Wrap Text
MSP - Mas Plc - Interim financial statements for the three
months ended 31 May 2010
MAS PLC
Previously Mergon Property Holdings Limited
(Incorporated in the Isle of Man)
(Registration number 2893V)
Share code: MSP
ISIN: IM00B4LFGH00
MAS plc
("MAS plc" or "the Company")
Interim Financial Statements For the three months ended 31
May 2010
Table of Contents
Interim Financial Statements for the three months ended
31 May 2010
Page
Directors` and Investment Adviser`s Report 3
Statement of Directors` Responsibilities 4
Consolidated Statement of Comprehensive Income 5
Consolidated Statement of Financial Position 6
Consolidated Statement of Cash Flows 7
Consolidated Statement of Changes in Equity 8
Notes to the Financial Statements 9 to 19
Directors` and Investment Adviser`s Report
The outlook for the European property market remains
mixed, with signs of continued stress particularly
relating to debt funding. This scenario is likely to
persist for some time, and provides an ideal opportunity
for acquisitions at strong yields, with buyers having
significant negotiating power.
Operationally, the first three months of the 2011
financial year have seen the business consolidate the
properties acquired at the end of the previous year. With
capital from the first fundraising utilised, the Company
raised a further EUR10 million in April to continue growing
the portfolio.
The first three months have seen an accounting loss of
EUR432,823, resulting from non-cash fair value adjustments
of interest rate swaps. These swaps have allowed the
Company to forecast its cash requirements over the period
of the lease term of the portfolio with great accuracy, but
mark-to-market accounting requirements result in non-cash
fluctuations in income. The current movement in valuation
results from the softened interest rate outlook for the
euro region over the last few months.
Management are confident of the prospects ahead for the
Company and we believe the Company is well positioned to
capitalise on these.
Lukas Nakos Malcolm Levy
Chief Executive Officer Director
Registered Office: Registered Agent:
25 Athol Street Onyx Management Limited
Douglas, IM1 1LB
Isle of Man
Directors
Lukas Nakos
Malcolm Levy
Gideon Oosthuizen
Ronald Spencer
Jaco Jansen
Secretary
Helen Cullen
Statement of Directors` responsibilities in respect of the
Directors` report and the financial statements
The directors are responsible for preparing the Directors`
Report and the financial statements in accordance with
applicable law and regulations.
The directors have elected to prepare the financial
statements in accordance with International Financial
Reporting Standards.
The financial statements are required by law to give a
true and fair view of the state of affairs of the Group
and of the profit/loss of the Group for that period.
In preparing these financial statements, the directors are
required to:
- select suitable accounting policies and then apply them
consistently;
- make judgments and estimates that are reasonable and
prudent;
- state whether applicable International Financial
Reporting Standards have been followed, subject to any
material departures disclosed and explained in the
financial statements; and
- prepare the financial statements on the going concern
basis unless it is inappropriate to presume that the Group
will not continue in business.
The directors are responsible for keeping proper
accounting records that disclose with reasonable accuracy
at any time the financial position of the Group. They have
general responsibility for taking such steps as are
reasonably open to them to safeguard the assets of the
Group and to prevent and detect fraud and other
irregularities.
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE THREE MONTHS ENDED 31 MAY 2010
Unaudited Audited
Three months Year
Notes ended ended
31 May 28 February
2010 2010
Euro Euro
Income
Rent received 1 407,743 290,999
Expenses
Investment adviser fees (47,515) (71,748)
Operating expenses (188,357) (825,676)
Audit and accounting fees (22,435) (52,251)
Company administration
expenses (10,459) (58,327)
Company secretarial expenses (15,386) (81,079)
Director`s fees (28,155) (111,276)
General expenses (22,706) (38,145)
Legal and professional
expenses 2 (46,810) (183,228)
Listing expenses 3 (37,479) (295,705)
Sundry expenses (4,927) (5,663)
Exchange
differences 4 190,201 82,123
Fair value adjustments 6 (598,545) (2,114,785)
Results from operating
activities (236,473) (2,639,087)
Net interest expense (196,350) (48,863)
(Loss) before taxation (432,823) (2,687,950)
Taxation - -
Total comprehensive (loss) (432,823) (2,687,950)
Earnings per share
(cents per share) (2.8) (78.6)
Weighted average number
of outstanding shares 5 15,290,841 3,420,493
The Directors consider that all results derive from
continuing activities.
