PGFP PSG
 
PSG / PGFP - PSG Group /PSG Financial Services - Interim results (unaudited)
 
for the six months ended 31 August 2008 and dividend declaration
 
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: ZAE000096079
 
Interim results (unaudited) for the six months ended 31 August 2008
 
- Recurring headline earnings increased by 33,7% to 104,4 cents per share
 
- Paid a special dividend of 200,0 cents per share
 
- Headline earnings decreased by 84% to 29,6 cents per share
 
Condensed group income statements
 
Unaudited Unaudited Audited
 
Restated
 
31 Aug 31 Aug 29 Feb
 
2008 Change 2007 2008
 
Rm % Rm Rm
 
Income
 
Sales from non-financial 836,9 1 316,8
 
operations
 
Investment income 113,6 93,8 200,1
 
Net fair value adjustments to
 
financial instruments (26,3) 316,5 373,7
 
Commission and other fee income 468,3 380,5 861,8
 
Other operating income 31,4 38,7 106,9
 
Total income 587,0 1 666,4 2 859,3
 
Expenses
 
Cost of sales of non-financial 751,7 1 181,6
 
operations
 
Operating expenses 448,3 408,6 894,0
 
Total expenses 448,3 1 160,3 2 075,6
 
Net income from operating
 
activities 138,7 (72,6) 506,1 783,7
 
Finance costs (33,6) (25,2) (57,8)
 
Share of profits of associated
 
companies 128,8 97,3 235,6
 
Net income before taxation 233,9 (59,5) 578,2 961,5
 
Taxation (70,4) (113,8) (151,9)
 
Net income of the group 163,5 (64,8) 464,4 809,6
 
 
Attributable to:
 
Minority interests 112,5 162,1 255,4
 
Equity holders of the company 51,0 (83,1) 302,3 554,2
 
163,5 464,4 809,6
 
Attributable to equity holders of
 
the company 51,0 302,3 554,2
 
Non-headline items (note 2) (1,1) (10,1) (71,7)
 
Headline earnings 49,9 (82,9) 292,2 482,5
 
Earnings per share (cents)
 
- attributable 30,3 (84,2) 191,8 338,9
 
- headline 29,6 (84,0) 185,4 295,1
 
- diluted attributable 30,1 (84,1) 188,9 334,4
 
- diluted headline 29,4 (83,9) 182,6 291,1
 
Dividend per share (cents)
 
- interim 19,0 32,5 32,5
 
- final 80,0
 
- special 200,0
 
219,0 32,5 112,5
 
 
Number of shares (million)
 
- in issue (net of treasury
 
shares) 168,2 169,4 169,2
 
- weighted average 168,5 157,6 163,5
 
- diluted weighted average 169,8 160,0 165,7
 
Condensed group balance sheets
 
Unaudited Unaudited Audited
 
Restated
 
31 Aug 31 Aug 29 Feb
 
2008 2007 2008
 
Rm Rm Rm
 
Assets
 
Property, plant and equipment 34,3 44,0 26,5
 
Intangible assets 742,6 667,9 676,3
 
Investments in associated companies 3 489,1 2 817,8 3 533,9
 
(note 3)
 
Clients' investments linked to
 
investment contracts (note 5) 9 422,6 7 535,7
 
Other financial assets 1 368,4 1 566,5 1 808,7
 
Deferred income tax 21,2 14,3 13,8
 
Receivables and inventories 150,6 443,2 193,7
 
Cash and cash equivalents 302,0 657,6 417,5
 
Total assets 15 530,8 6 211,3 14 206,1
 
 
Equity
 
Ordinary shareholders' equity 2 827,9 3 103,2 3 295,4
 
Minority interests 1 896,0 1 722,9 1 773,6
 
Total equity 4 723,9 4 826,1 5 069,0
 
Liabilities
 
Insurance liabilities 1,7 1,7
 
Clients' funds under investment
 
contracts (note 5) 9 422,6 7 535,7
 
Other financial liabilities 789,2 734,7 894,7
 
Deferred income tax 152,6 130,0 141,2
 
Payables and provisions 320,3 389,0 493,2
 
Current income tax liabilities 120,5 131,5 70,6
 
Total liabilities 10 806,9 1 385,2 9 137,1
 
 
Total equity and liabilities 15 530,8 6 211,3 14 206,1
 
 
Net asset value per share (cents) 1 681 1 832 1 948
 
Net tangible asset value per share 1 240 1 438 1 548
 
(cents)
 
