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| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
|---|---|---|---|---|---|
| Tiso Blackstar | LSE:TBGR | London | Ordinary Share | GB00BF37LF46 | ORD EUR0.76 |
| Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.00 | 0.00% | 22.50 | 15.00 | 30.00 | 0.00 | 01:00:00 |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| 0 | 0 | N/A | 0 |
From Apr 2019 to Apr 2024
TIDMTBGR
RNS Number : 8743Z
Tiso Blackstar Group SE
20 March 2017
Tiso Blackstar Group SE Unaudited Interim Results
For the six months ended 31 December 2016
Incorporated in Malta Company number SE 4
Registered as an external company with limited liability in the Republic of South Africa under registration number 2011/008274/10
Share code: TBGR or TBG
ISIN: MT0000620113
("Tiso Blackstar" or the "Company" or the "Group")
Highlights for the interim period ended 31 December 2016
-- Results presented on a consolidated basis for the first time due to change in status from being an Investment Entity
-- Significant progress made in implementation of new strategy as a media focussed business including renaming of Times Media Group to Tiso Blackstar Group
-- In December 2016, announcement of sale of 22.9% interest in Kagiso Tiso Holdings for R1.5 billion (GBP90 million) - expected to close May 2017
-- Consolidated turnover increased to R4.5 billion (GBP253 million) from R4.3 billion (GBP206 million)
-- Consolidated EBITDA increased to R270 million (GBP15 million) from R249 million (GBP12 million)
-- Times Media acquisition finance reduced from R730 million (GBP43 million) to R669 million (GBP39 million) over the period
-- Tiso Blackstar head office acquisition finance reduced from R414 million (GBP24 million) to R395 million (GBP23 million)
-- Interim dividend of 4.47275 cents (0.28465 pence) per share
-- Proposed special dividend of R40 million (GBP2.5 million) on successful closure of KTH sale
-- From 1 July 2016 to date, Tiso Blackstar bought back R13 million (GBP0.7 million) worth of shares, currently held in treasury
-- Approval received to transfer the listing from Altx to the JSE Main Board subject to shareholder approval of the Company's Articles of Association amendments to comply with JSE Regulations
Beyond Print, Beyond News
Tiso Blackstar Group is a global media company with roots in Africa, operating market-leading newspaper, broadcast, digital and mobile properties focused on providing quality content and services to its varied audiences. The Group has strong exposure to the rapidly growing digital, broadcast and mobile markets, with a leading position in South Africa and a broad footprint across Kenya, Ghana and Nigeria.
Overview
The business has made significant progress in implementing the strategy of becoming a media and related services group and these results reflect the positive effects of this new focus. The interim results mark the first time that Tiso Blackstar has reported results on a consolidated basis.
Our core media operations were able to grow their earnings for the period despite difficult trading conditions. This is the result of the repositioning of the business by reducing the legacy cost base and implementing a more commercial, efficient and multi-platform business model.
During the period, we also announced the sale of our non-core 22.9% interest in Kagiso Tiso Holdings Proprietary Limited ("KTH") for R1.5 billion (GBP90 million) which is expected to close in May 2017. The Group's acquisition finance was reduced substantially over the period under review, and we envisage repaying all of the Tiso Blackstar head office debt in May 2017.
The move to our new premises in Johannesburg in April 2017 will facilitate a far more integrated news gathering and production process, resulting in further savings. The new newsroom will also allow for the integration of other digital and print functions.
Performance review
Effective 1 July 2016, there was a change in the Group's status from an Investment Entity as defined in IFRS 10 and the subsidiaries Times Media Group Proprietary Limited ("TMG"), Consolidated Steel Industries Proprietary Limited ("CSI"), Robor Proprietary Limited ("Robor"), and the property subsidiaries are no longer carried at fair value but rather accounted for as deemed acquisitions of subsidiaries on 1 July 2016 and consolidated from this date forward. The net identifiable assets of these subsidiaries have been recognised on balance sheet at fair value on 1 July 2016 resulting in goodwill being recognised. Investments in associates, Radio Africa Limited ("RAG" or "Radio Africa Group"), Multimedia Group Limited ("MMG" or "Multimedia Group") and Cooper Communications Limited ("Coopers"), which were previously held at fair value have been equity accounted from 1 July 2016.
In accordance with IFRS, the comparative periods ended 31 December 2015 and 30 June 2016 have not been restated and are disclosed on a fair value basis as has been previously reported. For this reason the comparative financial statements are separately disclosed from the current interim statements.
Segmental review
To assist shareholders in assessing the Group's performance over a period of time, pro forma information in the form of consolidated comparatives have been prepared for the segmental analysis on the assumption that Tiso Blackstar's holdings in these subsidiaries and associates was the same in the comparative periods as for the current reporting period ended 31 December 2016.
Hot Features
Premium
Unaudited Pro forma Pro forma
Six months Six months Twelve months
ended ended ended
31 December 31 December 30 June
2016 2015 2016
R'000 R'000 R'000
------------------ ------------ ------------ --------------
Revenue
Media 1,304,728 1,408,456 2,699,294
Retail Solutions 865,148 904,753 1,628,806
CSI 1,249,706 972,248 1,928,257
Robor 1,114,768 992,319 2,271,893
4,534,350 4,277,776 8,528,250
------------------ ------------ ------------ --------------
EBITDA
Media 91,759 86,395 155,614
Retail Solutions 136,714 128,459 206,606
CSI 45,883 39,374 58,959
Robor 3,012 14,439 87,648
Other (7,832) (20,078) (31,134)
269,536 248,589 477,693
------------------ ------------ ------------ --------------
Media
Media reflected the positive effects of the restructuring of the business over the past 18 months, with half-year EBITDA up 6.2% on the prior interim period to R91.8 million (GBP5.1 million).
The traditional media business (Newspapers, Magazines, Digital and Distribution) grew EBITDA earnings by 16.7% to R86.9 million (GBP4.9 million) from the prior six month comparative period. The combination of cost reductions and the introduction of new innovative revenue streams helped drive significant growth in earnings in flagship titles such as Sunday Times and Business Day, while magazines, supplements, events, digital and mobile all helped broaden the revenue base.
The growth in earnings came at the same time as a significant investment in digital, which reflected the audience growth required to deliver significant future revenues. The company's large and high quality digital audience is well placed to capture a greater share in a growing digital advertising market. The focus on maintaining EBITDA margins during the restructuring and transition phase has paid off, with a 1.6% improvement in the six month period.
