Wrap Text
MML - Metmar Limited - Audited abridged financial results for the
year ended 29 February 2012
METMAR LIMITED
Incorporated in the Republic of South Africa
(Registration number 1998/007269/06)
Share code: MML & ISIN code: ZAE000078747
("Metmar" or "the Company" or "the Group")
Audited abridged financial results for the year ended
29 February 2012
* Revenue up 14% to R2,6 billion
* Headline earnings per share up 48% to 34,1 cents
* Net asset value per share up by 6% to 277,5 cents
* Dividend of 16,5 cents per share declared
* Acquired controlling interest in Eastern Belt Chrome Mines
Proprietary Limited
Audited abridged consolidated statements of financial position
at Note 29 February 28 February
2012 2011
R`000 R`000
ASSETS
Non-current assets
Property, plant and equipment 57 469 56 006
Goodwill and intangible assets 155 090 61 914
Investment in associate 49 398 -
Other non-current assets 2 310 763 243 238
Deferred taxation 3 782 4 331
576 502 365 489
Current assets -
Inventories 339 696 269 856
Trade receivables 755 295 525 877
Other receivables 26 570 97 050
Investments in equity instruments 27 905 -
Cash and cash equivalents 3 88 313 70 192
1 237 779 962 975
Non-current net assets held-for-sale 5 443 5 443
Total assets 1 819 724 1 333 907
EQUITY AND LIABILITIES
Equity and retained earnings 645 097 608 572
645 097 608 572
Non-current liabilities
Financial liabilities 76 437 73 400
Deferred taxation 52 336 15 659
128 773 89 059
Current liabilities
Financial liabilities 71 384 17 581
Trade and other payables 399 448 348 963
Trade finance facilities 526 257 247 927
Bank overdrafts 48 765 21 805
1 045 854 636 276
Total equity and liabilities 1 819 724 1 333 907
Net asset value per share (cents) 277,53 261,82
Net tangible asset value per share 210,81 235,18
(cents)
Number of shares in issue 232 440 480 232 440 480
Audited abridged consolidated statements of comprehensive income
for the years ended Note 29 February 28 February
2012 2011
R`000 R`000
Continuing operations
Revenue 2 644 545 2 326 774
Cost of sales (2 358 581) (2 144 007)
Gross profit 285 964 182 767
Other Income 4 36 799 56 470
Operating expenses 5 (229 103) (140 587)
Fair value movements on forward 9 431 4 232
exchange contracts
103 091 102 882
Capital gain on disposal of investment 4 800 -
Operating profit 107 891 102 882
Net finance cost 6 (29 381) (26 467)
Fair value adjustments 27 980 (6 320)
Income from equity accounted investment 1 657 -
Profit before taxation 108 147 70 095
Taxation 7 (31 829) (22 669)
Profit from continuing operations 76 318 47 426
Discontinued operations
(Loss) before taxation - (300)
Taxation - (388)
(Loss) from discontinued operations - (688)
Total
Profit before taxation 108 147 69 795
Taxation (31 829) (23 057)
Profit for the year 76 318 46 738
Other comprehensive income
Movement in foreign currency reserves (2 312) 4 763
Revaluation of investments (12 187) -
Total comprehensive income 61 819 51 501
Profit for the year attributable to:
Equity holders of the Group 80 205 46 746
Non-controlling interests (3 887) (8)
Total profit for the year 76 318 46 738
Non-controlling interests
(Loss) for the year from continuing (3 887) 329
operations
(Loss) for the year from discontinued - (337)
operations
(3 887) (8)
Profit for the year attributable to:
Equity holders of the Group:
Profit for the year from continuing 80 205 47 097
operations
(Loss) for the year from discontinued - (351)
operations
Profit for the year attributable to 80 205 46 746
equity holders of the Group
Total comprehensive income attributable
to:
Equity holders of the Group 108 816 51 509
Non-controlling interests (46 997) (8)
61 819 51 501
Earnings per share
Basic and diluted (cents) 8 34,5 22,0
Audited abridged condensed Group statements of changes in equity
Share Foreign Re- Acquisition
capital currency valuation of shares
and reserve reserve in sub-
premium R`000 R`000 sidiary
R`000 R`000
Balance at 28 February 2010 (16 474) 1 005 - -
New share issue 127 641 - - -
Total comprehensive income - 4 763 - -
for the year
Share premium distribution (50 531) - - -
to shareholders
Purchase of additional non- - - - (5 704)
controlling interest in
subsidiaries
Balance at 28 February 2011 60 636 5 768 - (5 704)
Total comprehensive income - (1 483) 30 094 -
for the year