Condensed group cash flow statements
 
Unaudited Unaudited Audited
 
Restated
 
31 Aug 31 Aug 29 Feb
 
2008 2007 2008
 
Rm Rm Rm
 
Cash generated by operations 100,4 148,1 252,2
 
Net change in financial instruments 70,1 (235,4) (311,9)
 
Net cash flow from operating activities 170,5 (87,3) (59,7)
 
Net cash flow from investment activities 86,6 (382,6) (502,0)
 
Net cash flow from financing activities (330,0) (190,9) (335,4)
 
Net decrease in cash and cash equivalents (72,9) (660,8) (897,1)
 
Cash and cash equivalents at beginning of (12,6) 884,5 884,5
 
period
 
Cash and cash equivalents at end of period
 
* (85,5) 223,7 (12,6)
 
* Include bank overdrafts and CFD financing 387,5 433,9 430,1
 
of
 
Condensed statements of changes in owners' equity
 
Unaudited Unaudited Audited
 
Restated
 
31 Aug 31 Aug 29 Feb
 
2008 2007 2008
 
Rm Rm Rm
 
Ordinary shareholders' equity at 3 295,4 2 373,0 2 373,0
 
beginning of period
 
Shares issued 551,2 552,0
 
Net movement in treasury shares (23,2) (28,5) (36,4)
 
Movement in other reserves (2,9) 3,8 7,6
 
Net income for the period 51,0 302,3 554,2
 
Dividends paid (492,4) (98,6) (155,0)
 
Ordinary shareholders' equity at end
 
of period 2 827,9 3 103,2 3 295,4
 
Minority interests 1 896,0 1 722,9 1 773,6
 
Beginning of period 1 773,6 1 574,5 1 574,5
 
Net income for the period 112,5 162,1 255,4
 
Dividends and capital distributions paid (36,8) (6,6) (32,1)
 
Capital contributions by minority 17,7 142,6
 
shareholders
 
Acquisition/disposal of subsidiaries 74,6 (105,0)
 
Transfer to liabilities (6,3)
 
Other movements 1,2 (0,1)
 
Preference dividend paid (29,1) (24,8) (55,4)
 
Total equity at end of period 4 723,9 4 826,1 5 069,0
 
Notes
 
1. Basis of presentation and accounting policies
 
The condensed interim 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 Limited. The accounting policies used in
 
the preparation of the interim financial statements are consistent
 
with those used in the previous financial year.
 
2. Non-headline items
 
31 Aug 31 Aug 29 Feb
 
2008 2007 2008
 
Rm Rm Rm
 
After taxation and minorities
 
(3,6) 4,1 60,8
 
 
Net profit on sale/dilution of 0,4 46,6
 
investment in subsidiaries
 
Net (loss)/profit on sale of (3,6) 3,5 4,0
 
associated companies
 
Negative goodwill on acquisition 9,6
 
of subsidiaries
 
Other investment activities (0,4) 0,6 0,6
 
Non-headline items of associated 4,7 6,0 10,9
 
companies
 
1,1 10,1 71,7
 
 
3. Investments in associated
 
companies
 
Carrying value
 
- listed 1 296,1 1 070,8 1 260,4
 
- unlisted 2 193,0 1 747,0 2 273,5
 
3 489,1 2 817,8 3 533,9
 
 
Market and directors' valuation
 
- listed 1 088,3 1 162,5 1 397,9
 
- unlisted 2 286,3 1 915,0 2 470,4
 
3 374,6 3 077,5 3 868,3
 
 
4. Commitments
 
Operating lease commitments 69,8 141,5 17,6
 
 
5. Linked investment contracts
 
PSG Group is not exposed to market movements in PSG
 
FutureWealth's clients' assets held under investment contracts,
 
as any movement in the market price of the investment is linked
 
to a corresponding adjustment to the liability.
 
 
6. Reclassification of 31 August 2007 figures
 
The prior year figures were reclassified as follows:
 
- Equities relating to Contracts For Differences ("CFD's") of
 
R18,8 million were previously netted off against the related
 
overdraft facilities and are now disclosed gross, and
 
- Third party liabilities of R143,3 million in mutual funds
 
consolidated by the group, previously included in minority
 
interests, have been reclassified to financial liabilities.
 
