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GND/GNDP - Grindrod Limited - Audited results and dividend announcement for the
year ended 31 December 2011
GRINDROD LIMITED
Registration number: 1966/009846/06
Incorporated in the Republic of South Africa
Share code: GND & GNDP
ISIN: ZAE000072328 & ZAE000071106
AUDITED RESULTS AND DIVIDEND ANNOUNCEMENT
for the year ended 31 December 2011
CONDENSED CONSOLIDATED
STATEMENT OF FINANCIAL POSITION
As at 31 December 2011
31 December 31 December
Audited Audited
2011 2010*
R000 R000
Ships, property, terminals, vehicles and equipment 5 267 565 4 564 226
Investment property 22 096 -
Intangible assets 547 931 648 729
Investments in associates 266 081 243 915
Investments in joint ventures 719 528 801 724
Deferred taxation 89 472 162 379
Other investments and derivative financial assets 129 478 92 066
Recoverables on cancelled ships 380 566 -
Total non-current assets 7 422 717 6 513 039
Loans and advances to bank customers 2 073 903 1 709 796
Liquid assets and short-term negotiable securities 190 259 129 365
Short-term loans 771 658 519 818
Bank balances and cash 2 979 172 1 149 857
Other current assets 3 525 376 3 869 555
Non-current assets held for sale 3 467 286 -
Total assets 20 430 371 13 891 430
Shareholders` equity 9 216 769 5 856 861
Non-controlling interests 94 336 113 854
Total equity 9 311 105 5 970 715
Deferred taxation 124 796 117 349
Provision for post-retirement medical aid 52 336 49 628
Interest-bearing borrowings 2 226 575 1 314 553
Other non-current liabilities 33 669 31 137
Non-current liabilities 2 437 376 1 512 667
Deposits from bank customers 2 910 945 2 016 137
Current interest-bearing borrowings 2 147 704 2 013 420
Other liabilities 1 206 290 2 378 491
Non-current liabilities associated with assets
held for sale 2 416 951 -
Total equity and liabilities 20 430 371 13 891 430
Net worth per ordinary share - at book value (cents) 1 454 1 122
Net debt:equity ratio 0,10:1 0,31:1
Capital expenditure 1 166 228 1 784 914
Capital commitments 472 423 1 182 245
Authorised by directors and contracted for 247 016 843 184
Due within one year 199 190 693 294
Due thereafter 47 826 149 890
Authorised by directors not yet contracted for 225 407 339 061
* Restated due to the early adoption of IFRS 10 Consolidated Financial
Statements, IFRS 11 Joint Arrangements, IAS 27 (as revised in 2011) Separate
Financial Statements, IAS 28 (as revised in 2011) Investments in Associates and
Joint Ventures and IFRS 12 Disclosure of Interests in Other Entities.
BUSINESS COMBINATIONS
for the year ended 31 December 2011
Acquisition of subsidiaries
During the year the group acquired the following additional interests:
Nature Percentage
Company acquired of business acquired
Spinnaker Shipping and
Logistics (Pty) Limited Logistics 50
Nelesco 681 (Pty) Limited Investment 100
Terminal De Carvo da Matola Limitada
(Mozambique) Terminals 5
Empangeni Milling (Pty) Limited Milling 80
Purchase
consideration
Company acquired Interest acquired R000
Spinnaker Shipping and
Logistics (Pty) Limited 1 January 2011 458
Nelesco 681 (Pty) Limited 31 March 2011 855
Terminal De Carvo da Matola
Limitada (Mozambique) 31 December 2011 19 263
Empangeni Milling (Pty) Limited 1 October 2011 3 600
Reason for acquisitions
The primary reason for the business acquisitions was to acquire outstanding non-
controlling interests in the Terminals division to consolidate Grindrod`s
position and to expand Grindrod`s presence into new markets and geographical
areas in the Trading businesses.
Impact of the acquisitions on the results of the group
From the dates of their acquisition, the acquired businesses contributed
attributable profit of R5 451 000.
Net assets acquired in the subsidiaries` transactions and the
goodwill/intangible assets arising, are as follows:
Acquirees`
carrying amount
before
combination
at fair value
Net assets acquired R000
Property, plant and equipment 22 838
Intangible assets 1 000
Working capital (28 923)
Cash and bank (2 164)
Non-controlling interests 26 277
Long-term liabilities (14 976)
Business combination reserve 17 685
Deferred taxation 1 957
Total 23 694
Goodwill and intangible assets arising on acquisition 482
24 176
Contingent purchase consideration (2 683)
21 493
The goodwill arising on the acquisition of these businesses is attributable to
the anticipated profitability of these businesses and synergies expected.