The notes on pages 9 to 19 form part of these consolidated
interim financial statements.
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
AS AT 31 MAY 2010
Unaudited Audited
31 May 28 February
2010 2010
Notes Euro Euro
Non-current
assets
Investment
Property 9 25,294,201 24,773,271
Current assets
Trade and other
receivables 780,330 122,499
Cash and cash
equivalents 9,634,464 1,528,306
10,414,794 1,650,805
Current
liabilities
(amounts
falling due
within
one year)
Short term loans (68,647) (1,384,500)
Trade and other
payables (461,655) (429,010)
(530,303) (1,813,510)
Net current assets /
(liabilities) 9,884,492 (162,705)
Non Current
Liabilities
Long term loans 7 (17,574,683) (17,261,161)
Financial
instruments 8 (1,334,499) (726,197)
Net Assets 16,269,511 6,623,208
Capital and
reserves
Share capital 5 19,388,947 9,309,821
Retained (loss) (3,119,436) (2,686,613)
Shareholder
equity 16,269,511 6,623,208
Net asset value
(cents per share) 83.9 71.1
These financial statements were approved by the Board of
Directors and signed on their behalf by:
The Directors consider that all results derive from
continuing activities.
The notes on pages 9 to 19 form part of these consolidated
interim financial statements.
CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE THREE MONTHS ENDED 31 MAY 2010
Unaudited Audited
Three months Year
ended ended
31 May 28 February
2010 2010
Euro Euro
OPERATING ACTIVITIES
(Loss) before taxation (432,823) (2,687,950)
Finance costs 196,350 48,863
Exchange differences (190,201) (82,123)
Fair value adjustments 598,545 2,114,785
171,870 (606,425)
Changes in net current
financial position (1,941,039) 184,098
Net interest expense (196,350) (48,863)
Cash generated from
operating activities (1,965,518) (471,190)
INVESTING ACTIVITIES
Investment properties
under construction - (24,020,327)
Cash generated from
investing activities - (24,020,327)
FINANCING ACTIVITIES
Issuance of share capital 10,079,126 9,309,721
Proceeds from loan
Facilities - 16,606,688
Cash generated from
financing activities 10,079,126 25,916,409
NET INCREASE IN CASH AND
EQUIVALENTS 8,113,608 1,424,892
Cash and equivalents at
the beginning of the
period 1,528,307 21,291
Translation effect on
revaluation of monetary
assets and liabilities (7,451) 82,123
CASH AND EQUIVALENTS AT
PERIOD END 9,634,464 1,528,307
The notes on pages 9 to 19 form part of these consolidated
interim financial statements.
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE THREE MONTHS ENDED 31 MAY 2010
31 May-10 31 May-10 31 May-10
Share Retained
Capital Income Total
Euro Euro Euro
Opening balance at
28 February 2009 100 1,337 1,437
Issue of shares 9,309,721 - 9,309,721
(Loss) for period to
28 February 2010 - (2,687,950) (2,687,950)
Closing balance as
at 28 February
2010 (Audited) 9,309,821 (2,686,613) 6,623,208
(Loss) for period
to 31 May 2010 - (432,823) (432,823)
Issue of
shares 10,079,126 - 10,079,126
Closing balance
as at 31 May 2010
(Unaudited) 19,388,947 (3,119,436) 16,269,512
The notes on pages 9 to 19 form part of these consolidated
interim financial statements.
Notes to the interim consolidated financial statements
1. Significant Accounting Policies
MAS plc has prepared its financial statements in
accordance with International Financial Reporting
Standards ("IFRS"). IFRS comprise accounting standards
issued by the International Accounting Standards Board
("IASB") and its predecessor body as well as
interpretations issued by the International Financial
Reporting Interpretations Committee ("IFRIC") and its
predecessor body.
Basis of accounting
The financial statements have been prepared under the
historical cost convention, modified to include the
revaluation of fixed asset investments, and in accordance
with IFRS without exception.
The Group applies the revised standard IAS 1 Presentation
of Financial Statements (2007), which became effective as
of 1 January 2009. As a result, the Group presents in the
consolidated statement of changes in equity all owner
changes in equity, whereas all non-owner changes in equity
are presented in the statement of comprehensive income.
