Wrap Text
SNU - Sentula Mining Limited - Reviewed condensed consolidated interim results
for the six months ended 30 September 2011
Sentula Mining Limited
Incorporated in the Republic of South Africa
(Registration number 1992/001973/06)
Share code: SNU
ISIN: ZAE000107223
("Sentula" or "the Company" or "the Group")
Reviewed condensed consolidated interim results for the six months ended 30
September 2011
HIGHLIGHTS
- Revenue increased 10% to R1 345 million (2010: R1 219 million)
- Operating profit pre-impairment and inventory write-off increased 21% to R150
million (2010: R124 million)
- HEPS remained at 10,6 cents (2010: 10,6 cents)
COMMENTARY
"Global economic uncertainty and its impact on local mining, continues to affect
the rate of recovery and sustainable growth in resource and energy sectors. The
diverse nature of the Group`s earnings should however continue to ensure that
the underlying fundamentals, which support the Group`s revenue base, will remain
intact. Furthermore, the recently announced Broad Based Black Economic
Empowerment transaction, involving Sentula`s South African mining services
businesses, will contribute to the preservation of contract and tender
opportunities for the Group." Robin Berry, CEO - Sentula Mining Limited
FINANCIAL REVIEW
- Revenue increased by 10% to R1 345 million (2010: R1 219 million)
- Results from operating activities, pre-impairment and inventory write-off,
increased by 21% to R150 million (2010: R124 million)
- Headline EPS remained constant at 10,6 cents (2010: 10,6 cents)
- Headline EPS (pre-inventory write-off) increased by 23% to 13,0 cents (2010:
10,6 cents)
- Net asset value per share: 472 cents (March 2011: 505 cents)
- Tangible net asset value per share: 396 cents (March 2011:
430 cents)
- Debt to equity ratio improved to 19% since March 2011 (2010: 23%)
Notwithstanding the improved results for the half year reporting period ended 30
September 2011, the Group`s earnings for the six-month period were impacted by
the following:
- A fair value adjustment on the interest rate hedge of R5 million was expensed
during the period under review;
- A more favourable Rand/USD exchange rate impacted positively on Geosearch`s
foreign operations and pre-tax foreign currency gains of R22 million were
recognised;
- Pre-tax expenses during the period, associated with the Shanduka transaction
(R6,2 million), legal and forensic support for civil actions associated with the
misappropriated funds (R5,7 million) and retrenchments resulting from on-going
restructuring within Megacube (R5,1 million), amounted to R17 million;
- The Nkomati Anthracite Mine being placed on "care and maintenance" in May
2011, due to regulatory and environmental issues;
- An impairment charge, predominantly on Megacube`s fleet of assets of R282,3
million, pre-tax, following an impairment assessment to this equipment in terms
of IAS 36;
- A write-off of obsolete inventory in Megacube of R14,2 million, on a pre-tax
basis.
OPERATIONAL REVIEW
Sustainability
Safety track record
The Group`s Classified Injury Frequency Rate of 1,09 per million man hours
worked is a 9,9% improvement on the comparative prior period, with no serious
injuries having been recorded during this time. Through alignment with the core
values of its clients, Sentula remains proactive in making investments in
systems and structures to support its efforts in the area of safety. Sentula
acknowledges the right of its employees to return home without harm and that
safety performance must be regarded as a prerequisite and not a competitive
edge.
Transformation
During the period under review, Sentula has been independently re-verified as a
"level 5" contributor, in terms of the DTI codes, measuring Broad Based Black
Economic Empowerment. The Group, through its recently announced BBBEE
transaction will elevate its status to that of a "level 4" contributor by the
end of the 2012 financial year.
This will also enhance the Group`s competitiveness, with respect to tendering
and retaining contracts in the South African mining sector.
Environment
During the period under review, the Group established a baseline carbon
footprint for several of its activities. Targets and initiatives to reduce the
quantum and impact of emissions have been introduced across the Group.
Sentula Group companies continue to meet their objectives, with respect to
international certification of their safety, environmental and training systems,
for the current financial year.
Mining services
The provision of mining services remains the core of Sentula`s business, with
the four operating divisions and the six underlying subsidiaries continuing to
trade satisfactorily, with an improved visibility of work being experienced in
the sector.
Opencast mining operations
The period under review has been characterised by growing demand, but exacting
trading conditions, as margins remained under pressure across the opencast
contracting sector.
