Wrap Text
MPT - Mpact Limited - Audited results for the year ended 31 December 2011 and
cash dividend declaration
Mpact Limited
(Incorporated in the Republic of South Africa)
(Company registration number 2004/025229/06)
JSE Share Code: MPT
JSE ISIN: ZAE 000156501
("Mpact" or "the Company")
AUDITED RESULTS FOR THE YEAR ENDED 31 DECEMBER 2011 AND CASH DIVIDEND
DECLARATION
HIGHLIGHTS
- Underlying operating profit up 6.4% to R517 million
- Return on Capital Employed (ROCE) of 13.8% (2010: 13.1%)
- Underlying earnings per share increased to 102.9 cents (2010: 24.3 cents)
- Gearing down to 35% from 96% in prior year
- Maiden cash dividend declared of 40 cents per share
The highlight of the year was undoubtedly Mpact`s listing on the JSE on 11
July 2011 and the subsequent demerger from the Mondi Group, effective 18 July
2011. This demerger and rebranding has enabled us to position ourselves as a
leading, independent and focused paper and plastics packaging company.
For the year under review, trading conditions were challenging with demand
being under pressure across the industry for most of the reporting period. We
attribute this mainly to the continued uncertain economic conditions
prevailing both globally and locally. In the first half of the year, local
demand for packaging was also negatively affected by import substitution of
paper, packaging and finished goods as a result of the strength of the rand.
Despite these challenges, through proactive intervention, both the paper and
plastics businesses realised substantial cost savings and improved operating
performance which offset the effects of reduced volumes. The increase in
underlying earnings is attributable mainly to lower financing costs and
strong cash generation in the second half of the year.
FINANCIAL OVERVIEW
Revenue of R6,281 million was in line with the comparable prior year period
with higher average selling prices offset by lower volumes in the paper
business and in Paperlink, the paper merchanting business, which was sold at
the end of March 2011.
Underlying operating profit of R517 million was 6.4% up on the comparable
prior year period. Return on capital employed for the year was 13.8% (2010:
13.1%).
Paper business
Revenue was 3.8% higher at R4,573 million. In line with seasonal trends,
sales volumes for the second half of the year exceeded the first. However,
volumes for the full year were down on the comparable prior year period,
attributable predominantly to lower domestic sector growth, import
substitution and reduced exports.
Underlying operating profit of R560 million for 2011 was 6.4% higher than the
comparable prior year period owing mainly to productivity improvements, cost
savings and higher average selling prices.
Plastics business
Revenue of R1,577 million grew 20.4% compared to 2010 due to increased
volumes and higher average selling prices. Selling prices in this business
increased on the back of higher raw material costs.
Underlying operating profit for the period increased by 25.6% over the prior
year to R114 million due to higher sales volumes and cost savings.
Special items
In the year under review, special items include non-recurring costs amounting
to R87.4 million relating to the listing and demerger from Mondi which are
excluded from underlying profit before tax.
Finance costs
Net finance costs of R291 million were lower than the comparable prior year
period by 24.8%.
On 5 July 2011 net debt was substantially reduced as part of the capital
restructuring prior to listing on the JSE on 11 July 2011. Consequently, net
interest costs in the second half of the year were substantially lower than
the first half.
Tax
The effective tax rate is 39%, which is higher than the normal company income
tax rate of 28% mainly due to non-deductible listing costs and disallowable
interest.
Earnings per share
In terms of a special resolution passed on 28 April 2011 the number of
ordinary shares in issue was increased from 159,950 ordinary shares to
23,192,750 ordinary shares following a share split. Thus the number of
ordinary shares in issue on 30 June 2011 was 23,192,750.
On 5 July 2011 an additional 140,853,726 ordinary shares were issued to the
then shareholders as part of Mpact`s capital restructuring prior to listing.
Consequently the company listed on 11 July 2011 with 164,046,476 issued
ordinary shares.
On the basis of 164,046,476 issued ordinary shares, basic earnings per
ordinary share for the year ended 31 December 2011 are 54.9 cents (2010: 22.4
cents) while underlying earnings per ordinary share are 102.9 cents (2010:
24.3 cents).
Borrowings
On 5 July 2011 the following major changes to the net debt occurred pursuant
to the demerger of Mpact from Mondi and the listing on the JSE:
- A further 140,853,726 ordinary shares were issued for proceeds of R2,090
million;
- The company drew down R1,790 million against new banking facilities;
- Existing bank loans of R1,144 million were settled; and
- All outstanding shareholder loans amounting to R2,833 million were repaid.
