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Wsl - Wescoal Holdings Limited - Reviewed Condensed Consolidated Interim

Release Date: 24/11/2011 07:32:25      Code(s): WSL
WSL - Wescoal Holdings Limited - Reviewed condensed consolidated interim        
results for the six months ended 30 September 2011                              
Wescoal Holdings Limited                                                        
(Incorporated in the Republic of South Africa)                                  
(Registration number 2005/006913/06)                                            
(JSE code: WSL ISIN: ZAE000069639)                                              
("Wescoal" or "the Group")                                                      
REVIEWED CONDENSED CONSOLIDATED INTERIM RESULTS FOR THE SIX MONTHS ENDED 30     
SEPTEMBER 2011                                                                  
SALIENT FEATURES - CONTINUING OPERATIONS                                        
Revenue up 1%                                                                   
Operating profits up 2%                                                         
Cash reserves - R 31.5m - up 57%                                                
REVIEWED CONSOLIDATED INTERIM RESULTS FOR THE SIX MONTHS ENDED 30 SEPTEMBER     
2011                                                                            
The interim results for the six months ended 30 September 2011, with            
comparative results for the six months ended 30 September 2010 and the audited  
results for the year ended 31 March 2011 are presented.                         
Condensed consolidated statement of comprehensive income                        
Reviewed    Restated     Restated                    
                           interim     Reviewed     Audited                     
                           results for interim      results                     
                           the six     results for  for the                     
months      the six      year                        
                           ended       months       ended                       
                           30          ended         31 March                   
                           September   30           2011                        
2011        September    R`000                       
                           R`000       2010                                     
                                       R`000                                    
Continuing operations                                                           

Revenue                     337 067     334 303      557 614                    
Gross Profit                46 592                   28 383                     
                                       44 455                                   
Other operating income      348         62                                      
                                                    644                         
Operating costs                   (18   (14 641)     (35 232)                   
                           585)                                                 
Earnings/(Loss) before      28 355      29 876       (6 205)                    
interest, tax,                                                                  
depreciation and                                                                
amortisation                                                                    
Depreciation                (6 053)     (3 938)      (5 420)                    
Amortisation                ( 2 626)    ( 6 631)     ( 9 744)                   
Earnings/(Loss) before      19 676      19 307       (21 369)                   
interest, tax and other                                                         
costs                                                                           
Profit on sale of assets    22          416          90                         
Impairment of assets        -           -            ( 4 776)                   
Investment income           160         93           175                        
Finance costs               (2 811)     (1 727)      (3 296)                    
Profit/(Loss) before        17 047      18 089       (29 176)                   
taxation                                                                        
Taxation                    (5 541)          (5      12 150                     
178)                                     
Profit/(Loss) for the       11 506      12 911       (17 026)                   
period from continuing                                                          
operations                                                                      

                                                                                
Discontinued operations     4 586       (719)        (26 714)                   
Profit/(Loss) after tax                                                         
from discontinued                                                               
operations/profit on sale                                                       
of assets                                                                       
                           16 092      12 192       (43 740)                    
Profit/(Loss) for the                                                           
period                                                                          
                                                                                
Attributable to:            16 092        12 336     (43 596)                   
-           (144)        (144)                       
Owners of the parent                                                            
Non-controlling interest                                                        
                                                                                
Profit for the period       16 092      12 192       (43 740)                   
                                                                                
Headline earnings                                                               
reconciliation:                                                                 

Net profit for the period   16 092      12 192       (43 740)                   
Less: Profit on sale of     (4 608)     (329)        (501)                      
assets                                                                          
Plus: Impairment of assets  -           -            4 776                      
Plus: Minority interest     -           144          144                        
Headline earnings for the   11 484      12 007       (39 321)                   
period                                                                          

Continuing operations -     11 484      12 582       (12 197)                   
Profit/(Loss)                                                                   
                           -           (575)        (27 124)                    
Discontinued operations -                                                       
(Loss)                                                                          
Headline earnings for the   11 484      12 007                                  
period                                               (39 321)                   

Ordinary shares in issue                                                        
(000`s)                                                                         
                                                                                
-Total at period end        157 931     145 931      157 931                    
-Weighted average shares    157 931                  150 271                    
in issue                                145 931                                 
                                                                                
-Fully diluted weighted     158 272     147 558      151 931                    
average shares in issue                                                         
(Note 1)                                                                        
Basic earnings per                                                              
ordinary share (cents):                                                         
                                                                                