The effect on the specific line items is reflected below:
 
 
As Reclassi- Gross up Restated
 
previously fication of of CFD
 
stated minority assets and
 
interest in liabilities
 
funds to
 
financial
 
liabilities
 
Rm Rm Rm Rm
 
Balance sheet
 
Assets
 
Other financial 1 547,7 18,8 1 566,5
 
assets
 
Equity
 
Minority interests 1 866,2 (143,3) 1 722,9
 
Liabilities
 
Other financial 572,6 143,3 18,8 734,7
 
liabilities
 
 
Income statement
 
Net fair value
 
adjustments to
 
financial instruments 327,0 (10,5) 316,5
 
Attributable to:
 
- minority interests 172,6 (10,5) 162,1
 
 
Statement of changes
 
in owners' equity
 
Minority interests
 
Beginning of period 1 692,6 (118,1) 1 574,5
 
Net income for the 172,6 (10,5) 162,1
 
period
 
Capital contributions 32,4 (14,7) 17,7
 
by minority
 
shareholders
 
Total 1 866,2 (143,3) 1 722,9
 
Cash flow statement
 
Net change in (250,1) 14,7 (235,4)
 
financial instruments
 
Net cash flow from (102,0) 14,7 (87,3)
 
operating activities
 
Net cash flow from (157,4) (14,7) (18,8) (190,9)
 
financing activities
 
Net decrease in cash (642,0) (18,8) (660,8)
 
and cash equivalents
 
Cash and cash 967,1 (82,6) 884,5
 
equivalents at
 
beginning of period
 
Cash and cash 325,1 (101,4) 223,7
 
equivalents at end of
 
period*
 
* Include bank 332,5 101,4 433,9
 
overdrafts and CFD
 
financing of
 
 
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 Limited
 
The company is a wholly owned subsidiary of PSG Group Limited,
 
except for the 6,08 million preference shares which are listed on
 
the JSE Limited. No separate interim financial statements are
 
presented for the company as it is the only asset of PSG Group
 
Limited.
 
8. 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 Adato Capital. Capitec is a retail bank that provides
 
accessible and affordable banking facilities to clients. Adato is
 
a niche financing company. Quince Capital, also a niche financing
 
company, has been included until 12 June 2008, the effective date
 
of its unwinding.
 
 
Segment assets and liabilities include all assets and liabilities
 
categories as listed in the balance sheet of the group.
 
 
 
 
 
Total Segment Segment Segment
 
For the six months ended Revenue result assets liabilities
 
31 August 2008 Rm Rm Rm Rm
 
 
 
 
 
Private equity and 42,6 9,5 3 537,6 558,9
 
corporate finance
 
Financial advice and 533,2 125,0 10 621,8 10 099,6
 
fund management
 
Financing and banking (1) 11,2 4,2 1 371,4 27,9
 
587,0 138,7 15 530,8 10 686,4
 
 
1. This segment's equity accounted earnings amounted to R48,7 million
 
for the six months ended 31 August 2008.
 
 
Total Segment Segment Segment
 
For the six months ended Revenue result assets liabilities
 
31 August 2007 Rm Rm Rm Rm
 
 
 
 
 
Private equity and 1 278,8 408,2 3 699,2 589,3
 
corporate finance
 
Financial advice and 387,6 97,9 1 010,7 664,4
 
fund management
 
Financing and banking (2) 1,501,4
 
1 666,4 506,1 6 211,3 1 253,7
 
 
2. This segment's equity accounted earnings amounted to R38,9 million
 
for the six months ended 31 August 2007.
 
 
Total Segment Segment Segment
 
For the year ended Revenue result assets liabilities
 
29 February 2008 Rm Rm Rm Rm
 
 
 
 
 
Private equity and 1 944,8 552,5 3 418,7 305,0
 
corporate finance
 
Financial advice and 914,6 231,2 9 236,6 8 761,5
 
fund management
 
Financing and banking (3) 1,550,8
 
2 859,4 783,7 14 206,1 9 066,5
 
 
3. This segment's equity accounted earnings amounted to R89.4 million
 
for the year ended 29 February 2008.
 
