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Johnnic Holdings - Reviewed Interim Financial Results for the six months ended
30 September 2005
Johnnic Holdings Limited
("Johnnic" or "the Company")
Incorporated in the Republic of South Africa
Registration number 1889/000429/06
Share code: JNC- ISIN: ZAE000024352
Reviewed Interim Financial Results for the six months ended 30 September 2005
Highlights
- Headline earnings (pro forma) up 79% to R59 million
- Proposed acquisition of a further 25% interest
in Tsogo Investment Holdings
COMMENTARY
OVERVIEW
Johnnic is an investment holding company with interests in hotels and gaming,
exhibitions and property. Its major assets currently comprise the following:
- 28,7% effective interest in Suncoast Casino (through Durban Add-Ventures);
- 4,85% effective interest in Tsogo Sun Holdings (Proprietary) Limited ("Tsogo
Sun"), with a further 4,85% effective interest subject to arbitration;
- 100% of Gallagher Estate Holdings Limited ("Gallagher") and Johnnic
Properties; and
- Cash resources.
The Company is focused on fulfilling its stated intentions to become a pure
hotels and gaming player, as a means of maximising shareholder value.
Johnnic"s current asset portfolio is substantially different to that held in the
prior interim period, when the Company still held a 62,5% interest in the now
unbundled Johnnic Communications Limited ("Johncom"). To enable better
appreciation of Johnnic"s ongoing businesses, a pro forma consolidated income
statement has been presented for the current and prior periods using consistent
accounting policies and excluding Johncom"s contribution for the six months to
30 September 2004.
Likewise, all comparison to the prior year numbers (as amended by IFRS) in this
commentary on results relate to the pro forma consolidated income statement.
FINANCIAL RESULTS
Revenue increased by 36% to R72 million (2004: R53 million) on the back of
improved performance from the exhibition business. Profit from operations before
exceptional items rose by 57% to R11 million (2004: R7 million).
Net finance income increased by 59% to R43 million (2004: R27 million)
reflecting the cash positive position of the Group.
Headline earnings increased by 79% to R59 million (2004: R33 million) resulting
in a 75% growth in headline earnings per share to 35 cents per share (2004: 20
cents per share).
Attributable earnings increased by 97% to R59 million (2004: R30 million) with
attributable earnings per share up 94% to 35 cents per share (2004: 18 cents per
share).
DIVISIONAL REVIEW
GAMING INTERESTS
Suncoast Casino
The trading performance of Suncoast Casino has improved consistently since the
completion of Phase 2 in June 2003. Revenue rose 22%, period-on-period, which
translated into a 50% increase in casino management fees earned by Durban Add-
Ventures from Tsogo Sun KwaZulu-Natal.
Tsogo Sun
Favourable trading conditions have resulted in continued growth in the gaming
market and improved performance in the hotels and gaming operations. Equity
accounted earnings from Tsogo Sun amounting to R10 million have been included in
the results.
EXHIBITION AND PROPERTY INTERESTS
Gallagher
Gallagher has continued to perform strongly, with revenue increasing by 60% over
the prior comparative period. The rental income from the Pan African Parliament
as well as higher volume of business has bolstered Gallagher"s trading
performance.
Johnnic Properties
Johnnic Properties disposed of its residual interests in the Atlantic Beach
Development and Main Place Properties realising a profit on these disposals of
R6 million.
FINANCIAL POSITION
Johnnic"s total assets decreased from R2 027 million at 30 September 2005 to R1
787 million at the end of the period. Cash and cash equivalents decreased from
R1 505 million to R1 242 million at 31 March 2005 mostly due to the tax paid on
the Johncom unbundling. Future commitments are as follows: R300 million
corporate guarantee; a R192 million casino equity guarantee, R148 million for
the second trance in FIH, and R88 million of other liabilities.
LEGAL ACTIONS AND HCI OFFER
The period under review has been characterised by protracted negotiations and
legal wranglings between Johnnic and investment holding company, Hosken
Consolidated Investments Limited ("HCI"), regarding Tsogo Investment Holding
Company (Proprietary) Limited ("TIH"). The developments are summarised as
follows:
- HCI acquired a 20,7% stake in Johnnic on the open market at the beginning of
April 2005, effectively boosting Johnnic"s empowerment shareholding.
