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RAC - Racec Group Limited - Audited Financial Results for the year ended 30
September 2009
RACEC GROUP LIMITED
Incorporated in the Republic of South Africa
(Registration number: 1998/006153/06)
Share code: RAC ISIN: ZAE000105409
("RACEC" or "the Company" or "the Group")
Audited Financial Results
for the year ended 30 September 2009
CONDENSED CONSOLIDATED INCOME STATEMENT
Audited Audited
year ended year ended
30 30
September September
2009 2008
R`000 R`000
Revenue 344 647 383 840
Cost of sales (284 385) (301
985)
Gross profit 60 262 81 855
Other income 258 71
Other expenses (68 937) (55 352)
Net (loss)/profit before investment revenue, (8 417) 26 574
finance costs and taxation
Investment revenue 1 262 3 122
Finance costs (8 267) (5 700)
(Loss)/Profit before taxation (15 422) 23 996
Taxation 2 227 (7 837)
(Loss)/Profit for the year (13 195) 16 159
Attributable to:
Equity holders of the parent (13 159) 14 904
Minority interest (36) 1 255
(13 195) 16 159
(LOSS)/EARNINGS PER SHARE (CENTS) (refer note 7)
Basic (12.6) 15.0
Diluted basic (12.6) 15.0
Headline (12.3) 16.0
Diluted headline (12.3) 16.0
Weighted average number of ordinary shares in 104 129 99 200
issue (`000)
Fully diluted weighted average number of 104 129 99 200
ordinary shares in issue (`000)
SEGMENTAL REPORT
Administr Electric Rail Total
ative al construc R`000
investmen services tion
t and R`000 R`000
plant
hire
R`000
Business segment
Audited - year ended 30
September 2009
Revenue 189 238 715 105 743 344 647
Loss before tax (5 506) (3 486) (6 430) (15 422)
Audited - year ended 30
September 2008
Revenue - 212 072 171 768 383 840
(Loss)/Profit before tax (29 161) 25 168 27 989 23 996
Western KwaZulu- Gauteng Total
Cape Natal* R`000 R`000
R`000 R`000
Geographical segment
Audited - year ended 30
September 2009
Revenue 263 417 - 81 230 344 647
Loss before tax (6 079) - (9 343) (15 422)
Audited - year ended 30
September 2008
Revenue 248 582 15 170 120 088 383 840
Profit/(Loss) before tax 17 158 (478) 7 316 23 996
*The KwaZulu-Natal division did not meet the required criteria for separate
disclosure in the current year and has been included in the Gauteng division.
CONDENSED CONSOLIDATED BALANCE SHEET
Audited as
at 30 Audit
September ed as
2009 R`000 at 30
Septe
mber
2008
R`000
ASSETS
Non-current assets 73 485 63
784
- Property, plant and equipment 59 914 55
984
- Investment property 351 351
- Intangible assets 10 452 6
957
- Loans to shareholders - 39
- Loans to related parties 171 111
- Deferred tax assets 2 597 342
Current assets 110 027 125
788
- Inventories 23 931 30
234
- Trade and other receivables 63 575 83
560
- Tax receivable 1 796 -
- Cash and cash equivalents 20 725 11
994
Total assets 183 512 189
572
EQUITY AND LIABILITIES
Capital and reserves 48 374 62
657
- Equity attributable to equity holders of the 48 305 58
parent 266
- Minority shareholders` interest 69 4
391
Non-current liabilities 54 636 22
424
- Loans from related parties 35 498 -
- Other financial liabilities 13 530 15
892
- Share-based payments 3 210 2
874
- Deferred tax liabilities 2 398 3
658
Current liabilities 80 502 104
491
- Loans from related parties 577 673
- Other financial liabilities 9 124 6
985
- Current tax payable 3 030 8
611
- Trade and other payables 38 549 48
679
- Bank overdraft 29 222 39
543
Total equity and liabilities 183 512 189
572
Net asset value per share (cents) 45.8 56.
0
Net tangible asset value per share (cents) 35.9 49.
