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MMH - Miranda Mineral Holdings Limited - Abridged Audited Consolidated Financial
Results for the year ended 31 August 2011 and Notice of Annual General Meeting
Miranda Mineral Holdings Limited
(Incorporated in the Republic of South Africa)
(Registration number 1998/001940/06)
Share code: MMH
ISIN: ZAE000074019
("Miranda" or "the Group" or "the Company")
Abridged Audited Consolidated Financial Results for the year ended 31 August
2011 and Notice of Annual General Meeting
Shareholders are referred to the release on SENS of Miranda`s reviewed,
abridged, provisional financial results for the year ended 31 August 2011 on 30
November 2011 ("the provisional results"), as well as the further trading
statement on 24 February 2012 referring to changes to the provisional results.
Shareholders are advised that the annual report was posted today. This
announcement details the abridged audited consolidated financial results for the
year ended 31 August 2011, incorporating:
* the effects of the said changes to the provisional results,
* the audit opinion,
* an update on the status of the Rozynenbosch Prospecting Right application,
and
* other relevant information.
ABRIDGED CONSOLIDATED STATEMENTS OF FINANCIAL POSITION
(R`000) Audited Restated Restated
2011 2010 2009
ASSETS
Non-current assets 56,141 71,927 62,052
Property, plant and equipment 19,656 14,368 9,157
Intangible assets 34,047 55,091 50,231
Other financial assets 2,438 2,468 2,664
Current assets 6,022 27,458 16,323
Trade and other receivables 3,311 2,905 1,193
Cash and cash equivalents 2,711 24,553 15,130
Total Assets 62,163 99,385 78,375
EQUITY AND LIABILITIES
Equity attributable to equity holders 14,221 69,667 64,425
of parent
Share capital 115,051 115,051 91,812
Reserves - - 2,050
Accumulated loss (100,830) (45,384) (29,437)
Non-controlling interest (1,753) (863) (169)
Non-current liabilities 10,997 11,256 11,597
Finance lease obligations 755 1,815 2,782
Deferred tax 327 221 923
Environmental rehabilitation 9,915 9,220 7,892
provisions
Current liabilities 38,698 19,325 2,522
Loans from shareholders 16,268 2,928 100
Other financial liabilities - - 100
Finance lease obligations 1,056 965 868
Operating lease liabilities 27 22 22
Trade and other payables 21,347 15,410 1,432
Total Liabilities 49,695 30,581 14,119
Total Equity and Liabilities 62,163 99,385 78,375
Closing number of shares in issue 284,511 284,511 247,400
(`000)
Net asset value per share (cents) 4.4 24.2 26.0
Net tangible asset value per share (7.6) 4.8 5.7
(cents)
ABRIDGED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
(R`000) Audited Restated Restated
2011 2010 2009
Revenue - - -
Operating loss (54,494) (17,593) (11,933)
Investment revenue 268 478 1,815
Fair value adjustment (30) 131 -
Finance costs (774) (319) (630)
Loss before taxation (55,030) (17,303) (10,748)
Taxation (106) (95) (126)
Loss for the year (55,136) (17,398) (10,874)
Other comprehensive income:
Realisation of revaluation - (758) -
reserve
(Losses)/ gains on property, - (2,089) 2,847
plant and equipment revaluation
Taxation related to components of - 797 (797)
other comprehensive income
Other comprehensive (loss)/ - (2,050) 2,050
income for the year, net of
taxation
Total comprehensive loss (55,136) (19,448) (8,824)
Loss attributable to:
Owners of the parent (54,063) (16,704) (10,868)
Non-controlling interest (1,073) (694) (6)
(55,136) (17,398) (10,874)
Total comprehensive loss
attributable to:
Owners of the parent (54,063) (18,754) (8,818)
Non-controlling interest (1,073) (694) (6)
(55,136) (19,448) (8,824)
Loss per share (cents) 19.0 6.7 4.5
Headline loss per share (cents) 11.3 6.7 4.5
Reconciliation between loss
attributable to ordinary
shareholders and headline loss
Loss attributable to ordinary (54,063) (16,704) (10,868)
shareholders
Impairment of intangible asset 22,000 - -
Impairment of exploration and 228 - -
evaluation asset
Total non-controlling interest (114) - -
effects of adjustments
Loss on sale of property, plant - - 165
and equipment
Impairment of property, plant and - 37 -
equipment
Headline loss (31,949) (16,667) (10,703)
Weighted number of shares in 284,511 247,502 239,688
issue (`000)
ABRIDGED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
(R`000) Share Share Revalua- Accumu- Non-con- Total
capita pre- tion lated trolling equity
Group l mium reserve loss interest
Opening balance 2,474 89,338 2,050 255,084 (169) 348,777
as previously
reported
Adjustments (284,521) (284,521
Prior year )
adjustments
Balance at 2,474 89,338 2,050 (29,437) (169) 64,256
01 September