Profit/(Loss) from          7.3         8.8          (11.3)                     
continuing operations                                                           
Profit/(Loss) from          2.9         (0.5)        (17.8)                     
discontinued operations                                                         
Profit/(Loss) attributable  10.2        8.3          (29.1)                     
to ordinary owners                                                              
Fully diluted basic                                                             
earnings per ordinary                                                           
share (cents):                                                                  
                                                                                
Profit/(Loss) from          7.3         8.8          (11.3)                     
continuing operations                                                           
Profit/(Loss) from          2.9         (0.5)        (17.8)                     
discontinued operations                                                         
Profit/(Loss) attributable  10.2        8.3          (29.1)                     
to ordinary owners                                                              
                                                                                
                                                                                
Headline earnings per                                                           
ordinary share (cents):                                                         
Profit/(Loss) from          7.3         8.6          (8.1)                      
continuing operations                                                           
Profit/(Loss) from          -           (0.4)        (18.1)                     
discontinued operations                                                         
Profit/(Loss) attributable  7.3         8.2          (26.2)                     
to ordinary owners                                                              

Fully diluted headline                                                          
earnings per ordinary                                                           
share (cents):                                                                  
Profit/(Loss) from          7.3         8.5          (8.0)                      
continuing operations                                                           
Profit/(Loss) from          -           (0.4)        (17.9)                     
discontinued operations                                                         
Profit/(Loss) attributable  7.3         8.1          (25.9)                     
to ordinary owners                                                              
Note:                                                                           
Fully diluted earnings per share information as reflected shows the potential   
effect of dilution for 8.87 million options held in terms of the share          
incentive trust by the directors and employees of the Wescoal Holdings Limited  
group.                                                                          
Condensed consolidated statement of financial position                          
Reviewed       Restated      Restated                        
                   interim        Reviewed      Audited                         
                   results for    interim       results for                     
                   the six        results for   the year                        
months ended   the six       ended                           
                   30 September   months ended  31 March                        
                     2011          30           2011                            
                   R`000          September     R`000                           
2010                                          
                                  R`000                                         
ASSETS                                                                          
                                                                                
Non-current assets  140 977        151 414       150 289                        
                                                                                
Property, plant     64 441         55 408        67 510                         
and equipment                                                                   
Mine establishment  -              18 496        -                              
costs                                                                           
Investment          709            709           709                            
property                                                                        
Investments         990            -             -                              
Goodwill            49 737         54 513        49 737                         
Intangible assets   16 762         18 191        16 871                         
Deferred taxation   8 338          4 097         15 462                         

Non-current assets  -              -             2 079                          
held for sale                                                                   
                   156 898        160 386       121 602                         
Current assets                                                                  
Inventories and     11 952         29 002        13 032                         
work in progress                                                                
Trade and other     104 716        111 302       77 230                         
receivables                                                                     
Cash and cash       40 230         20 082        31 340                         
equivalents                                                                     
                                                                                
Total assets        297 875        311 800       273 970                        
                                                                                
EQUITY AND                                                                      
LIABILITIES                                                                     

Total               152 544        178 845       136 459                        
Shareholders`                                                                   
funds                                                                           

Share capital       158            146           158                            
Share premium       136 944        123 704       136 934                        
Retained earnings   14 816         56 167        (1 267)                        
Employee share      803            505           803                            
option reserve                                                                  
Non-controlling     (177)          (1 677)       (177)                          
interest                                                                        

Non-current         22 295         20 459        28 243                         
liabilities                                                                     
                                                                                
Instalment sale     13 316         9 745         18 550                         
agreements                                                                      
Interest bearing    649            805           683                            
loans                                                                           
Rehabilitation      8 218          8 584         8 911                          
provision                                                                       
Deferred tax        112            1 325         99                             
                   123 036        112 496       109 268                         
Current                                                                         
liabilities                                                                     
Trade and other     103 782        106 885       96 720                         
payables                                                                        
Bank overdraft      8 722          -             17                             
Current portion of  10 532         5 611         12 531                         
instalment sale                                                                 
agreements                                                                      

Total equity and    297 875        311 800       273 970                        
liabilities                                                                     
                                                                                
