Wrap Text
MVG/ MVGP - Mvelaphanda Group - Unaudited interim results for the six months
ended 31 December 2010
Mvelaphanda Group Limited
Incorporated in the Republic of South Africa
Registration number: 1995/004153/06
Ordinary share code: MVG
Preference share code: MVGP
Ordinary share ISIN: ZAE000060737
Preference share ISIN: ZAE000073540
("Mvela Group", "the Company" or "the Group")
Unaudited interim results for the six months ended 31 December 2010
Key features
Major progress with value unlocking strategy
- Unbundling of Life Healthcare to shareholders
- Successful listing and unbundling of Mvelaserve to shareholders
Commentary
Introduction
Mvela Group made significant progress on its value unlocking strategy during
the period under review with the unbundling of its investment in Life
Healthcare Limited ("Life Healthcare)" to shareholders as well as the
separate listing of its operating company, Mvelaserve Limited ("Mvelaserve")
on the JSE Limited ("JSE") and the subsequent unbundling thereof to
shareholders.
Mvela Group`s results for the period under review only include operating
results of Mvelaserve for the five months preceding the unbundling of
Mvelaserve on 6 December 2010. Mvela Group continues to generate income from
investments, which will in future be the only source of income. Consequently,
Mvela Group`s sector listing on the JSE was moved from the Business Support
Services Sector to the Investment Instruments Sector.
Financial review
Financial performance
Revenue for the six-month period ended 31 December 2010, which incorporates
the trading results of Mvelaserve for the five months prior to the
unbundling, amounted to R1 886 million compared to R1 908 million for the
full six months of the previous year. Operating profit for the period under
review amounted to R116 million which excludes R79 million of exceptional
expenses incurred by Mvelaserve before the unbundling transaction.
Net interest paid for the period under review was lower at R36 million
compared to R52 million for the previous year comparable period mainly as a
result of a reduction of debt during the period under review.
The loss from investments for the six months to 31 December 2010 of R151
million (31 December 2009: R544 million) includes a net R130 million gain
from fair value adjustments of investments, dividends received of R54 million
and an unbundling fair value adjustment loss of R284 million.
Tax of R71 million was charged to the income statement during the period
under review of which R20 million relates to a deferred tax charge mainly as
a result of the net fair value gain on strategic investments, R15 million
capital gains tax and secondary tax on companies ("STC") of R4 million.
Net dividends paid by Mvela Group resulting mainly from the unbundling of
Life Healthcare and Mvelaserve amounted to R2 471 million. Since the
unbundling transactions qualified for roll-over relief as set out in section
46 of the Income Tax Act (Act 58 of 1962), no STC was payable by the Company.
Loss per share and headline loss per share are 53,6 cents and 0,7 cents
respectively compared with an earnings per share of 117,3 cents and headline
earnings per share of 124,9 cents respectively for the previous comparable
period.
Financial position
The Group`s cash position decreased to R252 million at 31 December 2010 from
R526 million at 30 June 2010 mainly as a result of the Mvelaserve unbundling.
Total interest-bearing liabilities at 31 December 2010 decreased to R695
million from R1 358 million at 30 June 2010. The Group`s debt to equity ratio
decreased to 44% (30 June 2010: 50%).
Capital structure
The issued ordinary share capital of the Company increased significantly by
121 977 987 shares to 565 473 650 ordinary shares following the conversion of
53 975 898 preference shares mentioned below. The ordinary shares held as
treasury shares remained unchanged at 35 765 285.
The issued preference shares decreased to 265 362 convertible perpetual
cumulative preference shares following the conversion of the 53 975 898
preference shares. The conversion price of the convertible perpetual
cumulative preference shares was changed on 23 August 2010 to R4,50 from
R9,30 following the distribution of Life Healthcare to ordinary shareholders.
Preference shareholders had until 4 November 2010 to convert and the
remaining 265 362 convertible perpetual cumulative preference shares have now
become perpetual preference shares at a dividend rate of 80% of the ruling
prime overdraft rate, redeemable at the instance of the issuer.
BEE shareholders were not able to participate in the unbundling of Life
Healthcare or Mvelaserve. As compensation, and to enhance and secure Mvela
Group`s BEE shareholding credentials, additional BEE shares were created and
allotted, increasing the issued number of BEE shares to 276 223 624 at 31
December 2010 from 124 425 056 at 30 June 2010. Similarly, the minimum strike
price of R17,50 was adjusted to R9,18 per Mvela Group ordinary share.