3
Total number of ordinary shares in issue (`000) 105 363 104
018
CONDENSED CONSOLIDATED CASH FLOW STATEMENT
Audited Audited
year year
ended ended
30 30
September September
2009 2008
R`000 R`000
Cash flows from operating activities 9 088 (6 313)
- Cash generated from operations 24 095 5 233
- Interest income 1 155 3 122
- Finance costs (7 610) (5 700)
- Taxation paid (8 552) (8 968)
Cash flows from investing activities (19 937) (23 280)
- Purchase of property, plant and (12 507) (22 170)
equipment
- Purchase of business operations (7 722) (1 904)
- Proceeds from disposal of property, 652 794
plant and equipment
- Purchase of intangible assets (360) -
Cash flows from financing activities 29 901 3 630
- Advance of property bond 2 925 -
- Repayment of other financial (7 049) (14 999)
liabilities
- Advance of other financial liabilities 4 020 8 447
- Advance of loans by related parties 34 847 9 260
- Advance/(Repayment) of loans from 39 (9 192)
shareholders
- Net proceeds from share issue (748) 15 569
- Dividends paid (4 133) (5 455)
Total cash movement for the year 19 052 (25 963)
Cash at the beginning of the year (27 549) (1 586)
Total cash at the end of the year (8 497) (27 549)
CONDENSED STATEMENT OF CHANGES IN EQUITY
Share Treasur Other Retaine Minorit Total
capita y reserve d y equity
l and shares s R`000 earning interes R`000
share R`000 s R`000 t R`000
premiu
m
R`000
Balance at 1 October 1 - (939) 16 504 - 15 566
2007
Shares issued 32 528 - - - - 32 528
Share issue expenses (2 - - - - (2 231)
231)
- Realised revaluation - (845) 845 - -
through depreciation -
- Deferred tax on - 236 (236) - -
realised revaluation -
through depreciation
- Revaluation of - 4 063 - - 4 063
property, plant and -
equipment
- Deferred tax on - (1 137) - - (1 137)
revaluation of -
property, plant and
equipment
- Effect of tax rate - 28 - - 28
change on revaluation -
reserve
- Minority interest on - - - 3 136 3 136
business acquisition -
Net income recognised - - 2 345 609 3 136 6 090
directly in equity
Net profit for the - - 14 904 1 255 16 159
year
Dividends paid - - - (5 455) - (5 455)
Balance at 30 30 298 1 406 26 562 4 391 62 657
September 2008 -
Shares issued 46 748 - - - 46 748
-
Share issue expenses (748) - - - - (748)
Reserve from issue of - - 6 231 - - 6 231
share option
Shares issued to - (45 - - - (45
subsidiary* 000) 000)
- Realised revaluation - (650) 650 - -
through depreciation -
- Deferred tax on - 182 (182) - -
realised revaluation -
through depreciation
- Impairment of - (404) - - (404)
property, plant and -
equipment
- Deferred tax on - 113 - - 113
impairment of -
property, plant and
equipment
- Minority interest - - - - (3 897) (3 897)
acquired
Net (expenses)/income - - (759) 468 (3 897) (4 188)
recognised directly in
equity
Net loss for the year - - (13 (36) (13
159) 195)
Dividends paid - - - (3 742) (389) (4 131)
Balance at 30 76 298 (45 6 878 10 129 69 48 374
September 2009 000)
Share were issued to Solethu Civils Holdings (Proprietary) Limited
("Solethu Civils") which is consolidated as part of the Group and therefore
the share are disclosed as treasury shares.
NOTES TO THE CONSOLIDATED FINANCIAL RESULTS
Statement of compliance
The accounting policies applied in the preparation of these audited condensed
results, which are based on reasonable judgments and estimates, are in
accordance with International Financial Reporting Standards and are
consistent with those applied in the annual financial statements for the year
ended
30 September 2008. These condensed financial statements as set out in this
report have been prepared in terms of IAS 34 - Interim Financial Reporting,
the Companies Act, 1973 (Act 61 of 1973), as amended, and the Listings
Requirements of JSE Limited.
Basis of measurement
These audited condensed financial statements have been prepared on the
historical cost basis, modified for certain items measured at fair value.
Audit opinion
BDO Spencer Steward (Cape) Inc. has audited the financial information set out
in this audited report. Their unqualified audit report is available for
inspection at the Group`s registered office.
