|Shareholders are advised that, for the year ended 31 March 2013, Chemspec expects that the headline loss will be between 2.75 cents per share and 3.16 cents per share compared to the headline loss of 2.06 cents per share reported in the previous corresponding period. Loss per share is expected to be between 2.70 cents per share and 3.12 cents per share compared to the loss of 2.13 cents per share as reported in the previous corresponding period.|
While this is disappointing shareholders should bear in mind that the group has gone through major restructure and turnaround over the last two years which management and the board are confident will bear fruit in the coming financial year. The company is well capitalized, has a strong executive team in place and continues to experience market share growth particularly in the South African market.
While we had hoped a return to profit had been earlier we still remain confident of rewarding patient medium to long term investors and we would hope that shareholders see this loss as a base setter for a prosperous future rather than as a negative. The audited results for the year ended 31 March 2013 are expected to be released on SENS on or about 19 June 2013.
|ChemSpec advised its shareholders that it has acquired the manufacturing contract for Jack's Paints' exclusive decorative paint brands- Panache, Coverkote and Artisan for a period in excess of 10 years. In addition to this supply agreement, ChemSpec have acquired the business of TPS [Turnkey Paint Solutions], a Gauteng based manufacturing facility from Kansai Plascon.|
Jack's Paints is a 60 year old chain of paint and hardware retail stores and enjoy a strong market share via their 80 stores around SA. The Jack's brand is particularly strong in the Gauteng region, which is a major market for decorative paint. This supply agreement will provide ChemSpec with a volume increase in its decorative business and manufacturing capacity. The effective date of the acquisition shall be 1 April 2013 and agreements are currently being finalised to give effect to the transaction.
|Shareholders are advised of the following changes to the Chemspec board of directors ("the Board") with immediate effect: |
* Mr Tim McClure has resigned as non-executive director of Chemspec due to other commitments.
* The board announced the appointment of Namhla Thina Siwendu as non-executive director and a member of the Audit, Risk and Compliance and Social and Ethics Committees as well.
|Chemspec advised shareholders of the resignation of Mr TP Dykins, as an executive director of Chemspec with effect from 28 February 2013, to pursue personal interests.|
|Chemspec shareholders were advised that at the general meeting of ordinary shareholders held today, 06 December 2012, the requisite majority of ordinary shareholders passed the ordinary resolution to increase the aggregate number of unissued ordinary shares that may be reserved for the Employee Share Option Scheme, together with the shares under option, from 50 000 000 shares to 100 000 000 shares.|
|Shareholders were advised of the following changes to the Chemspec board of directors ("the board") with effect from 1 January 2013:|
Following on Chemspec's announcement of the appointment of two senior executives, Chemspec announced the appointment of Gerard Metzer as marketing director with effect 1 January 2013. He was previously Senior Executive Decorative Marketing at Kansai Plascon.
|Chemspec announced today the appointment of Baron Schreuder as CEO with effect from 1 January 2013. |
Bruce Mackinnon the current CEO will continue in his CEO role until the end of the year after which he will take up the role of COO. Similarly Jonathan Maehler who was performing the dual role of FD and COO will continue in this dual role until the end of the year when he will hand over the COO role to Bruce Mackinnon and will concentrate on the FD's role from 1 January 2013.
Chemspec went on to announce the appointment of William Waller as head of Industrial Sales. He previously was head of Industrial Sales at Plascon Paints.
|Revenue for the interim period ended 30 September 2012 increased to R236.7 million (2011: R181.9 million). Gross profit rose to R87.2 million (2011: R70.5 million), operating profit was recorded at R5 million (2011: operating loss of R4.3 million), while profit for the period grew to R943 000 (2011: loss of R15.1 million). Furthermore, total headline earnings per share was at 0.09cps (2011: headline loss per share of 3.59cps). |
No dividends were declared or paid during the interim period.
ChemSpec continues to improve its image, market penetration, corporate governance and management of the business. Shareholders are cautioned not to expect too much too soon but are assured that the company is now on sound foundations.
|Shareholders were advised that Chemspec expects to return to profit for the six month period ended 30 September 2012.|
Headline earnings for the six month period to 30 September 2012 is expected to be between 0.05 cents per share and 0.11cents per share compared to the headline loss of 3.59 cents per share reported in the previous corresponding period. Earnings per share for the six month period to 30 September 2012 is expected to be between 0.05 cents per share and 0.11 cents per share compared to the loss of 3.62 cents per share as reported in the previous corresponding period.
ChemSpec will release its interim results for the six month period ended 30 September 2012 on or about 31 October 2012.
|Shareholders are advised that, at the annual general meeting of the company, all the resolutions as set out in the amended notice of the annual general meeting were passed. The Memorandum of Incorporation will be submitted for registration at the Companies and Intellectual Property Commission in due course.|
|Shareholders are referred to the notice of annual general meeting included in the Integrated Annual Report mailed to them by the company on 29 June 2012 and are advised that an amended notice of Annual General Meeting has been mailed to them by the company today, 3 September 2012. The amended notice of annual general meeting has been posted on Chemspec's website, www.chemspecpaint.com.|
|Chemspec looks to establish more distribution networks in the rest of Africa, chairman Ivan Clark said in a Business Day article. He added that the company is in a period of growth and aims at keeping up sales to achieve good profits. According to Mr Clark, the company saw the abundant possibility of expanding in South Africa and throughout the continent. Earlier this month, Chemspec remarked that the business was reclaiming its market share and now has a growing sound customer base as it has enhanced its product offering and improved market routes, sales and back up teams and fostered customer faith that they offer the best products and services.|
|Revenue increased to R380.8 million (R306.1 million). Gross profit rose to R156.3 million (R94.7 million) and an operating profit of R6.9 million (loss of R110.6 million) was made. The net attributable loss narrowed to R14.1 million (loss of R110.2 million). In addition, the headline loss from continuing operations was much smaller at 1.12c (loss of 25.43cps). |
Annual general meeting
The annual general meeting of the company will be held at 2029 Old Mill Road, Canelands, Verulam, KwaZulu-Natal, on Friday 28 September 2012 at 11:00
Chemspec has a bright future. Shareholders were asked to be patient as the group develops its product offerings, route to market and the business's African and international footprint. The company has to do this slowly and well. There is still much to do. Chemspec is expected to continue to improve its results in the coming year.
