| Thu 26 Nov 2009, 10:17 | | SKJ - Sekunjalo Investments Limited - Audited Group results for the year |
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SKJ
SKJ
SKJ - Sekunjalo Investments Limited - Audited Group results for the year
ended 31 August 2009
Sekunjalo Investments Limited
(Incorporated in the Republic of South Africa)
Registration number 1996/006093/06
Share code: SKJ and ISIN: ZAE000017893
("Sekunjalo" or "the Group" or "the Company")
Audited Group results for the year ended 31 August 2009
Abridged Group Balance Sheet
Audited Audited
31 August 2009 31 August 2008
R`000 R`000
Assets
Non-current assets 504 822 558 570
Biological assets-abalone - 16 242
Property, plant and equipment 143 614 195 535
Goodwill 57 642 97 148
Intangible assets 25 244 54 915
Investments in joint ventures 50 -
Investments in associates 144 776 150 000
Other financial assets 102 164 9 565
Deferred tax 31 332 35 165
Current assets 200 249 286 451
Inventories 21 634 30 816
Biological assets-abalone 38 320 17 340
Other financial assets 22 066 11 313
Current tax receivable 451 740
Trade and other receivables 66 723 122 958
Cash and cash equivalents 51 055 103 284
Non-current assets held for sale and assets 18 386 53 964
of disposal groups
Total assets 723 457 898 985
Equity and liabilities
Total equity 392 296 449 589
Shareholders equity 394 238 455 948
Minority interest (1 942) (6 359)
Liabilities
Non-current liabilities 153 448 141 967
Loans from Group companies 1 016 584
Other financial liabilities 57 019 52 203
Other non-current liabilities 2 369 1 990
Deferred tax 93 044 87 190
Current liabilities 165 972 261 763
Loans from Group companies - 891
Other financial liabilities 17 035 23 430
Current tax payable 21 618 15 867
Other current liabilities 789 1 611
Trade and other payables 59 372 102 970
Provisions 23 571 18 427
Bank overdraft 43 587 98 567
Liabilities held for sale and liabilities of 11 741 45 666
disposal groups
Total equity and liabilities 723 457 898 985
Net asset value per share (cents) 80,57 93,18
Tangible net asset value per share (cents) 63,63 62,10
Number of shares (`000) 489 339 489 339
Abridged Group Income Statement Audited Audited
31 August 2009 31 August 2008
R`000 R`000
Revenue 405 910 601 534
Cost of sales (307 209) (372 343)
Gross profit 98 701 229 191
Other income 31 574 65 333
Operating expenses (158 292) (265 232)
Operating (loss) profit (28 017) 29 292
Impairment expense (67 576) (16 754)
Operating (loss) profit after impairment (95 593) 12 538
expenses
Fair value adjustments 67 710 (301)
Operating (loss) profit after fair value (27 883) 12 237
adjustments
Investment revenue 5 649 9 402
Income from equity accounted investments (5 224) (3 374)
(Loss)/profit before finance costs and (27 458) 18 265
taxation
Finance costs (18 786) (19 442)
Loss before taxation (46 244) (1 177)
Taxation (13 928) 3 352
(Loss)/profit for the year from continuing (60 172) 2 175
operations
Profit for the year from discontinued 1 400 3 458
operations
(Loss)/profit for the year (58 772) 5 633
Attributable to:
Equity holders of the parent (58 941) 6 415
Minority interest 169 (782)
Earnings per ordinary share (cents) (12,05) 1,32
- Continuing operations (12,34) 0,61
- Discontinued operations 0,29 0,71
Headline earnings per ordinary share (cents) 1,55 3,93
- Continuing operations 1,26 3,22
- Discontinued operations 0,29 0,71
Basic and diluted earnings per ordinary (12,05) 1,32
share (cents)
Diluted headline earnings per ordinary share 1,55 3,93
(cents)
Weighted average number of shares in 489 073 484 984
issue(`000)
Fully diluted weighted average number of 489 073 484 984
shares in issue(`000)
ABRIDGED STATEMENT OF CHANGES IN EQUITY
Outside
Attributable shareholders` Total
to parent interest equity
R`000 R`000 R`000
Balance at 01 September 2007 561 328 29 741 591 069
Settlement of foreign exchange (14) - (14)
contract