This presentation has been applied in these financial
statements as of and for the three months ended 31 May
2010. Comparative information has been re-presented so
that it also is in conformity with the revised standard.
New standards and interpretations not yet adopted
A number of new standards, amendments to standards and
interpretations are not yet effective for the year ended
28 February 2011, and have been applied in preparing these
consolidated financial statements:
New/Revised International Accounting
Standards / International Financial Effective date
Reporting Standards (IAS/IFRS) (accounting
periods
commencing
after)
IAS 1 Presentation of Financial
Statements (Revised 2009) 1 January 2010
IAS 7 Statement of Cash Flows
(Revised 2009) 1 January 2010
IAS 24 Related Party Disclosures -
Revised definition of related parties 1 January 2011
IAS 27 Consolidated and Separate
Financial Statements - Amendment
relating to cost of an investment
on first-time adoption (Revised 2008) 1 July2009
IAS 32 Financial Instruments:
Presentation - Amendments relating to
classification 1 February 2010
of rights issues
IAS 39 Financial Instruments:
Recognition and Measurement -
Amendments for 30 June 2009
embedded derivatives when reclassifying
financial instruments
IAS 39 Financial Instruments:
Recognition and Measurement -
Amendments for 1 July 2009
eligible hedged items
IAS 39 Financial Instruments:
Recognition and Measurement
(Revised 2009) 1 January 2010
IFRS 8 Operating Segments (Revised 2009) 1 January 2010
IFRS 9 Financial Instruments 1 January 2013
IFRIC Interpretation
IFRIC 9 Reassessment of
Embedded Derivatives 30 June 2009
The directors do not expect the adoption of the other
standards and interpretations to have a material impact on
the Group`s financial statements in the period of initial
application.
Going concern
The Group has financial resources in the form of
realisable investments and adequate working capital.
Accordingly, the directors continue to adopt the going
concern basis.
Basis of consolidation
The consolidated financial statements include the
financial statements of the Company and its subsidiary
undertakings for the period under review. The acquisition
method of accounting has been adopted. Under this method,
the results of subsidiary undertakings acquired or
disposed of in the year are included in the consolidated
income statement from the date of acquisition or up to the
date of disposal. Subsidiaries are those enterprises
controlled by the Company. Control exists where the
Company has the power to govern the financial and
operating policies of an entity so as to obtain benefits
from its activities. In assessing control, potential
voting rights that presently are exercisable are taken
into account. The financial statements of subsidiaries are
included in the consolidated financial statements from the
date that control commences until the date that control
ceases. Intra-group balances and any unrealised income and
expenses arising from intra-group transactions, are
eliminated in preparing the consolidated financial
statements. Unrealised losses are eliminated in the same
way as unrealised gains, but to the extent that there is
no evidence of impairment.
Revenue recognition
Revenue includes the rent received on real estate
investments, including interest and dividends and is
accounted for on an accruals basis.
Investments
Investment Property ("IAS40"): direct real estate
investments are classified as Investment Properties and
comprise both freehold and leasehold land and buildings
and installed equipment held for the purpose of earning
rental income and for capital appreciation. Investment
property is treated as a long-term investment and is
initially recognised at cost (including related
transaction costs) and subsequently carried at fair value.
Subsequent additions that produce future economic benefit
to the Group are capitalised. Investment property under
construction is valued at cost.
Maintenance and repairs which neither materially add to
the value of the properties nor prolong their useful lives
are expensed in the income statement.
Independent valuations are obtained on an annual basis.
The directors shall value the investment properties on an
interim basis. Investment properties are classified as
held for sale when the directors have approved the
disposal of the properties. The valuation calculations are
based on the aggregate of the net annual rents receivable
and associated costs, using the discounted cash flow
method. The discounted cash flow method takes projected
cash flow and discounts it at a rate which is consistent
with the comparable market transactions. Any gains or
losses arising from changes in fair value are included in
the net profit or loss for the year. The net gains or
losses are transferred to a revaluation reserve and are
not available for distribution. These fair value
adjustments are excluded from the computation of
distributable profit. Gains or losses arising from the
disposal of investment properties, being the difference
between the net disposal proceeds and the carrying value,
are brought to account in the determination of the net
profit for the year.