The group's newspapers continued to grow their advertising market share rising to 25.9% in 2016 from 25.4% the year before. These products recorded declines in circulation, largely due to a managed reduction in unprofitable or lower yielding distribution into non-core markets. Circulation has stabilised in core markets and in some areas is now showing growth.
Magazines produced almost 40% earnings growth off the back of a 7% increase in revenues, supported by new subscriber products. The business is also significantly more agile and able to respond quickly to market changes.
The Broadcast and Content businesses produced solid improvement across most sectors, specifically in television and radio, although films distribution was impacted by difficult market conditions and dragged overall earnings lower. Music continues to trade profitably in a fast changing market.
TV production business Ochre showed strong growth having built a solid pipeline of contracts for various broadcasters, while channels business One Africa Television performed well in all areas except its motoring channel which was impacted by the weak motoring sector.
The company's two fledgling local stations, Vuma in KZN and Rise in Mpumalanga, both improved on prior year performance, with revenue increasing by 25% and 54% respectively.
The majority-held investment Smartcall Technology Solutions Proprietary Limited ("STS"), one of SA's biggest mobile content providers, grew revenues 34.0% and EBITDA 61.2% compared to the previous six month period, building its presence in the Southern African region and producing consistent earnings growth.
Retail Solutions
The Hirt & Carter Group ("H&C") continues to offer a strong value proposition to customers who are looking to reduce their overall cost of marketing through the addition of technology, innovation and leveraging the underlying efficiencies created.
During the period, H&C grew earnings and improved margins. H&C Software has been implementing new clients during the period delivering a 40% growth in billings. H&C is in the process of setting up a new division called Hive Digital, which will focus on delivering digital solutions to customers. Economic pressures continue to affect customers, which in turn affects our core retail clients.
Uniprint, performed well in the six month period despite very difficult trading conditions, including volatility of the currency and reduced volume experienced by Uniprint customers due to lower consumer demand. However, despite the trading conditions, Uniprint grew its EBITDA slightly over the prior period.
Uniprint acquired Triumph Printing and Packaging, a folding carton specialist business, in October 2016. This, consolidated with Uniprint's smaller Packaging business will result in cost savings and create economies of scale. The folding carton market is a growth segment and will enhance our product offering.
African Investments (investments in associates)
Our interests in East and West Africa Radio investments include market leading TV and radio interests in Ghana and Kenya, two of the most exciting growth markets north of South Africa. Tiso Blackstar holds a 49% interest in Radio Africa Group in Kenya which operates three of the top five radio stations in Nairobi and has a Digital Terrestrial Television ("DTT") operation with strategic partners. Multimedia Group, in which the Group holds a 32.2% interest, is situated in Ghana and operates three of the top six radio stations and a broad reaching free-to-air ("FTA") television platform and channels.
Multimedia Group produced strong earnings growth of over 200% in its full year to December 2016, driven principally by a strong turnaround in its TV operations. Radio Africa Group reported a 25% decline in EBITDA at half-year as a result of its investment into TV and economic uncertainty ahead of national elections this year.
In 2016, Tiso Blackstar invested in Coopers which includes a newly launched Nigerian radio station called Lagos Talks on 91.3 FM. Lagos Talks operates in the Talk Format and is focused on creating and encouraging conversations about issues that affect all residents of Lagos. The station also holds the Audio rights for the English Premier League. The launch of the station has been a huge success. Tiso Blackstar holds an effective 36.5% shareholding in Lagos Talk.
Robor
Tough economic conditions resulted in EBITDA declining despite revenue growing to R1.1 billion (GBP0.6 million). Anticipated completion of delayed project work should improve results in the second half of the financial year.
Consolidated Steel Industries
CSI performed particularly well in an exceptionally tough operating environment. Revenue grew to R1.2 billion (GBP0.1 billion) mainly through market share growth through strategy execution.
Financial review
Tiso Blackstar generated a profit of R39.8 million (GBP2.2 million) for the six months ended 31 December 2016.
Other gains (losses) of R23.0 million (GBP1.3 million) mainly comprise of the following: a R30.0 million (GBP1.7 million) profit on disposal of property, plant and equipment; a R12.2 million (GBP0.7 million) gain arising on step up acquisitions from associates to subsidiaries; a R8.2 million (GBP0.5 million) foreign exchange loss arising on translation of foreign investments and intergroup loans fixed in foreign currency; and exceptional non recurring expenses of R9.2 million (GBP0.5 million).
Share of profit of associates of R1.0 million (GBP0.05 million) comprises the Group's share of profits in RAG, MMG and Coopers. Profit from discontinued operations, net of taxation of R12.1 million (GBP0.7 million) includes the KTH dividend received as well KTH directors' fees earned.
Other comprehensive loss of R45.5 million (GBP0.4 million) recognised directly to equity (namely the Foreign Currency Translation Reserve) arose on translation of CSI's African subsidiaries and the Group's African based associates to Rands.
The investment in KTH held at fair value less costs to sell of R1.5 billion (GBP90 million) is disclosed as an asset held for sale. The related acquisition debt of R395.0 million (GBP23.3 million) which will be settled on receipt of the proceeds on disposal in May 2017, is separately disclosed under current liabilities.
Bank overdrafts and other short term borrowing facilities of R895.5 million (GBP52.8 million) include the working capital facilities held by trading subsidiaries. Tiso Blackstar generated cash from operations of R281.3 million (GBP15.7 million) during the reporting period.
Cash out flow of R611.3 million (GBP31.6 million) on acquisition of subsidiaries mainly comprises the net cash balances and other short term borrowing facilities of the subsidiaries (TMG, CSI and Robor) of R589.2 million (GBP30.2 million) on 1 July 2016. Borrowings of R190.0 million (GBP10.6 million) were repaid (including repayment of finance leases and instalment sale liabilities) during the current reporting period.
During the current reporting period, the Company repurchased a total of 1,153,589 Tiso Blackstar shares in the open market at a total cost of R10.7 million (GBP0.6 million). At 31 December 2016, the Company held 2,221,514 treasury shares representing 0.8% of the issued share capital. A dividend of R12.0 million (GBP0.7 million) was paid to shareholders in January 2017 in respect of the prior financial year.