Net asset value     96.58          122.55        90.81                          
per share (cents)                                                               
Tangible net asset  54.48          72.73         46.48                          
value per share                                                                 
(cents)                                                                         
Condensed Consolidated Statement of Changes in Equity                           
              Attributable to owners of the parent                              
              Share    Share    Retained   Employee  Total   Non-      Total    
Capital  Premium  Earnings   share     R`000   controll  Equity   
              R`000    R`000    R`000      option            ing                
                                           reserve           Interest           
                                           R`000             s                  
Restated       146      123 704  43 831     305       167                       
Balance at 1                                          986                       
April 2010                                                    (1 533)   166 453 
Profit for     -        -        12 336     -         12                        
the period                                            336     (144)     12 192  
Share-based    -        -        -          200       200                       
payments                                                      -         200     
Restated       146      123 704  56 167     505       180                       
Balance at 30                                         522                       
September                                                                       
2010                                                          (1 677)   178 845 
Loss for the   -        -        (55 933)   -         (55                       
period                                                933)    -         (55     
                                                                       933)     
Shares         21       21 921   -          -         21                        
issued,                                               942                       
including                                                     -         21 942  
treasury                                                                        
shares                                                                          
Treasury       (9)      (8 373)  -          -         (8      -         (8 382) 
shares                                                382)                      
Capital        -        (318)    -          -         (318)                     
raising costs                                                 -         (318)   
Share-based    -        -        -          298       298                       
payment                                                                         
reserve                                                       -         298     
Change in      -        -        (1 501)    -         (1                        
ownership                                             501)    1 501     -       
Restated       158      136 934  (1 267)    803       136                       
Balance at 31                                         628                       
March 2011                                                    (177)     136 452 
                                                                                
Profit for     -        -        16 092     -         16                        
the period                                            092                       
                                                             -         16 092   
Balance as at  158      136 934  14 825               152                       
30 September                                          711                       
2011                                        803               (177)     152 544 
Condensed Consolidated Statement of Cash Flows                                  
                        Reviewed     Restated     Restated                      
interim      Reviewed     Audited                       
                        results for  interim      results for                   
                        the six      results for  the year                      
                        months       the six      ended                         
ended        months ended  31 March                     
                        30           30 September 2011                          
                        September    2010         R`000                         
                        2011         R`000                                      
R`000                                                   
                                                                                
Cash flows from          2 960        14 284       12 234                       
operating activities                                                            
Cash generated by        7 286        17 340       17 209                       
operations                                                                      
Interest paid            (2 526)      (736)        (2 655)                      
Income tax paid          (1 800)      (2 320)      (2 320)                      

