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SCN Sacoven

112.50
0.00 (0.00%)
17 May 2024 - Closed
Delayed by 15 minutes
Share Name Share Symbol Market Type Share ISIN Share Description
Sacoven LSE:SCN London Ordinary Share JE00B7YH8W36 SHS 0.1P
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  0.00 0.00% 112.50 0.00 01:00:00
Industry Sector Turnover Profit EPS - Basic PE Ratio Market Cap
0 0 N/A 0

Sacoven PLC Annual report and audited financial statements (2221U)

28/07/2015 7:00am

UK Regulatory


Sacoven (LSE:SCN)
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RNS Number : 2221U

Sacoven PLC

28 July 2015

28 July 2015

Sacoven plc (the "Company")

Annual report and audited financial statements

The Company announces its annual results for the year ended 31 March 2015 (the "Period").

Chairman's Statement

For The Year Ended 31 March 2015

To Our Shareholders:

The financial year ending 31 March 2015 reflected the third full year of operation of Sacoven plc, which was incorporated on 16 March 2012 in Jersey, Channel Islands.

During this start-up phase of operation, we incurred further costs during the year of GBP 741,737 (2014: GBP 664,113), and registered an annual net loss of GBP 730,890 (2014: GBP 651,635).

During the year the close working relationship with Vasari Global Limited, the Company to whom we have outsourced our mergers and acquisitions initiatives, has developed and a number of investment opportunities have been analysed in some detail and discussed with the board.

On 12 September 2014, a secondary listing on the AltX of the JSE was obtained.

The Board would like to take this opportunity to thank the shareholders for their continued support.

Mark Haynes Daniell

Chairman

Statement Of Financial Position

As At 31 March 2015

 
                               Notes    31/03/2015    31/03/2014 
                                               GBP           GBP 
 Assets 
 
 Current assets 
 
 Prepayments and other 
  receivables                    5          20,570        15,014 
 Cash and cash equivalents               3,007,823     3,732,964 
 
 
 Total assets                            3,028,393     3,747,978 
                                      ------------  ------------ 
 
 Liabilities and equity 
 
 Current liabilities 
 
 Other payables and accrued 
  expenses                       6          47,430        36,125 
 
 
 Total liabilities                          47,430        36,125 
                                      ------------  ------------ 
 
 Equity & reserves 
 
 Share capital                   7           6,002         6,002 
 Share premium                   8       4,910,690     4,910,690 
 Founder option                  9           6,000         6,000 
 Retained loss                         (1,941,729)   (1,210,839) 
 
 
 Total equity                            2,980,963     3,711,853 
 
 Total liabilities and 
  equity                                 3,028,393     3,747,978 
                                      ------------  ------------ 
 
 
 

Statement Of Comprehensive Income

For The Year Ended 31 March 2015

 
                                       01/04/2014   01/04/2013 
                                               to           to 
                                       31/03/2015   31/03/2014 
                               Notes          GBP          GBP 
 
 Income                                         -            - 
                                      -----------  ----------- 
 
 
 Expenses 
 Investment advisory fees       10        450,000      450,000 
 Directors' fees                10         75,000       75,000 
 Administration fees            10         50,000       35,000 
 Insurance                                  7,898       16,926 
 Insurance adjustment                     (7,535)            - 
  prior year 
 Nominated adviser and 
  broker fees                              50,994       51,526 
 Registrar fees                             8,937        7,500 
 Stock exchange fees                        7,445        7,345 
 JSE stock exchange listing                72,948            - 
 Legal and professional 
  fees                                     12,932        1,175 
 Travel expenses                            1,142       10,106 
 Audit fees                                10,000        8,000 
 GST fees                                     200          200 
 Annual return fees                           150          150 
 Webhosting                                   240          240 
 Bank charges                               1,386          945 
 
 
                                          741,737      664,113 
                                      -----------  ----------- 
 
 Operating loss                         (741,737)    (664,113) 
 
 Other income 
 Bank interest income                      10,847       12,478 
 
 
 Loss before tax                        (730,890)    (651,635) 
 
 Tax on ordinary activities      3              -            - 
                                      -----------  ----------- 
 