|Chemspec advised shareholders that the company expects an improvement in the company's loss and headline loss per share for the twelve months ended 31 March 2012 of between 85% and 95% compared to the loss and headline loss per share of 29,12 cents and 27,99 cents respectively reported for the twelve months ended 31 March 2011. The positive improvement is in accordance with the board's commitment to return the company to business as usual and position it for future growth. The audited results of Chemspec for the twelve months ended 31 March 2012 will be released on SENS on or about 5 June 2012.|
|AkzoNobel, the world's leading coatings company, and Chemspec, a leading South African coatings company, have announced that they have entered into a distribution agreement for Sikkens, an 'A' brand automotive refinish product manufactured by AkzoNobel, in South Africa. The agreement is effective 15 March 2012. |
|Shareholders are advised of the following appointment to the Chemspec board with effect from 12 March 2012: |
* Mr. Sipho Eric Sono (CA(SA)), as independent non-executive director and chairman of the audit and risk committee.
|Chemspec is announced that it's 1 for 1 rights issue at 40 cents was fully subscribed. The total of the rights offer shares exercised as well as excess rights offer shares applied for represented 115% of shares available. The rights offer, together with the specific issue previously completed, has resulted in: |
*Shareholder loans being capitalised.
*The IDC taking up 150 million shares and introducing R60 million of share capital.
*Other shareholders having the opportunity to and taking up shares pari passu with the shareholders who had originally introduced loan capital and the IDC.
The net result is that Chemspec has had fresh capital of R261 million introduced to the business which has allowed it to settle short term debt and provide sufficient cash and a good financial platform for future growth.
|Holders of ordinary shares in the company were advised that Basfour 2052 CC trading as Clark Investments and Industrial Development Corporation of South Africa Ltd ("the IDC"), have acquired a beneficial interests in ordinary shares of the company ("the securities"), such that all its beneficial interests of the securities of the company amount to 12.06% and 14% of the total number of shares in issue, respectively.|
|Notice was given as required in terms of section 45(5) of the Act that the board of ChemSpec has resolved in terms of section 45(2) of the Act to authorise ChemSpec to provide financial assistance to persons who are related or inter-related to ChemSpec pursuant to the authority granted to the board of ChemSpec by its shareholders at a general shareholders meeting held on 17th October 2011. |
Financial assistance for the purpose of this resolution, refers to loans to subsidiary companies as well as the cross suretyship by and between Chemspec House of Paint (Pty) Ltd and Chemspec Paint - Abrasive (Pty) Ltd and the Company, and reversionary cessions of debts by Chemspec House of Paint (Pty) Ltd and Chemspec Paint - Abrasive (Pty) Ltd in favour of Rand Merchant Bank for a loan facility granted to the company.
|Revenue for the interim period ended 30 September 2011 increased to R186.6 million (2010: R151.4 million). Gross profit rose to R73.1 million (2010: R44.6 million), operating loss narrowed to R8.6 million (2010: R52.8 million), while loss for the period lowered to R15.1 million (2010: R46.8 million). Furthermore, headline loss per share fell to 3.59cps (2010: 14.04cps). |
All in all Chemspec has covered massive ground in its turnaround process. Although not all the actions have filtered through to the financials, the actions that have been implemented will reflect in the coming months. Chemspec's new sales strategy is beginning to reap rewards. Considerable marketing is being done and the company is seeing the fruits of their efforts turning into orders. Chemspec expect these orders to continue to grow. It is envisaged that at current trade levels and after the completion of the rights offer they will achieve a monthly breakeven position which will preserve the restructured balance sheet and allow them to take advantage of the many opportunities available for growth in the new year. With a turned around income statement, a solid balance sheet, and the backing of its main shareholders - being RMB Corvest, Clark investments and the IDC, Chemspec is well positioned for greater things to come.
Chemspec seeks to raise approximately R214.3 million by way of a rights offer. In terms of the rights offer, 535 630 824 new Chemspec no par value ordinary shares in the authorised but unissued share capital of the company were offered for subscription to Chemspec shareholders recorded in the register at the close of trade on Friday, 28 October 2011. These shareholders will receive rights to subscribe for the rights offer shares on the basis of one rights offer share for every one Chemspec ordinary share held, at 40 cents per rights offer share.
|Chemspec advised shareholders that the company expects an improvement in the company's loss and headline loss per share for the six months ended 30 September 2011 ("the interim period") of between 70% and 80% compared to the loss and headline loss per share of 14.04 cents reported for the six months ended 30 September 2010. The unaudited results of Chemspec for the six months ended 30 September 2011 will be released on SENS on or about 31 October 2011.|
|Shareholders were referred to the announcements previously released by Chemspec on SENS in respect of: |
*the convening of a general meeting of shareholders to approve:
**the conversion of the authorised and issued share capital from par value to no par value ordinary shares and the increase of the authorised share capital from 1 000 000 000 ordinary shares to 1 500 000 000 ordinary shares of no par value;
**the specific issues of ordinary shares for approximately R46.8 million to the Industrial Developmental Corporation of South Africa Ltd ("the IDC") and Clark Investments ("the specific issues"); and
**the adoption of an employee share option scheme; and
*a capital raising of approximately R214.3 million by way of a rights offer ("the rights offer").
Chemspec shareholders were advised that at the general meeting held on 17 October 2011, all the resolutions proposed, were passed by the requisite majorities and where applicable, registered by the Companies and Intellectual Property Commission. Accordingly, all the suspensive conditions to the rights offer have been fulfilled.