Cash flows from          4 517        (9 127)      (24 682)                     
investing activities                                                            
Purchase of property,    (170)           (9 670)   (29 123)                     
plant and equipment                                                             
Capitalised exploration  (814)        -            (1 247)                      
costs                                                                           
Proceeds from the sale   6 249        450          5 513                        
of property, plant and                                                          
equipment                                                                       
Increase in restricted   (908)        -            -                            
investment                                                                      
Interest received        160          93           175                          
                        (7 292)      3 544        32 390                        
Cash flows from                                                                 
financing activities                                                            
Loans raised             -            906          906                          
Loans repaid             (83)         (13)         (23)                         
Proceeds from shares     -            -            13 241                       
issued, net of share                                                            
issue expenses                                                                  
Net increase in cash     185          8 701        19 942                       
and cash equivalents                                                            
Cash and cash            31 323       11 381       11 381                       
equivalents at                                                                  
beginning of period                                                             
Cash and cash            31 508       20 082       31 323                       
equivalents at end of                                                           
period                                                                          
Operations, market and financial review                                         
The outlook for Wescoal Holdings Limited is optimistic going forward based on a 
solid set of results for the six month period ending September 2011 which       
represent a clear turnaround from the loss position in March this year.         
The mining division achieved revenues of R155-million and operating profits of  
R28,3-million from a total of 702 713 tons of coal while the trading division   
grew by 9% generating profit of R5,2-million.  Overall the Group increased its  
revenue by 1% to R337,1-million with gross profit increasing by 5,2% to R45,4-  
million.                                                                        
The period in review was beset by unwarranted negative publicity but the mining 
division remained focused and highly motivated which enabled the positive       
results. Well defined operational goals and strategies clearly paid off to      
secure a strong, stable platform.                                               
Mining division                                                                 
The strategic imperative goal for the Mining division is to focus on supplying  
Eskom with quality product and dispose of all other associated operations. In   
line with this decision, during the financial year ended March 2011, the assets 
of Wescoal Mineral Recoveries (Pty) Ltd were disposed of and in August 2011,    
the Blesboklaagte washing plant was sold.                                       
Khanyisa Colliery returned to full production during April 2011 and             
consequently the mining division achieved revenues of R147,5-million and        
operating profits of R28,3-million from a total sales tonnage of 702 713 tons   
of coal.                                                                        
In the event of exceptional rainfall this summer, measures are in place to      
limit disruptions to planned production targets. . Management is confident of   
achieving the stated sales target of 1,4-million tons for the financial year to 
March 2012.                                                                     
Trading division                                                                
The division delivered good results with revenue up by 8% and profits from      
operations at R5,2-million in line with the previous comparable period.         
Transnet Freight Rail (TFR) railings to Richards Bay Coal Terminal (RBCT)       
increased during the period under review resulting in constrained sized coal    
supply on the inland market. API#4 export prices have softened to current       
levels of US$106.00 however at current exchange rates of R8,20 to the US$, a    
significant premium to inland coal prices. Producers have advised of further    
price increases going forward.                                                  
Financial Restatement                                                           
A restatement of the information is presented for the six month period ended 30 
September 2010 and for the year ended 31 March 2011.                            
Environmental rehabilitation provisions recorded under IAS 37, Provisions,      
contingent liabilities and contingent assets; were previously recorded directly 
in the income statement. In accordance with IAS 16. Property, plant and         
equipment; the environmental rehabilitation provisions are now raised as an     
asset. In addition, a contingent asset in relation to the matters discussed     
under the "legal matters" section below, that were previously offset against    
the environmental rehabilitation provision have now been reinstated in          
accordance with IAS 37. The contingent asset is now disclosed in the condensed  
consolidated financial statements and is not raised as an asset given the       
uncertainty surrounding the matter. Finally, a portion of the restatement       
relates to management revisiting the environmental obligation base case         
assessment.                                                                     
The impact of the restatement is as follows:                                    
                   Restated             Restated                                
                   Reviewed interim     Audited results for                     
                   results for the six  the year ended                          
months ended          31 March 2011                          
                   30 September  2010   R`000                                   
                   R`000                                                        
Condensed                                                                       
consolidated                                                                    
Statement of                                                                    
financial position                                                              
                                                                                
Property, plant and                                                             
equipment           49 047               62 140                                 
Previously reported 55 408               67 510                                 
Restated                                                                        

Retained income     (55 837)             1 086                                  
Previously reported (56 167)             1 267                                  
Restated                                                                        

