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BCK
BCK
BCK - Blackstar Group SE - Blackstar Q4 net asset value ("NAV") update
Blackstar Group SE
Previously Blackstar Group PLC
(Incorporated in England and Wales)
(Company number SE 30)
(registered as an external company with limited liability in the Republic of
South Africa under registration number 2011/008274/10)
Share code: BCK
ISIN: GB00B0W3NL87
("Blackstar" or "the Company")
BLACKSTAR Q4 NET ASSET VALUE ("NAV") UPDATE
INTRINSIC NAV AS AT 31 DECEMBER 2011
GBP ZAR
NAV per share 1.00 12.52
Ordinary share price 0.715 10.10
Ordinary share price discount to 28% 19%
NAV
Total net assets 82.0m 1,027.7m
Market capitalisation 58.7m 829.1m
Notes
1 All information is unaudited.
2 The intrinsic NAV provides a measure of the underlying value of the Group`s
assets and does not indicate when the investments will be realised.
3 For the purposes of determining the intrinsic values, listed investments on
recognised stock exchanges are valued using quoted bid prices at 31
December 2011 and unlisted investments are shown at directors` valuation,
determined using the discounted cash flow methodology. This methodology
uses reasonable assumptions and estimations of cash flows and terminal
values, and applies an appropriate risk-adjusted discount rate that
quantifies the investment`s inherent risk to calculate a present value.
Given the subjective nature of valuations, the Group is cautious and
conservative in determining the valuations and has a track record of
selling its unlisted investments in the ordinary course of business above
the levels at which it values them.
4 All amounts have been translated using the closing exchange rates at 31
December 2011.
Portfolio Summary
Blackstar`s NAV at 31 December 2011 consisted of investments in the following
sectors:
Sector Net Asset
Value
%
Health Care 39.8
Industrials 23.7
Services 11.0
Other 5.8
Cash and cash equivalents 19.7
100.0
Portfolio Performance:
The intrinsic NAV per share in Pound Sterling has declined since 31 December
2010. This was largely due to depreciation of the South African Rand against
Pound Sterling by 17% since 31 December 2010 and the decrease in the value of
the Group`s steel and roofing assets. The dilutionary effect of the R100 million
issue of shares at 85 pence per share and dividend distribution to shareholders
of GBP 6.2 million (7.4 pence per share) also contributed to the decline in the
intrinsic NAV per share.
Outlook:
Our investment in Litha Healthcare Group Limited continues to perform strongly.
It is well managed with good growth prospects for the future. The Group has now
completed the restructuring of its steel and roofing assets and despite the
challenging environment we are optimistic that these investments are now set for
growth. We are excited about the recent acquisition of a 28% interest in
Mvelaphanda Group Limited and the prospects that it holds.
Given the uncertainty in Europe and upcoming US presidential election, 2012 is
likely to be equally as challenging as 2011.
For further information, please contact:
Blackstar Group SE John Kleynhans +352 402 505 427
Liberum Capital Limited Chris Bowman / +44 (0) 20 3100 2222
Christopher
Britton
PSG Capital (Pty) Limited David Tosi +27(0) 21 887 9602
Date: 18/01/2012 15:20:13 Produced by the JSE SENS Department.
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