Disposal of subsidiaries
During the year the group disposed the following interest:
Nature of Percentage
Company disposed business disposed
Grindrod Perishable
Cargo Agents Cargo agents 100
Disposal
Interest consideration
Company disposed disposed R000
Grindrod Perishable
Cargo Agents 30 June 2011 51 750
Reason for disposal
The primary reason for the disposal was to rationalise operations in terms of
the group`s long term goals.
Fair value
Net assets disposed R000
Property, plant and equipment 6 507
Working capital 4 843
Cash and bank 10 157
Goodwill and intangible assets disposed 1 717
Deferred taxation 5 796
Total 29 020
Profit on disposal 22 730
51 750
CONDENSED STATEMENT OF CASH FLOWS
For the year ended 31 December 2011
31 December 31 December
Audited Audited
2011 2010*
R000 R000
Operating profit before working capital changes 1 069 342 1 316 495
Working capital changes (1 264 377) (300 935)
Cash (utilised in)/generated from operations (195 035) 1 015 560
Net interest paid (125 180) (50 996)
Net dividends paid (230 115) (299 608)
Taxation paid (63 004) (183 625)
(613 334) 481 331
Net bank advances to customers and other
short-term negotiables 453 489 8 257
Net cash flows (utilised in)/generated from
operating activities
before ships sales and purchases (159 845) 489 588
Net proceeds on disposal of ships and locomotives - 124 053
Capital expenditure on ships and locomotives (842 831) (1 134 740)
Net cash flows utilised in operating activities (1 002 676) (521 099)
Acquisition of property, terminals, vehicles and
equipment and investments (320 494) (639 704)
Proceeds from disposal of property, terminals,
vehicles and equipment and investments 80 872 67 082
Proceeds from repayment of share capital by joint
venture 262 235 -
Intangible assets acquired (2 903) (10 471)
Disposal of investment in subsidiary - (2 650)
Loans advanced to joint venture and associate
companies (13 249) (20 161)
Net cash flows generated from/(utilised in)
investing activities 6 461 (605 904)
Net proceeds from issue of ordinary share capital 1 983 803 8 693
Proceeds from disposal of treasury shares 1 945 6 768
Non-controlling interest investment in subsidiary - 10 000
Long-term interest-bearing debt raised 1 548 382 1 104 194
Payment of capital portion of long-term
interest-bearing debt (708 718) (377 886)
Short-term interest-bearing debt issued (220 196) (439 509)
Short-term interest-bearing debt raised 399 326 306 135
Net cash flows from financing activities 3 004 542 618 395
Net increase/(decrease) in cash and cash
equivalents 2 008 327 (508 608)
Cash and equivalents at beginning of the year 903 846 1 454 814
Difference arising on translation (11 123) (42 360)
Cash and cash equivalents at end of the year 2 901 050 903 846
* Restated due to the early adoption of IFRS 10 Consolidated Financial
Statements, IFRS 11 Joint Arrangements, IAS 27 (as revised in 2011) Separate
Financial Statements, IAS 28 (as revised in 2011) Investments in Associates and
Joint Ventures and IFRS 12 Disclosure of Interests in Other Entities.