 Total comprehensive loss 
  for the year                          (730,890)    (651,635) 
                                      -----------  ----------- 
 
 Basic loss per share           17        (0.122)      (0.108) 
                                      -----------  ----------- 
 

Statement Of Changes In Equity

For The Year Ended 31 March 2015

 
                        Notes      Share       Share   Founder      Retained       Total 
                                 capital     premium    option          loss 
                                     GBP         GBP       GBP           GBP         GBP 
 
 As at 1 April 
  2014                             6,002   4,910,690     6,000   (1,210,839)   3,711,853 
 
 Total comprehensive 
  loss 
  for the year                         -           -         -     (730,890)   (730,890) 
                                --------  ----------  --------  ------------  ---------- 
 
 At 31 March 
  2015                             6,002   4,910,690     6,000   (1,941,729)   2,980,963 
                                --------  ----------  --------  ------------  ---------- 
 

For The Year Ended 31 March 2014

 
                        Notes      Share       Share   Founder      Retained       Total 
                                 capital     premium    option          loss 
                                     GBP         GBP       GBP           GBP         GBP 
 
 As at 1 April 
  2014                             6,002   4,910,690     6,000     (559,204)   4,363,488 
 
 Total comprehensive 
  loss 
  for the year                         -           -         -     (651,635)   (651,635) 
                                --------  ----------  --------  ------------  ---------- 
 
 At 31 March 
  2015                             6,002   4,910,690     6,000   (1,210,839)   3,711,853 
                                --------  ----------  --------  ------------  ---------- 
 

Statement Of Cash flows

For The Year Ended 31 March 2015

 
                                         01/04/2014   01/04/2013 
                                                 to           to 
                                         31/03/2015   31/03/2014 
                                Notes           GBP          GBP 
 
 Cash flows from operating 
  activities 
 
 Operating loss                           (741,737)    (664,113) 
 
 Adjustments for changes 
  in: 
 Prepayments and receivables                (5,556)        1,595 
 Other payables and accrued 
  expenses                                   11,305     (93,750) 
                                        -----------  ----------- 
 
 Net cash outflow from 
  operating activities                    (735,988)    (756,268) 
                                        -----------  ----------- 
 
 Cash flows from investing 
  activities 
 
 Bank interest received                      10,847       12,478 
                                        -----------  ----------- 
 
 Net cash received from 
  investing activities                       10,847       12,478 
                                        -----------  ----------- 
 
 Net change in cash and 
  cash equivalents                        (725,141)    (743,790) 
 Opening cash and cash 
  equivalents                             3,732,964    4,476,754 
                                        -----------  ----------- 
 
 Cash and cash equivalents 
  at the end of the year                  3,007,823    3,732,964 
                                        -----------  ----------- 
 

Notes To The Financial Statements

For The Year Ended 31 March 2015

   1.       General Information 

Sacoven plc ("the Company") is a public limited company incorporated on 16 March 2012 in Jersey, Channel Islands. The Company was re-registered as a public company from a private company and adopted new memorandum and articles of association on 17 May 2012. The Company was listed on the AIM market of the London Stock Exchange on 8 June 2012, and has obtained a secondary listing on the AltX of the JSE on 12 September 2014.

   2.      Principal accounting policies 
   2.1     Basis of preparation 

The financial statements of the Company have been prepared in accordance with the AIM Rules and JSE Listing Requirements for Companies and in accordance with International Financial Reporting Standards ("IFRS") as issued by the International Accounting Standards Board ("IASB") and interpretations issued by the International Financial Reporting Interpretations Committee on a historical cost basis.

   2.2    Summary of significant accounting policies 

The preparation of financial statements in conformity with IFRS requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. The Directors believe that the estimates utilised in preparing the financial statements are reasonable and prudent, and that such estimates and assumptions are immaterial in nature and have no significant impact on the results reported in the financial statements. The financial statements have been prepared on the going concern basis.

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all of the years presented, unless otherwise stated.

Standards, interpretations and amendments to published standards effective in 2014/2015

In 2014/2015, the Company adopted all new standards, amendments and interpretations to existing standards that are mandatory for the Company's accounting year beginning on 1 April 2014. Information on the pertinent standards is noted below.