Operating (loss)/profit
Operating (loss)/profit includes:
Audited Audited
year year
ended ended
30 30
September September
2009 2008
R`000 R`000
- Operating lease charges 3 211 1 635
- Loss on sale of property 494 412
plant and equipment
- Profit on sale of (24) -
property plant and
equipment
- Impairment of property, 46 260
plant and equipment
- Impairment of intangible - 570
assets
- Depreciation on property, 6 997 4 287
plant and equipment
- Amortisation on 924 714
intangible assets
- Directors` emoluments 4 726 4 911
- Employee costs 82 509 56 335
- Defined benefit 8 161 4 120
contributions
- Audit fees 769 497
- Secretarial fees 53 26
- Share-based payments 216 240
- Share-based payment 6 231 -
option expense
- Profit on exchange (6) -
differences
- Operating lease income (107) (124)
Share capital
Audited Audited
year year
ended ended
30 30
September September
2009 2008
- Beginning of the year 104 018 70 000
088 000
- Increase in issued share 35 959 34 018
capital * 939 088
- End of the year 139 978 018 088
027
* 34 615 384 of these shares were issued to Solethu Civils which is
consolidated as part of the Group and is therefore classified as treasury
shares.
Other reserves
Share Revalua Share- Total
buy- tion based R`000
back reserve payment
R`000 R`000 reserve
R`000
Balance at 1 October 2007 (3 878) 2 939 - (939)
- Realised revaluation through - (845) - (845)
depreciation
- Deferred tax on realised - 236 - 236
revaluation through depreciation
- Revaluation of property, plant - 4 063 - 4 063
and equipment
- Deferred tax on revaluation of - (1 137) - (1 137)
property, plant and equipment
- Effect of tax rate change on - 28 - 28
revaluation reserve
Balance at 30 September 2008 (3 878) 5 284 - 1 406
Balance at 30 September 2008 (3 878) 5 284 - 1 406
- Reserve from issue of share - - 6 231 6 231
option
- Realised revaluation through - (650) - (650)
depreciation
- Deferred tax on realised - 182 - 182
revaluation through depreciation
- Impairment of property, plant - (404) - (404)
and equipment
- Deferred tax on impairment of - 113 - 113
property, plant and equipment
Balance at 30 September 2009 (3 878) 4 525 6 231 6 878
The share buy-back reserve arises on the consolidation of the RACEC Employee
share trust due to the trust`s investments in RACEC Electrification
(Proprietary) Limited ("RACEC Electrification") and RACEC Rail (Proprietary)
Limited ("RACEC Rail").
The revaluation reserve arises on the revaluation of property, plant and
equipment. Where revalued assets are sold, the portion of the revaluation
reserve that relates to that asset is effectively realised, and transferred
directly to retained profits.
The share-based payment reserve arises on the recognition of the share-based
option expense relating to the issue of 34 615 384 RACEC ordinary shares to
Solethu Civils.
Reconciliation of (loss)/earnings to headline (loss)/earnings
Audited Audited
year year ended
ended 30
30 September
September 2008
2009 R`000
R`000
(Loss)/Profit for the year (13 159) 14 904
Adjustments for:
- Loss on disposal of 494 412
property, plant and
equipment
- Profit on disposal of (23) -
property, plant and
equipment
- Impairment losses on 46 260
property, plant and
equipment
- Impairment losses - 570
intangible assets
- Tax effects (145) (268)
Headline (loss)/earnings (12 787) 15 878
The above adjustments have no minority interest impact.
Cash and cash equivalents
Cash and cash equivalents comprise cash balances with banks and bank
overdrafts.
Acquisitions
During the 12 months ended 30 September 2008, the Group acquired the
businesses of Greenbro CC and Northern Electric (Cape) (Proprietary) Limited
("Northern Electric") for R10.1 million and R4.5 million respectively. The
excess of the purchase price over the net assets acquired was recognised as
goodwill. At 30 September 2008 the Group had a 80% shareholding in Greenbro
(Proprietary) Limited ("Greenbro"), which contained the operations of the
Greenbro CC, and a 70% shareholding in Northern Electric. During the current
year, the Group increased its shareholding in Northern Electric from 70% to
100% for R2.7 million, which was settled in cash of R1 042 997 and 1 304 274
ordinary shares in RACEC at R1,30 per share. The Group also increased its
shareholding in Greenbro from 80% to 100% for R5.2 million, which was settled
in cash.
Related party transactions
During the year, the Company and its subsidiaries in the ordinary course of
business, entered into various related party sales, purchases and investment
transactions. These transactions were subject to terms that were no more
favourable than those arranged with third parties.
Post balance sheet events
The directors are not aware of any material matters or circumstances arising
since the end of the financial year and the date of this report.
