PGFP PSG
 
PSG/PGFP - PSG Group /PSG Financial Services - Reviewed Results For The Year
 
Ended 29 February 2008
 
PSG Group Limited
 
Incorporated in the Republic of South Africa
 
Registration number 1970/008484/06
 
JSE share code: PSG & ISIN: ZAE000013017
 
PSG Financial Services Limited
 
Incorporated in the Republic of South Africa
 
Registration number 1919/000478/06
 
JSE share code: PGFP & ISIN code: ZAE000096079
 
Reviewed results for the year ended 29 February 2008
 
- Recurring headline earnings increased by 57,5% to 185,7 cents per share
 
- Headline earnings decreased by 43,2% to 295,1 cents per share
 
- Dividend for the year increased by 25% to 112,5 cents per share
 
- Net asset value increased by 22,9% to 1 948 cents per share
 
Condensed group income statements
 
Restated
 
29 Feb 28 Feb
 
2008 Change 2007
 
Rm % Rm
 
Income
 
Sales from non-financial operations 1 316,8
 
Insurance income 15,6 14,4
 
Investment income 200,1 119,3
 
Net fair value gains and losses on 351,4 678,4
 
financial instruments
 
Fair value adjustments to investment 22,3
 
contract liabilities
 
Commission and other fee income 861,8 594,7
 
Other operating income 91,3 42,8
 
Total income 2 859,3 1 449,6
 
 
Expenses
 
Insurance claims 7,0 2,8
 
Cost of sales of non-financial 1 181,6
 
operations
 
Operating expenses 887,0 560,9
 
Total expenses 2 075,6 563,7
 
 
Net income from operating activities 783,7 (11,5) 885,9
 
Finance costs (57,8) (40,2)
 
Share of profits of associated 235,6 124,8
 
companies
 
Net income before taxation 961,5 (0,9) 970,5
 
Taxation (151,9) (147,6)
 
Net income of the group 809,6 (1,6) 822,9
 
 
Attributable to:
 
Minority interests 255,4 130,9
 
Equity holders of the company 554,2 (19,9) 692,0
 
809,6 822,9
 
 
 
Attributable to equity holders of 554,2 692,0
 
the company
 
Non-headline items (note 2) (71,7) (40,6)
 
Headline earnings 482,5 (25,9) 651,4
 
 
Earnings per share (cents)
 
- attributable 338,9 (38,6) 551,7
 
- headline 295,1 (43,2) 519,3
 
- diluted attributable 334,4 (37,9) 538,8
 
- diluted headline 291,1 (42,6) 507,1
 
 
Dividend per share (cents)
 
- interim 32,5 26,0
 
- final 80,0 64,0
 
112,5 25,0 90,0
 
Number of shares (million)
 
- in issue (net of treasury shares) 169,2 149,8
 
- weighted average 163,5 125,4
 
- diluted weighted average 165,7 128,4
 
Condensed group balance sheets
 
Restated
 
29 Feb 28 Feb
 
2008 2007
 
Rm Rm
 
Assets
 
Property, plant and equipment 26,5 40,1
 
Intangible assets 676,3 648,9
 
Investments in associated companies (note 3) 3 533,9 1 104,9
 
Financial assets linked to investment contracts 7 535,7
 
Other financial assets 1 808,7 1 838,5
 
Deferred income tax 13,8 34,1
 
Receivables and inventories 193,7 493,4
 
Cash and cash equivalents 417,5 1 340,8
 
Total assets 14 206,1 5 500,7
 
 
Equity
 
Ordinary shareholders' equity 3 295,4 2 373,0
 
Minority interests 1 773,6 1 574,5
 
Total equity 5 069,0 3 947,5
 
 
Liabilities
 
Insurance liabilities 1,7 1,6
 
Financial liabilities under investment contracts 7 535,7
 
Other financial liabilities 894,7 894,2
 
Deferred income tax 141,2 112,6
 
Payables and provisions 493,2 455,8
 
Current income tax liabilities 70,6 89,0
 
Total liabilities 9 137,1 1 553,2
 
 
Total equity and liabilities 14 206,1 5 500,7
 
 
Net asset value per share (cents) 1 948 1 585
 
Net tangible asset value per share (cents) 1 548 1 151
 
Condensed group cash flow statements
 
Restated
 
29 Feb 28 Feb
 
2008 2007
 
Rm Rm
 
Cash generated by operations 252.2 302,2
 
Net change in financial instruments (311.9) (208,7)
 
