Wrap Text
DLG - Dialogue Group Holdings Limited - Audited abridged consolidated financial
results for the year ended 31 December 2010
DIALOGUE GROUP HOLDINGS LIMITED
(Incorporated in the Republic of South Africa)
(Registration Number: 2005/039219/06)
Share Code: DLG ISIN: ZAE000083820
("the company", "the group" or "Dialogue")
AUDITED ABRIDGED CONSOLIDATED FINANCIAL RESULTS FOR THE YEAR ENDED 31 DECEMBER
2010
Enquiries
Dialogue Group Holdings Limited
Chief Executive: Alan Farthing 082 551 0079
1. Commentary on the results
The group commenced the year with five businesses: three call-centre operations,
Dialogue South Africa (Proprietary) Limited ("Dialogue SA"), Sibize
International Calling (Proprietary) Limited ("Sibize") and Interaction Call
Centre (Proprietary) Limited ("Interaction"), a business continuity and disaster
recovery operation, ContinuitySA (Proprietary) Limited ("ContinuitySA") and a
recruitment company for the call-centre industry, CallForce Direct (Proprietary)
Limited ("CallForce").
During the period under review the group experienced significant change in
respect of each of its operating companies resulting from the following events:
- Dialogue SA - in February 2010 the board of Dialogue SA applied for
voluntary liquidation as it became apparent that new business and further
cost savings would not be achieved, and the group could no longer sustain
the cash requirements of the business. A final liquidation order was
granted by the court on 14 April 2010.
- Sibize - in May 2010, following notice of termination being received from
the client which was repudiated, Sibize reached agreement with its major
client to terminate its call centre outsourcing contract two years early.
- Interaction - in June 2010 Interaction`s client terminated the outsourcing
agreement in accordance with the contract by giving six months notice.
Although Interaction continued to achieve high levels of customer
satisfaction, the client had made a strategic decision to in-source the
call centre facility.
- CallForce - in November 2010 the group disposed of its 51% interest in the
ordinary share capital of CallForce for R2.09m. The board believed this to
be the correct action to take in achieving maximum value for shareholders.
- ContinuitySA - in February 2011 the group disposed of its 51% interest in
the ordinary share capital of ContinuitySA for R35m. The board believed
this to be the correct action to take in achieving maximum value for
shareholders. The transaction was conditional on a dividend of R4m, of
which the group received its share of R2.04m in February 2011.
Upon the conclusion of the sale of ContinuitySA, the group`s assets now consist
of cash and outstanding claims. The group is now classified as a cash shell in
terms of the Listings Requirements of the JSE Limited ("the JSE Listings
Requirements").
2. Commentary on the audited abridged consolidated financial statements
The events detailed above have resulted in all five of the group`s businesses
being classified and presented as discontinued operations in accordance with
International Financial Reporting Standards ("IFRS"). In accordance with IFRS 5
- Non-current assets held for sale and discontinued operations, prior year
comparative information in the statement of comprehensive income has been
amended to reflect these events.
Consolidated statement of comprehensive income
The group reported a profit attributable to equity holders for the year of
R49.1m (2009: loss after tax of R96.5m). Included in this profit are the
following impairments, and other once-off and material items:
- In the group`s results to December 2009 it was reported that IFRS dictated
that the results for Dialogue SA be prepared on the liquidation basis. The
liquidation basis resulted in earlier recognition of all future
liabilities, with a corresponding expense being included in the statement
of comprehensive income. The consequence of this was that the group
reported a significant expense in respect of Dialogue SA amounting to
R69.6m in its results to 31 December 2009. Following the liquidation of
Dialogue SA, the group no longer exercises control over this entity and
therefore has derecognised all assets and liabilities of Dialogue SA at the
date of loss of control. As a result of the derecognition, the group has
reported a gain on the disposal of a subsidiary of R65.7m in the results to
31 December 2010.
- A once-off expense in respect of a guarantee in favour of a funder of
Dialogue SA to the value of R6.2m (2009: nil). Once the liquidation is
concluded the group may recover some of this amount.
- Loss on disposal of CallForce of R0.4m (2009: nil).
- Impairment of the investment in joint venture, namely Sibize, of R25.3m
(2009: nil) to reflect the recoverable amount attributable to the
shareholders of the group of R42.2m (2009: R34.4m) after including
contributions to profit for the year.
