|
AFB
AFB
Alexander Forbes - Reviewed Financial Results for the year ended 31 March 2006
Alexander Forbes Limited
Registration number: 1958/001974/06.
Share code: AFB.
ISIN code: ZAE000018230
Reviewed Financial Results for the year ended 31 March 2006
* 11% growth in revenues exceeding R5 billion for the first time
* Continued strong operating results across our South African and African
businesses (+13%)
* Significant growth in profits (+29%) and assets of Investment Solutions,
with global assets under management totalling R124 billion at year end
* Exceptional growth in profits from our International Financial Services
businesses (+39%)
* 3% growth in core earnings per share, despite difficult trading conditions
in our International Risk Services business
* Distribution to shareholders of 59 cents per share
Review of Operations
Overview
The year to 31 March 2006 has been characterised by:
- 11% revenue growth, with income from operations exceeding R5 billion for
the first time
- Continued strong operating results across our South African and African
businesses (+13%)
- Significant growth in profits (+29%) and assets of Investment Solutions,
with global assets under management totalling R124 billion at year end
- Exceptional growth in profits from our International Financial Services
businesses (+39%)
- 3% growth in core earnings per share, despite difficult trading conditions
in our International Risk Services business. (Core earnings per share
increased by 15% excluding International Risk Services)
- Distribution to shareholders of 59 cents per share
- An independent review of our South Africa Financial Services business,
resulting in a proposed settlement to clients of R380 million and a further
provision raised of R100 million. We will institute additional compliance
procedures and have introduced a number of significant changes to ensure
transparency in all dealings with our clients. Alexander Forbes" objective
is to be the industry leader in governance and disclosure to clients.
Trading results of operations
Trading results of operations increased to R791 million for the year. This
result was achieved on the back of 11% revenue growth, with income from
operations exceeding R5 billion for the first time in the history of the group.
The International Risk Services business continued to experience difficult
trading conditions during the current year. As detailed below, we are currently
reviewing the optimal positioning of International Risk Services to capitalize
on the number of growth and development opportunities. Trading results from the
group"s other operations increased 15% in comparison to the previous year.
Investment Solutions
The group"s multi-manager investment subsidiary, Investment Solutions, recorded
23% revenue growth in its African operations. There was even stronger growth in
the trading result up 29% to R264 million resulting from the operational gearing
which is integral to the Investment Solutions" business model. Average assets
under management increased 33% with closing assets in South Africa reaching R114
billion at 31 March 2006. The business benefited from strong equity market
growth and net new business inflows which totalled R3 billion for the year.
Relative investment performance continued to be competitive with most portfolios
in line with or ahead of their benchmarks.
The UK Investment Solutions business, which was launched to the market in
September 2003, continued to attract new clients with assets under management
doubling to total GBP890 million at 31 March 2006. This business is gathering
momentum as it approaches GBP1 billion of assets under management with a
competitive three-year investment performance track record. The trading loss
recorded by this business is a reflection of the investment made in growing it"s
client and asset base.
Global assets under management totalled R124 billion at year end.
Africa Risk & Insurance Services
The Africa Risk & Insurance Services business delivered a trading result of R187
million, which is marginally down on the previous year. This was achieved
despite a R12 million decrease in operational interest income, a R16 million
reduction in contribution from Personal Lines insurance and against a backdrop
of difficult industry conditions. Excluding operational interest and the reduced
contribution from Personal Lines insurance, the Africa Risk & Insurance business
recorded 7% revenue growth and 11% growth in profits. This is a most credible
result given the trading conditions prevailing during the year and the results
recorded within its industry.
The main contributors to the good trading result were the core Corporate Broking
business, Guardrisk (cell captive insurance), the Afrinet network (insurance
broking businesses in 10 African countries outside South Africa) and Alexander
Forbes Compensation Technologies (claims facilitation for medical providers).
Importantly, good new business gains continued to be recorded by the core
Corporate Broking business during the year with a number of large corporate and
parastatal appointments. In addition, the business has been successful in
attracting additional key client facing staff.