Changes to the board of directors
Ms Y Cuba resigned as Chief Executive Officer ("CEO") effective 31 December
2010. Mr M Xayiya has assumed the duties of acting CEO as from 1 January
2011.
Intrinsic net asset value
The Group`s intrinsic net asset value per share decreased to R3,63 from
R11,36 at 30 June 2010 mainly due to the unbundling of Life Healthcare and
Mvelaserve.
The intrinsic net asset value per ordinary share net of capital gains tax and
debt is set out in the table below:
31 December 2010 30 June 2010
Intrinsi
c
gross
asset Intrinsi
c
value net Per Intrinsi Per
c
(after asset share net share
asset
CGT) Debt value (1), value (2), (3)
(3)
Rm Rm Rm R Rm R
Absa Group 990 - 990 1,87 913 1,96
Life 451 - 451 0,85 2 542 5,46
Healthcare
Avusa 593 (373) 220 0,42 (345) (0,74)
Group Five 129 - 129 0,24 174 0,37
Mvelaserve 109 - 109 0,21 1 723 3,70
Vox Telecom 62 (262) (200) (0,38) (215) (0,46)
Other 25 - 25 0,05 25 0,05
investments
Net cash 250 (53) 197 0,37 476 1,02
Total 2 609 (688) 1 921 3,63 5 293 11,36
1. Based on total number of shares in issue on 31 December 2010 net of
treasury shares.
2. Based on the fully diluted net number of 465 million ordinary shares, on
the assumption that all the preference shares are converted into ordinary
shares. (31 December 2009: 465 million ordinary shares).
3. BEE shares issued in June 2007 and December 2010 have not been taken into
account in calculating the intrinsic net asset value per ordinary share as
the minimum option strike price of R9,18 is greater than the current Mvela
Group ordinary share price.
4. The intrinsic net asset value is unaudited and unreviewed.
Based on Mvela Group`s ordinary share price listed on the JSE of R3,08 on 31
December 2010, the ordinary shares were trading at a discount of 15% to the
Group`s intrinsic net asset value per ordinary share of R3,63 at that date.
Absa (Strategic investment: Financial Services)
The Absa intrinsic net asset value at R1,87 was based on an Absa share price
of R140 per share, compared to an intrinsic net asset value of R1,96 per
Mvela Group share which was based on an Absa share price of R121,49 per
share.
The Absa investment comprises 51,5% of Mvela Group`s intrinsic net asset
value per share at 31 December 2010.
Life Healthcare (Consumer Services)
Life Healthcare, which was listed in the previous financial year, was
unbundled to shareholders on 20 August 2010 via shares in a newly listed
subsidiary, Health Strategic Investments Limited ("Health"). Each Health
share represented one Life Healthcare share and was unbundled to shareholders
in a ratio of 33,455 Health shares for every 100 Mvela Group ordinary shares
held, resulting in Mvela Group, through its 35 765 285 treasury shares held
by a subsidiary, receiving 11 964 686 Health ordinary shares. Health
unbundled its Life Healthcare shares to its shareholders on 17 December 2010
in a ratio of 1:1.
Apart from the above, Mvela Group owned a direct interest of 44 305 618
shares in Life Healthcare of which 10 422 097 were sold pursuant to the
overallotment after the listing of Life Healthcare.
The Life Healthcare share price at 31 December 2010 amounted to R14,85 which
translated to a net intrinsic value of R0,85 per Mvela Group share compared
to R5,46 at 30 June 2010. The decrease was mainly due to the unbundling
effect of R4,72 per Life Healthcare share, partly off-set against the
increase in the Life Healthcare share price from R13,50 to R14,85.
Life Healthcare comprises 23,4% of Mvela Group`s intrinsic net asset value at
31 December 2010.
Avusa (Investment in associate: Telecoms, Media and Technology Sector)
Mvela Group`s interest of 26 474 000 ordinary shares in Avusa was diluted to
22% at 31 December 2010 from 25,5% at 30 June 2010 following an issue of
ordinary shares by Avusa as part settlement for an acquisition during the
period under review. Based on a closing price at 31 December 2010 of R22,40
(30 June 2010: R19,10), the net intrinsic value per Mvela Group ordinary
share amounted to R0,42 compared to a negative R0,74 at 30 June 2010. The
aforementioned improvement was mainly as a result of a R482 million reduction
in debt.