Dividends
The Company places emphasis on making dividend payments on an interim and final basis and the Tiso Blackstar Board has approved an interim dividend of 4.47275 South African cents (0.28465 pence) per share. The exchange rates have been fixed for the calculation of the Euro and Pounds Sterling equivalents based on the closing exchange rates on Thursday, 16 March 2017 of EUR1=ZAR13.704 and GBP1=ZAR15.713.
The interim dividend will be paid from income reserves in accordance with the salient dates and times set out below:
Last day to trade on the South Tuesday, 4 April
African register 2017
Trading ex-dividend commences Wednesday, 5
on the South African register April 2017
Trading ex-dividend commences Thursday, 6
on the UK register April 2017
Record date for shareholders recorded
on the UK and South African Friday, 7 April
registers 2017
Date of payment Monday, 8 May
2017
Share certificates may not be dematerialised or rematerialised between Wednesday, 5 April 2017 and Friday, 7 April 2017, both days inclusive, and transfers between the UK register and the South African register may not take place between Monday, 20 March 2017 and Friday, 7 April 2017, both days inclusive. Dividend tax will be withheld from the amount of the gross dividend of 4.47275 South African cents per share paid to South African shareholders at the rate of 20% unless a shareholder qualifies for exemption. After the dividend tax has been withheld, the net dividend will be 3.57820 South African cents per share. There are no other taxes (foreign or otherwise) to be withheld from the dividend.
The Company had a total of 268,291,260 shares in issue (which includes 2,221,514 shares held in treasury) at the date on which the dividend was announced, 20 March 2017. The dividend will be distributed by Tiso Blackstar Group SE (Malta tax registration number 995944033) and is regarded as a foreign dividend from a South African perspective.
In addition to the above, a special dividend of R40.0 million (GBP2.5 million*) has been approved by the Board to be paid to shareholders conditional on completion of the KTH sale, and in due course shareholders will receive the relevant information regarding the special dividend.
* Pounds Sterling equivalent provided for disclosure purposes determined using the closing exchange rates on Thursday, 16 March 2017 as noted above. Special dividend per share to be determined on declaration date based on the number of shares in issue.
Black Economic Empowerment
Tiso Blackstar remains committed to transformation. TMG was proud to obtain a Level Three Contributor status and more than 51% black ownership with the revised Broad-Based Black Economic Empowerment Codes of Good practice ("B-BBEE") which came into effect on 1 May 2015. Refer to the investor presentation available on the website for further information.
Transfer of listing to the Main Board of the JSE Limited
The Company has received approval from the JSE Limited ("JSE") to transfer its listing from a secondary listing on the Alternative Exchange of the JSE ("Altx") to a dual primary listing on the Main Board of the JSE. The approval is subject to the Company's Articles of Association being amended to comply with the JSE Regulations and the successful migration of the Company to the United Kingdom.
This will result in the Company having a dual primary listing on both AIM and the JSE Main Board, which the Board believes will widen the Company's potential investor base, develop the Company's governance framework and facilitate the Company's longer term growth ambitions.
An Extraordinary General Meeting ("EGM") will be requisitioned in order for shareholders to approve these amendments to the Articles of Association. At the same EGM, the Company will propose a long-term incentive scheme for employees of the Group. This scheme will aim to incentivise, attract and retain key employees and align their interests with that of shareholders.
It is anticipated that the migration, the EGM and the Main Board listing will be completed before the end of June 2017. Further information will be announced in relation to these matters in due course.
Outlook
The Company has laid a solid foundation for sustainable growth, with new diversified revenues and stabilised core businesses well set to take advantage of any improvements in the South African economy. Once Tiso Blackstar receives the proceeds from the sale of the KTH shareholding, the balance sheet will be significantly strengthened and interest costs will reduce substantially.
The core businesses have performed satisfactorily to date in 2017 with key revenue streams above prior year and earnings growth continuing. The transformation of the business into a multi-platform diversified media company is proving successful and our market-leading brands continue to provide strong cash flows to support future growth.
Highlights so far in 2017 include the successful launch and take-up of a paywall for our business titles Business Day and Financial Mail, continued growth in advertising in our key products, and growth in contractual income for our Retail Solutions business.
The Group intends to pay a special dividend of R40 million (GBP2.5 million*) once KTH sale proceeds have been received.
We are currently looking at acquisition opportunities both in South Africa and internationally that should add to the earnings of the Group.
Shareholders are advised that Tiso Blackstar has a detailed investor presentation which will be available on the Company's website www.tisoblackstar.com from 22 March 2017.
AD Bonamour DKT Adomakoh
Non-executive Director Non-executive Chairman
20 March 2017
Interim condensed consolidated statements of income
and other comprehensive income
Six months Six months
ended ended
31 December 31 December
2016 2016
Unaudited Unaudited
R'000 Notes GBP'000
------------ ------------------------------------------ ------ ------------
4,534,350 Revenue 253,334
(3,684,806) Cost of sales (205,870)
------------ ------------------------------------------ ------ ------------
849,544 Gross profit 47,464
(605,633) Operating expenses (33,836)
Depreciation, amortisation and
(117,017) straight-lining of leases charge (6,536)
19,534 Other income 1,092
------------ ------------------------------------------ ------ ------------
146,428 Operating profit 8,184
23,047 Other gains (losses) 1,279
