Wrap Text
RDI - Rockwell Diamonds Incorporated - Unaudited interim results for 6 months
ended 31 August 2011
ROCKWELL DIAMONDS INCORPORATED
(A company incorporated in accordance with the laws of British Columbia,
Canada)
(Incorporation number BCO354545)
(Formerly Rockwell Ventures Inc.)
(South African registration number: 2007/031582/10)
Share code on the JSE Limited: RDI ISIN: CA77434W2022
Share code on the TSXV: RDI CUSIP Number: 77434W103
Share code on the OTCBB: RDIAF
("Rockwell")
UNAUDITED CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS FOR THE 6
MONTHS ENDED 31 AUGUST 2011
Index
The reports and statements set out below comprise the unaudited condensed
interim consolidated financial statements presented to the shareholders:
Index
Notice of no Auditor Review of Condensed Interim Consolidated Financial
Statements
Statement of Financial Position
Statement of Comprehensive Income
Statement of Changes in Equity
Statement of Cash Flows
Accounting Policies
Notes to the Unaudited Condensed Interim Consolidated Financial Statements
The unaudited condensed interim consolidated financial statements, which have
been prepared on the going concern basis, were approved by the board on 12
October 2011 and were signed on its behalf by:
James Campbell
Director, Chief Executive Officer
Dr Mark Bristow
Director
Notice of no Auditor Review of Condensed Interim Consolidated Financial
Statements
In accordance with National Instrument 51102 Part 4, subsection 4.3(3)(a), if
an auditor has not performed a review of these condensed interim consolidated
financial statements they must be accompanied by a notice indicating that
these condensed interim consolidated financial statements have not been
reviewed by an auditor.
The accompanying unaudited condensed interim consolidated financial
statements of the Company have been prepared by and are the responsibility of
the Company`s management.
Statement of Financial Position
31 August 28 February 31 August
Figures in Canadian Not 2011 2011 2010
Dollar e(s
)
Assets
Non-current assets
Mineral property 2 23 097 370 23 562 969 24 824 032
interests
Property, plant and 3 61 580 648 62 828 438 60 981 504
equipment
Investment in 4 211 886 129 660 124 440
associate
Other financial 5 2 821 038 2 042 291 2 098 734
assets
Reclamation deposits 15 2 753 712 2 759 611 3 083 294
90 464 654 91 322 969 91 112 004
Current assets
Inventories 6 4 468 430 2 628 089 4 290 932
Loan to related party 7 2 477 794 92 398 47 965
Trade and other 8 136 180 5 366 797 10 370 361
receivables
Cash and cash 9 15 316 139 4 771 124 4 631 430
equivalents
22 398 543 12 858 408 19 340 688
Total assets 112 863 197 104 181 377 110 452 692
Equity and
liabilities
Equity
Equity attributable
to equity holders of
Company
Share capital 10 142 875 439 135 989 508 135 989 508
Reserves 3 451 120 1 530 969 4 004 472
Retained loss (52 338 (52 686 (50 407 079)
752) 500)
93 987 807 84 833 977 89 586 901
Non-controlling 176 298 647 407 475 502
interest
Total equity 94 164 105 85 481 384 90 062 403
Liabilities
Non-current
liabilities
Loans from related 7 423 664 424 572 437 615
parties
Capital lease 13 733 465 - -
obligation
Deferred tax 14 4 907 636 5 840 000 4 079 066
Reclamation 15 3 982 709 3 814 638 3 641 881
obligation
10 047 474 10 079 210 8 158 562
Current liabilities
Loans from related 7 334 998 72 064 174 180
parties
Current tax payable 261 142 245 228 397 762
Capital lease 13 290 235 142 630 1 008 467
obligation
Trade and other 17 6 847 629 6 373 382 7 354 018
payables
Bank overdraft 9 917 614 1 787 479 3 297 300
8 651 618 8 620 783 12 231 727
Total liabilities 18 699 092 18 699 993 20 390 289
Total equity and 112 863 197 104 181 377 110 452 692
liabilities
Statement of Comprehensive
Income
3 months 6 months 3 months 6 months
ended ended ended ended
31 August 31 August 31 August 31 August
Figures in Not 2011 2011 2010 2010
Canadian e(s
Dollar )
Revenue 20 9 205 918 17 711 457 11 387 950 19 844 532
Cost of sales 21 (6 499 593) (14 502 (12 571 (18 527 779)
416) 420)
Gross profit 2 706 325 3 209 041 (1 183 470) 1 316 753
(loss)
Other (212 368) (106 588) 84 528 89 218
(expenses)
income
General and (2 406 632) (4 172 490) (960 829) (3 135 966)
administratio
n expenses
Operating 22 87 325 (1 070 037) (2 059 771) (1 729 995)
profit (loss)
Investment 23 69 006 176 267 82 105 95 451
income
Income from 67 562 82 435 21 102 23 429
equity
accounted
investments
Finance costs 24 (131 831) (240 943) (43 157) (180 670)
Profit (loss) 92 062 (1 052 278) (1 999 721) (1 791 785)
before
taxation
Income tax 25 994 364 932 364 (295 679) (1 362 132)
recovery
(expense)
Profit (loss) 1 086 426 (119 914) (2 295 400) (3 153 917)
for the
period
Other
comprehensive
income:
Exchange 944 886 (186 674) (4 796 433) (4 812 016)
differences
on
translating
foreign
operations
Total 2 031 312 (306 588) (7 091 833) (7 965 933)
comprehensive
income (loss)
Profit (loss)
attributable
to:
Owners of the 1 263 946 347 748 (2 071 718) (2 798 721)
Company
Non- (177 520) (467 662) (223 682) (355 196)
controlling
interest
1 086 426 (119 914) (2 295 400) (3 153 917)
Total
comprehensive
income (loss)
attributable
to:
Owners of the 2 208 832 161 074 (6 868 151) (7 610 737)
Company
Non- (177 520) (467 662) (223 682) (355 196)
controlling
interest
2 031 312 (306 588) (7 091 833) (7 965 933)
