Activities

Managing Director's Statement

Your company’s net asset value per share (NAV) stood at MRs 147 at June 30th 2015, compared to MRs 139 at the start of the financial year, an increase of 6 per cent. This compares with a decrease of 5 per cent in the SEMDEX. Your company’s share price rose by 6 per cent during the same period, and the shares were trading at a 35 per cent discount to NAV at the end of the financial year, but a 49 per cent discount to intrinsic value (group NAV). At the time of writing the shares are still trading at a 32 per cent discount to NAV.

Financial Calendar 2016

Corporate Actions

1984	No.	MRs
Incorporation of the company with an issued share capital	1,400,000	7,000,000
of MRs 7 million (1.4m shares)

1990
Offer of 4.2m shares to MCBFC shareholders at MRs 5 per share	4,200,000	21,000,000
Rights issue of 4.2m shares	4,200,000	21,000,000

1994
Bonus issue of 2.2m shares	2,200,000	11,000,000
Rights issue of 8m shares	8,000,000	40,000,000

1996
Bonus issue of 10m shares	10,000,000	50,000,000
Rights issue of 12.5m shares	12,500,000	62,500,000

2004
Cancellation of 3.6m shares held via Villas de la Preneuse	(3,633,840)	(18,169,200)

2012
Issue of 26,211 shares under employee share options scheme	26,211	131,055

2013
Issue of 2,423 shares under employee share options scheme	2,423	12,115

2014
Issue of 17,800 shares under employee share options scheme	17,800	89,000

2015
Issue of 20,846 shares under employee share options scheme	20,846	104,230

2016
Issue of 2,117 shares under ESOS	2,117	10,585

	38,935,557	194,677,785
less: Treasury shares	(23,350)	(116,825)
	38,912,207	194,560,960