Offsetting Financial Assets and Liabilities - amendments to IAS 32

These amendments clarify the meaning of 'currently has a legally enforceable right to set-off' and the criteria for non-simultaneous settlement mechanisms of clearing houses to qualify for offsetting and is applied retrospectively. These amendments have no impact on the Company.

Standards, amendments and interpretations to existing standards that are not yet effective and have not been adopted early by the Company

At the date of authorisation of these financial statements, certain new standards, amendments and interpretations to existing standards have been published by the IASB but are not yet effective, and have not been adopted early by the Company.

Management anticipates that all of the relevant pronouncements will be adopted in the Company's accounting policies for the first period beginning after the effective date of the pronouncement. Information on new standards, amendments and interpretations that are expected to be relevant to the Company's financial statements is provided below. Certain other new standards and interpretations have been issued but are not expected to have a material impact on the Company's financial statement.

IFRS 9 Financial Instruments

The IASB completed the final element of its comprehensive response to the financial crisis with the publication of IFRS 9 Financial Instruments in July 2014. The package of improvements introduced by IFRS 9 includes a logical model for classification and measurement, a single, forward-looking 'expected loss' impairment model and a substantially-reformed approach to hedge accounting.

The IASB has previously published versions of IFRS 9 that introduced new classification and measurement requirements (in 2009 and 2010) and a new hedge accounting model (in 2013). The July 2014 publication represents the final version of the Standard, replaces earlier versions of IFRS 9 and completes the IASB's project to replace IAS 39 Financial Instruments: Recognition and Measurement.

IFRS 9 is effective for annual periods beginning on or after 1 January 2018. The Company is yet to assess IFRS 9's full impact and intends to adopt IFRS 9 no earlier than 1 January 2018.

Management does not anticipate a material impact on the Company's financial statements.

(i) Financial instruments

Classification

The Company classifies its financial assets and financial liabilities in accordance with IAS 39, Financial Instruments: Recognition and Measurement.

Receivables

Receivables are non-derivative financial assets with fixed or determinable payments that are not quoted in an active market.

Other financial liabilities

Financial liabilities that are not held at fair value through profit or loss include other short term operating expenses payable. In the opinion of the Directors, the carrying amounts of other financial liabilities not measured at fair value through profit or loss are approximate to their fair value.

Recognition

The Company recognises a financial asset or financial liability when, and only when, it becomes a party to a contractual agreement.

Initial and subsequent measurement

Receivables and other financial liabilities are initially recognised at fair value and subsequently at amortised cost using the effective interest rate method.

De-recognition

A financial asset or part of a financial asset is de-recognised where:

   -   The rights to receive cash flows from the asset have expired; 
   -   Substantially all risks and rewards of the asset have been transferred. 

The Company derecognises a financial liability when the obligation under the liability is discharged, cancelled or expired.

   (ii)     Cash and cash equivalents 

Cash and cash equivalents comprise cash on hand and demand deposits, and other short term highly liquid investments that are readily convertible to a known amount of cash and are subject to insignificant risk of changes in value.

(iii) Going concern basis

The Directors have concluded that at the time of approving the financial statements of the Company there is a reasonable expectation that the Company has adequate resources to continue in operational existence for the foreseeable future.

   (iv)   Income 

Income consists of bank interest income accounted for on an accruals basis.

   (v)    Expenses 

Expenses are accounted for on an accruals basis.

   (vi)   Foreign currencies 

Functional and presentation currency

The functional currency of the Company is pounds sterling, the currency of the primary economic environment in which the Company operates and this is also the presentational currency of the Company.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the exchange rates prevailing at the date of the transactions or an average rate as an approximation. Foreign currency monetary assets and liabilities are translated into the functional currency at the closing exchange rate at the end of the reporting year.

Gains and losses

Any foreign exchange gains and losses on financial assets and financial liabilities are included in the Statement of Comprehensive Income in the year in which they arise.

(vii) Related parties

Related parties are entities which have the ability, directly or indirectly, to control the other party or exercise significant influence over the other party in making financial and operating decisions. The related parties of the Company are disclosed in note 10.

   3.      Taxation 

The Company is classified under Article 123C of the Income Tax (Jersey) Law 1961, as amended, as a Jersey resident company which is neither a 'utility company' nor a 'financial services company' and as such is charged Jersey income tax at the rate of 0%.

