Wrap Text
DLG - Dialogue Group Holdings Limited - Unaudited consolidated financial
results for the six months ended 30 June 2011
Dialogue Group Holdings Limited
(Incorporated in the Republic of South Africa)
(Registration number 2005/039219/06)
JSE code: DLG ISIN: ZAE000083820
("the company" or "the group")
UNAUDITED CONSOLIDATED FINANCIAL RESULTS FOR THE SIX MONTHS ENDED 30 JUNE
2011
Consolidated statement of comprehensive income
For the six months ended 30 June 2011
Unaudited Unaudited
Six months Six months Audited
ended ended Year ended
30-Jun 30-Jun 31-Dec
2011 2010 2010
R`000 R`000 R`000
Continuing operations - - -
Revenue - - -
Cost of sales - - -
Gross profit - - -
Operating expenses excluding
depreciation, amortisation
and impairment (2 480) (9 577) (14 169)
Depreciation and amortisation (34) (719) (12)
Other income 48 - 1
Operating loss for the period (2 466) (10 296) (14 180)
Investment revenue 830 968 989
Finance expenses (474) - (1)
Loss before tax (2 110) (9 328) (13 192)
Income tax expense - 534 299
Loss for the period from
continuing operations (2 110) (8 794) (12 893)
Discontinued operations - - -
Loss for the period from
discontinued operations -
Interaction Call Centre(Pty) Ltd (1 394) 5 336 10 322
Profit for the period from
discontinued operations -
ContinuitySA (Pty) Ltd 950 3 441 6 637
(Loss)/profit for the period from
discontinued operations -
CallForce Direct (Pty) Ltd - (1 922) (3 129)
(Loss)/profit for the period from
discontinued operations - Sibize - - -
International Calling (Pty) Ltd (7 621) (21 802) 7 827
Loss for the period from
discontinued operations -
Dialogue South Africa(Pty) Ltd - (1 063) (1 092)
Loss on disposal of
CallForce(Pty) Ltd - - (424)
Loss on disposal of
ContinuitySA (Pty) Ltd (2 123) - (16 545)
Gain on disposal of subsidiary - - -
Dialogue South Africa (Pty) Ltd - 65 693 65 693
Net interest on group loans - - 200
(Loss)/profit for the period from
discontinued operations (10 188) 49 683 69 489
Total comprehensive (loss)/profit
for the period (12 298) 40 889 56 596
Attributable to equity holders of
the parent
- for continuing operations (2 110) (8 755) (12 893)
- for discontinued operations (9 630) 5 954 61 996
(11 740) 37 199 49 103
Attributable to non-controlling
interest
- for continuing operations - 1 480 -
- for discontinued operations (558) 2 210 7 493
(558) 3 690 7 493
(Loss)/earnings per share (cents)
- Weighted in issue (3,9) 12,4 16,4
- Fully diluted (3,9) 12,4 16,4
(Loss) per share (cents) from
continuing operations
- Weighted in issue (0,7) (2,9) (4,3)
- Fully diluted (0,7) (2,9) (4,3)
(Loss)/earnings per share (cents)
from discontinued operations
- Weighted in issue (3,2) 15,3 20,7
- Fully diluted (3,2) 15,3 20,7
Consolidated statement of financial position
As at 30 June 2011
Unaudited Audited
As at As at
30 June 2011 31 Dec 2010
R`000 R`000
Assets - -
Non-current assets - 34
Property, plant and equipment - 33
Intangible assets - 1
Current assets 35 705 16 464
Trade and other receivables 2 768 2 838
Loans to related parties 2 557 -
Cash and cash equivalents 30 381 13 626
Non-current assets classified as held for sale 15 424 168 187
Total assets 51 129 184 685
Equity and liabilities
Equity attributable to equity holders
of the parent 41 943 90 708
Issued capital 1 251 1 251
Share premium 130 752 167 777
Accumulated loss (90 060) (78 320)
Non-controlling interest 86 20 019
Total equity 42 029 110 727
Current liabilities 6 749 7 023
Trade and other payables 10 824
Short-term liabilities 6 639 6 199
