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SUI - Sun International Limited - Profit and Dividend Announcement for the year
ended 30 June 2011
SUN INTERNATIONAL LIMITED
Registration Number: 1967/007528/06
Share Code: SUI
ISIN: ZAE 000097580
Profit and Dividend Announcement for the year ended 30 June 2011
Revenue +12%
EBITDA +1%
Adjusted HEPS +1%
Cash generated by operations +16%
Final dividend per share of 120 cents
GROUP STATEMENTS OF COMPREHENSIVE INCOME
for the year ended 30 June
2011 2010
R million Reviewed % change Restated#
Revenue
Casino 6 981 12 6 212
Rooms 904 5 857
Food, beverage and other 1 007 13 892
8 892 12 7 961
Less: promotional allowances (241) (164)
8 651 7 797
Insurance proceeds - 180
Consumables and services (956) (846)
Depreciation and amortisation (769) (685)
Employee costs (1 809) (1 646)
Levies and VAT on casino (1 583) (1 364)
revenue
Promotional and marketing (643) (614)
costs
Property and equipment rental (81) (114)
Property costs (425) (351)
SFIR minority equity option (75) -
Other operational costs (700) (728)
Operating profit 1 610 (1) 1 629
Foreign exchange losses (66) (15)
Interest income 43 60
Interest expense (496) (566)
Share of associate`s loss - (3)
Profit before tax 1 091 1 105
Tax (515) (448)
Profit for the year 576 (12) 657
Other comprehensive income:
Net loss on cash flow hedges - (10)
Tax on net loss on cash flow - 2
hedges
Transfer of hedging reserve to 13 87
statements of comprehensive
income
Tax on transfer of hedging (3) (19)
reserve to statements of
comprehensive income
Currency translation 15 (90)
differences
Total comprehensive income for 601 627
the year
Profit for the year
attributable to:
Minorities 143 150
Ordinary shareholders 433 507
576 657
Total comprehensive income for
the year attributable to:
Minorities 146 142
Ordinary shareholders 455 (6) 485
601 627
"# In terms of IAS 19:
Employee Benefits, a long term
liability relating to long
service awards of R167 million
(2010: R156 million, 2009:
R144 million) has been
recognised in the statement of
financial position as at 30
June 2011. The impact on
retained earnings (2010: R93
million, 2009: R87 million
reduction) minorities (2010:
R19 million,
2009: R17 million reduction)
and deferred tax liability
(2010: R44 million, 2009: R40
million reduction) have been
restated and the operating
profit and tax adjusted
accordingly."
Cents per Cents per
share share
Earnings per share
- basic 461 545
- diluted 456 (15) 539
Headline earnings
- basic 461 561
- diluted 456 (18) 555
Dividends per share 200 100
The prior year`s basic and
diluted earnings and headline
earnings per share, declined
by 7c as a result of the
restatement.
GROUP STATEMENTS OF FINANCIAL POSITION
at 30 June
2011 2010 2009
R million Reviewed Restated# Restated#
ASSETS
Non current assets
Property, plant and equipment 8 868 8 909 7 878
Intangible assets 440 349 382
Available-for-sale investment 48 48 48
Loans and receivables 35 45 49
Pension fund asset 35 30 31
Deferred tax 126 95 85
9 552 9 476 8 473
Current assets
Loans and receivables 18 31 184
Accounts receivable and other 461 639 536
Cash and cash equivalents 738 721 794
1 217 1 391 1 514
Non current assets held for 76 - -
sale
Total assets 10 845 10 867 9 987
EQUITY AND LIABILITIES
Capital and reserves
Ordinary shareholders` equity 1 517 1 117 482
Minorities` interests 1 300 1 378 1 003
2 817 2 495 1 485
Non current liabilities
Deferred tax 468 452 378
Borrowings 2 936 3 940 4 525
Other non current liabilities 420 357 377
3 824 4 749 5 280
Current liabilities
Accounts payable and other 1 200 1 273 1 240
Borrowings 2 972 2 350 1 982
4 172 3 623 3 222
Non current liabilities held 32 - -
for sale
Total liabilities 8 028 8 372 8 502
Total equity and liabilities 10 845 10 867 9 987
CONDENSED GROUP STATEMENTS OF CHANGES IN EQUITY
R million Ordinary Minorities` Total
shareholders` interests equity
equity
FOR THE YEAR ENDED 30 JUNE
2011 (REVIEWED)
Balance at 30 June 2010 1 117 1 378 2 495
Total comprehensive income for 455 146 601
the year
SFIR minority equity option 75 - 75
Deemed treasury shares (1) - (1)
purchased
Deemed treasury shares 5 - 5
disposed
Treasury share options (16) - (16)
purchased
Shares disposed by Dinokana 13 - 13
Employee share based payments 41 - 41
Delivery of share awards (3) - (3)
Acquisition of minorities` 1 37 38
