SPUR CORPORATION LIMITED - Reviewed condensed consolidated results and cash dividend declaration for the year ended 30 June 2013
12 September 2013 12:00
SUR 201309120019A
Reviewed condensed consolidated results and cash dividend declaration for the year ended 30 June 2013

Spur Corporation Limited
Incorporated in the Republic of South Africa
(Registration number 1998/000828/06)
Share code: SUR
ISIN: ZAE000022653


Reviewed condensed consolidated results and cash dividend declaration for the year ended
30 June 2013

- Revenue up 29.7%
- Diluted HEPS up 22.4%
- Dividend per share up 27.6%

Prepared under the supervision of the Chief Financial Officer, Ronel van Dijk CA(SA)

TRADING PERFORMANCE

Spur Corporation produced an excellent set of results in difficult trading conditions. In the
face of mounting pressure on consumers, a strong performance across all brands saw Spur 
Corporation increase revenue by 29.7% to R653.0 million in the year ended 30 June 2013. 
Revenue growth was bolstered by the inclusion of the Captain DoRegos chain and distribution 
centre from 1 March 2012 and the acquisition by the group of two previously franchised Spur 
outlets in England and Ireland during the year.

Total restaurant sales across the group showed solid growth, increasing by 16.4% in total, 
and by 15.4% in South Africa despite the weak consumer economy. 

Spur Steak Ranches lifted sales by 15.2% through the continued success of the breakfast and
weekday promotions, and the upgrading of kids play facilities in restaurants. The Spur 
Family Card continues to drive sales growth, with membership of the loyalty programme 
increasing to 1.4 million by year end. Turnover from existing Spur restaurants increased by 
13.0%. Fourteen new Spur restaurants were opened in South Africa during the year. Management
contained the menu price increase in Spur to 3.6% despite the high levels of food price 
inflation over the past year. 

Sales in Panarottis increased by 31.4%, with turnover from existing outlets growing by 22.4%.
The brands strong performance was driven by positive consumer response to its weekday and 
breakfast specials, supported by targeted revamps of existing outlets and the introduction
and improvement of kids play facilities. Ten new restaurants were opened during the year, 
including four Panarottis Pizza Express outlets, while a further seven were refurbished.

John Dorys grew sales by 11.4% as customers responded positively to the innovative marketing
campaigns, the new menu offering and weekday specials. Two new restaurants were opened and
nine revamped during the period.

Captain DoRegos has now been fully integrated into the group and generated restaurant sales 
of R191.1 million and distribution centre sales of R72.6 million in its first full year of 
inclusion. No comparative sales performance is reported as the business was only acquired in 
March 2012. Eleven new outlets were opened and management has focused on enhancing the brand
image, menu offering and product quality. 

Sales in the international operations increased by 24.7% in Rand terms, benefiting from the 
depreciation of the Rand against major currencies over the past year. Total sales in local 
currencies increased by 14.0% and by 7.7% in existing outlets as the performance of the UK 
operation continued to improve. 

Africa continues to deliver stable growth while trading conditions and revenues have remained
static in Australia.

The Spur outlets in Staines (England) and Dublin (Ireland) were converted to company-owned 
restaurants during the past year. All eight restaurants in the UK and Ireland are now 
company-owned. A new Spur restaurant was opened in Nairobi (Kenya) and a Panarottis Express 
outlet was opened in Mauritius. The first international Captain DoRegos outlets were opened 
in Namibia and Mauritius.

The group continues to expand as viable opportunities arise, opening a net 23 new restaurants
in the past year and relocating three to improved trading sites. Customer experience remains
a key focus and 55 Spur outlets were refurbished with a franchisee investment of 
approximately R40 million, and this has resulted in positive revenue growth in these outlets.

The restaurant footprint at 30 June 2013 is as follows:

Franchise brand                                         South Africa    International  Total

Spur Steak Ranches                                               267               36    303
Panarottis Pizza Pasta                                            61               12     73
John Dorys Fish Grill Sushi                                      29                     29
Captain DoRegos                                                   72                2     74
Total                                                            429               50    479

FINANCIAL PERFORMANCE

Franchise revenue showed impressive growth, with Spur growing 15.5% to R179.5 million, 
Panarottis increasing 28.9% to R16.7 million and John Dorys rising 5.6% to R11.7 million. 
Franchise revenue in Captain DoRegos amounted to R9.2 million.