Earnings
(loss) per
share
Per share
information
Basic and 26 0.06 0.01 (0.20) (0.23)
diluted
earnings
(loss) per
share (c)
Headline 26 0.04 0.01 (0.06) (0.08)
earnings
(loss) per
share (c)
Statement of
Changes in Equity
Figures Share Foreign Share-based Convertible Total
in capital currency payment instruments reserves
Canadia translation reserve reserve
n reserve
Dollar
Opening 127 999 040 (7 979 683) 6 195 051 - (1 784 632)
balance
as
previou
sly
reporte
d
Adjustm
ents
Effects - 680 591 - - 680 591
of
transit
ion to
IFRS
Balance 127 999 040 (7 299 092) 6 195 051 - (1 104 041)
at 01
March
2010 as
restate
d
Changes
in
equity
Total - 1 750 124 - - 1 750 124
compreh
ensive
income
(loss)
for the
year
Share- - - 884 886 - 884 886
based
payment
expense
Rights 4 583 644 - - - -
offerin
g at
subscri
ption
price
of
$0.05
per
share
Private 3 406 824 - - - -
placeme
nt, net
of
issue
costs
at
$0.065
per
share
Foreign - - - - -
exchang
e
movemen
t
Total 7 990 468 1 750 124 884 886 - 2 635 010
changes
Opening 135 989 508 (6 363 878) 7 079 937 - 716 059
balance
as
previou
sly
reporte
d
Adjustm
ents
Effects - 814 910 - - 814 910
of
transit
ion to
IFRS
Balance 135 989 508 (5 548 968) 7 079 937 - 1 530 969
at 01
March
2011 as
restate
d
Changes
in
equity
Total - (186 674) - - (186 674)
compreh
ensive
income
(loss)
for the
six
months
Private 435 715 - - - -
placeme
nt, net
of
issue
costs
at
$0.065
per
share
Subscri 6 450 216 - - - -
ptions
receive
d, net
of
issue
costs
at
$0.075
per
share
(refer
note
12)
Share- - - 155 840 - 155 840
based
payment
expense
Convert - - - 1 950 985 1 950 985
ible
bond-
equity
compone
nt
Foreign - - - - -
exchang
e
movemen
t
Total 6 885 931 (186 674) 155 840 1 950 985 1 920 151
changes
Balance 142 875 439 (5 735 642) 7 235 777 1 950 985 3 451 120
at 31
August
2011
Note(s) 10 11 12
Statement of Changes
in Equity
(continued)
Figures in Retained Total Non- Total equity
Canadian loss attributable controlling
Dollar to equity interest
holders of
the Company
Opening (49 020 317) 77 194 091 648 941 77 843 032
balance as
previously
reported
Adjustments
Effects of 1 411 958 2 092 549 - 2 092 549
transition to
IFRS
Balance at 01 (47 608 359) 79 286 640 648 941 79 935 581
March 2010 as
restated
Changes in
equity
Total (5 078 141) (3 328 017) (88 097) (3 416 114)
comprehensive
income (loss)
for the year
Share-based - 884 886 - 884 886
payment
expense
Rights - 4 583 644 - 4 583 644
offering at
subscription
price of
$0.05 per
share
Private - 3 406 824 - 3 406 824
placement,
net of issue
costs at
$0.065 per
share
Foreign - - 86 563 86 563
exchange
movement
Total changes (5 078 141) 5 547 337 (1 534) 5 545 803
Opening (54 147 253) 82 558 314 647 407 83 205 721
balance as
previously
reported
Adjustments
Effects of 1 460 753 2 275 663 - 2 275 663
transition to
IFRS
Balance at 01 (52 686 500) 84 833 977 647 407 85 481 384
March 2011 as
restated
Changes in
equity
Total 347 748 161 074 (467 662) (306 588)
comprehensive
income (loss)
for the six
months
Private - 435 715 - 435 715
placement,
net of issue
costs at
$0.065 per
share
Subscriptions - 6 450 216 - 6 450 216
received, net
of issue
costs at
$0.075 per
share (refer
note 12)
Share-based - 155 840 - 155 840
payment
expense
Convertible - 1 950 985 - 1 950 985
bondequity
component
Foreign - - (3 447) (3 447)
exchange
movement
Total changes 347 748 9 153 830 (471 109) 8 682 721
Balance at 31 (52 338 752) 93 987 807 176 298 94 164 105
August 2011
Note(s)
Statement of Cash Flows
6 months 12 months 6 months
ended ended ended
31 August 28 February 31 August
Figures in Note(s) 2011 2011 2010
Canadian
Dollar
Cash flows
from
operating
activities
Cash 18 7 067 947 10 808 399 21 077
generated
from
operations
Investment 176 267 101 953 95 451
income
Finance costs (240 943) (449 003) (180 670)
Tax refunded 19 15 914 (899 141) (2 693)
(paid)
Net cash 7 019 185 9 562 208 (66 835)
inflow
(outflow)
from
operating
activities
Cash flows
from
investing
activities
Purchase of 3 (8 805 356) (10 790 700) (4 412 963)
property,
plant and
equipment
Proceeds from 3 6 379 283 301 518 235 506
sale of
property,
plant and
equipment
Purchase of 2 - (845 773) -
mineral
property
interests
Acquisition - (95 690) (95 690)
of associate
Repayment of (2 123 370) (634 248) (445 951)
loans to
group
companies
Proceeds from (778 747) (1 024 738) (1 361 892)
sale of
financial
assets
Sale of 5 899 - -
reclamation
deposits
Net cash (5 322 291) (13 089 631) (6 080 990)
outflow from
investing
activities
Cash flows
from
financing
activities
Proceeds on 10 - 7 990 468 7 990 468
share issue
Proceeds on 10 6 885 931 - -
subscriptions
received
Proceeds from 1 950 985 - -
convertible
bond
Capital lease 881 070 (3 298 941) (2 328 054)
obligation
proceeds
(repayments)
Net cash 9 717 986 4 691 527 5 662 414
inflow from
financing
activities
Net movement 11 414 880 1 164 104 (485 411)
in cash and
cash
equivalents
for the
period
Cash and cash 2 983 645 1 819 541 1 819 541
equivalents
at the
beginning of
the period
Total cash 9 14 398 525 2 983 645 1 334 130
and cash
equivalents
at end of the
period
Accounting Policies
1. The accounting policies are an integral part of these unaudited condensed
interim consolidated financial statements, details of the which are available
on the Company`s web site.