Dividends paid - - - -
Purchase of additional non- - - - (21 843)
controlling interest in
subsidiaries
Business combinations - - - -
Balance at 29 February 2012 60 636 4 285 30 094 (27 547)
Audited abridged condensed Group statements of changes in equity (continued)
Retained Non- Total
earnings controlling equity
R`000 interests R`000
R`000
Balance at 28 February 2010 501 887 755 487 173
New share issue - - 127 641
Total comprehensive income for the 46 746 (8) 51 501
year
Share premium distribution to - - (50 531)
shareholders
Purchase of additional non- - (1 508) (7 212)
controlling interest in
subsidiaries
Balance at 28 February 2011 548 633 (761) 608 572
Total comprehensive income for the 80 205 (46 997) 61 819
year
Dividends paid (25 568) (1 000) (26 568)
Purchase of additional non- - 533 (21 310)
controlling interest in
subsidiaries
Business combinations - 22 584 22 584
Balance at 29 February 2012 603 270 (25 641) 645 097
Audited abridged condensed Group cash flow statements
for the years ended 29 February 28 February
2012 2011
R`000 R`000
Cash flows generated from/(used in) operating
activities
Cash generated from/(used in) operations 129 574 (24 812)
Net finance costs (29 381) (26 467)
Taxation paid (45 918) (2 906)
Net cash generated from/(used in) operating 54 275 (54 185)
activities
Net cash used in investing activities (78 853) (124 192)
Net cash generated from financing activities 15 739 128 818
Total cash movement for the year (8 839) (49 559)
Cash and cash equivalents at the beginning of 48 387 97 946
the year
Cash and cash equivalents at the end of the 39 548 48 387
year
Notes to the audited abridged financial results
1. Basis of preparation
The audited abridged financial results have been prepared in
accordance with, and contain the information required by IAS 34
Interim Financial Reporting, International Financial Reporting
Standards (IFRS), the AC 500 standards as issued by the
Accounting Practices Board or its successor, the Companies Act 71
of 2008 and the JSE Limited Listings Requirements.
The accounting policies used in the preparation of the financial
results for the period ended 29 February 2012 are in terms of
IFRS and are consistent with those applied for the year ended 28
February 2011.
2. Other non-current assets 29 February 28 February
2012 2011
at fair value at fair
R`000 value
R`000
Investments in equity instuments
Kalahari Resources Proprietary Limited 108 800 20 000
Kivu Resources Limited 9 333 11 745
SA Metals Equity Proprietary Limited 28 500 8 000
Zimbabwe Alloys Chrome (Private) 46 728 116 293
Limited
Pering Base Metals Proprietary Limited 60 000 80 000
Eastern Belt Chrome Mines Proprietary - 7 200
Limited
253 361 243 238
Other non-current receivables 57 402 -
310 763 243 238
3. Cash and cash equivalents
Cash and cash equivalents comprise
cash balances with banks.
Trade finance facilities are accounted
for separately.
29 February 28 February
2012 2011
R`000 R`000
4. Other income
Includes:
Profit on foreign exchange differences 16 601 27 288
Commissions and fees received 18 133 28 402
Other 2 065 780
Total other income 36 799 56 470
5. Operating expenses
Marketing fees 46 520 18 393
Consulting and professional fees 4 664 6 368
Employment costs 68 506 55 053
Legal fees 4 479 1 945
Operating lease charges 3 488 1 842
Repairs and maintenance 7 164 3 680
Impairments 30 761 2 047
Other 63 521 51 259
Total operating expenses 229 103 140 587
6. Net finance cost
Contract interest 17 587 12 262
Bank overdrafts and loans 5 711 7 715
Discounting of deferred payment 13 037 3 904
PGR17/Ruukki
Financing effect on payables and 17 888 23 067
receivables
Interest income (28 741) (20 481)
29 381 26 467
7. Taxation
Normal taxation 33 700 25 603
Deferred taxation (1 871) (2 934)
31 829 22 669
8. Reconciliation of headline earnings
Profit for the period 80 205 46 746
Adjustments for:
- Impairments and losses on disposal 3 759 1 828
of property, plant and equipment
- Capital gain on disposal of (4 800) -
investment
Headline earnings 79 164 48 574
Headline earnings per share (cents) 34,1 23,1
Basic and diluted earnings per share 34,5 22,2
(cents)
Weighted average number of shares in 232 440 480* 210 511 611
issue
*Weighted average number of shares is
equal to the number of shares in issue
at 29 February 2012.
