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-16||Feb-17||Feb-18||Feb-19||Feb-20||26 Oct 2020|
|Asset/Liability||Rm||Rm||Rm||Rm||Rm|| Shares |
|Share price (R)|| Value |
|% of total|
|The Logistics Group ++||978||1,028||1,028||21.0|
|Agrivision Africa ++||614||614||591||493||155||155||3.2|
|Quantum Foods *||168||193||246||216||188|
|Cash and cash equivalents||118||173||111||254||83||1,050|
|Other net assets & liabilities||(18)||120||108||109||40||32|
|Debt funding||(306)||(798)||(1000)||(1,500)||(1,500)||SOTP value - pre mgmt fee liability||12,225||14,706||13,427||9,645||10,204||5,979|
|Mgmt fee liability **||(1,667)|
|SOTP value - post mgmt fee liability||10,558||14,706||13,427||9,645||10,204||5,979|
|Shares in issue (net of treasury shares) (m)||1,523||1,725||1,710||1,710||1,710||1,600|
|SOTP value per share - pre mgmt fee liability (R)||8.03|
|SOTP value per share - post mgmt fee liability (R)||6.93||8.53||7.85||5.64||5.97||3.74|
|Zeder share price (R)*||5.35||7.44||6.45||4.23||4.24||2.65|
* Listed on the JSE Ltd, + SOTP value, ++ Valuation
** Calculated as 12% newly issued shares multiplied by Zeder SOTP value per share
The SOTP valuations of Zeder's unlisted investments have been based on the respective investee companies' latest financial results. Such valuation methodologies are consistent with those applies in previous years.
The wide-spread impact of Covid-19 on the global economy and financial markets is already evident. The short-to-medium term severity thereof and consequent impact on the profitability and valuation of our investments, however, remain uncertain, although they have been considered.
While the SOTP calculation is indicative of the value of Zeder's underlying portfolio of net assets, it does not take into account factors such as adjustments for the size of shareholdings, liquidity of the underlying assets, tax on the potential disposal of underlying assets, head office operating profit/loss and other factors.
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. The SOTP calculation is an indicator of the value of Zeder Investments Limited’s underlying portfolio of assets. As such it does not take into account certain factors such as minority shareholdings, limited liquidity of underlying assets, tax on disposals of underlying assets, head office costs and other factors which may impact on the comparability of the SOTP calculation to the trading price of the shares of Zeder Investments Limited.
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 and 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 advisor. 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>