Wrap Text
Audited Summary Results For The Year Ended
31 December 2018
Stadio Holdings Limited
Incorporated in the Republic of South Africa
(Registration number: 2016/371398/06)
JSE Share Code: SDO
ISIN: ZAE000248662
(STADIO or the Group)
AUDITED SUMMARY RESULTS FOR THE YEAR ENDED 31 DECEMBER 2018
FINANCIAL HIGHLIGHTS
FOR THE YEAR ENDED 31 DECEMBER 2018
STUDENT NUMBERS increased from 12 976 to 29 885
REVENUE increased from R122m to R633m
EBITDA increased from R0.5m to R129m
CORE HEADLINE EARNINGS increased from R3.2m to R70m
HEPS increased from (1.2 cps) to 7.8 cps
CHEPS increased from 0.6 cps to 8.6 cps
ACHIEVED INTERNATIONAL ACCREDITATION FOR MILPARK'S CONTACT AND ONLINE
MBA PROGRAMME FROM UK-BASED ASSOCIATION OF MBAs (AMBA)
OTHER STATISTICS
All information presented below represents the information of the underlying registered higher education institutions
(HEI) owned by the Group, split into the illustrative faculties to indicate the variety of programmes represented
by the HEIs within the Group.
STUDENT NUMBERS AND PROGRAMMES PER ILLUSTRATIVE FACULTY
(UNAUDITED)
Student
numbers Programmes
Year-
on-year Current
31 Dec 31 Dec growth registered Pipeline
2017* 2018 rate programmes programmes Total
Faculty
Commerce, Management and Law** 23 761 25 105 6% 48 34 82
Creative Economies 2 727 2 878 6% 21 8 29
Education and Humanities 1 039 1 839 77% 8 10 18
Agriculture and Environmental
Sciences - - - - 4 4
Engineering and Information
Technology 57 63 11% 4 8 12
27 584 29 885 8% 81 64 145
Contact and distance learning
Contact learning 4 117 4 737 15% 47 39 86
Distance learning 23 467 25 148 7% 34 25 59
27 584 29 885 8% 81 64 145
Made up of contact and distance learning
% Contact students 15% 16%
% Distance students 85% 84%
100% 100%
* Like-for-like comparison including student numbers for all underlying HEIs (including Milpark, LISOF, Prestige Academy)
** Includes the Graduate School of Business
COMMENTARY
OVERVIEW
STADIO is an investment holding company that focuses on the acquisition of, investment in and the growth and
development of HEIs with its purpose being to widen access to quality and relevant higher education programmes
in southern Africa. It is the Group's vision to be a leading Multiversity, offering qualifications aligned with the needs
of societies, students and the world of work. As a Multiversity, the Group currently owns six registered HEIs that are
aimed at providing programmes, both undergraduate and post graduate, that provide graduates with a real chance
of creating employment opportunities (entrepreneurship) or finding employment.
In time the Group will look to consolidate the programmes offered by its various HEIs under a single brand, STADIO
Multiversity, that will allow all stakeholders to benefit from the marketing, operational and regulatory advantages
of doing so.
The Group is currently focused on growing its existing registered higher education brands; pursuing potential
further acquisitions of relevant HEIs; exploring further expansion opportunities of existing brands; and overseeing
the development of new faculties, programmes and campuses across all brands.
REVIEW OF RESULTS
The Board is pleased to report the Group's summary financial results for the year ended 31 December 2018.
At 31 December 2018, 29 885 students were registered at HEIs within the Group. This reflects an increase of 8% from
2017 (on a year-on-year basis). Students enrolled for contact learning programmes grew by 15% on a year-on-year
basis to 4 737, and students enrolled for distance learning programmes grew by 7% to 25 148.
During 2018, the Group acquired the following entities and businesses, the details of which are included in Note 4:
- Lisof Proprietary Limited (including the associated property companies Wadam Properties Proprietary Limited
and Histodox Proprietary Limited) (collectively LISOF) with effect from 1 January 2018;
- MBS Education Investments Proprietary Limited, which owns 100% of Milpark Education Proprietary Limited
(collectively Milpark) with effect from 19 March 2018;
- The business of CA Connect Professional Training Institution CPT Proprietary Limited (CA Connect), with
effect from 12 April 2018; and
- Prestige Academy Proprietary Limited (Prestige Academy) with effect from 1 November 2018.