Clark Investments, Corvest 6 (Pty) Ltd and the IDC have irrevocably committed to follow their rights in the aggregate of R120.8 million. In addition, Clark Investments have partially underwritten the rights offer in the amount of R10 million, at no consideration. The underwriting is subordinate to first satisfying all excess rights offer shares applied for.
Chemspec shareholders will be permitted to apply for new ChemSpec shares in excess of their entitlement. Should there be excess rights offer shares available for allocation, these will be allocated to applicants in a manner viewed as equitable in terms of the Listing Requirements of the JSE Ltd. The salient dates and times applicable to the rights offer remain as before.
|Chemspec shareholders are advised that at the annual general meeting of ordinary shareholders held on Thursday, 29 September 2011, the requisite majority of ordinary shareholders passed the resolutions as set out in the notice included in the 2011 annual report posted to shareholders on 21 June 2011. It is to be noted that ordinary resolution 12, giving directors a general authority to issue shares or other equity for cash and special resolution 3, authorising the company or any of its subsidiaries to repurchase issued shares, were withdrawn.|
|ChemSpec and Mica announced that they had reached an agreement in principal regarding the sale to Mica Holdings Ltd of ChemSpec Franchises under the brand name House of Paint. The agreement will see both owned and franchised stores trading under these brand names, continuing business as usual, but with the backing of the well established management infrastructure of Mica. |
Stores currently owned by ChemSpec will be governed by a Franchise Agreement between ChemSpec and Mica and will in time be sold off to independent Franchisees. Currently Franchised stores will continue with business as usual in a seamless transaction for franchisees` customers and suppliers. This deal is effective 1 October 2011.
|Shareholders are referred to the announcement released on SENS ("SENS") of the JSE Ltd ("JSE") on 15 August 2011 whereby shareholders were advised of: |
*the conversion of share capital from par value to no par value shares, an increase in the authorised share capital, proposed specific issues of shares for cash, the adoption of an employee share option scheme; and
*a rights offer.
Specific issues for cash and other corporate actions
*Shareholders are advised that the company has concluded a convertible loan agreement and share subscription agreement in an amount of R30m with the Industrial Development Corporation ("the IDC").
*Chemspec will be issuing a circular and notice convening a general shareholders' meeting to be held at 10h00 on Monday, 17 October 2011 at 2029 Old Mill Road, Canelands, Verulam, 4339 which will be posted to shareholders on or about Friday, 16 September 2011 to:
**convert the authorised and issued share capital from par value to no par value shares and increase the authorised share capital from 1 000 000 000 ordinary shares to 1 500 000 000 ordinary shares of no par value;
**approve the specific issues of shares for cash; and
**adopt the employee share option scheme.
It is planned to proceed with the rights offer and a further SENS announcement will be made shortly in this regard to be followed by a circular which will be posted to shareholders thereafter.
|Mr Darryn Coyle-Dowling, a non-executive director has been appointed as executive commercial director to the board with effect from 15 August 2011. John Jones and Tim McClure (DipM Law) have been appointed as independent non-executive directors to the board with effect from 15 August 2011.|
Mr B D Drury has resigned as company secretary with effect from 15 August 2011. Statucor (Pty) Ltd has been appointed as company secretary to Chemspec with effect from 15 August 2011.
|Revenue declined to R318.5 million (R394.3 million) and gross profit fell to R99 million (R170.8 million). The operating loss for the period widened to R124.1 million (loss of R34.6 million), while a total loss for the period grew to R110.2 million (loss of R39.7 million). In addition, headline loss per share increased to 27.99cps (loss of 12.95cps).|
No dividend has been declared.
It is expected that the turnaround programme will set a foundation for the group to return to profitability in the medium term. The stronger financial structure of the group will aid in its sustainability. The group continues to make changes to improve its image and brand. The changes that have been effected are designed to launch the group towards being a globally recognised and respected group.
|Shareholders are advised that Mr. Graham Edward Ferns has resigned with effect from 31 May 2011. With effect from 1 June 2001, the following directors have been appointed to the board: |
*Jonathan Maehler - financial director
*Timothy Dykins - non-executive director
|Chemspec advised shareholders that QuestCo Sponsors (Pty) Ltd ("QuestCo Sponsors") has resigned as designated adviser to the company with immediate effect. The company is in the process of appointing another designated adviser.|
|21 Dec 2010 17:54:42|
|Revenue for the interim period plunged to R151.4 million (2009: R218 million). Gross profit halved to R44.6 million (2009: R95.2 million), while loss for the period increased to R46.8 million (2009: loss of R12.1 million). Furthermore, headline loss per share weakened to 14.04cps (2009: loss of 3.90cps).|
No dividend was declared.
|15 Dec 2010 16:13:53|
|In terms of paragraph 3.4 (b) of the JSE Limited Listings Requirements, companies are required to publish a trading statement as soon as they are satisfied that a reasonable degree of certainty exists that the financial results for the period to be reported on next will differ by at least 20% from the financial results for the previous corresponding period. Attention is drawn to the fact that the interim results for the previous corresponding period (6 months ended 30 September 2009) have been restated. The earnings per share ("EPS") previously reported was 7.45 cents and was restated to a loss per share ("LPS") of 3.91 cents. The reason for this is that insurance claims, which were recognised as other income in the 2009 interim period, were de-recognised in the financial results for the year ended 31 March 2010. A detailed reconciliation between the original 2009 interim results and the restated 2009 interim results will be included in the 2010 interim financial results announcement. |
Shareholders are hereby advised that Chemspec is currently finalising its interim results for the period ended 30 September 2010. It is expected that the LPS for the six month period ended 30 September 2010 will be between 12.01 and 14.04 cents compared to the restated comparative period LPS of 3.91 cents (original EPS was 7.45 cents). The headline loss per share ("HLPS") for the period is expected to be between 12.12 and 14.04 cents compared to the restated comparative period HLPS of 3.90 cents (original headline earnings per share was 7.44). This trading statement has not been reviewed or reported on the Group's external auditors. The interim financial results are expected to be released on or before 31 December 2010.