Africa Financial Services
The Africa Financial Services business recorded strong revenue growth with
trading results from operations up 12% to R219 million for the year. This growth
was driven by a strong performance from the core Actuarial Consulting business
with increased revenue from special projects, including those relating to
legislative change. The Retirement Funds Administration business delivered a
solid result with members under administration increasing to almost
1,5 million at year end.
The Umbrella Fund Retirement business recorded strong growth with members under
administration growing 35% to over 97 000 at year end. This business is expected
to continue to record strong growth into the future.
The other main contributors to the strong growth in trading result were: Health
Care Consultants and Health Management Solutions; Homeplan, which increased its
pension backed lending book by R550 million to R2.1 billion during the year; and
Financial Planning Consultants, which benefited from new business written and
strong equity markets during the year.
International Risk Services
The International Risk Services business continued to trade in difficult
conditions, including rate reductions experienced in a number of insurance
classes particularly in Professional Indemnity insurance. The business also
incurred costs in implementing positive changes, defending its market position
and hiring new production talent thereby negatively impacting short-term
profitability. However, revenue decreased only marginally as a result of the
factors mentioned above due to positive underlying growth particularly in the
International and Specialist lines. Trading results from operations decreased to
GBP1.6 million for the year.
Following a thorough review by the new management team led by Stewart McCulloch,
and material actions taken thus far, a number of growth and development
opportunities are now being actively pursued. Further, the management team has
recently been significantly strengthened with the addition of Mike Hammond
(former CEO of JLT Risk Solutions) who has recently joined the group as deputy
executive chairman of International Risk Services.
To optimally position International Risk Services to capitalize on the current
market opportunities in its sector, the group and senior management team of the
business are currently considering the structural options to best support
enhanced growth opportunities. These include the possibility of involving a new
private investor in International Risk Services alongside Alexander Forbes.
Discussions are being held with a few select investors in this regard and, in
the event that this option is pursued, it is likely that Alexander Forbes"
shareholding in International Risk Services will reduce.
International Financial Services
The International Financial Services businesses achieved revenue growth of 24%
delivering a trading result of GBP10,3 million up 39% on the previous year. The
actuarial consulting business acquired in 2002, Lane Clark & Peacock, recorded
exceptional growth in revenue and profits, benefiting from increased demand for
its services in the UK and Swiss markets resulting from continuing pensions
market turmoil and legislative change.
The UK-based pensions IFA (Independent Financial Advisory) business also
recorded double digit revenue and profit growth with a strong sales performance
in the final quarter of the financial year.
The UK-based DC Link Administration business, acquired in 2002, incurred a
trading loss but achieved 40% growth in members under administration with
members totaling 57 000 at year end.
The continuing UK Direct Marketing operation achieved a break even result as a
result of marketing spend incurred during the year. The part of the UK Direct
Marketing operations which, as previously advised, is in run-off is shown
separately from trading results of operations in the income statement.
Core earnings per share
An adjusted measure of headline earnings per share, core earnings per share, has
been presented in order to facilitate a more meaningful assessment of the
group"s trading performance. This adjusted measure:
* excludes the financial effects caused by the mismatch resulting from
accounting for policyholder investments as treasury shares under IFRS (refer
SENS release to shareholders of 3 April 2006 and note 6 in this announcement);
* excludes the anticipated reduced profit contribution from the UK direct
marketing entity in run-off;
* excludes one-off exceptional charges and gains, including the provisions for
client settlements made in the current year; and
* reflects the position had the equity issue associated with the repurchase of
exchangeable bonds in September 2004 occurred at the commencement of the
previous financial year.
(A reconciliation is provided of the calculation of headline and core earnings
per share below the abridged income statement contained in this announcement.)
Core earnings per share totalled 116 cents for the current year, representing a
3% increase compared to the previous year. As detailed above, growth was
adversely impacted by the trading results of International Risk Services.
Excluding this business, core earnings per share increased 15%, reflecting the
strong trading performance across most of the group"s operations.