Notes to the Unaudited Condensed Interim Consolidated Financial Statements
2. Mineral property
interests
August 31, 2011
Figures in Canadian Cost Accumulated Carrying value
Dollar depletion
Mineral property 31 221 946 (8 124 576) 23 097 370
interests
2. Mineral property
interests (continued)
February 28, 2011
Figures in Canadian Cost Accumulated Carrying value
Dollar depletion
Mineral property 31 540 840 (7 977 871) 23 562 969
interests
2. Mineral property
interests (continued)
August 31, 2010
Figures in Canadian Cost Accumulated Carrying value
Dollar depletion
Mineral property 30 967 209 (6 143 177) 24 824 032
interests
Reconciliation of
mineral property
interests - August 31,
2011
Foreign
Opening exchange
balance movements Depletion Total
Figures in
Canadian Dollar
Wouterspan 13 890 989 17 753 - 13 908 742
Holpan 1 072 472 1 371 (147 286) 926 557
Klipdam (227 805) (291) - (228 096)
Saxendrift 7 398 138 9 455 (348 435) 7 059 158
Niewejaarskraal 239 459 306 - 239 765
Makoenskloof 332 727 425 - 333 152
Windsorton Erf 856 997 1 095 - 858 092
2004
23 562 977 30 114 (495 721) 23 097 370
2. Mineral property
interests (continued)
Reconciliation of mineral property interests - February 28, 2011
Figures in Canadian Opening balance Effects of Additions
Dollar transition to
IFRS
Mineral property 30 850 998 (30 850 998) -
interests
Wouterspan - 13 722 048 -
Holpan - 1 468 070 -
Klipdam - 571 902 -
Saxendrift - 7 743 816 -
Niewejaarskraal - 235 907 -
Makoenskloof - 327 791 -
WindsortonErf 2004 - - 845 773
30 850 998 (6 781 464) 845 773
Reconciliation of mineral property interests - February 28, 2011 (continued)
Figures in Canadian Foreign exchange Depletion Total
Dollar movements
Mineral property - - -
interests
Wouterspan 168 941 - 13 890 989
Holpan 88 394 (483 992) 1 072 472
Klipdam 107 977 (907 684) (227 805)
Saxendrift 199 374 (545 052) 7 398 138
Niewejaarskraal 3 552 - 239 459
Makoenskloof 4 928 - 332 719
WindsortonErf 2004 11 224 - 856 997
584 390 (1 936 728) 23 562 969
Reconciliation of
mineral property
interests - August 31,
2010
Figures in Opening Effects of Foreign Depletion Total
Canadian balance transition exchange
Dollar to IFRS movements
Mineral 30 850 998 (30 850 - - -
property 998)
interests
Wouterspan - 13 642 143 468 882 - 14 111 025
Holpan - 1 564 113 251 453 (213 842) 1 601 724
Klipdam - 687 553 499 627 (535 975) 651 205
Saxendrift - 7 878 492 397 235 (361 856) 7 913 871
Niewejaars- - 236 149 5 770 - 241 919
kraal
Makoenskloof - 297 031 7 257 - 304 288
30 850 998 (6 545 517) 1 630 224 (1 111 673) 24 824 032
3. Property, plant and
equipment
August 31, 2011
Figures in Canadian Cost Accumulated Carrying value
Dollar depreciation
Land and buildings 7 495 750 (1 354 601) 6 141 149
Plant and machinery 79 759 000 (36 129 561) 43 629 439
Motor vehicles 1 591 255 (1 079 770) 511 485
Office equipment 1 043 864 (667 948) 375 916
Construction in 10 922 659 - 10 922 659
progress *
100 812 528 (39 231 880) 61 580 648
3. Property, plant and
equipment (continued)
February 28, 2011
Figures in Canadian Cost Accumulated Carrying value
Dollar depreciation
Land and buildings 7 502 768 (1 149 217) 6 353 551
Plant and machinery 85 045 595 (35 833 250) 49 212 345
Motor vehicles 1 594 663 (1 006 082) 588 581
Office equipment 1 006 922 (615 659) 391 263
Construction in 6 282 698 - 6 282 698
progress *
101 432 646 (38 604 208) 62 828 438
3. Property, plant and
equipment (continued)
August 31, 2010
Figures in Cost Accumulated Carrying value
Canadian Dollar depreciation
Land and 7 015 112 (126 874) 6 888 238
buildings
Plant and 85 527 576 (35 386 712) 50 140 864
machinery
Motor vehicles 1 861 642 (1 077 003) 784 639
Office equipment 1 006 033 (577 942) 428 091
Construction in 2 739 672 - 2 739 672
progress *
98 150 035 (37 168 531) 60 981 504
3. Property, plant and equipment (continued)
Reconciliation of property, plant and equipment - August 31, 2011
Figures in Canadian Opening balance Additions Disposals
Dollar
Land and buildings 6 353 551 9 099 -
Plant and machinery 49 212 345 3 993 437 (6 508 485)
Motor vehicles 588 581 - -
Office equipment 391 263 39 445 -
Construction in 6 282 698 4 763 375 -
progress *
62 828 438 8 805 356 (6 508 485)
Reconciliation of
property, plant and
equipment - August 31,
2011 (continued)
Figures in Canadian Foreign exchange Depreciation Total
Dollar movements
Land and buildings (11 794) (209 707) 6 141 149
Plant and machinery (56 004) (3 011 854) 43 629 439
Motor vehicles (577) (76 519) 511 485
Office equipment (706) (54 086) 375 916
Construction in (123 414) - 10 922 659
progress *
(192 495) (3 352 166) 61 580 648
3. Property, plant and equipment (continued)
Reconciliation of property, plant and equipment - February 28, 2011
Figures in Opening Additions Disposals Foreign
Canadian Dollar balance exchange
movements
Land and 6 627 966 93 310 - 183 030
buildings
Plant and 50 926 945 4 396 818 (341 821) 1 238 687
machinery
Motor vehicles 781 353 111 711 (256 207) 63 454
Office 454 472 39 439 - 20 724
equipment
Construction in - 6 149 422 - 133 276
progress *
58 790 736 10 790 700 (598 028) 1 639 171
Reconciliation of property, plant and equipment -
February 28, 2011 (continued)
Figures in Canadian Depreciation Impairment loss Total
Dollar
Land and buildings (550 755) - 6 353 551
Plant and machinery (6 723 588) (284 696) 49 212 345
Motor vehicles (111 730) - 588 581
Office equipment (123 372) - 391 263
Construction in - - 6 282 698
progress *
(7 509 445) (284 696) 62 828 438
3. Property, plant and equipment (continued)
Reconciliation of property, plant and equipment - August 31, 2010
Figures in Canadian Opening balance Additions Disposals
Dollar
Land and buildings 6 627 966 65 072 -
Plant and machinery 50 926 945 1 488 513 (201 010)
Motor vehicles 781 353 92 770 -
Office equipment 454 472 26 936 -
Construction in - 2 739 672 -
progress
58 790 736 4 412 963 (201 010)
Reconciliation of
property, plant and
equipment -
August 31, 2010
(continued)
Figures in Canadian Foreign exchange Depreciation Total
Dollar movements
Land and buildings 360 919 (165 719) 6 888 238
Plant and machinery 2 683 156 (4 756 740) 50 140 864
Motor vehicles 37 623 (127 107) 784 639
Office equipment 2 950 (56 267) 428 091
Construction in - - 2 739 672
progress
3 084 648 (5 105 833) 60 981 504
Components of property, plant and equipment are depreciated over their
estimated useful life. The depreciation charge for the six months ending
August 31, 2011 was $3,352,166 (August 31, 2010- $5,105,833).