Manufacturing and distribution revenue increased 49.6% to R213.7 million. This increase was 
supported by the inclusion of the Captain DoRegos distribution centre for the full year, 
which generated revenue of R72.6 million compared to the prior years R23.5 million for the 
four months from acquisition. Product volumes in the groups sauce manufacturing facility 
also grew well. The upgrading of the central kitchen facility has been completed and a new 
sauce bottling plant was commissioned during the year.

International revenue, comprising franchise revenue and company-owned restaurant turnover, 
increased 32.8% to R191.4 million. Revenue benefitted from the conversion of the two Spur 
outlets in England and Ireland to company-owned restaurants during the year. The board has 
taken a prudent decision to impair the assets of the Panarottis outlet in Tuggerah 
(Australia) owing to the challenging trading performance.

Profit before income tax increased by 11.4% to R195.1 million. This includes a net gain of 
R10.7 million (2012: R3.5 million) related to the groups share appreciation rights incentive
scheme and a foreign exchange currency loss of R6.5 million compared to a gain of R2.3 
million in 2012.

Comparable profit before income tax, excluding the impact of the groups long-term incentive
scheme, the R2.2 million impairment of Panarottis Tuggerah, start-up costs in international 
company-owned outlets, as well as foreign exchange gains/losses and other one-off items in 
the current and comparable periods, but including the impact of the Captain DoRegos business,
increased by 15.8%.

Headline earnings increased 20.6% to R134.8 million, with diluted headline earnings per share
growing 22.4% to 156.6 cents. This performance is in line with the earnings guidance provided
in the groups trading statement issued on SENS on 4 September 2013.

The board has declared a final cash dividend of 56.0 cents per share, bringing the total 
dividend for the year to 111.0 cents, an increase of 27.6% on the previous year.

PROSPECTS

Economic uncertainty and sustained pressure on disposable income in the groups target 
markets are likely to remain for the foreseeable future. Spur, Panarottis, John Dorys and 
Captain DoRegos will continue to deliver excellent quality meals at a reasonable price, great
service and an enjoyable family environment.  

The successful weekday promotions strategy and ability to capitalise on the momentum created
in the breakfast market will be key in attracting and retaining customers and driving sales 
growth. 

At least 26 new restaurant openings are planned across the four brands in South Africa in the
2014 financial year. This includes six Spur, five Panarottis, four John Dorys and seven 
Captain DoRegos outlets to be opened in the first half of the year. International expansion 
will again focus on building our presence in Africa, with new restaurants planned for 
Swaziland, Nigeria, Tanzania, Namibia and the Seychelles. Two new Spur franchised 
restaurants will be opened in Australia in the year ahead.

CASH DIVIDEND

Shareholders are advised that the board of directors of the company has, on Wednesday, 
11 September 2013, resolved to declare a gross cash dividend for the year ended 30 June 2013
of R54.7 million, which equates to 56.0 cents per share for each of the 97 632 833 shares in
issue, subject to the applicable tax levied in terms of the Income Tax Act (Act No. 58 of 
1962 amended) (dividend tax) of 15%.

The dividend has been declared from income reserves. The net dividend is 47.6 cents per share
for shareholders liable to pay dividend tax. The companys income tax reference number is 
9695015033.

In accordance with the provisions of Strate, the electronic settlement and custody system 
used by the JSE Limited, the relevant dates for the dividend are as follows:

Event                                   Date

Last day to trade cum dividend        Friday, 27 September 2013
Shares commence trading ex dividend   Monday, 30 September 2013
Record date                             Friday, 4 October 2013
Payment date                            Monday, 7 October 2013

Those shareholders of the company who are recorded in the companys register as at the record
date will be entitled to the dividend. Share certificates may not be dematerialised or 
rematerialised between Monday, 30 September 2013 and Friday, 4 October 2013, both days 
inclusive.