- HCI"s interest in Johnnic has subsequently increased to approximately 40%,
bolstered in particular by HCI"s acquisition on 1 July 2005 of the 9,9% stake in
Johnnic originally purchased by listed gaming group Gold Reef Casino Resorts
Limited.
- HCI made a mandatory offer to Johnnic minority shareholders, which has been
revised twice.
- The Johnnic board has, upon advice from independent advisors, advised
shareholders to reject the HCI offer, believing that it not only undervalues
Johnnic"s shares, but also will deny shareholders the opportunity to participate
in the value that Johnnic"s hotels and gaming strategy has the potential to
unlock.
- Johnnic has embarked on several actions to protect its rights and further its
gaming interests.
Shareholders are reminded that HCI"s continued holding of its 40% shareholding
in Johnnic and any other shares acquired pursuant to the offer is subject to the
approval of the competition authorities and the relevant gaming authorities.
With regard to Johnnic"s acquisition of a 50% stake in Fabcos Investment Holding
Company Limited ("FIH") from Fabvest Investment Holdings Limited ("Fabvest"),
effectively giving Johnnic a 9,7% share in Tsogo Sun, Johnnic had fulfilled the
suspensive conditions relating to the second tranche of the transaction by the
due date of 30 June 2005. However, Fabvest has disputed that the conditions
precedent have been fulfilled. Johnnic has enforced its rights by referring the
matter to arbitration.
POST-BALANCE SHEET EVENTS
Johnnic and the shareholders of Nafcoc Investment Holding Company Limited
("Nafhold") ("the Nafcoc Vendors") have reached agreement in terms of which
Johnnic will acquire the entire issued share capital of Nafhold for a
consideration of R675 million, to be settled in cash and by the issue of shares
in Johnnic to the Nafcoc Vendors. Nafhold will restructure all of its assets,
other than its shareholding in TIH, by transferring the non-TIH assets to a
separate Nafcoc entity/ies. Accordingly, the proposed transaction will result in
Johnnic acquiring 100% of Nafhold, with Nafhold"s primary asset being a 25%
shareholding in TIH, which in turn owns a 51% interest in Tsogo Sun.
The rationale for the proposed transaction is to increase Johnnic"s exposure to
good quality gaming assets, while at the same time significantly enhancing its
empowerment credentials at shareholder level. The acquisition will increase
Johnnic"s effective shareholding in TIH to 34,5%. This shareholding in TIH will
further increase to 44% should the outcome of the Johnnic/Fabvest arbitration
process be favourable to Johnnic. The fact that Johnnic holds an effective
interest of 28,7% of Suncoast Casino through Durban Add-Ventures, in addition to
the 34,5% effective shareholding in TIH, means that when the proposed
transaction is implemented, gaming assets will represent in excess of 50% of
Johnnic"s net asset value.
In addition to increasing Johnnic"s exposure to value adding gaming assets, the
proposed acquisition is also being concluded in the spirit of black economic
empowerment. By introducing the Nafcoc Vendors as shareholders in Johnnic, the
empowerment credentials of Johnnic will be significantly enhanced.
The Johnnic board is of the opinion that the proposed transaction is in line
with the Company"s stated gaming strategy. Johnnic"s corporate advisors have
considered the terms of the proposed transaction and have concluded that the
terms are value enhancing to Johnnic shareholders. The Johnnic board therefore
recommends that Johnnic shareholders vote in favour of the resolution necessary
to approve and implement the acquisition of the entire issued share capital of
Nafhold at a general meeting of shareholders.
REQUISITION BY HCI
Johnnic continues to be the subject of a hostile take-over bid by HCI to acquire
the remainder of Johnnic shares. The closing date for the offer has been made
public by HCI as 2 December 2005. The offer is subject to regulatory approvals,
including the competition and the gaming authorities, to the extent required.
The HCI group"s continued 40% shareholding in Johnnic and any other shares
acquired pursuant to the offer is subject to the approval of the competition
authorities and the relevant gaming authorities, to the extent required.
HCI has requisitioned a general meeting for the appointment of four HCI
appointees as directors to the Johnnic board. Notice of this general meeting to
be held at 11:00 on Monday, 12 December 2005 at Gallagher Estate, 19 Richards
Drive, Midrand, Gauteng, was sent to shareholders on 8 November 2005.