Contingent liabilities
Audited Audited
year year
ended ended
30 30
September September
2009 2008
R`000 R`000
STC on remaining reserves 1 546 2 752
Performance guarantees 25 177 32 137
Contractor contingency - 1 704
The performance guarantees are provided by Lombards Insurance Company Limited
and C&G Underwriting Managers (Proprietary) Limited for work by subsidiary
companies.
In the prior year, there was a contractor contingency which related to
invoices received by the Group for work performed by a subcontractor. The
Group was of the view that no liability existed as there were errors on the
billings and the invoices were not valid. The amounts were investigated
during the current year and a settlement was reached.
Commitments to Solethu Civils
During the financial year 26 923 077 ordinary shares were issued to Solethu
Civils for R35 000 000. RACEC has granted Solethu Civils the right, on
written notice to the company, to require RACEC to purchase from Solethu
Civils, 26 923 077 of the ordinary shares issued for R35 000 000. The right,
can however, only be exercised if Solethu Civils breaches certain obligations
under a funding agreement, at any time commencing on 28 August 2014 and
ending on the ninetieth business day thereafter or on the suspension or
termination of the listing of RACEC. In the event that the right is
exercised, simultaneously, Solethu Civils will be deemed to have subscribed
for RACEC ordinary shares. The consideration for such ordinary shares will be
based on a formula as agreed upon and on the actual versus budgeted profit
before tax for a rolling twelve month period before the right was exercised.
The number of ordinary shares will be based on the consideration divided by
the 30 day volume weighted average price.
RACEC will advance by way of loan on each of the advance dates, being 31
December of every year, commencing on 31 December 2009 and terminating on 31
December 2013, an amount equal to the aggregate interest that would
notionally have accrued on R13 462 000, calculated at the prime interest
rate. Such amounts advanced will carry interest at the prime interest rate
until repayment of the amounts advanced and interest thereon on 28 February
2014.
RACEC has a possible future obligation to subscribe for a single class "B"
ordinary share with a par value of R1 in Solethu Civils on written demand
from Solethu Civils. The share will have no right to dividends, will not be
entitled to a return of share premium, on winding-up of Solethu Civils will
only be entitled to return of the par value and carry votes attached to
1/1000 of an ordinary share. The subscription price will be determined by the
following formula: 34 615 385 multiplied by (R1.30 less the normalised
earnings per share multiplied by 5), added the notional interest at prime
lending rate that would have accrued from 28 August 2009 up to payment date.
The normalised earnings is defined per agreement as the 30 September 2010
headline earnings for RACEC, adjusted for the consolidation of Solethu
Civils, any IFRS/fair value adjustments pertaining to the share issue option
expense given to Solethu Civils and any IFRS/fair value adjustments which
will be considered extra-ordinary.
Dividends
Audited Audited
year year
ended ended30
30 September
September 2008
2009
Dividends declared to equity 3 120 4 347
holders of the parent (R`000)
Dividends per share (cents) 3.0 4.2
COMMENTARY
PROFILE AND STRUCTURE
RACEC has been in existence since 1956 and has built an extremely well
trained and experienced group of employees.
Despite the current economic turmoil, the Group remains well positioned to
take advantage of the infrastructure spend both locally and on the African
continent. The backlog to reverse the deteriorating South African and other
African countries` infrastructure, which resulted from the lack of investment
for over a decade, persists.
The results were negatively affected by fair value adjustments associated
with our recent black economic empowerment (BEE) transaction and a
substantial loss incurred on a rail project, forcing the Group to report a
loss for the first time since the management buyout in 1988.
The Group`s primary business is the provision of engineering infrastructure
solutions.
The Group comprises a holding company and a number of subsidiaries, from
which the business activities are conducted. The Group has two main focuses,
namely the provision of electrical reticulation ("Electrification") and rail
construction which includes both track installation and maintenance ("Rail").
As a result of RACEC`s experience across both the Rail and Electrification
segments, the Group is one of the only specialists in South Africa with the
capability to offer complete turnkey rail track solutions, from concept
design recommendations, through to construction and handover without
outsourcing.
Electrification services are provided by:
RACEC Electrification and RACEC Power (Proprietary) Limited ("RACEC Power"),
which are both involved in electrical reticulation and which originated from
RACEC`s objective to complement its rail track business with the
electrification of railway tracks;
Greenbro which supplies industrial generators and electrical enclosures; and
Northern Electric which is an electrical contractor focused primarily on the
industrial and commercial markets.
The remaining interests in Greenbro and Northern Electric were acquired
during the 2009 financial year and are now an integral part of the Group`s
operations.