For and on behalf of the Board

A Ambor         (Exexcutive Chairman)
P van Tonder    (Chief Executive Officer)

Cape Town
11 September 2013


CONDENSED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
                                                               Reviewed       Audited	
                                                             year ended    year ended      %
R000                                                      30 June 2013  30 June 2012 change

Revenue                                                         653 027       503 444   29.7
Operating profit before finance income                          189 186       168 936   12.0
Net finance income                                                5 871         6 164
Profit before income tax                                        195 057       175 100   11.4
Income tax expense                                              (63 237)      (60 718)  
Profit for the year                                             131 820       114 382   15.2

Other comprehensive income/(losses):                             17 948         3 679
  Foreign currency translation differences for foreign 
    operations                                                   25 948        (3 603)
  Foreign exchange (loss)/gain on net investments in 
    foreign operations                                          (10 666)        9 774
  Tax on foreign exchange loss/(gain) on net investments
    in foreign operations                                         2 666        (2 492)
Total comprehensive income for the year                         149 768       118 061   26.9
			
Profit/(losses) attributable to:
  Owners of the company                                         132 284       113 884   16.2
  Non-controlling interest                                         (464)          498
Profit for the year                                             131 820       114 382   15.2

Total comprehensive income attributable to:
  Owners of the company                                         150 951       118 208   27.7
  Non-controlling interest                                       (1 183)         (147)
Total comprehensive income for the year                         149 768       118 061   26.9

Per share (cents)
  Basic earnings                                                 153.66        130.71   17.6
  Diluted earnings                                               153.66        130.34   17.9
  Distribution per share                                         111.00         87.00   27.6


RECONCILIATION OF HEADLINE EARNINGS


Profit attributable to ordinary shareholders                    132 284       113 884   16.2
Headline earnings adjustments:
  Impairment of property, plant and equipment                     1 750             
  Impairment of goodwill                                                       1 564
  Bargain purchase gain (refer note 4)                                        (3 694)
  (Profit)/loss on disposal of property, plant and 
    equipment (net of tax)                                          (29)           41
  Reclassification of foreign currency loss from other
    comprehensive income to profit on deregistration 
    of foreign operation                                            842             
Headline earnings                                               134 847       111 795   20.6


CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION

                                                                        Reviewed          Audited 
R000                                                            at 30 June 2013  at 30 June 2012

ASSETS
Non-current assets                                                       449 180          417 552
Property, plant and equipment                                             76 878           73 492
Intangible assets and goodwill                                           321 698          320 986
Investments and loans                                                     13 880            8 818
Deferred tax                                                               9 347            7 776
Leasing rights                                                             5 290            1 826
Derivative financial asset                                                22 087            4 654
		
Current assets                                                           239 309          186 462
Inventories                                                               17 020           10 304
Tax receivable                                                             8 134            5 488
Trade and other receivables                                               86 356           71 866
Derivative financial asset                                                15 703                
Cash and cash equivalents                                                112 096           98 804

TOTAL ASSETS                                                             688 489          604 014

EQUITY
Total equity                                                             470 858          425 606
Ordinary share capital                                                         1                1
Share premium                                                                  6                6
Shares repurchased by subsidiaries                                       (77 235)         (60 510)
Foreign currency translation reserve                                      18 721               54
Retained earnings                                                        535 248          490 815
Total equity attributable to equity holders of the parent                476 741          430 366
Non-controlling interest                                                  (5 883)          (4 760)

LIABILITIES
Non-current liabilities                                                   90 236           80 578
Long-term loans payable                                                      423              446
Employee benefits                                                         12 048            4 520
Operating lease liability                                                  5 481            6 564
Deferred tax                                                              72 284           69 048

Current liabilities                                                      127 395           97 830
Bank overdrafts                                                            1 605            1 854
Tax payable                                                                4 132            6 052
Trade and other payables                                                 105 214           89 004
Employee benefits                                                         16 117                
Shareholders for dividend                                                    327              920

TOTAL EQUITY AND LIABILITIES                                             688 489          604 014


CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS

                                                                        Reviewed          Audited 
                                                                      year ended       year ended
R000                                                            at 30 June 2013  at 30 June 2012

Operating profit before working capital changes                         200 302           171 060
Working capital changes                                                   2 958             6 378
Cash generated from operations                                          203 260           177 438 
Net interest received                                                     5 871             6 164
Tax paid                                                                (60 675)          (58 578)
Distributions paid                                                      (88 444)          (65 108)
Net cash flow from operating activities                                  60 012            59 916
Cash flow from investing activities                                     (44 113)          (72 122)
Cash flow from financing activities                                      (2 076)           (4 652)
Net movement in cash and cash equivalents                                13 823           (16 858)
Effect of foreign exchange fluctuations                                    (282)               98
Net cash and cash equivalents at beginning of year                       96 950           113 710
Net cash and cash equivalents at end of year                            110 491            96 950


CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY

                                              Ordinary share                    Retained 
                                             capital & share                earnings and 
                                             premium (net of      Other  non-controlling
R000                                       treasury shares)   reserves         interest     Total

Balance at 1 July 2011                               (38 934)    (4 270)         451 440   408 236

Total comprehensive income for the year                          4 324          113 737   118 061
Profit for the year                                                            114 382   114 382
Other comprehensive income                                       4 324             (645)    3 679

Transactions with owners, recorded 
  directly in equity 
Contributions by and distributions to 
  owners                                             (21 569)                   (65 416)  (86 985)
Distributions to equity holders                                                (65 416)  (65 416)
Impact of incentive scheme (including 
  tax)                                                (5 799)                             (5 799)
Own shares acquired                                  (15 770)                            (15 770)
Changes in ownership interests in 
  subsidiaries that do not result in a 
  loss of control                                                              (13 706)  (13 706)
Acquisition of non-controlling interest
  in subsidiary (refer note 5)                                                 (13 706)  (13 706)

Total transactions with owners                       (21 569)                   (79 122) (100 691)

Balance at 30 June 2012                              (60 503)        54          486 055   425 606

Total comprehensive income for the year                         18 667          131 101   149 768
Profit for the year                                                            131 820   131 820
Other comprehensive income                                      18 667             (719)   17 948

Transactions with owners, recorded 
  directly in equity
Contributions by and distributions to 
  owners                                             (16 725)                   (87 851) (104 576)
Distributions to equity holders                                                (87 851)  (87 851)
Own shares acquired                                  (16 725)                            (16 725)
Changes in ownership interests in 
  subsidiaries that do not result 
  in a loss of control                                                              60        60
Acquisition of subsidiary (refer note 2)                                            60        60

Total transactions with owners                       (16 725)                   (87 791) (104 516)

Balance at 30 June 2013                              (77 228)    18 721          529 365   470 858



CONDENSED CONSOLIDATED OPERATING SEGMENT REPORT

                                                                 Reviewed         Audited	
                                                               year ended      year ended        %
R000                                                        30 June 2013    30 June 2012   change

External revenues			
Manufacturing and distribution (refer footnote a)                 213 712         142 821     49.6
Franchise  Spur                                                  179 464         155 433     15.5
Franchise  Panarottis                                             16 692          12 952     28.9
Franchise  John Dorys                                            11 712          11 092      5.6
Franchise  Captain DoRegos                                         9 174           2 498    267.3
Other South Africa                                                 30 399          34 395    (11.6)
Total South Africa segments                                       461 153         359 191     28.4
Unallocated  South Africa                                            515             205    151.2
Total South Africa                                                461 668         359 396     28.5

United Kingdom                                                    118 353          81 631     45.0
Australia                                                          60 632          53 140     14.1
Other International                                                12 374           9 277     33.4
Total International segments                                      191 359         144 048     32.8

TOTAL EXTERNAL REVENUES                                           653 027         503 444     29.7

Profit/(loss) before income tax
Manufacturing and distribution (refer footnote a)                  59 525          55 662      6.9
Franchise  Spur                                                  158 818         136 447     16.4
Franchise  Panarottis                                              9 874           7 866     25.5
Franchise  John Dorys                                             6 629           5 818     13.9
Franchise  Captain DoRegos                                         3 838             928    313.6
Other South Africa                                                     92           1 427    (93.6)
Total South Africa segments                                       238 776         208 148     14.7
Unallocated  South Africa (refer footnote b)                     (35 690)        (36 445)     2.1
Total South Africa                                                203 086         171 703     18.3
			
United Kingdom (refer footnote c)                                  (1 006)            694   (245.0)
Australia (refer footnote d)                                       (2 194)           (682)  (221.7)
Other International                                                 7 487           5 305     41.1
Total International segments                                        4 287           5 317    (19.4)
Unallocated  International (refer footnote e)                    (12 316)         (1 920)  (541.5)
Total International                                                (8 029)          3 397   (336.4)

TOTAL PROFIT BEFORE INCOME TAX                                    195 057         175 100     11.4

FOOTNOTES:

a) Includes revenue of R72.625 million (2012: R23.485 million) and profit before tax of R1.949 
   million (2012: R0.948 million) in respect of the Captain DoRegos distribution centre 
   (refer note 4).

