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ANCHOR GROUP LIMITED – Change statement and notice of annual general meeting


                            

Change statement and notice of annual general meeting

ANCHOR GROUP LIMITED
(Incorporated in the Republic of South Africa)
(Registration number 2009/005413/06)
Share code: ACG ISIN: ZAE000193389
(“Anchor” or “the Company”)

CHANGE STATEMENT AND NOTICE OF ANNUAL GENERAL MEETING

Shareholders are advised that Anchor’s 2019 integrated annual report, incorporating the audited annual financial statements for the
year ended 31 December 2019 (“Audited AFS”) (on which the Company’s auditors expressed an unmodified audit opinion) and
notice of annual general meeting (“AGM”) was posted to shareholders on 30 June 2020 and is available on the Company’s website:
http://www.anchorgroup.co.za/presentationsresults/.

The audited annual financial statements contain the following changes to the changes to the reviewed consolidated results for the
year ended 31 December 2019 (“Reviewed AFS”) released on SENS on 3 April 2020:

Consolidated statement of financial position as at 31 December 2019

Audited AFS Reviewed AFS
Assets R’000 R’000
Non-current assets 870 461 870 461
Equipment 4 328 4 328
Investment property 6 540 6 540
Goodwill 590 455 590 455
Intangible assets 136 308 136 308
Right-of-use assets 6 798 6 798
Investments in associates and joint venture 71 885 71 885
Financial assets 47 284 47 284
Deferred tax 6 863 6 863
Current Assets 186 208 186 208
Trade and other receivables 59 315 59 315
Financial assets 49 966 49 966
Current tax receivable 4 901 4 901
Cash and cash equivalents 72 026 72 026
Total Assets 1 056 669 1 056 669

Equity Attributable to Equity Holders of Parents
Share Capital 977 808 977 808
Reserves 17 667 9 504
Accumulated loss (66 707) (66 707)
928 768 920 605
Non-controlling interest 13 206 21 369
941 974 941 974
Liabilities
Non-Current liabilities 38 532 38 532
Financial liabilities – –
Lease liabilities 5 535 5 535
Deferred tax 32 997 32 997

Current liabilities 76 163 76 163
Trade and other payables 41 064 41 064
Financial liabilities 26 551 26 551
Lease liabilities 2 106 2 106
Current tax payable 6 442 6 442
Total liabilities 114 695 114 695
Total equity and liabilities 1 056 669 1 056 669
Statement of changes in equity at 31 December 2019
Reviewed AFS:
Reviewed:
Share Foreign Equity Treasury Share Total Restated Total Non- Total
Capital currency Reserve shares based reserves Retained attributable controlling equity
translation payment Income to equity interest
Reserve reserve holders of
Reserve the group /
Figures in R’000 company
Balance at 01 January (114
2019 961 332 2 737 (5 805) (15 527) 23 615 5 020 991) 851 361 18 585 869 946
Profit for the year 87 225 87 225 21 430 108 655
Other comprehensive
income 2 876 – 2 876 2 876 2 876
Total comprehensive
income for the year – 2 876 – – – 2 876 87 225 90 101 21 430 111 531
Issue of shares 16 476 – 16 476 16 476
Shares of ACG held in
subsidiary (4 819) (4 819) (4 819) (4 819)
Change in ownership
– Methwold 3 359 3 359
Share based
payments 6 427 6 427 6 427 6 427
Dividends – (38 941) (38 941) (22 005) (60 946)
Total contributions
by and distributions
to owners of
company recognised
directly in equity 16 476 – – (4 819) 6 427 1 608 (38 941) (20 857) (18 646) (39 503)
Balance at 31
December 2019 977 808 5 613 (5 805) (20 346) 30 042 9 504 (66 707) 920 605 21 369 941 974

Audited AFS:
Share Foreign Equity Treasury Share Total Accumulated Total Non- Total
Capital currency Reserve shares based reserves loss attributable controlling equity
translation payment to equity interest
Reserve reserve holders of the
group /
Figures in R’000 company
Balance at 01 January 869
2019 961 332 2 737 (5 805) (15 527) 23 615 5 020 (114 991) 851 361 18 585 946
108
Profit for the year 87 225 87 225 21 430 655
Other comprehensive
income 2 876 – 2 876 2 876 2 876
Total comprehensive 111
income for the year – 2 876 – – – 2 876 87 225 90 101 21 430 531
Issue of shares 16 476 – 16 476 16 476
(4
Treasury shares (4 819) (4 819) (4 819) 819)
Change in ownership –
control not lost 8 163 8 163 8 163 (4 804) 3 359
Share based
payments 6 427 6 427 6 427 6 427
(60
Dividends – (38 941) (38 941) (22 005) 946)
Total contributions
by and distributions
to owners of
company recognised (39
directly in equity 16 476 – 8 163 (4 819) 6 427 9 771 (38 941) (12 694) (26 809) 503)
Balance at 31 941
December 2019 977 808 5 613 2 358 (20 346) 30 042 17 667 (66 707) 928 768 13 206 974