This is the second time that HCI has issued a requisition of general meeting
seeking to have its nominees appointed onto the Johnnic board, having previously
been unsuccessful in doing so at the general meeting held on 30 June 2005, in
having three of its nominees appointed to the Johnnic board.
The attention of Johnnic shareholders is drawn to the fact that, for as long as
HCI is in competition with Johnnic for the control of TIH, having
representatives of HCI on the Johnnic board would represent a conflict of
interest and would therefore be prejudicial to Johnnic shareholders. The full
details of the Johnnic board"s view regarding the hostile take-over bid of
Johnnic by HCI is contained in the Offer Response Document posted to Johnnic
shareholders on 15 August 2005. The view of the Johnnic board has not changed
and the Johnnic board continues to believe that Johnnic is better positioned to
realise value on its gaming strategy on a stand-alone basis.
PROSPECTS
Going forward, Johnnic is well placed to build on its existing gaming and hotel
interests and, accordingly, the board remains committed to actively pursue
further investment opportunities in the rapidly expanding gaming and hotels
sector. Details of the proposed acquisition of a further 25% in TIH from
Nafhold, which will elevate Johnnic"s share to 34,5%, has been announced on 8
November 2005.
We remain hopeful, the current conflict between Johnnic and HCI will be resolved
in the near future, allowing Johnnic to continue implementing its hotels and
gaming strategy and, in the process, maximise shareholder value while furthering
black economic empowerment in South Africa.
In the interim, the Group"s interests in the gaming and hotels sector - namely
Suncoast Casino and Tsogo Sun - are poised to benefit from the ongoing growth of
the local gaming and leisure industry.
Ongoing improvements in the conference and exhibition industry hold similar
promise for Gallagher.
DIVIDEND
In light of the major unbundling by the Company to its shareholders of all its
interests in Johncom by way of a distribution in specie, amounting to
approximately R2,6 billion in March 2005 and the growth strategy that the
Company has embarked on the directors have resolved not to declare a dividend
for the period ended 30 September 2005.
For and on behalf of the board
MC Ramaphosa KC Ramon
Chairman Chief Executive Officer
23 November 2005
CONSOLIDATED INCOME STATEMENT
Restated Restated
Reviewed reviewed reviewed
6 months 6 months 12 months
ended ended ended
30 Sept 30 Sept 31 March
2005 2004 2005
For the period Note Rm Rm Rm
Revenue 72 2 006 4 226
Cost of sales (14) (1 237) (2 533)
Gross profit 58 769 1 693
Operating expenses - (43) (585) (1 240)
net
Depreciation (4) (49) (106)
Profit from 11 135 347
operations before
exceptional items
Exceptional items 3 - (12) 2 383
Profit from 11 123 2 730
operations
Finance costs (2) (27) (37)
Finance income 45 40 115
Share of profits of 28 32 151
associates (after
taxation and minority
interests)
Profit before 82 168 2 959
taxation
Taxation (15) (59) (377)
Net profit for the 67 109 2 582
period
Minority interests (8) (32) (155)
Earnings attributable 59 77 2 427
to ordinary
shareholders
Attributable earnings 35 46 1 458
(cents)
Analysis of earnings
Reconciliation
between headline and
attributable earnings
Media and - 45 237
Entertainment
Gaming 24 3 28
Exhibition and 14 10 50
properties
Interest and 21 20 49
corporate head office
Headline earnings 59 78 364
Exceptional items
after taxation
and minority - (1) 2 063
interests
Earnings attributable 59 77 2 427
to ordinary
shareholders
Earnings per share
(cents)
- Media and - 27 142
Entertainment
- Gaming 15 1 17
- Exhibition and 7 6 28
properties
- Corporate head 13 12 30
office
Total headline 35 46 217
earnings (cents)
Number of ordinary 166 470 166 470 166 470
shares in issue
("000)
UNAUDITED PRO FORMA CONSOLIDATED INCOME STATEMENT
(excluding media and entertainment businesses)
6 months 6 months 12 months
ended ended ended
30 Sept 30 Sept 31 March
2005 2004 Change 2005
For the period Rm Rm % Rm
Revenue 72 53 36 113
Cost of sales (14) (10) (23)
Gross profit 58 43 35 90
Operating expenses - (43) (33) (98)
net
Depreciation (4) (3) (5)
Profit/(loss) from 11 7 57 (13)
operations before
exceptional items
Exceptional items - (3) 1 014
Profit from 11 4 175 1 001
operations
Finance costs (2) - -
Finance income 45 27 85
Share of profits of 28 1 28
associates (after