Contribution to headline earnings
 
Number
 
Headline earnings of Net assets
 
shares
 
31 Aug 31 Aug 29 Feb 31 Aug 31 Aug 31 Aug 29 Feb
 
2008 2007 2008 2008 2008 2007 2008
 
Rm Rm Rm m Rm Rm Rm
 
Recurring 176,0 123,2 303,7 2 911,3 2 489,9 3 027,2
 
headline
 
earnings (before
 
funding and STC)
 
 
Capitec Bank 41,3 26,8 66,8 28,6 1 230,2 1 175,6 1 208,4
 
PSG Konsult 34,7 29,4 63,9 536,3 252,1 224,3 247,1
 
PSG Fund 9,2 10,5 24,0 63,8 54,8 56,0
 
Management
 
Channel Life 6,6 2,7 1,5 166,0 126,6 146,5
 
Quince Capital 9,7 21,3 325,9 342,4
 
Adato Capital 1,2 116,6
 
Paladin Capital 38,3 23,7 63,1 446,5 197,6 372,3
 
and other
 
private equity
 
PSG FutureWealth 4,7 8,9 59,5 59,9
 
Zeder
 
Investments and
 
agri investments
 
Dividends, net 27,9 9,7 40,0 218,1 492,1 277,5 476,5
 
interest
 
and equity
 
accounted
 
earnings
 
 
Management fee 3,3 3,1 5,9
 
earned by PSG
 
after costs
 
PSG Corporate 84,5 107,6 118,1
 
Services
 
Dividends from 2,4 2,4 7,2
 
investments
 
BEE funding 12,6 16,3 30,8
 
Net operating (6,2) (11,1) (29,7)
 
costs
 
Non-recurring (36,2) 195,7 244,1 926,0 1 274,0 1 089,8
 
headline
 
earnings
 
Marked-to-market
 
profits/(losses)
 
Quince Capital 2,4
 
Paladin Capital (30,9) 27,9 20,3 162,7 241,9 242,3
 
(Thembeka)
 
Zeder 5,5 52,6 49,8 94,3 244,6 74,5
 
Investments and
 
agri investments
 
PSG Corporate
 
Services
 
JSE Ltd 2,3 2,3
 
Petmin (7,5) 65,7 134,3 51,1 192,3 125,2 199,7
 
Vox Telecom 28,0 18,2 30,8 57,6 69,8 60,1
 
Other (4,7) 16,8 1,5 369,0 542,4 463,1
 
investments
 
Other non-
 
recurring
 
Quince Capital 7,4
 
Channel Life (8,8)
 
Miscellaneous 2,8 17,7
 
m Cubed Holdings 218,0 50,1 50,1 50,1
 
Perpetual (29,3) (25,4) (51,9) (558,1) (555,6) (558,9)
 
preference
 
shares
 
Interest rate (4,3) 17,6 23,2 13,6 12,7 17,9
 
hedge
 
Net interest (17,2) (2,0) (17,2) (430,9) (125,4) (277,9)
 
after tax
 
(borrowings and
 
cash)
 
Secondary tax on
 
companies
 
Normal dividend (5,1) (16,9) (19,4) 7,6 (2,7)
 
Special (34,0) (34,0)
 
dividend
 
 
Total headline
 
earnings 49,9 292,2 482,5 2 827,9 3 103,2 3 295,4
 
 
Statistics
 
Recurring HEPS 104,4 78,1 185,7
 
(cents)
 
Growth in 33,7%
 
recurring HEPS
 
Commentary
 
Review of results
 
Recurring headline earnings (refer to Contribution to Headline Earnings
 
table) remains the board's predominant measure of PSG Group's financial
 
performance. The sustainable earnings from subsidiary and associated
 
companies are included in recurring headline earnings, whereas marked-to-
 
market profits/losses and once-off items are disclosed as non-recurring
 
headline earnings.
 
Recurring headline earnings increased by 33,7% to 104,4 cents per share for
 
the six-month period ended 31 August 2008.
 
Reportable headline earnings decreased by 84% to 29,6 cents per share,
 
mainly as a result of marked-to-market losses on PSG's investment portfolio
 
following the general decline in global stock markets. In the past, the
 
board did caution that the substantial profits emanating from marked-to-
 
market investments were not necessarily sustainable. The fair value
 
accounting convention will continue to lead to volatile earnings.
 
Corporate action
 
- PSG paid a special dividend of 200 cents per share, amounting to
 
R379 million.
 