Proposed distribution to shareholders
The overall growth in the group"s core operations, as reflected by the growth in
core earnings per share, have enabled the Board to propose a 59 cent per share
distribution to shareholders. This represents a 12% decrease compared to the
distribution for the previous year, reflecting the reduced profit contribution
from International Risk Services and the UK direct marketing entity in run off.
The distribution is in line with the previously communicated policy of 2 times
dividend cover (based on core earnings per share).
Change in directorate
As previously announced Rael Gordon has indicated his intention to step down
from the position of Group Chief Executive. The board is pleased that he has
agreed to remain involved for a period in the management of the international
part of the group, which is managed from the UK.
The Africa Managing Director, Peter Moyo, has been appointed Group Chief
Executive with effect from 1 July 2006. He will continue to be based in
Johannesburg. The board is delighted to have an executive of his calibre take
over the leadership of the group.
Proposed client settlements in respect of historical business practices
As previously advised, the group has performed a review in relation to the
practice within the South African Financial Services business of bulking of
retirement funds" current bank accounts and related business practices. This
review included the engagement of lawyers, Deneys Reitz and independent
auditors, Ernst & Young. A sub-committee consisting of non-executive directors
of the Alexander Forbes Limited Board was appointed to consider the findings of
the review and to make recommendations to the Board in this regard. After
consultation with the FSB, the first part of this process has been substantially
concluded and has resulted in an estimated settlement to clients of R380
million. The wider review is nearing completion; this has identified a limited
number of additional potential historical exposures for which a further
provision of R100 million has been raised. These amounts have been fully
provided in the group"s results for the current year. Importantly, the exposures
identified primarily relate to historical practices which do not have a material
effect on current earnings.
Notwithstanding the strong trading results from most of the group"s operations,
this has been one of the most difficult periods in Alexander Forbes" 70 year
history with significant issues raised concerning the historic transparency of
income earned by our South African Financial Services business. We failed to
live up to our history of dedicated client service in this area of our business,
which we sincerely regret. We recognise that the proposed settlement to clients
represents only the first step in restoring the trust of our clients. The
implementation of additional compliance procedures is underway and we have
introduced a number of significant changes to ensure transparency in all
dealings with our clients. We do not underestimate the task of restoring the
trust of our clients and staff, but are fortunate to have a pool of talented
people committed to the task of setting the industry standard.
Developments
Shareholders are referred to the announcement dated 6 June 2006, which provided
information regarding the possibility of involving a new private investor in the
International Risk Services business alongside Alexander Forbes. The
announcement also provided information regarding the receipt of a number of
unsolicited approaches from various parties about the possibility of concluding
a transaction with the group. Following these approaches, the group has
commenced discussions with private equity parties regarding a potential
transaction to acquire 100% of the group. The discussions are in an early stage
and may or may not result in a transaction.
As a result of the potential transactions mentioned above, shareholders are
advised to continue to exercise caution when trading in the Alexander Forbes"
securities until a further announcement is made.
Prospects
As reported in this announcement:
- the strategic re-positioning of International Risk Services is in process;
- all of the other core businesses of the group have delivered a strong
trading performance;
- significant positive actions have been taken to remedy the historical
issues affecting the South African Financial Services business
(importantly, the exposures identified primarily relate to historical
practices which do not have a material effect on current earnings).
This provides the group with a solid platform for moving forward in the new
financial year.