Rail services are provided by:
RACEC Rail which concentrates mainly on the construction and maintenance of
railway tracks throughout South and southern Africa.
There have been no major changes in the nature of the Rail business.
The Group`s implementation of an ISO 9001 Quality Management System will
further assure the Group`s clients of its commitment to "Excellence in
Engineering Infrastructure".
FINANCIAL PERFORMANCE
Reported revenue for the year ended 30 September 2009 declined by 10.2%
(2008: increase of 76%) to R344,6 million (2008: R383.8 million), in line
with the tighter operating environment. Competitive pressures as well as the
loss incurred on the rail construction project led to a decrease in the gross
margin to 17.4% (2008: 21.3%).
The contract loss has been fully provided for and risk management processes
have been revisited to ensure that this does not recur in the future. The
share-based payment expense associated with the BEE transaction amounting to
R6.2 million contributed to the reported loss of R13.2 million for the year
(2008: reported profit of R16.2 million). The reported loss for the year,
translates into a headline loss per share of 12.3 cents (2008: profit of 16.0
cents).
During the 2009 financial year, the Group`s revenue decreased by R39.2
million (2008: increased by R165.7 million and the Group`s (loss)/ earnings
attributed to ordinary shareholders decreased by R28.1 million (2008:
increased by R2.7 million), representing a decrease of 188% (2008: increase
of 22%). Headline earnings per share decreased by 177% (2008: increase by
29%) to a loss of 12.3 cents per share (2008: profit of 16.0 cents per share)
in the 2009 financial year, with diluted headline earnings decreasing by 177%
to 12.3 cents from 16.0 cents per share in 2008.
The Group`s results for the current year includes a share-based payment
expense of R6.2 million which was recognised in profit and loss and a reserve
was created which will be carried until exercise or expiry of the option. The
option was granted to Solethu Civils to repurchase RACEC ordinary shares.
Solethu Civils is considered a special-purposed entity, was therefore
consolidated in the Group`s financial statements, and contributed R654 000 to
the loss for the year. Fair value adjusting entries relating to the
consolidation of Solethu Civils resulted in the reversal of R14.7 million
profit. Excluding the consolidation of Solethu Civils, the Group would have
reported attributable earnings and headline earnings of R1.5 million and R1.9
million respectively, with earnings and headline earnings per share of 1.4
cents and 1.8 cents respectively, calculated using a weighted average number
of ordinary shares of 106 341 455.
Cash flow from operating activities amounted to R9.1 million (2008: utilised
R6.3 million) due mainly to an increased focus on working capital management.
This, coupled with the lower capital spend and cash injected by the Solethu
transaction has generated overall cash in the business of R19.1 million
(2008: utilised R26.0 million).
The net asset value per share decreased from 56.0 cents per share to 45.8
cents per share due to losses. Net tangible asset value per share decreased
by 27% to 35.9 cents (2008: 49.3 cents).
Given the nature of the industry and the traditional close down periods
during December and January of each year, the Group`s operations show a
seasonal bias towards the second half of the financial year.
OPERATIONAL PERFORMANCE AND PROSPECTS
RACEC Rail
Rail was impacted by a marked decrease in project spending in the public
sector where funding constraints affected the flow of contracts and among its
resource-related clients whose infrastructure investments were impacted by
the commodity downturn. Accordingly, revenue declined by 38.4% to R105.7
million (2008: R171.8 million).
The division`s long-term annuity contracts performed well, showing a stable
contribution to the bottom-line. The operational cost structure was
streamlined in line with lower activity levels to support profitability. New
contract awards during the year include several infrastructure projects
associated with the preparations for the 2010 FIFA Soccer World Cup and a
national contract to replace railway sleepers for Transnet. The newly
established presence in Mozambique also concluded several contracts during
the year.
RACEC Electrification
Against the negative backdrop, the electrification division showed a 12.6%
increase in revenue to R238.7 million (2008: from R212.1 million). Heavy
competitor activity as a result of the slowdown in market however put
pressure on project margins, which resulted in an operating loss of R3.5
million (2008: profit of R25.2 million).
RACEC Power, which was established to access the Eastern Cape market,
reported pleasing results having secured electrification projects in low-cost
housing as well as an Eskom transmission contract.
Greenbro, acquired in 2008, delivered a stable performance despite lower
demand from the provincial government, commercial and property development
sectors in South Africa as well as its clients further afield in Africa.