The Company`s bankers have registered two notarial general covering bonds
(First Lien) of ZAR 10 million ($1.4 million) over all loose assets on the
property known as Holpan, Barkley West, Northern Cape (refer Note 27).
(*) Construction in progress at Tirisano.'
4. Investment in
associate
Figures in Canadian 31 August 28 February 31 August
Dollar 2011 2011 2010
Name of company
Flawless Diamonds Trading
House (Pty) Ltd - 20%
Carrying amount
Opening balance 129 660 - -
Cost of investment in - 95 690 95 690
associate
Share of profit for the 82 435 34 396 23 429
period
Foreign exchange (209) (426) 5 321
adjustments
Closing balance 211 886 129 660 124 440
Summarised financial
information of
associate
Figures in Canadian 31 August 28 February 31 August
Dollar 2011 2011 2010
Total assets 3 034 195 9 690 007 10 981 656
Total liabilities 1 923 613 8 969 428 10 335 462
Net assets 1 110 582 703 579 646 194
Revenue 30 866 077 60 383 011 28 427 620
Total net earnings for 412 174 206 374 122 511
the year
Capital commitments and - - -
contingent liabilities of
associate
On April 21, 2010 the Company acquired a 20% shareholding in Flawless
Diamonds Trading House (Pty) Ltd ("Flawless") incorporated in the Republic of
South Africa for ZAR700,000 ($95,690) cash.Flawless is a registered diamond
broker which provides specialist diamond valuation, marketing and tender
sales services to the Company.
As the Company has significant influence over Flawless`s operations it
accounts for the investment using the equity method and includes a prorata
share of the Flawless`s net income (loss) for the year.''The carrying amounts
of associates are shown net of impairment losses.
5. Other financial
assets
Figures in Canadian 31 August 28 February 31 August
Dollar 2011 2011 2010
At fair value through
profit or loss -
designated
Investments 1 559 222 1 199 182 706 368
The Company invests in investment policies with endowment benefits on
maturity of the policies. Premiums are invested on an initial lump sum
and/or monthly annuity premium basis with the insurers and invested in
specific investment plans. Policy investment value at any one time
represents the value of premiums and growth after deduction of
administration and investment fees. Withdrawals could be made against the
policies before endowment against the deduction of penalties, which is lower
than the investment value. To surrender the policy prior to maturity date
will similarly attract penalties at a lower rate, and represents the value
accessible at any one stage. Fair value at any one stage represents the
surrender value of the investments. The fair value of the policies at August
31, 2011 amounted to $4,312,934 (February 28, 2011 $3,958,793) of which
$2,753,712 (February 28, 2011 $2,759,611) has been disclosed as reclamation
deposits (Refer note 15).
Figures in Canadian 31 August 28 February 31 August
Dollar 2011 2011 2010
Loans and receivables
Etruscan Diamonds Limited 1 186 897 768 030 1 228 686
Represents amounts paid
to Etruscan Diamonds
Limited.'
Deposits 74 919 75 079 163 680
This deposit relates to
deposits on motor
vehicles only delivered
in the 2011 fiscal year.
1 261 816 843 109 1 392 366
Total other financial 2 821 038 2 042 291 2 098 734
assets
Non-current assets
At fair value through 1 559 222 1 199 182 706 368
profit or loss
Loans and receivables 1 261 816 843 109 1 392 366
2 821 038 2 042 291 2 098 734
6. Inventories
Rough diamond inventories 1 493 867 824 513 1 936 655
Mine supplies 2 974 563 1 803 576 2 354 277
4 468 430 2 628 089 4 290 932
As at August 31, 2011, rough diamond inventories were valued at net
realizable value and mine supplies at cost less accumulative impairment
charges. No write-down of inventory was done during the six months ended
August 31, 2011. Mine supplies were written down by $190,700 to $1,803,578
during the 2011 fiscal year.
The net realizable value of diamond inventories are estimated at the average
price per carat achieved for the most recent diamond tender taking into
account the variable factors of clarity, carat, shape and colour.As at
February 28, 2011, rough diamond inventories were written down by $708,334
from cost to net realizable value.
Figures in Canadian 31 August 28 February 31 August
Dollar 2011 2011 2010
7. Loans to (from)
related parties
Current assets 2 477 794 92 398 47 965
Non-current liabilities (423 664) (424 572) (437 615)
Current liabilities (334 998) (72 064) (174 180)
1 719 132 (404 238) (563 830)
8.Trade and other
receivables
Trade receivables 34 291 4 743 033 10 127 254
Prepayments 101 889 82 808 243 107
VAT - 540 956 -
136 180 5 366 797 10 370 361
9.Cash and cash
equivalents
Cash and cash
equivalents consist of:
Bank balances 4 707 031 4 771 124 4 629 408
Short-term cash deposits 10 609 108 - 2 022
Bank overdraft (917 614) (1 787 479) (3 297 300)
14 398 525 2 983 645 1 334 130
Current assets 15 316 139 4 771 124 4 631 430
Current liabilities (917 614) (1 787 479) (3 297 300)
14 398 525 2 983 645 1 334 130
10. Share capital
Reconciliation of number
of shares issued:
Beginning of period 518 185 238 370 843 069 370 843 069
Rights offering at - 92 710 767 92 710 767
subscription price of
$0.05 per share
Private placement, net 6 703 292 54 631 402 54 631 402
of issue costs at $0.065
per share
Share consolidation 15:1 (489 895 959) - -
(#)
Private placement, net 500 000 - -
of issue costs at $0.75
per share
35 492 571 518 185 238 518 185 238
Issued
Ordinary 142 875 439 135 989 508 135 989 508
The Company`s authorized share capital consists of an unlimited number of
common shares, without par value, and an unlimited number of preferred shares
without par value, of which no preferred shares have been issued.
