Page 15 - Stellar IAR2015

SUMMARY OF FINANCIAL RESULTSHIGHLIGHTS: YEAR ENDED 30 NOVEMBER 2015• Successful conversion from an operating entity to an investment holding company;• Completed disposals of Digicore Holdings Ltd and Goliath Gold Mining Ltd;• Completed acquisition of 34.62% of Torre Industries Ltd and 45.99% of Cadiz Holdings Ltd;• Raised a total of R1.15bn of new capital via the issue of R0.55bn of new ordinary shares and R0.6bn of convertible preferenceshares; and• Increased the scale and improved the quality of the investment portfolio, setting a stronger base for the new nancial year.SUM-OF-THE-PARTS NET ASSET VALUEThe Group’s sum-of-the-parts (SOTP) is presented as follows:30 November 2015 Asset/Liability R’000% of portfolio 36% 5% 4% 2% 1%32% 15% 3% 1% 0% 100%Torre Industries LtdCadiz Holdings LtdTellumat (Pty) LtdPraxis Financial Services (Pty) Ltd1 Integrated Equipment Rentals (Pty) Ltd1 Other Assets- Cash and Cash Equivalents - Other nancial assets- Total loan portfolio- Other listed investments1- Other assetsTotal AssetsConvertible redeemable preference share funding Trade and other payablesTotal SOTP valueShares in issue (m)SOTP value per share pre-convertible preference share conversion (Rand) SOTP value per share post-convertible preference share conversion (Rand)2Notes900 833 134 390 100 11940 000 23 417797 760 370 525 73 602 25 582 7 049 473 277 (548 478) (42 778) 1 882 021925.46 2.03 2.1321 Fair value of equity and loan to portfolio company2 Assumed issuance of a maximum 215.8 million ordinary shares at R2.78 per share in settlement of convertible preferenceshare funding3 The Group has no goodwill or intangible assets at year endSTELLAR CAPITAL PARTNERS | 11