Rehabilitation      (2 760)              (3 368)                                
provision           (8 584)              (8 911)                                
Previously reported                                                             
Restated                                                                        
                   4 304                15 470                                  
Deferred tax        4 097                15 462                                 
Previously reported                                                             
Restated                                                                        
Condensed                                                                       
consolidated                                                                    
statement of                                                                    
comprehensive                                                                   
income              42 412               25 731                                 
Gross profit        44 455               28 383                                 
Previously reported                                                             
Restated                                                                        
                   (3 624)              (3 438)                                 
Depreciation        (3 938)              (5 420)                                
Previously reported                                                             
Restated                                                                        
                   (736)                (2 655)                                 
Finance costs       (1 727)              (3 296)                                
Previously reported                                                             
Restated                                                                        
                   17 351               (29 205)                                
Profit / (Loss)     18 089               (29 176)                               
before tax                                                                      
Previously reported                                                             
Restated            (4 971)              12 158                                 
                   (5 178)              12 150                                  
Tax                                                                             
Previously reported                                                             
Restated                                                                        
Financial overview                                                              
Overall the group achieved a revenue increase of 1% to R337,1 million and gross 
profit increased 5,9% to R45,4 million from continuing operations. EBITDA       
however remained flat due to an increase in overheads of R3,7 million (24%) due 
to the establishment of a regional office in Witbank during the latter half of  
the previous financial year and legal fees attributable to the legal disputes.  
A headline earnings per share of 7,3 cents was achieved compared with the 7,9   
cents for the comparative period of the previous year. Management is confident  
that this positive result will continue or be improved upon through the second  
half of the financial year.                                                     
Cash flow from investing activities includes R 6,2million proceeds from the     
sale of the Blesboklaagte coal beneficiation plant. The outstanding balance of  
the proceeds from the sale of the plant of R6m will be settled through coal     
purchases.                                                                      
The debt to equity ratio improved from 23% to 16% since March 2011.             
Segment analysis                                                                
The analysis below, details the contribution of the two main divisions within   
the group:                                                                      
R`000                                                              
             30 September 2011                                                  
Statement of  Trading     Mining       Other       Total                        
comprehensive                                                                   
income                                                                          
Total segment 190 680     154 994      4 798       347 157                      
Revenue                                                                         
Inter-segment 2 609       7 481        3 315       10 090                       
revenue                                                                         
External      188 071     147 513      1 483       337 067                      
revenues                                                                        
EBITDA        5 194       29 524       (6 363)     28 355                       
R`000                                                              
             30 September 2010                                                  
Statement of  Trading     Mining       Other       Total                        
comprehensive                                                                   
income                                                                          
Total segment 174 208     215 470      -           389 678                      
revenue                                                                         
Inter-segment 168         55 207       -           55 375                       
revenue                                                                         
External      174 040     160 263      -           334 303                      
revenues                                                                        
EBIDTA        5 863       28 260       (4 247)     29 876                       
Legal matters                                                                   
Management has dealt with numerous legal disputes during the current financial  
year but remains focused on the day to day operations of the company. The order 
and outcome of events so far are:                                               
On 6 July 2011, Sutha applied for the liquidation of Wescoal Mining;            
On 20 July 2011, Wescoal and Wescoal Mining filed a motion in respect of an     
urgent application to set aside Sutha`s liquidation application;                
On 28 July 2011, the South Gauteng High Court granted an order to interdict     
Sutha from continuing to make unsubstantiated and derogatory statements in      
respect of Wescoal and Wescoal Mining and the court found Sutha`s actions and   
statements were unsubstantiated, malicious, groundless and devoid of the truth; 
On 2 August 2011, the North Gauteng High Court granted an order in favour of    
Wescoal and Wescoal Mining against Sutha. The order set aside Sutha`s           
application for the liquidation of Wescoal Mining with costs.                   
On 27 October 2011, BSM Mining applied to the North Gauteng High Court for the  
liquidation of Wescoal Mining; and                                              
On 3 November 2011, Wescoal applied to the North Gauteng High Court to set      
aside the above application. Regrettably the judge ruled that application is    
not urgent and that the matter should take its normal course through the Court. 
On 16 November 2011 Sutha applied to the North Gauteng High Court to firstly    
join in BSM Mining`s Liquidation Application of 27 October 2011 and secondly to 
itself apply for the liquidation of Wescoal Mining under the same case number   
as the application on 27 October 2011 . The application relates to inter alia a 
claim of R95, 9 million (which is disputed) based on the loss of income for the 
remainder of the contract; costs incurred on the establishment and de-          
establishment of machinery and retrenchment costs incurred.                     
Wescoal Mining has instructed its legal team to oppose the application as it    
believes the application is totally unfounded and malicious and has no prospect 
of succeeding.                                                                  
Shareholders will be advised of any further developments.                       
Prospects                                                                       
Management remains focused on increasing the sustainability of the group by     
utilizing current coal resources and the acquisition of additional coal assets. 