Investments
Considerable judgment is required in interpreting market
data to determine the estimates of value; accordingly the
estimates of value presented in the financial statements
are not necessarily indicative of the amounts that the
Group could realise in a market exchange. The use of
different market assumptions and/or estimation methodologies
may have a material effect on the estimated
fair values.
Foreign currency
Transactions in currencies other than Euro are recorded at
the rate of exchange prevailing at the dates of the
transactions. At each Statement of Financial Position
date, monetary assets and liabilities that are denominated
in foreign currencies are retranslated at the rates
prevailing on the Statement of Financial Position date.
Non-monetary assets and liabilities carried at fair value
that are denominated in foreign currencies are translated
at the rates at the Statement of Financial Position date.
Other non-monetary assets and liabilities denominated in
foreign currencies are translated at the initial drawdown
rate. Gains and losses arising on translation are included
in the net profit or loss for the period.
Functional and Presentational Currency
The financial statements are presented in Euro, which is
the functional currency of the Group.
Cash and Cash Equivalents
Cash and cash equivalents consist of cash at bank.
Other Assets
Other assets consist of short term assets. The directors
consider that the carrying value of the other assets
approximates to their fair value.
Borrowings
Interest bearing bank loans are recorded at the proceeds
received, net of direct issue costs. Borrowing costs are
amortised over the term of the loan.
Derivatives
The Group has currency exposures related to its
investments and may enter into portfolio level and
investment specific foreign exchange contracts and other
derivatives to hedge such exposures. Movements in the fair
value of derivatives are accounted for in the statement of
comprehensive income. The Group may also use interest rate
derivatives to hedge interest rate exposure on the
underlying debt of the property portfolio.
Risk management
Liquidity Risk - the risk that arises when the maturity of
assets and liabilities do not match. An unmatched position
potentially enhances profitability, but can also increase
the risk of losses.
The Group has internal procedures focused on ensuring the
efficient but prudent use of cash and availability of
working capital. The liquidity risk inherent in the Group
is mainly as a result of the tenant risk in the property
portfolio. Should a tenant default, liquidity risk may
result in the inability of the Group to cover the interest
payments. As a result adequate cash buffers are
maintained, and tenant strength is reviewed on a continual
basis.
Market Price Risk - the risk that the market price of an
investment or financial instrument will fluctuate due to
changes in foreign exchange rates, market interest rates,
market factors specific to the security or its issuer or
factors generally affecting all investments.
The risk to the Group relates to an imbalance between
demand and supply for the relevant investments and
financial instruments in the portfolio, which could
potentially result in a disorderly market. This risk is
mitigated through the use of a dedicated Investment
Manager, MAS Property Advisors Limited, focussed on
continual assessment of the portfolio and its movements in
relation to the broader market.
Foreign Exchange Risk - the Group holds both assets and
liabilities denominated in currencies other than Euro, the
functional and presentation currency. It is therefore
exposed to currency risk, as the value of the assets
denominated in other currencies will fluctuate due to
changes in exchange rates. The Group`s policy is to hedge,
on a case-by-case basis, all foreign exchange exposures
and commitments.
Interest Rate Risk - a significant part of the funding of
the companies` portfolios derives from debt. Debt is
managed on an active basis, hedging against adverse
movements in interest rates. Note 8 details the hedging
activities taken in the current year.
At the 31 May 2010 the Group had the following currency
exposures:
Currency Risk Exposures
GBP CHF ZAR
Closing exchange
rate 0.8338 1.4123 9.3796
MONETARY ITEMS
Cash at Bank GBP CHF ZAR
Foreign currency 9,080 388,542 231,435
Euro equivalent 10,890 275,113 24,674
Payables GBP CHF ZAR
Foreign currency 3,399 - 1,452,830
Euro equivalent 4,076 - 154,893
Receivables GBP CHF ZAR
Foreign currency 32,924 - -
Euro equivalent 39,487 - -
Long-term borrowings GBP CHF ZAR
Foreign currency - 13,000,000 -
Euro equivalent - 9,204,843 -
Total monetary
exposure
Foreign currency 38,606 12,611,458 1,221,395
Euro equivalent 46,301 8,929,730 130,218
NON-MONETARY ITEMS
Investment property GBP CHF ZAR
Foreign currency - 21,600,000 -
Euro equivalent - 15,294,201 -
Taxation
Taxation on the profit or loss for the year comprises
current and deferred tax relating to operations in taxable
jurisdictions. Income tax is recognised in profit or loss
except to the extent that it relates to items recognised
directly in equity, in which case it is recognised in
equity.
