Wrap Text
Unaudited condensed consolidated interim results for the six months ended 30 November 2018
OneLogix Group Limited
(Incorporated in the Republic of South Africa)
(Registration number: 1998/004519/06)
JSE share code: OLG
ISIN: ZAE000026399
("OneLogix" or "the company" or "the group")
Unaudited condensed consolidated interim results for the six months ended 30 November 2018
Highlights
Organic growth in weak macro environment
Revenue up 26%
PBT (excluding capital items) up 27%
HEPS and diluted HEPS up 28%
Core HEPS and diluted core HEPS up 24%
NAV up 8% to 382,2 cps
Umlaas Road Phase III development under way
Five-year compound annual growth rates
NAV per share 22%
NTAV per share 23%
Commentary
The group continued its uninterrupted recent profit trajectory in the six months ended
November 2018 ("the period"), despite a still sluggish trading environment.
Notwithstanding the macro environment OneLogix achieved credible organic growth, measured
against an accumulated higher base of earnings. This is affirmation of the strength of the group's
business strategy and the resilient individual business models as guided by skilled management
teams with a well-established entrepreneurial approach.
As previously reported, the group decided, in response to market demand and in order to
entrench a strategic advantage, to extend the footprint of its successful Umlaas Road logistics
hub by purchasing an adjoining 40 hectare property ("Umlaas Road Phase III") in June 2018.
Cash resources of R47 million have been expended to date on acquiring land and preliminary
design work. The full cost of the development (including the land already acquired) is expected
to be in the region of R280 million. Development of the site is expected to commence shortly.
Review of operations
Abnormal Logistics
This segment traded well during the period defined.
OneLogix Vehicle Delivery Services ("VDS") exceeded expectations despite a relatively lethargic
market and OneLogix TruckLogix was able to generate a pleasing momentum from a small prior
period bolt-on acquisition, also enabling positive results in a similarly lacklustre market. OneLogix
Projex experienced ongoing overtly tough trading conditions with resultant margin pressure but
continues to be well placed in its market.
Primary Product Logistics
This segment produced a mixed performance.
OneLogix Jackson again performed well, while OneLogix Linehaul successfully levered off
enhanced strong operational processes in a slightly resurgent cross-border market. OneLogix
United Bulk and OneLogix Buffelshoek continue to trade in listless markets. Nonetheless their
recognised superior customer service, together with judicious business processes, ensured
reasonable performances.
Other - Logistics Services
This segment, albeit small in contribution, continues to produce strong results.
Atlas 360 continues to perform well, whilst its newly acquired and smaller cohort Cranbourne
Panelbeaters, a leading operator in the retail car repair market, has been well assimilated into the
group and performed ahead of expectations. OneLogix Cargo Solutions, now a stand-alone
clearing and forwarding operation, performed steadily in its evolving niche market and OneLogix
Warehousing delivered an improved performance.
Financial results
Revenue increased by 26% to R1,44 billion on the back of increased activity in all operating
segments. An increase in the average fuel price for the period of 27% resulted in an increased
fuel-spend recovery in the top line of around R80 million, and a small contribution from the two
business combinations concluded late in the previous financial year also boosted revenue.
Trading profit was up 7% to R108,2 million. Trading margins declined from 8,9% to 7,5%, mainly
as a result of significantly increased fuel costs having to be recovered in increased billings and
increased leased assets utilisation (which under the current lease accounting standards have the
inherent financing cost of the asset included in the rental expense, rather than in financing costs).
Pleasingly, profit before tax margins, excluding capital items, increased to 6,3% from 6,2% in the
previous period.
Consistent with the prior period, trading profit was further impacted by an R8,5 million (November
2017: R8,0 million) charge relating to the group's ongoing skills upliftment programme. The vast
majority of this charge will be recovered by learnership allowances afforded by SARS. This has
contributed to the effective tax charge on profit of 21,6% (November 2017: 21,6%) for the period.
Operating profit, excluding capital items, increased in line with trading profit, from R96,2 million
to R103,4 million. Included in the prior year operating profit was a R16,8 million once-off profit
realised on the sale and leaseback of Umlaas Road properties ("Umlaas Road transaction").
Net finance costs decreased by 48% to R13,1 million as debt related to the disposal of Umlaas
Road was settled in the prior period, allocation of financing costs inherent in leased assets is
included in operating expenses (under current accounting standards) and the cash flow position
of the group was enhanced during the period through positive net working capital developments.