b) Includes a charge in respect of cash-settled share-based payments of R23.645 million 
   (2012: R3.965 million) and a fair value gain in respect of a related hedge of R34.357 million 
   (2012: R7.479 million) relating to the groups long-term share-linked retention scheme; legal 
   costs and professional fees of R1.424 million (2012: R3.171 million) relating to the dispute 
   with the former minority shareholder of John Dorys Franchise (Pty) Ltd and the related 
   Financial Services Board investigation (which investigation was concluded during the year and 
   the company vindicated of any wrong doing). The prior year also includes a bargain purchase 
   gain on the acquisition of Captain DoRegos in the amount of R3.694 million (refer note 4) and
   due diligence costs in respect of the Captain DoRegos acquisition and other potential 
   acquisitions which were not progressed, in the amount of R0.745 million.

c) Includes initial start-up and trading losses in the current year in respect of Two Rivers Spur
   (Staines, England), Rapid River Spur (Dublin, Ireland) and Trinity Leasing in the amount of 
   R2.773 million in aggregate (refer notes 2 and 3). The prior year includes a fair value gain on
   the realisation of collateral of R0.843 million (refer note 6).

d) Includes an impairment of property, plant and equipment relating to Panarottis Tuggerah of 
   R2.188 million. The prior year includes an impairment of goodwill in the amount of R1.564 
   million relating to the same cash-generating unit.

e) The current year includes losses amounting to R1.052 million in winding up certain of the 
   groups Australian equity-accounted associates which ceased trading in previous years. Also 
   includes a foreign exchange loss of R6.518 million (2012: gain of R2.288 million). The foreign
   exchange loss for the current year includes the reclassification of net foreign currency losses
   from other comprehensive income to profit on the deregistration of Larkspur Four Limited, a UK 
   foreign operation which previously traded the Yellowstone Spur in Derby, England (which ceased 
   trading in December 2010), amounting to R0.842 million.


SUPPLEMENTARY INFORMATION 

                                                                 Reviewed         Audited	
                                                               year ended      year ended        %
                                                             30 June 2013    30 June 2012   change

Shares in issue (000s)*                                           85 633          86 256
Weighted average number of shares in issue (000s)                 86 090          87 124
Diluted weighted average number of shares in issue (000s)         86 090          87 377
Headline earnings per share (cents)                                156.64          128.32     22.1
Diluted headline earnings per share (cents)                        156.64          127.95     22.4
Net asset value per share (cents)                                  549.86          493.42     11.4
Dividend per share (cents)                                         111.00           87.00     27.6

* Shares in issue less shares repurchased by a wholly owned subsidiary company and special purpose
  entity.

NOTES

1. Review report  The consolidated statement of financial position at 30 June 2013 and the 
   consolidated statement of comprehensive income, statement of changes in equity, segmental
   analysis and statement of cash flows for the year then ended, have been reviewed by KPMG Inc. 
   Their unmodified report is available for inspection at the companys registered office. Basis of
   Preparation  The financial statements for the year ended 30 June 2013 have been prepared in 
   accordance with the recognition and measurement principles of International Financial Reporting 
   Standards (IFRS), the presentation and disclosure requirements of IAS 34 Interim Financial 
   Reporting, the SAICA Financial Reporting Guides as issued by the Accounting Practices Committee,
   the requirements of the South African Companies Act (No. 71 of 2008) and the JSE Limited 
   Listings Requirements. The accounting policies and methods of computation applied in the
   preparation of these financial statements are in accordance with IFRS and are consistent with 
   those applied in the preparation of the groups annual financial statements for the year ended
   30 June 2012.