taxation and minority
interests)
Profit before 82 32 156 1 114
taxation
Taxation (15) (1) 26
Net profit for the 67 31 116 1 140
period
Minority interests (8) (1) (7)
Earnings attributable 59 30 97 1 133
to ordinary
shareholders
Attributable earnings 35 18 94 681
(cents)
Analysis of earnings
Reconciliation
between headline and
attributable earnings
Gaming 24 3 700 28
Exhibition and 14 10 40 50
properties
Interest and 21 20 5 49
corporate head office
Basic headline 59 33 79 127
earnings
Exceptional items - (3) 1 006
after taxation and
minority interests
Earnings attributable 59 30 97 1 133
to ordinary
shareholders
Pro forma earnings
per share (cents)
Total headline 35 20 75 76
earnings (cents)
SUMMARISED CONSOLIDATED BALANCE SHEET
Restated Restated
Reviewed reviewed reviewed
30 Sept 30 Sept 31 March
2005 2004 2005
As at Rm Rm Rm
Assets
Non-current assets 498 1 971 470
Tangible and intangible assets 231 836 234
Interests in associated 210 891 180
companies
Investments and loans 26 70 21
Deferred taxation 31 152 35
Embedded derivatives - 22 -
Current assets 1 289 3 481 1 557
Bank balances, deposits and 1 242 693 1 506
cash
Equities held as current - 1 310 -
assets
Other current assets 47 1 478 51
Total assets 1 787 5 452 2 027
Equity and liabilities
Capital and reserves
Ordinary shareholders" 1 667 2 706 1 605
interests
Minority interests 9 653 3
Total equity 1 676 3 359 1 608
Non-current liabilities 30 397 37
Long-term liabilities 7 64 15
Provision for post-retirement - 128 -
medical costs
Operating leases equalisation 23 136 22
liability
Share-based payment - 32 -
liabilities
Deferred taxation - 37 -
Current liabilities 81 1 696 382
Payables and other current 79 1 498 381
liabilities
Bank overdrafts and other 2 198 1
short-term borrowings
Total equity and liabilities 1 787 5 452 2 027
Net asset value per ordinary
share (rand)
- book value 10 20 10
STATEMENT OF CHANGES IN EQUITY
Restated Restated
Reviewed reviewed reviewed
6 months 6 months 12 months
ended ended ended
30 Sept 30 Sept 31 March
2005 2004 2005
Rm Rm Rm
Balance as at 1 April as 1 608 3 238 3 238
reported
IFRS restatements - 6 6
AC140 adjustment - 120 120
Other restatements - (3) (3)
Restated balance as at 1 1 608 3 361 3 361
April
Earnings attributable to 59 77 2 427
ordinary shareholders
Earnings attributable to 8 32 155
minority interests
Dividends paid to minority (1) (17) (18)
interests
Distribution in specie - - (2 571)
Johncom minority interests - - (778)
unbundled
Change in minority - 4 5
interests
Movement in the 2 (98) (973)
revaluation reserve
arising on revaluation of
investments
1 676 3 359 1 608
SUMMARISED CONSOLIDATED CASH FLOW STATEMENT
Reviewed Reviewed Reviewed
6 months 6 months 12 months
ended ended ended
30 Sept 30 Sept 31 March
2005 2004 2005
For the period Rm Rm Rm
Cash (outflows) inflows from (257) 175 392
operating activities
Cash inflows (outflows) from 2 (259) 519
investing activities
Cash outflows from financing (8) - (7)
activities
Net (decrease) increase in (263) (84) 904
cash and cash equivalents
Cash and cash equivalents at 1 505 601 601
beginning of period
Cash and cash equivalents at 1 242 517 1 505
end of period
GROUP SEGMENTAL ANALYSIS
Restated Restated
Reviewed reviewed reviewed
6 months 6 months 12 months
ended ended ended
30 Sept 30 Sept 31 March
2005 2004 Change 2005
Business grouping Rm Rm % Rm
Revenue
Media and - 1 953 (100) 4 113
Entertainment
Gaming and Properties 72 53 36 113
Gaming 6 4 50 9
Gallagher Estate 48 30 60 65
Johnnic Properties 18 19 (5) 39
Total 72 2 006 (96) 4 226
Profit from
operations before
exceptional items
Media and - 129 (100) 362
Entertainment
Gaming and Properties 24 12 100 20
Gaming 4 3 33 7
Gallagher Estate 14 6 133 13
Johnnic Properties 6 3 100 -
Corporate head office (13) (6) (117) (35)
Total 11 135 (92) 347
NOTES
1. BASIS OF ACCOUNTING
These summarised consolidated interim financial statements have been prepared
using accounting policies compliant with International Financial Reporting
Standards ("IFRS"), and in accordance with IAS34: Interim Financial Reporting
and the South African Companies Act. The date of the group"s transition to IFRS
is 1 April 2004, and the interim and year-end 2005 financial statements have
been restated accordingly. A significant associate, Tsogo Sun Group, is an
unlisted entity and has not yet reported under IFRS as well as a Johncom
associate, which could affect comparative figures until the date of unbundling.