Net cash flow from operating activities (59,7) 93,5
 
Net cash flow from investment activities (502,0) (328,7)
 
Net cash flow from financing activities (335,4) 1 201,3
 
Net (decrease)/increase in cash and cash (897,1) 966,1
 
equivalents
 
Cash and cash equivalents at beginning of period 884,5 (81,6)
 
Cash and cash equivalents at end of period* (12,6) 884,5
 
 
* Include bank overdrafts and CFD financing
 
facilities of 430,1 456,3
 
Condensed statements of changes in equity
 
Restated
 
29 Feb 28 Feb
 
2008 2007
 
Rm Rm
 
 
Ordinary shareholders' equity at beginning of 2 373,0 719,3
 
period
 
Shares issued 552,0 1 352,2
 
Repurchase of shares (289,4)
 
Net movement in treasury shares (36,4) (59,0)
 
Movement in other reserves 7,6 3,6
 
Net income for the period 554,2 692,0
 
Dividends paid (155,0) (92,6)
 
Revaluation of associated company 46,9
 
Ordinary shareholders' equity at end of period 3 295,4 2 373,0
 
 
Minority interests 1 773,6 1 574,5
 
Beginning of period 1 574,5 502,6
 
Net income for the period 255,4 130,9
 
Dividends and capital distributions paid (87,5) (59,0)
 
Capital contributions by minority shareholders 142,6 775,3
 
(Disposal)/acquisition of subsidiaries (105,0) 129,7
 
Transferred to liabilities (6,3)
 
Other movements (0,1) 0,2
 
Preference shares issued by subsidiary 94,8
 
Total equity at end of period 5 069,0 3 947,5
 
Notes
 
1. Basis of presentation and accounting policies
 
The condensed financial statements have been prepared in terms of International
 
Financial Reporting Standards (IFRS) IAS 34 - Interim Financial Reporting and in
 
compliance with the Listings Requirements of the JSE Ltd. The accounting
 
policies used in the preparation of the condensed financial statements are
 
consistent with those used in the annual financial statements for the year ended
 
28 February 2007.
 
2. Non-headline items
 
29 Feb 28 Feb
 
2008 2007
 
Rm Rm
 
After taxation and minorities
 
60,8 16,6
 
Impairment of investment in associated company (21,2)
 
Net profit on sale/dilution of investments in 46,6 31,9
 
subsidiaries
 
Net profit on sale of associated companies 4,0 4,6
 
Negative goodwill on acquisition of subsidiaries 9,6
 
Other investment activities 0,6 1,3
 
Non-headline items of associated companies 10,9 24,0
 
71,7 40,6
 
3. Investments in associated companies
 
Carrying value
 
- listed 1 260,4 470,8
 
- unlisted 2 273,5 634,1
 
3 533,9 1 104,9
 
Market and directors' valuation
 
- listed 1 397,9 612,2
 
- unlisted 2 470,4 832,7
 
3 868,3 1 444,9
 
4. Commitments
 
Operating lease commitments 17,6 24,6
 
5. Segment report
 
Primary reporting segment
 
The group is organised in three main business segments:
 
* Private equity and corporate finance
 
* Financial advice and fund management
 
* Financing and banking
 
The private equity and corporate finance segment consists of PSG's investment
 
business and corporate finance services.
 