Current tax is the expected tax payable on the taxable
income for the year in each taxable jurisdiction, using
tax rates enacted or substantively enacted at the
Statement of Financial Position date, and any adjustment
to tax payable in respect of previous years.
Deferred tax is provided using the Statement of Financial
Position liability method, based on temporary differences
between the carrying amounts of assets and liabilities for
financial reporting purposes and their tax bases. The
amount of deferred tax provided is based on the expected
manner of realisation or settlement of the carrying amount
of assets and liabilities, using tax rates enacted or
substantively enacted at the Statement of Financial
Position date.
Distributable Income
Distributable Income is the funds that have been generated
by the business, as represented by the cash rental
received, less interest expenses, operating expenses and
taxation paid, that can be distributed to shareholders.
2. Legal and professional expenses
Unaudited Audited
Three Months Year
ended ended
31 May 2010 28 February 2010
Euro Euro
Legal Services - MAS
Property Advisors Ltd 27,895 122,011
Independent taxation
and professional advice 18,915 50,877
Due diligence costs
and other - 10,340
46,810 183,228
3. Listing expenses
Unaudited Audited
Three Months Year
ended ended
31 May 28 February
2010 2010
Euro Euro
Corporate advisers 18,336 251,085
Transfer secretaries 5,284 5,380
JSE 5,265 5,078
Bourse de Luxembourg 4,350 20,760
Other 4,244 13,402
37,479 295,705
4. Exchange differences
Exchange gains and losses arise from the revaluation of
the monetary assets and liabilities and the fair valuation
of non-monetary assets denominated in a foreign currency.
Included in exchange differences is a profit of EUR520,930
arising from the fair valuation of the DPD property and a
loss of EUR313,522 arising on the corresponding CHF
denominated debt.
5. Share capital
During the period under review, the Company issued
EUR10,079,126 ordinary shares of no par value at EUR 1 each
(period ended 28 February 2010: 9,309,821 shares of no par
value at EUR 1 each). The current issued share capital of
the Company is 19,388,947 ordinary shares of no par value
at EUR 1 each. The Company does not have authorised share
capital as it is registered under the Companies Act 2006 of
the Isle of Man.
Unaudited
Three months ended
31 May 2010
Number Euro
Share Capital 19,388,947 19,388,947
Audited
Year ended
28 February 2010
Number Euro
Share Capital 9,309,821 9,309,821
6. Fair value adjustments
Fair value adjustments relate to:
Unaudited Audited
Three Months Year
ended ended
31 May 2010 28 February 2010
Euro Euro
DPD Property
Fair value adjustment
- DPD property - 137,308
Fair value adjustment
- Credit Suisse
interest rate swap (260,153) (276,667)
(260,153) (139,359)
Aldi Portfolio
Fair value adjustment
- Aldi portfolio - (1,525,896)
Fair value adjustment
- Sparkasse interest
rate swap/cap (338,392) (449,530)
(338,392) (1,975,426)
Total (598,545) (2,114,785)
7. Loans
Save for the loans set out below, no other material loans,
including the issue of debentures, have been made to MAS
plc or the subsidiaries. Long-term loans comprise the
following:
a) Inventive Capital S.a.r.l. (a subsidiary) received a
loan of EUR 8,369,840 on 1 December 2009 from Sparkasse
Bank. This is a 20-year term floating rate loan at 95bps
above Euribor. The Aldi Portfolio purchased by Inventive
Capital S.a.r.l. is held as security against this loan.
There are no conversion or redemption rights for this loan.
Amortisation payments are expected to begin at the end of
2014.
b) Petrusse Capital S.a.r.l. (a subsidiary) received a
loan of CHF13,000,000 on 15 January 2009 from Credit
Suisse. This is a 15-year term floating rate loan at 90bps
above Swiss LIBOR. The DPD Property purchased by Petrusse
Capital Sa.r.l. is held as security against this loan.
There are no conversion or redemption rights for this
loan. Amortisation repayments of CHF150,000 per quarter
begin in June 2010 on this loan. Such amortisation
payments are to be financed by the rentals received from
the property.
