| Tue 11 May 2010, 7:05 | | SVB - Silverbridge Holdings - Abridged audited group annual financial statements |
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SVB
SVB
SVB - Silverbridge Holdings - Abridged audited group annual financial statements
for the year ended 28 February 2010, notice of annual general meeting and notice
of declaration of dividend
SILVERBRIDGE HOLDINGS LIMITED
Incorporated in the Republic of South Africa
(Registration Number 1995/006315/06)
SHARE CODE: SVB & ISIN: ZAE000086229
("SilverBridge" or "the Group")
ABRIDGED AUDITED GROUP ANNUAL FINANCIAL STATEMENTS FOR THE YEAR ENDED 28
FEBRUARY 2010, NOTICE OF ANNUAL GENERAL MEETING AND NOTICE OF DECLARATION OF
DIVIDEND
HIGHLIGHTS
- Revenue increased by 51% to R106.5 million
- Operating profit increased by 134%
- Profit for the year increased by 118%
- Earnings per share and headline earnings per share increased by 113% and 112%
respectively
FINANCIAL REVIEW
The Group performed well during the year under review, increasing headline
earnings per share to 39.74 cents per share from 18.78 cents per share in the
previous financial year. Our revenue increased by 51% from R70.6 million to
R106.5 million whilst our net margins improved from 10% to 15%. We experienced
healthy organic growth in implementation income supported by annuity income
streams. The successful acquisition of Acczone Systems (Proprietary) Limited, an
established software provider of loan administration solutions, is another
building block in the SilverBridge house. The Group measures performance across
five main business segments - implementation, support, software rental,
consulting and research and development. The support and software rental revenue
segments are annuity revenue segments.
GROUP PROFILE
SilverBridge is Africa`s leading provider of administration software and IT
consultation in financial services. Our unique expertise covers many of the
financial services verticals with specific focus on banking and life assurance.
Constant changes in the market require both a nimble and innovative approach
from financial services providers. SilverBridge has a track record for
delivering solutions to help our clients to be more successful in this
challenging market. The future of financial services holds many challenges for
providers; the astonishing speed at which technology is changing and influencing
the behaviour of new generations will require a new approach to financial
services. SilverBridge is committed to be part of that new future. The Group
operates through the following three subsidiaries:
SDT Financial Software Solutions (Proprietary) Limited (SDT) - Life insurance
administration
SDT offers life assurance companies quick time to market, reduced contract
administration costs and enhanced customer service. SDT was established in 1995
and has developed and streamlined its own software which it sells on a rental
model. SDT`s flagship software, Exergy, with its supporting services, is
packaged to meet the needs of the different market segments in which it
operates.
Ones & Zeros Professional Services (SA) (Proprietary) Limited (Ones & Zeros) -
Consulting
Founded In 1997, Ones & Zeros is an established IT management consulting
business. Its approach is to bring people and technology together. Services
include strategic systems implementation and consulting, which aligns business
processes with an organisation`s overall IT strategy. It has well established
relationships within the banking sector which add to the credibility of the
Group.
Acczone Systems (Proprietary) Limited (Acczone) - Loans administration
The recent acquisition of Acczone is a demonstration of SilverBridge`s
commitment to servicing the various verticals in the financial services
industry. Acczone was established in 1998 and has a core competency in the
delivery of business systems solutions in the loan administration sector, which
encompasses interest-bearing credit and debt administration.
GROUP OUTLOOK
It has been a very successful year for SilverBridge, not only in presenting a
turnaround in the financial results, but also in its improved positioning and
market share. The Group`s outlook for the 2011 financial year is positive, but
not without challenges and risks. We will endeavour to:
- secure work in targeted markets;
- improve efficiencies;
- further improve the alignment of capacity to available work;
- package products and services in line with the different market segments;
- capitalise on the scalability of the business and revenue models;
- plan expansion into new markets; and
- expand into the other verticals of financial services.