The growth in revenue, EBITDA and HEPS, from the prior reporting period is attributable to the successful execution
of the Group's organic and acquisitive growth plan.
The Group experienced good growth in its contact learnings students, driven largely by the expansion of the
Embury Musgrave campus as well as the opening of the two new Embury campuses in Montana (Pretoria) and
Waterfall (Midrand). The consolidation of the acquired brands, namely AFDA, Southern Business School (SBS), LISOF,
Milpark and Prestige Academy, all contributed significantly to the increase in student numbers from 12 976 students at
31 December 2017 to 29 885 students at 31 December 2018.
The Group reported HEPS of 7.8 cents per share and reflected a core headline earnings per share (CHEPS) of 8.6 cents
per share. CHEPS represents HEPS adjusted for certain items that, in the Board's view, may distort the financial results
from year-to-year, giving shareholders a more consistent reflection of the underlying financial performance of the
Group. These core adjustments include once-off acquisition related costs, amortisation costs associated with client
lists acquired (i.e. a non-cash charge arising as a result of the consolidation of the subsidiaries acquired) and interest on
deferred purchase considerations payable. Further details are contained in Note 8.
Bad debts (pre-recoveries) as a percentage of revenue increased from 1.5% to 3.2%. The increase is predominantly due
to the change in mix of bad debt margin as a result of new acquisitions. We continue to look at ways of improving collections and
facilitating funding mechanisms to assist students with their funding needs where appropriate.
During the year, the Group collectively invested R440 million towards acquisitions, further details of which, are contained
in Note 4 of the financial results.
The Group invested an additional R58 million on the capital expansion of facilities as well as new programme development,
both of which are imperative to assist in meeting the Group's growth objectives.
The Group's current cash balance of R260 million will be utilised to fund working capital requirements; facilitate new
developments (including campus expansions of existing brands); and for potential acquisitions. The Group currently has
an ungeared balance sheet and is in the process of finalising debt facility arrangements to assist in funding its known
capital expansion and growth objectives. As such the Group has no immediate plans to raise capital from shareholders.
The Group generated operating cash flows of R100 million (2017: R37 million utilised) for the 2018 financial year.
This represents 78% of EBITDA for the year. The aforementioned operating cash flows were largely impacted by working
capital outflows relating to the cash settlement of a portion of the deferred purchase consideration in respect of the
AFDA acquisition as well as to working capital timing differences arising from the acquisition of subsidiaries during the
2018 financial year. Deferred consideration of R24 million (2017: R89 million) is included within trade and other payables
as at 31 December 2018.
FUTURE CAPITAL EXPANSION INITIATIVES
GREENFIELD EXPANSION OPPORTUNITIES
The Group is considering the development, over time, of comprehensive large-scale campuses offering several faculties
including Commerce, Management and Law; Creative Economies; Education and Humanities; Agriculture and
Environmental Sciences; Engineering and Information Technology and a Graduate School of Business. STADIO
has identified that potential exists to construct these large scale-campuses in the Western Cape, Gauteng
and KwaZulu-Natal.
To this end the Group has already entered into an agreement, subject to various closing conditions, to acquire vacant
land located in Durbanville, Western Cape, and is also considering land acquisition opportunities in Gauteng. The timing
of constructing the first large-scale campus in the Western Cape or Gauteng, will depend on the identified land's
readiness to begin construction. It is the intention to complete the first large-scale comprehensive campus in Gauteng
or Western Cape by 2021.
GROWTH EXPANSION
As part of its organic expansion drive, in 2019 the Group will invest in the further development of the Montana campus
to increase capacity for both Embury and AFDA students. The expansion will provide AFDA with a geographic expansion
opportunity into Pretoria.
The Group is also pursuing increasing SBS's physical presence in Polokwane with a view to promote accessibility for students.
QUALIFICATIONS
The HEIs within the Group continue to focus on the development and accreditation of new programme offerings, as well
as expanding their accredited offering to new sites of delivery. This includes the development of an arts and humanities
programme focusing on creativity and innovation, engineering programmes, programmes in the architecture, spatial design
and the built environment, as well as programmes in agriculture - production, agri-tech, and agri-business. The programmes
will provide the Group with a diverse programme and qualification mix, catering to the different student needs.
The Group currently has 81 accredited qualifications and 64 qualifications actively in the process of development/accreditation.
