| Wed 6 Jun 2012, 9:00 | | BCK - Blackstar Group SE - Blackstar net asset value (NAV) update |
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BCK
BCK - Blackstar Group SE - Blackstar 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: BLCK LN and BCK SJ
ISIN: MT0000620105
("Blackstar" or the "Company")
BLACKSTAR NET ASSET VALUE ("NAV") UPDATE
INTRINSIC NAV AS AT 31 MAY 2012
GBP ZAR GBP ZAR
31-May- 31-May-12 30-Apr- 30-Apr-
12 12 12
NAV per share 1.00 13.08 1.04 13.16
Ordinary share price 0.735 9.60 0.775 9.95
Ordinary share price 26% 27% 26% 24%
discount to NAV
See through NAV per 1.08 14.15 1.13 14.28
share
Total net assets 81.9m 1,073.7m 85.5m 1
080.7m
Market capitalisation 60.3m 788.0m 63.6m 816.8m
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 31 May 2012 comprised investments in the following sectors:
Sector GBP ZAR % of
Millions Millions Gross
Assets
Investment Holdings 35.9 470.7 34.6
Health Care 35.4 463.5 34.0
Industrials 19.2 251.0 18.4
Services 9.6 126.1 9.3
Other 3.8 50.3 3.7
103.9 1,361.6
Net debt (22.0) (287.9)
81.9 1,073.7
Portfolio Performance and outlook
Despite the decline in the FTSE/JSE Africa All Shares Index of 3.7%, there
were no significant changes to the intrinsic NAV per share in South African
Rand since 30 April 2012. The intrinsic NAV per share in Pound Sterling
decreased by 4p since 30 April 2012 mainly due to the weakening of the South
African Rand against the Pound Sterling by 3.5%.
The investment portfolio continues to perform in line with expectations.
6 June 2012
For further information, please contact:
Blackstar Group SE Nadine Cachia +356 2248 6203
Liberum Capital Limited Chris Bowman / +44 (0) 20 3100
Christopher 2222
Britton
PSG Capital (Pty) David Tosi / +27(0) 21 887 9602
Limited Willie
Honeyball
Date: 06/06/2012 09:00:02 Produced by the JSE SENS Department.
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