| Tue 6 Mar 2012, 9:00 | | BCK - Blackstar Group SE - Blackstar net asset value update |
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BCK
BCK
BCK - Blackstar Group SE - Blackstar net asset value 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 NET ASSET VALUE ("NAV") UPDATE
INTRINSIC NAV AS AT 29 FEBRUARY 2012
GBP ZAR GBP ZAR
29-Feb-12 29-Feb-12 31-Dec-11 31-Dec-11
NAV per share 1.11 13.21 1.00 12.52
Ordinary share price 0.765 9.30 0.715 10.10
Ordinary share price 31% 30% 28% 19%
discount to NAV
Total net assets 91.3m 1 084.4m 82.0m 1,027.7m
Market capitalisation 62.8m 763.4m 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 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
the end of the relevant period.
Portfolio Summary
Blackstar`s NAV at 29 February 2012 consisted of investments in the
following sectors:
Sector GBP ZAR % of
Millions Millions Gross
Assets
Investment Holdings 43.1 511.8 37.6
Health Care 36.8 436.5 32.1
Industrials 20.5 244.0 17.9
Services 10.1 120.4 8.9
Other 4.0 47.5 3.5
114.5 1,360.2
Net debt (23.2) (275.8)
91.3 1,084.4
Portfolio Performance and outlook
The intrinsic NAV per share in Pound Sterling increased by 11p since 31
December 2011. The increase was largely due to the strengthening of the
South African Rand against Pounds Sterling by 5.5% since 31 December 2011 as
well as increases in the value of the Group`s investments in Mvelaphanda
Group Limited, Litha Healthcare Group Limited and its Services Derivative
Investment.
During the period Blackstar announced the acquisition of a 28% interest in
Mvelaphanda Group Limited and the disposal of half its interest in Litha
Healthcare Group Limited. The disposal represents a 4.58 times return on
investment in South African Rand and 5.36 times return in Pounds Sterling,
which equates to a 32% IRR and 36% IRR, respectively, over the 5 year
holding period.
The investment portfolio continues to perform well with good growth
prospects for the future.
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) David Tosi / Willie +27(0) 21 887 9602
Limited Honeyball
Buchanan Jeremy Garcia / +27 (0) 20 7466 5000
Gabriella Clinkard
Sponsor: PSG Capital Limited
6 March 2012
London
Date: 06/03/2012 09:00:07 Produced by the JSE SENS Department.
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