The financial advice and fund management segment consists of PSG Konsult and PSG
 
Fund Management which mainly provide investment support and advice to third
 
parties, and PSG FutureWealth, a pure linked life insurer focusing on investment
 
business.
 
The financing and banking segment consists of Capitec Bank Holdings and Quince
 
Capital Holdings. Capitec is a retail bank that provides accessible and
 
affordable banking facilities to clients. Quince Capital is a niche financing
 
joint venture with Reunert.
 
Segment assets and liabilities include all assets and liabilities categories as
 
listed in the balance sheet of the group.
 
For the year ended 29 February 2008
 
Total Segment Segment Segment
 
Revenue result Assets Liabilities
 
Rm Rm Rm Rm
 
Private equity and corporate 1 944,8 552,5 3 418,7 350,0
 
finance
 
Financial advice and fund 914,5 231,2 9 236,6 8 716,5
 
management
 
Financing and banking (1) 1 550,8
 
2 859,3 783,7 14 206,1 9 066,5
 
(1) This segment's equity accounted earnings amounted to R88,2 million for the
 
year ended 29 February 2008.
 
For the year ended 28 February 2007
 
Total Segment Segment Segment
 
Revenue result Assets Liabilities
 
Rm Rm Rm Rm
 
Private equity and 826,5 733,8 3 623,2 485,3
 
corporate finance
 
Financial advice and fund 623,1 152,1 1 270,2 978,9
 
management
 
Financing and banking (2) 607,3
 
 
1 449,6 885,9 5 500,7 1 464,2
 
(2) This segment's equity accounted earnings amounted to R19,1 million for the
 
year ended 28 February 2007.
 
6. Reclassification of prior year figures
 
The prior year figures were reclassified as follows:
 
- Equities relating to Contracts for Difference ("CFD") of R82,5 million were
 
previously netted off against the related overdraft facilities and are now
 
disclosed gross.
 
- Third-party liabilities of R118,1 million in mutual funds consolidated by the
 
group, previously included in minority interests, have been reclassified to
 
financial liabilities.
 
The effect on specific line items is reflected below:
 
Balance sheet As Reclassification Gross up of Restated
 
previously of minority CFD assets
 
stated interest in and
 
funds to liabilities
 
financial
 
liabilities
 
Rm Rm Rm Rm
 
Assets
 
Other Financial 1 756,0 82,5 1 838,5
 
assets
 
 
Equity
 
Minority interests 1 692, 6 (118,1) 1 574,5
 
 
Liabilities
 
Other Financial 693,6 118,1 82,5 894,2
 
liabilities
 
 
 
Income statement
 
 
Net fair value gains 691,8 (13,4) 678,4
 
and losses on
 
financial instruments
 
 
Attributable to:
 
- minority interests 144,3 (13,4) 130,9
 
 
Statements of changes in equity
 
Minority interests
 
Balance at 1 March 548,7 (46,1) 502,6
 
2006
 
Capital contributions 833,9 (58,6) 775,3
 
by minority
 
shareholders
 
Net income for the 144,3 (13,4) 130,9
 
period
 
Balance at 28 1 692, 6 (118,1) 1 574,5
 
February 2007
 
 
Cash flow statements
 
 
Net change in (184,8) 58,6 (82,5) (208,7)
 
financial instruments
 
Net cash flow from 1 259,8 (58,6) 1 201,3
 
financing activities
 
Net increase in cash 1 048,6 (82,5) 966,1
 
and cash equivalents
 
Cash and cash 967,0 (82,5) 884,5
 
equivalents at end of
 
period
 
These reclassifications had no taxation impact or effect on the net income
 
attributable to the equity holders of the group or earnings per share.
 
7. PSG Financial Services Ltd
 
The company is a wholly owned subsidiary of PSG Group Ltd, except for the 6 079
 
738 preference shares which are listed on the JSE Ltd (2007: 550,0 million). The
 
preference shares were consolidated on a 1 for 100 basis during the year under
 
review. The separate condensed financial statements of the company are not
 
presented as it is the only asset of PSG Group Ltd.
 