Shareholders for dividend (capital reduction) 100 -
Liabilities associated with non-current assets
held for sale 2 351 66 935
Total equity and liabilities 51 129 184 685
Net asset value per share (cents) 14,0 30,3
Net tangible asset value per share (cents) 14,0 30,3
Statement of changes in equity
For the six months ended 30 June 2011
Share
Share Share option
capital premium reserve
R`000 R`000 R`000
Balance at 1 January 2010 1 251 167 777 835
Profit for the period - - (8)
Total comprehensive (loss)/income
for the period - - (8)
Realisation of other reserves on
disposal of subsidiary - - (778)
Dividends paid
Balance at 30 June 2010 1 251 167 777 49
Balance at 1 January 2011 1 251 167 777 -
Loss for the period - - -
Total comprehensive
(loss)/income for the period - - -
Elimination of non'controlling
interest on disposal of
ContinuitySA (Pty) Ltd - - -
Capital reduction - Share premium - (37 025) -
Dividends paid - - -
Balance at 30 June 2011 1 251 130 752 -
Statement of changes in equity (continued)
For the six months ended 30 June 2011
Non-
Accumulated controlling Total
loss interest equity
R`000 R`000 R`000
Balance at 1 January 2010 (128 250) 23 116 64 729
Profit for the period 37 199 3 690 40 881
Total comprehensive (loss)/income
for the period 37 199 3 690 40 881
Realisation of other reserves on
disposal of subsidiary 778 - -
Dividends paid - (3 917) (3 917)
Balance at 30 June 2010 (90 273) 22 889 101 693
Balance at 1 January 2011 (78 320) 20 019 110 727
Loss for the period (11 740) (558) (12 298)
Total comprehensive
loss)/income for the period (11 740) (558) (12 298)
Elimination of non'controlling
interest on disposal of
ContinuitySA (Pty) Ltd - (16 015) (16 015)
Capital reduction - Share premium - - (37 025)
Dividends paid - (3 360) (3 360)
Balance at 30 June 2011 (90 060) 86 42 029
Consolidated statements of cash flows
For the six months ended 30 June 2011
Unaudited Unaudited
Six months Six months
ended ended
30 June 2011 30 June 2010
R`000 R`000
Cash generated by operations (5 267) 41 753
Investment revenue 956 98
Finance expenses (541) (1 550)
Taxation paid (1 133) (5 419)
Dividends paid (3 360) (3 917)
Net cash (outflow)/inflow from operating
activities (9 345) 31 865
Loans to associate (2 557) -
Dividends from joint venture 20 000 -
Disposal of intangible assets - 270
Additions to property, plant and equipment - (9 165)
Net proceeds on disposal of
ContinuitySA (Pty) Ltd 20 986 -
Proceeds on disposal of property, plant
and equipment 8 1 673
Net cash flow from investing activities 38 437 (7 222)
Cash flows from financing activities - -
Reduction of Share premium (37 025) -
Loans repaid - (2 193)
Net cash flows from financing activities (37 025) (2 193)
Net (decrease)/increase in cash and cash
equivalents (7 933) 22 450
Cash and cash equivalents at beginning of
the period 38 359 9 759
Cash and cash equivalents at end of the period 30 426 32 209
Segment information
For the six months ended 30 June 2011
For management purposes, the group is organised into business units based on
its products and services and has reportable operating segments as follows:
Contact centre - Durban: The contact centre segment relates to the call-
centre outsourcing business.
Business continuity: The business continuity segment is providing continuity
and disaster recovery services.
Staffing: The staffing segment provides call-centre recruitment services to
cater for in-house needs of major South African businesses.
Contact centre - Cape Town: The contact centre segment relates to the call-
centre outsourcing business.