A comfortable interest cover on trading profit of 8,2 times (November 2017: 4,1 times) is very
healthy and well within our targeted range.
Profit before tax, excluding capital items, increased 27% to R90,3 million on the back of higher
trading profits and a significant reduction in net financing costs.
The recent share repurchases have meant that there was a weighted average of 245 921 435
shares in issue at period-end which is 2% less than in the prior period.
Earnings per share ("EPS") decreased 35% by 13,8 cents to 25,4 cents due to the prior period
once-off post tax profits from the DriveRisk disposal and the Umlaas Road transaction of
R36,5 million (equivalent to 14,6 cents per share) and R12,7 million (equivalent to 5 cents per
share), respectively, offset by increased earnings of 5,8 cents per share.
Headline earnings and diluted headline earnings per share ("HEPS") of 25,5 cents were 28%
higher on the back of an enhanced overall trading result and significantly reduced net finance
costs.
Core HEPS and diluted core HEPS ("core HEPS") increased by 24% to 28,8 cents. There was no
dilutionary effect on core HEPS in the period as the volume weighted average share price for the
period is below the consideration due from the employee participation schemes (to which
potential dilution in issued ordinary shares relates). A reconciliation of headline earnings
to core headline earnings is provided in the financial results.
Cash generated from operations before working capital changes, net finance costs, taxation and
dividends remains strong and increased by 7% to R179,1 million, in line with trading profit growth.
Freeing up of net working capital to the value R172,7 million had a material impact on cash
resources at period-end. This is a result of new ancillary service offerings to customers
implemented in the latter part of the period.
The group invested R110,5 million in operational infrastructure as follows: R53 million in property
(of which R47 million relates to the Umlaas Road Phase III); R49,1 million in fleet (of which
R39,9 million relates to expansion); R4 million in IT-related assets; and R4,4 million for other
assets.
New interest-bearing borrowings of R48,3 million were raised to fund fleet financing, offset by the
repayment of interest-bearing borrowings of R78,8 million. The entire property expansion was
funded from cash resources and appropriate funding models will be finalised once the
development phase of Umlaas Road Phase III commences.
Dividends paid in the period amounted to R15,0 million, and R12,4 million was expended on the
general share repurchase of OneLogix shares (see "Share repurchases").
Net cash resources at the reporting date amounted to R298 million.
Net debt of R41,2 million at 30 November 2018 is significantly less than the previous year-end's
R245 million, mainly due to the change in net working capital and the continuing financing of new
truck tractors on an operating lease model.
At period-end, 212 vehicles were utilised on an operating lease structure. The carrying value of on
balance sheet gross interest-bearing debt is covered 3,1 times (May 2018: 2,7 times) by the
carrying value of on balance sheet property, plant and equipment. The entire on and off balance
sheet debt of the group is related to tangible asset-based finance.
The group's financial position at period-end, funding structure for assets utilised by the
operations and the resources available to the group have successfully reinforced a solid platform
for the future.
Share repurchases
As previously announced, the group repurchased 3,5 million OneLogix shares on the open market
for a cash consideration of R12,4 million. These shares represent 1,2% of the company's issued
share capital and have been delisted and returned to authorised but unissued share capital.
Dividend
Shareholders are advised that an interim gross dividend, No 10 of 6,00000 cents per share in
respect of the six months ended 30 November 2018, was declared on Thursday, 7 February 2019.
This is a dividend as defined in the Income Tax Act, 1962, and is payable from income reserves.
The South African dividends tax ("DT") rate is 20%. The net dividend payable to shareholders
who are subject to DT is 4,80000 cents per share, while it is 6,00000 cents per share for those
shareholders who are exempt from dividends tax. The income tax reference number of the
company is 9361229710.
At the declaration date, the issued share capital was 281 209 972 ordinary shares at no par value,
which includes 37 976 892 treasury shares held in relation to the employee and management
share participation schemes.
The salient dates in respect of the interim dividend are as follows:
2019
Last day to trade cum dividend Tuesday, 2 April
Shares will trade ex dividend Wednesday, 3 April
Record date Friday, 5 April
Payment of dividend Monday, 8 April
Shareholders may not dematerialise or rematerialise their shares between Wednesday, 3 April 2019
and Friday, 5 April 2019, both dates inclusive.