OTHER
STADIO is actively pursuing acquisitions that will have a direct impact on the variety of programmes offered by the
Group and that support the Group's strategy to become a leading Multiversity.
The Group furthermore has concluded an agreement with Unit4 and SIS Global regarding the implementation of a
world-class information technology system to cater for the financial, operational and student needs of the Group.
The proposed information technology system will effectively position the Group to deliver a quality offering to its students
and will create the necessary capacity to facilitate the growth of students to achieve the Group's 100 000 student goal
over time. Implementation of the information technology system will commence in 2019.
ACADEMIC PERFORMANCE
In 2018, 6 392 students graduated from the Group's six underlying institutions, with an overall annual module success
rate of 77.7%. The continued emphasis on proactive and responsive student support is a significant contributor to the
improving pass rates and student success.
Whilst not a research-intensive environment, the Group's staff members produced 62 research outputs focusing on
both the development of new knowledge in selected discipline areas, as well as leading practices that will enhance the
teaching and learning imperative. The Group engages in almost 31 international partnerships and collaborations across
its six institutions, which include academic staff and student exchange programmes and research ventures.
Milpark's contact and online MBA programme achieved international accreditation from the UK-based Association
of MBAs (AMBA), being the only accredited online MBA in Africa, and the only African MBA with international
accreditation for both contact and distant learning.
DIVIDEND
No Group dividend was declared for the years ended 31 December 2018 and 2017.
PROSPECTS
The Board has considered the prospects of the Group and believes that the Group is well positioned to deliver on
its organic and acquisitive growth objectives as set out in its Pre-Listing Statement. The Group will continue to
seek out strategic acquisitions and will continue to develop and expand its product offering as part of its journey to
create a "Multiversity" of 100 000 students over time.
On behalf of the Board,
RH Stumpf CR van der Merwe
Chairperson Chief Executive Officer
1 March 2019
SUMMARY CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2018
Audited Audited
31 Dec 2018 31 Dec 2017*
R'000 R'000
Revenue 632 928 122 250
Other income 8 981 3 148
Operating expenses (513 097) (124 929)
Earnings before interest, taxation, depreciation and amortisation (EBITDA) 128 812 469
Depreciation and amortisation (33 995) (10 069)
Earnings/(loss) before interest and taxation (EBIT) 94 817 (9 600)
Investment income 25 264 14 914
Finance cost (6 719) (7 630)
Profit/(loss) before taxation 113 362 (2 316)
Taxation (36 071) (2 788)
Profit/(loss) for the year 77 291 (5 104)
Profit attributable to:
Owners of the parent 63 270 (7 037)
Non-controlling interests 14 021 1 933
Total comprehensive income/(loss) for the year 77 291 (5 104)
Headline earnings/(loss) (Note 5) 62 838 (7 038)
Core headline earnings (Note 8) 69 952 3 238
Cents Cents
Earnings/(loss) per share (EPS)
- Basic 7.8 (1.2)
- Diluted 7.7 (1.2)
Headline earnings/(loss) per share (HEPS)
- Basic 7.8 (1.2)
- Diluted 7.7 (1.2)
Core headline earnings per share (CHEPS)
- Basic 8.6 0.6
- Diluted 8.5 0.6
Million Million
Number of shares in issue
- Basic 818 786
- Diluted 826 792
Weighted average number of shares in issue
- Basic 811 576
- Diluted 819 582
*Rental income relating to the Group's property companies has been reclassified from Revenue to Other income
during the year.