Segmental information of the six months ended 30 June 2011
Consoli- Discontinued
dation and Total operations -
intersegment continuing Business
Head office transactions operations continuity
R`000 R`000 R`000 R`000
Total external revenues - - - 11 882
Intersegment revenues - - - -
Segment profit(loss)
before interest,
depreciation, income
tax and impairments (2 432) - (2 432) 3 344
Finance expense (583) 109 (474) (67)
Finance income 939 (109) 830 -
Depreciation and
amortisation (34) - (34) (1 993)
Dividends received - - - -
Share of loss from
associate - - - (41)
Impairment of investment - - - -
Impairment of goodwill - - - -
Impairment of intangible
assets - - - -
Impairment of loans - - - -
Segment profit/(loss)
before income tax (2 110) - (2 110) 1 243
Income tax - - - (293)
Profit/(loss) for the
Period (2 110) - (2 110) 950
Disposal of subsidiaries - - - -
Share of profit from joint
venture - - - -
Impairment of investment - - - -
Segmental information for the six months ended 30 June 2011 (continued)
Discontinued Discontinued
operations - operations -
Discontinued Contact Contact
operations centre - centre -
Staffing Durban Cape Town Total
R`000 R`000 R`000 R`000
Total external revenues - - - 11 882
Intersegment revenues - - - -
Segment profit(loss)
before interest,
depreciation, income
tax and impairments - (429) - 483
Finance expense - - - (541)
Finance income - 126 - 956
Depreciation and
amortisation - (127) - (2 154)
Dividends received - - - -
Share of loss from
Associate - - - (41)
Impairment of investment - - - -
Impairment of goodwill - - - -
Impairment of intangible
assets - - - -
Impairment of loans - - - -
Segment profit/(loss)
before income tax - (430) - (1 297)
Income tax - (964) - (1 257)
Profit/(loss) for the
period - (1 394) - (2 554)
Disposal of subsidiaries - - - (2 123)
Share of profit from
joint venture - - - (7 621)
Impairment of investment - - - -
Segmental information for the six months ended 30 June 2011 (continued)
Consoli- Discontinued
dation and Total operations -
intersegment continuing Business
Head office transactions operations continuity
R`000 R`000 R`000 R`000
Segment assets 50 416 (1 853) 48 563 -
Segment liabilities 8 373 (1 625) 6 748 -
Investment in associate - - - -
Investment in joint
venture 14 583 - 14 583 -
Segmental information for the six months ended 30 June 2011 (continued)
Discontinued Discontinued
operations - operations -
Discontinued Contact Contact
operations centre - centre -
Staffing Durban Cape Town Total
R`000 R`000 R`000 R`000
Segment assets - 2 566 - 51 129
Segment liabilities - 2 351 - 9 099
Investment in associate - - - -
Investment in joint
venture - - - 14 583
Segmental information for the six months ended 30 June 2010
Consoli- Discontinued
dation and Total operations -
intersegment continuing Business
Head office transactions operations continuity
R`000 R`000 R`000 R`000
Total external revenues - - - 72 274
Intersegment revenues - (121) (121) 121
Segment profit(loss)
before interest,
depreciation, income
tax and impairments (4 377) (5 200) (9 577) 18 628
Finance expense (257) 733 476 (1 331)
Finance income 970 (478) 492 331
Depreciation and
amortisation (10) (709) (719) (12 240)
Dividends received 4 975 (4 975) - -
Share of loss from
associate - - - (173)
Impairment of
investment (13 883) 13 883 - -
Impairment of goodwill - - - -
Impairment of
intangible assets - - - -
Impairment of loans (3 300) 3 300 - -
Segment profit/(loss)
before income tax (15 882) 6 554 (9 328) 5 215
Income tax 335 199 534 (1 774)
Profit/(loss) for the
period (15 547) 6 753 (8 794) 3 441
Disposal of
Subsidiaries - - - -
Share of profit from
joint venture - - - -
Impairment of
investment - - - -
Segmental information for the six months ended 30 June 2010 (continued)
Discontinued Discontinued
Discontinued operations operations
discontinued Contact Contact
operations centre - centre -
Staffing Durban Cape Town Total
R`000 R`000 R`000 R`000
Total external revenues 32 278 39 505 6 845 150 902
Intersegment revenues - - - -
Segment profit(loss)
before interest,
depreciation, income
tax and impairments 287 8 150 (946) 16 542
Finance expense (611) - (85) (1 551)
Finance income 102 73 - 998
Depreciation and
amortisation (225) (16) (32) (13 232)
Dividends received - - - -
Share of loss from
associate - - - (173)
Impairment of
investment - - - -
Impairment of goodwill (1 195) - - (1 195)
Impairment of
intangible assets (305) - - (305)
Impairment of loans - - - -
Segment profit/(loss)
before income tax (1 947) 8 207 (1 063) 1 084
Income tax 25 (2 871) - (4 086)
Profit/(loss) for the
period (1 922) 5 336 (1 063) (3 002)
Disposal of
Subsidiaries - - - 65 693
Share of profit from
joint venture - - - 8 613
Impairment of
investment - - - (30 415)
Segmental information for the six months ended 31 December 2010 (continued)
Consoli- Discontinued
dation and Total operations -
intersegment continuing Business
Head office transactions operations continuity
R`000 R`000 R`000 R`000
Segment assets 101 747 (52 738) 49 009 120 606
Segment liabilities 12 342 (4 600) 7 742 61 154
Investment in associate - - - 4 548
Investment in joint
venture 42 204 - 42 204 -
Unaudited as at 31 December 2010 continued
Discontinued Discontinued
Discontinued operations - operations -
discontinued Contact Contact
operations - centre - centre -
Staffing Durban Cape Town Total
R`000 R`000 R`000 R`000
Segment assets - 15 069 - 184 684
Segment liabilities - 5 060 - 73 956
Investment in associate - - - 4 548
Investment in joint
venture - - - 42 204
Geographic information
In presenting information on the basis of geographical segments, segment
revenue is based on the geographical location of customers.