SEGMENTAL ANALYSIS
For the year ended 31 December 2011
31 December 31 December
Audited Audited
2011 2010*
R000 R000
Revenue
Freight Services 2 905 067 2 390 348
Trading 29 189 365 22 795 502
Shipping 3 596 835 4 009 869
Financial Services 193 558 192 531
Group 433 2 326
35 885 258 29 390 576
Earnings before interest, taxation, depreciation
and amortisation
Freight Services 571 559 419 064
Trading 165 634 173 152
Shipping 188 144 497 343
Financial Services 81 512 90 240
Group (1 312) 2 850
1 005 537 1 182 649
Operating profit before interest and taxation
Freight Services 382 342 241 806
Trading 154 510 164 654
Shipping 29 867 392 208
Financial Services 80 462 88 997
Group (4 623) (330)
642 558 887 335
Share of associate companies` profit after taxation
Freight Services 4 291 39 908
4 291 39 908
Share of joint venture companies` profit after taxation
Freight Services 66 638 65 586
Trading 32 973 1 228
Shipping 14 413 2 755
114 024 69 569
Attributable income to ordinary shareholders
Freight Services 317 831 262 080
Trading 143 989 120 074
Shipping 6 801 362 220
Financial Services 58 398 44 952
Group 3 886 (9 074)
530 905 780 252
CONDENSED CONSOLIDATED INCOME STATEMENT
For the year ended 31 December 2011
31 December 31 December
Audited Audited
Change 2011 2010*
% R000 R000
Revenue 22 35 885 258 29 390 576
Earnings before interest, taxation,
depreciation and amortisation (15) 1 005 537 1 182 649
Depreciation and amortisation (362 979) (295 314)
Operating profit before interest and
taxation (28) 642 558 887 335
Non-trading items 60 152 13 448
Interest received 169 709 128 042
Interest paid (218 647) (179 038)
Profit before share of associate and
joint venture companies` profit 653 772 849 787
Share of associate companies` profit
after taxation 4 291 39 908
Share of joint venture companies`
profit after taxation 114 024 69 569
Profit before taxation (20) 772 087 959 264
Taxation (54) (175 363) (114 189)
Profit for the year 596 724 845 075
Attributable to
Ordinary shareholders (32) 530 905 780 252
Preference shareholders 53 271 58 594
Owners of the parent 584 176 838 846
Non-controlling interests 12 548 6 229
596 724 845 075
Exchange rates (R/US$)
Opening exchange rate 6,62 7,37
Closing exchange rate 8,11 6,62
Average exchange rate 7,27 7,34
Reconciliation of headline earnings
Profit attributable to ordinary shareholders 530 905 780 252
Adjusted for: (54 543) (17 951)
IAS 38 Impairment of Goodwill 9 168 39 165
IAS 38 Reversal of Impairment of
Intangible Asset in respect of Charters - (2 903)
IAS 38 Impairment of Other Investment 5 849 -
IAS 16 Reversal of Impairment of Ships,
Plant and Equipment (18 067) (19 989)
IFRS 3 Net Profit on Disposal of Investments (48 180) (11 104)
IAS 16 Net Profit on Sale of Plant and Equipment (8 922) (1 761)
IAS 21 FCTR Adjustment on Disposal of Investment - (16 856)
Total taxation effects of adjustments 5 609 (4 503)
Headline earnings 476 362 762 301
Ordinary share performance
Number of shares in issue less treasury
shares (000`s) 589 536 455 803
Weighted average number of shares on
which earnings per share are based (000`s) 478 234 454 591
Diluted weighted average number of
shares on which diluted earnings per share are
based (000`s) 479 192 455 912
Earnings per share (cents)
Basic (35) 111,0 171,6
Diluted (35) 110,8 171,1
Headline earnings per share (cents)
Basic (41) 99,6 167,7
Diluted (41) 99,4 167,2
Dividends per share (cents) (46) 29,5 54,0
Interim 17,5 27,0
Final 12,0 27,0
Dividend cover (times) 3,8 3,2
* Restated due to the early adoption of IFRS 10 Consolidated Financial
Statements, IFRS 11 Joint Arrangements, IAS 27 (as revised in 2011) Separate
Financial Statements, IAS 28 (as revised in 2011) Investments in Associates and
Joint Ventures and IFRS 12 Disclosure of Interests in Other Entities.
