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GGM - Goliath Gold Mining Limited - Finalisation date, abridged pre-listing
statement of Goliath Gold and subsequent mandatory offer
GOLIATH GOLD MINING LIMITED
(Formerly White Water Resources Limited)
Incorporated in the Republic of South Africa
(Registration number 1933/004523/06)
Share code: GGM ISIN: ZAE000154753
("Goliath Gold" or the "company")
FINALISATION DATE, ABRIDGED PRE-LISTING STATEMENT OF GOLIATH GOLD AND
SUBSEQUENT MANDATORY OFFER
1. Introduction
Goliath Gold is currently listed on the JSE Limited ("JSE"). On Tuesday,
22 March 2011, at a general meeting of the company ("general meeting")
convened in terms of the notice of general meeting contained in the
circular to shareholders dated 25 February 2011 ("Circular"), Goliath
Gold shareholders ("shareholders") approved all the ordinary and special
resolutions, including the issue of 104,891,948 post-consolidation*
ordinary shares in the company of R2.50 each ("consideration shares") to
Gold One Africa Limited ("Gold One Africa"), a wholly-owned subsidiary
of Gold One International Limited ("Gold One") as consideration for the
acquisition of the business as a going concern comprising the Sub Nigel
1, 2 and 3 Mining Right (see paragraph 4.1 below); the Sub Nigel 1, 2
and 3 Surface Rights (see paragraph 4.2 below); the Vlakfontein
Prospecting Right (see paragraph 4.3 below); the West Vlakfontein
Prospecting Right (see paragraph 4.4 below); the Spaarwater Prospecting
Right (see paragraph 4.5 below) and plant, equipment, employees and
service contracts related thereto ("Megamine Business")("acquisition").
*Two of the special resolutions approved at the general meeting related
to i) the consolidation of the existing share capital of the company on
a 10:1 basis ("consolidation"); and ii) the change of the name of the
company from White Water Resources Limited to Goliath Gold Mining
Limited. Subsequent to the consolidation, the JSE granted a listing of
42,462,958 fully paid Goliath Gold ordinary shares, which constituted
all of the issued share capital of Goliath Gold, on the "Mining: Gold
Mining" sector of the JSE List. The shares commenced trade under the
abbreviated name GOLIATH GOLD with the share trading code "GGM" and ISIN
ZAE000154753, with effect from the commencement of trade on the JSE on
Monday, 16 May 2011.
2. Conditions precedent
Shareholders are advised that all the remaining conditions precedent to
the acquisition have been fulfilled or waived.
3. Abridged pre-listing statement
This abridged pre-listing statement relates to the listing of, post the
acquisition, the enlarged Goliath Gold on the JSE with effect from the
commencement of business on Wednesday, 28 March 2012.
This abridged pre-listing statement does not constitute a full pre-
listing statement and is not an invitation to the public to subscribe
for shares in Goliath Gold, but is issued in compliance with the
Listings Requirements of the JSE for the purpose of providing
information to the public with regard to Goliath Gold. This abridged pre-
listing statement contains salient details pertaining to Goliath Gold,
which details are more fully described in the revised listing
particulars of Goliath Gold dated Friday, 25 February 2011 ("pre-listing
statement").
The pre-listing statement is available on the website of the company
hosted at www.goliathgold.co.za. The pre-listing statement is made
available to shareholders for information purposes only.
4. Nature of business
On 12 November 2010, Goliath Gold entered into an acquisition agreement
with Gold One. The acquisition agreement stipulates that Goliath Gold
will acquire the Megamine Business from Gold One Africa. The rights
referred to in paragraphs 4.1 to 4.5 below together with plant,
equipment, employees and service contracts relating to such rights will
all be transferred to Goliath Gold on the effective date as part of the
Megamine Business, and thereafter will be transferred, together with
certain assets already held by Goliath Gold (including the Wit Nigel
prospecting right over certain portions of the farms Spaarwater 171 IR,
Langlaagte 186 IR, Klippoortjie 187 IR, Tulipvale 188 IR, Maraisdrift
190 IR, Noycedale 191 IR, Boschfontein 386 IR, Poortje 389 IR, Houtpoort
392 IR and Bothaskraal 393 IR, located in the districts of Heidelberg
and Nigel, in extent 21,268,24 hectares, also known as Wit Nigel (DMR
Reference: GP 73 PR) ("Wit Nigel")), to Far East Gold Special Purpose
Vehicle Proprietary Limited ("FEG")(which will be held as to 74% by
Goliath Gold and 26% by Micawber 400 Proprietary Limited, the black
economic empowerment partner selected for Goliath Gold).
