Wrap Text
Renergen Quarterly Update
RENERGEN LIMITED
Incorporated in the Republic of South Africa
(Registration number: 2014/195093/06)
JSE Share code: REN
A2X Share code: REN
ISIN: ZAE000202610
LEI: 378900B1512179F35A69
Australian Business Number (ABN): 93 998 352 675
ASX Share code: RLT
("Renergen" or "the Company")
RENERGEN QUARTERLY UPDATE
Fiscal Q2 2025 Highlights:
• The helium plant is at temperature and operational
• Taking ownership of the helium facility, with successful production of liquid helium
("LHe") at the VGP
• LNG production stable when compared to previous quarters in the prior 12 months
• Two new, high helium exploration wells completed and converted to production
ready status
• Geological data obtained confirmed the presence of an unmodelled gas-bearing
fault which will be targeted for future drilling
LNG production
LNG production for the reporting period totalled 1,249 tons, with operations beginning to trend
back into a stable, reliable production trend. Production in this quarter was impacted by several
system shutdowns related to the final commissioning of the helium system and minor
efficiency losses, which were rectified during annual maintenance, completed in September
2024.
Helium system integration completed
The Company announced on 9 August 2024 that the liquid helium production train is fully
operational and we have produced helium since 19 July 2024. The optimisation efforts during
the commissioning phase have also yielded impressive results, evidenced by a significant
reduction in timelines for the plant start-up and cooldown processes evidenced in the graph
below.
Helium Cooldown Chronology
• The 1st and 2nd cooldowns in 2022 and 2023 were impacted by a leak in the helium cold box
(subsequently repaired in September and tested in October/November 2023
• The 3rd cooldown in February 2024 attempt took longer due to a more conservative cool-down approach
to ensure no adverse impacts post the leak repair
• The 4th cooldown in May 2024 was taken to test further refinement of the cool-down methodology and
operating philosophy
• During the 4th cooldown the OEM proposed a value engineering enhancement to improve performance
and stability by introducing a buffer storage tank between the Nitrogen and Helium cold boxes which would
improve longer term operational efficiency of the helium system which was completed prior to the 5th
cooldown
• The 5th cooldown post the completion and installation of the value engineering solution reduced the time
frame to 9 days. Thereby demonstrating not only the benefit of refining cooldown methodology in all the
previous attempts but also the improved control and performance of the proposed value engineering
enhancement
With helium production now achieved and Tetra4 in complete operational control of the
process plant since starting the project in 2019, the team will focus on achieving stability
across both LNG/LHe operations.
Exploration
The Company is pleased to announce the successful drilling of two high helium concentration
exploration wells at PR007, in the Free State Province of South Africa. The first exploration
well (T4KK011) was drilled with an aim to intersect a known fault located within the Western
Structural Margin (WSM), an area of intense shearing and fracturing and magnetic low. Once
drilled to depth, cased and cemented T4KK011 was successfully flow tested and sampled
resulting in 3,32% helium with a flow rate of 106 000 SCFD.
Based on lithological and geo physical data obtained from T4KK011, an additional well
T4KK011 REV was planned to intersect a newly discovered fault, east of T4KK011, namely
T4KK011 REV. T4KK011 was drilled to depth, cased and cemented but during the drilling
process a series of rods were lost downhole. Fortunately, the well was recovered but almost
300 m of rods remain downhole.
Despite this the well confirmed the existence of an additional gas bearing fault with helium rich
(2,68%) gas. Like T4KK011, T4KK011 REV is also located with the WSM. The discovery of
additional faulting and induced fracturing has highlighted the increased geological
prospectivity of this area. Future drilling campaigns will aim to further define this fault and its
gas bearing potential as well as refining interference spacing and planning.
Table 1: Exploration Well Details
Well Name T4KK011 T4KK011 REV
Location Lat -28.168511° Lat -28.168086°
Long 26.725320° Long 26.729725°
EoH TVD 850 m 850 m
Producing Formation Witwatersrand quartzite Witwatersrand quartzite
Gross Thickness Witwatersrand quartzite (188 m) Witwatersrand quartzite (342 m)
Geological Rock Mudstone, shale, dolerite, lava Mudstone, shale, dolerite, lava and
Types and quartzite. quartzite.
