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BAU - Bauba Platinum Limited - Change statement and notice of Annual General Meeting Bauba Platinum Limited (Formerly Absolute Holdings Limited) Incorporated in the Republic of South Africa (Registration number 1986/004649/06) Share code: BAU ISIN: ZAE000145686 ("Bauba" or "the Company") CHANGE STATEMENT AND NOTICE OF ANNUAL GENERAL MEETING CHANGE STATEMENT Shareholders are advised that the integrated annual report for the year ended 30 June 2011 was dispatched to shareholders on 19 December 2011 and will be available on the Company`s website: www.bauba.co.za. The audited consolidated financial results contains no modifications to the reviewed consolidated financial results for the year ended 30 June 2011 as published on SENS on 29 September 2011, other than those detailed below: - A liability amount included in assets classified as held for sale of R2 million has been reclassified to liabilities classified as held for sale; - An adjustment to the value of the reverse asset acquisition reserve of R3.3 million, increasing the reserve to R283.0 million and a corresponding adjustment to the comprehensive loss; and - Headline loss increased by R3.5 million due to the reclassification of costs between continued and discontinued operations. The audited results reflect a loss per share of 59.9 cents and a headline loss per share of 41.7 cents for the year ended 30 June 2011, compared to the reviewed results for the year ended 30 June 2011 which indicated a loss per share and a headline loss per share of 63.0 cents and 38.0 cents, respectively. The audited consolidated results for the year ended 30 June 2011 below are shown after the above adjustments have been taken into account: CONSOLIDATED STATEMENT OF FINANCIAL POSITION AT 30 JUNE 2011 30 June 30 June 2011 2011 R`000 R`000 Audited Reviewed
ASSETS Non-current assets 7 941 7 941 Mineral rights 7 450 7 450 Property, plant and equipment 491 491 Investments in associates - - Current assets 4 803 4 803 Trade and other receivables 633 633 Cash and cash equivalents 4 170 4 170 Assets associated with disposal group Classified as held for sale 23 604 21 604 TOTAL ASSETS 36 348 34 348 EQUITY AND LIABILITIES Capital and reserves 284 284 Share capital 94 065 94 065 Share premium 255 653 255 653 Reverse asset acquisition reserve (282 988) (279 665) Accumulated (loss) / profit (65 714) (69 769) Non-controlling interest (732) - Current liabilities 12 460 12 459 Trade and other payables 12 460 12 459 Liabilities associated with disposal group 23 604 21 604 Classified as held for sale TOTAL EQUITY AND LIABILITIES 36 348 34 348 CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME FOR THE YEAR ENDED 30 JUNE 2011 30 June 30 June 2011 2011 R`000 R`000 Audited Reviewed
Continuing Operations Revenue - - Operating expenditure (29 785) (29 784) General and administrative expenses (10 421) (10 422) Loss from operations for the year (40 206) (40 206) Finance charges (157) (157) Interest 138 138 Dividend income 4 160 4 160 Loss before taxation for the year (36 065) (36 065) Taxation (29) (29) Loss for the year after taxation (36 094) (36 094) At acquisition elimination - 3 465 Loss for the year from continued operations (36 094) (32 629) Discontinued Operations Loss for the period from discontinued operations (2 699) (2 699) Impairment of assets of discontinued operations (16 917) (23 275) Loss for the year from discontinued operations (19 616) (25 974) Loss for the year (55 710) (58 603)
Other comprehensive income Impairment of financial assets held for sale (12 417) (12 592) Total comprehensive loss for the year (68 127) (71 195)
Headline Loss Reconciliation Loss for the year (55 710) (58 603) Impairment of assets of discontinued operations 16 917 23 275 Headline loss for the year (38 793) (35 327) Undiluted and Diluted Loss Per Share Loss per share (cents) (59.9) (63.0) Loss per share from continued operations (cents) (38.8) (35.1) Loss per share from discontinued operations (21.1) (27.9) (cents) Undiluted and Diluted Headline Loss Per Share Headline loss per share (cents) (41.7) (38.0) Headline loss per share (cents) from continued (38.8) (35.1) operations Headline loss per share (cents) from discontinued (2.9) (2.9) operations Weighted average number of shares in issue (000`s) 93 044 93 043 Number of shares in issue at the end of the period 94 065 94 065 CONSOLIDATED STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 30 JUNE 2011 30 June 30 June 2011 2011 R`000 R`000
Audited Reviewed Net decrease from operating activities (11 083) (10 724) Net decrease from investing activities (5 882) (6 143) Net increase from financing activities 18 481 18 383 Total cash movement of the period 1 516 1 516 Cash and cash equivalents at beginning of period 2 654 2 654 Cash and cash equivalents at end of period 4 170 4 170 CONSOLIDATED STATEMENT OF CHANGES IN EQUITY FOR THE YEAR ENDED 30 JUNE 2011 Share capital Share premium Retained earnings R`000 R`000 R`000 Audited Balance as at 30 June 2010 - 2 500 1 718 Shares issued 94 065 255 653 - Comprehensive loss for the year - - (67 140) Reverse acquisition adjustment - (2 500) - Dividends - - (292) Balance at 30 June 2011 94 065 255 653 (65 714) Non- Reverse Total controlling acquisition
interest adjustment R`000 R`000 R`000 Audited Balance as at 30 June 2010 - - 4 218 Shares issued - - 349 718 Comprehensive loss for the year (987) - (68 127) Reverse acquisition adjustment 255 (282 988) (285 233) Dividends - - (292) Balance at 30 June 2011 (732) (282 988) 284 Share Share premium Retained capital earnings R`000 R`000 R`000
Reviewed Balance as at 30 June 2010 - 2 500 1 718 Shares issued 94 065 255 653 - Comprehensive loss for the year - - (71 195) Reverse acquisition adjustment - (2 500) - Dividends - - (292) Balance at 30 June 2011 94 065 255 653 (69 769) Non- Reverse Total
controlling acquisition interest adjustment R`000 R`000 R`000 Reviewed Balance as at 30 June 2010 - - 4 218 Shares issued - - 349 718 Comprehensive loss for the year - - (71 195) Reverse acquisition adjustment - (279 665) (282 165) Dividends - - (292) Balance at 30 June 2011 - (279 665) 284 CONSOLIDATED SEGMENTAL ANALYSIS FOR THE YEAR ENDED 30 JUNE 2011 R`000 Assets held Corporate Exploration Total for sale Audited External revenue - 138 - 138 External finance expense - (157) - (157) Results from operating (2 699) (10 422) (3 872) (16 993) activities Total segment assets 23 604 4 755 7 988 34 348 Total segment (23 604) (12 459) - (34 063) liabilities Depreciation and - (33) (226) (259) amortisation
Reviewed External revenue - 138 - 138 External finance expense - (157) - (157) Results from operating (2 699) (6 288) (3 894) (12 881) activities Depreciation and - (33) (226) (259) amortisation Total segment assets 21 604 4 755 7 988 34 348 Total segment (21 604) (12 459) - (34 063) liabilities NOTICE OF ANNUAL GENERAL MEETING Notice is hereby given that the annual general meeting of shareholders of Bauba will be held on Monday, 23 January 2012 at 10:00 at the City Lodge, Longpoint Office Park, corner of Witkoppen and Montecasino Boulevard, Fourways, Johannesburg, to transact the business stated in the notice of annual general meeting, which is contained in the annual report. Johannesburg 20 December 2011 Auditors BDO South Africa Inc Sponsor Merchantec Capital Date: 20/12/2011 12:00:02 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.