The economic downturn is likely to have some residual effects on our industry
and our markets. We have taken this into account in our business plans and
general approach. We are conservative in our growth objectives but will take
into consideration suitable opportunities. The Group enters the new financial
year with an overflow of project transactions concluded in the preceding
financial year, stable software rental and support annuity revenue streams and
expansion of consulting services in the banking industry. As such, our prospects
remain sound for the year ahead.
OPERATIONAL HIGHLIGHTS
Our consulting subsidiary, Ones & Zeros, has leaded a consortium to replace the
banking system at Mercantile Bank Holdings Limited. The project is in the
process of being concluded after running for more than two years.
We managed to extend our market share in the life insurance sector by a number
of new clients. The conclusion of the contract with ABSA Bank Limited to use
SDT`s software, Exergy, as its life policy administration system is confirmation
of the credibility that the platform has gained in large financial institutions.
In line with our acquisition strategy we have expanded our offering to include
loan administration solutions by acquiring Acczone.
GROUP ABRIDGED AUDITED STATEMENT OF COMPREHENSIVE INCOME
for the year ended 28 February 2010
2010 2009
R`000 R`000
Revenue 106 508 70 568
Other income 1 223 797
Personnel expenses (62 215) (43 861)
Depreciation and amortisation (3 383) (2 693)
Professional fees paid for services (8 045) (4 387)
Other expenses (12 409) (11 156)
Results from operating activities 21 679 9 268
Finance income 1 001 1 001
Finance costs (517) (288)
Share of profit in associate 9 10
Profit before income tax 22 172 9 991
Income tax expense (6 012) (2 595)
Profit and total comprehensive income for 16 160 7 396
the year
Profit and total comprehensive income
attributable to:
Equity holders of the holding company 13 540 6 200
Non-controlling interest 2 620 1 196
Profit and total comprehensive income for 16 160 7 396
the year
Earnings per share
Basic earnings per share (cents) 39.78 18.70
Headline earnings per share (cents) 39.74 18.78
Diluted earnings per share (cents) 32.37 16.40
Diluted headline earnings per share 32.34 16.47
(cents)
Weighted average number of shares in issue 34 034 33 150
(`000)
Diluted weighted average number of shares 40 386 37 816
in issue (`000)
Total number of shares in issue (`000) 34 781 33 587
GROUP ABRIDGED AUDITED STATEMENT OF FINANCIAL POSITION
at 28 February 2010
2010 2009
Note R`000 R`000
ASSETS
Non-current assets 42 582 27 301
Plant and equipment 2 229 1 643
Intangible assets 1.2 38 095 22 713
Investment in associate 110 101
Deferred tax assets 2 148 2 844
Current assets 42 153 38 727
Income tax receivable 5 700 4 512
Revenue recognised not yet invoiced 1.5 6 657 1 221
Trade and other receivables 15 364 16 896
Cash and cash equivalents 14 432 16 098
Total assets 84 735 66 028
EQUITY AND LIABILITIES
Equity 57 792 43 244
Share capital 348 336
Share premium 11 871 8 608
Acquisition shares - 2 724
Treasury shares (197) (197)
Share based payment reserve 91 -
Retained earnings 41 798 28 242
Total equity attributable to equity 53 911 39 713
holders of the holding company
Non-controlling interest 3 881 3 531
Current liabilities 26 943 22 784
Trade and other payables 1.3 24 805 19 653
Deferred revenue 1.5 1 314 1 595
Provisions 824 1 536
Total liabilities 26 943 22 784
Total equity and liabilities 84 735 66 028