9. Cash generated from/(utilised in)
operations
Profit before taxation 108 147 69 407
Adjustments for:
- Non-cash items (33 240) 12 086
- Finance income
- Net finance costs 29 381 26 467
Changes in working capital:
- Inventories (outflow) (69 840) (43 558)
- Trade and other receivables (229 418) (134 384)
(outflows)
- Trade and other payables 324 544 45 169
129 574 (24 813)
10. Segment report
Following the reorganisation of the Group with effect from 1
March 2011, management identified two separately managed
segments, being Trading and Investments. Trading includes trading
in non-ferrous alloys, ferro alloys, carbons, plastic raw
materials (polymer), rubber, rubber chemicals and food chemicals;
and Investments includes investment in resource based
commodities. Each of these operations has separate accounting and
reporting structures. There are no comparative figures for 28
February 2011.
Audited abridged segmental analysis for the year ended
Segments Commodities Polychem Total
R`000 R`000 trading
R`000
29 February 2012
Segment revenues 2 201 652 431 146 2 632 798
Segment operating profit 45 189 43 287 88 476
Fair value adjustments 179 - 179
Income from associate - - -
Net finance cost 1 333 (9 768) (8 435)
Profit/(loss) for the year 46 701 33 519 80 220
before tax
Profit/(loss) for the year 33 626 24 133 57 759
after tax
Assets and liabilities
Segment assets 989 170 296 164 1 285 334
Segment liabilities 630 924 274 157 905 081
Audited abridged segmental analysis for the year ended (continued)
Segments Investment Limited and Total
activities eliminations R`000
R`000 R`000
29 February 2012
Segment revenues 253 157 (241 410) 2 644 545
Segment operating profit 21 124 (1 709) 107 891
Fair value adjustments 27 801 - 27 980
Income from associate 1 657 - 1 657
Net finance cost (5 654) (15 292) (29 381)
Profit/(loss) for the year 44 928 (17 001) 108 147
before tax
Profit/(loss) for the year 31 562 (13 003) 76 318
after tax
Assets and liabilities
Segment assets 819 145 (284 755) 1 819 724
Segment liabilities 796 894 (527 348) 1 174 627
11. Related party transactions
During the period the Company and its subsidiaries in the
ordinary course of business entered into various transactions
with their associates. These transactions were subject to terms
that are no less favourable than those arranged with third
parties.
12. Corporate governance
The Metmar Group is committed to applying the King code of
Governance Principles ("King III") incorporated in the King
Report on Governance for South Africa.
13. Post-balance sheet events
No material events have occurred between the balance sheet date
and the date of these audited abridged financial results that
would have a material effect on the financial statements of the
Metmar group.
14. Audit opinion
The group annual financial statements have been audited by Grant
Thornton. Their unqualified audit opinion is available for
inspection at the registered offices of the Company.
Commentary
Financial performance
Metmar achieved a pleasing operating performance for the year ended 29 February
2012, as a result of the strong turnaround in trading results in the second six
months of the financial year. Annual revenue grew by 14% to R2,6 billion (2011:
R2,3 billion).
The gross profit margin showed a substantial improvement to 11% (2011: 8%),
underpinned by the strong performance of the trading activities as well as
benefits of implementing the new strategy which led to increased volumes and
higher margins from Metmar`s investee companies. Operating profit grew 5% to
R107,9 million. Increased volumes contributed to this improvement however these
were offset mainly by increased costs linked to higher volumes.
Operating expenses increased to R229,1 million (2011: R140,6 million) largely as
a result of increases in marketing fees for chrome, increased transport costs to
move coke from Zimbabwe to South Africa, restructuring and legal costs, debtor
discounting costs and impairments and employee costs.
The Group recorded a 54% increase in profit before tax to R108,1 million (2011:
R70,1 million). This improvement includes the fair value adjustment of R28
million, the majority of which arises from the valuation of the Alphamin shares
and options acquired during the year.