Consequently, at the date of listing, 11 July 2011, the Group`s net debt
amounted to R1,718 million. Net debt at 31 December 2011 was R1,307 million
(2010: R3,640 million).
Dividends
The board has declared a maiden cash dividend of 40 cents per ordinary share,
payable on 30 April 2012. The last day to trade will be Thursday, 19 April
2012. Ex dividend trading begins on Friday, 20 April 2012 and the record date
will be Thursday, 26 April 2012.The dividend declared is in line with our
stated dividend policy which reflects our strategy of creating value and
growth, with the objective of offering our shareholders long-term dividend
growth.
OUTLOOK
We expect margins in the paper business to remain under pressure as lower
international paper prices and the threat of import substitution limit our
ability to fully recover cost increases, especially energy, transport and
labour.
Despite this, our strong market position in the paper business remains a key
competitive advantage.
In the plastics business, we will continue with the optimisation of our
existing operations while seeking further opportunities to establish Mpact as
the leading South African rigid plastic packaging producer.
While the economy and trading conditions are expected to remain challenging
in the near term, Mpact continues to be well positioned within the sectors it
operates.
Change in directorate
Due to the demerger from Mondi and the listing of Mpact on the JSE, the
following changes to the Board of directors were made:
The following directors were appointed on 21 April 2011:
AJ Phillips (Non-executive Chairman); EL Leong (Executive director);
NP Dongwana (Non-executive director); NB Langa-Royds (Non-executive
director); TDA Ross (Non-executive director and Chairman of the Audit
committee).
The following directors and alternate directors resigned on 4 May 2011:
DA Hathorn; ACW King; PA Laubscher; KA Mills; MC Ramaphosa; RM Smith;
RP von Veh; R Govender; K Sewpersad.
On 1 December 2011, MN Sepuru was appointed company secretary.
AJ Phillips BW Strong
Chairman Chief Executive Officer
8 March 2012
Audited condensed consolidated statement of comprehensive income
for the year ended 31 December 2011
2011
Before Special After
special items special
R`millions Note items (note 5) items
Revenue 3 6,281.0 - 6,281.0
Cost of sales (3,775.5) - (3,775.5)
Gross margin 2,505.5 - 2,505.5
Administration & other (1,665.6) (53.1) (1,718.7)
operating expenditure
Depreciation, amortisation & (323.4) - (323.4)
impairments
Operating profit 3/4 516.5 (53.1) 463.4
Profit on disposal of - 0.3 0.3
investments
Share of associates profit 2.3 - 2.3
Total profit from operations 518.8 (52.8) 466.0
and associates
Investment income 28.4 - 28.4
Finance costs (284.7) (34.3) (319.0)
Profit/(loss) before 262.5 (87.1) 175.4
taxation
Tax (charge)/credit (76.1) 8.4 (67.7)
Profit/(loss) from 186.4 (78.7) 107.7
continuing operations
Other comprehensive 41.6
income/(loss), net of
taxation
Effects of option to equity -
holders
Effects of cash flow hedges 4.1
Actuarial gains/(losses) and 28.4
surplus restriction on post-
retirement benefit schemes
Exchange differences on 1.6
translation of foreign
operations
Cash flow hedge reserve 23.1
recycled through profit and
loss
Tax on other comprehensive (15.6)
income
Total comprehensive income 149.3
Attributable to:
Equity holders of Mpact 131.4
Limited
Non-controlling interests in 17.9
subsidiaries
Total comprehensive income 149.3
Profit from continuing
operations attributable to:
Equity holders of Mpact 90.1
Limited
Non-controlling interests in 17.6
subsidiaries
Profit from continuing 107.7
operations
Earnings per share (EPS) for 6
profit attributable to
equity holders of Mpact:
Basic EPS (cents) 54.9
Diluted EPS (cents) 54.9
2010
Before Special After
special items special
R`millions Note items (note 5) items
Revenue 3 6,258.7 - 6,258.7
Cost of sales (3,859.7) - (3,859.7)
Gross margin 2,399.0 - 2,399.0
Administration & other (1,594.2) - (1,594.2)
operating expenditure
Depreciation, amortisation & (319.5) (6.3) (325.8)
impairments
Operating profit 3/4 485.3 (6.3) 479.0
Profit on disposal of - - -
investments
Share of associates profit 3.4 - 3.4