GROUP ABRIDGED AUDITED CASH FLOW STATEMENT
for the year ended 28 February 2010
2010 2009
R`000 R`000
Cash flows from operating activities
Cash generated from operations 18 777 14 376
Interest received 939 1 001
Interest paid (10) (60)
Dividends paid by subsidiaries to non- (2 270) (1 348)
controlling interest
Taxation paid (6 201) (4 675)
STC paid (463) (275)
Net cash inflow from operating activities 10 772 9 019
Cash flows from investing activities
Plant and equipment acquired to expand (1 734) (737)
operations
Proceeds from sale of equipment 104 98
Acquisition of Ones & Zeros (3 535) (3 229)
Acquisition of Acczone (3 241) -
Listing fees on the issue of shares (8) -
Cash received on acquisition of subsidiary - 3 344
Capitalisation of development costs (2 759) (1 435)
Net cash used in investing activities (11 173) (1 959)
Cash flows from financing activities
Reduction in liability of previous year`s (1 265) (3 593)
capital distribution from share premium
Net cash outflow from financing activities (1 265) (3 593)
Net (decrease)/increase in cash and cash (1 666) 3 467
equivalents
Cash and cash equivalents at the beginning 16 098 12 631
of the year
Cash and cash equivalents at the end of the 14 432 16 098
year
GROUP ABRIDGED AUDITED SEGMENT REPORTS
for the year ended 28 February 2010
Business segments
Research
and
develop-
Implementation Support ment
R`000 R`000 R`000
2010
Revenue from external clients
Segment revenue 39 326 12 667 -
Direct segment cost (19 856) (7 414) (9 108)
Cost capitalised - - 2 759
Segment gross profit 19 470 5 253 (6 349)
Indirect segment cost (11 176) (4 172) (4 760)
Segment result 8 294 1 081 (11 109)
Unallocated expenses*
Operating profit
Finance income
Finance expense
Share of profit in associate
Income tax expense
Profit for the year
Software
rental Consulting Total
R`000 R`000 R`000
2010
Revenue from external clients
Segment revenue 22 584 31 931 106 508
Direct segment cost - (18 513) (54 891)
Cost capitalised - - 2 759
Segment gross profit 22 584 13 418 54 376
Indirect segment cost - (6 243) (26 351)
Segment result 22 584 7 175 28 026
Unallocated expenses* (6 346)
Operating profit 21 679
Finance income 1 001
Finance expense (517)
Share of profit in associate 9
Income tax expense (6 012)
Profit for the year 16 160
* Unallocated expenses relate to costs incurred at corporate level.
Research
and
develop-
Implementation Support ment
R`000 R`000 R`000
2009
Revenue from external clients
Segment revenue 19 977 11 003 -
Direct segment cost (10 130) (7 228) (10 845)
Cost capitalised - - 1 435
Segment gross profit 9 847 3 775 (9 410)
Indirect segment cost (6 142) (4 382) (6 576)
Segment result 3 705 (607) (15 986)
Unallocated cost*
Operating profit
Finance income
Finance expense
Share of profit in associate
Income tax expense
Profit for the year
Software
rental Consulting Total
R`000 R`000 R`000
2009
Revenue from external clients
Segment revenue 22 066 17 522 70 568
Direct segment cost - (9 360) (37 563)
Cost capitalised - - 1 435
Segment gross profit 22 066 8 162 34 440
Indirect segment cost - (3 157) (20 257)
Segment result 22 066 5 005 14 183
Unallocated cost* (4 915)
Operating profit 9 268
Finance income 1 001
Finance expense (288)
Share of profit in associate 10
Income tax expense (2 595)
Profit for the year 7 396
* Unallocated expenses relate to costs incurred at corporate level.
Assets and liabilities
The assets and liabilities of the Group are organised and managed at an
operating segment level and are not separately identifiable on a business
segment level.