|04 Nov 2010 15:58:35|
|Shareholders are advised that Strath Wood has decided to step down as the chief executive officer of Chemspec due to ill health. In addition, Strath Wood has taken the opportunity to resign as a director of the company. The board has appointed Bruce Mackinnon as chief executive officer with effect from 5 November 2010. Neil Page will act as chairman until further notice.|
|29 Oct 2010 15:35:19|
|Shareholders are advised that all of the resolutions tabled at the AGM on Friday, 29 October 2010, were passed by the requisite majority of shareholders. The special resolution will be lodged with CIPRO for registration as soon as is possible.|
|30 Sep 2010 11:25:48|
|Shareholders are advised that the Annual Report for the year ended 31 March 2010 was dispatched on 30 September 2010 and contains no modifications to the reviewed provisional results published on 13 July 2010. The Annual Report will also be available to download from the company website at www.chemspecpaint.com.|
Notice is hereby given that the annual general meeting of shareholders of Chemspec will be held at the company's registered office, 2029 Old Mill Road, Canelands, Durban at 11:00 am on 29 October 2010, to conduct the business stated in the notice of the annual general meeting, which is contained in the Annual Report.
|16 Aug 2010 17:55:39|
|Chemspec shareholders are referred to the Chemspec circular to Chemspec shareholders dated 28 June 2010 ("the Circular") and the announcements dated 13 April 2010, 25 June 2010, 29 June 2010 and 27 July 2010 ("the announcements"), relating to the partially underwritten renounceable rights offer ("the rights offer"). The rights offer closed at 12:00 on Friday, 13 August 2010, and the results showed that the rights offer shares and excess allocations have being taken up.|
The SRP has considered the application for the waiver in terms of Rule 8.7 of the SRP Code and has granted such a waiver as disclosed in the circular and announcements.
|27 Jul 2010 15:24:50|
|Chemspec shareholders ("the Chemspec Shareholders") are referred to the Chemspec Rights Offer circular to Chemspec Shareholders dated 28 June 2010 ("the Circular"). All of the resolutions tabled to approve and implement the corporate actions set forth in the Circular were passed by the requisite majority of shareholders. 99.99% of Chemspec shareholders voted in favour of all the resolutions proposed at the special general meeting held today ("the General Meeting"). |
At the general meeting, 99.99% of independent Chemspec Shareholders, as contemplated in the Securities Regulation Panel ("SRP") Code and, in terms of Rule 8.1 of the SRP Code, have voted in favour of the waiver of a mandatory offer resolution as more fully described in the Circular. In terms of, inter alia, Rule 8.7 of the SRP Code the SRP may waive the requirement to make a mandatory offer if (inter alia) such waiver is supported by a majority of independent shareholders in general meeting. The SRP has advised that it will be willing to consider an application to grant the abovementioned waiver, subject to independent Chemspec Shareholders (as contemplated in the Circular) passing an ordinary resolution in general meeting approving a waiver of their right to require Corvest and/or RMBAM (as defined in the Circular) to make a mandatory offer at 90 cents per Chemspec share under Rule 8.1 of the SRP Code ("the Mandatory Offer").
Prior to granting this waiver, the SRP will consider any objections or representations made by parties as contemplated below:
Any interested party who wishes to object to the dispensation shall have at least 14 (fourteen) calendar days from the date of this announcement to raise such an objection with the SRP.
|13 Jul 2010 10:31:14|
|In terms of the rights offer 111 111 111 ChemSpec ordinary shares has been offered for subscription to existing ChemSpec shareholders recorded as such at close of trade on 9 July 2010. The subscription price will be 90 cents per rights offer share. Certain shareholders representing 78% of the shares in issue having provided ChemSpec with irrevocable undertakings to follow their rights. Proceeds of the rights offer will mainly be applied to repay a portion of ChemSpec's short term debt and restore adequate working capital, thus enabling the company to adequately fund the growth in demand for its products and continue with its local and international growth strategy.|
|13 Jul 2010 09:53:07|
|Revenue declined to R394 million (2009: R617 million), while gross profit also dropped to R171 million (2009: R246 million). The company reported an operating loss of R214 million (2009: loss of R220 million) and also recorded a net loss attributable to ordinary shareholders of R40 million (2009: net profit of R34 million). HEPS fell to a loss of 12.95cps (2009: profit of 6.20cps), while EPS also declined to a loss of 12.82cps (2009: profit of 11.05cps). |
No dividend has been declared for the period under review
The creation of new capacity at the Canelands facility together with the inflow of cash from the rights issue will put the company in a strong position to take advantage of growth opportunities in the market. The company is focussed on regaining customers lost as a result of the inability to meet the demand from these customers over the past year as well as increasing sales to existing customers. There will be significant focus on the retail strategy to grow the business through both franchise and company owned stores. This strategy will be supported by ongoing marketing initiatives to enhance and grow the reputation of the company brands. The export market will receive additional focus through the appointment of a business unit manager to grow the Africa and Middle East business. The improvement in stock levels will enable us to better service and grow our existing international markets through regular supply of good quality product. In addition we continue to explore export opportunities to new markets as well as new customers in existing markets. Organic growth is expected through our automotive refinish products, specifically our product offerings of our premium brands metalux and hydrolux, both of which are now expected to make strong gains internationally through improved distribution channels and focus on the refinisher to ensure system adherence. There is also a move towards low VOC environmentally friendly paint systems in the international markets, and this will result in further gains for hydrolux. The group's premium product ranges are excellently complemented by our extensive colour documentation and retrieval system. We are internationally recognised as having one of the best value brand offerings in the world today.