Group Five: (Strategic investment: Construction and Infrastructure Sector)
Mvela Group`s interest in Group Five is valued using an option pricing model.
Based on a share price of R36,50 at 31 December 2010, the net intrinsic value
of Mvela Group`s 12,7% interest in Group Five amounted to R129 million or
R0,24 per Mvela Group share.
Mvela Group`s investment in Group Five comprises 6,7% of the Group`s
intrinsic net asset value at 31 December 2010.
Mvelaserve (Consumer Services)
Mvelaserve was listed on the JSE on 29 November 2010 after which Mvela Group
unbundled its total interest to shareholders on 6 December 2010. As part of
the unbundling, Mvela Group received 8 953 481 Mvelaserve shares through its
holding of 35 765 285 Mvela Group treasury shares.
The share price of Mvelaserve on the JSE at 31 December 2010 was R13,30 which
translates to R0,21 per Mvela Group ordinary share at 31 December 2010
compared to R3,70 per Mvela Group ordinary share at 30 June 2010.
Vox Telecoms (Strategic investment: Telecoms, Media and Technology Sector)
Mvela Group owns 137 500 000 ordinary shares in Vox Telecoms with a closing
price of R0,45 per share at 31 December 2010. After deducting debt of R262
million, the intrinsic net asset value per Mvela Group ordinary share
amounted to a negative R0,38 per share compared to a negative R0,46 at 30
June 2010.
Accounting policies and International Financial Reporting Standards
The unaudited condensed consolidated interim financial statements for the six
months ended 31 December 2010 ("the period") have been prepared in accordance
with International Financial Reporting Standards (IFRS) including IAS 34,
AC500 standards as issued by the Accounting Practices Board or its successor,
the JSE Listings Requirements, and in the manner required by the Companies
Act of South Africa. The accounting policies adopted are consistent with the
accounting policies applied in the audited annual financial statements for
the previous year ended 30 June 2010.
Changes in accounting policy and disclosures
Business combinations involving entities under common control
In accordance with IAS 8 Accounting Policies, Estimates and Errors,
management referred to IFRS 3 Business Combination and accordingly adopted
the acquisition method as the Group`s accounting policy for the treatment of
business combinations under common control.
The Group has applied the new policy prospectively, with the result that no
adjustments were necessary to any of the amounts previously recognised in the
financial statements.
Exceptional items
Exceptional items are those which have been determined by the directors as
being material by their size, incidence or nature and are therefore required
to be disclosed separately to enable full understanding of the Group`s
financial performance.
Unbundling of subsidiaries
On 20 August 2010, the Group unbundled and distributed its 53,33% interest in
Health Strategic Investments, the vehicle holding the Group`s 4,25% effective
interest in Life Healthcare, to its ordinary shareholders. The fair value
unbundled/distributed amounted to R1 892 million.
As part of the Group`s unbundling process, the Group disposed of its 75%
interest in the share capital of Zonke Monitoring Systems (Proprietary)
Limited ("Zonke") to Mvelaserve on 29 October 2010. Zonke contributed R20,1
million in revenue and R7,6 million in operating profit from the period 1
July 1010 to 6 December 2010. If the disposal had occurred on 31 December
2010, Zonke would have added approximately R4 million and R2 million to
profit before tax for the period. The Fair value of its net assets disposed
of was R81 million which the Group received additional shares in Mvelaserve
valued at R81 million.
On 6 December 2010, the Group unbundled its 100% interest in Mvelaserve.
Mvelaserve and its subsidiaries contributed R1 886 million in revenue and R71
million in operating profit to the Group`s profit before tax for the period 1
July 2010 to 30 November 2010. If this disposal had occurred on 31 December
2010, Mvelaserve would have added approximately R348 million in revenue and
R43 million in operating profits to the Group`s profit before tax.