For and on behalf of the board
P L Heinamann Rael Gordon Peter Moyo
Non-executive Group chief Group chief
Chairman executive executive elect
Johannesburg
19 June 2006
Income Statement
31 March 31 March
2006 2005
Rm % Rm
Income from operations (note 3) 5 369 11 4 858
Other income 71 107
Operating expenses (5 094) (4 229)
Operating profit 346 (53) 736
Analysed as follows:
Trading results of operations 791 2 772
Profit from direct marketing
entity in run-off 41 68
Consolidation of group cell
captive insurance arrangement (1) 23
Impairment and other capital items (19) (21)
Exceptional gains and losses
(note 4) (466) (106)
Operating profit 346 (53) 736
Net interest and investment income
(note 5) (5) (63)
Net fair value gain (offset by
taxation expense attributable
to policyholders) 18 9
Effect of accounting for
policyholder investments as treasury
shares under IFRS (note 6) (81) (30)
Share of net profits of
associates (note 7) 17 5
Profit before taxation 295 (55) 657
Taxation
- Taxation expense (220) (190)
- Taxation attributable to
policyholders" funds (18) (9)
Profit for the year 57 (88) 458
Attributable to:
- Ordinary shareholders 12 (97) 413
- Minority interests 45 45
57 (88) 458
EARNINGS PER SHARE (cents) 3 (97) 105
DILUTED EARNINGS PER SHARE (cents) 3 (97) 104
Number of shares (millions)
- weighted average 443 394
- diluted weighted average 447 396
Note on calculation of headline
and core earnings per share:
Profit attributable to ordinary
shareholders 12 413
Adjusted for:
Impairment charges and other
capital items 19 21
Share of headline adjusting items
of associates (14) 2
Headline earnings attributable to
ordinary shareholders 17 436
Adjusted for:
Profit from direct marketing entity
in run-off (41) (68)
Exceptional gains and losses 466 106
Loss arising from accounting for
policyholder investments as treasury
shares under IFRS 81 30
Reversal of interest effects of
exchangeable bonds - 38
Tax effects on above items 13 (23)
Core earnings attributable to
ordinary shareholders 536 3 519
Weighted average number of shares 443 394
Adjusted for:
Policyholder investments accounted
for as treasury shares and deducted
from equity under IFRS 19 15
Shares issued to repurchase
exchangeable bonds - 51
Adjusted weighted average number
of shares in issue 462 460
Headline earnings per share (cents)
Effects of adjustments detailed
above 4 (96) 111
Profit from direct marketing
entity in run-off (6) (12)
Exceptional gains and losses 105 19
Accounting for policyholder
investments as treasury shares
under IFRS 13 3
Repurchase of exchangeable bonds - (8)
Core earnings per share (cents) 116 3 113
Segmental Analysis
Total income Trading results
from operations of operations
31 March 31 March 31 March 31 March
2006 % 2005 2006 % 2005
AFRICA (Rm)
Risk & Insurance
Services 875 4 842 187 (3) 193
Financial
Services 1 125 16 972 219 12 195
Investment
Solutions 761 23 617 264 29 204
Total Africa
(Rm) 2 761 14 2 431 670 13 592
INTERNATIONAL
(GBPm)
Risk Services 129,6 (1) 131,5 1,6 (81) 8,5
Financial
Services 95,5 24 76,8 10,3 39 7,4
Investment
Solutions 5,6 60 3,5 (0,7) (250) (0,2)
Total
International
(GBPm) 230,7 9 211,8 11,2 (29) 15,7
Total
International
(Rm) 2 608 7 2 427 121 (33) 180
Total Group
(Rm) 5 369 11 4 858 791 2 772
Africa International
31 March 31 March 31 March 31 March
2006 2005 2006 2005
Trading results
of operations 670 592 121 180
Profit from
direct marketing
entity in
run-off - - 41 68
Consolidation of
group cell
captive
insurance
arrangement (1) 10 - 13
Exceptional
gains and
losses
(note 4) (480) - 14 (106)
Operating
profit before
impairment
charges 189 602 176 155
Net interest
and investment
income (4) (13) (1) (50)
Net fair value
gain 18 9 - -
Loss arising from
accounting for
policy-holder
investments as
treasury shares
under IFRS (81) (30) - -
Share of
headline profits
of associates (2) - 5 7
Headline profit
before tax 120 568 180 112
Taxation on
headline
profit (225) (176) (13) (23)
Minority
interests (11) (17) (34) (28)
Headline
earnings
attributable to
ordinary
shareholders (116) 375 133 61
Adjusted for:
Profit from
direct marketing
entity in
run-off - - (41) (68)
Exceptional
gains and
losses 480 - (14) 106
Loss arising
from accounting
for policyholder
investments as
treasury shares
under IFRS 81 30 - -
Reversal of
interest effects
of exchangeable
bonds - - - 38
Tax effects on