|02 Jul 2010 17:32:27|
|Graham Marwick has decided that it is best that he step down as the chairman of the Chemspec board of directors due to other business commitments. The board has therefore agreed to his request to be able to stand down and the company has initiated proceedings to appoint a suitable replacement. Until such appointment, Mr Strath Wood will serve as chairman.|
|30 Jun 2010 17:38:52|
|Shareholders are advised that a loss of approximately 12.82 cents per share after the above adjustment was incurred for the year ended 31 March 2010 compared to the earnings per share of 12.91c for the year ended 31 March 2009. Similarly, the headline loss per share is expected to be approximately 12.9c per share for year ended 31 March 2010 compared to the headline profit of 8.05c per share for the year ended 31 March 2009. |
During the year ended 31 March 2010 the production capacity for the group was reduced significantly as a direct result of the fire and this had a significant impact on sales. The company has now completed its new world class manufacturing facility based at Canelands using the latest technology in manufacturing equipment and has significantly increased its production capacity which is now fully operational. The group continues to enjoy strong demand for its products and the directors remain confident of the groups growth prospects.
The return to normal production at an increased level and the group's financial position together with the ultimate settlement of the insurance claim provides a sound platform for the future. The financial information on which this trading statement is based has been reviewed by the company's auditors.
|29 Jun 2010 15:05:55|
|Shareholders are referred to the finalisation announcement dated 25 June 2010 insofar as the rights offer and specific placing is concerned ("the finalisation announcement"). All of the terms referred to in this announcement bear the same meaning to the terms as defined in the finalisation announcement. Further to the above, shareholders are advised that: |
*CIPRO approval to proceed with the rights offer and the specific placing has been duly obtained; and
*the circular document was printed and has been posted today to all Chemspec shareholders.
Accordingly, it is confirmed that the rights offer and specific placing is to proceed in accordance with the salient dates and times as set out in the finalisation announcement.
|25 Jun 2010 13:48:38|
|22 Jun 2010 14:15:55|
|Shareholders are referred to the progress report dated 1 June 2010 ("the progress report") regarding the proposed rights offer and potential specific issue for cash. Further to the progress report, shareholders are informed that:|
*The draft circular and related documents that required final approval for the rights offer and the potential specific issue ("the transaction documents") have been approved by the Johannesburg Securities Exchange Limited and the Securities Regulation Panel ("SRP").
*The transaction documents will be submitted today to the Registrar of Companies ("CIPRO") for its final approval, which is expected to be obtained by Thursday 24 June 2010.
As soon as the aforementioned CIPRO approval has been obtained, a detailed announcement will be made to shareholders confirming such approval, the salient dates and times as well as the pro forma financial effects of the proposed rights offer and the potential specific issue.
|01 Jun 2010 15:42:15|
|01 Jun 2010 09:43:14|
|According to Business Report, ChemSpec has run into trouble again. This time concerns have been raised about the appointment of auditor Gary Marwick as chairman of the company. Marwick was the auditor of the collapsed Ponzi scheme Edwafin and was barred by the KwaZulu-Natal Law Society from issuing audit certificates to law firms. Some Key shareholders declined to comment as they were unaware of Marwick's past. However, Neil Page, the managing director of RMB Corvest, a significant shareholder, said that he is unconcerned about Marwick's appointment. ChemSpec has had troubles since listing on the AltX in 2008.|
|21 May 2010 08:45:27|
|Shareholders are referred to the announcement dated 12 May 2010 insofar the appointment of board members and the results of the General meeting is concerned. As stated in the 12 May 2010 announcement, Graham Ferns was appointed as Financial Director of Chemspec. Graham's appointment is as a result of Bruce Mackinnon's new appointment as Group Managing Director of Chemspec. Shareholders are therefore advised that Bruce Mackinnon, who previously acted as Chemspec's Financial Director, will forthwith act as Group Managing Director. |
|12 May 2010 16:04:29|
|Shareholders are advised that the following appointments to the Chemspec board of directors ("the Chemspec board") have been made with immediate effect: |
* Neil Page, as non - executive director to the Chemspec board who is also managing director of RMB Corvest 6 (Pty) Ltd ("RMB Corvest");
* Graham Marwick, as independent chairman of the Chemspec board; and
* Graham Ferns, as financial director to the Chemspec board.
Results of the general meeting
Shareholders are advised that all of the resolutions tabled at the special general meeting held on Tuesday, 11 May 2010, were passed by the requisite majority of shareholders.
|30 Apr 2010 08:11:06|
|The board of directors of Chemspec has decided to raise approximately R109 million from its shareholders under the proposed rights offer and the specific issue. Further to the rights offer announcement, a notice of a general meeting of the company together with the required proxy forms were posted to shareholders on Friday 23 April 2010. The general meeting is set to be held at 11:00 on Tuesday, 11 May 2010 in the company's boardroom at the registered office, 2029 Old Mill Road, Canelands, to consider and, if deemed fit, to pass with or without modification, the ordinary resolutions referred to therein. The sole purpose of the meeting is to afford shareholders the opportunity to vote on the resolutions which will (if passed) grant a general authority to directors to issue (pursuant to the proposed rights offer and specific issue) a maximum amount of 121 111 111of the authorised, but unissued ordinary shares in the share capital of the company. The shares will be placed under the control of the directors of the company as a general authority in terms of section 221 of the companies Act (Act 61 of 1973), as amended, with the authority to allot and issue such shares pursuant to the proposed rights offer and specific issue of shares for cash. |
As set out in the rights offer announcement, further details of the proposed rights offer and the specific issue will be communicated to shareholders in due course. The relevant documentation is being finalised and will be sent to shareholders as soon as possible.
|13 Apr 2010 17:32:10|
|Particulars of the rights offer |
*Amount to be raised - +/-R100 000 000
*Total number of shares available to shareholders registered on the last day to trade* - 111 111 111
*Ratio of entitlement shares for every 100 - 35.84229 rights offer
*Rights offer price offer share (being a 14% discount to the 30 day VWAP) - 90 cents per rights
The proposed rights offer is not subject to a minimum subscription amount to be raised and rights offer shares will rank pari passu with the existing issued Chemspec ordinary shares. Excess applications will be allowed.