GROUP ABRIDGED AUDITED STATEMENT OF CHANGES IN EQUITY
for the year ended 28 February 2010
Issued Share Treasury Acquisition
capital premium shares shares
R`000 R`000 R`000 R`000
Balance at 1 March 2008 326 10 797 (197) -
Total comprehensive income
for the year
Profit for the year - - - -
Other comprehensive income - - - -
Total comprehensive income - - - -
for the year
Transactions with owners,
recorded directly in equity
Contributions by and
distributions to owners
Issue of 990 401 shares 10 2 714 - -
related to the acquisition
of Ones & Zeros
Dividend paid by subsidiary - - - -
Capital distribution: 4 July - (4 903) - -
2008
Total contributions by and 10 (2 189) - -
distributions to owners
Changes in ownership
interests in subsidiaries
that do not result in a loss
of control
Acquisition of Ones & Zeros - - - 2 724
Total changes in ownership - - - 2 724
interests in subsidiaries
Total transactions with 10 (2 189) - 2 724
owners
Balance at 28 February 2009 336 8 608 (197) 2 724
Total comprehensive income
for the year
Profit for the year - - - -
Other comprehensive income - - - -
Total comprehensive income - - - -
for the year
Transactions with owners,
recorded directly in equity
Contributions by and
distributions to owners
Issue of 1 193 849 shares 12 3 263 - (2 724)
related to the acquisition
of Ones & Zeros
Equity settled share based - - - -
payment
Capital distribution amounts - - - -
not exercised
Dividend paid by subsidiary - - - -
Total contributions by and 12 3 263 - (2 724)
distributions to owners
Changes in ownership - - - -
interests in subsidiaries
that do not result in a loss
of control
Total transactions with 12 3 263 - (2 724)
owners
Balance at 28 February 2010 348 11 871 (197) -
Share Retained Total Non-con- Total
based earnings trolling
payment interest
reserve
R`000 R`000 R`000 R`000 R`000
Balance at 1 March - 22 042 32 968 - 32 968
2008
Total comprehensive
income for the year
Profit for the year - 6 200 6 200 1 196 7 396
Other comprehensive - - - - -
income
Total comprehensive - 6 200 6 200 1 196 7 396
income for the year
Transactions with
owners, recorded
directly in equity
Contributions by
and distributions
to owners
Issue of 990 401 - - 2 724 - 2 724
shares related to
the acquisition of
Ones & Zeros
Dividend paid by - - - (1 348) (1 348)
subsidiary
Capital - - (4 903) - (4 903)
distribution: 4
July 2008
Total contributions - - (2 179) (1 348) (3 527)
by and
distributions to
owners
Changes in
ownership interests
in subsidiaries
that do not result
in a loss of
control
Acquisition of Ones - - 2 724 3 683 6 407
& Zeros
Total changes in - - 2 724 3 683 6 407
ownership interests
in subsidiaries
Total transactions - - 545 2 335 2 880
with owners
Balance at 28 - 28 242 39 713 3 531 43 244
February 2009
Total comprehensive
income for the year
Profit for the year - 13 540 13 540 2 620 16 160
Other comprehensive - - - - -
income
Total comprehensive - 13 540 13 540 2 620 16 160
income for the year
Transactions with
owners, recorded
directly in equity
Contributions by
and distributions
to owners
Issue of 1 193 849 - - 551 - 551
shares related to
the acquisition of
Ones & Zeros
Equity settled 91 - 91 - 91
share based payment
Capital - 16 16 - 16
distribution
amounts not
exercised
Dividend paid by - - - (2 270) (2 270)
subsidiary
Total contributions 91 16 658 (2 270) (1 612)
by and
distributions to
owners
Changes in - - - - -
ownership interests
in subsidiaries
that do not result
in a loss of
control
Total transactions 91 16 658 (2 270) (1 612)
with owners
Balance at 28 91 41 798 53 911 3 881 57 792
February 2010
COMMENTARY
1. ACCOUNTING POLICIES
1.1 BASIS OF PRESENTATION
The accounting policies applied in the preparation of these abridged audited
financial statements, which are based on reasonable judgments and estimates, are
in accordance with International Financial Reporting Standards (IFRS) and are
consistent with those applied in the annual financial statements for the year
ended 28 February 2009, except for the amended IAS 1 - Presentation of Financial
Statements, which has been adopted for the year ended 28 February 2010. These
abridged audited financial statements as set out in this report have been
prepared in terms of IAS 34 - Interim Financial Reporting, the Companies Act,
1973 (Act 61 of 1973), as amended, and the Listings Requirements of JSE Limited.