Total profit from operations 488.7 (6.3) 482.4
and associates
Investment income 48.1 - 48.1
Finance costs (434.6) - (434.6)
Profit/(loss) before 102.2 (6.3) 95.9
taxation
Tax (charge)/credit (48.2) 1.8 (46.4)
Profit/(loss) from 54.0 (4.5) 49.5
continuing operations
Other comprehensive (7.1)
income/(loss), net of
taxation
Effects of option to equity 3.0
holders
Effects of cash flow hedges (7.5)
Actuarial gains/(losses) and (13.7)
surplus restriction on post-
retirement benefit schemes
Exchange differences on (0.4)
translation of foreign
operations
Cash flow hedge reserve -
recycled through profit and
loss
Tax on other comprehensive 11.5
income
Total comprehensive income 42.4
Attributable to:
Equity holders of Mpact 29.7
Limited
Non-controlling interests in 12.7
subsidiaries
Total comprehensive income 42.4
Profit from continuing
operations attributable to:
Equity holders of Mpact 36.8
Limited
Non-controlling interests in 12.7
subsidiaries
Profit from continuing 49.5
operations
Earnings per share (EPS) for 6
profit attributable to
equity holders of Mpact:
Basic EPS (cents) 22.4
Diluted EPS (cents) 22.4
Audited condensed consolidated statement of financial position
as at 31 December 2011
R`millions Note 2011 2010
Total non-current assets 3,121.5 3,125.9
Total current assets 2,483.7 1,959.6
Non-current assets classified as held for - 171.0
sale
Total assets 5,605.2 5,256.5
Stated capital/share capital and premium 8 2,334.1 244.3
Accumulated loss and other reserves (33.0) (136.4)
Total attributable to equity holders of 2,301.1 107.9
Mpact
Non-controlling interests in subsidiaries 110.9 73.2
Total equity 2,412.0 181.1
Non-current liabilities 1,308.2 3,761.3
Non-current borrowings 9 1,151.2 3,589.8
Other non-current liabilities 157.0 171.5
Total current liabilities 1,885.0 1,223.4
Non-current liabilities directly - 90.7
associated with assets classified as held
for sale
Total equity and liabilities 5,605.2 5,256.5
Audited condensed consolidated statement of changes in equity
for the year ended 31 December 2011
Stated
capital/share
capital and Other Accumulated
R`millions premium reserves1 loss
Balance at 31 December 2009 244.3 (73.5) (97.2)
Total comprehensive income for - (7.1) 36.8
the year
Issue of shares under employee - (1.8) 1.8
share plans
Share plan charges for the year - 7.1 -
Dividends paid to non-controlling - - -
interests
Reclassification - (0.3) 0.3
Contribution paid to Mondi - (2.5) -
Incentive Scheme Trust
Balance at 31 December 2010 244.3 (78.1) (58.3)
Total comprehensive income for - 41.3 90.1
the year
Demerger arrangements - (22.5) (15.3)
Share plan charges for the year - 12.3 -
Dividends paid to non-controlling - - -
interests
Reclassification - (0.1) 0.1
Change in functional currency of - 24.6 (25.9)
foreign subsidiary
Increase in shareholding of - - (1.2)
subsidiary
Increase in non-controlling - - -
interest in a subsidiary
Issue of shares 2,089.8 - -
Balance at 31 December 2011 2,334.1 (22.5) (10.5)
Total
attributable
to equity Non-
holders of controlling Total
R`millions Mpact Limited interests equity
Balance at 31 December 2009 73.6 62.5 136.1
Total comprehensive income for 29.7 12.7 42.4
the year
Issue of shares under employee - - -
share plans
Share plan charges for the year 7.1 - 7.1
Dividends paid to non-controlling - (2.0) (2.0)
interests
Reclassification - - -
Contribution paid to Mondi (2.5) - (2.5)
Incentive Scheme Trust
Balance at 31 December 2010 107.9 73.2 181.1
Total comprehensive income for 131.4 17.9 149.3
the year
Demerger arrangements (37.8) - (37.8)
Share plan charges for the year 12.3 - 12.3
Dividends paid to non-controlling - (1.5) (1.5)
interests
Reclassification - - -
Change in functional currency of (1.3) - (1.3)
foreign subsidiary
Increase in shareholding of (1.2) (2.4) (3.6)
subsidiary
Increase in non-controlling - 23.7 23.7
interest in a subsidiary
Issue of shares 2,089.8 - 2,089.8
Balance at 31 December 2011 2,301.1 110.9 2,412.0
1 Other reserves consist of the option to equity holder reserves, revaluation
reserves, foreign currency translation reserves, share-based payment
reserves, cash flow hedge reserves, and post retirement benefit reserves.