Net profit/(loss) for the year 6 415 (782) 5 633
Issue of shares 16 384 - 16 384
Decrease in holdings due to the 33 511 (33 511) -
allocation of shares
Transfer 17 (17) -
Dividends (1 195) - (1 195)
Business combinations (160 498) (1 790) (162 288)
Balance at 01 September 2008 455 948 (6 359) 449 589
Issue of preference shares - 634 634
Loss for the year (58 941) 169 (58 772)
Treasury shares (200) - (200)
Dividends paid - (679) (679)
Acquisitions of subsidiaries (2 569) 4 293 1 724
Balance at 29 February 2008 394 238 (1 942) 392 296
Abridged Group Cash Flow Statement
Audited Audited
31 August 2009 31 August 2008
R`000 R`000
Cash flow from operating activities 1 586 32 043
Cash flows from investing activities (22 749) (40 921)
Cash flows from financing activities 23 914 7 111
Increase/(Decrease) in cash and cash 2 751 (1 767)
equivalents
Cash and cash equivalents at beginning of 4 717 37 866
the year
Cash equivalents before transfer to held for 7 468 36 099
sale
Transfer to held for sale - (31 382)
Cash equivalents at the end of the year 7 468 4 717
Abridged Group Segmental Report 2009
Financial Infor- Fishing Health- Bio-
Services matics care technology
31 Aug 31 Aug 31 Aug 31 Aug 31 Aug
2009 2009 2009 2009 2009
R`000 R`000 R`000 R`000 R`000
Revenue 8 928 109 457 192 389 12 271 -
External sales 8 928 100 741 192 389 12 271 -
Inter Group sales - 8 716 - - -
Revenue - - 18 483 - - -
discontinued
operation
Segment result
Operating (4 276) 11 091 (30 387) (20 680) (53)
profit/(loss)
Operating - 1 745 - - -
profit/(loss) -
discontinued
operation
Included in
segment results:
Impairments/ (4 140) (1 029) (44 880) (17 500) -
reversal of
impairments
Depreciation and 50 1 985 16 296 3 020 -
amortisation
Fair value - - - - -
adjustments
Carrying amount 24 425 92 547 323 084 39 718 181 842
of assets
Carrying amount 56 792 75 265 184 982 77 539 87 702
of liabilities
Loss from - - - - (5 224)
associate
Capital - - 16 199 - -
expenditure
Abridged Group Segmental Report 2009
continued
Invest- Media Other Elimi- Group
ments group nations
31 Aug 31 Aug 31 Aug 31 Aug 31 Aug
2009 2009 2009 2009 2009
R`000 R`000 R`000 R`000 R`000
Revenue 5 000 91 300 19 467 (32 902) 405 910
External sales - 91 300 281 - 405 910
Inter Group sales 5 000 - 19 186 (32 902) -
Revenue - - - - - 18 483
discontinued
operation
Segment result
Operating (11 734) 1 127 6 683 20 346 (27 883)
profit/(loss)
Operating - - - - 1 745
profit/(loss) -
discontinued
operation
Included in segment
results:
Impairments/ reversal (43 745) (27) - 43 745 (67 576)
of impairments
Depreciation and 92 281 293 - 22 017
amortisation
Fair value 48 200 (290) 68 000 (48 200) 67 710
adjustments
Carrying amount of 772 842 20 457 124 948 (856 406) 723 457
assets
Carrying amount of 145 564 18 888 68 989 (384 560) 331 161
liabilities
Loss from associate - - - - (5 224)
Capital expenditure - - - - 16 199
Abridged Segmental Report for the period ending 31 August 2008
Financial Infor- Fishing Health-care Bio-
Services matics technology
31 Aug 2008 31 Aug 31 Aug 31 Aug 2008 31 Aug
2008 2008 2008
R`000 R`000 R`000 R`000 R`000
Revenue 125 900 72 362 274 559 13 998 -
External sales 125 900 69 496 274 559 13 998 -
Inter Group sales - 2 866 - - -
Revenue - - 36 737 - - -
discontinued
operation
Segment result
Operating (9 308) 10 897 25 647 (7 860) (22)
profit/(loss)
Operating - 4 295 - - -
profit/(loss) -
discontinued
operation
Included in
segment results:
Impairments/ (6 197) - (9 088) (1 233) -
reversal of
impairments
Depreciation and (529) (1 906) (12 953) (2 275) -
amortisation
Fair value (445) - - - -
adjustments
Carrying amount 86 561 114 805 438 479 64 186 181 223
of assets
Carrying amount 111 825 97 435 224 389 133 851 78 000
of liabilities
Loss from - - - - (3 374)
associate
Capital 125 1 157 13 207 5 329 -
expenditure
Notes: The above segmental report has been prepared in accordance
with the disclosure requirements of IAS 14.
