| Mon 9 Jul 2012, 9:10 | | Blackstar Group SE - BLACKSTAR NET ASSET VALUE ('NAV') UPDATE |
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BCK
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 30 JUNE 2012
GBP ZAR GBP ZAR
30-Jun- 30-Jun-12 31-May- 31-May-12
12 12
NAV per share 1.03 13.18 1.00 13.08
Ordinary share price 0.730 9.87 0.735 9.60
Ordinary share price
discount to NAV 29% 25% 26% 27%
See through NAV per share 1.06 13.61 1.08 14.15
Total net assets 84.3m 1,082.3m 81.9m 1,073.7m
Market capitalisation 59.9m 810.2m 60.3m 788.0m
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 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.
5 All amounts have been translated using the closing exchange rates
at the end of the relevant period.
Portfolio Summary
Blackstar's NAV at 30 June 2012 comprised investments in the
following sectors:
GBP ZAR % of
Sector Millions Millions Gross
Assets
Investment Holdings 38.9 500.1 42.1%
Health Care 19.9 255.5 21.6%
Industrials 19.2 246.0 20.8%
Services 9.8 125.9 10.6%
Other 4.5 57.7 4.9%
92.3 1,185.2 100.0%
Net debt (8.0) (102.9)
84.3 1,082.3
Portfolio Performance and outlook
There were no significant changes to the intrinsic NAV per share in
South African Rand since 31 May 2012. The intrinsic NAV per share in
Pound Sterling increased by 3% since 31 May 2012 mainly due to the
strengthening of the South African Rand against the Pound Sterling
by 2.1%.
On 2 July 2012, Blackstar completed the disposal of 50% of its
interest in Litha Healthcare Group Limited. The disposal proceeds
have been applied against the Investec Bank Limited debt facility
and have been set off against the outstanding debt balance to arrive
at the net debt amount in the table above.
The investment portfolio continues to perform in line with
expectations.
9 July 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) Limited David Tosi / +27(0) 21 887 9602
Willie
Honeyball
Date: 09/07/2012 09:10:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE').
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