The proposed rights offer, the underwriting agreement and the specific issue is conditional upon, inter alia:
*The approval by the JSE of the required documentation so as to implement the proposed rights offer and the specific issue including approval of the listing of the new shares
*The passing of any necessary shareholder resolutions required to implement the proposed rights offer, the specific issue and the underwriting agreement
*The registration by the registrar of companies of all documents and resolutions required in respect of the proposed rights offer and the specific issue
*South African Reserve Bank approval and other regulatory approvals that may be required
*Obtaining all approvals required in terms of the code and obtaining all waivers required to ensure that no mandatory offers are required pursuant to the proposed rights offer or the specific issue.
The proposed rights offer and specific issue may have a material effect on the price of Chemspec shares. Shareholders are accordingly advised to exercise caution when dealing in their Chemspec shares until a further detailed announcement setting out the salient dates and times as well as the detailed pro forma financial effects of the proposed rights offer is made. The further detailed announcement will be made in due course.
|01 Mar 2010 11:21:13|
|ChemSpec CEO Strath Wood said in Finweek that the US is going to be the company's growth market in the future. Despite the current recession, demand from the US for its leading automotive paint brand, Metalux, is strong. Wood says that automotive paint will become an even more important source of the company's revenue if future, from around 40% in 2009.|
|15 Feb 2010 08:30:11|
|Business Report highlighted that Chemspec expects the US market, where it is already operating in 27 states, to be its main growth opportunity in years ahead. Currently Chemspec earns 40% of its revenue from automotive paints and the balance from decorative, industrial and wood finish paints.Strath Wood, the chief executive said the firm was able to break into the US market by offering its' products 50% cheaper than competitors, which was the only way to incentivise customers there to switch products. Chemspec currently has 34 stores and expects to open a further 160 stores in the next four to five years.|
|17 Dec 2009 17:07:46|
|Revenue declined to R218 million (R322.5 million), but operating profit rose to R45.9 million (R41.3 million). Net attributable profit declined to R23.1 million (R27.3 million). In addition, basic and diluted headline earnings per share dropped to 7.44cps (5.75cps). |
In a time where, globally, markets reposition and consumers alter their spending habits permanently, ChemSpec has chosen to strengthen the foundations of the business to enable it to meet these new challenges from a position of sustainability and strength. Organic growth is expected through our automotive refinish products, specifically the new locally developed water-based system, Hydrolux. The roll out of Hydrolux was delayed due to the fire at the Jaco Place facility, but is now expected to make strong gains internationally. The group's product range is excellently complemented by the extensive colour system. ChemSpec is internationally recognised as having one of the best value brand offerings in the world today. Of great strategic importance is the consolidation of the group's factories into one world class manufacturing facility which is leading to improved efficiencies, reduced overhead costs and the anticipated quantum leap in production capacity.
|01 Dec 2009 08:20:09|
|Chemspec CE, Strath Wood, is embroiled in a string of legal battles that allege broken contracts and poor quality products. Business Report wrote that two matters came before the Pietermartzburg High Court in November 2009. This brings the total number of cases that Wood has had to deal with in, either as CE of the company or in his personal capacity, to seven.|
|05 Oct 2009 12:19:49|
|ChemSpec shareholders are referred to the ChemSpec circular to shareholders dated 18 September 2009 regarding the disposal of the Canelands property ("the disposal"). All of the resolutions tabled to approve and implement the disposal at the general meeting held on Monday, 5 October 2009 were passed by the requisite majority of shareholders.|
|17 Sep 2009 16:54:17|
|Chemspec shareholders are advised that resolutions 1, 2, 3, 4 and 6 as set forth in the notice to Chemspec shareholders, dated 2 July 2009 as tabled at the Chemspec annual general meeting held on Thursday 17 September 2009, were passed by the requisite majority of shareholders. However, special resolution number 1, relating to the general authority of the company to re-purchase its shares, and ordinary resolution number 5, relating to the re-appointment of BDO Spencer Steward (KZN) Inc, were not passed. |
In line with good corporate governance practices the Chemspec board has decide to rotate auditors and has appointed KPMG Inc (KZN) as the auditors to Chemspec in terms of Section 271 of the Companies Act 61 of 1973 (as amended). KPMG Inc has accepted the appointment.
|12 Aug 2009 10:39:32|
|30 Jun 2009 17:33:13|
|Group revenue of R617.5 million is 6.4% up on the year ended March 2008. The group's headline earnings per share decreased by 13% to 8.05c from 9.25c. In view of the board's strategy to retain capital for investment in global business growth, no dividend has been declared for the year.|
|26 Jun 2009 16:30:02|
|The board of directors of ChemSpec are pleased to announce the appointment of Mr. Robert Simpson to the board as an executive director with effect from 24 June 2009.|
|26 Jun 2009 15:02:22|
|Profit after taxation is expected to increase to between R38 million and R41 million compared with the audited PAT and loss amounting to R23.7 million and R3.4 million for the 2008 and 2007 financial years, respectively. Earnings per share is expected to be between 12.5 to 14 cents per share compared with the earnings and loss per share of 10 cents and 2.1 cents per share for the 2008 and 2007 financial years, respectively. This amounts to an increase in the 2009 financial year of between 25% and 40% and is based on the weighted average number of shares in issue of 306.4 million shares in the 2009 financial year (2008 : 240.2 million). |
Headline earnings is expected to increase to between R24 million and R27 million compared with the audited headline earnings and headline loss amounting to R22.2 million and R5.8 million for the 2008 and 2007 financial years, respectively. Headline earnings per share is expected to be between 8 to 9 cents per share compared with the headline earnings per share of 9.25 cents per share for the 2008 financial year.