The assets and liabilities unbundled/ disposed are as follows:
Health
Mvelaserve
R`000 R`000
Property, plant and equipment 394 724 -
Trademarks and other intangibles 135 974 -
Investment in associates 9 745 -
Strategic investments 20 692 1 892 236
Deferred taxation assets 14 847 13 234
Inventory 44 589 -
Trade and other receivables 915 670 -
Net cash and cash equivalents 188 368 -
Total assets 1 724 609 1 905 470
Trade and other payables 803 936 -
Non-current interest-bearing liabilities 285 760 -
Current asset finance 75 489 -
Non-current asset finance 107 754 -
Taxation 37 835 -
Total liabilities 1 310 774 -
Net assets disposed 413 835 1 905 470
Minority interest (12 422) -
Goodwill 680 873 22 500
Fair value adjustment (247 823) (35 734)
Dividend/distribution 834 463 1 892 236
Capital commitments
Capital expenditure 31 December 31 December 30 June
2010 2009 2010
R`000* R`000 R`000
Contracted for 18 536 37 590 16 354
Not contracted for 8 399 8 636 9 770
26 935 46 226 26 124
Operating leases
Land and buildings 102 529 47 832 114 174
Equipment 5 571 2 768 5 423
Motor vehicles 641 6 325
108 741 50 606 119 922
*In respect to Mvelaserve which has been unbundles on 6 December 2010.
Dividend
Ordinary shares
The directors of Mvela Group have resolved not to declare an interim dividend
for the six months ended 31 December 2010 following the decision to realise
value for shareholders and preserve cash for the realisation and unbundling
process.
Preference shares
The directors of Mvela Group have resolved to declare a cash preference
dividend (No. 11) of 30,03288 cents per preference share, for the six-month
period ended 31 December 2010, to preference shareholders. The last day to
trade "cum" the preference dividend in order to participate in the preference
dividend will be Friday, 1 April 2011. The preference shares of Mvela Group
will commence trading "ex" the preference dividend from the commencement of
business on Monday, 4 April 2011 and the record date will be Friday, 8 April
2011. The preference dividend will be paid to preference shareholders on
Monday, 11 April 2011. Preference share certificates may not be
dematerialised or rematerialised between Monday, 4 April 2011 and Friday, 8
April 2011, both days inclusive.
Prospects
The Mvela Group board will continue with its unbundling strategy with a key
focus on unlocking value for shareholders and generating a satisfactory
return on capital for shareholders over time.
MSM Xayiya
Executive Chairman and acting Chief Executive Officer
17 March 2011
Summarised Group statement of financial position
Unaudited Unaudited Audited
31 December 31 December 30 June
2010 2009 2010
R`000 R`000 R`000
ASSETS
Non-current assets 2 435 406 6 305 472 3 354 514
Property, plant and equipment 1 367 330 214 389 492
Intangible assets - 833 905 834 554
Investments in associates 681 326 725 818 674 098
Strategic investments 1 752 713 4 381 963 1 438 664
Deferred taxation - 33 572 17 706
Current assets 779 090 1 267 147 3 995 498
Strategic investments - 2 005 2 626 286
Other investments 502 996 - -
Other current assets 24 039 706 693 843 069
Cash and cash equivalents 252 055 558 449 526 143
Assets in disposal group held - - 5 045
for sale
TOTAL ASSETS 3 214 496 7 572 619 7 355 057
EQUITY AND LIABILITIES
Capital and reserves 2 211 870 4 522 672 4 894 283
Shareholder`s equity 2 031 027 4 324 103 4 725 023
Minority interest 180 843 198 569 169 260
Non-current liabilities 966 713 2 236 883 1 552 174
Interest-bearing liabilities 693 600 1 652 189 1 279 535
Financial liability - 31 527 36 900
Deferred taxation 273 113 553 167 235 739
Current liabilities 35 913 813 064 908 600
Interest-bearing liabilities 948 67 632 78 699
Non-interest-bearing 2 577 24 900 20 712
liabilities
Other current liabilities 32 388 720 532 809 189
TOTAL EQUITY AND LIABILITIES 3 214 496 7 572 619 7 355 057
Net number of ordinary shares 565 474 407 139 407 139
in issue (000)
Diluted net number of 565 474 465 484 465 484
ordinary shares in issue
(000)#
Net asset value per ordinary 359,2 928,9 1 015,1
share (cents)
Net tangible asset value per 359,2 742,6 832,0
ordinary share (cents)
#Remaining number of preferences shares in issue as at 31 December 2010 was
265 362 shares. A dilutive effect was not calculated for this period. Prior
periods were calculated on the basis that all preference shares will be
converted into ordinary shares after November 2009 and November 2010
respectively.