------------ ------------------------------------------ ------ ------------
169,475 Net profit 9,463
4,211 Finance income 235
(118,327) Finance costs 3 (6,611)
Share of profit of associates
995 and joint ventures 56
------------ ------------------------------------------ ------ ------------
56,354 Profit before taxation 3,143
(28,679) Taxation (1,602)
------------ ------------------------------------------ ------ ------------
27,675 Profit from continuing operations 1,541
Profit from discontinued operation,
12,136 net of taxation 4 678
------------ ------------------------------------------ ------ ------------
39,811 Profit for the period 2,219
------------ ------------------------------------------ ------ ------------
Profit (Loss) for the period attributable
to:
46,745 Equity holders of the Group 2,606
(6,934) Non-controlling interest (387)
------------ ------------
39,811 2,219
------------ ------------------------------------------ ------ ------------
39,811 Profit for the period 2,219
Other comprehensive (loss) income,
net of taxation - items that may
subsequently be reclassified to
(45,522) profit and loss: 5 25,825
Currency translation differences
on the translation of foreign
(45,522) operations 418
Currency translation differences
on the translation of Rand denominated
Group entities to presentational
- currency 25,407
------------ ------------
Total comprehensive (loss) income
(5,711) for the period 28,044
------------ ------------------------------------------ ------ ------------
Total comprehensive (loss) income
attributable to:
1,223 Equity holders of the Group 26,870
(6,934) Non-controlling interest 1,174
------------ ------------
(5,711) 28,044
------------ ------------------------------------------ ------ ------------
Basic and diluted earnings per
17.50 share (in cents/pence) 6 0.98
Basic and diluted earnings per
share from continuing operations
12.95 (in cents/pence) 6 0.72
Basic and diluted headline earnings
3.05 per share (in cents/pence) 6 0.17
Weighted average number of shares
267,175 (net of treasury shares, in thousands) 267,175
------------ ------------------------------------------ ------ ------------
Interim condensed consolidated statement of financial
position
31 December 31 December
2016 2016
Unaudited Unaudited
R'000 Notes GBP'000
ASSETS
3,866,350 Non-current assets 228,103
904,632 Property, plant and equipment 53,371
17,617 Investment properties 1,039
1,139,846 Goodwill 67,247
1,296,419 Other intangible assets 76,485
Investments in associates
392,172 and joint ventures 23,137
Other investments, loans and
34,530 receivables 2,037
81,134 Deferred taxation 4,787
------------ ------------
2,750,488 Current assets 162,271
1,057,827 Inventory 62,409
1,419,448 Trade and other receivables 83,743
273,213 Cash and cash equivalents 7 16,119
------------ ------------
1,520,000 Assets held for sale 4 89,676
8,136,838 TOTAL ASSETS 480,050
------------ ------------------------------------- ------ ------------
EQUITY AND LIABILITIES
Capital and reserves attributable
3,465,863 to the Group's equity holders 204,477
3,255,248 Share capital and premium 203,564
(20,494) Treasury shares (1,066)
443 Other reserves (22,033)
230,666 Retained earnings 24,012
------------ ------------
200,936 Non-controlling interest 11,854
3,666,799 TOTAL EQUITY 216,331
LIABILITIES
1,274,855 Non-current liabilities 75,213
801,377 Borrowings 47,279
54,088 Other liabilities 3,191
71,837 Post-retirement benefits liabilities 4,238
347,553 Deferred taxation 20,505
------------ ------------
2,800,184 Current liabilities 165,202
1,609,776 Trade and other payables 94,972
179,866 Borrowings 10,611
105,532 Other liabilities 6,226
9,518 Post-retirement benefits liabilities 562
Bank overdrafts and other
895,492 short term borrowing facilities 7 52,831
------------ ------------
Liability associated with
non-current assets held for
395,000 sale 4 23,304
4,470,039 TOTAL LIABILITIES 263,719
8,136,838 TOTAL EQUITY AND LIABILITIES 480,050
------------ ------------------------------------- ------ ------------
Interim condensed consolidated statement of changes in equity
Twelve Twelve
months Six months Six months Six months Six months months
ended ended ended ended ended ended
31 31
30 June December December 31 December 31 December 30 June
2016 2015 2016 2016 2015 2016
Audited Unaudited Unaudited Unaudited Unaudited Audited
R'000 R'000 R'000 GBP'000 GBP'000 GBP'000
---------- ----------- ----------- ---------------- ------------ ------------ ----------------------
Balance at the
beginning
4,402,314 4,402,314 3,493,549 of the period 179,223 230,416 230,416
Changes in
share capital
and premium
Shares issued
for investment
18,025 18,025 - acquisition - 863 863
Changes in
reserves
Total
comprehensive
income
(906,869) 813 1,223 for the period 26,870 (37,446) (51,121)
Movement in
(11,090) (9,469) (10,697) treasury shares (598) (454) (530)
Shares issued
for investment
1,293 1,293 - acquisition - 62 62
Effect of
acquisitions
and disposals
(445) (445) (6,208) of subsidiaries (347) (19) (19)
Dividends
(10,013) - (12,004) payable (671) - (466)
Total equity
attributable
to the Group's
equity
3,493,215 4,412,531 3,465,863 holders 204,477 193,422 179,205
Changes in
non-controlling
interest
Total
comprehensive
income
- - (6,934) for the period 1,174 - -
Effect of
acquisitions
and disposals
334 334 214,627 of subsidiaries 11,058 18 18
Dividends paid
to
non-controlling
- - (6,757) shareholders (378) - -
Balance at the
end of
3,493,549 4,412,865 3,666,799 the period 216,331 193,440 179,223
---------- ----------- ----------- ---------------- ------------ ------------ ----------------------
Comprising:
Share capital
3,255,248 3,255,248 3,255,248 and premium 203,564 203,564 203,564
Treasury shares
(9,797) (8,176) (20,494) reserve (1,066) (392) (468)
52,173 52,173 443 Other reserves (22,033) (74,547) (45,950)
Retained
195,925 1,113,620 230,666 earnings 24,012 64,815 22,077
Non-controlling
- - 200,936 interest 11,854 - -
----------------
3,493,549 4,412,865 3,666,799 216,331 193,440 179,223
---------- ----------- ----------- ---------------- ------------ ------------ ----------------------
An interim dividend of R10.0 million (GBP0.5 million) was declared in respect
of the interim period ended 31 December 2015 and paid on 13 June 2016.
A final dividend of R12.0 million (GBP0.7 million) was declared in respect of
the year ended 30 June 2016 and paid on 19 January 2017.