interests
Dividends paid (170) (261) (431)
Balance at 30 June 2011 1 517 1 300 2 817
FOR THE YEAR ENDED 30 JUNE
2010 (AUDITED)
Balance at 30 June 2009 as 569 1 020 1 589
previously stated
Accrual for long service (87) (17) (104)
awards
Restated balance at 30 June 482 1 003 1 485
2009
Total comprehensive income for 485 142 627
the year
Share issue 39 - 39
Deemed treasury shares (1) - (1)
purchased
Deemed treasury shares 2 - 2
disposed
Treasury share options (40) - (40)
purchased
Treasury share options 79 - 79
exercised
Shares disposed by Dinokana 55 - 55
Employee share based payments 37 - 37
Delivery of share awards (4) - (4)
Acquisition of minorities` (28) (6) (34)
interests
Increase in minorities funding 11 266 277
Acquisition of subsidiary - 219 219
Dividends paid - (246) (246)
Balance at 30 June 2010 1 117 1 378 2 495
Condensed group statements of cash flows
for the year ended 30 June
2011 2010
R million Reviewed Audited
Cash generated by operations before: 2 602 2 416
Working capital changes 111 (70)
Cash generated by operations 2 713 2 346
Tax paid (527) (519)
Cash retained from operating activities 2 186 1 827
Cash utilised in investing activities (966) (1 236)
Cash realised from investing activities 94 164
Net cash outflow from financing activities (1 271) (819)
Effect of exchange rates upon cash and (22) (9)
cash equivalents
Increase/(decrease) in cash and cash 21 (73)
equivalents
Movement in cash per statements of 17 (73)
financial position
Assets held for sale 4 -
Total movement in cash 21 (73)
SUPPLEMENTARY INFORMATION
for the year ended 30 June
R million 2011 2010
Reviewed % change Restated
EBITDA RECONCILIATION
Operating profit 1 610 (1) 1 629
Monticello insurance - 59
deductible*
Depreciation and amortisation 769 685
Property and equipment rental 81 114
Net (profit)/loss on disposal (1) 1
of property, plant and
equipment*
Profit on disposal of - (2)
investments*
Pre-opening expenses* - 28
Pension fund deficit - 1
SFIR minority equity option 75 -
Reversal of Employee Share 21 18
Trusts` consolidation*
EBITDA 2 555 1 2 533
EBITDA margin (%) (i) 29 32
HEADLINE EARNINGS AND ADJUSTED
HEADLINE EARNINGS
RECONCILIATION
Profit attributable to ordinary 433 (15) 507
shareholders
Headline earnings adjustments (1) 36
Net (profit)/loss on disposal (1) 1
of property, plant and
equipment*
Profit on disposal of - (2)
investments
Monticello insurance deductible - 37
relating to asset reinstatement
Tax on the above items (3) (4)
Minorities` interests on the 4 (17)
above items
Headline earnings 433 (17) 522
Adjusted headline earnings 87 52
adjustments
Pre-opening expenses - 28
Pension fund deficit - 1
Monticello insurance deductible - 22
relating to business
interruption
SFIR minority equity option 75 -
Foreign exchange losses on 12 1
intercompany loans
Tax on the above items (2) (9)
SARS tax refund - (53)
Tax on share premium - (2)
distributions received
CGT 8 -
Tax on termination of contract (5) -
Minorities` interests on the (27) (22)
above items
Reversal of Employee Share 18 18
Trusts` consolidation (ii)
Adjusted headline earnings 512 1 506
Number of shares (`000)
- in issue 93 877 93 700
- for EPS calculation 93 826 92 967
- for diluted EPS calculation 94 949 93 982
- for adjusted headline EPS 100 546 100 040
calculation (ii)
- for diluted adjusted 101 669 101 055
headline EPS calculation (ii)
Earnings per share (cents)
- basic earnings per share 461 (15) 545
- headline earnings per share 461 (18) 561
- adjusted headline earnings 509 1 506
per share
- diluted basic earnings per 456 (15) 539
share
- diluted headline earnings 456 (18) 555
per share
- diluted adjusted headline 504 1 501
earnings per share
Tax rate reconciliation (%)
Effective tax rate 47 41
SFIR minority equity option (2) -
Preference share dividends (4) (5)
STC (7) (7)
Prior year over-provisions 1 7
Foreign taxes (1) (1)
CGT (1) -
Other (5) (7)
SA corporate tax rate 28 28
EBITDA to interest (times) 5.6 5.0
Borrowings to EBITDA (times) 2.31 2.41
Net asset value per share 16.16 12.91
(Rand)
Capital expenditure (R million) 924 1 031
Capital commitments (R million)
- contracted 913 289
- authorised but not 948 880
contracted
- conditionally authorised - 986
1 861 2 155
(i) The EBITDA margin has been
calculated on revenue before
deducting promotional
allowances.