Audited condensed consolidated statement of cash flows
for the year ended 31 December 2011
R`millions 2011 2010
Net cash inflows from operating activities 789.5 649.4
Net cash outflows from investing activities (255.2) (274.3)
Net cash outflows from financing activities (223.2) (589.5)
Net increase/(decrease) in cash and cash 311.1 (214.4)
equivalents
Cash and cash equivalent at beginning of year 95.8 310.2
Cash and cash equivalent at end of year1 406.9 95.8
1 Cash and cash equivalents net of overdrafts
NOTES
1. Basis of preparation
These condensed consolidated annual financial statements for the year ended
31 December 2011 have been prepared in accordance with the framework concepts
and the measurement and recognition requirements of International Financial
Reporting Standards (IFRS) as issued by the International Accounting
Standards Board (in particular IAS 34: Interim Financial Reporting), the
AC500 standards as issued by the Accounting Practices Board, the JSE
Limited`s listing requirements and the South African Companies Act, 2008 as
amended.
The Group`s annual financial statements, from which these condensed annual
financial statements have been derived, have been audited by the company`s
auditors, Deloittes & Touche, whose unmodified report is available for
inspection at the registered office of the company.
The preparation of these condensed consolidated financial results for the
year ended 31 December 2011 was supervised by the Chief Financial Officer, Mr
EL Leong CA(SA).
These condensed consolidated annual financial statements should be read in
conjunction with the Group`s annual financial statements, from which they
have been derived.
2. Accounting policies
The accounting policies and methods of computation used are consistent with
those applied in the preparation of the annual financial statements for the
year ended 31 December 2010,except for:
The following new or revised accounting standards and interpretations,
adopted in the current year which had no impact on the Group:
- IFRS 2: Share-based Payment
- IAS 19: Employee Benefits
- IAS 24: Related Party Disclosures
- IAS 32: Financial Instruments - Presentation
- IFRS 3: Business Combinations
- IAS 34: Interim Financial Reporting
- IFRIC 14: The limit on a Deferred Benefit Asset, Minimum Funding
Requirements and their Interaction
- IFRIC 19: Extinguishing Financial Liabilities with Equity Instruments
Rm 2011 2010
3. Group segment analysis
External Revenue
Paper 4,572.6 4,406.8
Plastics 1,576.6 1,309.9
Corporate and other business1 131.8 542.0
Total external revenue 6,281.0 6,258.7
Operating profit
Paper 560.3 526.7
Plastics 113.9 90.7
Corporate and other business1 (157.7) (132.1)
Segment underlying operating profit 516.5 485.3
Special items (87.1) (6.3)
Share of associate`s profit 2.3 3.4
Net finance costs (excluding financing special (256.3) (386.5)
items)
Group profit before tax 175.4 95.9
Special items per segments
Paper (0.3) 0.7
Plastics - 5.6
Corporate and other business 87.4 -
Total special items 87.1 6.3
Assets
Paper 2,743.6 2,577.3
Plastics 1,120.9 1,028.0
Corporate and other business1 1,740.7 1,651.2
Total assets 5,605.2 5,256.5
1 includes Paperlink, its paper merchant division, which was sold during the
year.
Rm 2011 2010
4. Operating profit
Included in operating profit are:
Amortisation of intangible assets 24.1 41.4
Depreciation 299.3 278.1
5. Special items
Listing transaction costs1 46.3 -
Special financing costs2 34.3 -
Demerger arrangements3 6.8 -
Total relating to listing and demerger 87.4 -
(Profit) on disposal of part investment in (0.3) -
associate
Impairment of property, plant and equipment - 6.3
Related tax (8.4) (1.8)
Net of tax 78.7 4.5
Related non-controlling interests - (1.4)
Total special items attributable to equity 78.7 3.1
holders of Mpact
1 Listing transaction costs associated with the listing of the Company on the
Johannesburg Stock Exchange.
2 As a result of the demerger from Mondi, and separate listing, the Group
restructured, and settled its long term debt including its floating rate
debt. As a result of the settlement of the floating rate debt, the
corresponding interest rate swap was terminated. The costs of R23.1 million
of early termination of the interest rate swap, have been included in finance
costs for the current year. In addition, finance costs of R11.2 million were
incurred on the debt financing arrangements.