Any resultant restatements will be reported in Johnnic"s year-end results.
As these financial statements are the Group"s first IFRS financial statements,
IFRS1 was applied in their preparation. The following are the significant IFRS1
exemptions which Johnnic elected to utilise:
- Cumulative transition differences arising on the transaction of foreign
operations were deemed to be zero at the date of transition to IFRS.
- Financial instruments previously designated available-for-sale were
redesignated as financial assets or financial liabilities at fair value through
the income statement.
- The requirements of IFRS3: Business Combinations were not applied
retrospectively for business combinations which occurred prior to Johnnic"s
transition to IFRS.
The following new accounting policies were applied:
- Share-based payments: Outstanding cash-settled options are valued at each
reporting date with the fair value being provided for, while the fair value of
equity-settled instruments granted is recognised in income on a straight-line
basis over the vesting period of the instruments.
- Tangible and intangible assets: Depreciation is based on historical cost, by
component with reference to estimated useful life.
The reconciliation of attributable earnings as previously reported to
attributable earnings as restated in this report is set out below:
Cumulative 6 months 12 months
to ended ended
31 March 30 Sept 31 March
2004 2004 2005
Rm Rm Rm
Attributable earnings 143 2 459
previously reported
IFRS restatements 4 (53) (51)
Share-based payments (26) (14) (21)
Adjustments to provisions 1 2 2
Tangible and intangible 31 1 (2)
assets
Redesignation of financial - (45) (35)
instruments
Taxation (2) 3 5
Other restatements (1) (13) 19
M-Net/SuperSport AC133 - (14) -
impact recognised in income
Reversal of amortisation of - 1 2
intangible assets with
indefinite useful lives
Operating leases accounted (2) - -
for on straight-line basis
Taxation 1 - -
Change in exceptionals due - - 17
to IFRS restatement
Restated attributable 77 2 427
earnings
Total equity previously 3 238 3 470 1 608
reported
Operating leases accounted - (64) -
for on a straight-line
basis
IFRS restatements 6 (49) (29)
Other restatements (3) (23) -
AC140 adjustment 120 - -
Minority interest of - (67) (28)
restatements
3 361 3 267 1 551
Add back items which do not
impact total equity
Redesignation of financial - 71 57
instruments
M-Net/SuperSport AC133 - 21 -
impact recognised in income
Restated total equity 3 361 3 359 1 608
2. EARNINGS PER ORDINARY SHARE
The calculation of attributable earnings per ordinary share and basic headline
earnings per ordinary share is based on attributable earnings of R59 million
(2004: R77 million) and headline earnings of R59 million (2004: R78 million) and
a weighted average of 166 470 398 (2004: 166 469 592) ordinary shares in issue.
No fully diluted earnings per ordinary share has been disclosed as the potential
dilution is not considered to be material.
Restated Restated
Reviewed reviewed reviewed
6 months 6 months 12 months
ended ended ended
30 Sept 30 Sept 31 March
2005 2004 2005
Rm Rm Rm
3. EXCEPTIONAL ITEMS
Surplus arising on - - 1 275
unbundling
Net surplus on disposal of - - 1 000
investments
Adjustment (impairment) of - (15) 78
goodwill, investments, loans
and assets
Fair value adjustment of - - 21
investment available for
sale
Costs associated with - - 10
rationalisation and
restructuring
Other - 3 (1)
Total - (12) 2 383
4. CAPITAL EXPENDITURE 12 63 187
INCURRED
5. CONTINGENT LIABILITIES
Guarantees 492 495 492
Suncoast Casino
- Equity guarantee secured 192 192 192
by cash deposits (refer to
note 6)
- Corporate guarantee 300 300 300
Other - 3 -
Unconditional purchase - 465 -
obligations - programme and
film rights
Contingent liabilities - 12 -
Total 492 972 492
6. COMMITMENTS
Second tranche - FIH 148 - 148
Commitments for capital
expenditure
- authorised but not - 112 51
contracted for
The commitments will be funded from existing cash
resources.