(ii) The consolidation of the
Employee Share Trust is
reversed in the calculation of
adjusted headline earnings as
the group does not receive the
economic benefits of the trust.
ACCOUNTING POLICIES
The condensed consolidated financial information for the year ended 30 June 2011
has been prepared in accordance with the recognition and measurement criteria of
International Financial Reporting Standards (IFRS) and the presentation and
disclosure requirements of IAS 34 - Interim Financial Reporting and AC500
standards issued by the Accounting Practices Board. The accounting policies
applied are consistent with those adopted in the financial statements for the
year ended 30 June 2010.
REVIEW OPINION
The condensed consolidated financial information for the year ended 30 June 2011
has been reviewed by the group`s auditors, PricewaterhouseCoopers Inc. This
review has been conducted in accordance with International Standard on Review
Engagements 2410, "Review of Interim Financial Information Performed by the
Independent Auditor of the Entity", and their unmodified review opinion is
available for inspection at the company`s registered office.
EARNINGS AND DIVIDEND
In a difficult and challenging environment, both in terms of economic activity
levels and the leisure industry specifically, the group achieved satisfactory
results for the year to 30 June 2011.
Revenue for the year increased by 12% to R8.9 billion. Comparable revenue
(excluding the Federal Palace and adjusting Monticello for the business
interruption in 2010) was 5% ahead of the previous year. Casino revenue was 12%
ahead of last year at R7.0 billion, while comparable casino revenue was 7%
better. Rooms revenue increased by 5%, and food, beverage and other revenues
increased by 13%.
Promotional allowances, which comprise mostly subsidised room nights, increased
by 47% on last year, primarily due to the Monticello hotel being open for the
full year and increased casino promotional activity at Sun City in the light of
weak hospitality demand.
EBITDA of R2.6 billion was 1% above last year, while the EBITDA margin declined
3 percentage points to 29%. Excluding Monticello and the Federal Palace, total
operating costs have increased by 5%, despite property and employee costs
increasing by 15% and 8% respectively.
The results include a charge of R75 million in terms of IFRS 2 - Share Based
Payments, which results from an extension to an option previously granted to the
minority shareholders to subscribe for their portion of the additional capital
contributed to SFI Resorts SA (Monticello).
Fluctuations in the Rand, Chilean Peso and Nigerian Naira against the US Dollar
during the year resulted in a net foreign exchange loss of R66 million compared
to a R15 million loss last year.
Net interest paid decreased by 10% to R453 million as a result of lower
prevailing interest rates and a decline in borrowings.
Tax at R515 million increased by 15% in comparison to last year as a result of
the refund received in the prior year. The effective tax rate excluding the
minority equity option charge, non-deductible preference share dividends, STC,
CGT and prior year over-provisions was 36% (2010:36%).
Adjusted headline earnings of R512 million was 1% ahead of last year, while
diluted adjusted headline earnings per share of 504 cents was 1% ahead of last
year.
The board has declared a final dividend of 120 cents per share.