Abridged Segmental Report for the period ending 31 August 2008
continued
Invest- Media Other Elimi- Group
ments group nations
31 Aug 2008 31 Aug 31 Aug 31 Aug 2008 31 Aug
2008 2008 2008
R`000 R`000 R`000 R`000 R`000
Revenue 6 000 114 993 19 407 (25 685) 601 534
External sales - 113 351 4 230 - 601 534
Inter Group sales 6 000 1 642 15 177 (25 685) -
Revenue - - - - - 36 737
discontinued
operation
Segment result
Operating (496 186) 4 900 4 890 479 279 12 237
profit/(loss)
Operating - - - - 4 295
profit/(loss) -
discontinued
operation
Included in
segment results:
Impairments/ 2 342 - - (2 578) (16 754)
reversal of
impairments
Depreciation and (307) - 343 36 014 18 387
amortisation
Fair value (482 015) 144 - 482 015 (301)
adjustments
Carrying amount 753 228 22 920 25 401 (787 818) 898 985
of assets
Carrying amount 120 378 20 511 29 353 (366 346) 449 396
of liabilities
Loss from - - - - (3 374)
associate
Capital 211 1 019 666 (1 363) 20 351
expenditure
Notes: The above segmental report has been prepared in accordance
with the disclosure requirements of IAS 14.
Calculation of Headline Earnings
Audited Audited
Notes 31 August 2009 31 August 2008
R`000 R`000
Earnings for the year (58 941) 6 415
IAS 16(Profit)/Loss on disposal of i (1 952) 1 786
assets
IFRS 3(Profit)/Loss on disposal of ii (300) (1 176)
subsidiaries
IAS 36 Impairment losses iii 54 371 12 063
IAS 36 Impairment of goodwill iv 13 205 -
Effect of tax 1 188 -
Headline earnings 7 571 19 088
Notes:
i) This profit arose from the disposal of manufacturing equipment relating
to restructuring within the Health Care division.
ii) This profit arose from the disposal of the businesses as detailed under
corporate activities.
iii) The Group impairments include:
a. R31,675m impairment of property, plant and equipment in the
Fishing
division as a result of restructuring the pelagic business and other
assets
which have been taken out of production in the short term.
b. R17,5m impairment of a brand held in the Health Care division due to a
restructuring of the manufacturing part of the business.
c. R5,196m impairment of intangibles and other financial assets because of
the impact of the global economic slowdown on these assets
iv) The Group impaired R13,205m subsequent to impairment tests which
indicated that a cash generating unit was impaired due to the global
economic
slowdown.
Additional financial information:
Included in the income statement is R67,71m of fair valuation adjustments to
the Group`s investments. Refer to segment report for fair valuations within
each division.
The Group is carrying its investment in associate, namely, Bioclones (Pty)
Ltd, at cost because of the complexities and subjectivity involved in
determining a fair value for the business.
Basis of preparation
The abridged consolidated financial information has been prepared in
accordance with IAS 34 - Interim financial reporting and is based on the
audited financial statements of the Group for the year ended 31 August 2009,
which have been prepared in accordance with International Financial Reporting
Standards ("IFRS"), the Listings Requirements of the JSE Limited, and the
Companies Act of South Africa, as amended. The abridged financial statements
have been audited by the Group`s independent auditor, PKF (Cpt) Inc., whose
report is available for inspection at the registered office of the Company.
The audited financial results for the year ended 31 August 2009 have been
prepared in accordance with the Group accounting policies, which comply with
IFRS and are consistent with those applied in the previous financial year.
Reclassification of comparatives
Certain comparative figures have been reclassified. There is no impact on the
income statement for the year ended 31 August 2008. The impact on the balance
sheet as at 31 August 2008 is:
i) Decrease in non-current biological assets by R17,34m;
ii) Increase in current biological assets by R17,34m;
iii) Increase in cash and cash equivalents by R12,815m;
iv) Increase in bank overdraft by R12,815m.
Corporate activities
Acquisitions during the year:
- Acquisition of Digital Matter (Pty) Ltd - 75% obtained for R3m and settled
through a cash payment of R2m and two further cash payments against the
delivery of profits over the next two financial years with an acquisition
date of 1 March 2009. This company was acquired to compliment software
development. The goodwill of R3,484m acquired, relates to the intellectual
property.
- Acquisition of British Telecom Communications Services South Africa (Pty)
Ltd - 30% as per the SENS announcement on 05 November 2008.