The current status of the coal resources is:                                    
Portion 16 of the farm Vlakvarkfontein 213 IR - an indicated resource of 1,8    
million tons and an inferred resource of 238,000 tons of Eskom grade coal. A    
Mining Right application was submitted to the Department of Mineral Resources   
during December 2010 and is ongoing. Further prospecting work is being          
undertaken.                                                                     
Portion 12 of the farm Vlakvarkfontein 213 IR - an inferred resource of 1.9     
million tons of high-grade thermal coal. A Mining Right application was         
submitted to the Department of Mineral Resources during December 2010 and is    
ongoing. Further prospecting work is being undertaken.                          
The farm Vlaklaagte (excluding various mineral areas) situated in the district  
of Witbank with an inferred resource of 29,5 million tons. A Mining Right       
application was submitted to the Department of Mineral Resources during June    
2011 and is ongoing. Further prospecting work is being undertaken.              
The farm Silverbank 611 IR, excluding portions 1, 10, 12 and 14 district of     
Standerton - a prospecting area of 3,925 hectares with an inferred resource of  
24.5 million tons of Eskom and thermal coal. A Mining Right application was     
submitted to the Department of Mineral Resources during August 2011 and is      
ongoing. Further prospecting work is being undertaken.                          
The farm Verblyden 387 IS, excluding portions 18 and 35, district of Standerton 
- a prospecting area of 2,266 hectares with an inferred resource of 37 million  
tons of Eskom and thermal coal. A Mining Right application was submitted to the 
Department of Mineral Resources during August 2011 and is ongoing.              
Portions 8, 9 & 10 of the farm Mooiplaats 165 IS - sufficient information       
available to indicate the presence of coal but insufficient for any additional  
comment. An application for the renewal of the Prospecting Right has been       
submitted to the Department of Mineral Resources.                               
Portions 1, 3, 4, 6, 14, 23, 30-36, 38, 40 and 62 of the farm Elandspruit 291   
JS district of Middleburg - a prospecting area of 2 946 hectares with an        
inferred resource of 5.1 million tons of high grade thermal coal. An            
application for the renewal of the Prospecting Right has been submitted to the  
Department of Mineral Resources                                                 
Following preliminary prospecting it was determined that the following two      
resources are not economically viable and the Prospecting Rights will be        
allowed to lapse.                                                               
Portion 10 of the farm Bankfontein 216 IR                                       
Portions 4, 5, 22, 23, 28, 42, 48, 60 and 69-74 of the farm Keerom 374 JS       
district of Middelburg.                                                         
Black Economic Empowerment                                                      
Waterberg Portion Property Investments (Pty) Limited ("WPP"), headed by Mr.     
Robinson Ramaite and other BEE shareholders hold 34.9% of the issued share      
capital of Wescoal Holdings Limited. WPP is a BEE Company operating in the      
minerals and energy space.                                                      
Corporate Governance                                                            
The Group subscribes to and is in the process of implementing where applicable, 
the principal recommendations of the King III Code of Corporate Governance.     
Subsequent events                                                               
No material subsequent events occurred during the period 30 September 2011 and  
the date of the publication of this condensed consolidated interim financial    
information.                                                                    
Dividends                                                                       
No interim dividend has been declared.                                          
Basis of preparation                                                            
The condensed consolidated interim financial information for the six months     
ended 30 September 2011 has been prepared in accordance with IAS 34, `Interim   
Financial Reporting`, the Companies Act No 71 of 2008 and the Listings          
Requirements of the JSE Limited.                                                
The accounting policies adopted are consistent with those applied in the annual 
financial statements for the year ended 31 March 2010, except for these         
standards that became effective during the reporting period. The adoption of    
the standards had no material effect on the results. This report was compiled   
under the supervision of the financial director, Piet van Rensburg CA (SA). The 
condensed consolidated interim financial information does not include all the   
information and disclosures required in the annual financial statements, and    
should be read in conjunction with the Group`s annual financial statements as   
at 31 March 2011, which have been prepared in accordance with International     
Financial Reporting Standards (IFRS).                                           
The directors are of the opinion that the Group has adequate resources to       
continue in operation for the foreseeable future and accordingly the condensed  
consolidated interim financial results have been prepared on a going concern    
basis.                                                                          
Independent review conclusion                                                   
The condensed consolidated statement of financial position as at 30 September   
2011 and related condensed consolidated statement of comprehensive income,      
condensed consolidated statement of changes in equity and condensed             
consolidated statement of cash flows for the period has been reviewed by        
PricewaterhouseCoopers Inc. Their unqualified review report is available for    
inspection at the Company`s registered office.                                  
Directorate                                                                     
There were no changes to the Board during the period under review.              
By order of the Board                                                           
24 November 2011                                                                
M.R. Ramaite                       A.R. Boje                                    
Chairman                           Chief Executive Officer                      
CORPORATE INFORMATION                                                           
Non-Executive          MR Ramaite                                               
directors:             JG Pansegrouw                                            
DMT van Gaalen                                            
                      W Khumalo                                                 
                                                                                
Executive directors:   AR Boje                                                  
P Janse van Rensburg                                      
Registration number:   2005/006913/06                                           
Registered address:    228 Voortrekker Street                                   
                      Krugersdorp                                               
1740                                                      
Postal address:        PO Box 133                                               
                      Krugersdorp                                               
                      1740                                                      
Company secretary:     CIS Company Secretaries (Pty) Limited                    
Telephone:             011 - 954 2721                                           
Facsimile:             011 - 954 6737                                           
Transfer secretaries:  Computershare Investor Services (Pty)                    
Limited                                                   
Sponsor:               Exchange Sponsors (2008) (Pty) Limited                   
Date: 24/11/2011 07:32:24 Supplied by www.sharenet.co.za                     
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Market Statistics are calculated by Sharenet and are therefore not the official JSE Market Statistics. The calculation/derivation may include underlying JSE data.