- Impairment of goodwill in respect of ContinuitySA of R16.5m (2009: nil) as
a result of the disposal of the group`s interest in February 2011 for
R37.04m (includes dividend of R2.04m).
- The group realised its loss on the loan to TalentMatch (Proprietary)
Limited (a subsidiary of CallForce) of R2.5m (2009: nil) resulting from the
disposal of CallForce.
Head Office reported operating expenses excluding depreciation, amortisation and
impairments of R9.1m (2009: R14.2m). This excludes dividends received from
within the group of R9.4m (2009: R1.9m).
The income tax credit for continuing operations of R0.3m (2009: R1.3m tax
expense) is mainly as a result of an overprovision.
Consolidated statement of financial position
Trade and other receivables include an amount of R2.6m (2009: nil) placed in a
securities realisation account with Standard Bank, some of which may be
repayable to the company upon release from a guarantee in favour of the bank,
once the final liquidation and distribution account has been confirmed by the
court ("Dialogue SA guarantee").
During the year the group recovered the related-party loan of R3.6m (2009:
R3.4m) from the investment in joint venture Sibize.
The cash balance for continuing operations as at 31 December 2010 increased with
R3.8m to R13.6m (2009: R9.8m).
The net asset value in the group at 31 December 2010 is 30.3 cents per share
(2009: 13.9 cents per share).
There have been no major changes in the nature of fixed assets and no change in
accounting policy relating to the use of fixed assets during the period under
review.
3. PROSPECTS AND OUTLOOK
THE BOARD WILL RECOMMEND TO SHAREHOLDERS THAT THE COMPANY BE WOUND UP AND ALL
CASH BE RETURNED TO SHAREHOLDERS ONCE THE FOLLOWING OUTSTANDING CLAIMS HAVE BEEN
RESOLVED:
- settlement amounts from Sibize`s client GSSC;
- Dialogue SA guarantee;
- labour dispute at Interaction; and
- supplier claim at Sibize.
4. Related party transactions
Material related party transactions for the year were as follows:
R`000 2010 2009
Transactions:
Reimbursement received from Sibize 6 268 6 179
Reimbursement received from Dialogue SA 95 -
Reimbursement received from CallForce 26 -
Reimbursement paid to ContinuitySA (121) -
Consulting fees paid to MSG Afrika - (410)
Investment Holdings (Proprietary) Limited
Interest received from Sibize 193 376
Salary expenses from Tlhalefang Placements 42 486 48 262
CC
Management fees paid to Tlhalefang - 3 107
Placements CC
5. Statement of compliance and basis of preparation
The consolidated abridged annual financial statements have been prepared in
accordance with and containing the information required by IFRS and the AC500
standards as issued by the Accounting Practices Board, its interpretations
adopted by the International Accounting Standards Board ("IASB"), the
presentation and disclosure requirements of International Accounting Standards:
Interim Financial Reporting (IAS34), the requirements of the South African
Companies Act and in compliance with the JSE Listings Requirements.
The accounting policies and methods of computation are consistent with those
applied in previous years, as published in the 2009 annual report. New and
revised accounting standards have been considered and where applicable adopted
as required.
6. Reclassification of expenses
In the prior period ContinuitySA included rent and utility costs in operating
expenses, these costs are now allocated and included in cost of sales. The
reclassification was applied in the prior year as well.
7. Events after the reporting period
The company disposed of its 51% shareholding in ContinuitySA on 4 February 2011.
ContinuitySA has been accounted for as a discontinued operation in terms of IFRS
5 - Non-current assets held for sale and discontinued operations. The proceeds
of the sale will be distributed to the shareholders of the company as a specific
payment by way of a reduction in share premium in March 2011.
8. The board
Mr Paul Oosthuizen resigned from the board as Financial Director with effect
from 31 March 2010. Mr Terence Kretzmann was appointed as Financial Director
with effect from 1 April 2010. Following Terence`s appointment as Financial
Director, Terence resigned as Company Secretary. Mr Lionel Marran was appointed
as Company Secretary effective 1 April 2010. Mr Alan Farthing, having previously
served on the board as an independent non-executive director, stepped into the
role of Chief Executive effective 14 April 2010. Due to the reduced level of
activity in the group, Terence has resigned from the board as Financial Director
with effect from 31 March 2011 and Alan will have the added responsibility of
Financial Director until further notice.