Depths of Gas Multiple open fracture zones in Unknown*.
Bearing Zones Witwatersrand Quartzites (703,6, Assumed to be multiple open
710, 741, 743, 751 m TVD) fractures observed from lithological
logging from 583 to 700 m TVD).
Type of Test & Seven-day stabilised flow test Nine-day stabilised flow test
Duration
Phases Recovered Gas Gas
Flow Rate (SCFD) 106,000 92,160
Volume Flared During 727374 829,350
Test (SCFD)
Material Non- Helium: 3.32% Helium: 2.68%
Hydrocarbons Nitrogen: 8.87% Nitrogen: 6.41%
The cost of drilling and bringing the two abovementioned wells into production totalled
R8.3 million excluding VAT for both.
Licenses and Other Matters
There has been no change to the licences.
ASX Listing rule 5.4.3 –no rights were acquired or disposed, nor were any farm-in or farm-out
agreements entered into during the quarter. The Company has not entered into any farm-in or
farm-out agreements.
ASX Listing rule 5.4.5 -There were payments during the quarter to an associate of, or a related
party of Renergen or an associate of Renergen. These payments totalled ZAR4.779 million
and relate to remuneration paid to directors and prescribed officers.
Johannesburg
30 September 2024
Authorised by: Stefano Marani
Chief Executive Officer
Designated Advisor
PSG Capital
To readers reviewing this announcement on the Stock Exchange News Service (SENS), this
announcement may contain graphics and/or images which can be found in the PDF version
posted on the Company's website.
www.renergen.co.za
For all media relations, please contact:
Mandy Stuart
Head of Marketing & ESG Management
mandy@renergen.co.za
For all US investors and media relations, please contact:
Georg Venturatos– Gateway Group, (949) 574-3860
Ren@gateway-grp.com
Rule 5.5
Appendix 5B
Mining exploration entity or oil and gas exploration entity
quarterly cash flow report
Name of entity
RENERGEN LIMITED
ABN Quarter ended ("current quarter")
93998352675 31 August 2024
Current Year to date
quarter (6 months)
Consolidated statement of cash flows
ZAR'000 ZAR'000
1. Cash flows from operating activities
1.1 Receipts from customers 17 553 28 544
1.2 Payments for
(a) exploration & evaluation (12) (16)
(b) development - -
(c) production (9 981) (20 721)
(d) staff costs (17 348) (26 173)
(e) administration and corporate costs (19 205) (57 887)
1.3 Dividends received (see note 3) - -
1.4 Interest received 3 565 5 450
1.5 Interest and other costs of finance paid (230) (450)
1.6 Income taxes paid - -
1.7 Government grants and tax incentives - -
1.8 Other (provide details if material) –
- Restricted cash 30 896 28 256
1.9 Net cash used in operating activities 5 238 (42 997)
2. Cash flows from investing activities
2.1 Payments to acquire or for:
(a) entities - -
(b) tenements - -
(c) property, plant and equipment (20 363) (69 703)
(d) exploration & evaluation (9 910) (21 993)
(e) investments - -
(f) other non-current assets – other - -
intangible assets
ASX Listing Rules Appendix 5B (17/07/20) Page 1
+ See chapter 19 of the ASX Listing Rules for defined terms.
Appendix 5B
Mining exploration entity or oil and gas exploration entity quarterly cash flow report
Current Year to date
quarter (6 months)
Consolidated statement of cash flows
ZAR'000 ZAR'000
2.2 Proceeds from the disposal of:
(a) entities - -
(b) tenements - -
(c) property, plant and equipment - -
(d) investments - -
(e) other non-current assets - -
2.3 Cash flows from loans to other entities - -
2.4 Dividends received (see note 3) - -
2.5 Other (provide details if material) - -
2.6 Net cash used in investing activities (30 273) (91 696)
3. Cash flows from financing activities
3.1 Proceeds from issues of equity securities
(excluding convertible debt securities) - -
3.2 Proceeds from issue of convertible debt - -
securities
3.3 Proceeds from exercise of options - -
3.4 Transaction costs related to issues of equity - -
securities or convertible debt securities
3.5 Proceeds from borrowings 103 333 177 973
3.6 Repayment of borrowings (37 278) (411 919)
3.7 Transaction costs related to loans and
borrowings - -
3.8 Dividends paid - -
3.9 Other – lease payments (898) (1 782)
3.10 Net cash used in financing activities 65 157 (235 728)
4. Net increase/(decrease) in cash and
cash equivalents for the period
4.1 Cash and cash equivalents at beginning of
period 60 528 471 075
4.2 Net cash used in operating activities
(item 1.9 above) 5 238 (42 997)
4.3 Net cash used in investing activities
(item 2.6 above) (30 273) (91 696)
4.4 Net cash used in financing activities
(item 3.10 above) 65 157 (235 728)
4.5 Effect of movement in exchange rates on
cash held (4) (8)
4.6 Cash and cash equivalents at end of
period 100 646 100 646
ASX Listing Rules Appendix 5B (17/07/20) Page 2
+ See chapter 19 of the ASX Listing Rules for defined terms.