Disposals during the year:
- The Group concluded its disposal of its 51% share in the Zenith Group (Pty)
Ltd. The assets and liabilities of this group were disclosed in the
comparative financials as non-current assets and non-current liabilities held
for sale. The Zenith Group held a 100% shareholding in the following entities
which were disposed of as part of this transaction: - Sekunjalo Life
Assurance Ltd; - Sekunjalo Medical Aid Administrators (Pty) Ltd; and
- Bensure Insurance Underwriters Ltd.
- The Group diluted its controlling stake (51%) in Imagination Administration
Services (Pty) Ltd (IAS) and Imagination Capital Management Services (Pty)
Ltd (ICMS) down to a 26%.
- The Group sold its 50% controlling share in Zenith Administration Services
(Pty) Ltd.
- The Group disposed of its interests in Synergy Business Intelligence (Pty)
Ltd as per the SENS announcement on 17 June 2009.
- The Group diluted its interest in First Light Administration Services (Pty)
Ltd from 80% to 51%.
The financial implications of these corporate actions are detailed in the
attached table.
Information on business combinations Acquisitions
R`000
Net assets 866
Less: Outside shareholders interest after (216)
acquisition
Acquired by Group 650
Goodwill on transaction 3 755
Purchase consideration 4 405
Settled with non-cash items (3 000)
Cash consideration 1 405
Bank acquired (2 142)
Net cash flow (737)
Disposals
Net assets 32 917
Less: Outside shareholders interest after 4 712
acquisition
Disposed by Group 37 629
Profit on disposal 300
Selling price 37 929
Settled in non-cash items (15 253)
Settled in cash 22 676
Bank disposed (37 155)
Net cash flow (14 479)
Post Balance Sheet events:
Subsequent to year end, the contract entered into between a joint venture
company, Amethst (Pty) Ltd (Amethst), as part of the Baoki Consortium, and
the Gauteng Department of Health (GDoH) for the implementation of Hospital
Information and Gauteng Electronic Health Record systems, has been cancelled
by the Baoki Consortium. This action has been taken as a result of the non-
delivery by the GDoH on their contractual obligations, which has prevented
the Baoki Consortium from making their contractual deliveries to the GDoH, as
well as the extended non-payment of invoices due to the Baoki Consortium.
While legal advice is being sort regarding the recovery of the outstanding
debts and possible damages, the Baoki Consortium continues to engage with the
GDoH in an attempt to get a revised project contract in place.
As a consequence of the cancellation of the contract, restructuring and
retrenchments are underway in order to align Amethst business with their
remaining contracts. As at the date of this report, it is not possible to
determine a reasonable estimate of the financial impact or outcome of the
negotiations.
Group performance
In the year under review, Sekunjalo continued to increase its focus on
improving business efficiencies and eliminating non-core assets and loss
making divisions. The global economic challenges had its expected impact on
the operating business but because of the steps taken by the Group a large
portion of the potential negative impact was averted.
The Group underwent a focused restructure over the last 12 months. This was
primarily targeted at overhead structures and expense efficiencies. It was
also a pre-emptive action anticipating the global economic crisis and the
affect on the underlying business units.
This has meant that the Group incurred a number of once off expenses and
also, in taking a conservative approach, has impaired certain assets given
the current economic challenges.
The Group made a R28,01m operating loss before impairments and fair
valuations compared with a R29,29m operating profit in 2008.
The primary driver has been the Global recession and the resulting impact on
the export pricing as well as the strengthening of the Rand. This has in some
instances led to a 30% or more reduction in selling prices with a rand based
cost structure. The effect is that almost all the lost revenue results in
operational losses. However, the cost restructure of the Group to cope with
the decreased revenues has created a very sound base from which the Group can
extract real value as the global economy recovers.
The Group took a conservative stance on all marginal items and thus a number
of once off costs exacerbated the operational performance. The approach is
expected to save the Group R30m to R40m per annum on an ongoing basis.
Review of Investments
British Telecom ("BT")
BT is one of the world`s leading providers of communication solutions and
services operating in 170 countries. Its principal activities include:
- the provision of networked IT services globally;
- local, national and international telecommunications services to customers
for use at home, at work and on the move;
- broadband and internet products and services; and
- converged fixed/mobile products and services.
BT consists principally of four lines of business: BT Global Services,
Openreach, BT Retail and BT Wholesale.
Sekunjalo`s partnership with BT has been very successful in its first year.