9. Dividend
No dividend was declared for the year (2009: nil)
10. Going concern
Upon conclusion of the sale of ContinuitySA, the group`s assets now consist of
cash and outstanding claims. The group is now classified as a cash shell in
terms of the JSE Listings Requirements. The directors have reviewed the group
and the company`s cash flow forecast for the year to 31 December 2011 and, in
light of this review and the current financial position, are satisfied that they
have, or have access to, adequate resources to continue as a going concern for
the foreseeable future.
11. Auditors opinion
The results have been audited by BDO South Africa Incorporated, and their
unqualified audit opinion is available for inspection at the company`s
registered office.
12. Posting of the annual report
Shareholders are hereby advised that Dialogue`s 2010 annual report, which
includes the annual financial statements for the year ended 31 December 2010, as
audited by BDO South Africa Incorporated, is being dispatched to shareholders
today, and contains no modifications to the audited results announced here.
13. Notice of Annual General Meeting ("AGM")
Notice is hereby given that the AGM of Dialogue shareholders will be held at
11:30 on Wednesday, 11 May 2011, at the JSE, One Exchange Square, Gwen Lane,
Sandton, Johannesburg to transact the business as set out in the notice of the
AGM contained in the annual report.
By order of the board
A.C. Farthing A.T. Kretzmann
Chief Executive Financial Director
31 March 2011
Consolidated statements of comprehensive income
Audited Audited
year ended year ended
31 December 31December
2010 2009
R`000 Continui Disconti Total Continui Disconti Total
ng nued ng nued
operatio operatio operatio operatio
ns ns ns ns
Revenue - 283 888 283 888 - 343 988 343 988
Cost of sales - (159 (159 - (168 (168 821)
633) 633) 821)
Gross profit - 124 255 124 255 - 175 167 175 167
Operating (14 170) (71 630) (9 098) (215 (224 757)
expenses 659)
excluding (85 800)
depreciation,
amortisation
and
impairments
Depreciation (26 569) (26 581) (16) (30 769) (30 785)
and (12)
amortisation
Impairment of - (2 453) (2 453) - - -
loans
Impairment of - (25 327) (25 327) - - -
joint venture
Impairment of - (16 545) (16 545) - (4 254) (4 254)
goodwill
Impairment of - - - - (6 124) (6 124)
property,
plant and
equipment
Gain on - 65 693 65 693 - - -
disposal of
subsidiary
Dialogue
South Africa
(Pty) Ltd
Loss on - (424) (424) - - -
disposal of
subsidiary
CallForce
Direct (Pty)
Ltd
Other income 1 813 814 - 5 071 5 071
Operating (14 181) 47 813 33 632 (9 114) (76 568) (85 682)
(loss)/ profit
for the year
Investment 989 894 1 883 1 387 1 349 2 736
revenue
Finance (1) (2 693) (2 694) - (3 632) (3 632)
expense
Share of loss - (350) (350) - (614) (614)
from associate
Share of - 33 155 33 155 - 5 172 5 172
profit from
joint venture
(Loss)/ profit (13 193) 78 819 65 626 (7 727) (74 293) (82 020)
before tax
Income tax 299 (9 329) (9 030) (1 332) (8 571) (9 903)
credit/
(expense)
(Loss)/ profit (12 894) 69 490 56 596 (9 059) (82 864) (91 923)
for the year
(Loss)/ profit (12 894) 69 490 56 596 (9 059) (82 864) (91 923)
for the year
attributable (12 894) 61 997 49 103 (9 059) (87 439) (96 498)
to equity
holders of the
parent
attributable - 7 493 7 493 - 4 575 4 575
to non-
controlling
interest
Total (12 894) 69 490 56 596 (9 059) (82 864) (91 923)
comprehensive
(loss)/ profit
for the year
attributable (12 894) 61 997 49 103 (9 059) (87 439) (96 498)