3 Equity-settled demerger arrangements for senior management have resulted in
a fair value charge for the Group and Company in the current year.
6. Earnings per share (EPS)
Basic earnings per share for the financial year
(cents)
Basic EPS 54.9 22.4
Diluted EPS 54.9 22.4
Underlying earnings per share for the financial
year (cents)1
Basic underlying EPS 102.9 24.3
Diluted underlying EPS 102.8 24.3
Headline earnings per share for the financial
year (cents)
Basic headline EPS 54.3 23.1
Diluted headline EPS 54.2 23.1
1 Underlying EPS excludes the impact of special items, referred to in
note 5
The calculation of basic and diluted EPS, basic and diluted underlying EPS,
and basic and diluted headline EPS is based on the following data:
Rm Rm
Profit for the financial year attributed to 90.1 36.8
equity holders of Mpact
Special items (see note 5) 87.1 6.3
Related tax (8.4) (1.8)
Related non-controlling interest - (1.4)
Underlying earnings for the financial year 168.8 39.9
Profit on disposal of property, plant and (1.1) (1.6)
equipment and intangible assets
Special items to be included in headline (87.4) -
earnings
Related tax 8.7 (0.4)
Headline earnings for the financial year 89.0 37.9
Number of ordinary shares
Basic number of ordinary shares outstanding1 164,046,476 164,046,476
Effect of dilutive potential ordinary 173,484 -
shares2
Diluted number of ordinary shares 164,219,960 164,046,476
outstanding
1 The calculation of basic EPS, HEPS and underlying EPS has been based on the
profit for the reported period, as shown above, and on 164,046,476 ordinary
shares, which represents the aggregate number of shares that were listed on
11 July 2011. The Group was not a stand-alone entity prior to the demerger
date. The number of shares in issue has therefore been retrospectively
applied to the comparative period, so that meaningful comparison can be made.
2 Diluted EPS is calculated by adjusting the weighted average number of
ordinary shares in issue, on the assumption of conversion of all potential
dilutive ordinary shares.
7. Dividend per share (cents)
The company declared no dividends during the year ended 31 December 2011.
On 6 March 2012 the Board declared a cash dividend of 40 cents per share, and
will be paid in accordance with the following timetable:
Last day to trade to receive a dividend Thursday, 19 April 2012
Shares commence trading ex dividend Friday, 20 April 2012
Record date Thursday, 26 April 2012
Payment date Monday, 30 April 2012
Share certificates may not be dematerialised or rematerialised between
Friday, 20 April 2012 and Thursday, 26 April 2012, both days inclusive.
2011 2010
Rm Rm
8. Stated capital/share capital and premium
Ordinary
Balance at beginning of year (159,950 shares of - -
R0.001 each)
Conversion to shares of no par value 244.3 -
Issue of shares 2,089.8 -
Balance at end of year (164,046,476 shares with 2,334.1 -
no par value)
Share premium
Balance at beginning of the year 244.3 244.3
Conversion to shares of par value (244.3) -
Total issued stated capital/share capital and 2,334.1 244.3
premium
By special resolution passed on 28 April 2011 the share capital of Mpact was
altered by: (a)increasing the authorised share capital from 1,000,000 shares
of R0.001 each to 1,500,000 ordinary shares of R0.001 each; (b) sub-dividing
all authorised shares from 1,500,000 ordinary shares of R0.001 each into
217,500,000 ordinary shares of R0.0000069 each; (c) sub-dividing all issued
shares from 159,950 ordinary shares of R0.001 each into 23,192,750 ordinary
shares of R0.0000069 each; (d) converting all issued and authorised ordinary
shares in the company with a par value of R0.0000069 each into ordinary
shares of no par value.
On 5 July 2011 an additional 140,853,726 ordinary shares were issued to
shareholders as part of the company`s capital restructuring prior to listing
on the Johannesburg Stock Exchange.
2011 2010
Rm Rm
9. Long term borrowings
- Bank borrowings 1,650.0 1,211.6
- Shareholders loans 34.3 2,490.5
- Finance lease liability 29.6 33.6
Long-term borrowings 1,713.9 3,735.7
Less: Short-term borrowings and short-term (562.7) (145.9)
portion of long-term borrowings
Total borrowings 1,151.2 3,589.8
1 Prior to listing on the 11 July 2011, the company settled existing loans of
R1,144 million with Standard Bank, and drew down R1,790 million against new
banking facilities negotiated between Standard Bank and Rand Merchant Bank,
these new facilities are not ceded. Mezzanine and Shareholders loans
amounting to R2,833 million were repaid.