Interim condensed consolidated statement of cash flows
Six months Six months
ended ended
31 December 31 December
2016 2016
Unaudited Unaudited
R'000 Notes GBP'000
------------ ---------------------------------------- ------ ------------
Cash flows from operating
activities
281,291 Cash generated from operations 15,742
Dividend income received
18,695 from investments 1,044
(115,001) Net finance costs paid (6,425)
1,200 Taxation refund received 67
(12,740) Taxation paid (712)
Net cash generated by operating
173,445 activities 9,716
------------ ---------------------------------------- ------ ------------
Cash flows from investing
activities
Acquisitions of tangible
(176,056) assets (9,836)
Proceeds on disposal of
102,957 tangible assets 5,752
(17,634) Acquisitions of investments (980)
Proceeds on disposal of
2,676 investments 150
Acquisitions of intangible
(3,774) assets (211)
(611,268) Acquisitions of subsidiaries/businesses 8 (31,627)
Net cash utilised by investing
(703,099) activities (36,752)
------------ ---------------------------------------- ------ ------------
Cash flows from financing
activities
101,653 Borrowings raised 5,679
(189,910) Borrowings repaid (10,589)
(10,697) Purchase of treasury shares (598)
Dividends paid to non-controlling
(6,757) shareholders (378)
Net cash utilised by financing
(105,711) activities (5,886)
------------ ---------------------------------------- ------ ------------
Net decrease in cash and
(635,365) cash equivalents (32,922)
Net cash and cash equivalents
at the beginning of the
13,086 period 671
Exchange losses on cash
- and cash equivalents (4,461)
Net cash and cash equivalents
(622,279) at the end of the period 7 (36,712)
------------ ---------------------------------------- ------ ------------
Interim condensed consolidated statement of comprehensive
income
Comparatives provided for the six months ended 31 December
2016
* As * As
restated restated
Twelve Twelve
months Six months Six months months
ended ended ended ended
30 June 31 December 31 December 30 June
2016 2015 2015 2016
Audited Unaudited Unaudited Audited
R'000 R'000 Notes GBP'000 GBP'000
------------ ------------ -------------------------------- ------ ------------ ---------
422,952 400,366 Investment-related income 19,199 19,696
Net fair value and foreign
(1,036,271) (453,250) exchange (losses) gains (21,735) (48,258)
(63,877) (37,477) Operating expenses (1,797) (2,976)
------------ ------------ -------------------------------- ------ ------------ ---------
(677,196) (90,361) Operating loss (4,333) (31,538)
(48,865) (24,452) Net finance costs (1,173) (2,276)
1,251 465 Finance income 22 58
(50,116) (24,917) Finance costs (1,195) (2,334)
------------ ------------ ------------ ---------
(726,061) (114,813) Loss before taxation (5,506) (33,814)
(955) (33) Taxation (2) (45)
------------ ------------ -------------------------------- ------ ------------ ---------
Loss from continuing
(727,016) (114,846) operations (5,508) (33,859)
Discontinuing operations
Profit (Loss) from discontinued
(179,853) 115,659 operation, net of taxation 4 5,546 (8,375)
------------ ------------ -------------------------------- ------------ ---------
Profit (Loss) for the
(906,869) 813 period 38 (42,234)
------------ ------------ -------------------------------- ------ ------------ ---------
Other comprehensive
loss - items that may
subsequently be reclassified
to profit and loss:
Currency translation
differences on the translation
of Rand denominated
- - Group entities (37,484) (8,887)
Total other comprehensive
loss recognised directly
- - in equity (37,484) (8,887)
------------ ------------ -------------------------------- ------ ------------ ---------
Total comprehensive
income (loss) for the
(906,869) 813 period (37,446) (51,121)
------------ ------------ -------------------------------- ------ ------------ ---------
Profit (Loss) for the
period attributable
to:
Equity holders of the
(906,869) 813 parent 38 (42,234)
- - Non-controlling interests - -
(906,869) 813 38 (42,234)
------------ ------------ -------------------------------- ------ ------------ ---------
Total comprehensive
income (loss) attributable
to:
Equity holders of the
(906,869) 813 parent (37,446) (51,121)
- - Non-controlling interests - -
(906,869) 813 (37,446) (51,121)
------------ ------------ -------------------------------- ------ ------------ ---------
Basic and diluted earnings
(losses) per share (in
(339.40) 0.30 cents/pence) 6 0.01 (15.81)
Basic and diluted losses
per share from continuing
(272.09) (43.00) operations (in cents/pence) 6 (2.06) (12.67)
Basic and diluted headline
earnings (losses) per
(339.12) 0.49 share (in cents/pence) 6 0.02 (15.79)
------------ ------------ -------------------------------- ------ ------------ ---------
Weighted average number
of shares (net of treasury
267,199 267,093 shares, in thousands) 267,093 267,199
------------ ------------ -------------------------------- ------ ------------ ---------
* Restated for discontinued operation - refer note 4
Interim condensed consolidated statement of financial
position
Comparatives provided for the six months ended 31 December
2016
30 June 31 December 31 December 30 June
2016 2015 2015 2016
Audited Unaudited Unaudited Audited
R'000 R'000 GBP'000 GBP'000
---------- ------------ ----------------------------- ------------ ---------
Assets
2,343 2,514 Deferred tax assets 110 120
4,331 4,559 Equipment 200 222
Financial assets at
fair value through profit
2,369,958 4,800,693 and loss 210,442 121,581
---------- ------------ ------------ ---------
Net investments in
1,955,133 2,792,192 subsidiaries 122,398 100,300
Net investments in
399,697 1,993,699 associates 87,395 20,505
Financial assets held
15,128 14,802 for trading 649 776
---------- ------------ ------------ ---------
1,520,000 - Assets held for sale - 77,978
198 228 Current tax assets 10 10
4,008 3,820 Trade and other receivables 167 206
13,086 29,208 Cash and cash equivalents 1,280 671
3,913,924 4,841,022 Total assets 212,209 200,788
---------- ------------ ----------------------------- ------------ ---------
Liabilities
(84) - Deferred tax liabilities - (4)
(1,195) (663) Other financial liabilities (29) (61)
(413,766) (421,573) Borrowings (18,480) (21,227)
(160) - Current tax liabilities - (8)
(5,170) (5,921) Trade and other payables (260) (265)
(420,375) (428,157) Total liabilities (18,769) (21,565)
---------- ------------ ----------------------------- ------------ ---------
3,493,549 4,412,865 Total net assets 193,440 179,223
---------- ------------ ----------------------------- ------------ ---------
Equity
2,554,036 2,554,036 Share capital 164,201 164,201
701,212 701,212 Share premium 39,363 39,363
Capital redemption
52,173 52,173 reserve 4,599 4,599
(9,797) (8,176) Treasury shares reserve (392) (468)
Foreign currency translation
- - reserve (79,146) (50,549)
195,925 1,113,620 Retained earnings 64,815 22,077
Total equity attributable
3,493,549 4,412,865 to equity holders 193,440 179,223
- - Non-controlling interests - -
----------------------------- ---------
3,493,549 4,412,865 Total equity 193,440 179,223
---------- ------------ ----------------------------- ------------ ---------
Interim condensed consolidated statement of cash flows
Comparatives provided for the six months ended 31 December
2016
Twelve Twelve
months Six months Six months months