SUMMARY CONSOLIDATED STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2018
Audited Audited
31 Dec 2018 31 Dec 2017
R'000 R'000
ASSETS
Non-current assets
Property, plant and equipment 531 298 453 699
Intangible assets 206 228 113 522
Goodwill 749 482 409 666
Other financial assets 6 727 1 898
Deferred tax asset 43 004 14 695
Total non-current assets 1 536 739 993 480
Current assets
Inventories 4 372 7 370
Trade and other receivables 89 493 42 364
Loans to related parties 1 954 2 500
Tax receivable 12 180 6 448
Cash and cash equivalents 259 508 646 090
Total current assets 367 507 704 772
Total assets 1 904 246 1 698 252
EQUITY
Share capital (Note 3) 1 564 283 1 367 123
Retained earnings 80 511 17 241
Other reserves 5 122 953
Total equity attributable to equity holders of the Company 1 649 916 1 385 317
Non-controlling interests 47 186 29 354
Total equity 1 697 102 1 414 671
LIABILITIES
Non-current liabilities
Borrowings 3 392 3 570
Finance lease liabilities 209 -
Trade and other payables 29 732 719
Deferred tax liability 35 776 20 116
Total non-current liabilities 69 109 24 405
Current liabilities
Borrowings 758 664
Finance lease liabilities 186 -
Loans from related parties 1 137 119 042
Trade and other payables* 46 241 113 401
Income received in advance* 86 451 22 609
Tax payable 3 262 3 460
Total current liabilities 138 035 259 176
Total liabilities 207 144 283 581
Total equity and liabilities 1 904 246 1 698 252
Net asset value per share (cents) 202 176
*Trade and other payables has been reclassified to disclose contract liabilities seperately in accordance with IFRS 15
SUMMARY CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2018
Audited Audited
31 Dec 2018 31 Dec 2017
R'000 R'000
Balance at the beginning of the year 1 414 671 84 257
Total comprehensive income/(loss) for the year 77 291 (5 104)
Issue of ordinary shares 197 525 1 321 378
Share issue costs (365) (15 066)
Recognition of share-based payments expense 4 169 953
Dividends paid to non-controlling shareholders (2 731) -
Non-controlling interest acquired 6 542 28 253
Balance at the end of the year 1 697 102 1 414 671
SUMMARY CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2018
Audited Audited
31 Dec 2018 31 Dec 2017
R'000 R'000
Net cash flow from/(used in) operating activities 77 257 (47 737)
Cash generated from/(utilised by) operations (Note 6) 100 075 (37 233)
Interest income 25 264 14 914
Finance cost (3 733) (7 630)
Tax paid (44 349) (17 788)
Net cash flow used in investing activities (305 161) (391 903)
Purchase of property, plant and equipment (41 637) (222 185)
Purchase of intangible assets and curriculum development costs (15 870) (11 403)
Acquisition of subsidiaries, net of cash acquired (Note 4) (243 750) (158 548)
Proceeds from sale of property, plant and equipment - 233
Proceeds from loans 96 -
Investment in other financial assets (4 000) -
Net cash flow from financing activities (158 678) 938 459
(Share issue costs)/net proceeds from shares issued (365) 824 934
Net (repayment)/proceeds from loans (155 626) 119 042
Net proceeds/(repayment) of borrowings 44 (32)
Dividends paid to non-controlling shareholders (2 731) -
Additional investment in subsidiary with no change of control - (5 485)
Net movement in cash and cash equivalents for the year (386 582) 498 819
Cash and cash equivalents at the beginning of the year 646 090 147 271
Cash and cash equivalents at the end of the year 259 508 646 090
NOTES TO THE SUMMARY CONSOLIDATED FINANCIAL RESULTS
1. BASIS OF PREPARATION AND ACCOUNTING POLICIES
The summary consolidated financial results (financial results) are prepared in accordance with International
Financial Reporting Standards, IFRIC Interpretations, the SAICA Financial Reporting Guides as issued
by the Accounting Practices Committee, the Financial Reporting Pronouncements as issued by the
Financial Reporting Accountants Council, the JSE Limited Listings Requirements for provisional reports,
the requirements of the Companies Act of South Africa and the presentation and disclosure requirements
of IAS 34 Interim Financial Reporting.
The accounting policies applied in the preparation of the annual financial statements from which these
financial results were derived are in terms of International Financial Reporting Standards and, other than
the adoption of IFRS 9 Financial Instruments and IFRS 15 Revenue from Contracts from Customers, are
consistent with those accounting policies applied in the preparation of the previous Consolidated Annual
Financial Statements.
2. PREPARATION
The financial results have been prepared internally under the supervision of the Chief Financial Officer,
S Totaram CA(SA), CFA, and approved by the Board of Directors on 1 March 2019.
The financial results were audited by the Group's external auditor, PricewaterhouseCoopers Inc. who expressed
an unmodified opinion thereon. Any reference to future financial performance included in this announcement,
has not been audited or reported on by the Group's auditor.
The auditor also expressed an unmodified opinion on the consolidated annual financial statements from
which these financial results were derived.
A copy of the Group's Consolidated Annual Financial Statements are available for inspection at the Company's
registered office, together with the financial statements identified in the respective auditor's reports.