4.1 The Sub Nigel 1, 2 and 3 Mining Right
The Sub Nigel 1, 2 and 3 new order Mining Right GP (28) MR, over certain
portions of the farms Spaarwater 171 IR, Droogebult 170 IR, Deelkraal
203 IR, Noycedale 191 IR, Varkensfontein 169 IR, and Grootfontein 165 IR
in the District of Nigel, measures 3 013,3142 hectares. This area was
previously part of the old Sub Nigel Gold Mine, established in 1895 on
the farms Noycedale 191 IR and Droogebult 170 IR, and the Spaarwater
Gold Mine. Mining operations commenced in 1909 and continued until 1971.
In 1984, Sub Nigel Gold Mining was formed, which acquired the Sub Nigel
gold mine from Gold Fields Limited. In 1986, Sub Nigel Gold Mine listed
on the JSE, and in 1992, the mine was placed on care and maintenance.
Subsequently, in 2006, certain assets of Aflease Gold and Uranium
Resources Limited and Sub Nigel Gold Mining were merged to form Aflease
Gold Limited.
The Sub Nigel 1, 2 and 3 Mining Right currently held by Gold One was
granted on 15 July 2008 and expires on 14 July 2038. The right includes
gold ore and associated minerals.
In 2008, Gold One recommissioned the Sub Nigel shaft, with a primary
view of utilising the shaft as a training centre to train and develop
mining teams for Modder East during its production ramp up. Production
commenced in January 2009 and built up to approximately 5 000 tonnes per
month by September 2009, which remained the operating level until the
mine`s closure as disclosed in the announcement issued on SENS on 7 June
2011.
4.2 The Sub Nigel 1, 2 and 3 Surface Rights
The surface areas on the farm of Varkensfontein 169 IR in the District
of Nigel, as described below:
- Sub Nigel 1, 2 and 3 (Surface Right 62/88 RMT 0103/88 - reduction
works with fencing);
- Sub Nigel 1, 2 and 3 (Surface Right 428/89 RMT 017/88 - offices with
fencing); and
- Sub Nigel 1, 2 and 3 (Surface Right 112/88 RMT 018/88 - shaft
equipment with fencing).
4.3 The Vlakfontein Prospecting Right
The Vlakfontein new order Prospecting Right GP (260) PR, located on
certain portions of the farms Vlakfontein 130 IR and Grootfontein 165 IR
in the District of Nigel, comprises 6,540,7174 hectares. The area was
first mined in 1934 by Gold Fields of South Africa Limited. Mining
ceased on the site in 1977. In 2006, the area was incorporated into
Aflease Gold Limited.
The Vlakfontein Prospecting Right currently held by Gold One was granted
on 29 May 2007, and expires on 28 May 2012. The right includes gold,
uranium, precious metals and associated minerals. Gold One Africa has
lodged a renewal application in respect of this right.
Historically, mining at Vlakfontein was undertaken between January 1942
and December 1977. During its productive life of 36 years, approximately
18 million tonnes of ore was milled, which yielded 209.5 tonnes (6.7
million ounces) of fine gold at a grade of 11.51 grams per tonne.
Virtually all of the total production of gold was obtained from the Main
Reef. Historical exploration of the Kimberley Reef included 11 drill
holes within the Vlakfontein mine area.
4.4 The West Vlakfontein Prospecting Right
The West Vlakfontein new order Prospecting right GP (142) PR, located on
certain portions of the farms Withoek 131 IR, Spaarwater 171 IR, Tsakane
260 IR, Zonnestraal 163 IR and Vlakfontein 161 IR, in the Districts of
Nigel and Brakpan, comprises 3 860,5435 hectares. The area was first
explored by Gold Fields of South Africa Limited in 1942, and in 1984
became part of the Sub Nigel Gold Mining Company Limited. It was
incorporated into Aflease Gold Limited in 2006.