2009 as restated
Total - - (2,050) (16,704) (694) (19,448)
comprehensive
loss for the
year
Issue of shares 371 22,868 - - - 23,239
Realisation of - - - 757 - 757
revaluation
reserve
Total changes 371 22,868 (2,050) (15,947) (694) 4,548
Balance at 01 2,845 112,206 - (45,384) (863) 68,804
September 2010
Total - - - (54,063) (1,073) (55,136)
comprehensive
loss for the
year
Business - - - (1,383) 183 (1,200)
combinations
Total changes - - - (55,446) (890) (56,336)
Balance at 31 2,845 112,206 - (100,830) (1,753) 12,468
August 2011
ABRIDGED CONSOLIDATED CASH FLOW STATEMENT
Audited Restated Restated
(R`000)
2011 2010 2009
(25,314) (2,562) (10,197)
Cash used in operations
Interest income 268 478 1,815
Finance costs (341) (319) (630)
Net cash from operating (25,387) (2,403) (9,012)
activities
Net cash from investing (8,393) (13,269) (10,895)
activities
Net cash from financing 11,938 25,095 14,555
activities
Total cash movement for the year (21,842) 9,423 (5,352)
Cash and cash equivalents at the 24,553 15,130 20,482
beginning of the year
Total cash and cash equivalents 2,711 24,553 15,130
at end of the year
GROUP SEGMENTAL ANALYSIS
IFRS 8 requires operating segments to be identified on the basis of internal
reports about components of the Group that are regularly reviewed by the chief
operating decision-maker in order to allocate resources to the segments and to
assess their performance. The chief operating decision-maker has been identified
as the Executive Committee that makes strategic decisions. The Group has
identified its operating segments based on its main exploration divisions and
aggregated them into coal, diamonds, gold, base metals and industrial minerals
and other.
The Group discloses its operating segments according to the entity components
regularly reviewed by the Executive Committee. The components comprise of
exploration divisions. These values have been reconciled to the abridged
consolidated financial statements. The measures reported on by the Group are in
accordance with the accounting policies adopted for preparing and presenting the
abridged consolidated financial statements.
Segment operating expenses comprise all operating expenses of the different
reportable segments and are either directly attributable to the reportable
segment, or can be allocated to the reportable segment on a reasonable basis.
The segment assets and liabilities comprise all assets and liabilities of the
different segments that are employed by the reportable segments and are either
directly attributable to the reportable segments, or can be allocated to the
reportable segment on a reasonable basis. The segment assets and liabilities
comprise all assets and liabilities of the different segments that are employed
by the reportable segments and are either directly attributable to the
reportable segments, or can be allocated to the reportable segment on a
reasonable basis.
31 August 2011 Coal Dia- Gold Base Other Group
monds Metals &
Indus-
trial
Minerals
Segment result: (6,686) (1,599) (344) (22,592) (23,809) (55,030)
Loss before
taxation
Taxation (90) (11) (2) (3) - (106)
Loss after (6,775) (1,610) (347) (22,595) (23,809) (55,136)
taxation
Segment assets 56,875 643 144 718 3,783 62,163
Mining 16,539 - - - - 16,539
properties
Capital work-in- 13,140 - - - - 13,140
progress
Exploration and 11,218 293 74 82 - 11,667
evaluation
asset
Mineral rights 8,929 - - 311 - 9,240
Other assets 7,049 350 70 325 3,783 11,577
Segment (19,604) (348) (70) (104) (29,569) (49,695)
liabilities
Environmental (9,915) - - - - (9,915)
rehabilitation
provisions
Trade and other (7,851) (135) (27) (40) (13,295) (21,347)
payables
Other (1,838) (214) (43) (64) (16,274) (18,433)
liabilities
31 August 2010 Coal Dia- Gold Base Other Group
monds Metals &
Indus-
trial
Minerals
Segment result: (10,374) (1,576) (367) (658) (17,303)
Loss before (4,327)
taxation
Taxation (81) (10) (2) (3) - (95)
Loss after (10,455) (1,586) (369) (661) (4,327) (17,398)
taxation
Segment assets 50,245 927 155 22,735 25,323 99,385
Mining 9,665 - - - - 9,665
properties
Capital work-in- 13,153 - - - - 13,153
progress
Exploration and 10,043 506 71 78 - 10,698
evaluation asset
Mineral rights 8,929 - - 22,311 - 31,240
Other assets 8,455 421 84 346 25,323 34,629
Segment (22,237) (1,025) (205) (307) (6,807) (30,581)
liabilities
Other material
non-cash items
included in
segment loss
Depreciation on 2,031 230 46 69 62 2,438
property, plant
and equipment
1. BASIS OF PREPARATION AND ACCOUNTING POLICIES
The abridged audited consolidated financial statements were prepared under
the supervision of Ms EM Johnson CA(SA).