10. Disposal of businesses
a) The Merchant business acquired by the Group from Mondi Limited in 2007 has
been sold back to Mondi Limited on 1 April 2011. The total consideration of
the sale amounted to R90.0 million which represented the net value of the
sales assets and liabilities.
b) On 1 July 2011, Mpact Recycling (Pty) Ltd purchased the recycling business
from Mpact for a purchase consideration of R94.2 million. This purchase
consideration was funded by Mpact Recycling (Pty) Ltd through a subscription
of its shares to Mondi Limited and Mpact, equalling the value of the purchase
consideration. Mondi Limited and Mpact own a 25.1% and 74.9% shareholding in
Mpact Recycling (Pty) Ltd respectively.
11. Business combinations
a) The Group acquired a 100% interest in Plastic Omnium Urban Systems (Pty)
Ltd, through its shareholding in Mpact Plastic Containers South Africa (Pty)
Ltd for a purchase consideration of R19.7 million effective as of 31 January
2011. Profit for the year arising on this acquisition was not material for
the Group. The purchase price allocations are: non-current assets of R11.9m;
current assets of R12.6m; non-current liabilities of R1.3m; current
liabilities of R4.8m and the balance of R1.3m allocated to goodwill.
b) The Group acquired a 49% shareholding in an associate company, with effect
from 1 January 2011.
c) The Group increased its shareholding in a subsidiary on 17 October 2011.
2011 2010
Rm Rm
12. Capital commitments
- Contracted capital commitments 51.5 143.9
- Approved capital commitments 20.9 34.2
Capital commitments 72.4 178.1
These commitments will be met from existing resources and borrowing
facilities available to the Group.
13. Contingent liabilities
Contingent liabilities for the Group comprise aggregate amounts of R8.6
million (2010: R13.2 million) in respect of loans and guarantees given to
banks and other third parties.
A dispute has arisen in respect of the value of shares put by a minority
shareholder in a subsidiary.
There are a number of legal and tax claims against the Group. Provision is
made for all liabilities that are expected to materialise.
A group mill is the subject of a land claim, which should not have a material
impact on the financial position of the Group.
14. Asset value per share
Asset value per share is disclosed in accordance with the JSE Listing
Requirements. Net asset value per share is defined as net assets divided by
the number of ordinary shares in issue at 31 December 2011 (Retrospectively
applied to the net assets of the comparative balance sheet). The number of
ordinary shares has been retrospectively restated to represent the aggregate
number of shares at listing date, 11 July 2011.
2011 2010
Rm Rm
Net asset value per share (cents) 1,470.3 110.4
15. Related parties
The Group has a related party relationship with its associates and directors.
These transactions are under terms that are no less favourable than those
arranged with third parties.
16. Events occurring after the reporting date
a) In November 2011 the trustees of the defined benefit pension plan in South
Africa, with the agreement from the participating pensioners and employees,
resolved to wind up the fund subject to regulatory approval. Regulatory
approval was received in January 2012. Mpact Limited will receive a
reimbursement of the pension surplus of R19.1 million and a settlement charge
of R7.5 million will be recognised in 2012.
b) On 20 January 2012, a non-controlling shareholder exercised it`s put
option in respect of 6.84% shares in a subsidiary.
Directors:
Non-Executive:
AJ Phillips (Chairman)
NP Dongwana
NB Langa-Royds
TDA Ross
AM Thompson
Executive:
BW Strong (Chief executive officer)
EL Leong (Chief financial officer)
Company secretary:
MN Sepuru
Registered office:
4th Floor, No.3 Melrose Boulevard, Melrose Arch, 2196
(Postnet Suite #179, Private Bag X1, Melrose Arch, 2076)
Transfer secretaries:
Link Market Services South Africa (Proprietary) Limited
13th Floor, Rennie House, 19 Ameshoff Street, Braamfontein, 2001
(PO Box 4844, Johannesburg, 2000, South Africa)
Sponsors:
Rand Merchant Bank
(a division of FirstRand Bank Limited)
1 Merchant Place, corner Fredman Drive and Rivonia Road, Sandton, 2196
(PO Box 786273, Sandton,2146)
Note: Any reference to future financial performance included in this
announcement, has not been reviewed or reported on, by the Company`s external
auditors.
8 March 2012
Date: 08/03/2012 08:00:26 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.
Sharenet Sites 