For a better understanding of the Group`s financial position and results of
operations, these abridged audited financial statements must be read in
conjunction with the Group`s audited annual financial statements for the year
ended 28 February 2010 which include all disclosures required by IFRS, and which
are expected to be released on or about 28 May 2010.
1.2 GOODWILL AND INTANGIBLE ASSETS
Intangible assets and goodwill relating to the acquisition of Acczone were
identified and valued at acquisition date. Intangible assets relate to client
contracts and were valued at R793 970 at acquisition date. The amortisation of
these contracts over the respective contract periods resulted in a charge to the
income statement of R88 219 before tax. Goodwill of R14.2 million arose based on
our estimation of the contingent purchase price from the business combination.
The goodwill was tested at year end for impairment, however no impairment loss
has occurred. The purchase price was estimated by taking into account the
following factors:
- net profit after tax based on the budget of SilverBridge for the year ending
28 February 2011;
- the share price on the effective date of the transaction; and
- the deal parameters.
Pre- Recognised
acquisition
carrying Fair value values on
amounts adjustments acquisition
R`000 R`000 R`000
Intangible assets - 794 794
Deferred tax - (222) (222)
liability
Net identifiable - 572 572
assets and
liabilities
Goodwill on the - - 14 196
Acczone acquisition
Consideration 14 768
paid/payable
1.3 TRADE AND OTHER PAYABLES
Trade and other payables comprise the following:
2010 2009
R`000 R`000
Trade payables 734 706
Withholding tax rebate payable 5 860 8 650
VAT payable 489 698
Leave accrual 1 621 1 311
Liability on capital reduction 29 1 310
Other payables (accruals) 4 335 3 138
Ones & Zeros purchase price liability - 3 840
Acczone purchase price liability 11 737 -
Total 24 805 19 653
1.4 RECONCILIATION BETWEEN BASIC EARNINGS
AND HEADLINE EARNINGS
Basic earnings 13 540 6 200
Adjusted for:
(Profit)/Loss on disposal of equipment (15) 26
Headline earnings 13 525 6 226
1.5 DEFERRED REVENUE AND REVENUE RECOGNISED NOT YET INVOICED
Deferred revenue and revenue recognised but not yet invoiced
refers to the timing difference between recognition of revenue and
invoicing to the client based on the contracts. The Group is in a
net asset position which means it will increase working capital.
The assets will be converted to accounts receivable in the short-
term.
Current assets
Revenue recognised but not yet invoiced 6 657 1 221
Current liabilities
Deferred revenue (1 314) (1 595)
Net assets/(liabilities) 5 343 (374)
2. CORPORATE ACTIVITY
2.1 ACQUISITION OF ACCZONE
The Group purchased the Acczone Academy business and the Acczone Software
business from Grayston Technology Investments (Proprietary) Limited, through the
wholly-owned subsidiary Acczone Systems (Proprietary) Limited, as set out in our
SENS announcement dated 8 December 2009. The effective date of the acquisition
was 7 December 2009. SilverBridge provided Acczone with a R3 million short-term
loan facility to fund the continued development of the acquired software. The
purchase consideration will, over time, be settled partly in cash and partly by
the issue of new SilverBridge ordinary shares. The purchase consideration will
be determined by applying a specified multiple to the net profit after tax of
Acczone, as recorded in its annual financial statements for the twelve months
ending 28 February 2011, and subtracting the loan from the result. The purchase
consideration is capped at a maximum of R18 million. The settlement structure
based on the estimated contingent purchase consideration of the acquisition is
as follows:
R`000
First settlement
Acquisition cost (241)
Cash payment (3 000)
Total first settlement paid in cash (3 241)
Outstanding consideration to be settled as follows:
Share issue (3 842 320 shares at R1.70 each) 6 532
Cash stated at fair value (cash payment of R6 143) 5 205
Total 11 737
Acczone was only included for 3 months in the financial results and did not
contribute materially.
2.2. CAPITAL DISTRIBUTION
No distributions were recommended during the year under review.