SEGMENTAL ANALYSIS
R million Revenue EBITDA Operating profit
2011 2010 2011 2010 2011 2010
Restated# Restated
#
GrandWest 1 652 1 582 625 614 493 470
Sun City 1 198 1 160 155 173 40 61
Monticello+ 1 064 881 156 99 22 (3)
Carnival City 973 965 295 303 209 214
Sibaya 904 849 310 296 240 222
Boardwalk 429 414 162 160 130 130
Carousel 308 310 66 77 36 47
Wild Coast Sun 288 287 26 48 (1) 26
Meropa 266 236 113 98 94 81
Morula 256 254 41 51 21 31
Windmill 220 193 79 71 60 52
Swaziland 167 166 (2) 7 (11) (3)
Botswana 164 156 49 48 38 37
Table Bay 160 167 27 35 2 9
Federal Palace 149 11 10 4 (12) 2
Zambia 147 149 27 26 11 8
Flamingo 131 127 35 38 23 26
Golden Valley 123 112 31 27 11 9
Kalahari Sands 110 123 17 34 (2) 13
Lesotho 109 93 15 12 3 5
Other operating 39 40 (17) (12) (18) (14)
segments
Management 612 607 332 333 317 320
activities
Total operating 9 469 8 882 2 552 2 542 1 706 1 743
segments
Central office - - 3 (9) (1) (9)
and other
Eliminations (577) (575) - - - -
Other - - - - (95) (105)
expenses(iv)
Monticello - (346) - - - -
(business
interruption)
8 892 7 961 2 555 2 533 1 610 1 629
Promotional (241) (164) - - - -
allowances
8 651 7 797 2 555 2 533 1 610 1 629
+Impacted by business interruption - see commentary on Monticello.
(iv) Refer to EBITDA reconciliation denoted *.
GAMING
Satisfactory growth in gaming revenue was achieved in this difficult trading
environment with comparable revenue from gaming increasing by 5% on last year.
Our South African customers continued to feel the economic pressures; however in
general, average visits and spend per customer were marginally up.
GrandWest continued to be impacted by the depressed regional economy and
achieved revenue of R1 652 million and EBITDA of R625 million, which were 4% and
2% ahead of last year respectively. The EBITDA margin declined 1.0 percentage
point to 37.8%.
Monticello, despite increased competition, achieved satisfactory results
benefiting from a relatively strong Chilean economy and further growth in the
propensity to gamble within the region. Revenue increased by 21% to R1 064
million over estimated revenues for 2010 (based on eight months of actual
revenues and four months of insurance claim). EBITDA of R156 million increased
by 58% in comparison to last year as a result the EBITDA margin increasing by
3.4 percentage points to 14.7%.
Carnival City`s revenue of R973 million was 1% ahead of last year reflecting the
weak Gauteng market, and EBITDA declined by 3% to R295 million. The EBITDA
margin of 30.3% was 1.1 percentage points below last year. Carnival City`s
market share declined marginally from 16.4% last year to 16.3% in the current
year, while the group`s share of the Gauteng market for the year declined from
20.6% to 20.4%.
Sibaya performed satisfactorily, increasing revenue by 6% to R904 million.
EBITDA of R310 million was 5% ahead of last year, while the EBITDA margin
declined by 0.6 percentage points to 34.3%. Sibaya`s share of the Kwazulu-Natal
market at 35.5% was in line with the previous year.
Boardwalk`s revenue increased 4% to R429 million and EBITDA by 1% to R162
million. The EBITDA margin declined 0.9 percentage point to 37.8%.
HOTELS AND RESORTS
Demand for hotel accommodation remained weak globally as well as in South
Africa, particularly in the luxury end of the market where the group is
predominantly positioned. In the light of this the group`s performance was
reasonable with rooms revenue of R904 million, up 5% from last year in part due
to the full year`s trading of Federal Palace. Overall group occupancy was down 1
percentage point at 66% and the average room rate of R912 was just 2% ahead of
last year.
Sun City`s room occupancy was 3 percentage points lower at 66% while the average
room rate was in line with last year at R1 322. EBITDA declined by 10% to R155
million. The lower EBITDA was primarily the result of stagnant occupancies,
higher casino promotional costs and increased property and energy costs.
The Table Bay achieved an occupancy of 48% (53%) and the average room rate
increased marginally in the current year to R2 060. As a result, EBITDA declined
by 23% to R27 million.
The Royal Livingstone and Zambezi Sun achieved an aggregate occupancy of 45%
(49%) at an average room rate of US$198, a 5% increase compared to last year. In
US dollars, EBITDA was 13% above the previous year.
The Botswana operations achieved revenue of R164 million and EBITDA of R49
million, which was 5% and 2% above last year respectively.
The Federal Palace generated revenue of R149 million and EBITDA of R10 million
for the current year. Occupancies of 63% were achieved at an average room rate
of US$256. The gaming revenue for the year was R49 million.
MANAGEMENT ACTIVITIES
Management fees and related income of R612 million was 1% above last year, while
EBITDA of R332 million was in line with last year
FINANCIAL POSITION
The group`s borrowings decreased by R380 million to R5.9 billion at 30 June
2011.
