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BFS - Blue Financial Services Limited - The proposed second early conversion and
withdrawal of cautionary announcement
Blue Financial Services Limited
(Incorporated in the Republic of South Africa)
(Registration Number: 1996/006595/06)
JSE Share code:BFS
ISIN: ZAE000083655
("Blue" or the "Company")
THE PROPOSED SECOND EARLY CONVERSION AND WITHDRAWAL OF CAUTIONARY ANNOUNCEMENT
1 INTRODUCTION
Shareholders are referred to the cautionary announcements released on the
Securities Exchange News Service ("SENS") of the JSE Limited ("JSE") on 9
March 2012 and 11 May 2012, wherein shareholders were advised that pursuant
to the Debt Rescheduling Agreement concluded by Blue in December 2010
("DRA"), and as part of the ongoing restructuring of the Company`s balance
sheet, the Company entered into negotiations with existing funders
regarding a potential debt to equity conversion ("Second Early Conversion"
or "Transaction").
Shareholders are hereby advised that Blue has entered into an agreement
("Second Early Conversion Agreement") with certain of its existing funders
("Converting Lenders") regarding the continued financial restructuring of
the Company through (i) the conversion up to a maximum amount of R452
million of existing debt by way of a proposed specific issue to the
Converting Lenders of up to a maximum of 1,015,655,919 Blue ordinary
shares ("Ordinary Shares") for cash at an issue price of 44.5 cents per
Ordinary Share, being the 30-day volume weighted average price ("VWAP")
ruling at the date of the signing of the Early Conversion Agreement and
(ii) the consequent issue of up to a maximum of 1,062,269,202 Anti
dilution shares at par value to Mayibuye.
2 RATIONALE FOR THE SECOND EARLY CONVERSION
The recapitalisation of the Company with R163 million ("Recapitalisation")
by Mayibuye Group (Proprietary) Limited ("Mayibuye") on 10 December 2010
(as more fully described in paragraph 3.1.1 below), coupled with the first
early conversion ("First Early Conversion") of circa R275 million on 28
February 2011 (as more fully described in paragraph 3.1.2 below), and the
commencement of the key phases to its turnaround strategy, have to date
yielded positive and sustainable improvements in financial results and
overall business fundamentals.
The turnaround strategy was formulated in a structured manner with an
initial focus on restoring the Company and its subsidiaries (collectively,
the "Group") to solvency, implementing much needed improvements in
operational, governance and controls, and returning the Group to
profitability.
This position was achieved in August 2011, just six months after the
Recapitalisation and ahead of the initial targets.
With the Group`s turnaround strategy now well advanced and a solid business
foundation in place, focus has now shifted to further strengthening of the
Group`s balance sheet.
A strong and well capitalised balance sheet is paramount in securing new
funding and investors which is a key catalyst in driving future growth in
loan advances and with that the sustainable profitability of the Group
going forward.
In terms of the DRA, any residual gap between the DRA assets and DRA
liabilities as at the end of the Standstill Period (as defined in paragraph
3.1.1 below), may be converted into equity in the Company.
The Company has always anticipated that a gap would remain at the end of
the Standstill Period (as defined in paragraph 3.1.1 below) and that a
conversion into equity would in all probability take place. This has
created an overhang with the potential issue of shares in the Company to
funders, and the further issue of Anti dilution shares to Mayibuye in order
to maintain their shareholding at 51%.
The proposed Second Early Conversion accelerates the expected conversion of
DRA debt into equity and supports the on going strategies of the Group to
strengthen the balance sheet and eliminate the uncertainty regarding the
impact of dilution shares.
Following this conversion, the Company will improve its net equity position
by approximately R400 million and realise savings in funder interest costs,
while representing another important step in moving the Company closer to
meeting all of its turnaround objectives.
After this Second Early Conversion, the Company intends to continue to
explore opportunities to raise additional capital to further strengthen its
balance sheet.
3 IMPORTANT BACKGROUND INFORMATION TO THE SECOND EARLY CONVERSION
Blue issued two circulars to shareholders relating to the Recapitalisation
and the First Early Conversion on 7 October 2010 and 10 February 2011,
respectively, in which the recapitalisation and turnaround strategy of the
Company by Mayibuye was set out in detail.