Appendix 5B
Mining exploration entity or oil and gas exploration entity quarterly cash flow report
5. Reconciliation of cash and cash
equivalents Current Year to date
at the end of the quarter (as shown in the
quarter (6 months)
consolidated statement of cash flows) to the
ZAR'000 ZAR'000
related items in the accounts
5.1 Bank balances 83 462 83 462
5.2 Call deposits 17 184 17 184
5.3 Bank overdrafts - -
5.4 Other (provide details) - -
5.5 Cash and cash equivalents at end of
quarter (should equal item 4.6 above) 100 646 100 646
6. Payments to related parties of the entity and their associates Current
quarter
ZAR'000
6.1 Aggregate amount of payments to related parties and their
associates included in item 1 2 664
6.2 Aggregate amount of payments to related parties and their
associates included in item 2 2 115
Note: if any amounts are shown in items 6.1 or 6.2, your quarterly activity report must include a
description of, and an explanation for, such payments.
7. Financing facilities
Note: the term "facility' includes all forms of
financing arrangements available to the
Total facility Amount drawn
entity.
amount at quarter at quarter
Add notes as necessary for an end end
understanding of the sources of finance ZAR'000 ZAR'000
available to the entity.
7.1 Loan facilities 1 044 796 933 129
7.2 Credit standby arrangements - -
7.3 Other (please specify) - -
7.4 Total financing facilities 1 044 796 993 129
7.5 Unused financing facilities available at quarter end 51 667
7.6 Include in the box below a description of each facility above, including the lender, interest
rate, maturity date and whether it is secured or unsecured. If any additional financing facilities
have been entered into or are proposed to be entered into after quarter end, include a note
providing details of those facilities as well.
ASX Listing Rules Appendix 5B (17/07/20) Page 3
+ See chapter 19 of the ASX Listing Rules for defined terms.
Appendix 5B
Mining exploration entity or oil and gas exploration entity quarterly cash flow report
The US Dollar (US$) denominated loan and debentures included in the amount disclosed
above were translated at a rate of R17.8227/US$1 on 31 August 2024.
DFC Loan
Tetra4 entered into a US$40.0 million finance agreement with the US International
Development Finance Corporation ("DFC") on 20 August 2019 ("Facility Agreement"). The
first draw down of US$20.0 million took place in September 2019, the second draw down of
US$12.5 million in June 2020 and the final drawdown of US$7.5 million on 28 September
2021. Tetra4 shall repay the loan in equal quarterly instalments of US$1.08 million (R19.3
million using the rate at 31 August 2024) on each payment date which began on 1 August
2022 and will end on 15 August 2031. The loan is secured by a pledge of Tetra4's assets
under construction, land and the Debt Service Reserve Account.
The first drawdown of $20.0 million attracts interest of 2.11% per annum. Interest on the
second and final drawdowns is 1.49% and 1.24% per annum, respectively. Interest is payable
by Tetra4 to the DFC quarterly on 15 February, 15 May, 15 August and 15 November of each
year ("Repayment Dates") for the duration of the loan. Qualifying interest attributable to assets
under construction, within property, plant and equipment, is capitalised in line with the Group
policy. Interest paid during the quarter totalled US$0.14 million (R2.5 million).
A guarantee fee of 4% per annum is payable by Tetra4 to the DFC on any outstanding loan
balance. The guarantee fee is payable quarterly on the Repayment Dates. Tetra4 paid
guarantee fees totalling US$0.31 million (R5.7 million) during the quarter.