# Effective July 11, 2011 the Company completed a consolidation of its
outstanding Common Shares on the basis of 15 pre-consolidated common shares
for 1 post consolidated common share.
11.Share-based payments
The Company has a share-based payment plan approved by the shareholders that
allows the Company to grant options for up to 10% of the issued and
outstanding shares of the Company at any one time, typically vesting over two
years, to its directors, employees, officers, and consultants.The exercise
price of each share option is set by the board of directors at the time of
the grant and cannot be less than the market price (less permissible
discounts) on the Toronto Stock Exchange.Share options have a maximum term of
five years and typically terminate 30 days following the termination of the
optionee`s employment, except in the case of retirement or death.
From time to time, the Company may grant share options to employees,
directors, and service providers.The Company uses the Black-Scholes option
pricing model to estimate a value for these options.This model, and other
models which are used to fair value share options, require inputs such as
expected volatility, expected life to exercise, and interest rates.Changes in
any of these inputs could cause a significant change in the share-based
payment expense charged in a period.
Effective July 11, 2011 the Company completed a consolidation of its
outstanding Common Shares on the basis of 15 pre-consolidated common shares
for 1 post consolidated common share. The effect of the share consolidation
has been applied retrospectively.
Figures in Canadian Dollar
The continuity of share-based payments for the year ended August 31, 2011 is
as follows:
Expiry Exercise Feb 28, Granted / Exercised Expired / August
date price 2011 Issued cancelled 31, 2011
September $ 9.30 392 767 - - - 392 767
24, 2012
November $ 9.45 72 433 - - - 72 433
14, 2012
June 20, $ 6.75 63 333 - - (63 333) -
2011
December $ 0.90 912 173 - - (1 100) 911 073
7, 2014
January $ 1.05 40 000 - - - 40 000
18, 2015
October 8, $ 0.98 1 002 800 - - - 1 002 800
2015
2 483 506 - - (64 433) 2 419 073
Weighted $ 2.70 - - $ 2.70 $ 2.85
average
exercise
price
Weighted -
average
fair value
of share
options
granted
during the
period
As at August 31, 2011, 2,148,139 of the share options outstanding with a
weighted average exercise price of $2.85 per share have vested with grantees.
Figures in Canadian Dollar
The continuity of share-based payments for the year ended February 28, 2011
is as follows:
Expiry Exercise Feb 28, Granted / Exercised Expired / Feb 28,
date price 2010 Issued cancelled 2011
September $ 9.30 393 100 - - (333) 392 767
24, 2012
November $ 9.45 73 433 - - (1 000) 72 433
14, 2012
June 20, $ 6.75 63 333 - - - 63 333
2011
December $ 0.90 951 393 - - (39 220) 912 173
7, 2014
January $ 1.05 40 000 - - - 40 000
18, 2015
October 8, $ 0.98 - 1 002 800 - - 1 002 800
2015
1 521 259 1 002 800 - (40 553) 2 483 506
Weighted $ 3.75 $ 0.98 - $ 1.20 $ 2.70
average
exercise
price
Weighted $ 0.84
average
fair value
of share
options
granted
during the
period
As at February 28, 2011, 1,055,678 of the share options outstanding with a
weighted average exercise price of $0.90 per share have vested with grantees.
Figures in Canadian Dollar
The continuity of share-based payments for the year ended August 31, 2010 is
as follows:
Expiry Exercise Feb 28, Granted / Exercised Expired / August
date price 2010 Issued cancelled 31, 2010
September $ 9.30 393 100 - - (333) 392 767
24, 2012
November $ 9.45 73 433 - - (1 000) 72 433
14, 2012
June 20, $ 6.75 63 333 - - - 63 333
2011
December $ 0.90 951 393 - - (9 000) 942 393
7, 2014
January $ 1.05 40 000 - - - 40 000
18, 2015
1 521 259 - - (10 333) 1 510 926
Weighted $ 3.75 - - $ 2.10 $ 3.75
average
exercise
price
Weighted -
average
fair value
of share
options
granted
during the
period
As at August 31, 2010, 1,183,755 of the share options outstanding with a
weighted average exercise price of $4.05 per share have vested with grantees.
Using a Black-Scholes option pricing model with the assumptions noted below,
the fair values of share options vested have been reflected in the statement
of operations as follows:
Figures in Canadian Dollar Granted / Exercised Expired / August 31,
Issued cancelled 2010
Exploration and engineering 57 33 027 4 612 25 578
Operations and 27 483 122 813 70 906 27 092
administration
Total share-based payment 27 540 155 840 75 518 52 670
cost expensed to operations,
with the offset credited to
share-based payment reserve
12. Prepaid capital contributions
Prepaid capital contributions in respect of a private placement completed
after the quarter-end is reflected as share capital, the issuing of shares to
be issued after the date of review.
An amount received is convertible and/or repayable at the discretion of the
Company for a period of twelve months, and is valued on the residual method
at date the review date.
13. Capital lease obligation
Figures in 31 August 28 February 31 August
Canadian Dollar 2011 2011 2010
Minimum lease
payments due
- within one year 376 010 143 997 1 028 721
- in second to 717 838 - -
fifth year
inclusive
1 093 848 143 997 1 028 721
less: future (70 148) (1 367) (20 254)
finance charges
Present value of 1 023 700 142 630 1 008 467
minimum lease
payments
Present value of
minimum lease
payments due
- within one year 290 235 142 630 1 008 467
- in second to 733 465 - -
fifth year
inclusive
1 023 700 142 630 1 008 467
Non-current 733 465 - -
liabilities
Current 290 235 142 630 1 008 467
liabilities
1 023 700 142 630 1 008 467
Included in property, plant and equipment are mining equipment that the
Company acquired pursuant to three year capital lease obligations.
Capital lease obligations as detailed above are secured over plant and
equipment and are repayable, on average, in 36 monthly installments.
Interest is charged at rates of between 1.25% to 2.00% less the prevailing
prime rate, which is currently 9.00%, per annum. There are no significant
restrictions imposed on the lessee as a result of the lease obligations.