8. Review by auditors
 
The company's external auditors, PricewaterhouseCoopers Inc., have reviewed the
 
condensed financial statements. A copy of their unqualified review opinion is
 
available on request at the company's registered office.
 
Contribution to headline earnings
 
Headline Number Net asset value
 
earnings of
 
shares
 
29 Feb 28 Feb 29 Feb 29 Feb 28 Feb
 
2008 2007 2008 2008 2007
 
Rm Rm m Rm Rm
 
Recurring headline 303,7 147,9 3 009,2 1 244,1
 
earnings (before funding
 
and STC)
 
 
Capitec Bank 66,8 19,1 28,6 1 208,4 607,3
 
PSG Konsult 63,9 46,5 536,3 247,1 183,9
 
PSG Fund Management 24,0 15,3 56,0 43,8
 
Channel Life 1,5 7,0 110,5 128,5 117,7
 
Quince Capital 21,3 342,4
 
Paladin Capital and other 63,1 41,9 372,3 141,3
 
private equity
 
PSG FutureWealth 8,9 59,9
 
Zeder Investments and
 
agri investments
 
Dividends and equity 31,2 10,1 212,8 476,5
 
accounted earnings
 
Management fee earned by 14,0 2,1
 
PSG after costs
 
PSG Corporate Services 118,1 150,1
 
Dividends from 7,2 3,6
 
investments
 
BEE funding 30,8 19,9
 
Net operating costs (29,0) (17,6)
 
 
Non-recurring headline 244,1 562,1 1 089,8 1 256,0
 
earnings
 
 
Marked-to-market
 
profits/(losses)
 
 
Paladin Capital 20,3 63,2 242,3 210,1
 
(Thembeka)
 
Zeder Investments and 49,8 40,2 74,5 468,6
 
agri investments
 
PSG Corporate Services
 
JSE Ltd 2,3 425,4 164,1
 
Petmin Ltd 134,3 8,3 51,1 199,7 63,6
 
Other investments 19,7 44,0 523,2 299,5
 
Other
 
Zeder performance fee 7,7
 
BEE funding (early 10,0
 
redemption premium)
 
m Cubed Holdings (19,0) 218,0 50,1 50,1
 
 
Perpetual prefs (55,7) (47,2) (558,9) (555,7)
 
Net interest after tax (13,4) (0,1) (259,9) 419,0
 
(borrowings and cash)
 
Interest rate hedge 23,2 (5,0) 17,9 (5,0)
 
Secondary tax on (19,4) (6,3) (2,7) 14,6
 
companies
 
 
Total headline earnings 482,5 651,4 3 295,4 2 373,0 Ord
 
s/holde
 
rs'
 
equity
 
 
Statistics
 
Recurring HEPS (cents) 185,7 117,9
 
Growth in recurring 105,3%
 
headline earnings
 
Growth in recurring HEPS 57,5%
 
Commentary
 
Review of results
 
Management continues to use recurring headline earnings (refer to the
 
Contribution to headline earnings table) as the key performance indicator. We
 
believe that during the past year we again saw PSG improving the quality of its
 
earnings. Recurring headline earnings increased by 105,3% from R147,9 million to
 
R303,7 million. Recurring headline earnings per share increased by 57,5% to
 
185,7 cents.
 
Headline earnings decreased by 25,9% to R482,5 million for the year ended 29
 
February 2008, with headline earnings per share down by 43,2% to 295,1 cents.
 
This decrease is mainly as a result of the non-occurrence of 2007's
 
extraordinary R425 million profit on PSG's then 15% interest in JSE Ltd, which
 
accounted for 339 cents of last year's 519,3 cents per share headline earnings.
 