Revenue
from external Non-current
2011 customers assets
Botswana 492 -
Mozambique 233 -
South Africa 11 157 -
Total 11 882 -
Revenue
from external Non-current
2010 customers assets
Botswana 2 993 701
Mozambique 1 154 4 877
South Africa 146 755 127 756
Total 150 902 133 334
Notes to the financial results
1. Accounting policies
The financial results for the six months ended 30 June 2011 have been
prepared in terms of International Financial Reporting Standards (IFRS) and
comply with IAS 34 Interim Financial Reporting, and the AC500 series of
interpretations.
There has been no change in the accounting policies and methods of
computation adopted in the interim report for the six months ended 30 June
2011 from that of the most recent annual financial statements.
The preparation of the group`s financial results for the six months ended 30
June 2011 was supervised by A Farthing, the CEO and financial director of
Dialogue.
The effect of new and revised accounting standards effective after the
period of the most recent annual financial statements has been considered
and there has been no effect on accounting policies and results for the
period ended 30 June 2011.
2. Discontinued operations
2.1 Sibize International Calling (Pty) Ltd
Sibize had a client that contributed a material portion of Sibize`s annual
turnover (the "Client") based on a five-year contract, ending 31 May 2012,
to provide the Client with outsourced call-centre services (the
"Agreement"). The Client issued Sibize with a notice of early termination of
the Agreement. Sibize has agreed to such early termination subject to
specific terms as detailed in a settlement agreement. As a result of the
termination Sibize has not continued operations.
Sibize has been accounted for as a discontinued operation in terms of IFRS 5
Non-current assets held for sale and discontinued operations.
The results of Sibize included in the results of the group for the six
months ended 30 June 2011 are presented below. The prior period comparatives
have been re'presented for the discontinued operation.
Unaudited Unaudited
Six months Six months
ended ended
30-Jun 30-Jun
2011 2010
R`000 R`000
Revenue - 55 773
Loss before depreciation, interest
and income tax (1 553) 14 651
Finance expense (2) (488)
Finance income 1 317 208
Depreciation and amortisation - (191)
Income tax (7 370) (5 567)
(Loss)/Profit for the period (7 608) 8 613
Impairment of investment in Sibize
International Calling (Pty) Ltd (13) (30 415)
Loss for the period from discontinued
operations (7 621) (21 802)
Unaudited Unaudited
As at As at
30-Jun 30-Jun
2011 2010
R`000 R`000
Total assets 20 839 -
Total liabilities 4 266 -
Share of net assets attributable to group 16 573 -
2.2 Interaction Call Centre (Pty) Ltd
Interaction had a client that contributes a material portion of
Interaction`s annual turnover. The client has terminated the contract.
Interaction has been accounted for as a discontinued operation in terms of
IFRS 5 Non-current assets held for sale and discontinued operations.
The results of Interaction in the results of the group for the six months
ended 30 June 2011 are presented below. The prior period comparatives have
been represented for the discontinued operation.
Unaudited Unaudited
Six months Six months
ended ended
30-Jun 30-Jun
2011 2010
R`000 R`000
Revenue - 39 505
Loss before depreciation, interest
and income tax (429) 8 150
Finance income 126 73
Depreciation and amortisation (127) (16)
Income tax (964) (2 871)
Loss for the period from discontinued
operations (1 394) 5 336
As at As at
30-Jun 31-Dec
2011 2010
R`000 R`000
Total assets 2 566 9 749
Total liabilities 2 351 5 780
Net assets attributable to group 215 3 969
2.3 ContinuitySA (Pty) Ltd
In an announcement released on 24 November 2010, shareholders were advised
that the group had entered into an agreement to dispose of 49% of its
interest in ContinuitySA to CoroCapital and the remaining 2% of its interest
in ContinuitySA to the previous minority shareholder, the Continuity
Investment Trust. The disposal was made effective on 4 February 2011 when
all the conditions precedent to the disposal agreement were fulfilled.