ended ended ended ended
30 June 31 December 31 December 30 June
2016 2015 2015 2016
Audited Unaudited Unaudited Audited
R'000 R'000 GBP'000 GBP'000
--------- ------------ ------------------------------ ------------ --------
Cash flow from operating
activities
Cash generated (absorbed)
(43,599) 3,883 by operations 186 (2,033)
(16,864) (45,824) Additions to investments (2,198) (759)
55,840 33,109 Proceeds from investments 1,589 2,588
Dividend and interest
99,469 74,691 income received 3,582 4,632
(1,603) (332) Taxation paid (16) (75)
Cash generated by operating
93,243 65,527 activities 3,143 4,353
--------- ------------ ------------------------------ ------------ --------
Cash flow from investing
activities
(3,698) (3,698) Purchase of equipment (177) (172)
Proceeds on disposal
25 - of equipment - 1
1,251 465 Finance income received 22 58
Disposal of subsidiary,
(9) - net of cash received - -
Cash absorbed by investing
(2,431) (3,233) activities (155) (113)
--------- ------------ ------------------------------ ------------ --------
Cash flow from financing
activities
(26,234) (18,427) Borrowings repaid (884) (1,222)
(50,116) (24,917) Finance costs paid (1,195) (2,334)
Purchase of treasury
(11,090) (9,469) shares (454) (530)
Dividends paid to equity
(10,013) - holders of the parent - (466)
Cash absorbed by financing
(97,453) (52,813) activities (2,533) (4,552)
--------- ------------ ------------------------------ ------------ --------
Net increase (decrease)
(6,641) 9,481 in cash and cash equivalents 455 (312)
Cash and cash equivalents
at the beginning of
19,727 19,727 the period 1,032 1,032
Exchange losses on
- - cash and cash equivalents (207) (49)
Cash and cash equivalents
13,086 29,208 at the end of the period 1,280 671
--------- ------------ ------------------------------ ------------ --------
Notes to the condensed consolidated interim financial
statements
For the six months ended 31 December 2016
1. Basis of preparation
These condensed financial statements of the Group
are prepared in accordance with the recognition and
measurement principles of International Financial
Reporting Standards ("IFRSs") published by the International
Accounting Standards Board ("IASB") as endorsed for
use by the European Union. They are prepared on the
going concern principle, using the historical cost
basis, except for financial assets and financial liabilities
held at fair value through profit and loss that have
been measured at fair value, and the accounting policies
which are expected to be applied in the preparation
of the Group's annual financial statements for the
year ending 30 June 2017. The Group has chosen not
to adopt IAS 34 Interim Financial Statements in preparing
the consolidated interim financial statements.
The accounting policies and methods of computation
are consistent with those applied in the annual financial
statements for the year ended 30 June 2016 with the
exception of the changes adopted as a result of the
Group's change in status as an Investment Entity as
detailed in note 2 below.
The financial information in this half-yearly report
is unaudited and does not constitute statutory accounts
for the purposes of the Maltese Companies Act, 1995.
The half-yearly report should be read in conjunction
with the Group's statutory accounts for the year ended
30 June 2016, which are prepared under IFRS and upon
which an unqualified auditors' report was given. The
statutory accounts as at 30 June 2016 are available
from the Company's website, www.tisoblackstar.com,
or by writing to the Company Secretary.
The functional currency of the Company is the South
African Rand, being the currency of the primary economic
environment in which the Company and its subsidiaries
operate. Tiso Blackstar is dual listed with a primary
listing on the AIM market of the London Stock Exchange
("AIM") and a secondary listing on the Altx of the
JSE Limited ("JSE") in South Africa. As a result,
Tiso Blackstar has two presentational currencies being
South African Rand ("Rand") and Pounds Sterling ("Pounds
Sterling").
2. Change in status as an Investment Entity
Effective 1 July 2016, there was a change in the Group's
status as an Investment Entity as defined in IFRS
10 Consolidated Financial Statements. IFRS 10 specifies
that an entity that ceases to be an Investment Entity
shall account for the change in its status prospectively
from the date at which the change in status occurred.
Further guidance from IFRS 10 specifies that when
an entity ceases to be an Investment Entity, it shall
apply IFRS 3 Business Combinations to any subsidiary
that was previously measured at fair value through
profit or loss. The date of the change of status shall
be the deemed acquisition date. The fair value of
the subsidiary at the deemed acquisition date (being
the carrying value of the investment as at 30 June
2016) shall represent the transferred deemed consideration
when measuring any goodwill or gain from a bargain
purchase that arises from the deemed acquisition.
All subsidiaries are consolidated in accordance with
IFRS 10 from the date of change of status.
Effective 1 July 2016, Tiso Blackstar no longer accounted
for its net investments in subsidiaries and associates
as investments held at fair value through profit and
loss but rather consolidated its subsidiaries and
equity accounted for its investments in associates.
Subsidiaries which are no longer carried at fair value
but rather consolidated comprise TMG, CSI, Robor and
the property subsidiaries. Details of the impact of
the consolidation of these subsidiaries are provided
in note 8. Investments in associates RAG, MMG and
Coopers have been equity accounted from 1 July 2016.
In accordance with IFRS 10, the comparative periods
ended 31 December 2015 and 30 June 2016 have not been
restated (with the exception of the discontinued operation,
refer note 4) and are disclosed on a fair value basis.
Due to the significant change in the nature of the
statements, the comparatives are provided as separate
statements and are not included as additional columns
within the current year's statements.
Notes to the condensed consolidated interim financial
statements
For the six months ended 31 December 2016 (continued)
3. Finance costs
Finance costs for the current reporting period can
be analysed as follows:
Six months Six months
ended ended
31 December 31 December
2016 2016
Unaudited Unaudited
R'000 GBP'000
------------- -------------------------------------- ------------
49,426 TMG 2,761
20,908 CSI (non-core subsidiary) 1,168
16,831 Robor (non-core subsidiary) 940
31,162 Other: 1,742
Finance cost on acquisition debt
to be settled on completion of
25,281 KTH sale 1,413
Finance cost within the property
subsidiaries relating to investment
properties, the majority of which
5,881 were sold during the period 329
------------- ------------
118,327 6,611
------------- -------------------------------------- ------------
4. Discontinued operation
In the prior year, Tiso Blackstar announced its change
in strategy to focus on investments in media and related
industries, and to therefore dispose of its non-core
assets. In line with this, Tiso Blackstar commenced
negotiations to dispose of its interest in KTH during
the previous reporting period and subsequently concluded
an agreement of sale which is expected to be completed
in May 2017.