The auditor's report does not necessarily report on all the information contained in this announcement. Users
are therefore advised that in order to get a full understanding of the nature of the auditor's engagement,
they should obtain a copy of the auditor's report together with the accompanying financial information from
the Company's registered office.
3. SHARE CAPITAL
During the year, the Company:
- Issued 21 million shares collectively as part settlement of the purchase consideration for the LISOF,
Milpark, CA Connect and Prestige Academy acquisitions; and
- Issued 11 million shares as financial settlement of the outstanding purchase consideration for the
AFDA acquisition.
4. BUSINESS COMBINATIONS
During 2018, the Group collectively invested R440 million for the acquisition of LISOF, Milpark, Prestige
Academy and the business of CA Connect.
LISOF
The Group acquired 100% of LISOF for a total purchase consideration of R127.3 million. The consideration
was settled partly through cash of R68.7 million, and R58.6 million settled through the issue of 8.3 million
ordinary shares. The acquisition was effective on 1 January 2018.
MILPARK
On 19 March 2018, the Group acquired an effective 70% interest in MBS Education Investment Proprietary
Limited (MBS Education) (the holding company of Milpark Education Proprietary Limited (collectively
Milpark), through its investment in Milpark BEE Investments SPV Proprietary Limited (Milpark Investments),
with Brimstone Investment Corporation Limited (Brimstone), the Group's B-BEE partner, acquiring a
30% effective interest in MBS Education. The Group paid an initial cash settlement of R207 million and a
subsequent top-up consideration of R3.6 million.
On 20 March 2018, the Group and Brimstone concluded an asset-for-share agreement whereby the Group
acquired 17.2% of Brimstone's 30% interest in Milpark Investments for a purchase consideration equal to
R50.9 million (swap-up). This consideration was settled through the issue of 9.8 million ordinary shares
(subject to a B-BBEE lock-in period of seven years), at an issue price of R5.20 per share, being the volume
weighted average price of the Group's share price, R6.50, less a 20% discount. Following the swap-up, the
Group has an effective 87.2% shareholding in Milpark with Brimstone's shareholding being an effective 12.8%.
CA CONNECT
Effective 12 April 2018, Milpark acquired the business of CA Connect for a purchase consideration of
R32.3 million, with the deferred consideration being subject to achievement of certain profit targets.
The Group's purchase consideration amounted to R28.2 million for an effective interest of 87.2%. The purchase
consideration was settled partly in shares and partly in cash on 12 April 2018.
PRESTIGE ACADEMY
On 1 November 2018, the Group acquired 100% of Prestige Academy Proprietary Limited (Prestige Academy)
for a total purchase consideration of R23.5 million. The initial consideration of R16 million was settled partly
through cash of R10.4 million and R5.6 million settled through the issue of 1.5 million ordinary shares.
The deferred consideration is subject to certain performance targets being realised during 2018 and 2019.
The fair value of net assets acquired and the related cash outflow on acquisitions are as follows:
CA PRESTIGE
LISOF MILPARK CONNECT ACADEMY TOTAL
Net assets acquired R'000 R'000 R'000 R'000 R'000
Property, plant and equipment 69 524 1 0542 - 566 80 632
Intangible assets 17 100 50 445 2 829 13 305 83 679
Deferred tax asset 1 626 13 857 - 767 16 250
Deferred tax liability (6 703) (2 671) (993) (1 639) (12 006)
Other financial assets - 510 - - 510
Trade and other receivables 2 828 44 848 3 547 1 446 52 669
Trade and other payables (2 350) (29 566) - (1 287) (33 203)
Finance lease liabilities - - - (267) (267)
Income received in advance (3 945) (83 325) - (13 856) (101 126)
Income tax payable (1 472) - - (653) (2 125)
Income tax receivable 1 348 6 667 - - 8 015
Borrowings (16 653) - - - (16 653)
Loans and advances (21 518) - - - (21 518)
Cash and cash equivalents 2 729 34 415 - 15 176 52 320
Total identifiable net assets
acquired 42 514 45 722 5 383 13 558 107 177
Non-controlling interests - (5 853) (689) - (6 542)
Goodwill 84 824 221 582 23 484 9 926 339 816