The West Vlakfontein Prospecting Right currently held by Gold One Africa
was granted on 1 June 2006, and the renewal of such right was granted by
the South African Department of Mineral Resources ("DMR") on 12 July
2011 for a period of three years. The right includes gold and associated
minerals.
Historically, exploration on the West Vlakfontein project targeted the
Main Reef. Exploration of this target included a NE-SW trending
development winze, which included on-reef mining.
The winze, also known as the 30 Level East and West Incline Haulage, was
sampled on a systematic basis at the time of mining of the area. The
winze was mined on a limited basis as part of the Vlakfontein mine
operations in the 1950s at a depth of between 1 470 metres and 2000
metres. West Vlakfontein`s No. 1 shaft is located at approximately the
mid-point of the winze.
4.5 The Spaarwater Prospecting Right
The Spaarwater new order Prospecting Right GP (45) PR, located on
certain portions of the farms Vlakfontein 161 IR, Zonnestraal 163 IR and
Spaarwater 171 IR in the District of Nigel, comprises 2 643,3942
hectares. The area was surface drilled and mined by Gold Fields of South
Africa Limited from 1947 until 1969. In 2005, a prospecting right over
the area was awarded to Aflease Gold Limited.
The Spaarwater Prospecting Right currently held by Gold One was granted
on 28 October 2005, and the renewal of such right was granted by the DMR
on 12 July 2011 for a period of three years. The right includes precious
metals and associated minerals.
Spaarwater Mine operated from November 1947 to August 1969, and milled
2.5 million tonnes of ore yielding 10.38 grams per tonne of gold.
The acquisition will effectively result in a reverse takeover of Goliath
Gold by Gold One Africa, with Gold One Africa ultimately holding 71% of
the share capital in Goliath Gold.
Subsequent to shareholders voting overwhelmingly in favour of the
acquisition and the related resolutions at the general meeting on
Tuesday, 22 March 2011, a new management team was also appointed.
Goliath Gold`s new management team is focused on creating value by
exploring and ultimately developing the company`s extensive future asset
base. This has already begun in earnest with the first surface
exploration drillholes having already been completed. Although the
majority of the current resources have a medium depth profile, a number
of shallower exploration targets also exist, and are currently the focus
of exploration activities. The shallower targets are expected to provide
initial development opportunities as well as the necessary foundations
to access the deeper resources in future. A conceptual economic scoping
study has already been undertaken at Megamine. The outcome of the
current surface exploration drilling programme will form the basis of
updating this scoping study to a pre-feasibility study.
The company`s transformation into a new gold exploration and development
company has been well received by the market. Since the acquisition`s
formal announcement on 13 October 2010, Goliath Gold`s share price has
outperformed its gold mining peers on the JSE by over 90%.
5. Operational update
The major exploration activities undertaken during 2011 included surface
exploration drilling, capturing and quality assurance/quality control
("QA/QC") of underground and surface sampling information from historic
ore reserve tracing sheets, continued enhancement of geological models,
and the compilation and QA/QC of a historic borehole database.
Project activities have focused on extending knowledge from historical
production related information as well as continuing the exploration
drilling programme in the southern portion of Megamine and the Wit Nigel
area. The exploration drilling programme, which commenced in March 2011,
totalled 8,986 metres during 2011. The major objective of the
exploration drilling is the confirmation of high-grade payshoot
extensions in an up-dip, southerly direction from Spaarwater into the
Wit Nigel prospecting area.
In excess of 60,000 underground grade sample data points were captured,
of which approximately 16,800 were assigned to the Main Reef on Wit
Nigel. This information is still undergoing the final QA/QC procedure
and will be utilised to enhance the existing geological models.
Desktop studies for the area have continued to concentrate on critical
topics such as: the impact of the Springs monocline on reef facies and
grade distribution; structural evolution of the East Rand Basin; and
effects of footwall controls on grade distribution. To enhance the local
understanding of the Wit Nigel area, a total of 73 historical borehole
logs were acquired and a total of 904 assay values were captured for the
Main and Kimberley Reefs and have been added to the existing database.
The current surface exploration results, combined with the historic
information collected and collated, will be utilised to consider updated
resource estimations for the Megamine and Wit Nigel properties during
2012.