above items - - 13 (24)
Core earnings
attributable
to ordinary
shareholders 445 405 91 113
Total
(Segmental continued) 31 March 31 March
2006 2005
Trading results
of operations 791 772
Profit from
direct marketing
entity in
run-off 41 68
Consolidation of
group cell
captive
insurance
arrangement (1) 23
Exceptional
gains and
losses
(note 4) (466) (106)
Operating
profit before
impairment
charges 365 757
Net interest
and investment
income (5) (63)
Net fair value
gain 18 9
Loss arising from
accounting for
policy-holder
investments as
treasury shares
under IFRS (81) (30)
Share of
headline profits
of associates 3 7
Headline profit
before tax 300 680
Taxation on
headline
profit (238) (199)
Minority
interests (45) (45)
Headline
earnings
attributable to
ordinary
shareholders 17 436
Adjusted for:
Profit from
direct marketing
entity in
run-off (41) (68)
Exceptional
gains and
losses 466 106
Loss arising
from accounting
for policyholder
investments as
treasury shares
under IFRS 81 30
Reversal of
interest effects
of exchangeable
bonds - 38
Tax effects
on above items 13 (23)
Core earnings
attributable
to ordinary
shareholders 536 519
Balance Sheet
31 March 31 March
2006 2005
Rm Rm
ASSETS
Financial assets held under
multi-manager investment contracts 118 373 85 518
Financial assets held under cell
captive insurance facilities 4 729 3 638
Housing loans secured by retirement
fund assets 750 -
Property and equipment 222 267
Purchased and developed computer
software 29 24
Goodwill 2 091 2 154
Other intangible assets 48 39
Investments in associates 68 66
Deferred tax assets 257 253
Financial assets 367 305
Trade and other receivables 1 303 1 509
Cash and cash equivalents 2 803 2 628
Total assets 131 040 96 401
EQUITY
Ordinary shareholders" equity 1 531 1 995
Minority interests 82 102
Total equity 1 613 2 097
LIABILITIES
Financial liabilties held under
multi-manager investment contracts 118 619 85 691
Liabilities of cell captive insurance
facilities 4 729 3 638
Securitisation funding for housing
loans 750 -
Borrowings 678 760
Retirement benefit obligations 236 308
Deferred tax liabilities 95 55
Deferred consideration for acquisitions 191 187
Provisions 593 146
Other liabilities 3 536 3 519
Total liabilities 129 427 94 304
Total equity and liabilities 131 040 96 401
Total equity per above 1 613 2 097
Adjustment for policyholder investments
accounted for as treasury shares and
deducted from equity under IFRS 184 161
Adjusted total equity 1 797 2 258
Number of shares in issue 443 394
Adjustment for policyholder investments
accounted for as treasury shares and
deducted from equity under IFRS 19 15
Adjusted number of shares in issue 462 409
Net asset value per share (cents) 364 532
Adjustment for policyholder investments
accounted for as treasury shares and
deducted from equity under IFRS 25 20
Adjusted net asset value per share
(cents) 389 552
Statement of Changes in Equity
Treasury
Share share
capital and
and share
share option Other
premium reserve reserves
Rm Rm Rm
31 March 2004
As previously reported 86 162 892
Amended for adoption of IFRS - (151) (400)
Restated at 31 March 2004 86 11 492
Share issues 1 175
Movement in share option
reserve 9 (17) 37
Treasury shares purchased (12)
Movement in policyholder
investments accounted
for as treasury shares
under IFRS (10)
Foreign currency
translation and other
movements 32
Profit for the year 413
Distribution to shareholders (221)
Movement in minority
interests
At 31 March 2005 1 270 (28) 753
Share issues 1
Movement in share option
reserve 76 (91) 23
Treasury shares purchased (49)
Movement in policyholder
investments accounted
for as treasury shares
under IFRS (23)
Foreign currency
translation and other
movements (115)
Profit for the year 12
Distribution to shareholders (298)
Movement in minority
interests
At 31 March 2006 1 049 (191) 673
Statement of Changes in Equity (continued)
Ordinary
share-
holders" Minority Total
equity interests equity
Rm Rm Rm
31 March 2004
As previously reported 1 140 107 1 247
Amended for adoption of IFRS (551) (30) (581)
Restated at 31 March 2004 589 77 666
Share issues 1 175 1 175
Movement in share option
reserve 29 29
Treasury shares purchased (12) (12)
Movement in policyholder
investments accounted for
as treasury shares under
IFRS (10) (10)
Foreign currency
translation and other
movements 32 2 34
Profit for the year 413 45 458