|19 May 2009 11:02:58|
|Shareholders are advised that David John Randles has resigned as an executive director of ChemSpec and will remain with the company as group legal advisor.|
|04 May 2009 17:25:51|
|08 Apr 2009 17:51:09|
|Further to the previous cautionary announcements, shareholders are advised that Chemspec has concluded the sale of its Canelands manufacturing site for an amount of R130 000 000. The detailed terms and conditions and financial effects of this transaction will be announced shortly. Accordingly, shareholders are advised to continue to exercise caution when dealing in the company's securities until a full announcement is made.|
|24 Feb 2009 17:05:25|
|Further to the announcements made on 28 October 2008, 26 November 2008 and 13 January 2009, shareholders are advised that ChemSpec is still in negotiations, which if successfully concluded, will have a material effect on the price of ChemSpec's securities. Accordingly, shareholders are advised to continue to exercise caution when dealing in the company`s securities until a full announcement is made.|
|13 Jan 2009 14:45:59|
|Shareholders are advised that ChemSpec is still in negotiations, which if successfully concluded, may have a material effect on the price of ChemSpec's securities. Shareholders are advised to continue to exercise caution when dealing in the company's securities until a full announcement is made.|
|26 Nov 2008 17:08:54|
|Shareholders are advised that Jonathan Maehler has resigned as financial director of ChemSpec with effect from 26 September 2008 to pursue a family interest. His father-in-law who owns his own Durban based building construction material company has become ill over the last few months and Jonathan has decided to join the family business to assist in running it. Bruce Mackinnon, who was the financial manager prior to Jonathan joining Chemspec in December 2007, will take back this responsibility until further notice and Maehler will assist with a proper handover of his responsibilities as required. |
Shareholders are referred to the cautionary announcement made on 28 October 2008 and are advised that ChemSpec is still in negotiations, which if successfully concluded, may have a material effect on the price of ChemSpec's securities. Accordingly, shareholders are advised to continue exercising caution when dealing in the company's securities until a full announcement is made.
|25 Nov 2008 16:08:01|
|Revenue continues to be driven by growth in the automotive refinish segment, which grew 28% when compared with the comparative period. Trading results show the impact of the group's strategy to expand its product offering into the global market and to grow its international presence, with revenue from external international customers continuing to grow by 61% when compared with the comparative period. The group reported revenue of R322.53 million (R275.73 million) with earnings per share of 9.05c (4.41c). |
In view of the fact that the group only listed in November and the board's strategy to retain capital for investment in global business growth, no dividend has been declared for this interim period. The board is, however, committed to adopt its dividend policy and target dividend cover of approximately three times subject to meeting its capital management objectives.
Whilst the global trading environment continues to go through a period of great difficulty and uncertainty, the focus of ChemSpec's business remains on growing its international automotive refinish market. The group's dynamic brands in this sector deliver comparable quality and ease-of-use when measured against the leading brands in this category. ChemSpec's excellent product quality, coupled with a outstanding pricing model which is approximately 50% lower than its international competitors, means that the group is becoming an irresistible choice for the newly created value-conscious international market. New research shows that the market has moved from big brand, high cost products to value brands that offer high quality at a fair price, as can be seen by the substantial growth in our international markets. The board will, of course, be monitoring the granting of credit in these difficult times by instituting credit checks on customers and their bank. A vigilant eye on margins and minimisation of operating costs will continue in earnest and management expect further improvement in efficiencies from the new Canelands plant. Continued investment in technology and the development of the group's products is a priority along with effective brand management.
|28 Oct 2008 17:55:37|
|ChemSpec has licensed a Nigerian manufacturer to produce decorative and automotive paint products in Nigeria for sale in that territory. Shareholders are further advised that ChemSpec has entered into negotiations, which if successfully concluded, may have a material effect on the price of ChemSpec's securities. Accordingly, shareholders are advised to exercise caution when dealing in the company's securities until a full announcement is made Shareholders are further advised that Ivan Clark resigned as chairman of ChemSpec with effect from 27 October 2008. Strath Wood will be assuming responsibility for the role of chairman.|
|22 Jul 2008 16:31:59|
|Shareholders are advised that ChemSpec has secured its first one million rand export order of METALUX 2, the company's premium automotive refinish product, into the Mauritian market. The company has also secured its second order of METALUX 2 into the Chinese market. Furthermore, ChemSpec has entered into discussions with a multimillion dollar company based in South East Asia to partner it in the distribution of its water based automotive refinish product ,HYDROLUX, into that region. This established chemicals company is a leader in the coatings industry and already has well developed distribution channels into the automotive industry in South East Asia through its other product offerings. HYDROLUX testing will commence in August, with trial runs scheduled for October and a full launch planned for December of this year. This is in accordance with the company's strategy to expand its product offerings into the global market and grow its international presence. It will also contribute towards the consolidation of ChemSpec's market leading export position in the South African coatings sector and encourage further expansion of the company's international footprint. ChemSpec will take advantage of its established and effective distribution structure to successfully market the range of Automotive refinish products and will continue to look for new avenues abroad. The products are environmentally friendly and use advanced technologies thereby meeting ChemSpec's commitment to Global Environmental policies. ChemSpec has facilities available in South Africa to manufacture the range of automotive refinish products. The company has also started to manufacture these products in the United States of America.|
|22 Jul 2008 16:28:33|
|The board announced the appointment of Ivan Clark as independent non-executive chairman of ChemSpec. The board is confident that Clark's expertise will bring significant additional strategic input to the business. |
Clark is presently chairman of Grindrod Ltd and Grindrod Bank Ltd. He joined the Grindrod group in 1977 and rose through the ranks to CEO in 1999. He retired in 2006. He is a past winner of the KZN Business Man of the Year award by British Airways/Natal Mercury and was a finalist in the South African Entrepreneur of the Year award in 2006. During his time at the helm of Grindrod, the business grew from turnover of R100 million to R8 billion and is presently worth over R12 billion. During this time, Grindrod was awarded Top Listed Company in South Africa in 2005 and 2006, the Financial Mail's Top Company for 2005, 2006 and 2007, the top KZN Company in 2005 and the No 1, Listed Shipping Company of the World by Marine Money International in 2005 and 2006.