A Jersey goods and services tax ("GST") applies at a standard rate of 5% on the majority of goods and services supplied in Jersey for local use or benefit. The Company has obtained International Services Entity status under the Goods and Services Tax (Jersey) Law 2007. In connection with its International Services Entity status the Company pays an annual fee to the Comptroller of Income Tax in Jersey, which is currently fixed at GBP200. As an International Services Entity the Company is not required to charge GST and in most situations will not be subject to a GST charge on goods and services provided to it.

   4.      Segmental reporting 

The Directors are of the opinion that the Company is engaged in a single segment of business, as such no segmental reporting information has been presented.

   5.      Prepayment and other receivables 
 
                  31/03/2015   31/03/2014 
                         GBP          GBP 
 
 Prepayments          20,568       15,012 
 Other debtors             2            2 
                 -----------  ----------- 
 
                      20,570       15,014 
                 -----------  ----------- 
 
   6.      Other payables and accrued expenses 
 
                               31/03/2015   31/03/2014 
                                      GBP          GBP 
 
 Directors fees                    18,750       18,750 
 Administration fees                8,750        8,750 
 Registrar fees                       625          625 
 Audit fees                        10,000        8,000 
 Stock exchange fees                  434            - 
 Legal and professional                21            - 
 JSE stock exchange listing         8,850            - 
                              -----------  ----------- 
 
                                   47,430       36,125 
                              -----------  ----------- 
 
   7.     Share capital 
 
                                        31/03/2015       31/03/2014 
                                             Units            Units 
 Authorised share capital 
 Non-redeemable ordinary 
  shares of GBP1 each                            2                2 
 Unclassified shares of GBP0.001 
  each                              59,999,998,000   59,999,998,000 
                                   ---------------  --------------- 
 
                                               GBP              GBP 
 Issued and fully paid up 
  share capital 
 2 non-redeemable ordinary 
  shares of GBP1 each                            2                2 
 6,000,001 unclassified shares 
  of GBP0.001 each                           6,000            6,000 
                                   ---------------  --------------- 
 
                                             6,002            6,002 
                                   ---------------  --------------- 
 

On 15 May 2012 the 2 ordinary shares of GBP1 each in the issued share capital of the Company were redesignated as non-redeemable ordinary shares of GBP1 each having the rights and being subject to the restrictions set out in the articles of association (the "Articles") adopted by the Company on 17 May 2012.

Each of the 998 ordinary shares of GBP1 each in the unissued (but authorised) share capital of the Company was subdivided into 1,000 ordinary shares of GBP0.001 each and then all such ordinary shares of GBP0.001 each were redesignated as unclassified shares of GBP0.001 each that may from time to time (and in accordance with the Articles be issued as, or redesignated or converted into, shares (whether or not redeemable from time to time) and, in each case having the rights and being subject to the restrictions specified in the Articles adopted by the Company on 17 May 2012.

The authorised share capital of the Company was increased from GBP1,000 divided into 2 non-redeemable ordinary shares of GBP1 each and 998,000 unclassified shares of GBP0.001 each to GBP60,000,000 divided into 2 non-redeemable ordinary shares of GBP1 each and 59,999,998,000 unclassified shares of GBP0.001 each by the creation of an additional 59,999,000,000 unclassified shares of GBP0.001 each that may from time to time (and in accordance with the Articles be issued as, or redesignated or converted into, shares (whether or not redeemable from time to time) and, in each case having the rights and being subject to the restrictions specified in the Articles.

Brunswood International Holdings Limited the "Founder" owns 100% of the non-redeemable ordinary shares and 50% of the ordinary shares in issue. The Founder has no ultimate controlling party and therefore the Company has none either.