14. Deferred tax
Figures in Canadian Dollar 31 August 28 February 31 August
2011 2011 2010
Deferred tax liability
Temporary differences 4 907 636 5 840 000 4 079 066
Reconciliation of deferred
tax liability
At beginning of the year 5 840 000 11 545 000 11 545 000
Effects of transition to IFRS - (8 638 066) (8 638 066)
Recognised through statement (932 364) 2 933 066 1 172 132
of comprehensive income
4 907 636 5 840 000 4 079 066
15. Reclamation
obligation
Reconciliation of
obligation - August
31, 2011
Figures in Canadian Opening Reclamation Foreign Total
Dollar balance (expenditure exchange
incurred) / movements
obligation
recognized
Holpan, Wouterspan, 2 565 377 44 206 (5 876) 2 603 707
and Klipdam Mines
Saxendrift Mine 1 249 261 133 600 (3 859) 1 379 002
3 814 638 177 806 (9 735) 3 982 709
Reconciliation of
obligation - February
28, 2011
Figures in Canadian Opening Reclamation Foreign Total
Dollar balance (expenditure exchange
incurred) / movements
obligation
recognized
Holpan, Wouterspan, 2 918 102 (426 066) 73 341 2 565 377
and Klipdam Mines
Saxendrift Mine 804 882 427 875 16 504 1 249 261
3 722 984 1 809 89 845 3 814 638
Reconciliation of
obligation - August
31, 2010
Figures in Opening Reclamation Foreign Accretion Total
Canadian balance (expenditur exchange expense
Dollar e incurred) movements
/
obligation
recognized
Holpan, 2 918 102 (545 328) 137 275 - 2 510 049
Wouterspan,
and Klipdam
Mines
Saxendrift 804 882 - 57 106 269 844 1 131 832
Mine
3 722 984 (545 328) 194 381 269 844 3 641 881
The liability is based on the disturbance of the natural physical environment
due to the alluvial mining methods that the Company engages in. The volume of
disturbance is quantified on a monthly basis by a professional surveyor
through physical observation and technical quantification in cubic meters and
is therefore not discounted.
The Company does not make use of a mining contractor and applies an internal
costing rate per cubic meter which is based on applying its own resources and
equipment in doing such rehabilitation. This costing rate represents the
operating cost, including fuel, applying specific mining fleet units to the
rehabilitation process and labor usage.
The physical disturbance in the cubic meters multiplied by the costing rate
represents the rehabilitation liability at any one stage.
As required by regulatory authorities, at August 31, 2011, the Company had
cash reclamation deposits totaling $2,753,712 (February 28, 2011 -
$2,759,611) comprised of $1,652,227 (February 28, 2011 - $1,686,913) for the
Holpan, Wouterspan and Klipdam mine and $1,101,485 (February 28, 2011 -
$1,072,698) for the Saxendrift mine.These deposits are invested in interest
bearing money market linked investments at rates ranging from 9.5% to 11.0%
per annum.These investments have been pledged as security in favour of the
guarantees the bank issued on behalf of the Company. Refer to note 27.
16. Related parties
Figures in Canadian Dollar 31 August 28 February 31 August
2011 2011 2010
Related party balances
Balances payable
Banzi Trade (e) 121 724 34 385 23 814
Hunter Dickinson Services 130 252 34 113 79 009
Inc. (a)
Seven Bridges Trading (c) - - 10 941
Flawless Diamonds Trading - 3 566 60 416
House (d)
CEC Engineering (b) 8 528 - -
Current balances payable 334 998 72 064 174 180
Liberty Lane (f) 423 664 424 572 437 616
Non-current balances payable 423 664 424 572 437 615
Balances receivable
Banzi Trade (e) 83 510 92 398 47 965
Flawless Diamonds Trading 2 394 284 - -
House (d)
Current balances receivable 2 477 794 92 398 47 965
Related party transactions
Services rendered and
expenses reimbursed:
Hunter Dickinson Services 183 424 467 151 295 908
Inc. (a)
CEC Engineering (b) 33 012 23 331 -
Seven Bridges Trading (c) 50 083 134 483 63 106
Banzi Trade 26 (e) 132 882 165 077 90 950
Flawless Diamonds Trading 3 390 728 420 006 144 962
House (d)
Sales rendered to:
Banzi Trade 26 (Pty) Ltd (e) 128 143 394
All related party transactions are arm`s length transaction in the normal
course of business.
(a)Hunter Dickinson Services Inc. ("HDSI") is a private company with a
director in common with the Company. HDSI provides geological, technical,
corporate development, administrative and management services to, and incurs
third party costs on behalf of, the Company on a full cost recovery market
related basis pursuant to an agreement dated November 21, 2008.
(b)CEC Engineering Ltd is a private company owned by David Copeland, Chairman
and a director of the Company, which provides engineering and project
management services at market rates.
(c)Seven Bridges Trading 14 (Pty) Ltd ("Seven Bridges Trading") is a wholly-
owned subsidiary of Randgold Resources Ltd, a public company where Mark
Bristow, a director of the Company, serves in an executive capacity. Seven
Bridges Trading provides office, conferencing, information technology, and
other administrative and management services at market rates to the Company`s
South African subsidiaries
(d)Flawless Diamonds Trading House (Pty) Ltd ("Flawless Diamonds Trading
House") is a private company where certain directors, former directors and
officers of the Company, namely, Messrs Brenner, J.W. and D.M. Bristow are
shareholders.During fiscal 2011 the Company acquired a 20% shareholding in
Flawless Diamonds Trading House (refer note 4).Flawless is a registered
diamond broker which provides specialistdiamond valuation, marketing and
tender sales services to the Company for a fixed fee of 1% of turnover which
is below the market rate charged by similar tender houses
(e)Banzi Trade 26 (Pty) Ltd ("Banzi") is 49% owned by HC van Wyk Diamonds Ltd
and 51% by Bokomoso Trust. Banzi is an empowered private company established
to provide self-sustaining job creation programs to local communities as part
of the company`s Social and Labour Plan which is required in terms of the
Minerals and Petroleum Resources Development Act ("MPRDA"). Banzi provides
the Company with building materials at market rates.
(f)Liberty Lane is the BEE partner of the Saxendrift property and has certain
directors in common with the Company.
