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Southern View Finance Ltd Announces 2014 Results and AGM Notice
Hamilton, Bermuda – 29 October, 2014 – In a filing with the Bermuda Stock Exchange (“BSX”), Southern View Finance Ltd. (the “Company” or “SVF”; Ticker: SVF.BH) released unaudited financials results for year end 30 June, 2014, and details for the upcoming Annual General Meeting (“AGM”). The filing stated:
“NOTICE OF ANNUAL GENERAL MEETING (“AGM”), DISTRIBUTION OF CIRCULAR AND DRAFT PROSPECTUS AND RELEASE OF RESULTS
Annual General Meeting
Shareholders of SVF (“Shareholders”) are advised that the Company will hold its AGM at 09h00 Bermuda time and 14h00 South African time on Thursday, 20 November 2014. The AGM will be held at the Company’s registered offices at Mercury House, 101 Front Street, Hamilton, Bermuda. Shareholders wishing to attend and participate in the meeting in South Africa may do so via teleconference facilities that will be made available at the offices of ENSafrica, 2nd Floor La Gratitude Office Park, 97 Dorp Street, Stellenbosch, Western Cape.
Distribution of circular and draft prospectus
The Company has, today, Wednesday, 29 October 2014, distributed to all Shareholders a circular and draft prospectus relating to the AGM and the matters to be considered at the AGM, as detailed below. Shareholders can also access these documents from the “Investors” page of the Company’s website at www.southernviewfinance.com.
The following matters will be considered at the AGM, namely:
· presentation of the consolidated audited financial statements of SVF for the period ended 30 June 2014 (“AFS”). The full AFS have been distributed to Shareholders today;
· approval of the re-appointment of directors who have retired by rotation;
· approval of directors’ remuneration payable for the year ended 30 June 2014;
· approval of the re-appointment of PriceWaterhouseCoopers Ltd as auditors of the Company;
· approval of the directors authority regarding the determination of the remuneration payable to the auditors;
· approval of various proposed amendments to the Bye-Laws of the Company; and
· approval of the proposed specific issue of Class A shares for cash to certain Shareholders.
Results announcement and correction to trading update
Further to the announcement published on 20 October 2014 relating to the release of a trading update based on unaudited results and business metrics as at 30 June 2014 (“Trading Update”), the Company hereby confirms that the AFS have, since, been approved by SVF’s audit committee and reported on by its auditors. The AFS reveal that the consolidated profits for the year ended 30 June 2014 of the SVF group of companies (“SVF Group”) amounts to R51 789 445, which is R2 473 407 less than that which was reported in the Trading Update. This movement resulted from corrected effective date of the acquisition of Southern View Finance SA Holdings (Pty) Ltd by the Company, which required an adjustment to the amounts reported in the Trading Update in respect of the dividend paid and the Bargain Purchase. The AFS, which supercede the Trading Update, are available on the Company’s website, as detailed above.
Summary information of the financial results for the year ended 30 June 2014, are as follows:
Southern View Finance Ltd.
(Registration number 47305)
Consolidated Statement of Financial Position as at 30 June 2014
Group
2014 2013
R R
Assets
Non-Current Assets
Fixed assets 119 875 763 458 156
Goodwill 17 827 548 -
Intangible assets 24 671 977 148 259
Other financial assets 17 328 965 -
Deferred tax 4 260 969 -
183 965 222 606 415
Current Assets
Other financial assets 463 319 -
Trade and other receivables 137 359 611 219 486
Loans and advances 1 338 690 444 -
Cash and cash equivalents 563 268 941 20 715 786
2 039 782 315 20 935 272
Total Assets 2 223 747 537 21 541 687
Equity and Liabilities
Equity
Share capital 678 674 970 30 095 875
Foreign currency translation reserve (747 630) (747 630)
Accumulated profit/(loss) 41 456 947 (10 332 498)
19 384 287 19 015 747
Liabilities
Non-Current Liabilities
Other financial liabilities 318 630 151 -
Current Liabilities
Other financial liabilities 1 006 532 670 -
Current tax payable 5 620 871 -
Trade and other payables 173 579 558 2 525 940
1 185 733 099 2 525 940
Total Liabilities 1 504 363 250 2 525 940
Total Equity and liabilities 2 223 747 537 21 541 687
Southern View Finance Ltd.
(Registration number 47305)
Consolidated Statement of Comprehensive Income for the period ended 30 June 2014
Group
2014 2013
R R
Revenue 806 316 485 -
Other income 18 559 422 83 078
Operating expenses (345 107 782) (10 415 576)
Impairment of loans (375 383 958) -
Operating profit (loss) 104 384 167 (10 332 498)
Investment revenue 6 251 339 -
Finance costs (45 887 838) -
Profit (loss) before taxation 64 747 668 (10 332 498)
Taxation (12 958 223) -
Profit (loss) for the year 51 789 445 (10 332 498)
Items that may be reclassified to profit or loss
Exchange differences on translating foreign
operations - (747 630)
Other comprehensive income for the year net
of taxation - (747 630)
Total comprehensive income/(loss) for the
year/period ended 51 789 445 (11 080 128)
Headline earnings attributable to ordinary shareholders
Group
2014 2013
R R
Net profit attributable to ordinary
shareholders 51 789 445 (10 332 498)
IAS earnings 51 789 445 (10 332 498)
Non-headline items:
IFRS 3 gain on Bargain purchase 18 559 422 -
Headline earnings 33 230 023 (10 332 498)
Headline earnings per share (cents) 78 (484)
Diluted headline earnings per share (cents) 78 (484)
SVF has a primary listing on the BSX and a secondary listing on the Johannesburg Stock Exchange’s Alternative Exchange.”
-ends-
Bermuda Listing Sponsor:
Global Custody & Clearing Ltd.
Mr. Scott Hill
Tel: (441) 294-7014