CONDENSED CONSOLIDATED
STATEMENT OF COMPREHENSIVE INCOME
for the year ended 31 December 2011
31 December 31 December
Audited Audited
2011 2010
R000 R000
Profit for the year 596 724 845 075
Other comprehensive income
Exchange differences on translating foreign operations
Exchange differences arising during the year 901 974 (417 966)
Realisation of foreign operations disposed of
in the year - (16 856)
901 974 (434 822)
Cash flow hedges
Recycled through profit/loss during the year 161 735 (92 356)
Reclassification adjustments for amounts
recognised in profit - 108 912
Reclassification adjustments for amounts
recognised in assets (2 070) 60
159 665 16 616
Total comprehensive income for the year 1 658 363 426 869
Total comprehensive income attributable to:
Owners of the parent 1 648 400 419 554
Non-controlling interests 9 963 7 315
1 658 363 426 869
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
For the year ended 31 December 2011
Equity
Ordinary com-
share Preference Share pensation
capital share capital premium reserve
R000 R000 R000 R000
Balance at 31 December 2009 9 2 13 209 35 771
Share options exercised 8 693
Share-based payments 1 529
Treasury shares sold 6 769
Non-controlling
interest acquired
Non-controlling
interest disposed
Profit for the year
Other comprehensive income
Total comprehensive income
Ordinary dividends paid
Preference dividends paid
Balance at 31 December 2010 9 2 28 671 37 300
Share options exercised 2 612
Share-based payments 647
Share issue 3 1 999 997
Share issue expenses (18 810)
Treasury shares sold 1 945
Non-controlling
interest acquired
Profit for the year
Other comprehensive income
Total comprehensive income - - - -
Ordinary dividends paid
Preference dividends paid
Balance at 31 December 2011 12 2 2 014 415 37 947
Foreign
currency Business
translation combination Hedging Accumulated
reserve reserve reserve profit
R000 R000 R000 R000
Balance at 31
December 2009 275 646 (169 521) 5 582 864
Share options exercised
Share-based payments
Treasury shares sold
Non-controlling
interest acquired
Non-controlling
interest disposed
Profit for the year 838 846
Other comprehensive
income (436 107) 16 815
Total comprehensive
income (436 107) - 16 815 838 846
Ordinary dividends paid (259 070)
Preference dividends
paid (58 594)
Balance at 31
December 2010 (160 461) - (152 706) 6 104 046
Share options
exercised
Share-based payments
Share issue
Share issue expenses
Treasury shares sold
Non-controlling
interest acquired (18 718)
Profit for the year 584 176
Other comprehensive
income 904 559 159 665
Total comprehensive
income 904 559 - 159 665 584 176
Ordinary dividends paid (202 897)
Preference dividends paid (53 271)
Balance at 31
December 2011 744 098 (18 718) 6 959 6 432 054
Interest of Non-
owners of controlling Interest of all
the parent interests shareholders
R000 R000 R000
Balance at 31 December 2009 5 737 980 98 146 5 836 126
Share options exercised 8 693 8 693
Share-based payments 1 529 1 529
Treasury shares sold 6 769 6 769
Non-controlling interest acquired - 10 000 10 000
Non-controlling interest disposed - (1 494) (1 494)
Profit for the year 838 846 6 229 845 075
Other comprehensive income (419 292) 1 086 (418 206)
Total comprehensive income 419 554 7 315 426 869
Ordinary dividends paid (259 070) (113) (259 183)
Preference dividends paid (58 594) (58 594)
Balance at 31 December 2010 5 856 861 113 854 5 970 715
Share options exercised 2 612 2 612
Share-based payments 647 647
Share issue 2 000 000 2 000 000
Share issue expenses (18 810) (18 810)
Treasury shares sold 1 945 1 945
Non-controlling interest acquired (18 718) (26 277) (44 995)
Profit for the year 584 176 12 548 596 724
Other comprehensive income 1 064 224 (2 585) 1 061 639
Total comprehensive income 1 648 400 9 963 1 658 363
Ordinary dividends paid (202 897) (3 204) (206 101)
Preference dividends paid (53 271) (53 271)
Balance at 31 December 2011 9 216 769 94 336 9 311 105
COMMENTS
Contingent assets/liabilities
The total contingent liabilities incurred by the group arising from interests in
joint ventures is Rnil (2010: R37 044 000).
The group engaged with legal counsel to institute a claim against a related
party for breach of the shareholders` agreement. At reporting date, the impact
of this claim was uncertain.
Leases and shipcharters
31 December 31 December
Audited Audited
2011 2010*
R000 R000
Operating leases and shipcharters
Income 659 412 909 351
Expenditure 7 027 202 8 528 014
Finance lease liabilities 56 817 486 556
* Restated due to the early adoption of IFRS 10 Consolidated Financial
Statements, IFRS 11 Joint Arrangements, IAS 27 (as revised in 2011) Separate
Financial Statements IAS 28 (as revised in 2011) Investments in Associates and
Joint Ventures and IFRS 12 Disclosure of Interests in Other Entities.
Preparer of annual financial statements for the year ended 31 December 2011
These annual financial statements have been prepared under the supervision of
A G Waller, BCom, CA(SA). A G Waller; Group Financial Director
28 February 2012
Overview
2011 was an important year for Grindrod. The group continued to advance in
ports, terminals and rail infrastructure projects in Africa, in order to realise
its strategy of becoming an integrated freight and logistics service provider,
whilst retaining its position in shipping.
During the year shareholders approved the raising of R2 billion in equity, which
is required to develop infrastructural opportunities and projects, in particular
the expansion of coal terminal capacity.