   8.     Share premium 
 
                                      31/03/2015    31/03/2014 
                                             GBP           GBP 
 
 6,000,001 unclassified shares 
  issued at a premium of GBP0.999      5,994,001     5,994,001 
 Less: transaction cost              (1,083,311)   (1,083,311) 
                                    ------------  ------------ 
 
                                       4,910,690     4,910,690 
                                    ------------  ------------ 
 
   9.     Founder option 
 
                   31/03/2015   31/03/2014 
                          GBP          GBP 
 
 Founder option         6,000        6,000 
                  -----------  ----------- 
 

Brunswood International Holdings Limited the "Founder" has purchased an option for GBP6,000 ("the Founder Option"). The Founder Option gives the Founder the right, from admission up to completion of any acquisition, to subscribe for a further 6,000,000 shares at GBP0.999 per share.

   10.     Related party disclosures 

The Company has a number of related parties, the transactions with the related parties are detailed below:

Administration fees

Fees are payable to Regal Trustees Limited for administration services; Ian Crosby and Niall McCallum are directors of Regal Trustees Limited and of the Company. The amount payable by the Company for the year was GBP 50,000 (2014: GBP 35,000) for administration and GBP 25,000 (2014: GBP 25,000) for directors' fees, of this GBP 15,000 (2014: GBP 15,000) remained unpaid at the year end.

Directors

In addition to the amounts payable to Regal Trustees Limited, Samuel Imerman and Hymie Levin were paid directors fees of GBP 12,500 each (2014: GBP 12,500 each) and Mark Haynes Daniell was paid directors fees of GBP 25,000 (2014: GBP 25,000). At the year end GBP 12,500 remained unpaid (2014: GBP nil).

Shareholdings

The Founder and the Investment Adviser are beneficially owned and are under the common control of the trustees of trusts established for the benefit of certain members of the Imerman family (the "Family Trusts").

The Founder holds 3,000,001 shares (2014: 3,000,001 shares) in the Company.

Samuel Imerman is the settlor and a protector of the Family Trusts and Hymie Levin is a protector of the Family Trusts.

Separately, Ian Crosby and Niall McCallum are employees of Stonehage Trust Holdings (Jersey) Limited, a member of the Stonehage group of companies who act as trustees of the Family Trusts. Ian Crosby and Niall McCallum do not, however, have any connection with the role that Stonehage carry out as trustees of the Family Trusts and, as such, the other directors of the Company are satisfied that they are "independent" directors of the Company.

In accordance with the investment advisor agreement, the Investment Advisor is entitled to receive fees of GBP 450,000 per annum payable quarterly in arrears. During the year, the Investment Advisor was paid GBP 450,000 (2014: GBP 450,000) in respect of the quarterly retainer fee, at the year end, GBP nil (2014: GBP nil) remained outstanding.

   11.     Commitments and contingencies 

The Company has issued 100 warrants to the Founder (the "Founder Warrant"). The Founder Warrants entitle the Founder in respect of every one warrant held to subscribe for such number of shares as shall equal 0.1 per cent of the share capital of the Company on a fully diluted basis following completion of an acquisition until the last business day of the month following the month in which an acquisition was completed for an amount equal to the par value of those shares issued.

The Company has issued an option to the Founder as disclosed in note 9.

   12.     Ultimate controlling party 

No single party is considered to be the ultimate controlling party.

   13.     Financial risk management 

Overview

The Company has exposure to a number of business risks. The Board of Directors has overall responsibility for the Company's risk management arrangements. The Company may be exposed to market risk, credit risk and liquidity risk.

This note presents information on the Company's exposure to each of the above risks, the Company's objectives, policies and processes for measuring and managing risk and the management of the Company's capital.

   a)   Market risk 

Market risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes in market prices. Market risk comprises three types of risk: price risk, interest rate risk and currency risk.

(i) Price risk

Price risk is the risk that the market prices move unfavourably and that the fair value of future cash flows that are based on the market will fluctuate due to changes in the market prices. The Company is not currently exposed to price risk.

(ii) Interest rate risk

Interest rate risk is the risk that the fair value of future cash flows of a financial instrument will fluctuate because of changes in market interest rates.

Cash flow interest rate risk arises on cash balances held. The Directors have determined that a fluctuation in interest rate of 50 basis points is reasonably possible. An increase in 50 basis points in interest rates as at the reporting date would have increased the profit for the period by GBP 15,039 (2014: GBP 18,665), a decrease of 50 basis points would have an equal but opposite effect. The analysis assumes that all other variables remain constant.