Megacube was marginally unprofitable, post elimination of abnormal expenses,
during the period under review; however, further improvements in operational
efficiencies and asset utilisation are still required before this company
returns to profitability. Further restructuring, aimed primarily at tailoring
overhead costs to be in line with turnover expectations and operational
requirements, has resulted in personnel retrenchments at a cost of R5,1 million.
The Company`s results were also adversely impacted by the pre-tax impairment
charge of R279,2 million, primarily on its non-operating assets and a write-off
of obsolete and redundant inventory of R14,2 million. Many of these items of
plant and equipment were acquired in the 2008 financial year at the peak of the
commodity cycle and at a time when the exchange rate was materially weaker than
the prevailing rates. The intention is to make these items of fleet available
for disposal over the next 12 to 18 months and to utilise the sale proceeds in
support of the Group`s refurbishment programme and generic growth aspirations.
Benicon managed to negotiate improved mining rates for the 2012 financial year,
and has seen sustained revenue growth, with improved overall margins during this
period.
Despite a tough six months, CCT is well positioned to benefit from the
resurgence in opencast mining opportunities along the Eastern limb of the
Bushveld Igneous Complex, supported by demand for ferro-chrome and platinum
group metals.
Overburden drilling and blasting
JEF Drill and Blast grew its revenue and profit base substantially during the
past six months and remains well positioned to deliver sustainable real growth,
at current margins, for the foreseeable future.
Exploration drilling
The more favourable exchange rate during the period under review impacted
positively on Geosearch`s revenue and margins. Political unrest in the Ivory
Coast, that resulted in the suspension of operations in that jurisdiction during
the second half of the 2010 calendar year, abated, and exploration recommenced
during June 2011. The Company`s revenue split for the 2012 financial year is
more balanced between domestic and foreign contracts at approximately 35 to 65
percent, respectively.
The significant investment in the geographical diversification of the Company`s
offshore businesses continues to provide a sustainable platform for real growth
and operational efficiencies during the current financial year.
Crane hire
Ritchie Crane Hire continued performing well, notwithstanding a reduction in
demand for mobile craneage post the 2010 Soccer World Cup infrastructure
development phase. The Company continues to maintain its profitability in the
2012 financial year supported by its mix of cranes, strong competitive position
in the Witbank/Middelburg geographical area, and diversity of clientele in coal
mining, steel and power generation industries.
Coal mining investments
In line with the strategy to develop a diversified portfolio of coal assets, the
Group has continued to undertake exploration activities across its various coal
projects in Southern Africa. Sentula is currently invested in five projects (3
in South Africa, and 1 in each of Botswana and Zambia). The projects can be
broadly described as mining operations, comprising an operating mine, near
development properties (those projects which can be operational within 18 to 24
months) and exploration areas.
Mining operations
Nkomati Anthracite, was awarded a new order mining right during the previous
financial year and the mine commenced opencast operations in September 2010 with
the Madadeni pit achieving full production in December 2010. Operations at the
Madadeni pit were however suspended in March 2011 due to regulatory and
environmental issues. While these issues are being resolved, the underground
operations have been placed on "care and maintenance" from the end of May 2011.
Subsequent to the suspension of the opencast operation, the Department of
Mineral Resources approved the amended environmental management programme.
Management continues to work with the Department of Water Affairs, to deal with
the outstanding issues that are required, in order to progress the award of the
Mine`s integrated water use license. Current indications are that this process
could be finalised during the first quarter of 2012.
Near development properties
Sentula, through its joint venture investments has been granted new order
prospecting rights over portions of the Bankfontein and Schoongezicht farms, in
Mpumalanga. Exploration has been completed and mining right applications have
been submitted for both of these properties.
Exploration drilling has been completed at the Mulungwa project in Southern
Zambia. The third and final phase of the feasibility programme, which included
resource estimation, completion of the environmental impact assessment,
technical/mining investigations and financial modelling, has also been
completed. A small scale mining license has been awarded and planning remains on
target to commence development during the latter part of 2012 financial year.
Exploration areas
The Asenjo joint venture with Jonah Capital and Aquilla Resources, situated in
Botswana, has continued exploration on its tenements. The value of the large
resource base is expected to be unlocked through the construction of rail
infrastructure to port facilities in Namibia or Mozambique, the provision of
which is enjoying renewed interest in the region.
