The latest SOTP calculation set out below includes exchange-listed share prices which are updated to reflect 15-minute delayed share price information, while all other information was updated at the last reporting period, unless we have reported additional information to the market.
|Feb-16||Feb-17||Feb-18||Feb-19||Feb-20||30 Nov 2020|
|Asset/Liability||Rm||Rm||Rm||Rm||Rm|| Shares |
|Share price (R)|| Value |
|% of total|
|Curro* (incl. Stadio until unbundling in Oct 2017)||9,773||11,180||7,987||5,714||2,604||358.8||9.80||3,516||17%|
Energy Partners^Energy Partners
Other investments^Other investments
|Less: minority shareholding held by PSG Alpha management||(106)||(90)||(71)||(68)||0%|
|Other net assets||5,868||3,586||2,603||1,702||879||628||3%|
|Pref investments and loans receivable^^||1,335||2,002||1,558||1,297||542||549||3%|
|Perpetual pref funding*||(1,309)||(1,350)||(1,278)||(1,367)||(1,463)||17.4||62.00||(1,080)|
|Total SOTP value||40,383||52,397||55,510||67,958||60,320||19,611|
|Shares in issue (net of treasury shares) (m)||216.3||217.5||217.5||218.2||218.2||216.0|
|SOTP value per share (R)||186.67||240.87||255.17||311.45||276.43||90.80|
|PSG Group share price (R)*||173.69||251.43||217.50||259.78||186.60||56.52|
* Listed on the Johannesburg Stock Exchange ** Listed on the Botswana Stock Exchange ^ Internal valuation ^^ Carrying value
+ 30.5m Capitec shares unbundled pursuant to shareholder approval on 30 July 2020.
++ The latest balance includes a capital gains tax liability in respect of the Capitec shares disposed of and the retained Capitec interest.
Accuracy of data disclaimer
Although the contents of the SOTP calculation have been compiled with considerable care, it may not be accurate or complete and may also include technical errors from time to time which are beyond our control due to share price information contained in the SOTP calculation having been received from third-party service providers. The SOTP calculation is indicative of the value of PSG Group Limited’s underlying portfolio of net assets. It does not take into account factors such as size of shareholdings, liquidity of the underlying assets, tax on the potential disposal of underlying assets (apart from capital gains tax which has been provided for in respect of the Capitec shares disposed of and the retained Capitec interest), head office operating profit/loss and other factors which may have an impact on the comparability of the latest SOTP calculation with the ruling PSG Group Limited share price.
It is designed to continuously assist shareholders and/or investors with the SOTP calculation and is not intended to be used for quick investment decisions, as it would lag the exchange trading platforms by at least 15 minutes.
PSG Group Limited does not assume responsibility for the accuracy of the SOTP calculation and accordingly disclaims all liability for any loss, damages (whether direct or consequential) or expense of any nature whatsoever which may be suffered as a result of or may be attributable, directly or indirectly, to the use of or reliance upon any information contained herein. It is the sole responsibility of the shareholder and/or investor to verify the accuracy of the information contained in this SOTP calculation and to form his/her own view as to the value of PSG Group Limited shares.
Financial advisor disclaimer
The information provided and included in the SOTP calculation is for general information purposes only and does not constitute an offer to sell any securities or investment advice relating to securities or a representation that the security is a suitable or appropriate investment for any person. You are advised to give independent consideration to this information and to obtain investment advice from your independent financial advisor.