A commitment fee of 0.5% per annum was payable by Tetra4 to the DFC on any undisbursed
amounts under the Facility Agreement. Commitment fees were payable quarterly on the
Repayment Dates. Tetra4 did not pay any commitment fees during the quarter as there were
no undrawn amounts during the period.
An annual maintenance fee of US$0.04 million is payable by Tetra4 to the DFC for the
duration of the loan term and is payable on 15 November of each year, and commenced on
15 November 2020. The maintenance fee covers administrative costs relating to the loan.
There was no maintenance fee due during the quarter.
The DFC loan outstanding on 31 August 2024 amounted to US$30.27 million (R539.49
million).
ASX Listing Rules Appendix 5B (17/07/20) Page 4
+ See chapter 19 of the ASX Listing Rules for defined terms.
Appendix 5B
Mining exploration entity or oil and gas exploration entity quarterly cash flow report
IDC Loan
Tetra4 entered into a R160.7 million loan agreement with the Industrial Development
Corporation ("IDC") on 17 December 2021. An amount of R158.8 million was drawn down on
22 December 2021 and is repayable in 102 equal monthly payments which commenced in
June 2023. The loan terms included a 12-month interest capitalisation and an 18-month
capital repayment moratorium. The loan accrues interest at the prime lending rate plus 3.5%
(15.25% on 31 August 2024) and is secured by a pledge of Tetra4's assets under
construction, land and the Debt Service Reserve Account. The IDC loan outstanding on 31
August 2024 amounted to R167.4 million and interest accrued during the quarter amounted
to R6.5 million. Qualifying interest attributable to assets under construction, within property,
plant and equipment, is capitalised in line with the policy of the Group.
Debt covenants
The following debt covenants apply to the DFC loan:
a) Tetra4 is required to maintain at all times i) a ratio of all interest-bearing Debt to EBITDA
of not more than 3.0 to 1; (ii) a ratio of Current Assets to Current Liabilities of not less
than 1 to 1; and (iii) a Reserve Tail Ratio of not less than 25%.
(b) Tetra4 is required to maintain at all times (i) a ratio of Cash Flow for the most recently
completed four (4) consecutive full fiscal quarters, taken as a single accounting period, to
Debt Service for the most recently completed four (4) consecutive full fiscal quarters,
taken as a single accounting period, of not less than 1.30 to 1; and (ii) a ratio of Cash
Flow for the most recently completed four (4) consecutive full fiscal quarters, taken as a
single accounting period, to Debt Service for the next succeeding four (4) consecutive full
fiscal quarters of not less than 1.3 to 1.
(c) Tetra4 is required to ensure that the Debt Service Reserve Account is funded in the
aggregate of all amounts due to the DFC within the next 6 months.
The covenants in a) and b) will apply from 15 August 2025. Tetra4 has complied with the
covenant under c) above for the quarter and believes that it will be able to comply with the
covenants throughout the tenure of the loan.
The following debt covenants apply to the IDC loan:
a) Tetra4 is required to maintain the same financial and reserve tail ratios, and a Debt
Service Reserve Account as mentioned under the DFC loan.
b) In addition, Tetra4 shall not make any shareholder dividend distribution, repay any
shareholders' loans and/or pay any interest on shareholders' loans or make any payments
whatsoever to its shareholders without the IDC's prior written consent, if:
- Tetra4 is in breach of any term of the loan agreement; or
- the making of such payment would result in a breach of any one or more of the
financial ratios above.
The covenants in a) will apply from 15 August 2025. Tetra4 has complied with the covenant
under b) above for the quarter and believes that it will be able to comply with the covenants
throughout the tenure of the loan. Tetra4 also maintains a Debt Service Reserve Account with
respect to the IDC loan.
"Reserve Tail Ratio" means for any calculation date, the quotient obtained by dividing (a) all
of the Borrower's remaining Proved Reserves as of such calculation date by (b) all of the
Borrower's Proved Reserves as of the date of the Facility Agreement.
ASX Listing Rules Appendix 5B (17/07/20) Page 5
+ See chapter 19 of the ASX Listing Rules for defined terms.
