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LAB - Labat Africa Limited - Change statement and notice of Annual General Meeting LABAT AFRICA LIMITED Incorporated in the Republic of South Africa) (Registration number: 1986/001616/06) Share Code: LAB ISIN: ZAE000018354 ("Labat" or "the company") CHANGE STATEMENT AND NOTICE OF ANNUAL GENERAL MEETING Shareholders are advised that changes to the reviewed results for the year ended 28 February 2011 as announced on SENS on 1 June 2011 have been detailed below. Copies of the annual report will be distributed to shareholders in due course. BALANCE SHEETS AT 28 FEBRUARY 2011 Audited Adjustments Provisional Accounts previously published
28 28 February February 2011 2011
Balance Sheet Assets Fixed Assets 1 33 187 (1 362) 34 548 Intangible Assets 2 1 375 1 375 0 Cash at bank 3 4 800 23 4 777 Accounts Receivable 4 4 376 (1 141) 5 517 Assets of disposal group 5 579 579 0 classified as held for sale Liabilities Long Term Liabilities 6 45 360 11 340 34 020 Trade and Accounts 7 9 085 (20 876) 29 962 Payable Liabilities of disposal 8 10 642 10 642 0 group classified as held for sale Changes in Equity Share capital and 9 66 462 (39) 66 501 reserves
INCOME STATEMENT Fair value adjustments 10 (1 780) (1 732) (48) Profit before tax 11 11 591 (1 592) 13 184 Taxation 12 118 (118) 0 Profit After Tax 11 473 (1 710) 13 184 Notes 1 The adjustment relates to the further impairment of the assets of a discontinued division of SAMES (Pty) Ltd and the transfer of assets to the disposal group. 2 The adjustment relates to the transfer of Pharmaceutical costs incurred from accounts receivable to intangible assets as a result of the company proceeding into the development phase of the project. 3 The adjustment relates to the cash balance of the discontinued division of a subsidiary being included in the holding company. 4 The adjustment relates primarily to the transfer of the Pharmaceutical expenses to intangible assets in note 2. 5 The adjustment relates to non-current assets of disposal group held for sale.
6 The adjustment relates to the transfer of subordinated director`s loans to long term liabilities. 7 The adjustment relates to the transfer of subordinated directors loans to long term liabilities and the transfer of liabilities of the disposal group in note 8. 8 The adjustment relates to the liabilities of the disposal group held for sale. 9 The adjustment relates to a movement in reserves of the company.
10 The adjustments relates to the impairment of the assets of a discontinued division and the impairment of a discontinued division of a subsidiary.
11 The adjustment relates to the fair value adjustment in note 10 and a reduction in operating expenses. 12 The adjustment relates to the provision for taxation of a subsidiary. BASIS OF PREPARATION The accounting policies adopted for purposes of this report comply, and have been consistently applied in all material respects with International Financial Reporting Standards ("IFRS") and the abridged financial statements have been prepared in accordance with the requirements of IAS 34 (Interim Financial Reporting). The same accounting policies and methods of computation have been followed as compared to the prior year. The results have been audited by Ngubane Zeelie Inc and the unqualified and unmodified audit report is available for inspection at the Company`s registered office. NOTICE OF ANNUAL GENERAL MEETING Shareholders are advised that the Annual General Meeting of the Company will be held on Friday, 11 November 2011 at 23 Kroton Avenue, Weltevreden Park, 1709. The record date for purposes of determining which shareholders of the Company are entitled to receive notice of this annual general meeting is Monday 3 October 2011 and the record date for purposes of determining which shareholders of the Company are entitled to participate in and vote at the annual general meeting is 9 November 2011. Johannesburg 30 September 2011 Sponsors Arcay Moela Sponsors (Pty) Ltd Date: 03/10/2011 07:18:01 Supplied by www.sharenet.co.za Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited (`JSE`). The JSE does not, whether expressly, tacitly or implicitly, represent, warrant or in any way guarantee the truth, accuracy or completeness of the information published on SENS. The JSE, their officers, employees and agents accept no liability for (or in respect of) any direct, indirect, incidental or consequential loss or damage of any kind or nature, howsoever arising, from the use of SENS or the use of, or reliance on, information disseminated through SENS.