8. Financial instruments
The Group has hedged the interest rate exposure on the
loans disclosed in Note 7.
75% of the Sparkasse Bank debt used to purchase the `Aldi
portfolio` was hedged with Bayern LB via an interest rate
swap at a fixed rate of 4.2%, and 25% fixed via an
interest rate cap with a strike at 4.0%, on 20th October
2009. Both the hedge and the cap started on 1st December
2009, the completion date of the property. The
mark-to-market valuation of this hedge was a negative
(EUR 787,923) as at 31st May 2010.
70% of the Credit Suisse debt used to purchase the `DPD
Property` was hedged directly with Credit Suisse via a
forward-starting interest rate swap at 2.76% on 14th
September 2009. The start date is 15th June 2010. The
mark-to-market valuation of this hedge was a negative
(EUR 546,576) as at 31st May 2010.
Reconciliation of financial instruments
Total DPD Aldi
Year ended 28
February 2010 (Audited)
Fair valuation of
hedging instruments (726,197) (276,667) (449,530)
Three months ended
31 May 2010
(Unaudited)
Fair valuation of
hedging instruments (598,546) (260,153) (338,393)
Exchange difference (9,756) (9,756) -
(1,334,499) (546,576) (787,923)
9. Investment property
Reconciliation of Investment Properties
Total DPD Property Aldi Portfolio
Euro Euro
Year ended 28
February 2010
Property purchase
price 24,413,204 13,950,904 10,462,300
Capitalised
expenses:
Legal and
professional costs 387,815 186,928 200,887
Notary and land
registration
taxes 475,682 10,663 465,019
Commissions 500,709 207,642 293,067
Transaction fees 243,760 139,137 104,623
Exchange difference 140,689 140,689 -
Fair value
adjustment (1,388,588) 137,308 (1,525,896)
Net Book Value
28 February 2010
(Audited) 24,773,271 14,773,271 10,000,000
Three months ended
31 May 2010
Exchange difference 520,930 520,930 -
Net Book Value
31 May 2010
(Unaudited) 25,294,201 15,294,201 10,000,000
Property
details DPD Property Aldi Portfolio
Location Zurich, Switzerland Various, Germany
Currency CHF EUR
Purchase price 20,535,431 10,462,300
Rent 1,304,000 732,108
Initial
Purchase Yield 6.35% 7.00%
Debt 13,000,000 8,369,840
Completion date 15-Jan-10 01-Dec-09
Both properties are included at directors` valuations,
which are the same valuations as the third party external
valuations in the audited year end accounts. The DPD
Property was valued by Wuest and Partners at CHF 21.6
million and the Aldi portfolio by DTZ at EUR10 million at
28 February 2010.
10. Taxation
The Group is ultimately resident in the Isle of Man for
taxation purposes. The Isle of Man has a 0% rate of
corporate income tax to which the Group is subject,
therefore no taxation was payable for the period under
review (2009: 0%).
11. Related party transactions
During the period, the Group made the following payments
to the Investment Adviser, MAS Property Advisors Limited:
Management fees were paid of EUR47,515
EUR 27,895 was paid for the provision of legal services
by the Investment Adviser.
EUR 13,905 was paid to the Investment Adviser for the
provision of a Financial Director, Malcolm Levy
EUR 15,386 was paid to the Investment Adviser for the
provision of a Group Secretary, Helen Cullen.
12. The following entities are all subsidiaries of MAS
plc:
Company Name Domicile
MAS (BVI) Holdings Ltd British Virgin Islands
MAS (IOM) Holdings Ltd Isle of Man
European Property
Holdings S.a.r.l. Luxembourg
Petrusse Capital S.a.r.l. Luxembourg
Inventive Capital S.a.r.l. Luxembourg
13. Comparative period
The comparative period is from 01 March 2009 to 28
February 2010.
14. Beneficial Ownership
The major beneficial owners of MAS plc are as follows:
Mergon Foundation 37.11%
BNF Investments (Pty) Limited 25.74%
Amplain Limited 17.66%
Mertech Investments (Pty) Limited 9.01%
Mertech Services (Pty) Limited 6.48%
30 August 2010
Isle of Man
Sponsor
PSG Capital (Pty) Limited
Date: 30/08/2010 09:00:01 Supplied by www.sharenet.co.za
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