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RBX - Raubex Group Limited - Results of annual general meeting RAUBEX GROUP LIMITED (Previously Lexpub 49 Investments Limited) (Incorporated in the Republic of South Africa) (Registration number 2006/023666/06) JSE Share code: RBX ISIN: ZAE000093183 Results of Annual General Meeting Raubex shareholders are advised that at the Annual General Meeting of members held on Friday, 8 October 2010, all resolutions as proposed in the Notice of the Annual General Meeting were approved by the requisite majority of members. The special resolution will be lodged with the Companies and Intellectual Property Registration Office for registration in due course. At the Annual General Meeting, Mr. M Swana (non-executive director) did not seek re-election and accordingly resigned from the Board. The Board is actively reviewing candidates to fill the position left vacant and expects an announcement in this regard to be made before the end of the year. The chairman, Collin Matjila, made the following address at the Annual General Meeting: "Despite challenging trading conditions, Raubex continued to strengthen its position as a key player in the construction sector and we are pleased with the growth in profitability and revenue achieved in the year under review. Operationally, the past year was marked by a number of factors including above average rainfall in South Africa`s northern provinces and Zambia. We also saw a marked increase in the interest shown by small and large construction companies in the roads infrastructure sector which resulted in increased margin pressures across the industry. This is not new to Raubex and similar cycles have happened in the Group`s history. We believe that scale, vertical integration and market position are key factors that will enable us to successfully navigate through such periods. The industry continues to transition from the incredible pre-world cup frenzy to a more sedate level activity against a backdrop of continued economic uncertainty both locally and abroad. We expect this to continue for some time notwithstanding signs of recovery now filtering through as shown by the increase in mining activities driven by higher commodity prices. Likewise, we are seeing some encouraging signs for road infrastructure at provincial level and on the water management front. The volume of tenders being issued remains stable and despite the increased competition, Raubex has successfully maintained a healthy order book with satisfactory margins in all areas of its business. An important factor to consider when looking at our order book is the fact that only guaranteed work is reflected. This adds significant certainty to our future outlook. Raubex also continues to deliver on its geographical expansion into carefully selected countries. Work in Namibia and Malawi is progressing well. Our Zambian operations have been negatively affected by the strength of the Rand and slower payment timelines. As a result, we have downscaled our operations to ensure adequate profitability in the short term. The Group has the ability to successfully operate in tough operating conditions and our strategic emphasis on sustainability and long-term prospects have seen us broaden our exploratory efforts beyond the SADC region and into India were significant prospects exist in terms of road infrastructure. Although we expect the short term to be demanding, our long-term outlook remains positive with a number of concession contracts currently in the pipeline in South Africa including the N1N2 Winelands project, which we are tendering on with our chosen partners, and the continuation of the Gauteng Freeway Improvement Programme. Other similarly attractive opportunities are presenting themselves across SA and throughout the region where we are looking to reproduce our successful business model. Notwithstanding the impact of the extended World Cup related shutdown and increased competition, current trading gives us confidence that Raubex will be able to maintain a healthy financial position in the year ahead. I would like to thank my colleagues on the board, our investors, customers and suppliers for their loyal support and commend everyone at Raubex, management and staff alike, for their considerable efforts and contribution during the past year." ENQUIRIES Raubex Group Limited +27 12 665 3226 Francois Diedrechsen, Commercial and Financial Director College Hill +27 11 447 3030 Frederic Cornet +27 83 307 8286 Morne Reinders +27 82 480 4541 www.raubex.co.za Investment Bank and Sponsor Investec Bank Limited Johannesburg 8 October 2010 Date: 08/10/2010 12:20:01 Supplied by www.sharenet.co.za Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited (`JSE`). The JSE does not, whether expressly, tacitly or implicitly, represent, warrant or in any way guarantee the truth, accuracy or completeness of the information published on SENS. The JSE, their officers, employees and agents accept no liability for (or in respect of) any direct, indirect, incidental or consequential loss or damage of any kind or nature, howsoever arising, from the use of SENS or the use of, or reliance on, information disseminated through SENS.
