| Wed 4 Apr 2001, 0:00 | | Psg Investment Bank Holdings Limited - Highlights |
|
HIGHLIGHTS OF AUDITED RESULTS FOR THE YEAR ENDED 28 FEBRUARY 2001
* Headline earnings per share increased by 33% to 21,5 cents
(Feb 2000 - 16,2 cents)
* Headline earnings R262,1 million (Feb 2000 - R211,4 million)
* Net asset value per share 138,0 cents (Feb 2000 - 117,5 cents)
* Distribution per share 16,6 cents (Feb 2000 - 6,5 cents)
Review
PSGBH produced excellent results in a very tough and competitive environment.
In the year under review, in anticipation of market volatility, the Group
focused on the preservation of capital and liquidity while undertaking a
process of internal restructuring and rationalisation. The Group's base-line
annuity income is approximately
R170 million and the increase in headline earnings to R262 million was the
result of investment banking opportunities which included The Business Bank
(TBB), Vestacor and others.
Reported headline earnings and net asset value per share for the period exclude
value added to the Group of approximately 11 cents per share which will accrue
as a result of the benefits of unforeseen tax credits in TBB.
Further growth of the Group's business footprint was evidenced, inter alia, by
expanding core businesses, its investment in Vestacor, the investment banking
transaction in Keynes Rational, the formation of PSG Trade Finance and the
expansion into Australia.
Prospects
Earnings for the next six months are expected to reflect market conditions,
with comparative outperformance resulting from selected investment banking
initiatives. Shareholders are advised to anticipate some volatility, in line
with the opportunistic nature of investment banking.
With its shareholders' funds of R1,5 billion, after the distributions referred
to below, PSGBH is well placed to take advantage of current market
opportunities.
Distribution
The Directors have proposed a distribution of 16,6 cents per share to
shareholders in the form of a cash dividend of 8 cents per share and the
unbundling of 75% of PSGBH's investment in Velocity Holdings Limited (in the
ratio of 1,3 Velocity shares for every
100 PSGBH shares held). It is anticipated that the aforementioned distribution
will be effected during June 2001.
Andri la Grange Chief Executive
Jannie Mouton Chairman
4 April 2001
An announcement which includes more detail is available on the PSG Investment
Bank website at
http://www.psgib.com
The annual report will be available mid-May 2001
PSG Investment Bank Holdings Limited ("PSGBH") (Registration number
1998/017358/06)
Registered office: Albion Spring, 183 Main Road, Rondebosch 7700 (PO Box 24024,
Claremont 7735)
Transfer secretaries: Computershare Services Limited, 4th Floor, Edura House,
41 Fox Street, Johannesburg 2001 (PO Box 61051, Marshalltown 2107)
Directors: J F Mouton (Chairman), C F Turner* (Deputy Chairman), A B la
Grange* (Chief Executive), Prof P J du P le Roux, C F Myburgh*, J Naidoo, H H
Oosthuizen, CA Otto, G B Rubenstein, Dr J van Zyl Smit * Executive
Company secretary: Nathiera Abdullah