The dividend will be transferred to dematerialised shareholders' Central Securities Depository
Participants' accounts/broker accounts on Monday, 8 April 2019. Certificated shareholders'
dividend payments will be paid to certificated shareholders' bank accounts on or about Monday,
8 April 2019.
The interim dividend, amounting to R14,6 million, has not been recognised as a liability in the
consolidated interim financial statements. It will be recognised in shareholders' equity for the year
ending 31 May 2019.
OneLogix will continue to assess the payment of interim and final dividends in light of the board's
ongoing review of earnings, after providing for long-term growth and cash/debt resources, the
amount of reserves available and the covenants of facility providers.
Changes to the board of directors
As previously announced, Bridgitte Matthews resigned as an independent non-executive director,
effective 7 December 2018, due to capacity constraints. We thank Bridgitte for her valuable and
insightful contribution and wish her well in the future.
The company has embarked on a process to source a suitable replacement for the vacated
position on the board and its sub-committees and an announcement to this effect will be made in
due course.
People
OneLogix continues to prioritise the building of high quality, high performance teams with an
enabling culture. The re-award, for the sixth consecutive year, of the international honour of
"Top Employer" for 2019 to OneLogix is testament to our success in this regard.
We remain deeply appreciative of all our staff and the management teams who continue to perform
at the highest levels of excellence.
We also thank all our business partners, customers, suppliers, business advisors and shareholders
for their continued invaluable support.
Prospects
Trading conditions for all group companies are expected to remain challenging for the foreseeable
future.
OneLogix will continue to focus on extracting maximum efficiencies from existing businesses in
order to protect and grow their individual market shares in their respective niche markets. The
executive management team maintains full confidence in our experienced, stable management
teams with their proven entrepreneurial skills, and fully expects them to continue guiding our
businesses to ongoing growth. Our tested business models have ensured that each group
business is well-placed within its respective market and is well-equipped to both withstand
economic headwinds and to exploit emerging opportunities.
As always, OneLogix remains mindful of start-up and acquisitive opportunities and will continue
to assess these appropriately. Our strong financial position and Broad-Based Black Economic
Empowerment accreditation provide an ideal springboard for the pursuit of growth.
Impact of new accounting standards
IFRS 15: Revenue from Contracts with Customers
With the adoption of this standard, the group has reviewed each contract that it has with its
customers to correctly assess the impact of IFRS 15. There is no impact on the measurement or
recognition of revenue.
Revenue is recognised when the risks and rewards of ownership have passed to the customer,
the performance obligations have been completed, the goods have been delivered and when the
services have been rendered, at either a point in time or over time.
IFRS 9: Financial Instruments
With the adoption of this standard, the classification of the financial instruments was not impacted,
only the naming thereof, in that loans and receivables are now simply financial assets at
amortised cost. The group's impairment model has been changed from an incurred loss model,
where objective evidence is used to determine that a financial asset has been impaired, to an
expected credit loss model, where a probability weighted estimate is used to determine the credit
losses likely to be incurred.
The group applies the simplified approach to the impairment of its trade and other receivables,
electing to apply the provision matrix due to low default risk to cash flow and historic loss
patterns to measure it, as a practical expedient. The measurement of the expected credit losses
for items included in its trade and other receivables have been grouped together, as they have
the same risk characteristics. The group applies the general approach to measure the impairment
of its loan's receivable, in accordance with IFRS 9. The existing credit risk of our loans and
receivables has remained consistent and therefore the impact of this standard is immaterial on
the financial statements and no restatements have been made.
Basis of presentation
The unaudited condensed consolidated interim results for the six months ended 30 November
2018 have been prepared in accordance with, and contain the information as set out in
International Accounting Standards ("IAS") 34, as well the Financial Reporting Pronouncements
as issued by the Financial Reporting Standards Council, the JSE Listings Requirements and the
requirements of the Companies Act, No 71 of 2008. The unaudited condensed consolidated
interim financial information should be read in conjunction with the most recent audited annual
financial statements for the year ended 31 May 2018. Accounting policies and computations are
consistently applied as in the annual financial statements.
As previously communicated we aim to present stakeholders with the same information that
management utilises to evaluate the performance of the group's operations. Accordingly, we
present core HEPS, which is headline earnings (as calculated based on SAICA Circular 4/2018)
adjusted for the amortisation charge of intangible assets recognised on business combinations
and charges relating to share-based payments.
The unaudited condensed consolidated interim financial statements have been approved by the
board of directors on 7 February 2019. These results have been compiled under the supervision
of the Financial Director, GM Glass CA(SA). The interim results have not been reviewed or
reported on by the group auditors, Mazars Gauteng.