The abridged audited consolidated financial statements of the Group are
prepared on a historical cost basis except for certain financial
instruments, at amortised cost or fair value, and the valuation of certain
elements of property, plant and equipment. The abridged audited
consolidated financial statements have been prepared in accordance with the
framework concepts and the measurement and recognition requirements of
International Financial Reporting Standards ("IFRS"), the AC 500 standards
as issued by the Accounting Practices Board and the information as required
by IAS 34: Interim Financial Reporting, Listing Requirements of the JSE
Limited, and the requirements of the Companies Act of South Africa (Act 71
of 2008).
The principal accounting policies, which comply with IFRS, have been
consistently applied in all material respects in the current and
comparative years. All new interpretations and standards were assessed and
adopted with no material impact. The financial results were restated as
detailed in section 3.
2. AUDIT REPORT
The auditors, Deloitte & Touche, have issued their opinion on the group`s
financial statements for the year ended 31 August 2011. The audit was
conducted in accordance with International Standards on Auditing. They have
issued an unqualified opinion which was modified for an emphasis of matter
on going concern and a paragraph on other legal and regulatory
requirements. These summarised provisional 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 Company`s
auditors.
The audit report on the full set of financial statements, inter alia,
states:
"Opinion
In our opinion, the financial statements present fairly, in all material
respects, the consolidated and separate financial position of Miranda
Mineral Holdings Limited as at 31 August 2011, and its financial
performance and its cash flows for the year then ended in accordance with
International Financial Reporting Standards and the requirements of the
Companies Act of South Africa.
Emphasis of Matter
Without qualifying our opinion, we draw attention to the section on going
concern in the directors` report included in the financial statements which
indicates that the group incurred a net loss of R55.1 million for the year
ended 31 August 2011 and, as at that date, the group`s total current
liabilities exceeded its total current assets by R32.7 million. Current
liabilities include loans from two major shareholders to the amount of
R16.3 million that became due and payable in January 2012. R13.7 million of
these loans were payable to Global PS Mining Investments Company Limited
("Global PS") whose loan was subsequently taken over by a new shareholder,
Incubex Minerals Limited ("Incubex"). The cash flow and solvency of the
group is dependent on continued support from Incubex and to this end
Incubex agreed to subordinate its loans. In addition, Incubex also
committed to provide financial support to the group which will be effective
for 12 months or until the assets of the group, fairly valued, exceed its
liabilities and it can pay its creditors in the ordinary course of
business.
The directors` report also indicates that the above conditions, along with
other matters, indicate the existence of a material uncertainty which may
cast significant doubt on the group`s ability to continue as a going
concern.
Report on Other Legal and Regulatory Requirement
In accordance with our responsibilities in terms of sections 44(2) and
44(3) of the Auditing Profession Act, we report that we have identified
certain unlawful acts or omissions committed by persons responsible for the
management of Miranda Mineral Holdings Limited which constitute a
reportable irregularity in terms of the Auditing Profession Act, and have
reported such matters to the Independent Regulatory Board for Auditors. The
matters pertaining to the reportable irregularities are discussed in the
Directors` Report."
The above matters were repeated in their report on these abridged
consolidated financial information.
3. FINANCIAL REVIEW
The financial statements of the Group have been restated for prior years to
reflect the derecognition of the Rozynenbosch asset from the Group`s
intangible assets. This has had the effect of reducing the net asset value
of the Group by approximately R284.5 million in every year up to and
including the 2010 financial year.