- The unwinding of Quince Capital and consequent establishment of
 
Adato Capital, effective 13 June 2008, for a cash consideration of
 
R115 million.
 
- Effective 1 March 2008,PSG Konsult acquired the business of
 
Multifund and Brosist for R50 million, of which R36,4 million
 
related to intangibles and R12,4 million to goodwill.
 
- Thembeka Capital raised R25 million in black capital through a
 
private placement.
 
- Zeder increased its interest in Kaap Agri Limited ("Kaap Agri") and
 
KWV Limited ("KWV") to 34,3% and 25,1% respectively.
 
Capitec Bank (34,5%)
 
Capitec increased its headline earnings per share by 22,2% and delivered a
 
return on equity of 22%. We are positive about Capitec's long-term future.
 
Capitec's results for the six months ended 31 August 2008 are available at
 
www.capitec.co.za.
 
PSG Konsult (73,2%)
 
In a challenging operating environment, headline earnings increased by 18,8%
 
to R47,4 million for the period under review.
 
Funds under management and administration decreased by 5% to R50 billion.
 
PSG Konsult now has 507 (Aug 2007: 452) financial planners and stockbrokers
 
operating from 196 (Aug 2007: 183) offices throughout Southern Africa and
 
the United Kingdom.
 
Since the establishment of the London UK office six months ago, PSG
 
Konsult's international offering has increased satisfactorily. This provides
 
a solid platform to expand its services and consequently grow revenue.
 
PSG Konsult's comprehensive results are available at www.psgkonsult.co.za.
 
Paladin Capital (89,5%)
 
Paladin is an investment company with a private equity bias. The increase in
 
recurring headline earnings is a result of positive earnings growth from the
 
investee companies and certain investments now contributing earnings for the
 
full six-month period as opposed to the previous period where it was only
 
partially included. The performance of all the investee companies in the
 
portfolio exceeded expectations, with exceptional performances from CIC
 
Holdings, Erbacon, Precrete, Lesotho Milling and Protea Gietery.
 
During the period under review, Paladin acquired a 25% stake in Target
 
Milling, a wheat mill based in Durban, acquired an additional stake in
 
Precrete and invested further capital in both Thembeka Capital and Mainfin.
 
Thembeka Capital's earnings were negatively affected by the market movements
 
of its listed share portfolio, predominantly its investment in the shares of
 
JSE Limited. However, Thembeka Capital's recurring earnings base improved
 
with a number of transactions that were concluded during the past year.
 
Zeder Investments (35,7%)
 
Zeder continued to increase its interest in key investments during the
 
period under review. The increase in its recurring headline earnings from
 
3,5 cents to 10,5 cents per share is mainly attributable to equity accounted
 
earnings from its investments in associated companies, which were previously
 
predominantly accounted for as non-recurring marked-to-market profits.
 
More than 75% of Zeder's investment portfolio is currently represented by
 
its investments in Kaap Agri (which holds 31,9% in Pioneer Foods) and KWV.
 
Zeder's comprehensive results are available at www.zeder.co.za.
 
PSG Wealth Cluster
 
- PSG Fund Management (96,5%)
 
PSG Fund Management's business consists of local and offshore unit trusts,
 
hedge funds, offshore fund services, asset management and prime stock
 
broking.
 
Headline earnings for the six months decreased by 13% to R9,5 million
 
compared to 31 August 2007. Assets under management increased from
 
R17,1 billion at year-end to R17,2 billion at 31 August 2008.
 
The offshore operations based in Guernsey contributed 26% of the reported
 
headline earnings during the period under review. This provides some
 
protection against possible rand depreciation going forward.
 
- PSG Futurewealth (80%)
 
PSG FutureWealth, a registered linked investment insurance company, made a
 
headline profit of R5,9 million for the six months ended 31 August 2008.
 
Improved distribution relationships and a focus on new product development
 
enabled the company to achieve commendable results. The total new business
 
premiums received amounted
 
to R1,1 billion.
 
Existing business outflows continue to decline and have now reached a level
 
regarded as normal for a business of this size. The transfer of the
 
remaining m Cubed Life assets of approximately R2 billion has been virtually
 
completed, with the total linked investment policy book now at R9,4 billion.
 
Channel Life (34,4%)
 
Management's effort to increase profitability has been prolonged by the
 
current negative economic climate, especially higher fuel and food inflation
 
that is more detrimental to the company's target market.
 