Corporate actions
 
- PSG increased its investment in Capitec Bank Holdings Ltd from 18,3% to 34,9%
 
during June 2007. Capitec shareholders were offered 1,4545 PSG shares for every
 
Capitec share held. In so doing, 19,7 million PSG shares were issued with a
 
value of R552 million.
 
- Effective 1 December 2007, PSG acquired an 80% interest in Alternative Channel
 
Ltd (now PSG FutureWealth Ltd) for a total cash consideration of R50 million.
 
Management owns the remaining 20%. Assets of R4,555 billion and liabilities of
 
R4,495 billion were recognised on acquisition. Strategically, PSG FutureWealth
 
and PSG Fund Management will in future operate closer in the PSG Wealth Cluster
 
to expand its product offerings.
 
- Effective 1 August 2007, Zeder Investments Ltd exchanged its 5,8% interest in
 
Pioneer Food Group Ltd for a 16,8% interest in Kaap Agri Ltd, leaving Zeder with
 
a 33,6% interest in Kaap Agri which now has a 32,7% economic interest in
 
Pioneer.
 
- The successful launch of MiWay Finance (Pty) Ltd in February 2008, in which
 
PSG invested R20 million.
 
- The unbundling of Quince Capital Holdings Ltd, the asset-backed finance joint
 
venture with Reunert. PSG's entire investment of R320 million will be returned
 
together with accumulated profits in dividends. ZS Rational (property bridging
 
finance) and Scripfin (funding against scrip collateral), previously sold to
 
Quince Capital, will be repurchased by PSG and its original partners at the
 
original selling prices. The unbundling transaction awaits Competition
 
Commission approval, and is expected to be finalised in May 2008.
 
- Paladin Capital Ltd's R37 million additional investment in Thembeka Capital
 
Ltd, following the latter's successful capital offer to qualifying black
 
individuals through which R75 million was raised in total.
 
Review of operations
 
Capitec Bank Holdings Ltd (34,9%)
 
Capitec's headline earnings for the year increased by 32% from R160 million to
 
R212 million, with headline earnings per share increasing by 16% to 259 cents.
 
Dividend per share increased by 25% to 100 cents. Return on equity amounted to
 
22%. Capitec continues to roll out its business strategy of growth whilst
 
revolutionising the way to bank in South Africa. The company has a loan book of
 
R2 billion (2007: R803 million) and deposits of R1,5 billion (2007: R897
 
million), and now serves more than 1,3 million clients from 331 branches.
 
The company's comprehensive results are available on www.capitec.co.za.
 
PSG Konsult Ltd (73,3%)
 
The company's turnover increased by 32,4% to R726 million as a result of organic
 
and acquisitive growth. Headline earnings increased by 56% to R87,1 million, and
 
headline earnings per share increased by 37,2% to 11,98 cents.
 
- Funds under administration and management increased to R52,7 billion (2007:
 
R42,8 billion) and short-term premiums collected (on an annualised basis) to
 
R970 million (2007: R802 million).
 
- PSG Konsult expanded its footprint to the United Kingdom by acquiring an
 
office in London, PSG Konsult Brokers (UK) Ltd.
 
- Effective 1 March 2008, PSG Konsult acquired Brosist, a short-term insurance
 
administrator with R320 million annualised premiums, and Multifund, a short-term
 
insurance broker and underwriting company with R110 million annualised premiums.
 
- At year-end, PSG Konsult had 189 offices (2007: 179) and 491 (2007: 433)
 
financial planners, stockbrokers and short-term insurance brokers.
 
Paladin Capital Ltd (90%)
 
Paladin Capital is a private equity investment company that invests in listed
 
and unlisted companies where it can acquire a significant influence. Paladin
 
currently has 12 companies in its investment portfolio with a fair value close
 
to R1 billion.
 
Paladin's headline earnings increased to R75,4 million during the year under
 
review with all the investee companies having performed well, with an
 
exceptional performance by Thembeka Capital, a qualifying BEE investment
 
company. Thembeka remains the largest black shareholder in the JSE Ltd.
 