As at 31 August 2011, the net asset value and net tangible asset value of
the Group amounted to R12.5 million and -R21.6 million, respectively
(restated 2010: R68.8 million and R13.7 million). This was equivalent to
4.4 cents per share (cps) and -7.6 cps (restated 2010: 24.2 cps and 4.8
cps). With no projects yet in production, the Group showed no revenue for
the year (2010: Rnil). Operating expenses amounted to R54.5 million (2010:
R17.6 million). The increase in operating expenses was mainly due to
litigation costs (R3.2 million), capital raising costs (R2.5 million), and
listing and compliance costs (R3.1 million).
Since the publication of the Abridged Reviewed Provisional Consolidated
results on 30 November 2011, operating expenses were adjusted to include
the following:
* the impairment of an intangible asset, Turffontein, to the value of
(R22 million). Accordingly, intangible assets reduced from R56 million
to R34 million.
* a payroll related expense (R4.6 million. The total liabilities
increased from R16.7 million to R21.3 million.
The resultant net loss and headline loss for the year increased to R54.0
million and R31.9 million, respectively (2010: R16.7 million and R16.7
million), equivalent to a loss and headline loss of 19.0 cps and 11.3 cps
(2010: loss of 6.7 cps and 6.7 cps).
These results are consistent with management`s review and re-assessment of
the assets of the Group during the period under review and with its focus
on developing the Group`s worthwhile coal project portfolio.
The Board confirms its policy adoption of Net Asset Value per share for
trading statement purposes in terms of section 3.4(b)(vi) of the JSE
Listings Requirements.
3.1 Contingent liabilities
Management applies its judgement to the probabilities and advice it
receives from its attorneys, advocates and other advisers in assessing
if an obligation is probable, more likely than not or remote. This
judgement application is used to determine if the obligation is
recognised as a liability or disclosed as a contingent liability.
At year end, the Group had the following major contingent liabilities:
i. Bank guarantees - R1.5 million
ii. Stefanutti Stocks Mining Services ("SSMS") - R70 million; the Company
has instituted a counterclaim for damages against SSMS.
iii. Labour-related claims - R0.3 million
The Company is defending all the matters listed above, and do not expect
that any material liability will arise from the above contingencies.
4. Events subsequent to balance sheet date
4.1 Change in shareholding
Following an agreement reached with Global PS in January 2012, Incubex
acquired Global PS`s entire beneficial interest in the securities of
Miranda amounting to 24% of the total issued share capital. Incubex
simultaneously acquired Global PS`s shareholder`s loan, in the form of
a short-term convertible loan facility, as well as any liabilities and
obligations attached to the loan. In terms of the agreement, Incubex
further agreed to provide sufficient working capital to Miranda to
enable the Company to fund interim working capital requirements,
expenditure items and other necessary expenses relating to its day to
day operations as well as to settle certain litigation matters.
4.2 Withdrawal of business rescue of the Company in terms of Section 131
of the Companies Act and court interdict
Shareholders had been informed of:
i. the application by Mr Ron Nel (a former director and Chief Executive
Officer of the Company) whereby Mr Nel, in his capacity as a
shareholder and creditor of Miranda, had made application to the North
Gauteng High Court, Pretoria in terms of Section 131 of the Companies
Act of 2008 to have Miranda placed under supervision and business
rescue proceedings; and
ii. the court interdict, whereby Miranda was interdicted and restrained
from proceeding with the proposed increase in authorised share capital
contemplated in a circular to shareholders distributed on 9 December
2011, as well as the proposed rights issue (mentioned briefly in the
above mentioned circular).
As a result of the events in paragraph 4.1 and a further agreement
reached with Mr Nel, Mr Nel and intervening creditors withdrew the
business rescue application and abandoned the court interdict.
4.3 Settlements
Settlement agreements were reached in respect of a dispute with JH van
der Merwe Incorporated, as well as a claim by Investment Facility
Company (44) (Proprietary) Limited for management fees. These legal
settlements have resulted in certain payments being made by Incubex on
behalf of Miranda, and such payments will be treated by Miranda as a
loan due to Incubex on terms similar to the convertible loan facility
acquired from Global PS.