The format of the specific share issue underwritten by the Remgro Group enabled
Grindrod to raise funds at a premium to the market.
In order to reduce the group`s exposure to a single project and increase its
ability to execute its strategy, the Vitol Group, the world`s largest
independent energy trader, has been introduced as a strategic partner to Maputo
Coal Terminal. Vitol has also entered into a coal trading venture with Grindrod.
The transactions, which are subject to regulatory approvals, were concluded and
announced in January 2012.
The group generated earnings of R530,9 million for the year ended 31 December
2011 (2010: R780,3 million), a 32% decline. Headline earnings per share
decreased by 41% to 99,6 cents per share (2010: 167,7 cents per share). Earnings
growth on the prior year was achieved in the Freight Services, Trading and
Financial Services divisions, whilst the Shipping division was impacted by weak
shipping markets.
Total ordinary dividends of 29,5 cents per share (2010: 54,0 cents per share)
was declared, at a dividend cover of 3,8 times.
Whilst the R2 billion raised strengthened the group`s statement of financial
position, this has resulted in a dilution of earnings and the final dividend.
Capital expenditure and commitments
Capital expenditure was directed towards the group`s ship newbuilding programme,
the expansion of terminal capacity and the replacement of a portion of the
Logistics road fleet.
Future capital commitments relate to the expansion of terminal capacity and the
procurement of locomotives and ships. The commitments exclude the planned
expansion of terminal capacity to 20 million tonnes at Maputo and by about 8
million tonnes at Richards Bay, railway infrastructure and the development of a
bulk liquid storage facility at Coega currently being developed.
Capital expenditure Capital expenditure
approved
Total
commit-
(R million) 2011 2012 2013 2014 ments
Freight Services 287 384 129 - 513
Logistics 159 12 - - 12
Ports and Terminals 128 372 129 - 501
Trading 11 1 1 1 3
Shipping 866 251 42 - 293
Financial Services 1 23 2 3 28
Group 1 - - - -
1 166 659 174 4 837
Split as follows:
Approved Approved
not and
(R million) contracted contracted
Freight Services 468 45
Logistics - 12
Ports and Terminals 468 33
Trading - 3
Shipping 4 289
Financial Services - 28
Group - -
472 365
The table above includes capital commitments of R365 million relating to
Grindrod`s share of joint ventures` capital commitments.
Cash flow and borrowings
Operating profit before working capital adjustments was R1 069 million (2010: R1
316 million).
Cash outflows included investment in working capital of R1 264 million, capital
expenditure of R1 166 million and dividends of R260 million. Increased working
capital was required in December as a result of high oil prices and increased
sales in the Trading division. Cash inflows included net R1 984 million received
on the issue of shares. This resulted in the net debt position at 31 December
2010 of R1 835 million decreasing to R890 million at 31 December 2011 and the
net debt:equity ratio decreasing from 31% to 10%.
The group incurred a net interest expense of R49 million for the year compared
to a net interest expense of R51 million in the prior year.
The group is confident that it has adequate funding for all capital commitments
through its cash resources and bank facilities.
Shareholders` equity
The R2 billion, together with a translation gain of R905 million and retained
profits, increased shareholders` equity by 56% from R5 971 million at 31
December 2010 to R9 311 million at 31 December 2011.
On 31 October 2011, 133 333 334 ordinary shares were issued by way of a specific
issue. The total number of ordinary shares in issue accordingly increased to 598
715 314.
A total of 9 179 348 ordinary shares continue to be held in treasury.
Basis of preparation
The condensed consolidated financial statements have been prepared in accordance
with the recognition and measurement criteria of International Financial
Reporting Standards (IFRS) and its interpretations adopted by the International
Accounting Standards Board (IASB) in issue and effective for the group at 31
December 2011 and the AC 500 standards issued by the Accounting Practices Board
or its successor. The results are presented in terms of IAS 34 Interim Financial
Reporting and comply with the Listings Requirements of the JSE Limited and the
Companies Act 71 of 2008.
These condensed consolidated annual financial statements were approved by the
board of directors on 28 February 2012.
Accounting policies
The accounting policies adopted and methods of computation used in the
preparation of the condensed consolidated financial statements are in terms of
IFRS and are consistent with those of the annual financial statements for the
year ended 31 December 2010 except for the adoption of new or revised accounting
standards, interpretations and circulars which are described below.