6. Mandatory offer
A mandatory offer by Gold One Africa to minority Goliath Gold
shareholders is required in terms of the of the Companies Act, 2008 (Act
71 of 2008, as amended ("Companies Act") and the Takeover Regulations
published in terms of section 120 of the Companies Act, as a result of
the change in control of the company, pursuant to Gold One Africa
acquiring a 71% interest in Goliath Gold. Details of the mandatory offer
by Gold One Africa to acquire all of minority Goliath Gold shareholders`
ordinary shares for an offer consideration of one Gold One ordinary
share for every 1.2 post-consolidation Goliath Gold shares held, were
set out in the Offer Circular to shareholders dated Friday, 25 February
2011, which accompanied the Circular.
7. Business objectives, capital management and prospects
Goliath Gold will be a focused exploration and development company with
an Australian Code for Reporting of Exploration Results, Mineral
Resources and Ore Reserves and South African Code for Reporting of
Exploration Results, Mineral Resources and Mineral Reserves compliant
resource base of 12.65 million ounces (including 3.02 million ounces at
4.36 grams per tonne in the indicated category and 9.63 million ounces
at 4.64 grams per tonne in the inferred category). The assets of the
enlarged Goliath Gold provide for a large contiguous prospecting and
mining area. This facilitates opportunities to maximise exploration
value by considering an holistic exploration approach.
The nature of Goliath Gold`s business necessitates strong and
disciplined capital management. Budgets and working capital forecasts
are presented to the Goliath Gold board for approval and are closely
managed and monitored during the financial year. To ensure maximum value
uplift for its shareholders, project expenditure is prioritised based on
the strongest short term value uplift created through the allocation of
capital. Each project is assessed against spend on an ongoing basis to
ensure that the value uplift is realised as forecast. Projects that have
the ability to generate short term cash are also given priority.
Goliath Gold will use its strong and supportive shareholder base,
relationships with financial institutions and the international capital
markets to fund development projects. The same funding philosophy which
governs exploration spend is applied in that spend is only approved if
it is value accretive to the company and its shareholders.
Through the development of Modder East, Gold One has a proven track
record of advancing projects from an exploration phase, through
development to production. This has been achieved by an experienced
management team with the necessary expertise in the various geological,
engineering, metallurgical and corporate disciplines. Goliath Gold is
expected to benefit from this management experience and expertise in
developing the contiguous asset base formed through the assets of the
enlarged Goliath Gold by way of the executive directors of the board and
staff, as well as a management agreement entered into between Goliath
Gold and Gold One effective from the completion date of the acquisition
as described in paragraph 6.1.14 of the pre-listing statement.
Although the majority of Goliath Gold`s resource base will comprise the
Main Reef, geological modelling has identified significant exploration
targets in the BPM and UK9A Kimberley Reefs.
These ore bodies occur from surface to depths in excess of 1 500 metres
within Goliath Gold`s prospecting and mining rights areas. In the
shallower portions (at depths of less than approximately 600 metres
below surface) opportunities exist to utilise existing shaft
infrastructure to gain rapid access to these ore bodies. These areas
thus represent near term exploration opportunities and surface
exploration drilling will evaluate the economic viability of the BPM and
UK9A in the proximity of existing shaft infrastructure.
The longer-term target for Goliath Gold is the Main Reef. This ore body
occurs at depths of between approximately 1,000 metres and 2, 500 metres
below surface on the Megamine properties and extends to surface on the
Wit Nigel property. Importantly, these resources are disconnected from
historical workings in the East Rand Basin, and therefore are not linked
to the current underground flooded workings. Current exploration through
surface drilling is aimed at confidently delineating higher grade
channelised areas that will form the initial targeted production of the
Main Reef. On the basis of these exploration results, where appropriate
economic scoping studies that have been undertaken will be upgraded to
pre-feasibility studies. The fact that this area is not reliant on
extensive historic infrastructure provides an opportunity for these
studies to consider the use of appropriate and modern technologies and
mining methods to optimise efficiencies and minimise costs.
Goliath Gold represents a project that has short, medium and longer term
growth potential, which will be investigated and advanced through the
current scoping studies and planned exploration activities.