|25 Jun 2008 07:26:34|
|Shareholders are referred to the cautionary announcements dated 31 March 2008, 8 May 2008 and 13 June 2008 and are advised that as the negotiations referred to therein have been terminated, caution is no longer required to be exercised by shareholders when dealing in their securities.|
|19 Jun 2008 17:56:14|
|Shareholders are advised that the date of the Annual General Meeting has been moved from Thursday, 31 July 2008, as previously announced, to Friday, 31 October 2008. The venue and time remain unchanged.|
|13 Jun 2008 13:49:35|
|Further to the announcements made on 31 March 2008 and 8 May 2008, shareholders are advised that ChemSpec is still in negotiations, which if successfully concluded, may have a material effect on the price of ChemSpec's securities. Accordingly, shareholders are advised to continue to exercise caution when dealing in the company's securities until a full announcement in this regard is made.|
|03 Jun 2008 07:37:03|
|Group revenue of R580.2 million is marginally below revenue for the 15-month period ended March 2007, but shows positive growth of 23% when compared with the 12-month comparative period. The impact of the fire in our Phoenix plant reduced revenue by R25 million. The proceeds from the listing in November 2007 were used to settle long-term, high interest-bearing debt. This has favourably impacted the financing costs, which reduced by 9% to R29.3 million when compared with the 12-month comparative period. The group?s headline earnings increased to R22.2 million from a loss of R7.2 million in the prior 15-month period and exceeded the forecasted headline earnings of R20.3 million set out in its prelisting statement by 10%. The group?s headline earnings per share increased to 9.25 cents per share from a loss of 3.6 cents. |
In view of the fact that the group only listed in November and the board?s strategy to retain capital for investment in global business growth, no dividend has been declared for this year.
The group has clearly defined organisational plans to deliver on its strategy and to achieve its short-and medium-term objectives. Whilst the local trading environment is expected to see the impact of higher interest rates and reduced consumer spending, the international market is being targeted for significant growth, driven on the back of established distribution structures and a highly successful range of automotive refinish products.
|14 May 2008 12:17:03|
|Finweek noted mounting market speculation pointing to ChemSpec as the centre of an "audacious industry consolidation bid". Sources suggest a deal with Freeworld Coatings Ltd ("Freeworld") is on the cards. However, Freeworld is not trading under cautionary, whereas ChemSpec has been since 31 March 2008. This implies a deal could be some time off. It should also be noted that Freeworld is five times bigger than ChemSpec and could be to big for it to swallow. However, many Freeworld investors could be open to an offer for the company as they inherited the shares as part of Barloworld Ltd's unbundling. ChemSpec would like to consolidate its manufacturing facilities and Freeworld has excess capacity that could help in accomplishing that goal.|
|08 May 2008 14:30:35|
|Shareholders are advised that ChemSpec has secured its first export order of METALUX 2, the company?s premium automotive refinish product, into the Chinese market. This is, in accordance with the company?s strategy to expand its product offerings into the global market and grow its international presence. It will also contribute towards the consolidation of ChemSpec`s market leading export position in the South African coatings sector and encourage further expansion of the company?s international footprint. Shareholders are referred to the cautionary announcement dated 31 March 2008 and are advised that the company is continuing with negotiations with third parties which, if successfully concluded, may have a material effect on the price of the company?s securities. Accordingly, shareholders are advised to continue to exercise caution when dealing in the company?s securities until a full announcement is made.|
|07 May 2008 08:19:47|
|Shareholders are advised that Chemspec anticipates an increase in basic earnings per share of between 1 413% and 1 433% and an increase in headline earnings per share of between 394% and 414% for the year ended 31 March 2008, as compared to the corresponding pro forma historical income statement in the Chemspec Pre-Listing Statement for the 12 months ended 31 March 2007. The release of the final results for the year ended 31 March 2008 is expected to be published on or about 02 June 2008.|
|31 Mar 2008 15:31:08|
|Shareholders are advised that ChemSpec has entered into negotiations, which if successfully concluded, may have a material effect on the price of ChemSpec's securities. Accordingly, shareholders are advised to exercise caution when dealing in the company's securities until a full announcement is made.|
|12 Mar 2008 15:35:44|
|ChemSpec announced the following changes to the board of directors: |
*With the earlier appointment of Jonathan Maehler as financial director, Bruce Mackinnon, the former financial director, has been appointed deputy managing director, to provide support to the CEO, Strath Wood;
*David Randles has been appointed an executive director with effect from 11 March 2008;
*Ralton Bentley has resigned as an executive director with effect from 11 March 2008;
*Michael Oldham, a non-executive director, has been appointed the chair of the Audit and Risk Committee and a member of the Remuneration Committee; and
*Anand Moodley, a non-executive director, has been appointed a member of the Audit and Risk Committee and the chair of the Remuneration Committee.
|14 Feb 2008 09:40:04|
|Mr Anand Moodley has been appointed as an independent non-executive director with effect from 08 February 2008, and Mr Kgosi Monemetsi has resigned as a director with effect from 08 February 2008.|
|05 Oct 2010 11:21:45|
|The ChemSpec group is one of Africa's largest paint and coatings companies and manufactures a vast range of high-technology automotive, industrial and decorative paints and related products. ChemSpec retails its products through its House of Paint stores. There are 30 House of Paint retail outlets, of which six are franchise stores, located in South Africa, Botswana and Namibia. |
The House of Paint stores cater for two distinct markets: professional users and painting contractors who buy ChemSpec's automotive or industrial ranges and general customers who benefit form the company's exceptional pricing of its decorative paint and accessories. The company is in the process of expanding its retail presence in Africa through the development of a solid franchising model.