17. Trade and other payables
Figures in Canadian 31 August 28 February 31 August
Dollar 2011 2011 2010
Trade payables 6 710 955 6 373 382 7 165 893
VAT 136 674 - 188 125
6 847 629 6 373 382 7 354 018
18. Cash generated from operations
Figures in Canadian 31 August 28 February 31 August
Dollar 2011 2011 2010
Profit (loss) (1 052 278) (2 233 172) (1 791 785)
before taxation
Adjustments for:
Depreciation and 3 847 888 9 446 173 6 217 506
depletion
Loss on sale of 129 202 296 510 (34 496)
assets
Loss on foreign - (82 873) -
exchange
Income from equity (82 435) (34 396) (23 429)
accounted
investments
Investment income (176 267) (101 953) (95 451)
Finance costs 240 943 449 003 180 670
Fair value - 31 920 -
adjustments
Net reclamation 168 071 1 809 (275 484)
obligation
recognised
Share-based payment 128 300 884 886 296 499
expense
Write-down on - 899 034 -
inventory
Write-down of - 284 696 -
property, plant and
equipment
Write-down of - - 147 779
investment held for
reclamation
Write-down of - - 144 658
assets
Changes in working
capital:
Inventories (1 840 341) (476 349) (1 314 874)
Trade and other 5 230 617 1 686 027 (4 030 892)
receivables
Trade and other 474 247 (242 916) 600 376
payables
7 067 947 10 808 399 21 077
19.Tax refunded (paid)
Figures in 31 August 28 February 31 August
Canadian 2011 2011 2010
Dollar
Balance at (245 228) (1 144 369) (210 455)
beginning of
the period
Current tax - - (190 000)
for the
period
recognised in
profit or
loss
Balance at 261 142 245 228 397 762
end of the
period
15 914 (899 141) (2 693)
20. Revenue
Figures in 3 months 6 months 3 months 6 months
Canadian Dollar ended ended ended ended
31 August 31 August 31 August 31 August
2011 2011 2010 2010
Sale of diamonds 6 941 206 14 502 903 10 009 258 18 176 830
Beneficiation 2 264 712 3 208 554 1 378 692 1 667 702
income
9 205 918 17 711 457 11 387 950 19 844 532
Beneficiation income represents profit share
on value add (cut and polish).
21. Cost of sales
Figures in 3 months 6 months 3 months 6 months
Canadian Dollar ended ended ended ended
31 August 31 August 31 August 31 August
2011 2011 2010 2010
Production cost 5 186 015 11 347 998 6 319 206 12 517 949
Inventory (506 518) (693 470) 3 141 967 (207 676)
movement
4 679 497 10 654 528 9 461 173 12 310 273
Depreciation of 1 526 118 3 352 167 2 578 883 5 105 833
property, plant
and equipment
Depletion of 293 978 495 721 531 364 1 111 673
mineral
property
interest
1 820 096 3 847 888 3 110 247 6 217 506
6 499 593 14 502 416 12 571 420 18 527 779
22. Operating profit (loss)
Figures in 3 months 6 months 3 months 6 months
Canadian Dollar ended ended ended ended
31 August 31 August 31 August 31 August
2011 2011 2010 2010
Operating
profit (loss)
for the period
is stated after
accounting for
the following:
(Profit) loss (129 202) (129 202) 34 496 34 496
on sale of
property, plant
and equipment
Depreciation on 1 526 118 3 352 167 2 578 883 5 105 833
property, plant
and equipment
Depletion 293 978 495 721 531 364 1 111 673
mineral
property
interests
Employee costs 469 196 959 464 521 456 1 000 081
23. Investment income
Figures in 3 months 6 months 3 months 6 months
Canadian Dollar ended ended ended ended
31 August 31 August 31 August 31 August
2011 2011 2010 2010
Interest
revenue
Bank 69 006 176 267 82 105 95 451
24. Finance costs
Figures in 3 months 6 months 3 months 6 months
Canadian Dollar ended ended ended ended
31 August 31 August 31 August 31 August
2011 2011 2010 2010
Capital leases 64 096 92 219 (121 323) 32 768
obligation
Bank 67 735 148 724 98 944 147 902
131 831 240 943 (22 379) 180 670
25. Income tax expense
Figures in 3 months 6 months 3 months 6 months
Canadian Dollar ended ended ended ended
31 August 31 August 31 August 31 August
2011 2011 2010 2010
Major
components of
the tax income
Current tax
Local income 2 000 - 188 613 190 000
tax current
period
Deferred tax
Movement in (899 793) (932 364) 107 066 1 172 132
deferred tax
balance
(897 793) (932 364) 295 679 1 362 132
26. Earnings (loss) per share
Basic and diluted earnings (loss) per share
Basic earnings (loss) per share was calculated based on a weighted average
number of ordinary shares of 35 492 571 for the 3 months ended August 31,
2011 (3 months ended August 31, 2010:34 545 683) and for the 6 months ended
August 31, 2011 35 492 571 (6 months ended August 31, 2010:33 194 558).
Figures in Canadian 3 months 6 months 3 months 6 months
Dollar ended ended ended ended
31 August 31 August 31 August 31 August
2011 2011 2010 2010
Reconciliation of
earnings (loss) for the
period to basic
earnings (loss)
Total comprehensive 2 031 312 (306 588) (7 091 833) (7 965 933)
profit (loss)
Adjusted for:
Non-controlling 177 520 467 662 223 682 355 196
interest
Basic earnings (loss) 2 208 832 161 074 (6 868 151) (7 610 737)
attributable to owners
of the Company
Diluted earnings (loss) per share is equal to earnings (loss) per share
because there are no dilutive potential ordinary shares in issue.
Headline earnings (loss) per share
Figures in Canadian 3 months 6 months 3 months 6 months
Dollar ended ended ended ended
31 August 31 August 31 August 31 August
2011 2011 2010 2010
Reconciliation between
basic earnings (loss)
and headline earnings
(loss)
Basic earnings (loss) 2 208 832 161 074 (6 868 151) (7 610 737)
Adjusted for:
Exchange differences on (944 886) 186 674 4 796 433 4 812 016
translating foreign
operations
Headline earnings 1 263 946 347 748 (2 071 718) (2 798 721)
(loss) attributable to
owners of the Company
27. Contingencies
Bank indebtedness
The Company has an overdraft facility in the amount of ZAR28.0 million ($3.9
million) available for its operations. This facility has an interest cost of
prime (currently 9% per annum) plus 0.6%.The security for the ZAR28.0 million
consists of 2 covering bonds (First Lien) of ZAR10.0 million ($1.4 million)
each over loose assets and property of the farm Holpan.
HC van Wyk Diamonds Ltd, Klipdam Mining Company Ltd, Saxendrift Mine (Pty)
Ltd held guarantees with the bank towards Eskom (Electricity Provider) of
ZAR4,856,100 ($663,828) and the Department of Minerals and Energy (DME) of
ZAR21,367,228 ($2,920,896) towards rehabilitation expenses.