Attributable profits increased by 63% to R76,3 million (2011: R46,7 million)
while headline earnings increased to R79,2 million (2011: R48,6 million).
The financial position of the Group remains strong. The net asset value
increased by 6% to 277,5 cents per share (2011: 261,8 cents per share). The
investments in equity instruments were valued by an independent expert to R253
million. The valuation has considered risks inherent in some of the investments
such as funding, regulatory risks in countries such as Zimbabwe and possible
delayed commencement of production.
Net cash and cash equivalents at the end of the period amounted to R39,5 million
(2011: R48,4 million). The Group achieved a positive cash flow from operating
activities of R54,3 million (2011: outflow of R54,2 million). A total of R78,9
million was used in investing activities (2011: R124,2 million).
Divisional performance and prospects
Trading
Commodities achieved an operating profit of R45,2 million as trading margins
recovered to pre-2008 levels. The weak rand in the second half of the financial
year benefited the business.
Commodities invested in additional staff to cope with the increased volumes from
general trading. The operating margin of the commodities` segment was similar to
the previous year.
Prices of certain commodities declined mainly due to the slowing down of the
Chinese Economy. Although chrome prices decreased, strong volume growth was
achieved for this commodity following the Group`s purchase of Eastern Belt
Chrome Mines Proprietary Limited (EBCM) and as a result of general chrome
trading activities. In addition reasonable demand for base metals was
experienced. In the domestic market, the closure of Zincor, a major domestic
zinc producer, at the end of 2011, opened up new opportunities.
Polychem
Polychem distributes polymers, natural rubber and rubber chemicals and again
delivered a record performance despite muted market activity. West African
Group, a sub-division of Polychem, achieved an operating profit of R43,3
million.
While the majority of product lines performed well, the operation showed solid
market share gains in its polyethylene, chemical and filler products. It also
benefited from a strong uptake among its customers for new products that were
launched by its international suppliers. Its success in increasing market share
was underpinned by a heightened focus on customer service, in depth knowledge of
its products and the overall quality of its product range.
Investments
The evaluation of each investment was completed during the year, enabling Metmar
Investments and Resources Proprietary Limited (Investments) to identify its
ongoing core assets. The division is now focused on implementing its strategic
objective of taking controlling stakes in key investments, focusing on chrome,
manganese, tin, tantalite, coke and coal opportunities.
For the year under review, Investments achieved an operating profit of R21,1
million.
On 29 February 2012, Metmar announced related party transactions in respect of
Metmar Industrial Proprietary Limited (Metmar Industrial) which took place
during the period under review. The fairness review in respect of these
transactions is ongoing and shareholders will be advised in due course of the
outcome of this process.
Progress for each of the major investments is as follows:
* The Group acquired the remaining 20% stake in Metmar Industrial for a
consideration of R17,7 million. During the year, Metmar Industrial supplied
in excess of 100 000 metric tons of metallurgical coke to the South
African, Zimbabwean and Zambian markets. Metmar Industrial also processes
dumps from chemical and metallurgical industries.
* During the year Metmar made a stepped acquisition of EBCM, buying an
additional 80% equity stake, bringing its total holding to 100%. EBCM owns
51% of Steelpoort Chrome Mines Proprietary Limited (Goudmyn) and 49,9% of
Bolepu Holdings Proprietary Limited (Bolepu). Bolepu in turn owns 40% of
Sefateng Chrome Proprietary Limited (Sefateng). Goudmyn has 700 000 tons of
open cast minable high quality LG6 material and Sefateng has 2,5 million
metric tons of open cast minable LG6 and a further 37 million metric tons
to be mined underground. Metmar Trading secured the off-take for 200 000
metric tons of chrome ore from the mining operations at Sefateng`s
Zwartkoppies mine and a further 200 000 tons from its Waterkop mine.
Sefateng supplied a total of 196 940 metric tons of chrome ore to Metmar
Trading during the period under review. Metmar Trading acquired the entire
off-take for chrome ore from the mining operations at Goudmyn.
* Metmar owns 11,66% of Kalahari Resources Proprietary Limited (Kalahari
Resources), which owns 40% of Kalagadi Manganese Proprietary Limited
(Kalagadi). Kalagadi continues to make good progress with the development
of its manganese mine in the Northern Cape which will produce 3 million
tons of ore per annum. Construction of the sinter plant to produce 2,4
million tons of beneficiated sintered ore is more than 70% complete with
the engineering components nearing completion. A smelter will also be built
at Coega to produce 320 000 tons of manganese alloys per annum. The smelter
will consume 700 000 tons of sinter, leaving 1,7 million tons for export. A
new trading entity has been formed between Metmar and Kalahari Resources.