In the prior year ended 30 June 2016, KTH was disclosed
as a discontinued operation, and classified and disclosed
as a non-current asset held for sale in accordance
with IFRS 5 Non-current Assets Held for Sale and Discontinued
Operations. Comparatives for the six months ended
31 December 2015 have been restated for this discontinued
operation and for the current reporting period relating
income and expenses associated with the investment
in the associate have been disclosed under the discontinued
operation. At 31 December the investment in KTH (carried
at fair value less costs to sell) remains disclosed
as a non-current asset held for sale on the consolidated
statement of financial position. As Tiso Blackstar
is required to use the sale proceeds to settle the
relating acquisition debt on conclusion of the sale
(and has disclosed its intention to do so), the relating
acquisition debt is separately disclosed as a Liability
associated with non-current assets held for sale.
Notes to the condensed consolidated interim financial
statements
For the six months ended 31 December 2016 (continued)
5. Other comprehensive (loss) income, net of taxation
Other comprehensive (loss) income comprises of the
foreign currency translation adjustments recognised
in the Foreign Currency Translation Reserve. These
currency adjustments arise on restatement of the Group's
investments in its African based associates RAG, MMG
and Coopers as well as the African based foreign operations
held by CSI and TMG to the Group's functional currency
Rands at the closing rate at 31 December 2016. An
additional charge to other comprehensive income arises
in the Pounds Sterling statement of comprehensive
income as a result of the translation of the Group's
results from its functional currency Rands to its
presentational currency Pounds Sterling.
Currency translation differences recognised in other
comprehensive (loss) income comprises of the following:
Six months Six months
ended ended
31 December 31 December
2016 2016
Unaudited Unaudited
R'000 GBP'000
------------------------------ ------------------------------------ -----------------------------
On translation of the following
(45,522) foreign operations and associates: 418
Foreign operations held by CSI
(2,757) and TMG (154)
(16,126) Investment in associate RAG 641
(24,929) Investment in associate MMG (50)
(1,710) Investment in associate Coopers (19)
------------------------------ -----------------------------
On translation of the Group's
results from Rands to Pounds
- Sterling 25,407
Other comprehensive (loss) income,
net of taxation per the statement
(45,522) of comprehensive income 25,825
------------------------------ ------------------------------------ -----------------------------
Notes to the condensed consolidated interim financial statements
For the six months ended 31 December 2016 (continued)
6. Basic and diluted headline earnings (losses) per share^
* As * As
restated restated
Twelve Six Six Six Six Twelve
months months months months months months
ended ended ended ended ended ended
31 31 31 31
30 June December December December December 30 June
2016 2015 2016 2016 2015 2016
Audited Unaudited Unaudited Unaudited Unaudited Audited
R'000 R'000 R'000 GBP'000 GBP'000 GBP'000
---------- ---------- ---------- ----------------- ---------- ---------- -------------------------------
Profit (Loss)
for the period
attributable to
equity holders
of the Group
from continuing
(727,016) (114,846) 34,609 operations 1,928 (5,508) (33,859)
Profit (Loss)
for the period
attributable to
equity holders
of the Group
from the
discontinued
(179,853) 115,659 12,136 operation 678 5,546 (8,375)
---------- ---------- ---------- ----------------- ---------- ---------- -------------------------------
Profit (Loss)
for the period
attributable to
equity holders
(906,869) 813 46,745 of the Group 2,606 38 (42,234)
Gains on
investment
- - (36,808) properties (2,056) - -
Revaluation gain
on acquisition
of controlling
- - (12,183) interest (681) - -
Gain on bargain
- - (1,745) purchase (90) - -
Loss on disposal
- - 2,411 of investments 135 - -
(Profit) Loss on
disposal
3 4 (697) of equipment (39) - -
Impairment of
loans designated
at fair value
through profit
737 697 - and loss - 33 34
Total tax
effects of
(1) (196) 10,434 adjustments 583 (9) -
Headline
earnings
(906,130) 1,318 8,157 (losses) 458 62 (42,200)
---------- ---------- ---------- ----------------- ---------- ---------- -------------------------------
Weighted average
number of
shares in issue
(net of treasury
shares, in
267,199 267,093 267,175 thousands) 267,175 267,093 267,199
---------- ---------- ---------- ----------------- ---------- ---------- -------------------------------
Basic and
diluted earnings
(losses) per
share (in
(339.40) 0.30 17.50 cents/pence) 0.98 0.01 (15.81)
Basic and
diluted earnings
(losses) per
share from
continuing
operations (in
(272.09) (43.00) 12.95 cents/pence) 0.72 (2.06) (12.67)
Basic and
diluted headline
earnings
(losses) per
share
(339.12) 0.49 3.05 (in cents/pence) 0.17 0.02 (15.79)
---------- ---------- ---------- ----------------- ---------- ---------- -------------------------------
^ Disclosure of headline earnings has been provided in accordance with the JSE
Listing Requirements
* Restated for discontinued operation - refer note 4
Notes to the condensed consolidated interim financial
statements
For the six months ended 31 December 2016 (continued)
7. Net cash and cash equivalents
Net cash and cash equivalents for the current reporting
period can be analysed as follows:
31 December 31 December
2016 2016
Unaudited Unaudited
R'000 GBP'000
------------ -------------------------------- ------------
(14,347) TMG (846)
(289,838) CSI (non-core subsidiary) (17,100)
(330,811) Robor (non-core subsidiary) (19,517)
12,717 Other 751
(622,279) (36,712)
------------ -------------------------------- ------------
273,213 Cash and cash equivalents 16,119
Bank overdrafts and other short
(895,492) term borrowing facilities (52,831)
Net cash and cash equivalents
(622,279) per the statement of cash flow (36,712)
------------ -------------------------------- ------------
8. Business combinations
Per note 2, effective 1 July 2016, there was a change
in the Group's status as an Investment Entity as defined
in IFRS 10 and from this date, the Group applied IFRS
3 Business Combinations to any subsidiary that was
previously measured at fair value through profit or
loss. The fair value of the subsidiary as at 1 July
2016 ("Deemed Acquisition Date") represents the transferred
"Deemed Consideration" when measuring any goodwill
or gain from a bargain purchase that arises from the
deemed acquisition. All subsidiaries were consolidated
in accordance with IFRS 10 from the date of change
of status.
Subsidiaries which are no longer carried at fair value
but rather consolidated ("the Deemed Acquisitions")
comprise TMG, CSI, Robor and the property subsidiaries.