Exploration on the Mabapa coking coal project, remains in abeyance, pending the
securing of an option on a neighbouring property, which will enhance the
critical mass of the overall project.
PROGRESS ON LEGAL MATTERS
Following the announcement on 26 November 2010 of the civil judgment of R88
million against Casper Scharrighuisen, a second judgment for R171 million and
interest thereon of R124 million was obtained in a civil action against
Scharrighuisen on 6 May 2011, bringing the total civil judgments against him to
R383 million. An order for the final sequestration of Scharrighuisen`s estate
was granted during July 2011 in the Western Cape High Court. Megacube lodged a
claim of R393 million against Scharrighuisen`s estate in early October 2011. The
Company continues to work with the National Prosecuting Authority in the
criminal actions against Scharrighuisen and Jason Holland as a consequence of
the misappropriation of funds from Megacube Mining in the 2008 financial year.
With the granting of the final sequestration order against Scharrighuisen, the
Company`s legal and forensic fees should reduce materially in the future.
STRATEGIC REVIEW
The Group`s strategic vision remains one of sustainable growth by being the
mining services provider of choice across the African continent. Our strategy
will be brought to fruition through the exploitation of opportunities identified
in both mining services and proprietary mining investments in Southern Africa,
and further enhanced through the proposed Broad Based Black Economic Empowerment
transaction. The insights and experience, gleaned from Geosearch`s broad
geographic footprint, across Southern, Central, and more recently West Africa
positions the Group to capitalise on the mining services offerings stemming from
the development of new mineral resources in these regions.
In addition, through its access to the resources, expertise and experience base
of the collective Group, Sentula is well positioned to nurture the development
and unlock the value inherent in a growing portfolio of coal investments.
Sentula`s foothold in the coal and energy sector, as a service provider and
proprietary investor, coupled with its diversified service offering, client
base, mineral exposure and geographical spread will continue to provide a solid
platform for developing the business into the future.
SUBSEQUENT EVENTS
On 31 October 2011, shareholders of Sentula were advised that the Company had
entered into discussions regarding a proposed Broad Based Black Economic
Empowerment transaction which will involve Sentula employees, a community trust
and a strategic empowerment partner. The proposed BBBEE transaction will be
implemented by way of a vendor financed structure pursuant to which the BBBEE
shareholders will acquire a direct equity interest in certain of Sentula`s South
African mining services businesses which do not already have empowerment equity
ownership in place.
Following the implementation of the proposed BBBEE transaction the relevant
South African mining services businesses will have an effective black ownership
of over 25% as measured in terms of the DTI Codes of Good Practice on Broad
Based Black Economic Empowerment. The Company remains under cautionary in this
regard.
On 14 November 2011 a serious accident occurred at the Group`s Benicon workshop
which resulted in a fatality. The incident is under investigation both
internally and by the Department of Labour. The Board expresses its condolences
to the family and colleagues of Mr. Jannie Koekemoer.
CONTINGENT LIABILITY
During the 2009 financial year, Megacube instituted legal proceedings against
Umcebo Mining Limited for the recovery of R29,8 million owing for work performed
at its Middelkraal operation, following the termination of this contract.
Subsequent to this claim, a counterclaim of R119,6 million, pertaining to
alleged contractual breaches, has been instituted by Umcebo Mining, against
Megacube.
Sentula has agreed to proceed to arbitration on this matter, with the Company
and its attorneys believing that there is a strong defence against the alleged
counterclaim. A date for the arbitration is expected to be set down for April
2012.
BASIS OF PREPARATION
The condensed consolidated interim financial information for the six months
ended 30 September 2011 have been prepared in accordance with IAS 34, `Interim
Financial Reporting`, the Companies Act No 71 of 2008 and the Listings
Requirements of JSE Limited.
The accounting policies adopted are consistent with those applied in the annual
financial statements for the year ended 31 March 2011, except for those
standards that become effective during the reporting period. The adoption of
these standards had no effect on the results. This report was compiled under the
supervision of the financial director, GP Louw CA (SA). The condensed
consolidated interim financial information does not include all the information
and disclosures required in the annual financial statements, and should be read
in conjunction with the Group`s annual financial statements as at 31 March 2011,
which have been prepared in accordance with IFRS.