(iii) Currency risk

Currency risk is the risk that currency exchange rates move unfavourably and the assets that the Company owns in currencies other than its functional currency decrease in value due to exchange rate movements.

The Company's functional and presentational currency is pounds sterling, the Company currently holds liabilities in currencies other than pounds sterling and is therefore exposed to currency risk.

The Fund's net currency exposure at 31 March 2015 was:

 
 Currency          Assets   Liabilities   Net Exposure 
                      GBP           GBP            GBP 
---------------  --------  ------------  ------------- 
 
 South African 
  Rand                  -       (9,283)        (9,283) 
---------------  --------  ------------  ------------- 
 
 

b) Credit Risk

Credit risk is the risk that a counterparty of a financial instrument will fail to discharge an obligation or commitment that it has entered into with the Company.

Credit risk arises mainly from cash deposits, cash equivalents and is accrued income. The Company only deposits cash with major banks with high quality credit standing, this ensured through monitoring credit worthiness of the bank using data available from Standard and Poor's. The current credit ratings of the banks used by the Company are BAA2 and BA1. The Company reviews its cash positions and ensures it limits exposure to any one counterparty.

All banks, custodians and brokers with which the Company will be doing business may encounter financial difficulties that impair the operational capabilities or capital position of the Company.

The carrying amount of financial assets represents the Company's maximum exposure to credit risk. The maximum exposure of each class of financial asset are as follows:

 
                              31/03/2015   31/03/2014 
                                     GBP          GBP 
 
 Other receivables                     2            2 
 Cash and cash equivalents     3,007,823    3,732,964 
                             -----------  ----------- 
 
                               3,007,825    3,732,966 
                             -----------  ----------- 
 
   c)    Liquidity risk 

Liquidity risk is the risk that the Company fails to maintain adequate levels of financial resources to enable it to meet its financial obligations as they fall due. Liquidity risk arises because of the possibility that the Company could be required to pay its liabilities earlier than expected or because of any inability to realise assets in order to meet obligations as they fall due or is only able to realise assets by suffering financial loss.

The Company's liquidity risk derives from the need to have sufficient funds available to cover future commitments. The Company manages liquidity risk through an ongoing review of future cash requirements. Cash flow forecasts are compared to cash available.

The carrying amount of financial liabilities represents the Company's maximum exposure to liquidity risk. The maximum exposure of each class of financial liability are as follows:

 
                               31/03/2015   31/03/2014 
                                      GBP          GBP 
 
 Other payables and accrued 
  expenses                         47,430       36,125 
                              -----------  ----------- 
 
                                   47,430       36,125 
                              -----------  ----------- 
 
   14.     Capital risk management 

The share capital and share premium is considered to be the capital of the Company. The Company must maintain sufficient financial resources, in the opinion of the Directors to meet its commitments. The Directors monitor the capital of the Company to ensure that the Company continues as a going concern whilst ensuring optimal return for the shareholders.

   15.     Employees 

The Company had no employees during the year.

   16.     Events after the reporting period 

There were no significant events to report since the balance sheet date.

   17.     Basic earnings / (loss) per share 

Basic earnings / (loss) per share is calculated by dividing the net profit attributable to shareholders by the weighted average number of ordinary shares outstanding during the year

 
                             31/03/2015   31/03/2014 
                                    GBP          GBP 
 
 Net loss attributable to 
  shareholders                (730,890)    (651,635) 
 Weighted average number 
  of shares in issue          6,000,001    6,000,001 
 Basic loss per share           (0.122)      (0.108) 
 

Should the Founder Option have exercised a further 6,000,000 shares would be in issue diluting the loss per shares, the basic loss per share would have been GBP (0.0609) (2014: GBP (0.0543).

The headline and diluted headline loss per share are the same as the loss per share and diluted loss per share.

Enquires:

For further information, please visit the Company's website www.sacoven.com or contact:

Sacoven PLC Niall McCallum

+44 (0)1534 823000

Liberum Capital Limited Clayton Bush

Nominated Adviser, Financial Christopher Britton

Adviser and Corporate Broker +44 (0)20 3100 2000

KPMG Service Proprietary Limited No contact details

JSE Sponsor

This information is provided by RNS

The company news service from the London Stock Exchange

END

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