3.1.1 THE RECAPITALISATION
3.1.1 THE SUBSCRIPTION AGREEMENT, CLAIMS PURCHASE AGREEMENT AND DEBT
RESCHEDULING AGREEMENT
In June 2010 the Company entered into the Subscription Agreement with
Mayibuye whereby Mayibuye subscribed for 1,253,846,154 Ordinary Shares
in Blue at 13 cents per share on 10 December 2010, totalling an
aggregate subscription price of R163 million. In terms of the
Subscription Agreement, Blue also provided a number of warranties in
favour of Mayibuye, whereby Mayibuye is entitled to receive Warranty
Shares in the event that Blue breaches certain of the warranties
resulting in Mayibuye suffering any loss.
In September 2010, Blue concluded a Claims Purchase Agreement with, inter
alia, Old Mutual Life Assurance Company (South Africa) Limited ("OMLACSA")
and Leonox Investments (Proprietary) Limited ("Leonox"), in terms of which
Blue and certain of its subsidiaries are entitled to sell claims (arising
out of the lending of money by them in the course of their lending
businesses) to Leonox. Leonox, in its turn, obtained funding facilities
from OMLACSA and is entitled to draw down against those facilities in order
to pay the purchase prices of claims sold to Leonox by Blue and its
applicable subsidiaries. The aggregate of the amounts outstanding under the
claims which Leonox has purchased from Blue and its subsidiaries may not at
any time exceed R300 million and the effect of the Claims Purchase
Agreement is that it has created a source of funding for Blue and its
applicable subsidiaries since (i) by selling claims to Leonox, Blue and its
subsidiaries will realise cash in the form of the purchase price of those
claims, and (ii) that cash may then be used to fund further lending
activities.
A key feature of the Recapitalisation is the DRA, which Blue concluded with
the existing lenders of the Company ("DRA Lenders").
The DRA makes provision for the rescheduling of amounts owing by Blue and
various of its subsidiaries (collectively, the "Borrowers") to the DRA
Lenders and its critical terms are the following -
(i) it became effective on 1 January 2011;
(ii) no Borrower is obliged to make any principal repayments to the DRA
Lenders during the period (the "Standstill Period") which commenced on
1 January 2011 and which will end on 31 December 2013;
(iii) during the Standstill Period the Borrowers are obliged to pay
interest to the DRA Lenders (on the full principal amounts owing to
the DRA Lenders);
(iv) all the Borrowers` claims, as at 1 January 2011, against members of
the public and arising out the lending businesses undertaken by the
Borrowers, have been ring-fenced (such claims will hereinafter be
referred to as the "Asset Pool");
(v) the Borrowers will, during the Standstill Period, collect the Asset
Pool and use the collections to make further loans to members of the
public and those further loans will be included in the Asset Pool;
(vi) since the interest rates at which the Borrowers lend to members of the
public exceed the interest rate at which the Borrowers have borrowed
money from the DRA Lenders, it is anticipated that the Asset Pool will
grow (in value) during the Standstill Period;
(vii) the DRA Lenders are entitled to extend the Standstill Period;
(viii) certain Acceleration Events (essentially defaults by the
Borrowers under the DRA) have been prescribed and if an Acceleration
Event occurs, the DRA Lenders are entitled to shorten the Standstill
Period;
(ix) the Borrowers are entitled to use collections on account of the Asset
Pool to pay (i) operating costs attributable to the claims included in
the Asset Pool, and (ii) interest which accrues on the principal
amounts owing to the DRA Lenders, and (iii) certain other lenders who
are not party to the DRA but which had amounts outstanding at 1
January 2011, and (iv) taxes which were in arrears on 1 January 2011,
and (v) certain amounts owing, as at 1 January 2011, by them to their
creditors;
(x) on expiry of the Standstill Period the Asset Pool will be collected
and the proceeds will be used to pay the DRA Lenders; and
(xi) if the proceeds of the Asset Pool are insufficient to pay the full
principal amounts owing to the DRA Lenders, the remaining outstanding
principal amounts may be converted into Ordinary Shares at the then
ruling 30 day VWAP.
If, as a result of the conversion of any principal amounts owing to any DRA
Lender into Ordinary Shares or the issue of any other type of Dilution
Share (as defined in the Subscription Agreement), Mayibuye`s shareholding
in Blue falls to below 51%, Mayibuye has the right (in terms of the
Subscription Agreement) to subscribe at par value, for such a number of
Anti dilution Shares as will restore Mayibuye`s shareholding to 51%.