Total consideration 127 338 261 451 28 178 23 484 440 451
Satisfied by:
Cash consideration 68 690 210 588 6 392 10 400 296 070
Share issue 58 648 50 863 8 006 5 600 123 117
Deferred consideration - - 13 780 7 484 21 264
Total consideration 127 338 261 451 28 178 23 484 440 451
Net cash flow on acquisition
Cash consideration paid
Cash and cash equivalents (68 690) (210 588) (6 392) (10 400) (296 070)
acquired 2 729 34 415 - 15 176 52 320
(65 961) (176 173) (6 392) 4 776 (243 750)
5. HEADLINE EARNINGS/(LOSS) PER SHARE
Audited Audited
31 Dec 2018 31 Dec 2017
R'000 R'000
Reconciliation of headline earnings/(loss):
Basic earnings/(loss) 63 270 (7 037)
Adjustments attributable to parent:
Loss/(profit) on disposal of property, plant and equipment 425 (1)
Compensation from third parties for items of property, plant and
equipment that were impaired, lost or given up (1 025) -
Tax on above 168 -
Headline earnings/(loss) 62 838 (7 038)
6. CASH GENERATED FROM/(UTILISED BY) OPERATIONS
Audited Audited
31 Dec 2018 31 Dec 2017
R'000 R'000
Profit/(loss) before taxation 113 362 (2 316)
Non-cash and other items disclosed separately 20 478 4 526
133 840 2 210
Movements in working capital (33 765) (39 443)
Decrease/(increase) in inventories 2 998 (3 561)
Decrease/(increase) in trade and other receivables 22 323 (2 760)
(Decrease)/increase in trade and other payables* (21 803) 7 323
Decrease in income received in advance* (37 283) (40 445)
Cash generated from/(utilised by) operations 100 075 (37 233)
* Trade and other payables has been reclassified to disclose contract liabilities separately in accordance with IFRS 15.
7. RELATED PARTIES
Related-party transactions, similar in nature to those disclosed in the Group's annual financial statements
for the year ended 31 December 2017, took place during the year. Refer to the Group's Consolidated Annual
Financial Statements for the year ended 31 December 2018 for further detail.
8. OPERATING SEGMENTS
The Group considers its Board of directors to be the chief operating decision maker and therefore the segmental disclosures
below are aligned with the monthly report provided to the board of directors. Operating segments with similar economic
characteristics have been aggregated into one reportable segment due to all of the services being related to higher education
services within southern Africa. However, management does make decisions based on what they constitute to be reflective of
the underlying financial performance of the Group and as such, the Group has identified core headline earnings as this measure.
Non-core includes certain items which may distort the Group's performance from year-to-year, and by excluding this, should
provide management with a more consistent reflection of the underlying financial performance of the Group.
Reconciliation of the Core headline earnings:
Audited Audited
31 December 2018 31 December 2017
Earnings Earnings
Earnings per share Earnings per share
R'000 Cents R'000 Cents
Headline earnings (Note 5) 62 838 7.8 (7 038) (1.2)
Adjusted for non-core items
attributable to parent:
Finance costs on deferred
purchase consideration 2 604 0.3 - -
Acquisition costs 1 280 0.2 4 744 0.8
Listing costs, legal and other fees - - 4 154 0.7
Amortisation of client list 4 496 0.6 1 916 0.3
Tax on above (1 266) (0.2) (538) (0.1)
Core headline earnings 69 952 8.6 3 238 0.6
9. EVENTS AFTER THE REPORTING PERIOD
There were no significant events after the year ended 31 December 2018.
STATUTORY AND ADMINISTRATION
Directors: CR van der Merwe*, S Totaram*, D Singh*, PN de Waal**, RH Stumpf^, R Kisten^, DM Ramaphosa^,
KS Sithole^, A Mellet** (Alternate to PN de Waal)
* Executive director ** Non-executive director ^ Independent non-executive director
Registered office: Unit 13, San Domenico, 10 Church Street, Durbanville, 7550
Company secretary: Stadio Corporate Services Proprietary Limited
Transfer secretaries: Computershare Investor Services Proprietary Limited, Rosebank Towers, 15 Biermann Avenue,
Rosebank, Johannesburg, 2196. PO Box 61051, Marshalltown, 2107
Corporate adviser and sponsor: PSG Capital Proprietary Limited
Website: www.stadio.co.za
Announcement date: 4 March 2019
Date: 04/03/2019 07:05:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE').
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