The directors are of the opinion that the Group has adequate resources to
continue in operation for the foreseeable future and accordingly the condensed
consolidated interim financial results have been prepared on a going concern
basis.
INDEPENDENT REVIEW CONCLUSION
The condensed consolidated statement of financial position at 30 September 2011
and related condensed consolidated income statement, condensed consolidated
statement of comprehensive income, condensed consolidated statement of changes
in equity and condensed consolidated statement of cash flows for the period have
been reviewed by PricewaterhouseCoopers Inc. Their unmodified review report is
available for inspection at the Company`s registered office.
DIVIDENDS
The Board has decided not to declare an interim dividend for the period under
review.
DIRECTORATE
A Kawa resigned on 2 June 2011.
There were no other changes to the Board, during the period under review.
On behalf of the Board
Jonathan Best Robin Berry Woodmead
Non-executive Chairman Chief Executive Officer 18 November 2011
Statement of financial position
Reviewed Reviewed Audited
as at as at as at
30 September 30 September 31 March
R`000 2011 2010 2011
ASSETS
Property, plant and equipment 2 289 047 2 666 051 2 595 426
Mineral rights 410 761 411 642 410 761
Intangible assets 27 590 21 146 23 347
Goodwill 413 906 409 014 408 338
Restricted investment 8 693 4 322 8 693
Deferred tax assets 19 576 18 442 17 008
Total non-current assets 3 169 573 3 530 617 3 463 573
Inventories 389 396 377 007 361 827
Trade and other receivables 519 018 508 555 446 446
Assets classified as held-for- 41 477 15 559 37 779
sale
Current tax receivable 6 052 - 14 016
Cash and cash equivalents 138 580 95 673 88 380
Total current assets 1 094 523 996 794 948 448
TOTAL ASSETS 4 264 096 4 527 411 4 412 021
EQUITY AND LIABILITIES
Equity
Share capital and premium 1 994 406 1 994 823 1 994 406
Reserves 678 948 886 336 863 128
Total equity attributable to 2 673 354 2 881 159 2 857 534
equity holders of the Company
Non-controlling interest 69 987 75 799 75 301
Total equity 2 743 341 2 956 958 2 932 835
Liabilities
Loans and borrowings 491 685 373 935 560 000
Rehabilitation provision 66 900 67 325 65 004
Deferred tax liabilities 261 900 231 128 243 631
Total non-current liabilities 820 485 672 388 868 635
Trade and other payables 485 303 458 227 439 905
Loans and borrowings 180 901 318 338 140 000
Bank overdraft - 84 151 148
Current tax payable 34 066 37 349 30 498
Total current liabilities 700 270 898 065 610 551
TOTAL LIABILITIES 1 520 755 1 570 453 1 479 186
TOTAL EQUITY AND LIABILITIES 4 264 096 4 527 411 4 412 021
Net asset value per share - 472 509 505
excluding treasury shares
(cents)
Tangible net asset value per 396 435 430
share - excluding treasury
shares (cents)
Income statement
Reviewed Reviewed Audited
six months six months year
ended ended ended
30 September 30 September 31 March
R`000 2011 2010 2011
Revenue 1 345 048 1 218 949 2 402 375
Results from operating 149 844 123 613 256 379
activities pre-
impairment and inventory
write-off
Inventory write-off (14 205) - -
Impairment of plant and (282 337) - (71 476)
equipment
Results from operating (146 698) 123 613 184 903
activities
Net finance charges (33 959) (46 814) (111 051)
Fair value adjustment on (5 007) - -
interest rate hedge
(Loss)/Profit before (185 664) 76 799 73 852
income tax
Income tax expense (44 593) (22 868) (42 780)
(Loss)/Profit for the (230 257) 53 931 31 072
period
Attributable to:
- Owners of the Company (224 943) 57 488 35 127
- Non-controlling (5 314) (3 557) (4 055)
interest
(Loss)/Profit for the (230 257) 53 931 31 072
period
Basic and diluted (38,7) 9,9 6,0
(loss)/earnings per
share (cents)
Headline earnings per 10,6 10,6 16,1
share (cents)
Shares in issue at the 581 005 581 005 581 005
end of the period
excluding treasury
shares (`000)
Statement of comprehensive (loss)/income
Reviewed Reviewed Audited
six months six months year
ended ended ended
30 September 30 September 31 March
R`000 2011 2010 2011
(Loss)/Profit for the (230 257) 53 931 31 072
period