to equity
holders of the
parent
attributable - 7 493 7 493 - 4 575 4 575
to non-
controlling
interest
Basic (loss)/ (4.3) 20.7 16.4 (3.0) (29.3) (32.3)
earnings per
share (cents)
Diluted (4.3) 20.7 16.4 (3.0) (29.3) (32.3)
(loss)/earning
s per share
(cents)
Consolidated statements of financial position
Audited Audited
As at As at
31 Dec 31 Dec
R`000 2010 2009
Assets
Non-current assets 34 165 533
Property, plant and equipment 33 58 861
Intangible assets 1 50 406
Equity accounted investments - 39 265
Other non-current receivables - 3 425
Deferred taxation - 13 576
Current Assets 16 464 71 570
Inventory - 1 138
Trade and other receivables 2 838 41 320
Loan to related parties - 3 381
Taxation - 2 147
Cash and cash equivalents 13 626 23 584
Non-current assets classified as held for sale 168 187 -
Total Assets 184 685 237 103
Equity and Liabilities
Equity attributable to equity holders of the parent 90 709 41 613
Issued capital 1 251 1 251
Share premium 167 778 167 778
Share option reserve - 834
Accumulated loss (78 320) (128 250)
Non-controling interest 20 019 23 116
Total equity 110 728 64 729
Non-current Liabilities - 22 054
Long-term liabilities - 8 373
Operating lease liability - 8 837
Deferred taxation - 4 844
Current Liabilities 7 022 150 320
Short-term liabilities 6 198 10 150
Provisions - 67 295
Trade and other payables 824 58 859
Taxation - 191
Bank overdraft - 13 825
Liabilities associated with non-current assets
held for sale 66 935 -
Total Equity and Liabilities 184 685 237 103
Net asset value per share (cents) 30.3 13.9
Net tangible asset value per share (cents) 30.3 (2.9)
Consolidated statements of cash flows
Audited Audited
Year Year
ended ended
R`000 31 Dec 2010 31 Dec 2009
Cash flows from operating activities 33 385 (1 052)
Cash flows from investing activities (3 971) (24 480)
Cash flows from financing activities (814) (1 051)
Net increase/ (decrease) in cash and cash 28 600 (26 584)
equivalents
Cash and cash equivalents at beginning
of the period 9 759 36 343
Cash and cash equivalents at end
of the period 38 359 9 759
Note on cash and cash equivalents
Audited Audited
Year Year
ended ended
R`000 31 Dec 2010 31 Dec 2009
Current account 728 625 11 598 722
Foreign currency account - 648 885
Petty cash - 10 099
Call account 12 897 612 11 326 584
Bank overdraft - (13 825 161)
Included in non-current assets classified
as held for sale:
Current account 17 098 026 -
Petty cash 10 006 -
Call account 7 624 571 -
Cash and cash equivalents at end of year 38 358 840 9 759 129
Consolidated statements of changes in equity
Audited Audited
Year Year
ended ended
R`000 31 Dec 2010 31 Dec 2009
Opening Equity 64 729 158 678
Share option reserve movement (8) (188)
Total comprehensive income/ (loss) for the period
attributable to equity holders of the parent 49 103 (96 498)
- Profit/ (loss) for the period 49 103 (96 498)
Total comprehensive income for the period
attributable to non-controlling interest 7 493 4 575
- Profit for the period 7 493 4 575
Elimination of non-controlling interests
on disposal of CallForce Direct (Pty) Ltd (3 713) -
Dividends paid to non-controlling interest (6 876) (1 838)
Closing Equity 110 728 64 729
Capital commitments
Audited Audited
As As
at at
R`000 31 Dec 2010 31 Dec 2009
Discontinued operations
Authorised and contracted 443 82
Authorised and not contracted 905 14 300
There were no capital commitments pertaining to continuing operations
as at the current or prior financial year end.
