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Voluntary Quarterly Intrinsic Net Asset Value 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 31 March 2024 is set out below.
Summary Change Dec 2023 to 31 Mar 24 31 Dec 23 31 Dec 22 31 Dec 21 31 Dec 20
Mar 2024
Intrinsic NAV of Brimstone (Rm) (7.3%) 2 762.1 2 978.9 3 287.2 3 255.6 3 284.8
Intrinsic NAV per share (cents) ¹ (6.7%) 1 132.0 1 213.3 1 325.0 1 314.0 1 299.3
Fully diluted Intrinsic NAV per share (cents) ¹ (6.7%) 1 107.9 1 187.7 1 301.5 1 292.6 1 282.7
Market price per share (cents)
Ordinary shares (2.2%) 500 511 526 630 581
'N' Ordinary shares (1.0%) 480 485 563 649 650
Discount to Intrinsic NAV
Ordinary shares 55.8% 57.9% 60.3% 52.1% 55.3%
'N' Ordinary shares 57.6% 60.0% 57.5% 50.6% 50.0%
Intrinsic NAV analysis by asset
An analysis of the Intrinsic NAV of Brimstone as at 31 March 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
held share Gross Mar 2024 Mar 2024 Gross Dec 2023 Dec 2023
share price Debt CGT Increase /
price at Valuation Basis Value INAV INAV/share portfolio INAV INAV/share
at 31 Mar (R'000) (R'000) (Decrease)
31 Dec (R'000) (R'000) (cents) weighting (R'000) (cents)
2024
2023
Oceana²
25.10% 70.50 70.67 Market value per share 2 307 756 - - 2 307 756 945.8 48.1% 2 313 321 942.2 0.4%
Sea Harvest ²
53.4% 8.60 9.45 Market value per share 1 372 206 - - 1 372 206 562.4 28.6% 1 507 831 614.2 (8.4%)
Equites
0.7% 12.76 13.95 Market value per share 65 334 - - 65 334 26.8 1.4% 192 107 78.2 (65.7%)
Phuthuma Nathi
1.3% 98.00 93.00 Market value per share 87 752 - - 87 752 36.0 1.8% 176 275 71.8 (49.9%)
Stadio
5.1% 4.85 5.22 Market value per share 211 291 - (12 987) 198 304 81.3 4.4% 210 941 85.9 (5.4%)
MTN Zakhele Futhi
1.5% 14.60 17.17 Market value per share 26 554 - - 26 554 10.9 0.6% 31 229 12.7 (14.2%)
Milpark
12.8% - - Market approach - - - - - 0.0% 94 224 38.4 (100.0%)
FPG Property Fund
10.1% - - Book value 362 625 - (43 806) 318 819 130.7 7.6% 318 819 129.9 0.6%
Aon Re Africa
18.0% - - PE valuation 78 089 - (15 143) 62 946 25.8 1.6% 62 946 25.6 0.8%
Obsidian 70.0% - - Book value 71 947 - (7 440) 64 507 26.4 1.5% 64 507 26.3 0.4%
SAED
25.0% - - Book value 70 932 - - 70 932 29.1 1.5% 70 932 28.9 0.7%
Other investments,
assets & liabilities Various - - Valuation 34 192 - 29 531 63 723 26.1 0.7% 63 723 26.0 0.4%
Cash / (Net debt)
100.0% - - Book value 109 105 (1 985 816) - (1 876 711) (769.1) 2.2% (2 127 992) (866.8) (11.3%)
4 797 783 (1 985 816) (49 845) 2 762 122 1 132 100.0% 2 978 863 1 213 (6.7%)
Intrinsic NAV per share (cents) 1 966 (814) (20) 1 132
Fully diluted Intrinsic NAV per share (cents) 1 924 (797) (20) 1 108
Notes:
1. Based on 244 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) (20 850 627) (15 548 687)
Net shares in issue for Intrinsic NAV purposes 243 999 481 249 301 421
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.
24 May 2024
Sponsor
Nedbank Corporate and Investment Banking, a division of Nedbank Limited
Date: 24-05-2024 12:00:00
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