ContinuitySA was accounted for as a discontinued operation in terms of IFRS
5 Non-current assets held for sale and discontinued operations.
Unaudited Unaudited
Six months Six months
ended ended
30-Jun 30-Jun
2011 2010
R`000 R`000
Revenue 11 882 72 274
Intersegment revenue - 121
Profit before depreciation, interest
and income tax 3 344 18 628
Finance expense (67) (1 331)
Finance income 331
Depreciation and amortisation (1 993) (12 240)
Share of loss from associate (41) (173)
Income tax (293) (1 774)
Loss for the period from discontinued
operations 950 3 441
As at As at
30-Jun 31-Dec
2011 2010
R`000 R`000
Consideration received in cash 37 040 -
Less: net assets disposed of (55 631) 55 078
Non-controlling interest 16 481 16 015
Loss on disposal (2 110) -
2.4 CallForce Direct (Pty) Ltd
In an announcement released on 5 November 2010 the group announced the
disposal of its 51% interest in the ordinary share capital of CallForce
Direct (Pty) Ltd to Ms Candice Roberts for a purchase consideration of R2
090 000 in terms of an agreement dated 2 November 2010. The disposal was
effective on 31 October 2010, on which date control passed to the acquirer.
CallForce has been accounted for as a discontinued operation in terms of
IFRS 5 Non-current assets held for sale and discontinued operations.
Unaudited Unaudited
Six months Six months
ended ended
30-Jun 30-Jun
2011 2010
R`000 R`000
Revenue - 32 278
Loss before depreciation, interest
and income tax - 287
Finance expense - (611)
Finance Income - 102
Depreciation and amortisation - (225)
Income tax - 25
Loss for the period from discontinued
operations - (422)
As at As at
30-Jun 31-Dec
2011 2010
R`000 R`000
Consideration received - -
Consideration received in cash - 2 090
Less: net assets disposed of - (6 227)
Non-controlling Interest - 3 713
Loss on disposal - (424)
2.5 Dialogue South Africa (Pty) Ltd
On 26 February 2010, the board of directors of Dialogue South Africa (Pty)
Ltd ("Dialogue SA") (previously Dialogue Group SA (Pty) Ltd), lodged an
application for voluntary liquidation of Dialogue SA ("the liquidation") in
the High Court of South Africa (Western Cape Division, Cape Town) ("High
Court"). A provisional order for the liquidation was granted on 3 March 2010
and was made final on 14 April 2010 in the High Court. Dialogue SA has been
accounted for as a discontinued operation in terms of IFRS 5 Non-current
assets held for sale and discontinued operations.
The results of Dialogue SA included in the results of the group for the six
months ended 30 June 2011 are presented below.
Unaudited Unaudited
Six months Six months
ended ended
30-Jun 30-Jun
2011 2010
R`000 R`000
Revenue - 6 845
Loss before depreciation, interest
and income tax - (946)
Finance expense - (85)
Depreciation and amortisation - (32)
Loss for the period from discontinued
operations - (1 063)
3. Headline earnings per share
Unaudited Unaudited
Six months Six months
ended ended
30-Jun 30-Jun
2011 2010
R`000 R`000
Headline (loss)/earnings calculation
Net (loss)/profit attributable to equity
holders of the company (11 740) 37 199
Adjusted for
- Impairment of goodwill - 1 195
- Impairment of intangible assets - 305
- Impairment of investment in joint venture (13) 30 415
- Gain on disposal of property, plant
and equipment 8 -
- Gain on disposal of subsidiary Dialogue
South Africa (Pty) Ltd - (65 693)
(11 745) (11 559)
Number of shares (`000)
- Total 299 075 299 075
- Weighted in issue 299 075 299 075
- Fully diluted 299 075 299 075
Headline (loss)/earnings per share (cents)
- Weighted in issue (3,9) 1,1
- Fully diluted (3,9) 1,1
Continuing operations
Headline loss from continuing operations
Calculation
Net loss attributable to equity holders
of the company (2 110) (8 755)
Adjusted for
- Impairment of goodwill - 1 195
- Impairment of intangible assets - 305
- Gain on disposal of property, plant
and equipment 1 -
(2 109) (7 255)
Headline loss per share (cents) from
continuing operations - -
- Weighted in issue (0,7) (2,4)
- Fully diluted (0,7) (2,4)
Discontinued operations
Headline (loss)/earnings from discontinued
operations calculation
Net loss attributable to equity holders
of the company (9 630) 45 954
Adjusted for
- Impairment of investment in joint venture (13) 30 415
- Gain on disposal of property, plant
and equipment 7 -
- Gain on disposal of subsidiary Dialogue
South Africa (Pty) Ltd - (65 693)
(9 643) 10 676
Headline (loss)/earnings per share (cents)
from discontinued operations - -
- Weighted in issue (3,2) 3,5
- Fully diluted (3,2) 3,5
4. Related party balances and transactions
Unaudited Unaudited
As at As at
30-Jun 31-Dec
2011 2010
R`000 R`000
Balances:
Loan to Sibize International Calling (Pty) Ltd 2 556 -
Owing to Tlhalefang Placements CC - (2 421)
The loan with Sibize International Calling (Pty) Ltd is unsecured, interest
is charged at the prime rate and the loan is repayable on demand.