During the year under review, Paladin acquired a 25,1% stake in Mainfin, a niche
 
property finance house, 25,1% in Lesotho Milling, 29,2% in Erbacon Investments,
 
an Altx listed civil construction and tool hire company, a 49,9% stake in Protea
 
Castings, a non-ferrous casting business, and a 40% interest in GRW Holdings, a
 
specialist tank container manufacturer. In addition, Paladin invested further
 
capital in CIC (fast-moving consumer goods), Thembeka and Precrete (mining
 
support services). Paladin's interest in CIC reduced to below 50% with its
 
listing on Altx at the end of November 2007. As a result, CIC's results were
 
consolidated in PSG Group's income statement for nine months, explaining the
 
inconsistencies when comparing income and expenses year-on-year.
 
PSG Fund Management (Pty) Ltd (96,9%)
 
PSG Fund Management's business consists of local collective investments,
 
offshore collective investments, asset management, hedge funds and prime
 
broking.
 
Headline earnings increased by 61% from R15,3 million to R24,7 million. The
 
company diversified its income stream, with 27% (2006: 9%) of headline earnings
 
now emanating from offshore operations. Total assets under management increased
 
by 51% from R11,3 billion to R17,1 billion.
 
PSG Futurewealth Ltd (80%)
 
The company is a pure linked life insurer focusing on investment business. It
 
transformed from a small company with 10 people, balance sheet assets of R4
 
billion and profit before tax of R2 million, to a company now employing 55
 
people, balance sheet assets of R7,7 billion and profit after tax of R12
 
million. The growth is largely the result of the takeover of m Cubed Life's
 
assets. PSG FutureWealth concluded a reinsurance arrangement with m Cubed Life
 
during the financial year under review, in terms of which m Cubed Life
 
investment policies of approximately R5 billion were reinsured with PSG
 
FutureWealth. This transaction has to date resulted in an increase of R3,9
 
billion in the financial assets of PSG FutureWealth, with a corresponding
 
liability to m Cubed Life.
 
Channel Life Ltd (34,4%)
 
Channel Life had a disappointing year with headline earnings having decreased by
 
78% to R4,5 million. Embedded value increased by 3% to R442 million. Channel
 
Life's relatively new call centre initiative accounted for considerable losses
 
as a result of high policy lapse ratios and unforeseen costs. Management has
 
made a concerted effort to ensure that it is not repeated in future.
 
The broker and group benefits businesses, including the group's funeral
 
insurance subsidiary Safrican, experienced strong and profitable growth.
 
A new executive team, headed by Lennie Louw as CEO, was introduced during the
 
second half of 2007. This team's agreed strategy is to focus exclusively on
 
Channel Life's core recurring premium risk business. PSG and senior partner,
 
Sanlam, remain confident that Channel Life's performance will improve
 
significantly going forward.
 
Zeder Investments Ltd (35,2%)
 
Zeder performed positively, with headline earnings having increased by 51,2% to
 
R206,4 million, and headline earnings per share by 27% to 35,4 cents. Zeder's
 
net asset value per share increased by 15% from R2,25 to R2,59. The company's
 
investment portfolio increased by 76% to R1 366,5 million, with its investments
 
in Kaap Agri Ltd and KWV Ltd representing more than 75% of the portfolio.
 
PSG, as manager of Zeder, earns a 2% management fee based on the total assets of
 
the company. The past year saw PSG also earning a performance fee based on
 
Zeder's outperformance of the benchmark indices. The 2008 management and
 
performance fees before tax amounted to R22,5 million and R18,1 million
 
respectively.
 
For comprehensive results and commentary refer to www.zeder.co.za.
 
Miway Finance (Pty) Ltd (19%)
 
MiWay commenced business on 25 February 2008. Based on volumes and gross
 
premiums written, management is pleased with the initial results. The
 
shareholders, namely Sanlam (56%), Santam (25%), PSG (19%) and management (low
 
voting N shares) invested just over R200 million.
 