The unaudited condensed consolidated interim financial statements are available on the
company's website:http://onelogix.com/documents/interimResults/OneLogix-interim-results-2018.pdf.
By order of the board
7 February 2019
Condensed consolidated statement of financial position
Unaudited Unaudited Audited
at at at
30 November 30 November 31 May
2018 2017 2018
% R'000 R'000 R'000
ASSETS
Non-current assets 3 1 213 977 1 182 439 1 187 677
Property, plant and equipment 1 042 247 1 022 362 1 011 359
Intangible assets 162 664 151 369 166 707
Loans and receivables 7 735 7 834 8 280
Deferred tax 1 331 874 1 331
Current assets 32 814 791 615 420 564 572
Inventories 24 438 25 515 23 457
Trade and other receivables 490 256 374 315 414 386
Taxation 2 055 1 896 2 065
Cash resources 298 042 213 694 124 664
Total assets 13 2 028 768 1 797 859 1 752 249
EQUITY AND LIABILITIES
Equity 7 974 065 911 960 925 749
Ordinary shareholders' funds 929 732 873 318 886 979
Non-controlling interests 44 333 38 642 38 770
Liabilities
Non-current liabilities (14) 351 147 409 716 369 394
Interest-bearing borrowings 203 550 271 685 232 529
Deferred tax 147 597 138 031 136 865
Current liabilities 48 703 556 476 183 457 106
Trade and other payables 565 623 313 142 316 552
Interest-bearing borrowings 135 660 162 419 137 175
Taxation 2 273 622 3 379
Total equity and liabilities 13 2 028 768 1 797 859 1 752 249
Notes to statement of financial
position
Net asset value per share (cents) 8 382,2 353,4 359,5
Net tangible asset value per
share (cents) 8 315,4 292,2 291,9
Condensed consolidated statement of comprehensive income
Unaudited Unaudited
six months six months Audited
ended ended year ended
30 November 30 November 31 May
2018 2017 2018
% R'000 R'000 R'000
Revenue 26 1 440 496 1 147 052 2 310 112
Operating and administration costs 29 (1 266 176) (984 437) (2 016 539)
Depreciation and amortisation 7 (70 951) (66 366) (135 173)
(Loss)/profit on disposal of
property, plant and equipment (639) 16 040 14 481
Operating profit (9) 102 730 112 289 172 881
Net finance costs (48) (13 127) (25 012) (40 583)
Profit before taxation 3 89 603 87 277 132 298
Taxation (19 332) (18 797) (25 966)
Profit from continuing operations 3 70 271 68 480 106 332
Profit on disposal of non-current
asset held-for-sale# - 36 526 36 526
Profit for the period 70 271 105 006 142 858
Other comprehensive income
Movement in foreign currency
translation reserve* 309 9 (76)
Total comprehensive income
for the period (33) 70 580 105 015 142 782
Profit attributable to:
- Non-controlling interest 19 7 900 6 658 11 779
- Owners of the parent (37) 62 371 98 348 131 079
(33) 70 271 105 006 142 858
Total comprehensive income
attributable to:
- Non-controlling interest 19 7 900 6 658 11 779
- Owners of the parent (36) 62 680 98 357 131 003
(33) 70 580 105 015 142 782
Basic and diluted basic earnings
per share (cents) (35) 25,4 39,2 52,7
# During the prior year, the sale of the group's 49% minority interest in DriveRisk Proprietary
Limited was incorrectly disclosed as a discontinued operation instead of a disposal of a non-
current asset held-for-sale, which only impacted the presentation of the statement of
comprehensive income for disclosure purposes. This was corrected in the current year to ensure
that the disclosure is accurately stated.
* The component of other comprehensive income may subsequently be reclassified to profit and
loss during future reporting years.
