| Thu 3 May 2012, 8:00 | | BCK - Blackstar - Blackstar Net Asset Value Update |
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BCK
BCK
BCK - Blackstar - 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 30 APRIL 2012
GBP ZAR GBP ZAR
30-Apr-12 30-Apr-12 31-Mar-12 31-Mar-12
NAV per share 1.04 13.16 1.09 13.32
Ordinary share price 0.775 9.95 0.770 9.80
Ordinary share price 26% 24% 29% 26%
discount to NAV
See through NAV per 1.13 14.28 1.16 14.12
share
Total net assets 85.5m 1 080.7m 89.4m 1,093.3m
Market capitalisation 63.6m 816.8m 63.2m 804.5m
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, nor
does it guarantee the value at which 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 50% of the investment in Litha Healthcare Group Limited has been valued at
R2.75 per share, being the price of the disposal of 50% of Blackstar`s
interest in Litha Healthcare Group Limited, and the balance has been valued
using quoted bid price on the relevant date.
5 The Group`s investment in Mvelaphanda Group Limited trades at a discount to
its NAV. The see through NAV has been presented, which is the NAV as
reported above, adjusted for the estimated discount.
6 All amounts have been translated using the closing exchange rates at the
end of the relevant period.
Portfolio Summary
Blackstar`s NAV at 30 April 2012 comprised investments in the following sectors:
Sector GBP ZAR % of
Millions Millions Gross
Assets
Investment Holdings 39.1 494.2 36.2
Health Care 35.4 447.4 32.8
Industrials 19.9 251.0 18.4
Services 9.9 124.9 9.1
Other 3.8 48.4 3.5
108.1 1,365.9
Net debt (22.6) (285.2)
85.5 1,080.7
Portfolio Performance and outlook
There were no significant changes to the intrinsic NAV per share in South
African Rand since 31 March 2012. The intrinsic NAV per share in Pound Sterling
decreased by 5p since 31 March 2012 mainly due to the weakening of the South
African Rand against Pounds Sterling by 3.3%.
The investment portfolio continues to perform in line with expectations.
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
03 May 2012
Date: 03/05/2012 08:00:06 Produced by the JSE SENS Department.
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