SHOWMAX AFRICA HOLDINGS LIMITED

• ⚠

  Material uncertainty over going concern

  We draw your attention to Note 1 in the financial statements, which indicates: the uncertainty over the group's ability to secure ongoing shareholder funding, once the funding cap as stipulated in the shareholders' deed has been reached, following a potential acquisition by Groupe Canal+; and uncertainty over the funding of a cash injection shortly at the end of the going concern period. As stated in Note 1, these events or conditions along with the other matters as set forth, indicate that material uncertainties exist that may cast significant doubt on the on the Group and Parent Company's ability to continue as a going concern.

1. SHOWMAX AFRICA HOLDINGS LIMITED 2023-05-04 → present
2. EARTH UK HOLDINGS LIMITED 2022-10-06 → 2023-05-04

Values shown as filed in the company's annual accounts. — indicates the figure wasn't present under that line item in that period. About these numbers

Margins divide P&L lines by turnover. Gearing is liabilities over total assets. Current ratio is current assets over creditors falling due within one year. Interest cover is operating profit over absolute finance costs. Sector-distribution context coming next.

Accounting basis

IFRS

Reporting scope

Consolidated group

Auditor

Ernst & Young LLP

Audit opinion

Unqualified (clean)

Going concern

Material uncertainty disclosed

“We draw your attention to Note 1 in the financial statements, which indicates: the uncertainty over the group's ability to secure ongoing shareholder funding, once the funding cap as stipulated in the shareholders' deed has been reached, following a potential acquisition by Groupe Canal+; and uncertainty over the funding of a cash injection shortly at the end of the going concern period. As stated in Note 1, these events or conditions along with the other matters as set forth, indicate that material uncertainties exist that may cast significant doubt on the on the Group and Parent Company's ability to continue as a going concern.”

Group structure

1. SHOWMAX AFRICA HOLDINGS LIMITED · parent
   1. Showmax South Africa Proprietary Limited 100% · South Africa · Subscription Video On Demand services in South Africa
   2. M-sat Nigeria Limited 79% · Nigeria · Subscription Video On Demand services in Nigeria

Significant events

• “Post 31 March 2025, USD25 million was requested from the shareholders as equity funding into the business which was approved and received. For this funding USD17.5 million was received from MultiChoice Group and USD7.5 million was received from NBCUniversal.”
• “On 30 June 2025, NBCUniversal ("NBCU") and Multichoice Group Limited ("MCG") entered into payment deferral and shareholder working capital loan agreements respectively.”

Auditor, going-concern and subsidiary information is drawn from the narrative of the latest annual accounts. About these numbers

Filings

11

last 12 months

Capital events

5

last 24 months

Officers appointed

1

last 12 months

Officers resigned

1

last 12 months

Direct counts from the register. No score, no rating — see the Filing timeline for the underlying events.