Segment information:
Audited Audited
Year Year
ended ended
R`000 31 Dec 2010 31 Dec 2009
Discontinued operations- Contact centre Cape
Town
Total external revenues 6 845 46 380
Intersegment revenues - 9 744
Segment loss before interest, depreciation,
income tax and impairments (975) (74 915)
Finance expense (85) (196)
Finance income - 72
Depreciation of property, plant and equipment (32) (2 358)
Amortisation of intangibles - (333)
Impairment of property, plant and equipment - (6 124)
Segment profit before income tax (1092) (83 854)
Income tax - (1 806)
Profit for the period (1092) (85 660)
Discontinued operations - Contact centre Durban
Total external revenues 75 370 86 567
Intersegment revenues - -
Segment profit before interest, depreciation,
income tax and impairments 15 483 10 531
Finance expense - (27)
Finance income 633 490
Depreciation of property, plant and equipment (38) (15)
Segment profit before income tax 16 078 10 979
Income tax (5 756) (2 887)
Loss for the period 10 322 8 092
Discontinued operations - Business continuity
Total external revenues 147 445 144 983
Intersegment revenues 121 504
Segment profit before interest, depreciation,
income tax and impairments 37 948 42 963
Finance expense (2 439) (3 179)
Finance income 680 523
Depreciation of property, plant and equipment (24 502) (25 747)
Amortisation of intangibles (362) (469)
Share of loss from associate (350) (614)
Segment profit before income tax 10 975 13 477
Income tax (4 008) (4 911)
Profit for the period 6 967 8 566
Discontinued operations - Staffing
Total external revenues 54 228 59 879
Intersegment revenues - 5 282
Segment profit/ (loss) before interest, depreciation,
income tax and impairments 982 (1 655)
Finance expense (891) (1 248)
Finance income 103 608
Depreciation of property, plant and equipment (297) (337)
Amortisation of intangibles (79) (91)
Segment loss before income tax (182) (2 723)
Income tax 82 636
Loss for the period (100) (2 087)
Adjustments and eliminations
Total external revenues - -
Intersegment revenues (121) (9 351)
Segment loss before interest, depreciation,
income tax and impairments - (12 345)
Finance expense 722 1 018
Finance income (522) (344)
Amortisation of intangibles (1 259) (1 419)
Impairment of investment in joint venture (25 327) -
Impairment of goodwill (16 545) (4 254)
Impairment of loans (2 453) -
Loss on disposal of CallForce Direct (Pty) Ltd (424) -
Gain on disposal of Dialogue South Africa (Pty)
Ltd 65 693 -
Share of profit from joint venture 33 155 5 172
Segment profit/ (loss) before income tax 53 040 (12 172)
Income tax 353 397
Loss for the period 53 393 (11 775)
Total - Discontinued operations
Total external revenues 283 888 337 809
Intersegment revenues - 6 179
Segment profit/ (loss) before interest, depreciation,
income tax and impairments 53 438 (35 421)
Finance expense (2 693) (3 632)
Finance income 894 1 349
Depreciation of property, plant and equipment (24 869) (28 457)
Amortisation of intangibles (1 700) (2 312)
Impairment of investment in joint venture (25 327) -
Impairment of goodwill (16 545) (4 254)
Impairment of loans (2 453) -
Impairment of property, plant and equipment - (6 124)
Loss on disposal of CallForce Direct (Pty) Ltd (424) -
Gain on disposal of Dialogue South Africa (Pty)
Ltd 65 693 -
Share of profit from joint venture 33 155 5 172
Share of loss from associate (350) (614)
Segment profit/ (loss) before income tax 78 819 (74 293)
Income tax (9 329) (8 571)
Profit/ (loss) for the period 69 490 (82 864)
Continuing operations - Head office
Total external revenues - -
Intersegment revenues - 3
Segment loss before interest, depreciation,
income tax and impairments (9 063) (14 201)
Finance expense (523) (344)
Finance income 1 711 4 694
Dividends received 9 415 -
Depreciation of property, plant and equipment (10) (13)
Amortisation of intangibles (2) (3)
Impairment of investments 3 897 (4 254)
Impairment of loans (3 317) (20 286)
Loss on disposal of CallForce Direct (Pty) Ltd (3 461) -
Segment loss before income tax (1 353) (34 407)
Income tax 299 (1 332)
Loss for the period (1 054) (35 739)
Adjustments and eliminations
Total external revenues - -
Intersegment revenues - (3)
Segment (loss)/ profit before interest, depreciation,
income tax and impairments (5 106) 5 103
Finance expense 522 344
Finance income (722) (3 307)
Dividends received (9 415) -
Impairment of investments (3 897) 4 254