However, by streamlining its cost structure, Greenbro defended profitability
and is investigating renewable energy products to ensure its long-term
sustainability.
Northern Electric, also acquired in 2008, is proving to be an excellent
addition to the Group. Although its core target markets in the commercial and
industrial sectors were affected by the downturn, the company maintained its
excellent profit record and is starting to see evidence of improved market
conditions.
PROSPECTS
While in the longer term the infrastructure investment outlook in RACEC`s
core target markets remains intact, there are also tangible indications that
the market has started to turn, although the recovery is likely to take some
time.
The secured work on hand in both the Rail and the Electrification divisions
exceeds 70% of 2009 revenue, providing evidence that demand is recovering. In
addition to its good order book, the Rail division has identified a good
pipeline of opportunities within its existing client base, suggesting that it
is well positioned to reclaim historic performance levels.
The Electrification division is set to consolidate its growth in 2010,
underpinned by the diversity of its offering, the resolution of funding
constraints in the public sector and government`s renewed focus on
eliminating the backlog in low cost housing.
RACEC will continue to focus on its strategy to maximise the profitability of
its existing businesses by ensuring full utilisation of resources and driving
synergies from its acquisitions. The Group will also continue to pursue long-
term rail maintenance contracts, and other annuity contracts to support
growth.
BEE
During the year, RACEC concluded the sale of 25% of the issued share capital
of the company to Solethu Investments (Proprietary) Limited ("Solethu
Investments"), a BEE investment company. Its core investments are focused on
road, rail, sea and related industries, with operations that range from
manufacturing, repairs and maintenance to logistics services.
Solethu investments` strategic positioning in the rail logistics industry
will enable the Group to deliver on its strategic objective of becoming a
leading provider of rail and electrification solutions. It has also enhanced
RACEC`s transformation initiatives by introducing a black shareholder at
Group level, complementing the multi-faceted approach to broad-based BEE
which has been in place for a number of years.
We welcome Mr Qedukwazi (Ted) Zulu, chief executive officer of Solethu
Investments, who was appointed as a non-executive director of RACEC with
effect from 18 August 2009. His deep understanding of rail operations equips
him to contribute strategically to the Group.
DIRECTORATE
With effect from 28 May 2009, Mr Gary Lee Harrod, an executive director of
RACEC, assumed the role of Chief Operating Officer of the Group.
During the year under review Mr Qedukwazi (Ted) Zulu and Mr Stephen Smithyman
(alternate to Ted Zulu) were appointed to the board of directors.
SOCIAL RESPONSIBILITY
Employment equity/Skills development
RACEC has a dedicated manager responsible for handling all issues related to
employment equity and training. As a Group, RACEC is committed to creating
opportunities for its staff through training and promotion from within,
wherever possible.
Health and safety
The Group has a dedicated Group Health and Safety manager who reports
directly to the chief executive officer of RACEC and carries his authority.
Health and safety committees are established at all our branches and all work
areas are continuously assessed.
There is a training programme in place and all safety representatives are
trained and regularly monitored.
HIV/AIDS
As a further commitment to our staff we have arranged HIV/AIDS information
sessions and testing of all our staff on a voluntary basis.
The results of these tests are strictly confidential and counselling is
arranged for those requiring further assistance. Information about the
HIV/AIDS pandemic is provided on an ongoing basis.
DIVIDENDS
No dividends have been declared for the year (2008: 3.0 cents per share).
By order of the board
M Uys C Harrod
Non-Executive Chairman Chief Executive Officer
18 December 2009
Directors:
M Uys* (Chairman), C Harrod (Chief Executive Officer), G Harrod (Chief
Operating Officer), C Gooden#, W Ollewagen, S Wilkins (Financial Director), B
Petersen#, Q Zulu*, S Smithyman*
* Non-executive
# Independent non-executive
Company secretary:
C van Rensburg
Registered office:
8 Hawkins Avenue, Epping 1, 7460 (PO Box 61, Eppindust, 7475)
Transfer secretaries:
Computershare Investor Services (Proprietary) Limited (PO Box 61051,
Marshalltown, 2107)
Designated Adviser:
Merchantec Capital (PO Box 41480, Craighall, 2024)
Auditors:
BDO Spencer Steward (Cape) Inc. (Docex 158, Cape Town)
These results may be viewed on the internet on http://www.racec.co.za
Date: 18/12/2009 17:30:03 Supplied by www.sharenet.co.za
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