3.1.2 THE FIRST EARLY CONVERSION
Notwithstanding the conclusion of the DRA, certain DRA Lenders indicated to
Blue, during October 2010, a desire to convert a portion of the amounts
owed to them into Ordinary Shares.
Consequently, Blue concluded on 9 December 2010, an addendum to the DRA
whereby the DRA Lenders were granted the option to convert a portion, up to
a total aggregate amount of R325 million, of the amounts owing to them into
Ordinary Shares, at a conversion price of 13 cents per share.
On 28 February 2011, the First Early Conversion was implemented whereby
circa R275 million of the DRA Facilities were converted into Blue Ordinary
Shares at a conversion price of 13 cents per ordinary share.
3.2 BLUE BEE TRANSACTION
Blue shareholders were advised in an announcement released on SENS on 10
February 2011 that Blue was contemplating implementing a BEE transaction as
part of the First Early Conversion Transaction ("Blue BEE Transaction").
At the shareholders` meeting held on 25 February 2011, shareholders granted
the Company the specific authority to issue up to 384,615,384 Ordinary
Shares at 13 cents per Ordinary Share to an independent trust set up to
implement the Blue BEE Transaction, which authority will remain in place
for a period of up to 15 months from 25 February 2011. Shareholders are
hereby advised that, as a result of the time that has elapsed from when
shareholders approved the Blue BEE Transaction, which at the time was
contemplated to be concluded at an issue price of 13 cents, the price of
Ordinary Shares has increased to such an extent that if the Blue BEE
Transaction was in fact concluded on its current terms, the Company will be
required, in terms of IFRS and based on the 30-day VWAP of 44.5 cents per
Ordinary Share as at the date of this notice, to recognise a share based
payment loss of circa R121.2 million. The Board has therefore decided that
it would not be in the best interest of the Company to conclude the Blue
BEE Transaction on the current terms and therefore the proposed Blue BEE
Transaction has been terminated.
4 THE TRANSACTION STRUCTURE - THE SECOND EARLY CONVERSION AGREEMENT
4.1 The Second Early Conversion Agreement has been concluded between
Nederlandse Financierings-Maatschappij voor Ontwikkelingslanden
N.V. (Dutch Development Bank)("FMO"), WorldBusiness Capital
Incorporated ("WBC"), The OPEC Fund for International Development
("OFID") and National Housing Finance Corporation SOC Ltd.
("NHFC") (collectively, the "Converting Lenders"), the Company,
certain of its subsidiaries and Mayibuye in terms of which, inter
alia, the Converting Lenders agreed to convert the whole or a
portion of the amounts owing to them, into Ordinary Shares at a
conversion price of 44.5 cents per Ordinary Share, which is based
on the 30-day VWAP of the Ordinary Shares, calculated as at the
date of signature of the Second Early Conversion Agreement.
4.2 In total, up to a maximum of circa R452 million owing to the
Converting Lenders will be converted in terms of the Second Early
Conversion Agreement. The principal loan amounts ("Conversion
Amounts") that each of the Converting Lenders will convert into equity
pursuant to the Second Early Conversion is as follows -
4.2.1 FMO, which is also a related party to Blue, will convert the
remaining portion of the principal amount owing to them, being R163.25
million;
4.2.2 WBC will convert the entire principal amount owing to them, being
US$10.13 million. For purposes of the Second Early Conversion, the US$
denominated WBC principal amount will be converted into Rand at the
applicable spot rate as at the date of the general meeting to be
convened to approve the Second Early Conversion ("Shareholders Meeting
Date"), provided that if the converted amount exceeds R101,288,760,
("WBC Limit"), it will be reduced to the WBC Limit;
4.2.3 OFID will convert the entire principal amount owing to them,
being US$15.74 million. For purposes of the Second Early Conversion,
the US$ denominated OFID principal amount will be converted into Rand
at the applicable spot rate as at the Shareholders Meeting Date,
provided that if the converted amount exceeds R157,430,250 ("OFID
Limit"), it will be reduced to the OFID Limit; and
4.2.4 NHFC will convert a portion of the principal amount owing to
them, being R30 million.