The retail business performed below expectation. To this end, the outbound
 
call centre was closed at the end of May 2008. Single-premium policies and
 
group schemes have however exceeded expectations. Strict cost control
 
measures remain in place.
 
Adato Capital (60,9%)
 
Adato was formed as a result of the unbundling of Quince Capital. The
 
business was capitalised to the extent of R180 million.
 
Adato focuses on niche financing opportunities that are not effectively
 
serviced by the bigger banks, and currently offers two products: property
 
bridging finance and loans against share portfolios. The loan book at the
 
end of August was R111 million.
 
PSG Corporate (100%)
 
The decline in the listed share prices of Petmin and other strategic and non-
 
strategic investments accounted for the non-recurring marked-to-market
 
losses incurred during the period under review. These investments have in
 
the past contributed significantly to PSG's headline profits and continue to
 
trade above PSG's historic cost.
 
PSG bought protection against interest rate fluctuations two years ago when
 
it entered into a 10-year fixed (8,87% NACS) for variable (75% of prime)
 
interest rate hedge. Although we incurred a marked-to-market loss as opposed
 
to a profit in the corresponding period last year, this instrument continues
 
to provide welcome protection when paying our perpetual preference
 
dividends.
 
Prospects
 
The current uncertain environment necessitates a more conservative approach
 
to business. Management remains focused to grow PSG's recurring headline
 
earnings base. We believe it to be achievable given the diversification of
 
the group's operations across the broader economy. Our primary goal remains
 
to maximise shareholders' wealth over time.
 
Subsequent to 31 August 2008, PSG has incurred further marked-to-market
 
losses of R162 million on its investments in, inter alia, Petmin, Vox
 
Telecom and Thembeka Capital's JSE shares. This relates to previously
 
reported marked-to-market profits of approximately
 
R831 million.
 
Appointment of director
 
Wynand Greeff has been appointed as financial director to the boards of PSG
 
Group Limited and PSG Financial Services Limited with effect from 13 October
 
2008.
 
Dividends
 
Ordinary shares
 
Having taken cognisance of the 200 cents per share special dividend paid in
 
August 2008, the directors of PSG Group Limited have resolved to declare a
 
dividend of 19 cents per share (2007: 32,5 cents) in respect of the six
 
months ended 31 August 2008. PSG intends to distribute dividend income from
 
investments, after payment of the PSG Financial Services perpetual
 
preference dividend, as an ordinary dividend to shareholders. One third will
 
be paid as an interim dividend and the balance as a final dividend at year-
 
end.
 
The following are the salient dates for the payment of the ordinary
 
dividend:
 
Last day to trade cum dividend Friday, 31 October 2008
 
Trading ex dividend commences Monday, 3 November 2008
 
Record date Friday, 7 November 2008
 
Day of payment Monday, 10 November 2008
 
Share certificates may not be dematerialised or rematerialised between
 
Monday, 3 November 2008, and Friday, 7 November 2008, both days inclusive.
 
Preference shares
 
The directors of PSG Financial Services Limited declared a dividend of 571,1
 
cents per share in respect of the cumulative, non-redeemable, non-
 
participating preference shares for the six months ended 31 August 2008,
 
which was paid on 29 September 2008.
 
On behalf of the board
 
Jannie Mouton Chris Otto
 
Chairman Director
 
Stellenbosch
 
13 October 2008
 
Directors
 
JF Mouton (chairman)*, L van A Bellingan, PE Burton, ZL Combi,
 
J de V du Toit, WL Greeff*, MJ Jooste, P Malan, JJ Mouton, CA Otto*, W
 
Theron, J van Zyl Smit, CH Wiese
 
* Executive Independent
 
Secretaries and registered office
 
PSG Corporate Services (Pty) Limited
 
1st Floor, Ou Kollege, 35 Kerk Street, Stellenbosch, 7600
 
PO Box 7403, Stellenbosch, 7599
 
Transfer secretaries
 
Link Market Services South Africa (Pty) Limited
 
11 Diagonal Street, Johannesburg, 2001
 
PO Box 4844, Johannesburg, 2000
 
Sponsor
 
PSG Capital (Pty) Limited
 
These results are also available at www.psggroup.co.za
 
Date: 13/10/2008 15:17:01 Produced by the JSE SENS Department.
 
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