8. Unaudited pro forma financial effects of Goliath Gold for the six month
period ended 30 September 2011
8.1 The table below summarises the unaudited pro forma financial
effects on net asset value ("NAV") per share, tangible net asset
value ("TNAV") per share, earnings per share and headline earnings
per share of Goliath Gold.
8.2 The unaudited pro forma financial effects have been prepared for
illustrative purposes only to reflect the financial information of
Goliath Gold following the conclusion of the acquisition and the
financial effects of the issue of the consideration shares. Because
of their nature, the unaudited pro forma financial effects may not
give a fair reflection of Goliath Gold`s financial position,
changes in equity and results of operations or cash flows. The
unaudited pro forma financial effects are the responsibility of the
Goliath Gold directors.
Goliath Megamine Goliath Percentage
Gold Business Gold after Change
Note 2 Note 3 Note 4 Goliath Gold
after /
Goliath Gold
adjusted
Total number of shares 42,462,958 - 147,354,905 247.0%
Weighted average number 42,462,958 - 147,354,905 247.0%
of shares
Earnings/(Loss) per
share (cents)
- Basic 6.47 - (10.5%) (262.3%)
- Diluted 6.47 - (11.20) (273.1%)
- Headline 6.47 - (11.20) (273.1%)
NAV per share 76.79 - 51.21 (33.3%)
TNAV per share 76.79 - 51.21 (33.3%)
Notes:
1. The pro forma financial effects are based on the accounting
policies adopted by Goliath Gold, which are in accordance with
International Financial Reporting Standards ("IFRS"). It is assumed
that all changes and transactions described below are effective on:
- 1 April 2011, for purposes of preparing the pro forma
financial effects on earnings per share and headline earnings
per share.
- 30 September 2011, for purposes of preparing the pro forma
financial effects on NAV per share and TNAV per share.
2. The "Goliath Gold" column has been extracted from the published
reviewed consolidated interim financial information of Goliath Gold
for the period ended 30 September 2011.
3. The "Megamine Business" column has been extracted from the reviewed
interim financial information for the Megamine carve out accounts
for the period ended 30 June 2011.
4. Represents the unaudited pro forma financial position after the
acquisition and the disposal to FEG, which includes the following:
- The acquisition of the Megamine Business.
- The impact of the reverse acquisition of Goliath Gold by Gold
One Africa (the current owner of the Megamine Business). The
deemed acquisition value of Goliath Gold is R106.2 million.
Assets of R38.5 million and a deferred tax liability of R10.8
million are recognised in addition to assets and liabilities
already reflected in the financial information of Goliath
Gold, based on a preliminary fair value calculation. The
deemed acquisition value less the net fair value of the assets
and liabilities of Goliath Gold is R45.8 million and is
expensed.
- Transaction costs associated with the transactions of R9.0
million, which are once-off in nature. These costs comprise
transaction costs exclusive of VAT of R6.9 million, VAT
thereon of R0.9 million and R1.2 million per the settlement
agreements for the previous chief executive officer and
financial director.
9. Goliath Gold share capital
Share capital and premium of Goliath Gold post the R`000
acquisition
Authorised
200 000 0000 ordinary shares of R2.50 each 500,000
Issued
147 354 905 ordinary shares of R2.50 each 368,387
Share premium 197,785
Total share capital 566,172
10. Directors
Details of the directors of Goliath Gold are set out below:
Name Business address Function
M. Wheatley Level 3100 Mount Street Non-executive chairman
North Sydney
New South Wales
2060
K. Rayner 1st Floor Deputy Chairman and
College Hill House Independent non-
Fountain Grove Office executive director
5 2nd Road
Hyde Park
South Africa
N. Froneman Constantia Office Park, Chief Executive Officer
Bridgeview House, Ground
Floor, Corner 14th Avenue
and Hendrik Potgieter
Street, Weltevreden Park,
1709
South Africa
C. Chadwick As above Chief Financial Officer
J. Vilakazi As above Independent non-
executive director
P. Nel As above Independent non-
executive director
* Shareholders are referred to the changes to the board of directors
announcements released on SENS on Tuesday, 21 June 2011, Monday, 1 August
2011 and Monday, 12 September 2011 respectively, which are available on the
company`s website.
