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Voluntary Quarterly Intrinsic Net Asset Value (“NAV”) disclosure
Brimstone Investment Corporation Limited
(Incorporated in the Republic of South Africa)
Registration number 1995/010442/06
Share Code: BRT ISIN: ZAE000015277
Share Code: BRN ISIN: ZAE000015285
("Brimstone" or the "Company")
Voluntary Quarterly Intrinsic Net Asset Value ("NAV") disclosure
A full analysis of the Intrinsic NAV, together with applicable explanations for the quarter ended 30 September 2024 is set out below.
Summary Change 30 September 31 December 31 December 31 December 31 December
Dec 2023 to Sep 2024 2024 2023 2022 2021 2020
(%)
Intrinsic NAV of Brimstone (Rm) (9.6) 2 692.2 2 978.9 3 287.2 3 255.6 3 284.8
Intrinsic NAV per share (cents)(¹) (8.1) 1 114.6 1 213.3 1 325.0 1 314.0 1 299.3
Fully diluted Intrinsic NAV per share (cents)(¹) (8.8) 1 083.4 1 187.7 1 301.5 1 292.6 1 282.7
Market price per share (cents)
Ordinary shares 5.7 540 511 526 630 581
'N' Ordinary shares 14.4 555 485 563 649 650
Discount to Intrinsic NAV
Ordinary shares 51.6% 57.9% 60.3% 52.1% 55.3%
'N' Ordinary shares 50.2% 60.0% 57.5% 50.6% 50.0%
Intrinsic NAV analysis by asset
An analysis of the Intrinsic NAV of Brimstone as at 30 September 2024 is set out below, including the valuation basis of each asset. Where applicable, Intrinsic NAV is net of ring-fenced
debt and potential CGT relating to that asset.
Asset % Closing Closing Valuation basis Gross value Debt CGT Sep 2024 Sep 2024 Gross Dec 2023 Dec 2023 Increase /
held share price share (R'000) (R'000) (R'000) Intrinsic Intrinsic portfolio Intrinsic Intrinsic (Decrease)
at 30 Sep price at NAV NAV per weighting NAV NAV per (%)
2024 31 Dec (R'000) share (%) (R'000) share
(R) 2023 (cents) (cents)
(R)
Oceana(²) 25.10 69.00 70.67 Market value per share 2 258 655 - - 2 258 655 935.1 47.7 2 313 321 942.2 (0.8)
Sea Harvest(²) 44.5 8.45 9.45 Market value per share 1 348 273 - - 1 348 273 558.2 28.4 1 507 831 614.2 (9.1)
Equites 0.2 14.40 13.95 Market value per share 25 193 - (498) 24 695 10.2 0.5 192 107 78.2 (87.0)
Phuthuma Nathi 1.3 87.06 93.00 Market value per share 77 956 - - 77 956 32.3 1.6 176 275 71.8 (55.0)
Stadio 5.1 5.97 5.22 Market value per share 260 083 - (23 527) 236 556 97.9 5.5 210 941 85.9 14.0
MTN Zakhele Futhi 1.4 9.00 17.17 Market value per share 15 131 - - 15 131 6.3 0.3 31 229 12.7 (50.4)
Milpark 0.0 - - Market approach - - - - - 0.0 94 224 38.4 (100.0)
FPG Property Fund 10.0 - - Book value 401 397 - (52 181) 349 216 144.6 8.5 318 819 129.9 11.3
FPG Investments 1.4 - - Market approach 50 000 - - 50 000 20.7 1.1 - - 100.0
Aon Re Africa 18.0 - - PE valuation 87 903 - (17 263) 70 640 29.2 1.9 62 946 25.6 14.1
Obsidian 70.0 - - Book value 71 947 - (7 440) 64 507 26.7 1.5 64 507 26.3 1.5
SAED 25.0 - - Book value 69 514 - - 69 514 28.8 1.5 70 932 28.9 (0.3)
Other investments, Various - - Valuation 32 102 - 26 073 58 175 24.1 0.7 63 723 26.0 (7.3)
assets & liabilities
Cash / (Net debt) 100.0 - - Book value 41 816 (1 972 964) - (1 931 148) (799.5) 0.8 (2 127 992) (866.8) (7.8)
4 739 970 (1 972 964) (74 836) 2 692 170 1 115 100.0 2 978 863 1 213 (8.1)
Intrinsic NAV per share (cents) 1 962 (817) (31) 1 115
Fully diluted Intrinsic NAV per share (cents)
1 908 (794) (30) 1 083
Notes:
1. Based on 241.5 million shares (December 2023: 246 million shares) in issue, net of treasury shares as calculated below:
Number of shares in issue Fully diluted number of shares
Gross number of shares in issue 264 850 108 264 850 108
Treasury shares (fully diluted number is net of notionally realised unvested FSPs) (23 305 737) (16 362 712)
Net shares in issue for Intrinsic NAV purposes 241 544 371 248 487 396
2. No CGT provided on shareholding in Oceana and Sea Harvest due to potential use of the corporate relief provisions of the Income Tax Act.
The Intrinsic NAV information presented has been prepared on a basis consistent with that used in the integrated report for the year ended 31 December 2023, which is available
on the Company's website at www.brimstone.co.za.
The above information is the responsibility of the directors and has not been reviewed or reported on by the Company's auditors.
27 November 2024
Sponsor
Nedbank Corporate and Investment Banking. a division of Nedbank Limited
Date: 27-11-2024 12:45:00
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