Metmar is finalising an off-take agreement with Kalagadi for part of the
manganese sinter, as well as part of the alloy production. The mine and the
sinter plant are anticipated to be completed in the second half of 2012,
with the smelter in Coega completed in the second half of 2013. The
marketing of the Kalagadi products represents such a unique opportunity for
Metmar that the CEO, Mr David Ellwood, will take personal management of
this project.
* The terms of the transaction to acquire Metmar Speciality Metals
Proprietary Limited (MSM) were restructured during the year, resulting in
Metmar increasing its stake to a controlling interest of 80% in MSM. The
project involves processing vanadium slag dumps to recover product with 40%
vanadium content, all of which is marketed by Metmar Trading. Metmar has
appointed a new management team which will enable it to exercise better
financial and operational control of the vanadium slag operation to ensure
that the project delivers the expected returns.
* Kivu Resources Limited (Kivu) is 8,98% owned by Metmar and its main
activity is mining exploration in both the Democratic Republic of Congo
(DRC) and Rwanda. During the year, Kivu distributed pro rata to its
shareholders 70% of the shares in its DRC-based subsidiary which holds the
DRC assets. The shareholders in turn exchanged these shares for Toronto
Stock Exchange-listed Alphamin Resources Corp (Alphamin) shares. Metmar
received 2 733 260 Alphamin shares with a current value of R15,7 million.
Alphamin also has a call option and Kivu shareholders a put option on an
additional 20% of the DRC subsidiary at C$0,80 per Alphamin share, or
approximately 18,4 million shares in Alphamin at the election of Kivu
shareholders, for a period of three years. Metmar`s portion of this option
amounts to 2 069 606 Alphamin shares. This was valued at R11,9 million at
financial year-end, based on closing share price of C$0,76. Alphamin
recently raised finance required to carry out exploration work through a
convertible note and has sufficient working capital to complete the
geological work on the DRC tin deposit. Metmar acquired management control
of the Rwandan operation in the last quarter with immediate benefits. Kivu,
with the largest mineral concessions in Rwanda by land coverage, has three
tin mining concessions which are owned in conjunction with the government
of Rwanda.
* Metmar owns 20% of Pering Base Metals Proprietary Limited (PBM) which in
turn owns 100% of Pering Mine (Proprietary) Limited (Pering Mine). Pering
Mine holds a combined in-pit and stockpiled reserve of 51 million metric
tons from which PBM plans to produce 1,2 billion pounds of zinc and lead
over a 13-year life-of-mine using DMS technology. With the bankable
feasibility study completed, the process of raising equity and bank finance
to recommission the Pering Mine is ongoing.
* Metmar owns a 20% share of SA Metals Equity Proprietary Limited, whose
objective is to build a plant to extract pig iron from calcine. The pre-
feasibility study showed excellent returns and the final bankable
feasibility, engineering studies and environmental impact assessment are in
process. Production is planned to commence earliest in 2014. Metmar will
have the marketing rights for the pig iron production.
* Zimbabwe Alloys Chrome (Private) Limited (ZAC), in which Metmar has a 7,7%
effective shareholding, is the largest chrome resource in Zimbabwe,
containing 30 million tons of high-grade chrome. Despite the challenges
imposed by the Zimbabwean political environment and delays in completing
the competent person`s report (CPR), the Group is fully committed to the
project. Further exploration of the chrome concessions commenced in
December 2011 and a new SAMREC and JORC-compliant CPR is in progress. As a
result of the ban on exports of non-beneficiated chrome ore from Zimbabwe,
the operations have been placed on care and maintenance. The current
priority is to raise the required funding to refurbish the furnaces in
order to comply with legislation, allowing ZAC to produce and export its
ferrochrome alloy production.
Dispute
The dispute with Ruukki South Africa (Proprietary) Limited ("Ruukki") regarding
the outstanding payments of the proceeds to the Mogale Vendors is ongoing.
Metmar is a minor vendor in this dispute.
The arbitration relating to Furnace 4 was awarded in favour of the vendors in
December 2011, however Ruukki subsequently issued a notice of review on this
matter.