The change between the Audited AFS and the Reviewed AFS is due to the change in allocations between the equity reserves balance
and non-controlling interest balances. Post the review, it was found that the non-controlling interest balances had balances relating
to Capricorn Fund Managers SA (Pty) Ltd. This was corrected by removing the non-controlling interest balance and accounting for
the increased equity, due to Anchor increasing its stake in Capricorn Fund Managers SA (Pty) Ltd to 100% from 48.49%.
Consolidated segmental information for the year ended 31 December 2019

Reviewed AFS:

Statements of comprehensive income

Non-Asset Asset Stockbroking Eliminations Total
management management

Revenue 134 083 426 195 95 322 (189 740) 465 860
Operating (23 508) (295 138) (128 604) 95 449 (351 801)
expenses
Operating profit 110 575 131 057 (33 282) (94 291) 114 059
Other income 9 986 9 796 44 614 (41 558) 22 839
Share of loss from 1 154 391 605 1 368
associates and
joint venture
Loss of control of
subsidiary
Movement in (690) (9 019) 5 915 (3 794)
credit allowances
Finance costs (187) (4 902) (1 375) 3 756 (2 708)
Profit before tax 120 838 126 542 10 562 (126 178) 131 764
Taxation (3 702) (16 595) (2 812) (23 109)
Profit for the 117 136 109 947 7 750 (126 178) 108 654
year

Financial position

Non-Asset Asset Stockbroking Eliminations Total
management management
Assets 845 461 400 951 35 898 (225 639) 1 056 670
Non-Current 780 837 219 058 10 225 (139 658) 870 462
Assets
Current Assets 64 624 181 892 25 673 (85 981) 186 208
Liabilities (29 157) (65 279) (12 741) (7 521) (114 698)
Non-Current (26 990) (32 095) (4 576) 25 129 (38 532)
Liabilities
Current liabilities (2 167) (33 183) (8 165) (32 650) (76 166)
Equity 816 304 335 672 23 157 (233 161) 41 972

Audited AFS:

Statements of comprehensive income

Non-Asset Asset Stockbroking Intercompany Total
management management Eliminations

Revenue 134 083 412 398 55 738 (136 358) 465 861
Operating expenses (22 426) (296 560) (53 618) 20 804 (351 800)
Operating profit 111 657 115 838 2 120 (115 554) 114 061
Other income and 8 374 9 587 9 560 (4 862) 22 839
fair value
adjustments
Share of loss from 1 154 391 605 1 368
associates and joint
venture
Movement in credit (690) (3 105) (3 795)
allowances
Finance costs (187) (4 264) (1 375) 3 118 (2 708)
Taxation (3 703) (16 594) (2 813) (23 110)
Profit after tax 116 605 101 071 8 097 (117 118) 108 655
*Revenue (127 773) (8 585) – – (136 358)
(Intercompany
Eliminations)
Included in
operating expenses
is:
– Amortisation – (14 431) – – (14 431)
– Depreciation (19) (2 161) (867) – (3 047)

Financial position

Non-Asset Asset Stockbroking Intercompany Total
management management Eliminations
Assets 844 527 393 949 35 898 (217 705) 1 056 669
Non-Current 657 835 352 453 10 225 (150 052) 870 461
Assets
Current Assets 186 692 41 496 25 673 (67 653) 186 208
Liabilities (29 748) (72 939) (12 743) 735 (114 695)
Non-Current (1 862) (32 094) (4 576) (38 532)
Liabilities
Current liabilities (27 886) (40 845) (8 167) 735 (76 163)
Equity (814 779) (321 010) (23 155) 216 970 (941 974)

The reason for the differences in segmental information from the Reviewed AFS to the Audited AFS were required to correct the
misallocation between intercompany eliminations, asset management and stockbroking in the Reviewed AFS.

It should be noted that there were no changes to the earnings per share, headline earnings per share, adjusted earnings per share,
statement of comprehensive income and statement of cash flows from the Reviewed AFS to the Audited AFS.

The AGM will be held electronically via a remote interactive electronic platform Zoom at 09:00 on Thursday, 30 July 2020 to
transact the business as stated in the notice of the AGM.

The record date on which shareholders of the Company must be registered as such in the Company’s securities register in order to
participate in and vote at the AGM is Friday, 24 July 2020 and accordingly the last day to trade in order to be included in the
Company’s securities register is Tuesday, 21 July 2020.

30 June 2020

Designated advisor
Java Capital

Date: 30-06-2020 05:35:00
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