Unaudited Unaudited
six months six months Audited
ended ended year ended
30 November 30 November 31 May
2018 2017 2018
% R'000 R'000 R'000
Notes to statement of
comprehensive income
- Total issued less treasury
shares (2) 243 233 247 110 246 741
- Weighted (2) 245 921 251 015 248 902
- Diluted (2) 245 921 251 015 248 902
- Diluted measure for core
earnings purposes (2) 245 921 251 015 248 902
Earnings per share measures (cents)
Headline and diluted headline
earnings per share (cents) 28 25,5 20,0 33,7
Core and diluted core headline
earnings per share (cents) 24 28,8 23,3 40,2
Reconciliation of headline
earnings and core headline
earnings
Profit attributable to owners
of the parent (37) 62 371 98 348 131 079
Loss/(profit) on disposal of
property, plant and equipment
less taxation and non-
controlling interests 418 (11 579) (10 603)
Profit on disposal of
non-current asset held-for-
sale - (36 526) (36 526)
Headline earnings 25 62 789 50 243 83 950
Share-based payments 4 811 5 278 9 622
Amortisation of intangible assets
acquired as part of a business
combination less taxation and
non-controlling interests 3 300 3 015 6 483
Core headline earnings 21 70 900 58 536 100 055
Analysis of reconciling amounts between earnings, headline earnings and core headline earnings
Non-
Gross Income controlling Net
amount tax interest amount
R'000 R'000 R'000 R'000
Loss on disposal of property,
plant and equipment 639 (179) (42) 418
Share-based payments 4 811 - - 4 811
Amortisation of intangible
assets acquired as part of
a business combination 5 168 (1 447) (421) 3 300
Condensed consolidated statement of cash flows
Unaudited Unaudited
six months six months Audited
ended ended year ended
30 November 30 November 31 May
2018 2017 2018
% R'000 R'000 R'000
Net cash generated from
operating activities >100 313 979 82 205 137 303
Cash generated from operations
before changes in working capital 7 179 129 167 892 303 195
Changes in working capital 172 723 (28 531) (65 714)
Net finance costs (13 127) (25 012) (42 981)
Taxation paid (9 704) (11 146) (18 144)
Dividends paid (15 042) (20 998) (39 053)
Net cash flows from investing
activities <100 (55 784) 162 989 105 062
Purchase of property, plant
and equipment (65 815) (19 772) (70 345)
Purchase of intangible assets (2 489) (2 016) (3 832)
Proceeds on disposal of
property, plant and equipment 11 974 10 159 20 318
Acquisition of business
combinations - - (16 097)
Movement in non-current
receivables 546 (1 409) (1 006)
Proceeds from disposal of
Umlaas Road properties
(non-current asset held for sale) - 106 322 106 322
Cash flows from associate
(non-current asset held for sale) - 69 705 69 702
Net cash flows from financing
activities (33) (85 126) (126 504) (212 639)
Borrowing raised 6 113 7 505 8 738
Repayment of borrowings (78 838) (88 879) (164 981)
Repayment of non-current
liabilities held for sale - (22 744) (22 744)
Acquisition of non-controlling
interests - (7 702) (17 841)
Share repurchase (12 401) (14 684) (15 811)
Net movement in cash resources 173 069 118 690 29 726
Cash resources at the beginning
of the period 124 664 95 016 95 016
Exchange gain on cash resources 309 (12) (78)
Cash resources at the end
of the period 39 298 042 213 694 124 664
Condensed consolidated statement of changes in equity
Stated
capital net
of treasury Retained
shares income Reserves
R'000 R'000 R'000
At 1 June 2017 - audited 282 445 509 277 8 053
Dividends paid - (27 402) -
Non-controlling interest
acquired
as a result of a business
combination - - -
Share-based payment reserve
movement - - 9 622
Transactions with non-
controlling interests - - (10 208)
Shares repurchased - (15 811) -
Profit for the period - 131 079 -
Other comprehensive income - - (76)
At 31 May 2018 - audited 282 445 597 143 7 391
Dividends paid - (12 337) -
Non-controlling interest
acquired adjustment as
a result of a business
combination final fair
values been established - - -
Share-based payment reserve
movement - - 4 811
Shares repurchased - (12 401) -
Profit for the period - 62 371 -
Other comprehensive income - - 309
At 30 November 2018 - unaudited 282 445 634 776 12 511
Attributable Non-
to equity controlling
holders interests Total
R'000 R'000 R'000
At 1 June 2017 - audited 799 775 45 295 845 070
Dividends paid (27 402) (11 651) (39 053)
Non-controlling interest
acquired