11. Salient dates and times relating to the mandatory offer
2012
Publication of abridged revised listing Tuesday, 20 March
particulars on SENS
Finalisation data in respect of the revised Tuesday, 20 March
listing released on SENS
Abridged revised listing particulars published Thursday, 22 March
in the press
Revised listing of Goliath Gold on the JSE Wednesday, 28 March
Opening date of the mandatory offer at 09:00 Wednesday, 28 March
Last day to trade in respect of the mandatory Friday, 13 April
offer
Goliath Gold shares trade "ex" the right to Monday, 16 April
participate in the mandatory offer
Mandatory offer record date at close of business Friday, 20 April
Closing date of the mandatory offer at 12:00 Friday, 20 April
(see note 3 below)
Results of the mandatory offer released on SENS Monday, 23 April
Dematerialised shareholders who have accepted Monday, 23 April
the mandatory offer will have their accounts at
their Central Securities Depository Participants
("CSDPs") or brokers updated
Certificated shareholders who have accepted the Monday, 23 April
mandatory offer will have certificates in the
name of Gold One posted by registered post
provided their Goliath Gold share certificates
have been surrendered by 12:00 on the closing
date (otherwise within five business days after
receipt of such old share certificate)
Results of the mandatory offer published in the Tuesday, 24 April
press
1. The abovementioned times are South African times and are subject to
change. Any change to the above dates and times will be released on
SENS and published in the press.
2. Gold One reserves, in its sole and absolute discretion, the right
to extend the offer period, in which event all amended dates and
times relating to the mandatory offer will be released on SENS and
published in the press.
3. Dematerialised shareholders wishing to accept the offer are
required to notify their CSDPs or brokers, as the case may be, of
their intention to accept the offer in the manner and in the time,
stipulated in the custody agreements entered into between such
dematerialised shareholders and their CSDPs or brokers.
4. Certificated shareholders wishing to accept the offer are required
to complete the form of acceptance, in accordance with the
instructions contained therein to be received by the transfer
secretaries by no later than 12:00 on the closing date of the
offer.
5. The offer consideration due to:
5.1 Dematerialised shareholders will be credited to their accounts
with their CSDPs or brokers at their risk, and dealt with in
terms of the custody agreements entered into between such
dematerialised shareholders and their CSDPs or brokers, in
respect of acceptances received by the transfer secretaries
before 12:00 on Friday, 20 April 2012, which consideration
will be exchanged on Monday, 23 April 2012; or
5.2 Certificated shareholders will be transferred or posted, as
the case may be, by registered mail, at the risk of the
certificated shareholders concerned upon receipt by the
transfer secretaries of the form of acceptance, together with
the relevant documents of title (in negotiable form), in
respect of all acceptances received by the transfer
secretaries before 12:00 on Friday, 20 April 2012, which
consideration will be transferred or posted on Monday, 23
April 2012.
5.3 Share certificates may not be dematerialised or rematerialised
between Monday, 16 April 2012 and Friday, 20 April 2012, both
days inclusive.
6. Acceptance of the offer will be irrevocable.
7. No orders to dematerialise or rematerialise existing securities
will be processed from the business day following the last day to
trade in respect of the mandatory offer. Orders will again be
processed from the first business day after the mandatory offer
record date.
8. The certificated register will be closed between the last day to
trade in respect of the offer and the mandatory offer record date.
12. Copies of the full pre-listing statement
Copies of the full pre-listing statement are available in English only
and may be obtained during normal business hours at the following
addresses:
- Goliath Gold, Constantia Office Park, Bridgeview House, Ground
Floor, Corner 14th Avenue and Hendrik Potgieter Street, Weltevreden
Park, 1709;
- Macquarie First South Capital (Pty) Limited, The Place, South Wing,
1 Sandton Drive, Sandown, 2196; and
- Computershare Investor Services Proprietary Limited, 70 Marshall
Street, Johannesburg, 2001,
from Wednesday, 28 March 2012.
Weltevreden Park
Website: www.goliathgold.co.za
20 March 2012
JSE Sponsor, Transaction Sponsor and Transaction Adviser
Macquarie First South Capital (Pty) Limited
Sponsor
Merchantec Capital
South African Legal Adviser Edward Nathan
Sonnenbergs
Date: 20/03/2012 07:05:04 Supplied by www.sharenet.co.za
Produced by the JSE SENS Department.
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