2. With effect from 1 October 2012, the group acquired a 90% interest in Trinity Leasing Limited 
   (Trinity Leasing) for £40 000 (the equivalent of R0.538 million) from Trinity Leisure Limited
   (Trinity Leisure), the company that previously held the master franchise rights for the group
   in the United Kingdom. Trinity Leasing owns the lease in respect of the former Arapaho Spur in 
   Staines, England, which restaurant ceased trading and was liquidated prior to the transaction 
   in question. Trinity Leasing also owned the tangible assets of the former Arapaho Spur at the 
   time of the transaction, which assets were, subsequent to the transaction, sold to a wholly-
   owned group entity. The group concluded the transaction in order to secure the trading site of 
   the former Arapaho Spur. The group now trades a new restaurant, Two Rivers Spur, in the same 
   location, through a wholly-owned subsidiary. The purchase consideration was settled by way of a
   reduction of the pre-existing loan receivable from Trinity Leisure. The fair value of the 
   identifiable assets and liabilities acquired was R0.598 million at the date of the acquisition 
   and comprised: R0.067 million for property, plant and equipment; R0.037 million for inventory; 
   R0.934 million for leasing rights; R0.666 million for trade and other receivables; R0.844 
   million for trade and other payables; and a deferred tax liability on fair value adjustments of
   R0.262 million. The fair value of identifiable assets and liabilities attributable to non-
   controlling interests was R0.060 million. Subsequent to the acquisition, Trinity Leasing 
   earned revenue of R1.754 million (all of which was intercompany and has been eliminated on 
   consolidation) and incurred a loss of R0.059 million which is included in profit. Trinity 
   Leasing is not expected to contribute significantly to group revenue or profits in future, as 
   all income is intercompany.

3. With effect from 1 April 2013, the group acquired the lease of the site at which the Iowa Spur 
   in Dublin, Ireland previously traded, for £177 000 (the equivalent of R2.453 million). Iowa 
   Spur was previously owned and operated by a subsidiary of Trinity Leisure but ceased trading in
   December 2012. The lease was acquired from a subsidiary of Trinity Leisure and the 
   consideration for the lease was settled by way of a reduction in the pre-existing loan 
   receivable from Trinity Leisure. A new restaurant, Rapid River Spur, commenced trading (through
   a wholly-owned subsidiary of the group) at the site in April 2013.

4. In the prior year and with effect from 1 March 2012, the group acquired the Captain DoRegos 
   fast food franchise and distribution centre businesses. The fair value of the identifiable net
   assets acquired (net of deferred tax) was R37.918 million on the effective date, resulting in 
   a bargain purchase gain of R3.694 million included in profit in the prior year.

5. In the prior year and with effect from 25 January 2012, the group acquired the 35% interest in 
   John Dorys Franchise (Pty) Ltd held by the non-controlling shareholder of that company 
   resulting in the group owning 100% of the subsidiary.

6. In the prior year and with effect from 30 June 2012, the group acquired the 10% interest in 
   Larkspur One Ltd (which trades Cheyenne Spur, in the O2 Dome in London, England) held by the 
   non-controlling shareholder of that company resulting in the group owning 100% of the 
   subsidiary. Ownership of the shares was assumed after the non-controlling shareholder 
   absconded and defaulted on a loan advanced by the group for which the shares served as 
   collateral. The transaction resulted in a fair value gain on the realisation of collateral of 
   R0.843 million recognised in profit in the prior year.

7. With reference to the contingent liability referred to in note 41 on page 140 of the annual 
   integrated report for the year ended 30 June 2012, the South African Revenue Service has 
   issued the group with assessments in respect of income relating to controlled foreign companies
   of the group in the amount of R2.842 million (comprising income tax of R2.273 million and 
   interest of R0.569 million) for the 2009, 2010 and 2011 years of assessment. Management has 
   objected to the assessments and is confident that it is able to defend the assessments. 
   Following the objection process, should any amount of tax be payable, it is expected that the 
   tax liability will be substantially less than that assessed. Consequently, a liability has not 
   been raised in respect of the assessments issued.

Directors

Executive Chairman: A Ambor
Chief Executive Officer: P van Tonder
Executive: M Farrelly, R van Dijk
Non-executive: K Getz, D Hyde, M Kuzwayo, K Madders MBE (British), M Morojele
Company secretary: R van Dijk

Spur Corporation Limited (Registration number 1998/000828/06)

Share code: SUR      ISIN: ZAE000022653
Registered Office: 14 Edison Way, Century Gate Business Park, Century City, 7441
Transfer Secretaries: Computershare Investor Services (Pty) Ltd, 70 Marshall Street, 
Johannesburg, 2001
Sponsor: Sasfin Capital (A division of Sasfin Bank Ltd)

Our Brand Family

Spur Steak Ranches
Panarottis Pizza Pasta
John Dorys Fish Grill Sushi
Captain DoRegos Chicken Fish Burgers

www.spurcorporation.co.za
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