5. BOARD OF DIRECTORS
In addition to the changes detailed in the provisional results, the
following changes occurred to the Board during and subsequent to the year
under review:
Directors appointed during the year -
A Johnson, Chief Executive Officer, appointed 1 August 2011
E Johnson, Financial Director, appointed 2 September 2011
Dr L Mohuba, Non-executive Chairman, appointed 20 January 2012
J Mahlangu, Independent Non-executive Director, appointed 20 January 2012
MJ Yates, Independent Non-executive Director, appointed 20 January 2012
G Joubert, Independent Non-executive Director, appointed 20 January 2012
P Cook, Non-executive Director, appointed 27 January 2012
C Chiloane, Independent Non-executive Director, appointed 17 February 2012
Directors resigning during the year -
P Pienaar, Independent Non-executive Director, appointed 18 July 2011, resigned
12 January 2012
C Knobbs, Independent Non-executive Director, appointed 18 July 2011, resigned
12 January 2012
G Phalafala, Non-executive Director, appointed 15 December 2010, resigned 13
January 2012
M Tshitangano, Non-executive Director, appointed 14 February 2011, resigned 13
January 2012
R Nel (and alternate N Nel), Non-executive Director, appointed 7 December 2005,
resigned 16 January 2012.
D Lian, Non-executive Director, appointed 15 December 2010, resigned 24 January
2012
P Kobboon, Non-executive Director, appointed 15 December 2010, resigned 24
January 2012
6. OPERATIONAL REVIEW
6. 1 Coal Division
Shareholders are referred to the provisional results announcement for
further information.
UITHOEK
Shareholders were previously advised that Miranda had received
notification of the termination of a joint-venture and compensation
access agreement in place with the Simpson family, regarding the
Uithoek property. The mining rights have never been owned by Miranda
and, therefore, in order for the Company to ensure tenure, a section
11 transfer in terms of the MPRDA should be effected. The Company is
re-negotiating the JV agreement in respect of Uithoek, the terms of
which it believes should not differ materially from the original
agreement.
6.2 Other Divisions
Shareholders are referred to the annual financial statements for
further information.
ROZYNENBOSCH base metal and silver project
In the provisional results of Miranda, this asset was reflected as
derecognised. This was resultant upon an interpretation of the
finalisation of an appeal process regarding an application for a
Prospecting Right ("PR") in respect of an unused, old order Right,
subsequent to the implementation of the MPRDA.
Upon further enquiry, the Department of Mineral Resources ("DMR")
confirmed that the decision by the Minister on that appeal, as
reflected in a letter dated 26 March 2007, is that the Minister
withdrew the decision by the Deputy Director-General of the DMR to
refuse the application for a PR. The Minister further resolved, in
terms of Section 29 of the MPRDA, that the Company should submit at
the office of the Regional Manager, Northern Cape, the appendices
referred to in the prospect work programme for the evaluation of the
application. These appendices have since been submitted as requested.
Notwithstanding the above, it came to the attention of the Board that
the PR in question has been granted to a third party whilst the
application by Miranda is still pending. Miranda intends to lodge an
appeal against this decision.
Due to the continued uncertainty surrounding the PR and the outcome of
the application, the Board decided that the asset would remain
derecognised.
Turffontein clay and diamond project
As a consequence of the limited actual and expected demand for a
project of this nature in the current commodity market environment,
the Board has decided to impair the value of this asset (R22 million).
The Board deemed it unlikely that any financial benefit will accrue to
Miranda.
7. GROUP PROSPECTS
The Board looks forward to working with the newly established management
team in formulating and implementing a refocused strategy for Miranda with
the sole objective of realising maximum value for all shareholders. After
emerging from a turbulent operating period on a sound footing, the benefits
of turning the collective attention of the management team to concentrating
on operational issues and the exploitation of assets, are expected to begin
unlocking value in the Company for shareholders.
It is expected that Miranda`s long-awaited move into active coal mining
will take place during calendar year 2012. The exploitation of reserves
within the KwaZulu-Natal coal fields outside Dundee is expected to result
in the flow of long-awaited revenues into the Company. Once discussions
regarding off-take agreements for Sesikhona are finalised, the exploitation
of the Sesikhona coal deposits will begin, setting the stage for the
Company to begin production in fields contiguous to, or near, this primary
site.
8. LITIGATION STATEMENT
8.1 Mining Dispute
As was previously reported, SSMS were engaged as subcontractors to
mine the Sesikhona asset. During September 2010, mining activity was
halted due to a mining dispute that arose, and the parties have
referred the matter for arbitration. The pre-arbitration meeting was
held on 3 November 2011, and the arbitration hearing has been set for
16 April 2012. Shareholders will be updated as soon as new information
comes to light. SSMS claims an amount of R70 million, but the Company
has instituted a counterclaim for damages.
