
dividend) (35,4) (35,4) (35,0)
PSG FutureWealth
deferred tax
credit 21,8
Various 2,8 10,7
m Cubed Holdings 218,0 50,1 50,1 50,1
Funding costs (39,9) (46,5) (99,3) (825,9) (989,0) (930,9)
Perpetual (27,4) (29,3) (61,1) (555,3) (558,1) (561,0)
preference shares
(net of interest
on interest rate
swap)
Net interest after (12,5) (17,2) (38,2) (270,6) (430,9) (369,9)
tax (borrowings
and cash)
STC (0,2) (5,1) 2,2 0,6 (5,6) 0,2
Total 233,7 49,9 109,9 2 986,2 2 827,9 2 755,4
Statistics Change
Recurring HEPS 81,8 73,8 174,9 10,8%
after funding and
STC (cents)
HEPS (cents) 135,9 29,6 65,3 359,1%
Review of results
Recurring headline earnings (refer to Contribution to Headline Earnings table)
remains the board`s predominant measure of PSG Group`s financial performance.
The sustainable earnings from subsidiary and associated companies are included
in recurring, whereas marked-to-market profits/losses and once-off items are
disclosed as non-recurring headline earnings.
A commendable performance by associated company, Capitec, resulted in PSG`s
recurring headline earnings after funding and STC increasing by 10,8% to 81,8
cents per share for the six-month period ended 31 August 2009.
Reportable headline earnings and attributable earnings per share increased by
359,1% to 135,9 cents and by 271,6% to 112,6 cents respectively for the six-
month period ended 31 August 2009. This is mainly the result of positive
marked-to-market movements in both PSG Corporate`s and Thembeka Capital`s
listed investment portfolios.
Corporate action
- PSG Group issued 3 million shares at R14,40 per share and 4,7 million shares
at R16,23 per share for a cash consideration of R43,2 million and R76,7
million respectively during the period under review.
- AltX listing of and R150 million renounceable rights issue by Paladin
Capital.
- Zeder rights issue, underwritten by PSG, in terms of which R495 million was
raised.
- Unbundling of KWV`s own operational business from the Distell investment,
driven by Zeder as major shareholder.
- PSG Konsult`s acquisition of T-Sec`s private client stockbroking division
for a consideration of R66,4 million.
- Merger of PSG Fund Management with PSG FutureWealth.
- Sale of 18% interest in MiWay Finance for R25 million.
- Conclusion of a R200 million, 4-year redeemable preference share facility,
of which R100 million has been utilised.
Capitec Bank (34,8%)
Capitec`s headline earnings increased by 50% to R178,3 million and headline
earnings per share by 48% to 215 cents for the six months ended 31 August
2009. Capitec`s return on equity for this period was 28%, exceeding
management`s 25% goal.
The bank remains financially sound with R1,5 billion in equity and R4,3
billion in assets (excluding cash). The risk-weighted capital adequacy ratio
is 36%. Liquidity remains a high priority and at 31 August 2009 it would have
been possible to repay all retail call savings deposits immediately.
Capitec now has 2,1 million clients served by 3 804 employees from 371
branches and more than 1 000 ATMs (own and in partnership).
Despite management`s caution in these uncertain times, new clients are
expected to increase. PSG remains optimistic about the future of this
investment.
Capitec`s comprehensive results for the six months ended 31 August 2009 are
available on its website www.capitec.co.za.
PSG Konsult (73,2%)
Taking cognisance of the current economic environment and the effects thereof
on PSG Konsult`s clientele, reasonable results were achieved for the period
under review. Headline earnings decreased by 16,6% to R39,5 million and
headline earnings per share by 16,9% to 5,4 cents compared to the
corresponding six-month period in 2008.
Selected statistics include:
- Turnover increased by 5,4% to R391,2 million.
- The T-Sec acquisition added 10 500 new private clients to PSG Konsult`s
existing client base of more than 110 000.
- Funds under administration increased to approximately R63 billion (2008: R50
billion), which was largely driven by the assets obtained through the T-Sec
acquisition.
- Short-term insurance premiums increased to R1,5 billion (2008: R1,4 billion)
on an annualised basis.
- PSG Konsult`s BEE initiative, PSG Konsult Nhluvuko, is now fully operational
and has reported an encouraging profit for the period under review. The
primary focus of Nhluvuko will be commercial and institutional business.
PSG Konsult`s comprehensive results for the six months ended 31 August 2009
are available on its website www.psgkonsult.co.za.
Zeder (40,6%)
Zeder successfully concluded a rights issue in terms of which R495 million was
raised at R1,35 per share in June 2009. Zeder`s recurring headline earnings
increased by 17% to R74,8 million for the six months under review. However,
recurring headline earnings per share decreased by 9,5% to 9,5 cents and
reportable headline earnings per share by 20% to 10,9 cents. This was mainly
attributable to the increased number of Zeder shares in issue following the
aforementioned rights issue together with disappointing results from KWV`s own
operational business having made a headline loss of R17,9 million from its
continuing operations for the year ended 30 June 2009.