MiWay is a direct financial services business, using in-bound call centres and
 
soon the internet to distribute its products. The launch involved four products:
 
short-term insurance, credit life insurance, extended motor warranties and home
 
loans.
 
PSG Corporate Services (100%)
 
PSG's investments in especially Petmin (10% stake) contributed substantially to
 
the marked-to-market profits in the past financial year. PSG also has a 3% stake
 
in Vox Telecom and minor stakes in other listed investments. The investments in
 
PSG managed unit trusts, with a foreign currency exposure bias, and the seed
 
capital investments in the South Easter Fixed Interest and Black Swan hedge
 
funds, yielded market-related returns.
 
Prospects
 
PSG and all its subsidiaries are well capitalised. We are suitably positioned to
 
take advantage of opportunities that may arise in these uncertain times.
 
PSG remains committed to improving the recurring income emanating from its core
 
investments. The performance of these companies is interlinked with the South
 
African economy which in turn is dependent on international markets.
 
Management is continuously striving to add value for shareholders. We shall
 
persist in this quest.
 
Dividends
 
Ordinary shares
 
The directors of PSG Group Ltd have resolved on a 25% increase in the annual
 
dividend and have consequently declared a final dividend of 80 cents per share
 
(2007: 62,5 cents) for a total dividend of 112,5 cents per share (2007: 90
 
cents) in respect of the year ended 29 February 2008.
 
The following are the salient dates for the payment of the ordinary dividend:
 
Last day to trade cum dividend Friday, 9 May 2008
 
Trading ex dividend commences Monday, 12 May 2008
 
Record date Friday, 16 May 2008
 
Day of payment Monday, 19 May 2008
 
Share certificates may not be dematerialised or rematerialised between Monday,
 
12 May 2008, and Friday, 16 May 2008, both days inclusive.
 
Preference shares
 
The directors of PSG Financial Services Ltd declared a dividend of 525,1 cents
 
per share in respect of the cumulative, non-redeemable, non-participating
 
preference shares for the six months ended 29 February 2008, which was paid on
 
31 March 2008.
 
Annual general meetings
 
Shareholders are invited to PSG Financial Services Ltd and PSG Group Ltd's
 
annual general meetings which will be held at Lanzerac, Stellenbosch on Friday,
 
20 June 2008 at 12:00 and 12:05 respectively.
 
On behalf of the board
 
Jannie Mouton Chris Otto
 
Chairman Director
 
Stellenbosch
 
21 April 2008
 
PSG Group Limited
 
Registration number 1970/008484/06
 
JSE share code: PSG
 
ISIN code: ZAE000013017
 
PSG Financial Services Limited
 
Registration number 1919/00478/06
 
JSE share code: PGFP
 
ISIN code: 000096079
 
Directors
 
JF Mouton (chairman)*, L van A Bellingan+, PE Burton+, J de V du Toit, MJ
 
Jooste+, P Malan, JJ Mouton, CA Otto*, BE Steinhoff (German)+,
 
W Theron, J van Zyl Smit+, CH Wiese+
 
* Executive
 
+ Independent
 
Resigned with effect from 21 April 2008
 
Secretaries and registered office
 
PSG Corporate Services (Pty) Ltd
 
1st Floor, Ou Kollege, 35 Kerk Street, Stellenbosch, 7600
 
PO Box 7403, Stellenbosch, 7599
 
Transfer secretaries
 
Link Market Services South Africa (Pty) Ltd
 
11 Diagonal Street, Johannesburg, 2001
 
PO Box 4844, Johannesburg, 2000
 
Sponsor
 
PSG Capital (Pty) Ltd
 
These results will also be available on our website at www.psggroup.co.za
 
Date: 21/04/2008 14:56:03 Produced by the JSE SENS Department.
 
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