as a result of a business
combination - 980 980
Share-based payment reserve
movement 9 622 - 9 622
Transactions with non-
controlling interests (10 208) (7 633) (17 841)
Shares repurchased (15 811) - (15 811)
Profit for the period 131 079 11 779 142 858
Other comprehensive income (76) - (76)
At 31 May 2018 - audited 886 979 38 770 925 749
Dividends paid (12 337) (2 705) (15 042)
Non-controlling interest
acquired adjustment as a
result of a business
combination final fair
values been established - 368 368
Share-based payment
reserve movement 4 811 - 4 811
Shares repurchased (12 401) - (12 401)
Profit for the period 62 371 7 900 70 271
Other comprehensive income 309 - 309
At 30 November 2018
- unaudited 929 732 44 333 974 065
Segmental Analysis
Unaudited Unaudited
six months six months Audited
ended ended year ended
30 November 30 November 31 May
2018 2017 2018
% R'000 R'000 R'000
Revenue
Abnormal logistics 29 703 040 544 655 1 126 899
Primary products logistics 19 621 643 521 448 1 019 277
Reportable segments 24 1 324 683 1 066 103 2 146 176
Other 43 115 813 80 949 163 936
26 1 440 496 1 147 052 2 310 112
Segment results
Abnormal logistics 11 76 153 68 896 121 644
Primary products logistics (3) 57 519 59 483 95 155
Reportable segments 4 133 672 128 379 216 799
Other 82 11 495 6 301 14 859
Corporate items 12 (36 987) (33 153) (63 636)
Trading profit 7 108 180 101 527 168 022
Unallocated:
Share-based payments
- employees (9) (4 811) (5 278) (9 622)
(Loss)/profit on disposal of
property, plant and equipment <100 (639) 16 040 14 481
Operating profit 102 730 112 289 172 881
Total assets
Abnormal logistics 20 801 338 668 446 712 315
Primary products logistics 1 928 251 916 636 876 944
Reportable segments 9 1 729 589 1 585 082 1 589 259
Other >100 182 746 81 328 99 478
Corporate items (12) 113 047 128 679 60 116
Taxation and deferred taxation 22 3 386 2 770 3 396
13 2 028 768 1 797 859 1 752 249
Total liabilities
Abnormal logistics 2 271 019 264 677 216 143
Primary products logistics (12) 364 231 411 775 354 225
Reportable segments (6) 635 250 676 452 570 368
Other >100 248 646 46 997 93 881
Corporate items (12) 20 937 23 797 22 007
Taxation and deferred taxation 8 149 870 138 653 140 244
19 1 054 703 885 899 826 500
The group has authorised capital expenditure (excluding Umlaas Road Phase III) over the next six
months of R26,2 million.
The development of Umlaas Road Phase III is expected to cost R275 million. R47 million has
been spent to date and another R100 million is estimated to be outlaid by year-end.
Unaudited Unaudited
six months six months Audited
ended ended year ended
30 November 30 November 31 May
2018 2017 2018
% R'000 R'000 R'000
Operating lease commitments
Property 302 751 307 940 343 209
Vehicles 237 818 70 260 149 843
Other assets 962 1 631 1 114
Operating lease commitments 541 531 379 831 494 166
Operating lease commitments
future minimum lease payments:
Payable not later than one year 114 973 63 262 92 871
Payable later than one year and
not later than five years 381 611 234 699 337 021
Payable later than five years 44 947 81 870 64 274
Operating lease commitments 541 531 379 831 494 166
Directors
SM Pityana (Chairman)*#
NJ Bester
GM Glass (FD)
AJ Grant*#
IK Lourens (CEO)
CV McCulloch (COO)
KB Schoeman*
LJ Sennelo*#
LLJ Mosiane (alternate to KB Schoeman)
* Non-executive # Independent
Registered office
46 Tulbagh Road
Pomona
Kempton Park
1619
PostNet Suite 10
Private Bag X27
Kempton Park
1620
Company secretary
CIS Company Secretaries (Pty) Ltd
Rosebank Towers
15 Biermann Avenue
Rosebank
2191
PO Box 61673
Marshalltown
2107
Transfer secretaries
Computershare Investor Services (Pty) Ltd
Rosebank Towers
15 Biermann Avenue
Rosebank
2191
PO Box 61051
Marshalltown
2107
Sponsor
Java Capital
www.onelogix.com
Date: 07/02/2019 07:30:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE').
The JSE does not, whether expressly, tacitly or implicitly, represent, warrant or in any way guarantee the truth, accuracy or completeness of
the information published on SENS. The JSE, their officers, employees and agents accept no liability for (or in respect of) any direct,
indirect, incidental or consequential loss or damage of any kind or nature, howsoever arising, from the use of SENS or the use of, or reliance on,
information disseminated through SENS.
Sharenet Sites 
