Fin24.com | PSG CEO hopeful after father Jannie Mouton opens his heart about early dementia

Cape Town – Jannie Mouton‘s “wisdom and presence means a lot for all of us at PSG and we believe he has a good medical team”.

This was the reaction of Mouton‘s son and current PSG Group CEO Piet Mouton after his father opened his heart in a note to shareholders about being diagnosed with early stage demetia.

Piet Mouton told Fin24 on Wednesday that “Jannie has a good medical team and with the enhancements in medication hopefully we can have him involved for many years going forward”.

Jannie Mouton, founder of investment holding company PSG, announced on Wednesday that he has been diagnosed with an early form of dementia.

  • FULL LETTER:

He made the announcement to “colleagues, shareholders and friends” in a note to shareholders issued by PSG.

In 2010, Mouton became the non-executive chair of PSG Group and have also over the last couple of years resigned from most of the underlying company boards.

“I have always believed in honest and transparent communication, hence this letter to all of you,” said Mouton.

He explained that, as a result of the early onset of the disease, he sometimes forgets people‘s names, repeats himself or may appear somewhat disorientated.

Mouton, 71,  said he has a good team of physicians and advisers to support him and that he is on medication to help manage and limit the symptoms of the illness.

“This team also communicates directly with the lead independent director on the PSG Group board, Patrick Burton, in order for the right decisions to be made at the right time. The PSG way has always been to be proactive and to plan ahead as best possible,” said Mouton.

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“PSG is my life and I have dedicated myself to the company for the past 22 years. I am incredibly proud of the businesses we have created over the years, including the likes of Capitec, PSG Konsult, Curro, Zeder and all other investments for the future.”

In his view, there are many opportunities that the PSG team is currently working on.

He still plans to come into the office every day as he “enjoys seeing how the people at PSG endeavour daily to make a difference by working hard and smart”.

“After consultation with my senior colleagues, we feel that I still have a contribution to make as PSG Group‘s non-executive chair, given that PSG Group‘s executive management team is very strong with the necessary depth, experience and knowledge,” said Mouton.

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In November last year Mouton told Fin24 that he regards South Africa still as a country of opportunities.

“A person who only looks at problems will never excel. Rather look at the opportunities,” he said.

Last year Mouton made a personal donation of R1bn as “just the beginning of an even bigger dream” for his philanthropically orientated Jannie Mouton Foundation.

“I have a huge dream to increase the foundation by donating more and more of my PSG shares to it. I have donated R1bn now, but in years to come I want to increase that amount substantially,” Mouton told Fin24 at the time.

It is estimated that Mouton‘s PSG shares are worth about R12bn.

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Results

PSG CEO Piet Mouton told Fin24 in April that the group was satisfied with its financial results for the year ended February 2018. During the financial year, PSG Group’s recurring earnings per share increased by 7% to R9.94 per share compared to R9.27 in 2017.

The group said this was mainly due to resilient performance from the majority of PSG Group’s core investments but was offset by Zeder’s weaker performance.

The group’s sum-of-the-parts (SOTP) value, of which more than 90% is calculated using JSE-listed share prices while other investments are included at market-related valuations, amounted to R255.17 per PSG Group share as at 28 February 2018 compared to R240.87 in 2017 and representing a 6% increase. At 20 April 2018, it was R252.81 per share.

A final dividend of 277 cents (2017: 250 cents) per share was declared for a total of 415 cents (2017: 375 cents) per share, representing an increase of 11% for the period under review.

By 14:34 on Wednesday the shares were trading 0.71% weaker from its previous close at R223.40.

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