TISO BLACKSTAR GROUP SE - Tiso Blackstar Group Clarifies Its Position Following Misleading Reporting

Tiso Blackstar Group Clarifies Its Position Following Misleading Reporting

Tiso Blackstar Group SE
(Incorporated in England and Wales)
(Company number SE 110)
(registered as an external company with limited liability in the Republic of South Africa under
registration number 2011/008274/10)
LSE Ticker: TBGR
JSE Share code: TBG
ISIN: GB00BF37LF46
(“Tiso Blackstar Group” or the “Group”)


TISO BLACKSTAR GROUP CLARIFIES ITS POSITION FOLLOWING MISLEADING REPORTING

Tiso Blackstar Group wishes to reiterate that it is performing well and ahead of expectations, contrary
to misleading reports by Independent Media.


In summary:


Tiso Blackstar Group has stated consistently that its non-core assets are held for sale and will be
realised when the timing allows, and the price is right. The fact that the Kagiso Tiso Holdings (KTH)
sale was not realised due to various factors has not put the business in an untenable position. The
Group is not in debt rescue.

The Group’s decision to delist from Alternative Investment Market (AIM) of the London Stock
Exchange was owing to the fact that less than 8% of Tiso Blackstar Group’s shares were held via this
listing, and were adding limited value. It was decided by the Board, following consultation with key
investors on the AIM register, that the costs of the secondary listing were not justified given this small
shareholder base. The Group was similarly supported by local shareholders in cancelling the AIM
listing.

The Group’s core businesses – Hirt & Carter, Media, and Broadcast and Content – are performing
well and continue to grow profits despite the difficult economic conditions. They are also well
positioned for any improvement in the economic cycle.


Tiso Blackstar Group’s debt obligations are not under threat and are being serviced in line with
commitments. The Group’s debts will be reduced further once the sale of non-core assets is realised.

The Group’s cash flow is positive and continues to improve as a result of strong cash management
and improved trading conditions.


Readers can refer to the December 2017 Interim Results as well as the June 2017 Integrated Report
published on the Group’s website: http://www.tisoblackstar.com for a detailed and accurate account of
the Group’s financial position. The Integrated Report also clarifies the remuneration of Tiso Blackstar
Group’s CEO, Andrew Bonamour, and discredits the exaggerated, highly-inflated annual salary of
R20 million reported by Independent Media.

It is also important to highlight that Tiso Blackstar Group is committed to transformation and the
revised Broad-Based Black Economic Empowerment Codes of Good Practice. The Group holds a
level-2 contributor status – one of the highest in the media industry. Tiso Blackstar Group is also
active in the development of BEE and female talent.

Tiso Blackstar Group would normally refer misleading and dishonest reporting to the Press
Ombudsman. However, Independent Media has withdrawn from the Press Council and refuses to
subject itself to the rigors of the Press Code to which Tiso Blackstar Group and other media
companies subscribe to.

Should there be additional allegations against Tiso Blackstar Group which have not been addressed
in this statement, please note that this does not imply that the allegations are true or correct.

On behalf of: The Tiso Blackstar Group SE Board


Johannesburg
19 April 2018


 For further information, please contact:
 Tiso Blackstar Group SE                          Leanna Isaac                      +44(0) 20 7887 6017
 Pugh Public Relations & Corporate                Samantha Pugh                     +2771 874 5460
 Communications                                                                     sam@pughpr.co.za

 JSE Sponsor: One Capital                         Sholto Simpson                    +27(0) 11 550 5000

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