Distribution to shareholders (221) (46) (267)
Movement in minority
interests - 24 24
At 31 March 2005 1 995 102 2 097
Share issues 1 1
Movement in share option
reserve 8 8
Treasury shares purchased (49) (49)
Movement in policyholder
investments accounted for as
treasury shares under
IFRS (23) (23)
Foreign currency
translation and other
movements (115) (6) (121)
Profit for the year 12 45 57
Distribution to shareholders (298) (52) (350)
Movement in minority
interests - (7) (7)
At 31 March 2006 1 531 82 1 613
Cash Flow Statement
31 March 31 March
2006 2005
Rm Rm
Cash from trading operations 958 931
Cash from direct marketing
entity in run-off 41 68
Movement in working capital
and insurance balances 243 76
Taxation and dividend payments (449) (466)
Cash from operating activities 793 609
Net subsidiaries and businesses acquired (64) (72)
Housing loans provided to clients secured
by retirement fund assets (750) -
Capital expenditure for the year (92) (132)
Net movement in financial assets (25) 6
Cash from investing activities (931) (198)
Net proceeds of share issues/treasury
shares purchased (48) 1 163
Equity deduction resulting from
accounting for treasury shares
under IFRS (23) (10)
Net borrowings repaid (68) (1 373)
Securitisation funding raised for housing
loans 750 -
Withdrawal of matching deposit - 227
Premium finance receivables (24) (25)
Cash settlement of retirement obligations (82) (59)
Distributions to minority shareholders (52) (46)
Cash from financing activities 453 (123)
Net cash flows 315 288
Foreign subsidiary translation adjustment (140) (16)
Net movement in cash balances 175 272
Notes
1. Basis of preparation
The abridged financial information has been prepared in accordance with, and
complies with International Financial Reporting Standards ("IFRS") and the South
African Companies Act of 1973, as amended.
The accounting policies are consistent with those applied in the 2005 financial
year except for the changes resulting from the adoption of IFRS. Details
relating to these changes were presented with the group"s interim results
announcement published on 14 November 2005. An additional announcement with
regards to policyholder investments accounted for as treasury shares under IFRS
was issued on 3 April 2006.
31 March 31 March
2006 2005
2. Exchange rates
The income statements and balance sheets
of foreign subsidiaries have been
translated to Rands as follows:
Weighted average R: GBP rate 11,3 11,5
Closing R: GBP rate 10,8 11,7
31 March 31 March
2006 2005
Rm Rm
3. Income from operations
Fee and commission income 5 076 4 622
Operational interest income from
insurance broking activities 63 64
Interest and other finance income from
financing operations 111 63
Less: Directly related interest expense (33) -
Net premium and investment income
from insurance operations 622 386
Less: Net claims and transfers to
policyholders" funds (470) (277)
Total income from operations 5 369 4 858
4. Exceptional gains and losses
Non-recurring restructuring costs
(International Risk Services) 14 (111)
Non-trading currency gain - 5
Proposed client settlements for
historical bulking practices (380) -
Provision for additional potential
historical exposures (100) -
Total exceptional gains and losses (466) (106)
5. Net interest and investment income
Interest income 70 48
Dividend income from preference
share investments 17 6
Total interest and investment income 87 54
Finance costs - bank borrowings (52) (57)
Finance costs - exchangeable bonds - (40)
Other finance costs (40) (20)
Total net interest and investment
income (5) (63)
6. Effects of accounting for policyholder
investments as treasury shares under IFRS
Increase in value of shares held on
behalf of policyholders (69) (20)
Dividends received on shares held on
behalf of policyholders (12) (10)
Total effects (81) (30)
As advised to shareholders in the SENS
statement of 3 April 2006, the IFRS
requirement to account for Alexander Forbes
shares held on behalf of policyholders as treasury shares results in
a mismatch in accounting for the asset and liability movement, which does not
reflect the economic substance of the transactions. As shown above, this
mismatch has resulted in the reporting of a R81 million accounting expense in
the current year (2005: R30 million expense),whereas no actual economic loss
will ever be realised by the group.