30 June 30 June
2011 2010
Intragroup Third party Third party
R million Borrowings borrowings borrowings borrowings
SunWest International 715 - 715 741
(Pty) Ltd
SFI Resorts SA 656 (89) 567 692
(Chile)
Afrisun Gauteng (Pty) 492 - 492 394
Ltd
Afrisun KZN (Pty) Ltd 390 - 390 446
The Tourist Company 301 (103) 198 227
of Nigeria Plc
("TCN")
Transkei Sun 210 (204) 6 -
International Ltd
Mangaung Sun (Pty) 158 - 158 80
Ltd
Worcester Casino 143 - 143 174
(Pty) Ltd
Meropa Leisure and 105 - 105 110
Entertainment (Pty)
Ltd
Teemane (Pty) Ltd 74 - 74 68
Emfuleni Resorts 72 - 72 5
(Pty) Ltd
Lesotho Sun (Pty) Ltd 33 (24) 9 -
Sun International 5 - 5 -
(Botswana) (Pty) Ltd
Sands Hotels Holdings 2 - 2 -
(Namibia) (Pty) Ltd
Swazispa Holdings 2 - 2 -
Limited
Central office 2 337 420 2 757 3 128
5 695 - 5 695 6 065
Employee Share Trusts 215 - 215 225
5 910 - 5 910 6 290
Swazispa Holdings (2) - (2) -
Limited (disclosed as
held for sale)
Borrowings per the 5 908 - 5 908 6 290
statement of
financial position
Capital expenditure incurred during the year
R million
Expansionary
Boardwalk 119
Windmill 26
Wild Coast Sun 24
Monticello 20
Federal Palace 12
201
Refurbishment
Wild Coast Sun 138
Kalahari Sands 81
Lesotho 4
Carousel 6
Zambia 1
230
Other ongoing asset replacement 493
Total capital expenditure 924
IFRS 3 (REVISED) - BUSINESS COMBINATION
The purchase price allocation (PPA) for the investment in the TCN was finalised
during the year under review. The results of the provisional and final PPA are
set out below:
R million Provisional Final
Property, plant and equipment 798 861
Current assets 92 92
Deferred tax (13) (77)
Current liabilities (443) (443)
Net assets 434 433
Minorities` interests (220) (219)
Net assets acquired 214 214
Previously held associate at fair value (93) (93)
Consideration settled in cash 121 121
Cash and cash equivalents (65) (65)
Cash outflow 56 56
An independent external valuer was used to determine the fair value of vacant
land based on the open market valuation, and the discounted cash flow valuation
methodology was used to finalise the value of the buildings and infrastructure.
This resulted in property, plant and equipment increasing by R63 million, with a
R161 million increase in buildings and infrastructure offset by a reduction in
the land value of R98 million. Additional deferred tax of R64 million has been
raised in accordance with IFRS 3. The 30 June 2010 statement of financial
position has been restated accordingly.
IFRS 5 - NON CURRENT ASSETS HELD FOR SALE
The group is negotiating to dispose of its Swaziland interests, consequently the
investment is disclosed as a non current asset held for sale.
MAJOR CAPITAL EXPENDITURE PROJECTS
Wild Coast Sun
The second phase of the Wild Coast refurbishment project, completed in December
2010, took the total complement of refurbished rooms to 111. The third phase
commenced in January 2011, comprising not only the refurbishment of an
additional 182 bedrooms, the convention centre (already completed), and main
kitchen, but also the construction of a world class waterpark. The total
estimated capital expenditure remains at R400 million with final completion
scheduled for mid-2012.
Kalahari Sands
The refurbishment of 173 hotel rooms, the buffet restaurant, kitchen, and back
of house areas was completed during the year. The estimated capital expenditure
remained unchanged at R89 million.
Boardwalk
Having been awarded a further exclusive gaming license for 15 years, the
expansion of the facilities at Boardwalk commenced in November 2010. The
construction of the 870 bay parkade, new conference centre and 135 room five
star hotel is underway and the estimated completion date is December 2012. The
conversion of the existing conference centre into the new smoking casino is well
underway with an anticipated opening in December 2011. It is anticipated that
R595 million will be spent in the 2012 financial year, and the balance of R272
million thereafter.
GRANDWEST EXCLUSIVITY
GrandWest`s initial 10-year casino exclusivity in the Cape Metropole expired
during December 2010. The Provincial Government of the Western Cape is still
considering whether to permit one of the casino licence holders in the Western
Cape to relocate to the Cape Metropole and has engaged interested stakeholders
before taking a final decision.