Appendix 5B
Mining exploration entity or oil and gas exploration entity quarterly cash flow report
Molopo loan
Tetra4 entered into a R50.0 million loan agreement with Molopo on 11 May 2014. The loan
term is for a period of 10 financial years and 6 months which commenced on 1 July 2014
(repayable on 31 August 2024). During this period, the loan is unsecured and interest free.
From the period commencing 1 September 2024, to the extent that the loan has not been
repaid, it will accrue interest at the prime lending rate plus 2% and will still be unsecured. The
loan can only be repaid when Tetra4 declares a dividend and utilising a maximum of 36% of
the distributable profits in order to pay the dividend. It is not expected that the loan will be
repaid in the next 12 months given the unavailability of distributable profits based on Tetra4's
most recent forecasts. As such, the loan is classified as long term. The loan is recognised at
its present value and interest which represents the unwinding of the discount recognised on
initial recognition of the loan is included in profit and loss and amounted to R1.5 million for
the quarter (at an average rate of 13.25%). The Molopo loan outstanding on 31 August 2024
amounted to R50.0 million.
Unsecured Convertible Debentures
Renergen entered into a US$7.0 million unsecured convertible debenture subscription
agreement ("Subscription Agreement") with AIRSOL SRL ("AIRSOL"), an Italian wholly-
owned subsidiary of SOL S.p.A, on 30 August 2023 for the subscription by AIRSOL in
Renergen debentures in two tranches of US$3.0 million ("Tranche 1") and US$4.0 million
("Tranche 2"). Tranche 1 proceeds were received on 30 August 2023 and on 18 March 2024
AIRSOL subscribed for Tranche 2 debentures and Renergen received US$4.0 million (R74.6
million). This transaction is linked to the Nasdaq IPO.
The debentures have a maturity date of 28 February 2025 and accrue interest at a rate of
13% per annum, calculated and compounded semi-annually on the outstanding principal
amount. Interest is payable on 28 February and 31 August of each year during the term of
the debentures.
On maturity, the debentures can be settled in cash or converted to shares in Renergen at a
conversion rate to be determined by dividing the outstanding principal amount by the
conversion price. The conversion price has been agreed as follows:
• If the Nasdaq IPO has not been completed before the maturity date of the debentures,
the conversion price will be 90% of the 30-day volume weighted average traded price of
Renergen shares on the Johannesburg Stock Exchange.
• If the Nasdaq IPO has occurred before the maturity date of the debentures, and the
shares to be issued are Renergen shares admitted to trading on the JSE, the conversion
price with be 90% of the Rand equivalent of the deemed US$ price per share applicable
in the IPO.
• If the Nasdaq IPO has occurred before the maturity date of the debentures, and the
shares to be issued are Renergen American Depositary Shares ("ADSs"), the conversion
price with be 90% of the Rand equivalent of the US$ issue price per ADS.
Debentures outstanding on 31 August 2024 amounted to US$7.0 million (R132.9 million) and
interest for the quarter amounted to US$0.47 million (R8.1 million).
ASX Listing Rules Appendix 5B (17/07/20) Page 6
+ See chapter 19 of the ASX Listing Rules for defined terms.
Appendix 5B
Mining exploration entity or oil and gas exploration entity quarterly cash flow report
SBSA Loan
Renergen obtained a R155.0 million secured loan from Standard Bank of South Africa Limited
("SBSA") on 30 August 2024 ("SBSA Loan"). The first draw down of R103.3 million occurred
on 31 August 2024 and the second draw down of R51.7 million will occur when the requisite
conditions precedent have been fulfilled. Proceeds will be used to fund the working capital
and expansion of the Virginia Gas Project. Part of the proceeds of the SBSA Bridge Loan
were also used to pay transaction costs attributable to the loan arrangement.
The SBSA Loan accrues interest at a rate linked to 3-month JIBAR plus a variable margin.
Interest is compounded and capitalised to the principal amount owing. The SBSA Loan is
repayable on the earlier of receipt of proceeds from the Renergen proposed Nasdaq IPO or
30 August 2025.
The SBSA Loan is secured by a third ranking pledge of Tetra4's assets under construction,
land, the global business account, and shares held by Renergen in Tetra4. In addition, CRT
Investments Proprietary Limited ("CRT") an associate of Mr Nicholas Mitchell, and MATC
Investments Holdings Proprietary Limited ("MACT") an associate of Mr Stefano Marani, have
entered into cession and pledge agreements ("Pledges") with SBSA, in terms of which CRT
and MATC have pledged and ceded as security collectively 17 314 575 Renergen ordinary
shares ("Pledged Shares"), to and in favour SBSA. CRT and MATC's potential liability under
the security given in respect of such financial obligation is capped at the lower of the value of
the Pledged Shares or R155.0 million.