Summarised Group statement of comprehensive income
Unaudited Unaudited Audited
31 December 31 December 30 June
2010 % 2009 2010
R`000 change R`000 R`000
Continuing
operations
(Loss)/profit from (33 853) (721,8) 5 444 3 198
operations
(Loss)/profit from (24 957) 5 444 3 198
operations pre-
exceptional items
Exceptional items (8 896) - -
Net interest expense (15 735) (18 426) (47 234)
Interest income 5 893 11 349 20 470
Interest expense (21 628) (29 775) (67 704)
Share of 15 495 7 413 (28 593)
profit/(loss) from
associates
Net fair value (154 549) (128,5) 541 859 577 636
adjustments and
(loss)/profit from
investments
Cost of BEE (7 751) (8 088) (16 175)
transaction
(Loss)/profit before (196 393) (137,2) 528 202 488 832
taxation
Taxation expense (46 133) (80 234) 226 153
Normal, deferred, (42 728) (76 452) 230 510
capital gains and
foreign taxation
Secondary tax on (3 405) (3 782) (4 357)
companies
(Loss)/profit after (242 526) (154,1) 447 968 714 985
taxation from
continuing
operations
Discontinued
operations
Revenue 1 886 411 (1,2) 1 908 476 4 199 259
Profit from 70 655 (51,0) 144 282 323 850
operations
Profit from 140 933 144 282 323 850
operations pre-
exceptional items
Exceptional items (70 278) - -
Net interest expense (20 537) (33 972) (60 631)
Interest income 10 529 5 368 14 958
Interest expense (31 066) (39 340) (75 589)
Share of profit from 3 522 1 481 6 076
associates
Net fair value 3 149 19,8 2 629 (2 726)
adjustments and
profit/(loss) from
investments
Profit before 56 789 (50,4) 114 420 266 569
taxation
Taxation expense (21 085) (40 343) (90 059)
Normal, deferred, (20 984) (40 218) (87 823)
capital gains and
foreign taxation
Secondary tax on (101) (125) (2 236)
companies
Profit after 35 704 (51,8) 74 077 176 510
taxation from
discontinued
operations
(Loss)/profit for (206 822) (139,6) 522 045 891 495
the period
Total comprehensive (206 822) 522 045 891 495
(loss)/income for
the period
(Loss)/profit for
the period and total
comprehensive
(loss)/income
attributable to:
Owners of the parent (245 934) 477 315 865 784
Other shareholders 39 112 44 730 25 711
- Preference 14 710 15 042 30 008
shareholders
- Minority 24 402 29 688 (4 297)
shareholders
(206 822) 522 045 891 495
Weighted average net 458 467 406 792 406 962
number of ordinary
shares in issue
(000)
Diluted weighted 458 467 465 137 465 307
average net number
of ordinary shares
in issue (000)#
(Loss)/earnings per (53,6) 117,3 212,7
ordinary share
(cents)
(Loss)/earnings per (60,9) (161,1) 99,8 171,0
ordinary share from
continuing
operations (cents)
Earnings per 7,3 (58,5) 17,5 41,7
ordinary share from
discontinued
operations (cents)
Headline (0,7) 124,9 238,5
(loss)/earnings per
ordinary share
(cents)
Headline (7,8) (107,2) 107,6 196,9
(loss)/earnings per
ordinary share from
continuing
operations (cents)
Headline earnings 7,1 (59,2) 17,3 41,6
per ordinary share
from discontinued
operations (cents)
Diluted (53,6) 105,9 192,5
(loss)/earnings per
ordinary share
(cents)
Diluted (60,9) (167,3) 90,6 156,0
(loss)/earnings per
ordinary share from
continuing
operations (cents)
Diluted earnings per
ordinary share from
discontinued 7,3 (52,5) 15,3 36,5
operations (cents)
Diluted headline (0,7) 112,5 215,0
(loss)/earnings per
ordinary share
(cents)
Diluted headline (7,8) (108,0) 97,4 178,6
(loss)/earnings per
ordinary share from
continuing
operations (cents)
Diluted headline 7,1 (53,3) 15,1 36,4
earnings per
ordinary share from
discontinued
operations (cents)
Dividends per 30,0 27,5 54,2
preference share
(cents)
Interim 30,0 27.5 27.1
Final - - 27.1
#Remaining number of preferences shares in issue as at 31 December 2010 was
265 362 shares. A dilutive effect was not calculated for this period. Prior
periods were calculated on the basis that all preference shares will be
converted into ordinary shares after November 2009 and November 2010
respectively.
