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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 2023 is set out below.
Summary Change 30 September 31 December 31 December 31 December 31 December
Dec 2022 to Sep 2023 2023 2022 2021 2020 2019
(%)
Intrinsic NAV of Brimstone (Rm) (4.7) 3 131.4 3 287.2 3 255.6 3 284.8 3 349.3
Intrinsic NAV per share (cents) ¹ (3.7) 1 275.5 1 325.0 1 314.0 1 299.3 1 419.3
Fully diluted Intrinsic NAV per share (cents) ¹ (4.1) 1 248.5 1 301.5 1 292.6 1 282.7 1 410.3
Market price per share (cents)
Ordinary shares 3.6 545 526 630 581 765
'N' Ordinary shares (10.3) 505 563 649 650 775
Discount to Intrinsic NAV
Ordinary shares 57.3% 60.3% 52.1% 55.3% 46.1%
'N' Ordinary shares 60.4% 57.5% 50.6% 50.0% 45.4%
Intrinsic NAV analysis by asset
An analysis of the Intrinsic NAV of Brimstone as at 30 September 2023 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 2023 Sep 2023 Gross Dec 2022 Dec 2022 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 (%)
2023 31 Dec (R'000) share (%) (R'000) share
(R) 2022 (cents) (cents)
(R)
Oceana² 25.10 75.50 63.29 Market value per share 2 471 427 - - 2 471 427 1 006.6 46.0 2 071 743 835.1 20.5
Sea Harvest ² 53.4 9.81 12.00 Market value per share 1 565 273 - - 1 565 273 637.6 29.1 1 914 707 771.8 (17.4)
Equites 1.8 12.59 16.84 Market value per share 175 739 - - 175 739 71.6 3.3 223 733 90.2 (20.6)
Phuthuma Nathi 2.8 101.00 133.11 Market value per share 191 438 - - 191 438 78.0 3.6 248 935 100.3 (22.2)
Stadio 5.1 5.16 4.91 Market value per share 224 796 - (15 905) 208 891 85.1 4.2 200 352 80.8 5.3
MTN Zakhele Futhi 1.5 17.50 19.40 Market value per share 31 829 - - 31 829 13.0 0.6 35 285 14.2 (8.5)
Milpark 12.8 - - Market approach 100 470 - (6 246) 94 224 38.4 1.9 94 224 38.0 1.1
Investment property 100.0 - - Market approach - - - - - 0.0 65 000 26.2 (100.0)
FPG Property Fund 10.2 - - Book value 331 865 - (37 162) 294 703 120.0 6.2 279 401 112.6 6.6
Aon Re Africa 18.0 - - PE valuation 78 086 - (15 143) 62 943 25.6 1.5 62 943 25.4 0.8
Obsidian 70.0 - - Book value 65 804 - (6 114) 59 690 24.3 1.2 59 690 24.1 0.8
SAED 25.0 - - Book value 71 756 - - 71 756 29.2 1.3 61 781 24.9 17.3
Other investments, Various - - Valuation 54 948 - 19 030 73 978 30.1 1.0 71 122 28.7 4.9
assets & liabilities
Cash / (Net debt) 100.0% - - Book value 13 087 (2 183 589) - (2 170 502) (884.1) 0.1 (2 101 674) (847.1) 4.4
5 376 518 (2 183 589) (61 540) 3 131 389 1 275.0 100.0 3 287 242 1 325 (3.8)
Intrinsic NAV per share (cents) 2 190 (889) (25) 1 275
Fully diluted Intrinsic NAV per share (cents) 2 144 (871) (25) 1 248
Notes:
1. Based on 246 million shares (December 2022: 248 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) (19 337 627) (14 035 687)
Net shares in issue for Intrinsic NAV purposes 245 512 481 250 814 421
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 2022, 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.
1 December 2023
Sponsor
Nedbank Corporate and Investment Banking. a division of Nedbank Limited
Date: 01-12-2023 09:00:00
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