Adjusted measures of headline earnings per share (referred to as core earnings
per share) and net asset value per share,which exclude the effects of accounting
for policyholder investments as treasury shares, have been presented in order to
accurately reflect the underlying economic substance of the transactions
and provide meaningful reporting to shareholders.
7. Investment in associates
Carrying value in balance sheet 68 66
Directors" valuation of associates 99 102
8. Capital expenditure and commitments
Depreciation and amortisation for the
year 113 122
Capital expenditure for the year 92 132
Operating lease commitments
- Due within one year 190 213
- Thereafter 976 1 204
1 166 1 417
Capital expenditure and commitments will be funded from internal cash resources.
9. Distribution to shareholders
The directors have recommended a distribution to shareholders of 59 cents per
share by way of a reduction in share premium for the year ended 31 March 2006.
The terms and conditions of the capital reduction are subject to specific
approval by the shareholders at the forthcoming annual general meeting, to be
held on 8 August 2006.
In compliance with the requirements of STRATE, the following dates are
applicable:
Last date to trade cum the distribution Friday, 25 August 2006
Date trading commences ex the distribution Monday, 28 August 2006
Record date Friday, 1 September 2006
Date of payment Monday, 4 September 2006
Shares may not be dematerialised or rematerialised between Monday, 28 August
2006 and Friday, 1 September 2006 both days inclusive.
Review Report
Our auditors PricewaterhouseCoopers Inc, have reviewed the abridged financial
information in this report for the year ended 31 March 2006. A copy of their
unqualified review report is available on request.
Directors:
P L Heinamann (Chairman), J V H Robins (Deputy chairman) (British), R I Gordon
(Group chief executive), M P Moyo (Group chief executive elect), M G Ilsley
(Group finance director), J H Vickers (Group development director), T R T
Bohlmann, J J Durand, W E Lucas-Bull, M P Nicholls (British), M C Ramaphosa, A F
van Biljon, P J J van der Walt, G J Roberts-Baxter (Alternate director).
Company secretary:
J E Salvado.
Registered office:
South Africa
Alexander Forbes Place, 61 Katherine Street, Sandown
Telephone +27 (0) 11 269-0000. Fax +27 (0) 11 269-1111.
E-mail: info@aforbes.co.za. Website: www.alexanderforbes.co.za
United Kingdom
Alexander Forbes House, 6 Bevis Marks, London EC3A 7AF, United Kingdom
Switchboard +44 (0) 20 7933-0000. Fax +44 (0) 20 7933-0915
Sponsors:
J.P. Morgan Equities Limited. 1 Fricker Road, Illovo Boulevard, Johannesburg
Investec Bank Limited. 100 Grayston Drive, Sandown
Independent auditors:
PricewaterhouseCoopers Inc. Chartered Accountants (SA) 2 Eglin Road, Sunninghill
Transfer secretaries:
Computershare Investor Services 2004 (Pty) Limited. Ground Floor,
70 Marshall Street, Johannesburg
PO Box 61051, Marshalltown, 2107
Investor relations:
Debbie Kotzen
For more information and full details of the SENS announcement, please visit our
website:
www.alexanderforbes.co.za
Date: 20/06/2006 07:45:20 AM Produced by the JSE SENS Department
| Profile Group (Pty) Ltd. has taken care in preparing all information on this website, but does not accept any liability for errors or out-of-date information. | |||||||||||||
| Other Profile Group sites: FundsData Online (unit trust data) | Profile Group corporate site | |||||||||||||
| [ Terms of Use | Privacy Policy | PAIA manual | FAQs/Help | Site Map | © Copyright Reserved 2026 ] | |||||||||||||
|
|||||||||||||