Unaudited Unaudited
Six months Six months
ended ended
30-Jun 30-Jun
2011 2010
R`000 R`000
Transactions:
Interest received from Sibize International Calling 56 277
(Pty) Ltd
Reimbursement received from Sibize - -
International Calling (Pty) Ltd - 4 704
Reimbursement paid to Sibize International
Calling (Pty) Ltd - (359)
Consulting fees paid to MSG Afrika Investment
Holdings (Pty) Ltd - 64
Salary expenses paid to Tlhalefang Placements CC - 22 435
5. Capital commitments
The group has no capital commitments
6. Dividends paid
Interaction Call Centre (Pty) Ltd 3 360 1 957
3 360 1 957
Commentary
The group`s assets have now consisted mainly of cash for a six-month period,
and therefore notice has been received from the Johannesburg Stock Exchange
that trading in Dialogue shares on the Alternative Exchange has been
suspended. In terms of the JSE Listings Requirements, the group will be
delisted in December 2011.
Since the last reporting date, the sale of ContinuitySA (Pty) Ltd has been
concluded with an effective date of 4 February 2011.
In the group`s annual report for the year ended 31 December 2010, it was
noted that all cash will be returned to shareholders once certain
outstanding claims have been resolved. These outstanding claims were:
- settlement amounts from Sibize`s client GSSC;
- Dialogue SA guarantee;
- labour dispute at Interaction; and
- supplier claim at Sibize.
Since the last reporting date, Sibize has received all amounts due from
GSSC, and has successfully defended the claim by a supplier at arbitration.
The arbitration resulted in a legal cost award in favour of Sibize, which it
is currently pursuing.
The liquidation of Dialogue SA is still in progress and therefore the
obligation in respect of the Dialogue SA guarantee has not been finalised.
The labour dispute at Interaction is still ongoing.
Capital distributions
Following the sale of ContinuitySA, the company effected a cash distribution
by way of a reduction of capital out of share premium of 12,38c per share.
An amount of R37 025 537, 83 was paid to shareholders on 24 March 2011.
Shareholders were advised on SENS on 1 September 2011, that the board of
directors had approved a further cash distribution by way of a reduction of
capital out of share premium of 13c per share. The cash distribution was
applicable to shareholders recorded in the register on 23 September 2011 and
was paid on 26 September 2011.
By order of the board
A.C. Farthing
Chief Executive Officer
Johannesburg
30 September 2011
Directorate and administration:
PA Watt (Chairman)*, AC Farthing (CEO and Financial Director) #,
JJ Drew*#, A Khumalo*, RK Mangena*, G Mkhari*, SJH Rodger*#
* Non-executive Independent # British
Transfer Secretaries:
Computershare Investor Services (Pty) Limited
70 Marshall St, Johannesburg, 2001
(PO Box 61051 Marshalltown, 2107)
Company Secretary and registered office:
L Marran, C/o KPMG, 85 Empire Rd, Parktown
(Private Bag 9, Parkview, 2122
Designated Advisor:
PSG Capital (Pty) Limited (Johannesburg branch)
Ground Floor, DM Kisch House, Inanda Greens Business Park
54 Wierda Rd West, Wierda Valley, Sandton, 2196
(PO Box 987, Parklands, 2121)
Date: 30/09/2011 13:59:21 Supplied by www.sharenet.co.za
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