There remains insufficient information to assess the potential impact on
GrandWest`s revenue and profitability.
RESTRUCTURE OF SUN INTERNATIONAL AND GPI`S COMMON INTERESTS
As previously advised to shareholders, Sun International and Grand Parade
Investments Limited ("GPI") have agreed to the restructure of certain of their
common interests.
Sun International and GPI have agreed to align their interests in SunWest
International (Proprietary) Limited and Worcester Casino (Proprietary) Limited
through a set of indivisibly inter-related transactions that will result in Sun
International indirectly owning the majority of voting shares in these two
companies and the entering into of new management and royalty agreements with
them.
The proposed restructure may also result in Sun International indirectly
acquiring all of the shares in Real Africa Holdings Limited ("RAH") which Sun
International does not already own. This would create a single listed point of
entry into the Sun International Group.
Following these transactions, Sun International will have increased its economic
interests in the following subsidiaries as follows:
Sun International effective
shareholding
Before After
SunWest International (Pty) Ltd 59.7% 69.8%
operating as GrandWest and Table Bay
Worcester Casino (Pty) Ltd operating 45.3% 66.7%
as Golden Valley
Afrisun Gauteng (Pty) Ltd operating 84.4% 91.6%
as Carnival City
Afrisun KZN (Pty) Ltd operating as 56.1% 60.7%
Sibaya
Emfuleni Resorts (Pty) Ltd operating 62.2% 64.5%
as Boardwalk
Gauteng Casino Resorts Manco (Pty) 44.6% 56.7%
Ltd
Afrisun KZN Manco (Pty) Ltd 30.7% 34.5%
The transaction was approved by Sun International shareholders on 26 August 2011
but remains subject to regulatory and GPI shareholder approvals. It is
anticipated that these approvals will be received by the end of October
following which the offer to RAH shareholders will be launched. Further
announcements will be made in due course.
DIRECTORATE
Ms Bridgette Modise has been appointed as an independent non-executive director
and Ms Kelebogile Mazwai, the group`s Human Resources Director, has been
appointed as an executive director. Both appointments are effective 1 September
2011. Mr Mike Egan, having served on the board for 19 years and Mr Eddy
Oblowitz, having served on the board for 9 years have indicated that they will
no longer be available to serve as non - executive directors from the date of
the forthcoming annual general meeting.
OUTLOOK
The economic environment impacting the group remain generally negative globally
and in South Africa, hence hospitality and gaming revenues are only expected to
improve marginally in the year ahead. Monticello and the Federal Palace are
forecast to continue to increase their contribution to the group`s results.
Margins are likely to stabilise and growth in adjusted headline earnings per
share is consequently anticipated for the year ahead.
The group is actively pursuing further growth opportunities in its current
markets and other emerging markets.
The outlook has not been reviewed or reported on by the company`s auditors.
For and on behalf of the board
MV Moosa DC Coutts-Trotter
Chairman Chief Executive
Registered Office:
27 Fredman Drive, Sandown, Sandton 2196
Sponsor:
Investec Bank Limited
Transfer secretaries:
Computershare Investor Services (Pty) Ltd, 70 Marshall
Street, Johannesburg 2001
Directors:
MV Moosa (Chairman), IN Matthews (Lead Independent Director), DC Coutts-Trotter
(Chief Executive)*, RP Becker (Chief Financial Officer)*, ZBM Bassa, PL Campher,
MP Egan, Dr NN Gwagwa, BLM Makgabo-Fiskerstrand, LM Mojela, DM Nurek, E
Oblowitz, GR Rosenthal. *Executive
Group Secretary:
CA Reddiar
26 August 2011
DECLARATION OF DIVIDEND
Notice is hereby given that a final dividend of 120 cents per share for the year
ended 30 June 2011 has been declared, payable to shareholders recorded in the
register of the company at the close of business on the record date appearing
below. The salient dates applicable to the dividend are as follows:
2011
Last day to trade cum dividend Friday, 16 September
First day to trade ex dividend Monday, 19 September
Record date Friday, 23 September
Payment date Monday, 26 September
No share certificates may be dematerialised or rematerialised between Monday, 19
September and Friday, 23 September both days inclusive. Dividend cheques will be
posted and electronic payments made, where applicable, to certificated
shareholders on the payment date. Dematerialised shareholders will have their
accounts with their Central Securities Depository Participant or broker credited
on the payment date.
By order of the board
CA Reddiar
Group Secretary
29 August 2011
Date: 29/08/2011 09:27:00 Supplied by www.sharenet.co.za
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