Impairment of loans 3 317 20 286
Loss on disposal of CallForce Direct (Pty) Ltd 3 461 -
Segment loss before income tax (11 840) 26 680
Income tax - -
(Loss)/ profit for the period (11 840) 26 680
Total - Continuing operations
Total external revenues - -
Intersegment revenues - -
Segment loss before interest, depreciation,
income tax and impairments (14 169) (9 098)
Finance expense (1) -
Finance income 989 1 387
Depreciation of property, plant and equipment (10) (13)
Amortisation of intangibles (2) (3)
Segment loss before income tax (13 193) (7 727)
Income tax 299 (1 332)
Loss for the period (12 894) (9 059)
Segment assets:
Audited Audited
As at As at
31 Dec 31 Dec
R`000 2010 2009
Contact centre - Cape Town - 10 090
Contact centre - Durban 15 069 18 026
Business continuity 120 606 124 199
Staffing - 23 569
Head office - 108 211
Adjustments and eliminations 32 512 (46 992)
Total 168 187 237 103
Head office 101 747 -
Adjustments and eliminations (85 250) -
Total continuing operations 16 497 -
Segment liabilities:
Audited Audited
As at As at
31 Dec 31 Dec
R`000 2010 2009
Contact centre - Cape Town - 103 836
Contact centre - Durban 5 060 6 038
Business continuity 61 154 67 717
Staffing - 17 664
Head office - 17 753
Adjustments and eliminations 721 (40 633)
Total 66 935 172 375
Head office 12 342 -
Adjustments and eliminations (5 320) -
Total continuing operations 7 022 -
Investment in associate:
Audited Audited
As at As at
31 Dec 31 Dec
R`000 2010 2009
Business continuity 4 548 4 890
Investment in joint venture:
Audited Audited
As at As at
31 Dec 31 Dec
R`000 2010 2009
Head office 42 204 34 375
Additions to property, plant and equipment:
Audited Audited
As at As at
31 Dec 31 Dec
R`000 2010 2009
Contact centre - Cape Town 49 2 536
Contact centre - Durban 111 56
Business continuity 14 007 15 568
Staffing 100 142
Head office - 15
Adjustments and eliminations - -
Total 14 267 18 317
Head office 8 -
Adjustments and eliminations - -
Total continuing operations 8 -
Geographic information:
Revenues from
external Non-current
Discontinued operations customers assets
R`000
2010
Botswana 6 320 702
Mozambique 2 308 4 877
South Africa 275 260 127 722
Total 283 888 133 301
Revenues from
external Non-current
Continiung operations customers assets
R`000
2010
Botswana - -
Mozambique - -
South Africa - 34
Total - 34
Revenues from
external Non-current
customers - assets
discontinued
operations
R`000
2009
United Kingdom 8 122 -
Botswana 6 130 2 126
Mozambique 2 772 4 695
United States 3 -
South Africa 320 780 158 712
Total 337 809 165 533
Headline earnings per share:
Audited Audited
Year ended Year ended
Continuing operations 31 Dec 31 Dec
R`000 2010 2009
Headline loss reconciliation
Net loss attributable to equity holders of
the group (12 894) (9 059)
Headline loss per share (cents)
Weighted in issue (4.3) (3.0)
Fully diluted (4.3) (3.0)
Discontinued operations
Headline earnings/ (loss) reconciliation
Net loss attributable to equity holders of
the group 61 997 (87 439)
Impairment of goodwill 16 545 4 254
Impairment of investment in joint venture 25 327 -
Impairment of property, plant and equipment - 6 124
Gain on disposal of Dialogue South Africa (Pty)
Ltd (65 693) -
Loss on disposal of CallForce Direct (Pty) Ltd 424 -
Loss/ (profit) on disposal of property, plant and
equipment 204 (55)
Headline earnings/ (loss) 38 804 (77 116)
Headline earnings/ (loss) per share (cents)
Weighted in issue 13.0 (25.8)
Fully diluted 13.0 (25.8)
Number of shares
Total 299 075 299 075
Weighted in issue 299 075 299 075
Fully diluted 299 075 299 075
Directorate and administration
P.A. Watt (Chairman)*, A.C. Farthing (CEO)#, A.T. Kretzmann(Financial Director),
J.J. Drew*#, A. Khumalo*, K.R Mangena*, G. Mkhari* S.J.H. Rodger*#
*Non-executive Independent #British
Company secretary: L.C. Marran
Registered address: KPMG Services (Proprietary) Limited, KPMG Crescent, 85
Empire Road, Parktown, 2193 (PO Box 1586, Rivonia, 2128)
Transfer secretaries: Computershare Investor Services (Proprietary) Limited, 70
Marshall Street, Johannesburg, 2001 (PO Box 61051, Marshalltown, 2107)
Designated advisor: PSG Capital (Proprietary) Limited (Johannesburg branch),
Ground Floor, DM Kisch House, Inanda Greens Business Park, 54 Wierda Road West,
Wierda Valley, Sandton, 2196 (PO Box 987, Parklands, 2121)
Date: 31/03/2011 15:51:01 Supplied by www.sharenet.co.za
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