3. AUDIT REPORT
The annual financial statements for the year ended 28 February 2010 have been
audited by KPMG Inc. Their unmodified audit report is available for inspection
at SilverBridge`s registered office.
4. FINANCIAL RESULTS AND PERFORMANCE
The Group has had a successful year, increasing revenue from R70.6 million to
R106.5 million and headline earnings per share from 18.78 cents to 37.46 cents
per share.
- Revenue increased by 51% to R106.5 million;
- Profit attributable to equity holders increased by 114% to R13.3 million
- Headline earnings per share increased by 107%
Change in representation
The business segment report in the previous financial year was prepared on a
gross profit level with indirect costs not allocated to the various segments.
The Group adopted an operating profit approach this financial year. Indirect
costs have been allocated to the segments. Comparative information has been
restated in line with the current year`s basis.
Revenue model
The Group`s intention is to build its annuity revenue which consists of software
rental and contracted support income. The annuity revenue is driven by project
related activity from implementation and customisation engagements as well as
consulting engagements. This year, total annuity income grew by 7%, largely a
function of lower project related revenues in the previous financial year and
client usage remaining stable in the economic environment.
Consulting - Consulting revenue in the Group is generated by Ones & Zeros. The
company consults to the banking industry and generated revenue of R31.9 million
and an operating profit of R7.2 million. Revenue was boosted by additional
project income from clients within the banking sector. Margins were lower since
some of the contracts were concluded at a lower margin. The business has also
bolstered its sales and other support functions for future growth. Consulting
remains a growth area. We intend increasing market share in the banking industry
over the short-term and expand into other industries over the medium-term.
Implementation - Implementation income is from once-off project engagements
where we implement and customise our software for clients. It drives future
software rental annuity revenue. Revenue more than doubled to R39.3 million as
activity recovered from the abnormally lower level in the previous year. Margins
recovered as a result. It is in this segment where we have the challenge of
aligning capacity to work sold. A surplus capacity and/or insufficient work can
lead to financial pressure. This year we focused on smaller projects and
projects within our existing client base but also increased market share from
securing new client contracts.
Support - Support revenue is monthly contracted income which is annuity based
and also includes the non contracted recurring work from the existing client
base. It represents support of implemented client solutions, either remotely or
on-site. Revenue grew 15% to R12.7 million on higher general activity. Margins
improved as a result.
Rental - Our software is sold to our clients on a rental model that scales
according to usage. This annuity income creates a sound base for overall growth
of the Group. Software rental revenue grew by 2% to R22.6 million. Given the low
new implementation activity in the previous year, and stable client usage
software rental growth was low.
Research and development (R&D) - We have a policy of reinvesting in our software
products and intellectual property on a continuous basis in order to keep it
relevant. R&D includes developing our software products and investing in tools
that support the product and industry-specific operational processes. This year,
our R&D activity focused on extending client tools in SDT`s Exergy software and
converting Acczone`s current loan administration system to the Microsoft.net
platform. R&D amounted to R9.1 million of which R2.8 million was capitalised.
The Group maintained a good cash position mainly as a result of not declaring a
capital distribution or dividend last year. This was our conservative response
to the international financial crisis. Cash did decrease slightly from R16.1
million to R14.4 million due to the financing of the final Ones & Zeros
acquisition payment as well as the first instalment for the Acczone acquisition.
5. CORPORATE GOVERNANCE
The board is committed to the promotion of good corporate governance as set out
in the King II report on Corporate Governance in South Africa. The board
confirms that, during the financial year under review, the Group has complied
with the material aspects of the principles of the Code of Corporate Practices
and Conduct contained in the King II report except for:
- the board comprising of only one independent non-executive director (which by
implication affects the audit and risk committee and the remuneration
committee). This has been prioritised and the board, through the nomination
committee, is in the process of appointing a second independent non-executive
director; and
- the internal audit function. Due to the size of the Group we have not yet
adopted an independent internal audit approach although a properly formed group
finance function exists.