7. LEASE COMMITMENTS
Operating leases
- within one year 4 87 4
- more than one year 65 674 67
Total 69 761 71
8. REVIEW BY THE INDEPENDENT AUDITORS
These interim financial results have been reviewed by our auditors, Deloitte &
Touche, who have performed their review in accordance with the International
Standard on Review Engagement 2400 "Engagements to review financial statements".
The scope of the review was to enable the auditors to report that nothing came
to their attention that caused them to believe that the accompanying interim
financial information is not fairly presented, in all material respects, in
accordance with IFRS applicable to Interim Financial Reporting and the Companies
Act in South Africa.
A copy of their unqualified review report is available for inspection at the
registered office of the Company.
Without qualifying the opinion, the review report contains an emphasis of matter
paragraph drawing the user"s attention to the possible IFRS restatements in
respect of Johnnic"s significant associate Tsogo Sun Group as well as possible
comparative IFRS restatements arising from a Johncom associate until the date of
unbundling, as disclosed in note 1 above.
Our auditors, Deloitte & Touche have issued a report on the pro forma
information which is available at the Company"s registered office for
inspection. This report concludes as follows: "Based on our review, nothing has
come to our attention that causes us to believe that:
- the pro forma financial information has not been properly compiled on the
basis stated;
- such basis is inconsistent with the accounting policies of Johnnic;
- the adjustments are not appropriate for the purposes of the unaudited pro
forma income statement as disclosed in the interim announcement."
9. LISTINGS REQUIREMENTS
This interim results announcement has been prepared in compliance with the
Listings Requirements of the JSE Limited.
10. CORPORATE GOVERNANCE
The Board endorses and is of the opinion that the Company adheres to the Code of
Corporate Practices and Conduct as set out in the King Report on Corporate
Governance for South Africa 2002 ("King II"). The principles contained therein
are reviewed from time to time to take into account appropriate changes and
developments in the field of corporate governance, both locally and
internationally.
DIRECTORS:
MC Ramaphosa (Chairman), KC Ramon (Chief Executive Officer), CB Brayshaw, PE
Burton, ACG Molusi, TRA Oliphant
ALTERNATE DIRECTORS:
ZNA Cindi, PM Jenkins
COMPANY SECRETARY:
Routledge Modise Moss Morris
HEAD OFFICE AND REGISTERED OFFICE:
Level 3 (West Wing), Gallagher House,
Gallagher Estate,
19 Richards Drive, Midrand, 1685.
PO Box 231, Johannesburg, 2000
AMERICAN DEPOSITARY RECEIPT ("ADR") PROGRAM:
Cusip number 478058100. ADR to ordinary share 1:1
DEPOSITARY:
The Bank of New York, 22nd Floor,
101 Barclay Street, New York, N.Y. 10286, USA
REGISTRAR:
Computershare Investor Services 2004 (Pty) Limited
70 Marshall Street, Johannesburg, 2001.
PO Box 61051, Marshalltown, 2107.
Telephone number 0800 117472/(+27 11) 870 8201
INFORMATION AGENT: Symphony Investor Communications (Proprietary) Limited
1st Floor, 9 Fricker Road,
Illovo Boulevard, Illovo, 2196.
Postnet Suite #182,
Private Bag X31, Saxonwold, 2132
Toll free number 0800 117 472,
International: +27 11 759 5451
SPONSOR:
Merrill Lynch South Africa (Pty) Limited,
138 West Street, Sandown, Sandton, 2196.
PO Box 651987, Benmore, 2010
28,7%
Suncoast
4,85%
Tsogo Sun Group
100%
Johnnic Properties
100%
Gallagher Estate
These results may be viewed on the Internet at http://www.johnnic.co.za e-
mail: investor_relations@johnnic.co.za
Date: 24/11/2005 03:32:28 PM Produced by the JSE SENS Department
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