Summarised Group statement of changes in equity
Unaudited Unaudited Audited
31 December 31 December 30 June
2010 2009 2010
R`000 R`000 R`000
Balance at the beginning of 4 894 283 4 017 544 4 017 544
the period
(Disposal)/acquisition of (12 422) (7 351) 776
subsidiaries
Cost of BEE transaction 7 751 8 088 16 175
Issued redeemable option- 151 - -
holding shares
Total comprehensive (206 822) 522 045 891 495
(loss)/income for the
period
Dividends/distributions (2 471 071) (17 654) (31 707)
Balance at the end of the 2 211 870 4 522 672 4 894 283
period
Reconciliation between (loss)/profit attributable to owners of the parent and
headline (loss)/profit attributable to owners of the parent
Unaudited Unaudited Audited
31 December 31 December 30 June
2010 2009 2010
R`000 R`000 R`000
(Loss)/profit for the (245 934) 477 315 865 784
period and total
comprehensive (loss)/income
attributable to owners of
the parent
Loss on disposal of 283 557 31 864 111 143
subsidiaries
Profit on sale of property, (1 415) (1 200) (517)
plant and equipment
Tax effect (39 302) 262 (5 781)
Headline (loss)/profit (3 094) 508 241 970 629
attributable to owners of
the parent
Summarised Group statement of cash flows
Unaudited Unaudited Audited
31 December 31 December 30 June
2010 2009 2010
R`000 R`000 R`000
Profit from operations 36 802 149 726 327 048
Non-cash items 51 570 50 126 108 194
Working capital (72 979) 37 748 (6 993)
Cash generated from 15 393 237 600 428 249
operations
Net interest paid (16 464) (27 945) (74 050)
Investment income 52 688 165 069 174 122
Normal taxation paid (25 022) (30 286) (70 730)
Cash available from 26 595 344 438 457 591
operating activities before
the payment of capital
gains tax
Capital gains tax paid (15 197) - (791)
Cash available from 11 398 344 438 456 800
operating activities
Cash effects of investing (22 288) (112 820) 114 484
activities
Cash effects of financing (248 488) (126 868) (484 685)
activities
Dividends paid (14 710) (15 853) (30 008)
Net movement in cash and (274 088) 88 897 56 591
cash equivalents
Cash and cash equivalents 526 143 469 552 469 552
at the beginning of the
period
Cash and cash equivalents 252 055 558 449 526 143
at the end of the period
Segmental information
Unaudited Unaudited Audited
31 December 31 December 30 June
2010 2009 2010
R`000 R`000 R`000
NET ASSETS
Consumer services 1 253 963 3 392 048 3 982 268
Financial services 654 440 713 711 572 429
Infrastructure and 138 262 167 287 130 550
Construction
Telecoms, Media and 165 205 249 626 209 036
Technology
2 211 870 4 522 672 4 894 283
REVENUE
Consumer services - - -
Financial services - - -
Infrastructure and - - -
Construction
Telecoms, Media and - - -
Technology
Revenue from discontinued 1 886 411 1 908 476 4 199 259
operations
1 886 411 1 908 476 4 199 259
TOTAL COMPREHENSIVE
(LOSS)/INCOME FOR PERIOD
Consumer services (338 667) 351 880 866 904
Financial services 82 011 134 354 (6 928)
Infrastructure and 7 712 21 148 (15 588)
Construction
Telecoms, Media and 14 169 (51 326) (113 228)
Technology
Cost of BEE transaction (7 751) (8 088) (16 175)
Profit after taxation from 35 704 74 077 176 510
discontinued operations
(206 822) 522 045 891 495
Executive Directors: MSM Xayiya (Executive Chairman and acting Chief
Executive Officer), GE Roth (Chief Financial Officer)
Non-executive Directors: KD Dlamini*, BD Hopkins*#, OA Mabandla*
(*Independent #lead independent)
Registered Office: 1st Floor, 30 Melrose Boulevard, Melrose Arch, 2076
Telephone 27 11 684-2652 Telefax 27 11 684-2656
Transfer Secretaries: Computershare Investor Services (Proprietary) Limited,
70 Marshall Street, Johannesburg, 2001
A copy of these results are available on the Mvelaphanda Group website at:
www.mvelagroup.co.za
17 March 2011
Johannesburg
Sponsor: Deutsche Securities (SA) (Proprietary) Limited
Date: 17/03/2011 08:00:01 Supplied by www.sharenet.co.za
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