The companies have grown to understand each other`s business methodologies
and have effortlessly integrated the philosophies. BT has performed extremely
well during the year despite the economic climate. It is expected to exceed
budget expectations and looks extremely well positioned to grow aggressively
over the next few years.
Information, Communication & Telecommunications ("ICT")
Sekunjalo Technology Solutions Group ("Sekunjalo TSG") is a wholly owned
subsidiary of Sekunjalo and focuses on acquiring and growing high growth,
niche-market technology companies.
This subsidiary`s operating profit for the year amounts to R12,8m
(2008:R15,2m). This drop is primarily associated with the disposal of Synergy
at the half year mark and with the impact of the general downturn in spending
given the economic conditions over the last 12 months.
Fios (Pty) Ltd has become a leader in delivering performance management
solutions to its large client base across a wide range of industries
including financial services, insurance, retail, mining, manufacturing and
pharmaceuticals.
Operating profit before management fees of R1,57m for 2009 compared to R3,3m
for 2008 indicate how the business has been negatively impacted by the
economic slowdown when buy decisions were delayed by certain key customers.
These decisions are expected to change positively in the new year and the
prospects look good. The business has also been freed up to distribute new
products and to look to new market segments with the departure of Synergy.
Saratoga Software (Pty) Ltd is a leading software development company focused
on building bespoke software solutions to innovators and corporate customers.
Saratoga Software has grown in scale and capability over the last four years
and has established a successful track record.
Digital Matter (Pty) Ltd is a young, dynamic software business with products
and customers which complement the business of Saratoga. The business is
based in Johannesburg where it provides mobile focused software to blue-chip
clients.
Health System Technologies (Pty) Ltd (HST) is a Sekunjalo health care
subsidiary company providing hospital information systems and is under the
management of Sekunjalo TSG.
HST has continued to grow its customers in the Health sector and now includes
both Local Government and Private Health Care clients. The business has grown
dramatically over the last few years and has carved out a niche market within
the Health environment as a premier solution provider.
Fishing (lobster, hake, pelagic and squid)
Premier Fishing SA (Pty) Ltd (Premier Fishing) has had a challenging year
with the implementation of the restructuring strategies as well as the impact
of the global economic recession on export markets
Premier Fishing generates 60% of its revenues from international markets and
a significant portion of that is generated from its South Coast Rock Lobster
division. The strengthening of the Rand against the Dollar has compounded the
weakened export selling prices. The combination of these factors led to the
reduced revenues experienced in the business. This, together with rand-based
operating expenses and a number of once off costs incurred as part of the
implementation of the cost restructuring has driven the performance of the
business at an operating level.
Premier Fishing is now well positioned for the years ahead with a reduced
cost base making the business profitable at the current export pricing
levels. Any improvements to the export prices or weakening of the Rand will
create excellent profits.
Aquaculture (abalone)
The abalone farm has again performed well even with a drop in the dollar-
based export pricing. The acquisition of Marine Growers (Pty) Ltd some 18
months ago has now been fully integrated into the operations of the abalone
farm at Gansbaai. This acquisition has enabled the growth of the farm to a
120 ton capacity and provided the infrastructure for some additional growth.
The decision to grow the farm organically through investment in the
infrastructure and via acquisition has delivered value to the Group in
increased profits as well as the increased capacity to supply the global
demand for the product.
Health-care and Pharmaceuticals
Sekunjalo Health Care Ltd ("SHC") has in the past two years undergone major
restructuring to focus more effectively on achieving its primary objective
which is to become a leading provider of health care services to the total
population of South Africa. It intends to achieve this through the
establishment of alliances and partnerships which enable it to provide
relevant products and services to the market.
SHC houses Sekunjalo`s interests in health care and pharmaceuticals. The
vision of providing professional, affordable, sustainable, health care drugs
and services that are relevant to the unique challenges of our region remain
achievable and worthy of this investment.
In line with diversifying our portfolio, agreement was reached on five new
over-the-counter drugs to be launched late in 2009. Negotiations are also in
progress to introduce two new generic drugs into our portfolio in the
infection and pain management sectors. This is in line with our strategy to
introduce at least two new products per annum going forward.
Financial Services
The Group has also been the focus of some significant restructuring which has
led to a number of disposals and various restructures in shareholding to more
appropriately line up the shareholding with the funding in the business
units.
Sekunjalo reduced its shareholding to a traditional empowerment stake in some
of the businesses in line with the Group`s longer-term vision of being a
typical investment company. The financial services sector is one into which
Sekunjalo wants to re-launch its efforts on the back of the newly
restructured and simplified financial services division. The vision of
creating a more cost effective solution for financial products is still key
to the future of the business.
