SUR : Notice of AGM and change statement:
SPUR CORPORATION LIMITED
(Incorporated in the Republic of South Africa)
(Registration number 1998/000828/06)
Share Code: SUR
ISIN: ZAE000022653
("Spur" or "the company")
NOTICE OF ANNUAL GENERAL MEETING AND CHANGE STATEMENT
Shareholders are advised that the company's Notice of Annual General Meeting,
Form of Proxy and Summarised Audited Consolidated Financial Statements have
been posted to shareholders today and that the complete Audited Consolidated
Financial Statements of the company for the year ended 30 June 2019 ("AFS") as
well as the 2019 Integrated Report will be available on the company's website
(www.spurcorporation.com/investors/results-centre/) from 11h00 today, 25 October
2019.
1. Change Statement
The AFS were audited by Spur's auditors, KPMG Inc., and contain a reclassification
of revenue items ("Reclassification") within the revenue note (refer note 5 to the
AFS) as compared to the same information disclosed in note 4 to the Reviewed
Condensed Consolidated Results which were released on SENS on 12 September
2019 ("Reviewed Results"). In this regard:
- "distribution and rebate income" included in revenue from "sales-based
royalties" in the Reviewed Results was separated into "distribution income"
and "rebate income" and reallocated to revenue "recognised at a point in
time" in the AFS;
- "marketing supplier income" included in revenue "recognised at a point in
time" in the Reviewed Results was reallocated to revenue "recognised over
time"; and
- revenue from "services rendered" included in revenue "recognised at a point
in time" in the Reviewed Results was reallocated to revenue "recognised over
time"
in accordance with the company's accounting policy for revenue as detailed in note
42.13 to the AFS.
The table below shows the effect of the Reclassification:
Reviewed Reviewed
Results Results
Revenue AFS 2019 2019 AFS 2018 2018
R'000 (note 5) (note 4) Dif (note 5) (note 4) Dif
Sales-based royalties 588 999 640 080 (51 081) 539 420 580 577 (41 157)
Distribution and rebate income - 51 081 (51 081) 41 157 (41 157)
Ongoing franchise fee income 354 494 354 494 - 326 896 326 896 -
Marketing fund contributions 234 505 234 505 - 212 524 212 524 -
Recognised at a point in time 326 037 294 307 31 730 324 832 304 384 20 448
Sales of purchased and
manufactured sauces 150 853 150 853 - 145 067 145 067 -
Retail restaurants' sales 69 753 69 753 - 69 534 69 534 -
Distribution income 46 517 - 46 517 34 981 - 34 981
Marketing supplier contributions - 8 712 (8 712) - 9 971 (9 971)
Sales of franchisee supplies 45 188 45 188 - 51 893 51 893 -
Sales of marketing materials 9 162 9 162 - 17 181 17 181 -
Rebate income 4 564 - 4 564 6 176 - 6 176
Services rendered - 10 639 (10 639) - 10 738 (10 738)
Recognised over time 29 743 10 392 19 351 27 545 6 836 20 709
Initial franchise fee income 10 392 10 392 - 6 836 6 836 -
Services rendered 10 639 - 10 639 10 738 - 10 738
Marketing supplier contributions 8 712 - 8 712 9 971 - 9 971
Total external revenue 944 779 944 779 - 891 797 891 797 -
The Reclassification has no impact on the statements of profit or loss and other
comprehensive income, financial position, changes in equity, and cash flows
included in the AFS relative to the Reviewed Results and furthermore has no effect
on earnings, headline earnings, earnings per share, headline earnings per share,
diluted earnings per share, and diluted headline earnings per share. Other than the
Reclassification, there were no modifications to the Reviewed Results.
2. Notice of the Annual General Meeting
Notice is hereby given that the Annual General Meeting of Spur shareholders will be
held at 11h00 on Friday, 6 December 2019 at 14 Edison Way, Century Gate
Business Park, Century City, Cape Town to transact the business as stated in the
Notice of Annual General Meeting which was posted to shareholders on, and
available on the company's website from, 25 October 2019.
3. Salient dates
The Notice of Annual General Meeting was posted to shareholders of the company
who were recorded as such in the company's securities register on 18 October 2019.
The date on which shareholders of the company must be recorded as such in the
company's securities register in order to attend and vote at the Annual General
Meeting is Friday, 29 November 2019. The last day to trade in order to be entitled to
vote at the Annual General Meeting is Tuesday, 26 November 2019.
Forms of Proxy may be presented at any time prior to, or at, the Annual General
Meeting. If Forms of Proxy are directed to the Company's transfer secretaries these
must be lodged by no later than 11h00 on Thursday, 5 December 2019.
4. Broad-based Black Economic Empowerment Certificate
Shareholders are hereby notified that in accordance with the JSE Listings
Requirements, Spur's compliance report in terms of section 13G(2) of the Broad-
Based Black Economic Empowerment Act 53 of 2003 read with the Broad-Based
Black Economic Empowerment Act 46 of 2013, has been published and is available
on the company's website, www.spurcorporation.com/investors/results-centre/.
Cape Town
25 October 2019
Sponsor
Sasfin Capital (A member of the Sasfin Group)
Date: 25/10/2019 11:00:00
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