New accounting standards
During the year the group elected to early adopt IFRS 10, Consolidated Financial
Statements, IFRS 11, Joint Arrangements, IAS 27 (as revised in 2011), Separate
Financial Statements, IAS 28 (as revised in 2011), Investments in Associates and
Joint Ventures and IFRS 12, Disclosure of Interests in Other Entities. The group
believes that adoption of these standards will improve the disclosure of the
nature and risks associated with interests in other entities. The major change
as a result of the early adoption is that joint venture entities which were
previously proportionately consolidated are now accounted for and disclosed on
the same basis as investments in associates, which are equity accounted. These
standards have been applied retrospectively.
The group adopted IAS 24 (revised) Related Party Transactions in the current
year which modifies the definition of a related party. The adoption of this
standard has had no material effect on the group`s disclosures.
Audit opinion
The auditors, Deloitte & Touche, have issued their opinion on the group`s
financial statements for the year ended 31 December 2011.
The audit was conducted in accordance with International Standards of Auditing.
They have issued an unmodified audit opinion. These condensed consolidated
annual financial statements have been derived from the group financial
statements and are consistent in all material respects with the group financial
statements. A copy of their audit report is available for inspection at the
company`s registered office.
Any reference to future financial performance included in this announcement has
not been reviewed or reported on by the group`s external auditors.
Directorate/executive
J G Jones and L R Stuart-Hill retired from the board on 30 June 2011. B J
McIlmurray, a member of the executive committee, also retired on 30 June 2011.
The board of directors wish to express appreciation for their respective
contributions to the group.
H J Gray was appointed to the executive committee on 1 June 2011 and is
responsible for the Logistics operations.
M H Visser and J J Durand (alternate) were appointed to the board with effect
from 31 October 2011 and M R Wade on 16 November 2011.
Post balance sheet events
Grindrod and the Vitol group entered into an agreement with effect from 1
January 2012 whereby Vitol is to acquire from Grindrod a 35% interest in Maputo
Coal Terminal for a consideration of US$67,7 million.
In addition, Vitol and Grindrod will enter into a partnership to combine their
respective sub-Saharan coal trading businesses (65% Vitol/35% Grindrod). This
transaction was announced in the press on 18 January 2012.
Prospects
The group anticipates an increase in earnings in 2012 despite uncertainty in the
shipping markets. The investment in strategic infrastructure, from a strong
financial base, supports the goal of sustainable longer-term growth for
shareholders.
For and on behalf of the board
I A J Clark A K Olivier
Chairman Chief Executive Officer
DECLARATION OF FINAL DIVIDEND
Preference dividend
Notice is hereby given that a final dividend of 363 cents per cumulative, non-
redeemable, non-participating and non-convertible preference share (2010: 386
cents) has been declared, payable to preference shareholders in accordance with
the timetable below.
Ordinary dividend
Notice is hereby given that a final dividend of 12 cents per ordinary share
(2010: 27 cents) has been declared, payable to ordinary shareholders in
accordance with the timetable below.
Timetable
Last day to trade cum-dividend Friday, 23 March 2012
Shares commence trading ex-dividend Monday, 26 March 2012
Record date Friday, 30 March 2012
Dividend payment date Monday, 2 April 2012
No dematerialisation or rematerialisation of shares will be allowed for the
period from Monday, 26 March 2012 to Friday, 30 March 2012, both days inclusive.
The dividends are declared in the currency of the Republic of South Africa.
By order of the board
C A S Robertson
Secretary
28 February 2012
Directors
I A J Clark* (Chairman), A K Olivier (Group CEO), H Adams*, M R Faku*,
W D Geach*, I M Groves*, M J Hankinson*, D A Polkinghorne, D A Rennie,
A F Stewart, M H Visser*, M R Wade, A G Waller, S D M Zungu*, J J Durand*
(alternate) *Non-executive
Registered office
Quadrant House, 115 Margaret Mncadi Avenue, Durban, 4001; PO Box 1, Durban,
4000
Transfer secretaries
Computershare Investor Services (Pty) Limited
70 Marshall Street, Johannesburg, 2001; PO Box 61051, Marshalltown, 2107
Sponsor
Grindrod Bank Limited; First Floor, Building 3, North Wing, Commerce Square,
39 Rivonia Road, Sandhurst, Sandton, 2146; PO Box 78011, Sandton, 2146
For more information, please refer to our website at www.grindrod.co.za
Date: 29/02/2012 08:00:08 Supplied by www.sharenet.co.za
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