Sum of the Parts

Sum-of-the-Parts (“SOTP”)

The latest SOTP calculation set out below includes JSE-listed share prices which are updated to reflect 15-minutes delayed share price information, while all other information was updated at the last reporting period, unless we have reported additional information to the market.

Feb-12Feb-13Feb-14Feb-15Feb-1626 Mar 2017
Asset/Liability Rm Rm Rm Rm Rm Shares
(m)
Share price (R) Value
(Rm)
% of total
Pioneer Foods*1649,5337,57458.25187.7110,93468.2
Capespan ++ 2932847771,4632,0272,06412.9
Zaad ++503696798851.2461,3108.2
Kaap Agri ++2063435286297588805.5
Agrivision Africa ++2775605636146143.8
Quantum Foods *23116861.622.951821.1
Other +624476765244420.3
Agri Voedsel +1,5531,8312,187
Capevin Holdings +713288177
Total Investments3,4393,8685,14813,35612,43116,026100.0
Cash and cash equivalents786923763381182
Other net liabilities(109)(301)(366)(439)(324)(648)
SOTP value - pre mgmt fee liability3,4084,2595,15813,25512,22515,380
Mgmt fee liability **(464)(580)(703)(1,808)(1,667)
SOTP value - post mgmt fee liability2,9443,6794,45511,44710,55815,380
 
Shares in issue (net of treasury shares) (m)978.1978.1980.21,433.81,522.91,730.5
SOTP value per share - pre mgmt fee liability (R)3.484.355.269.188.03
SOTP value per share - post mgmt fee liability (R)3.013.764.547.936.938.89
Zeder share price (R)*2.573.404.097.605.358.00

* Listed on the JSE Ltd, + SOTP value, ++ Valuation

** Calculated as 12% newly issued shares multiplied by Zeder SOTP value per share

Zeder share price vs SOTP value per share


Accuracy of data disclaimer
Although the contents of the SOTP calculation have been compiled with considerable care, it may not be accurate or complete and may also include technical errors from time to time which are beyond our control due to share data information contained in the SOTP calculation having been received from third party service providers. It is designed to assist shareholders and/or investors on a more frequent basis with the SOTP calculation and is not for quick investment decisions, as it would lag the JSE Limited share trading platforms with at least 15 minutes in relation to JSE listed companies set out in the SOTP calculation. Accordingly, Zeder Investments Limited does not assume responsibility for the accuracy thereof and therefore disclaims, any liability for any loss, liability, damages (whether direct or consequential) or expense of any nature whatsoever which may be suffered as a result of or may be attributable, directly or indirectly, to the use of or reliance upon any information and it is the responsibility of the shareholder and/or investor to confirm the accuracy of the information contained in the SOTP calculation.

Financial advisor disclaimer
The information provided included in the SOTP calculation is for GENERAL INFORMATIONAL PURPOSES ONLY and does not constitute an offer to sell any securities or investment advice relating to securities or a representation that the security is a suitable or appropriate investment for any person. You are advised to give independent consideration to and conduct independent investigation with regards to this information and to obtain investment advice from your independent financial advisors. It is designed to assist shareholders and/or investors on a more frequent basis with the SOTP calculation and is not for quick investment decisions, as it would lag the JSE Limited share trading platforms with at least 15 minutes in relation to JSE listed companies set out in the SOTP calculation.