Metmar understands that the Mogale Vendors will continue to vigorously pursue
their rights; however final resolution is unlikely to occur quickly.
Directorate
The following changes to Metmar`s board of directors took effect during the year
under review:
* Mrs Molleen de Wet stood down as CFO of the Company with effect from 1
October 2011 to focus on her responsibility as CFO of Metmar Trading, which
has shown extensive growth since the listing of Metmar in 2006.
* Mr Glen Forsdyke retired from Metmar and resigned from the board with
effect from 31 October 2011.
* Mr Sizwe Nkosi was appointed as the new CFO of Metmar with effect from 1
October 2011. He is a CA(SA), holds an MBA and has in excess of 15 years`
experience including financial management and commodity marketing in
resources and financial services companies in South Africa. Mr Nkosi took
on the additional responsibility as CFO for Investments.
* Mrs Dawn Earp was appointed as an independent non-executive director of the
Company and a member of its audit and risk committee and chairperson of the
social and ethics committee with effect from 1 October 2011. Mrs Earp is a
CA(SA) and has held executive finance positions in several Anglo American
companies and other top mining groups for more than 20 years.
Outlook
The USA is showing early signs of recovery, but the expectation for the Chinese
economy is of slower growth in the year ahead, while Europe will at best remain
at current depressed economic levels. High oil prices could result in higher
inflation leading to increased interest rates and lower economic growth. These
factors have led to pressure on some commodity prices which could persist in the
next financial year. A sustained global economic recovery will depend on a
continued improvement in consumer demand in Western economies and sustained high
growth rates in China.
While Metmar has maintained its cautious stance against this economic scenario,
the Group is well positioned from a strategic perspective with its focused
business units. The reorganisation of the business has been fully implemented to
ensure that the benefits of any upturn in the commodity cycle flow through.
Investments has identified its strategic investments and will leverage the
strategic progress made in the 2012 financial year to continue streamlining its
portfolio to unlock value. Metmar Trading, with its strong trade finance lines,
has the capacity to maintain its growth, especially as the Group`s investments
deliver increasing volumes.
Dividend
On 30 March 2012, the Company declared a dividend of 16,5 cents per ordinary
share for the 12-month period ended 29 February 2012, totaling R38 373 499. The
dividend is in line with Metmar`s policy to pay approximately half the
attributable earnings earned as a dividend. The important dates relating to the
dividend are set out below:
Last date to trade in order to
participate in the dividend Friday, 15 June 2012
Metmar shares commence trading ex dividend Monday, 18 June 2012
Record date for the dividend Friday, 22 June 2012
Payment date for the dividend Monday, 25 June 2012
Metmar share certificates may not be dematerialised or rematerialised between
Monday, 18 June 2012 and Friday, 22 June 2012 both dates inclusive.
Annual general meeting
The Company`s annual general meeting of shareholders will be held at Metmar`s
registered office at 24 Sloane Street, Bryanston on 1 August 2012. A separate
notice convening the meeting will be sent to shareholders enclosed in the 2012
Integrated Report in due course.
CB Brayshaw DJ Ellwood
Chairman Chief Executive Officer
26 April 2012
Directors: CB Brayshaw* (Chairman), DJ Ellwood (Chief Executive Officer), PP
Boshoff, D Earp*, GP Lotis, D Mashile-Nkosi*,
L Matteucci*, SMS Nkosi (Chief Financial Officer)
*Non-executive
Company Secretary: MRD Boyns (British)
Sponsor: One Capital
Registered office: 24 Sloane Street, Bryanston, 2191 (PO Box 98549,
Sloane Park, 2152)
Transfer Secretaries: Computershare Investor Services (Proprietary) Limited
(PO Box 61051, Marshalltown, 2107)
Auditors: Grant Thornton
These results may be viewed on the internet on http://www.metmarlimited.com
Metmar will host a telephone conference call on Friday, 4 May at 11:00 a.m. to
discuss these results. The conference call may be accessed as follows:
Country Access Number
Canada (Toll-Free) 1 866 605 3852
USA (Toll-Free) 1 800 860 2442
UK (Toll-Free) 0 800 917 7042
South Africa (Toll-Free) 0 800 200 648
Other Countries (Intl Toll) +27 11 535 3600
Date: 26/04/2012 12:02:01 Supplied by www.sharenet.co.za
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