Details of the significant classes of assets and liabilities
recognised as a result of the Deemed Acquisitions
are provided below. During the period ended 31 December
2016, other, less significant acquisitions of subsidiaries
and businesses took place ("Other Business Acquisitions").
The initial accounting for some of the business acquisitions
has only been provisionally determined at the reporting
date. At the date of finalisation of these condensed
consolidated interim financial statements, the necessary
market valuations and other calculations for certain
Other Business Acquisitions had not been finalised
and they have therefore only been provisionally determined
based on the directors' best estimate of the likely
values. If new information obtained within one year
of the date of any of the acquisitions about facts
and circumstances that existed at the date of acquisition,
identifies adjustments to the above amounts, or any
additional provisions that existed at the date of
acquisition, then the accounting for the acquisition
will be revised.
Notes to the condensed consolidated interim financial statements
For the six months ended 31 December 2016 (continued)
8. Business combinations (continued)
Six months ended Six months ended
31 December 31 December
2016 2016
Other Other
Deemed Business Business Deemed
Acquisitions Acquisitions Total Total Acquisitions Acquisitions
Unaudited Unaudited Unaudited Unaudited Unaudited Unaudited
R'000 R'000 R'000 GBP'000 GBP'000 GBP'000
------------- ------------- ------------ ---------------- ----------------- -------------------- -------------------
872,187 40,785 912,972 Tangible assets 47,020 2,277 44,743
Intangible
1,316,242 8,184 1,324,426 assets 67,982 457 67,525
Investments in
associates,
joint
ventures and
other
investments
and loan
64,333 - 64,333 receivables 3,301 - 3,301
1,147,278 16,642 1,163,920 Inventory 59,786 929 58,857
Trade and other
1,452,004 117,398 1,569,402 receivables 80,675 6,186 74,489
Cash and cash
129,859 36,654 166,513 equivalents 8,542 1,880 6,662
Non-controlling
385 - 385 interests 20 - 20
Net deferred
(262,954) (3,706) (266,660) taxation (13,706) (216) (13,490)
Borrowings and
other
(1,217,288) (19,447) (1,236,735) liabilities (63,536) (1,087) (62,449)
Contingent
(42,601) - (42,601) liabilities (2,185) - (2,185)
Trade and other
(1,684,389) (130,112) (1,814,501) payables (93,165) (6,754) (86,411)
Bank overdrafts
and other short
term borrowing
(719,086) (11,894) (730,980) facilities (37,555) (665) (36,890)
------------- ------------- ------------ ---------------- ----------------- -------------------- -------------------
Identifiable
assets and
liabilities
at fair value
at acquisition/
Deemed
Acquisition
1,055,970 54,504 1,110,474 Date 57,179 3,007 54,172
Non-controlling
(204,679) (3,951) (208,630) interests (10,703) (202) (10,501)
1,105,587 34,261 1,139,848 Goodwill 58,478 1,759 56,719
Gain on bargain
(1,745) - (1,745) purchase (90) - (90)
------------- ------------- ------------ ---------------- ----------------- -------------------- -------------------
1,955,133 84,814 2,039,947 Total 104,864 4,564 100,300
Less Deemed
Consideration
on
change in
status as an
Investment
Entity and fair
value of
existing
shareholding on
step up
(1,955,133) (38,013) (1,993,146) acquisitions (102,250) (1,950) (100,300)
Purchase
consideration
paid in
- 46,801 46,801 cash 2,614 2,614 -
------------- ------------- ------------ ---------------- ----------------- -------------------- -------------------
Cash flow
Cash
consideration
paid for Other
Business
- (46,801) (46,801) Acquisitions (2,614) (2,614) -
Consolidated
cash from
(589,227) 24,760 (564,467) acquisitions (29,013) 1,215 (30,228)
Cash flow on
(589,227) (22,041) (611,268) acquisition (31,627) (1,399) (30,228)
------------- ------------- ------------ ---------------- ----------------- -------------------- -------------------
Notes to the condensed consolidated interim financial
statements
For the six months ended 31 December 2016 (continued)
9. Segmental analysis
As a result of its change in status from an Investment
Entity, the Group has reviewed its segments and identified
its operating segments based on the nature of the
operating segment. The reportable segments are as
follows:
* Media: the division houses the Group's interest in
the distribution of knowledge and content via print,
online and radio assets and other platforms;
* Retail Solutions: the division includes the
activities on retail advertising production systems
and related database management and development, and
retail print via H&C and Uniprint;
* African investments: includes the Group's interests
in the associates RAG in Kenya, MMG in Ghana and
Coopers in Nigeria;
* CSI: a wholly owned subsidiary comprising of Stalcor
which is a processor, distributor and stockist of
carbon steel, stainless steel and aluminium in the
form of high quality sheet, plate and coil as well as
structural and other long product profiles, and GRS
which is a steel roofing and cladding company;
* Robor: in which the Group holds a 51% interest is a
manufacturer and supplier of welded steel tube and
pipe and cold formed steel profiles; and
* Other: comprising of investments that are not deemed
to be material to the Group including the property
subsidiaries, assets held for sale (KTH), and other
consolidated Group companies.
Refer to the Directors' statement for the detailed
segmental analysis for the current financial period.
A reconciliation of the EBITDA per segmental analysis
to the net profit for the period per the statement
of comprehensive income is provided below:
Six months
ended
31 December
2016
Unaudited
R'000
----------------------------------------------- ------------
EBITDA 269,536
Depreciation (63,119)
Amortisation (35,909)
Straight-lining of leases (17,989)
Net profit (loss) on disposal of assets 30,204
Exceptional/non recurring net gains (losses) (13,248)
Net profit per the statement of comprehensive
income 169,475
----------------------------------------------- ------------
10. Results presentation
Shareholders are advised that Tiso Blackstar has
a detailed investor presentation which is available
on the Company's website www.tisoblackstar.com.
This announcement contains inside information for
the purposes of Article 7 of EU Regulation 596/2014.
20 March 2017
For further enquiries, please contact:
Tiso Blackstar Group SE Leanna Isaac + 356 2137 3360
Northland Capital Partners Tom Price, Gerry Beaney,
Margarita Mitropoulou + 44 (0) 203 861
6625
PSG Capital Proprietary Limited David Tosi +27 (0)
21 887 9602
This information is provided by RNS
The company news service from the London Stock Exchange
END
IR BIGDXXUBBGRR
(END) Dow Jones Newswires
March 20, 2017 03:00 ET (07:00 GMT)
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