Zeder`s comprehensive results for the six months ended 31 August 2009 are
available on its website www.zeder.co.za.
Paladin Capital (93,9%)
Paladin remains PSG Group`s preferred investment vehicle in industries other
than the financial and agri-related sectors.
Its investment portfolio currently comprises 13 investments. Paladin listed on
the AltX in September 2009 and raised R150 million by means of a renounceable
rights issue to PSG shareholders earlier in October.
Paladin`s reportable headline earnings increased to R129,2 million (2008: R5,2
million) for the six months under review, while headline earnings per share
increased to 29,5 cents (2008: 1,4 cents) mainly as a result of favourable
marked-to-market movements in Thembeka Capital`s listed investments in the JSE
Ltd, PSG and Capitec. Recurring headline earnings per share after funding and
STC decreased by 29% to 6,9 cents. This is mainly as a result of a loss
contribution from tanker manufacturer, GRW, which was severely affected by the
downturn in the economy. The Paladin board consequently deemed it prudent to
write down the investment from R91 million to R39 million. Paladin`s net asset
value per share increased by 18% to 183 cents.
Significant investments made by Paladin subsequent to year-end included a 50%
interest in Curro Holdings, a private schooling group, for R50 million, and a
9,4% interest in Petmin previously owned by PSG by means of a share swap.
Following the aforementioned rights issue, PSG Group`s interest in Paladin
diluted to 80,7%.
Paladin`s comprehensive results for the six months ended 31 August 2009 are
available on its website www.paladincapital.co.za.
PSG Fund Management (95,1%)
With effect from March 2009, PSG Fund Management acquired the 80% shareholding
of PSG Group in PSG FutureWealth.
Profitability in the asset management industry remained under pressure with
the PSG Fund Management group`s headline earnings decreasing by 24% to R10,8
million for the period under review. PSG Fund Management has been able to
attract further assets, albeit at a lower margin, while PSG FutureWealth has
enjoyed success with its secured investment product business. Selected
statistics for the past six months are:
- Funds under administration increased by 18% to R23,9 billion.
- Funds under management increased by 9% to R10,5 billion.
- Local and offshore investments experienced positive net inflows of R1,7
billion.
PSG Corporate (100%)
PSG Corporate acts as PSG Group treasurer, and is the appointed manager to
both Zeder and Paladin.
PSG Corporate secured a R200 million, 4-year preference share facility, of
which R100 million has been utilised to date. It has selectively provided
subsidiary companies with capital for investment purposes in the form of
equity and/or short-term bridging facilities.
The net increase in the listed share prices of our strategic and non-strategic
investments accounted for the non-recurring marked-to-market profits achieved
during the period under review.
Prospects
Management remains focused on growing PSG`s recurring headline earnings base
and intrinsic value. We believe it to be achievable given the diversification
of the Group`s operations across the broader economy and our commitment to
success.
We have a dream and a plan, and remain excited about the future of PSG Group.
Dividends
Ordinary shares
In April 2009, PSG Group`s future policy to pay an annual dividend equal to
75% of free cash flow was announced to the market. The directors of PSG Group
Limited have consequently resolved to declare an interim dividend of 13 cents
per share (2008: 19 cents) in respect of the six months ended 31 August 2009.
The following are the salient dates for the payment of the ordinary dividend:
Last day to trade cum dividend Friday, 30 October 2009
Trading ex dividend commences Monday, 2 November 2009
Record date Friday, 6 November 2009
Day of payment Monday, 9 November 2009
Share certificates may not be dematerialised or rematerialised between Monday,
2 November 2009, and Friday, 6 November 2009, both days inclusive.
Preference shares
The directors of PSG Financial Services Limited declared a dividend of 450,4
cents per share in respect of the cumulative, non-redeemable, non-
participating preference shares for the six months ended 31 August 2009, which
was paid on 28 September 2009.
On behalf of the board
Jannie Mouton Wynand Greeff
Chairman Financial director
Stellenbosch
14 October 2009
Directors: JF Mouton (chairman)*, L van A Bellingan^, PE Burton^,
ZL Combi^, J de V du Toit^, MM du Toit^, WL Greeff*, MJ Jooste^, JJ Mouton, PJ
Mouton*, CA Otto, W Theron, CH Wiese^
*Executive ^Independent
Secretaries and registered office: PSG Corporate Services (Pty) Limited
1st Floor, Ou Kollege, 35 Kerk Street, Stellenbosch, 7600
PO Box 7403, Stellenbosch, 7599
Transfer secretaries: Computershare Investor Services (Pty) Limited
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Sponsor: PSG Capital
Date: 14/10/2009 15:43:01 Produced by the JSE SENS Department.
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