8. Estimated cash available for future operating activities ZAR'000
8.1 Net cash generated from operating activities (item 1.9) 5 238
8.2 Payments for exploration and evaluation classified as investing
(9 910)
activities) (item 2.1(d))
8.3 Total relevant outgoings (item 8.1 + item 8.2) (4 672)
8.4 Cash and cash equivalents at quarter end (item 4.6) 100 646
8.5 Unused finance facilities available at quarter end (item 7.5) 51 667
8.6 Total available funding (item 8.4 + item 8.5) 152 313
8.7 Estimated quarters of funding available (item 8.6 divided by
32.60
item 8.3)
Note: if the entity has reported positive relevant outgoings (ie a net cash inflow) in item 8.3,
answer item 8.7 as "N/A". Otherwise, a figure for the estimated quarters of funding available
must be included in item 8.7.
8.8 If item 8.7 is less than 2 quarters, please provide answers to the following questions:
8.8.1 Does the entity expect that it will continue to have the current level of net operating
cash flows for the time being and, if not, why not?
Answer: N/A
8.8.2 Has the entity taken any steps, or does it propose to take any steps, to raise further
cash to fund its operations and, if so, what are those steps and how likely does it
believe that they will be successful?
Answer: N/A
8.8.3 Does the entity expect to be able to continue its operations and to meet its business
objectives and, if so, on what basis?
Answer: N/A
Note: where item 8.7 is less than 2 quarters, all of questions 8.8.1, 8.8.2 and 8.8.3 above
must be answered.
ASX Listing Rules Appendix 5B (17/07/20) Page 7
+ See chapter 19 of the ASX Listing Rules for defined terms.
Appendix 5B
Mining exploration entity or oil and gas exploration entity quarterly cash flow report
Compliance statement
1 This statement has been prepared in accordance with accounting standards and policies which
comply with Listing Rule 19.11A.
2 This statement gives a true and fair view of the matters disclosed.
Date: 27 September 2024
Authorised by: By the Board
(Name of body or officer authorising release – see note 4)
Notes
1. This quarterly cash flow report and the accompanying activity report provide a basis for informing the market about the
entity's activities for the past quarter, how they have been financed and the effect this has had on its cash position. An
entity that wishes to disclose additional information over and above the minimum required under the Listing Rules is
encouraged to do so.
2. If this quarterly cash flow report has been prepared in accordance with Australian Accounting Standards, the definitions
in, and provisions of, AASB 6: Exploration for and Evaluation of Mineral Resources and AASB 107: Statement of Cash
Flows apply to this report. If this quarterly cash flow report has been prepared in accordance with other accounting
standards agreed by ASX pursuant to Listing Rule 19.11A, the corresponding equivalent standards apply to this report.
3. Dividends received may be classified either as cash flows from operating activities or cash flows from investing activities,
depending on the accounting policy of the entity.
4. If this report has been authorised for release to the market by your board of directors, you can insert here: "By the board".
If it has been authorised for release to the market by a committee of your board of directors, you can insert here: "By the
[name of board committee – eg Audit and Risk Committee]". If it has been authorised for release to the market by a
disclosure committee, you can insert here: "By the Disclosure Committee".
5. If this report has been authorised for release to the market by your board of directors and you wish to hold yourself out as
complying with recommendation 4.2 of the ASX Corporate Governance Council's Corporate Governance Principles and
Recommendations, the board should have received a declaration from its CEO and CFO that, in their opinion, the financial
records of the entity have been properly maintained, that this report complies with the appropriate accounting standards
and gives a true and fair view of the cash flows of the entity, and that their opinion has been formed on the basis of a
sound system of risk management and internal control which is operating effectively.
ASX Listing Rules Appendix 5B (17/07/20) Page 8
+ See chapter 19 of the ASX Listing Rules for defined terms.
Date: 30-09-2024 08:30:00
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