Other comprehensive
income/(loss)
Foreign currency 39 660 (14 345) (19 350)
translation differences
for foreign operations
Income tax effect on - - -
other comprehensive
income
Other comprehensive 39 660 (14 345) (19 350)
income/(loss) for the
period, net of tax
Total comprehensive (190 597) 39 586 11 722
(loss)/income for the
period
Attributable to:
- Owners of the Company (185 283) 43 143 15 777
- Non-controlling (5 314) (3 557) (4 055)
interest
Total comprehensive (190 597) 39 586 11 722
(loss)/income for the
period
Operational segment reporting
The Group is organised into four major operating segments, namely opencast
mining services, exploration drilling, crane hire, and coal mining. JEF Drill &
Blast is included in "Opencast mining services" as management views them as part
of this segment and the majority of this company`s services are rendered inter-
segment. Equipment trading, spares and engineering and corporate services is
included in "Other". Segment performance is measured based on the segment profit
before interest and income tax. Inter-segment revenue is priced on an arms
length basis. These segments are the basis on which the Group reports its
primary segment information. Financial information about business segment is
presented as follows:
Opencast mining Exploration
R`000 services drilling Crane hire
Reviewed six months
ended 30 September 2011
Total segment revenue 933 838 468 898 25 914
Inter-segment revenue 102 333 - 132
External revenues 831 505 468 898 25 782
Total segment results 87 524 98 763 12 631
pre-impairment
Impairment of plant and (282 337) - -
equipment
Segment result (194 813) 98 763 12 631
Reviewed six months
ended 30 September 2010
Total segment revenue 855 260 367 570 28 448
Inter-segment revenue 81 430 885 187
External revenues 773 830 366 685 28 261
Segment result 91 662 54 415 16 523
Operational segment reporting (continued)
R`000 Coal mining Other Consolidated
Reviewed six months ended
30 September 2011
Total segment revenue 12 982 33 663 1 475 295
Inter-segment revenue 458 27 324 130 247
External revenues 12 524 6 339 1 345 048
Total segment results pre- (6 833) (56 446) 135 639
impairment
Impairment of plant and - - (282 337)
equipment
Segment result (6 833) (56 446) (146 698)
Reviewed six months ended
30 September 2010
Total segment revenue 44 996 37 844 1 334 118
Inter-segment revenue 949 31 718 115 169
External revenues 44 047 6 126 1 218 949
Segment result 24 673 (63 660) 123 613
Statement of changes in equity
Employee share
Share Share incentive
R`000 capital premium reserve
Balance at 31 March 2010 5 866 2 014 438 37 702
Profit for the period - - -
Other comprehensive (loss) - - -
for the period
Transactions with owners,
recorded directly in equity
Share-based payments - - 2 758
Balance at 30 September 5 866 2 014 438 40 460
2010
(Loss) for the period - - -
Other comprehensive (loss) - - -
for the period
Transactions with owners,
recorded directly in equity
Own shares acquired - - -
Share-based payments - - 2 359
Share options forfeited - - (393)
Total contributions by and - - 1 966
distributions to owners
Balance as at 31 March 2011 5 866 2 014 438 42 426
(Loss) for the period - - -
Other comprehensive income - - -
for the period
Transactions with owners,
recorded directly in equity
Share-based payments - - 1 103
Share options forfeited - - (6 284)
Total contributions by and - - (5 181)
distributions to owners
Balance as at 30 September 5 866 2 014 438 37 245
2011
Statement of changes in equity (continued)
Foreign
exchange
Treasury translation Retained
R`000 shares reserve Earnings
Balance at 31 March 2010 (25 481) (34 053) 836 786
Profit for the period - - 57 488
Other comprehensive (loss) - (14 345) -
for the period
Transactions with owners,
recorded directly in equity
Share-based payments - - -
Balance at 30 September (25 481) (48 398) 894 274
2010
(Loss) for the period - - (22 361)
Other comprehensive (loss) - (5 005) -
for the period
Transactions with owners,
recorded directly in equity
Own shares acquired (417) - -
Share-based payments - - 1 799
Share options forfeited - - 393