Biotechnology
Bioclones (Pty) Ltd is a research and development company with an
international shareholder (European) and other strategic investors and is a
significant investment for Sekunjalo.
The Biotech business has progressed very well in establishing new facilities
and stream lining its current production facilities. The business is focused
on three main areas:
- Global patents;
- Biogenerics; and
- Novel compounds.
Enterprise Development
Tripos Tourism Investments (Pty) Ltd ("Tripos") had an expected tough year
under the global economic slowdown. The travel spend of any business is an
easy target for cutting when expenditure is under pressure. It is however
very encouraging to note that although the company produced an operational
losses, it improved its historic margins and managed to rationalise certain
costs. The business looks well positioned to take advantage of the projected
economic recoveries over the next few years.
Events Marketing and Production Afrika (Pty) Ltd ("espAfrika") performed
admirably considering a number of key sponsors of previous years reduced
their support during the current year. They were however replaced by some new
and energetic sponsors who also have a vision to grow with the festivals.
Group Prospects
Looking ahead, the Sekunjalo Group`s prospects are positive for the following
reasons:
- It has become an empowerment partner of choice to many large and small
businesses and enjoys solid partnerships with Siemens South Africa,
Microsoft South Africa, IBM, Gulf Pharmaceutical Industries (Julphar),
GlaxoSmithKline (GSK) and British Telecoms South Africa (BT).
- It has strong Broad Based Black Economic Empowerment ("B-BBEE`)
credentials
and a growing international reputation as a founder company of the World
Economic Forum ("WEF") New Champions and Community Global Growth Company
("CGGC").
- The Company`s businesses have all been significantly restructured to
achieve
greater operational efficiencies and profitability and to enable them to
absorb the economic downturn. The future of the businesses looks bright on
the back of the reduced cost structures.
In Fishing, we continue to explore partnerships both locally and abroad to
improve costs efficiencies and the ultimate selling prices. We do expect
further consolidation in the industry and are positioning ourselves as an
attractive partner for the industry as a whole.
In Aquaculture, we continue to expand the farm and expect international
pricing to recover historic prices thus improving the profitability of the
farm. As natural resources decline globally, we are exploring opportunities
with an overseas partner and evaluating the farming of other species which
would complement our existing activities.
In the ICT sector, we have made and will continue to make strategic
acquisitions. The serviced focused model of our ICT businesses will deliver
improved returns and number of State tenders won by our health IT subsidiary,
HST, will provide the platform for significant growth in the years to come.
Sekunjalo is poised for growth. The Group has focused on cost reduction over
the last 18 months and has positioned many of its businesses to deliver
profits under the current economic conditions. The Group has also made sure
that its gearing is low and thus able to take up those opportunities that
present themselves in the next few years as the global economy recovers.
Dividends
No dividends have been declared for the current period. The Board continues
to work towards payment of dividends in the foreseeable future and believes
that the Group strategy will deliver significant returns on investment.
Appreciation
We wish to thank the Sekunjalo board of directors for their leadership and
guidance during the past year and for their commitment in ensuring the
continued success of the Group.
In addition, my appreciation goes to all our executives and staff for their
unselfish commitment and effort in meeting the business challenges that have
resulted in their often going beyond the call of duty. It has been a
challenging year given the global economic environment and I would like to
thank all executives and staff who have taken on the new challenges with
great enthusiasm and passion.
MI Surve K Abdulla
Executive chairman Chief executive officer
26 November 2009
Directors
*Dr M Iqbal Surve (Executive Chairman); *Khalid Abdulla; Reverend Vukile
Mehana, Mihe Gaomab, The First; Salim Young; *Cherie Felicity Hendricks;
*Chantelle Ah Sing
*Executive Directors*
Resigned
*Mohamed Y Kajee, Zoliswa A Kota , Pieter Van Der Merwe
Company secretary: Cherie Felicity Hendricks
Registered Address: Quay 7, East Pier, Victoria and Alfred Waterfront, Cape
Town, 8001,
email: cherieh@sekunjalo.com
Transfer secretaries: Link Market Services South Africa (Pty) Ltd,
11 Diagonal Street, Johannesburg
Auditors: PKF (Cpt) Inc, Cape Town
Sponsor: PSG Capital (Pty) Ltd, Stellenbosch
Date: 26/11/2009 10:17:01 Produced by the JSE SENS Department.
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