8.2 Other Disputes
Shareholders are referred to the comments in the operational review
pertaining to Uithoek and Boschhoek. In addition, the Company is
currently defending a claim of R2.8 million for alleged commissions on
the cancelled clawback offer, which it believes are without merit.
9. STATEMENT ON GOING CONCERN
The audited financial statements have been prepared on the going-concern
basis since the Directors believe that the Group will continue as a going
concern. The following matters took place in the current year that impacted
on the group`s ability to continue as a going concern:
9.1 Losses incurred
The group has recorded a loss of R55.1 million in the current year.
This loss takes into account an impairment of R22 million pertaining
intangible assets. Losses are incurred as the group is not yet
operational and no revenue is earned. The signing of an off-take
agreement is still a high priority for the group and negotiations are
ongoing.
9.2 Net current liability position
The current liabilities of R38.7 million exceeded the current assets
of R6.0 million by R32.7 million. The current liabilities include
shareholders loans of R16.3 million, and an amount of R7 million
payable to SSMS (also see Litigation Statement). Most legal matters
previously reported have been settled, and only the matter with
regards to SSMS has not been resolved. Management is focussing their
efforts to address the matter and is optimistic that a settlement will
be reached.
9.3 Shareholder loans
The shareholder loans referred to above matured in January 2012. The
company elected, in terms of the loan agreements, to have these loans
converted into ordinary shares. Both shareholders agreed to the
conversion and it is now subject to approval at an Extraordinary
General Meeting, to be held in 2012.
R13.7 million of the shareholder loans was payable to Global PS.
Subsequent to year-end this loan was taken over by Incubex. Incubex
has been very supportive of Miranda and signed an additional loan
agreement with Miranda for R20 million over the next 12 months. In
addition, Incubex subordinated its loans in favour of other creditors
of the group. Incubex also committed to provide financial support to
the group which will be effective for 12 months or until the assets of
the group, fairly valued, exceed its liabilities and it can pay its
creditors in the ordinary course of business.
9.4 Cash flow
A detailed cash flow was prepared for the year ending February 2013.
Management believes that this cash flow forecast is achievable and in
line with current monthly spend. This cash flow reflects a shortfall.
However, management believes that this shortfall will be addressed
with the funding of R20 million from Incubex, the planned sale of the
helicopter (possible cash inflow of R4 million), a potential issue of
additional shares and the continued support from Incubex.
The directors do realise that the above conditions, along with other
matters noted in the annual financial statements, indicate the
existence of a material uncertainty which may cast significant doubt
on the group`s ability to continue as a going concern. The directors
are confident that the concerns around the group`s ability are
receiving the appropriate levels of attention that the plans put in
place to address the matter will bear fruit.
10. Reportable irregularity
During the year under review it came to the board`s attention that a
director of the Company allegedly did not disclose full details regarding
the lack of ownership of the Rozynenbosch mineral right to the rest of the
Board and shareholders. This could have resulted in financial losses to the
Company and its shareholders. The matter is currently under review by the
Board of Directors. Until such time as the investigation is complete, full
details cannot be disclosed.
The Company`s auditors, Deloitte & Touche, considered it to be a Reportable
Irregularity as stipulated in the Auditing Profession Act and hence
reported it to the Independent Regulatory Board for Auditors.
11. DIVIDENDS
No dividends were recommended or declared for the financial year under
review (2010: nil).
12. Notice of the Annual General Meeting
The annual general meeting of Miranda`s shareholders will be held at 10:00
on Monday, 2 April 2011 at The Greens Office Park, Ground Floor, Pecanwood
Building, Charles de Gaulle Crescent, Highveld, Techno Park, Centurion,
0157, to transact the business as stated in the notice of the annual
general meeting forming part of the annual report.
Approved for and on behalf of the Board on 29 February 2012
Dr L Mohuba A Johnson E Johnson
Chairman Chief Executive Officer Financial Director
29 February 2012
Centurion
CORPORATE INFORMATION: www.mirandaminerals.com
Company registered office:
Ground Floor, Pecanwood Building, The Greens Office Park, Charles de Gaulle
Crescent, Highveld Techno Park, Centurion
Company Postal Address:
PO Box 9215, Centurion, 0046
Company Contact Numbers:
Telephone: 012 665 4200
Fax: 012 665 4258
Email: info@mirandaminerals.com
Sponsor
PricewaterhouseCoopers Corporate Finance (Pty) Ltd
Date: 29/02/2012 15:49:06 Supplied by www.sharenet.co.za
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