Total contributions by and (417) - 2 192
distributions to owners
Balance as at 31 March 2011 (25 898) (53 403) 874 105
(Loss) for the period - - (224 913)
Other comprehensive income - 39 660 -
for the period
Transactions with owners,
recorded directly in equity
Share-based payments - - -
Share options forfeited - - 6 284
Total contributions by and - - 6 284
distributions to owners
Balance as at 30 September (25 898) (13 743) 655 446
2011
Statement of changes in equity (continued)
Non-
controlling Total
R`000 Total interest equity
Balance at 31 March 2010 2 835 258 79 356 2 914 614
Profit for the period 57 488 (3 557) 53 931
Other comprehensive (loss) (14 345) - (14 345)
for the period
Transactions with owners,
recorded directly in equity
Share-based payments 2 758 - 2 758
Balance at 30 September 2 881 159 75 799 2 956 958
2010
(Loss) for the period (22 361) (498) (22 859)
Other comprehensive (loss) (5 005) - (5 005)
for the period
Transactions with owners,
recorded directly in equity
Own shares acquired (417) - (417)
Share-based payments 4 158 - 4 158
Share options forfeited - - -
Total contributions by and 3 741 - 3 741
distributions to owners
Balance as at 31 March 2011 2 857 534 75 301 2 932 835
(Loss) for the period (224 943) (5 314) (230 257)
Other comprehensive income 39 660 - 39 660
for the period
Transactions with owners,
recorded directly in equity
Share-based payments 1 103 - 1 103
Share options forfeited - - -
Total contributions by and 1 103 - 1 103
distributions to owners
Balance as at 30 September 2 673 354 69 987 2 743 341
2011
Statement of cash flows
Reviewed Reviewed Audited
six months six months year
ended ended ended
30 September 30 September 31 March
R`000 2011 2010 2011
Cash flows from operating 150 648 749 975 239 277
activities
Cash generated by 201 056 868 925 415 312
operations
Interest paid (33 048) (48 295) (80 360)
Income taxes paid (17 360) (70 655) (95 674)
Cash flows from investing 91 135 (175 041) 399 110
activities
Purchase of property, (98 847) (202 316) (318 618)
plant and equipment
Proceeds from disposal of 12 197 29 993 55 962
property, plant and
equipment
Capitalised exploration (1 772) (4 199) (7 074)
expenditure
Capitalised expenditure on (3 698) - -
held-for-sale assets
Proceeds from sale of - - 670 000
investment in equity-
accounted associate
Interest received 985 1 481 3 211
Increase in restricted - - (4 371)
investment
Cash flows from financing (31 829) (459 840) (449 337)
activities
Repurchase of shares - - (417)
Loans raised - - 700 000
Loans repaid (31 829) (459 840) (1 148
920)
Net increase in cash and 27 684 115 094 189 050
cash equivalents
Effects of changes in 22 664 - 2 755
foreign exchange rates
Cash and cash equivalents 88 232 (103 573) (103 573)
at beginning of the period
Cash and cash equivalents 138 580 11 521 88 232
at end of the period
Reconciliation of headline earnings
Reviewed Reviewed Audited
six months six months year
ended ended ended
30 September 30 September 31 March
R`000 2011 2010 2011
Net (loss)/profit for the (224 943) 57 488 35 127
year attributable to
owners of the Company
Adjust for:
Loss on sale of plant and 2 303 5 589 9 363
equipment
Impairment of plant and 282 337 - 71 476
equipment
Scrapping of assets 4 625 - -
Tax effect of above (2 806) (1 565) (22 635)
adjustment
Headline earnings 61 516 61 512 93 331
attributable to ordinary
shareholders
Directors: JG Best*(Chairman), RC Berry (Chief Executive Officer), GP Louw
(Financial Director), PP Modisane, EHJ Stoyell*,
C van Zyl*, DR Zihlangu*, K Mzondeki*
* Independent Non-executive
Company Secretary: GM Chemaly LLB
Transfer Secretaries: Computershare (Pty) Ltd, Ground floor,
70 Marshall Street, Johannesburg, 2001.
PO Box 61051 Marshalltown. Tel (011) 370-5000
Investor Relations Advisers: College Hill
Sponsor: Merchantec Capital
Auditor: PricewaterhouseCoopers Inc.
Registered address: Block 14 - Ground floor,
Woodlands Office Park, Woodmead, 2080
PO Box 76, Woodmead, 2080 Tel (011) 656-1303
www.sentula.co.za
Date: 18/11/2011 07:05:02 Supplied by www.sharenet.co.za
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