In anticipation of the introduction of the King III report, the Group has
launched initiatives to understand, align with and incorporate the principles of
the report into the operations of the board, management and business. These
initiatives include the review, alignment and implementation of the following
charters:
- Board charter;
- Audit and risk committee charter;
- Remuneration committee charter; and
- Nomination committee charter.
6. NOTICE OF ANNUAL GENERAL MEETING
Notice is hereby given that the annual general meeting of SilverBridge will be
held at Unit EG001, Sandhurst Office Park, corner Katherine and Rivonia Road,
Sandton, at 10:00 on 25 June 2010, to transact the business as stated in the
notice of annual general meeting included in the Annual Report which will be
posted to shareholders on or about 28 May 2010.
7. DIRECTORATE
During the year under review Ms Freda du Toit resigned as a non-executive
director and Mr Rowan Williams resigned as an alternate director to Mr David
Smollan on 1 August 2009 and 20 January 2010, respectively.
8. DIVIDEND DECLARED
The board have approved the declaration of a cash dividend of 5 cents per share
(February 2009: 0 cents). From time to time the board of directors considers
dividend cover based on the Group`s cash flow, gearing and capital requirements.
The dividend will be financed out of free cash flow.
The salient dates for the dividend are as follows:
Last day to trade
Shares cum dividend Friday, 27 August 2010
Shares trade ex dividend Monday, 30 August 2010
Record date Friday, 3 September 2010
Payment date Monday, 6 September 2010
No share certificates may be dematerialised or rematerialised between Monday, 30
August 2010 and Friday, 3 September 2010, both dates inclusive.
9 POST BALANCE SHEET EVENTS
No other events occurred subsequent to the year end that would require the
financial statements to be adjusted.
On behalf of the Board
Jaco Swanepoel Andile Sangqu
Chief Executive Officer Chairman
Pretoria
11 May 2010
CORPORATE INFORMATION
DIRECTORS OF SILVERBRIDGE
Andile Sangqu (Chairman)*, Jaco Swanepoel (Chief Executive Officer), Jeremy de
Villiers **, Nthabiseng Mokone*, Tyrrel Murray*, David Smollan*, Sandra Duetsch,
Jaco Maritz (Financial Director), Sphelele Sangweni***.
(All the directors are South African citizens).
* Non-executive
**Independent non-executive
***Alternate directors
REGISTERED OFFICES
First Floor, Castle View North
495 Prieska Street, Erasmuskloof,
Pretoria, 0048
(PO Box 11799, Erasmuskloof, 0048)
COMPANY SECRETARY
Fusion Corporate Secretarial Services (Proprietary) Limited
Registration number: 2007/008376/07)
Represented by Melinda van den Berg
LEGAL ADVISERS
Gildenhuys Lessing Malatji Incorporated
(Registration number: 1997/002114/21)
GROUP AUDITORS
KPMG Incorporated
(Registration number: 4530188665)
DIRECTORS OF SDT:
Jaco Swanepoel, Jaco Maritz, Gawie Erasmus. David Smollan*
Johan Reyneke*, Leon du Rand*
(All the directors are South African citizens).
* Non-executive
DIRECTORS OF ONES & ZEROS:
Sandra Duetsch, Amanda Newell, Jaco Swanepoel*, Jaco Maritz*.
(All the directors are South African citizens).
* Non-executive
DIRECTORS OF ACCZONE
Ben Pieters, Jaco Swanepoel*, Jaco Maritz*.
(All the directors are South African citizens).
* Non-executive
TRANSFER SECRETARIES
Computershare Investor Services (Proprietary) Limited
(Registration number: 2004/003647/07)
70 Marshall Street, Johannesburg, 2001
(PO Box 61051 Marshalltown, 2107)
DESIGNATED ADVISER:
Merchantec Capital
(Registration number: 2008/027362/07)
www.silverbridge.co.za
Date: 11/05/2010 07:05:06 Produced by the JSE SENS Department.
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