Kwango River Project, Democratic Republic of Congo''
Rockwell`s subsidiary, Durnpike Investments (Proprietary) Limited`s
("Durnpike") interest in the Kwango River project that was constituted by an
agreement ("Midamines Agreement") which was concluded betweenDurnpike and
Midamines SPRL ("Midamines"), the holder of the permit for the Kwango River
Project, during 2006, in terms of which Durnpike was to act as independent
contractor on behalf of Midamines to manage and carry out exploration
activities and potentially, mining activities.Durnpike was entitled to an 80%
share of the net revenue from the sale of any diamonds produced from the
contract area.
Under the Midamines Agreement, Durnpike agreed to certain minimum royalty
payments being made to Midamines, and Midamines undertook certain obligations
in favour of Durnpike, including that of procuring and facilitating
Durnpike`s access to the Kwango River Project site. The royalties took the
form of a series of recurring annual minimum royalty payments of US$1.2
million per annum, as escalated in accordance with the Midamines Agreement
(commencing on December 31, 2007).During the first quarter of 2008, pursuant
to an amendment to the Midamines Agreement (contained in the Fifth Addendum
thereto), Durnpike paid consideration of US$600,000 to Midamines as
compensation for access to the entire concession area (Permit 331), as
opposed to the limited contract area. As part of such amendment, Midamines
waived its right to payment of the above mentioned US$1.2 million royalty
payment due on December 31, 2007.
Subsequently, and pursuant to Midamines` persistent breach of material
provisions of the Midamines Agreement coupled with its failure to remedy such
instances of breach not withstanding notice to do so,Durnpike and/or Rockwell
cancelled the Midamines Agreement and/or the Fifth Addendum thereto.Midamines
thereafter disputed the entitlement of Durnpike and/or Rockwell to cancel the
Midamines Agreement.It has referred to arbitration a dispute against Durnpike
and Rockwell, in which it claims payment by Rockwell and Durnpike of
compensation in the amount of US$41.8 million (while reserving the right to
increase the claim to US$68.073 million if the DRC authorities cancel
Midamines` permit for the Kwango Project) plus interest.Durnpike and/or
Rockwell have defended the claim and have, in turn, instituted a counter-
claim in the estimated and provisional amounts of approximately ZAR25.4
million for equipment purchased to undertake exploration and feasibility
work, C$1.6 million for start-up and acquisition costs in the DRC, and US$20
million (while reserving the right to increase the counterclaim to at least
$164.3 million) as an initial estimate of possible lost earnings.
Comprehensive documentation has been filed by the parties and arbitration
proceedings were completed in Belgium. Their ruling is expected in October
2011. Subsequent to the quarter ending August 31, 2011, the Company was
notified of additional legal fees of Euro90 000 to be paid before the outcome
will be announced.
28.First-time adoption of International Financial Reporting Standards
The group has applied IFRS 1, First-time adoption of International Financial
Reporting Standards, to provide a starting point for the reporting under
International Reporting and Accounting Standards. On principle these
standards have been applied retrospectively and the August 31, 2010 and
February 28, 2011 comparatives contained in these unaudited condensed interim
consolidated financial statements differ from those published in the
financial statements published for the six months ended August 31, 2010 and
the 12 months ended February 28, 2011.
The date of transition was March 1, 2010 and the effect of the transition was
as follows.
Reconciliation of equity at August 31, 2010
Figures in As reported under Effects of IFRS
Canadian Canadian GAAP transition to
Dollar IFRS
Property, 60 981 504 - 60 981 504
plant and
equipment
Mineral 30 125 302 (5 301 270) 24 824 032
property
interests
Investment in 124 440 - 124 440
associate
Other assets 2 098 734 - 2 098 734
and deposits
Reclamation 3 083 294 - 3 083 294
deposits
Total non- 96 413 274 (5 301 270) 91 112 004
current assets
Trade and 10 370 361 - 10 370 361
other
receivables
Inventories 4 290 932 - 4 290 932
Loan to 47 965 - 47 965
related party
Cash and cash 4 631 430 - 4 631 430
equivalents
Total current 19 340 688 - 19 340 688
assets
Capital leases 1 008 467 - 1 008 467
Trade and 7 354 018 - 7 354 018
other payables
Loans from 611 795 - 611 795
related
parties
Reclamation 3 641 881 - 3 641 881
obligation
Current tax 397 762 - 397 762
liability
Deferred tax 11 978 066 (7 899 000) 4 079 066
liability
Bank overdraft 3 297 300 - 3 297 300
Total 28 289 289 (7 899 000) 20 390 289
liabilities
Total assets 87 464 673 2 597 730 90 062 403
less total
liabilities
Issued capital 135 989 508 - 135 989 508
Share-based 6 491 550 - 6 491 550
payment
reserve
Foreign (5 453 970) 2 966 892 (2 487 078)
currency
translation
reserve
Retained loss (50 037 917) (369 162) (50 407 079)
Minority 475 502 - 475 502
interest
Total equity 87 464 673 2 597 730 90 062 403
29.Events after the reporting period
Rockwell Diamonds Inc. committed to the sale of non-core assets which will
generate additional cash flows.
The assets committed to disposal after the reporting date are as follows:
- The sale of Makoenskloof property, located in the Northern Cape, which will
be settled on transfer of the property to the buyer, for value $0.9 million.
- The disposal of the Holpan DMS plant for a consideration of $2.6 million. A
down payment has been received securing the order, which will be effected
based on a dismantling and removal program.
On October 3, 2011, the Company announced the following changes to the Board
of Directors:
- David Copeland stepped down as Chairman, but remains on the board as a non-
executive director, and will continue contributing on strategic matters while
actively supporting the new chairman.
- Dr Mark Bristow has been appointed as non-executive Chairman with effect
from September 9, 2011. Mark was Acting CEO of Rockwell for six months to May
2011 during which he initiated the strategic review which led to initiatives
to improve the production profile and enhance efficiencies.
- Johan van`t Hof joined the board of Rockwell as an independent non-
executive director and will be appointed to the audit committee. Johan is a
C.A. and holds an MBA. Based in Canada, he has wide-ranging experience in the
listed company environment including regulatory affairs, financings, mergers
and acquisitions and corporate finance.
CANADA
13 October 2011
Sponsor
Sasfin Capital (a division of Sasfin Bank Limited)
Date: 14/10/2011 07:06:01 Supplied by www.sharenet.co.za
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