4.3 Accordingly -
4.3.1 FMO will, pursuant to the Second Early Conversion, be issued
366,849,155 Ordinary Shares;
4.3.2 NHFC will, pursuant the Second Early Conversion, be issued
67,415,730 Ordinary Shares;
4.3.3 OFID will, pursuant to the Second Early Conversion, be issued a
maximum of 353,775,843 Ordinary Shares;
4.3.4 WBC will, pursuant to the Second Early Conversion, be issued a
maximum of 227,615,191 Ordinary Shares; and
4.3.5 Mayibuye will, pursuant to the Second Early Conversion, be issued
a maximum of 1,062,269,202 Ordinary Shares, which shares will
constitute Anti-dilution Shares.
4.4 It is recorded that the WBC Limit referred to in paragraph 4.2.2 above
and the OFID Limit referred to in paragraph 4.2.3 above were inserted
into the Second Early Conversion Agreement to -
4.4.1 limit the currency fluctuation risk associated with converting
the Conversion Amounts of OFID and WBC from US$ into Rand. The OFID
Limit and the WBC Limit represent a conversion rate of US$1 (one
United States Dollar) : R10 (ten Rand), it being recorded that as at
the date of signing of the Second Early Conversion Agreement, the US$
: Rand conversion rate was US$1 (one United States dollars) : R8.30
(eight Rand thirty cents); and
4.4.2 limit (i) the number of Ordinary Shares to be issued to OFID
pursuant to the Second Early Conversion to the number set out in
paragraphs 4.3.3 above and (ii) the number of Ordinary Shares to
be issued to WBC pursuant to the Second Early Conversion to the
number set out in 4.3.4 above and (iii) the number of Anti-
dilution Shares to be issued to Mayibuye pursuant to the Second
Early Conversion to the number set out in paragraph 4.3.5 above.
4.5 The Group shall pay to each Converting Lender the accrued interest
which is attributable to its Conversion Amount.
5 FINANCIAL EFFECTS
The table below illustrates the unaudited pro forma financial effects of
the Second Early Conversion on the published reviewed condensed
consolidated interim results of the Company for the six months ended 31
August 2011.
The preparation of the unaudited pro forma financial effects is the
responsibility of the Directors of Blue. The unaudited pro forma financial
effects have been prepared for illustrative purposes only to provide
information on how the Second Early Conversion might impact on the
financial position and results of the Company and, due to the nature
thereof, may not be a fair reflection of the Company`s financial position,
nor of its future results, after the Second Early Conversion.
Unaudited pro forma financial effects taking into account the Second Early
Conversion:
Actual Pro forma % change
Before (2) After
(cents) Second
Early
Conversion
(3)
(cents)
Earnings per share ("EPS") 0.4 0.4 0.0%
(4)
Headline earnings per 0.4 0.4 0.0%
share ("HEPS") (4)
Net asset value per share 1.1 6.1 454.5%
("NAVPS") (5)
Net tangible asset value (6.7) 0.30 >100%
per share ("NTAVPS") (5)
Number of shares in issue 5 791 990 7 869 915 35.9%
(`000) (4)(5)
Weighted average number of 5 791 990 7 869 915 35.9%
shares (`000) (4)(5)
Further shares issued to 1 015 656
Converting Lenders (`000)
Further shares issued to 1 062 269
Mayibuye (`000)
Mayibuye shareholding (%) 51.0% 51.0% 0.0%
Converting Lenders 0.0% 12.9% >100%
shareholding (%)
Existing Blue shareholders 49.0% 36.1% (26.4%)
(%)
Notes and assumptions:
1 The unaudited pro forma financial information is based on the
accounting policies adopted by the Company and are in accordance with
IFRS.
2 The `Actual Before` column is based on the published reviewed
condensed consolidated interim results for the six months ended 31
August 2011.
3 The `After the Second Early Conversion` column has been adjusted for
the effects of the Second Early Conversion.
4 For purposes of calculating EPS and HEPS the unaudited pro forma
financial effects are calculated on the following assumptions:
(a) The Second Early Conversion was implemented on 1 March 2011;
(b) Interest income of R1.038 million (pre-tax) relating to a
financial derivative instrument has been reversed against
interest income. This reversal has been calculated based on the
actual interest income received on the derivative financial
instrument for the six months ended 31 August 2011 and is assumed
to be taxable;
(c) Interest expense has been adjusted by an amount of R22.032
million as follows:
Rand million
Reversal of actual interest 4.404
incurred in relation to the
financial derivative instrument for
the six months ended 31 August 2011
(pre-tax)
Reversal of actual interest 17.628
incurred on the Conversion Amounts
for the six months ended 31 August
2011 (pre-tax)
22.032
The above amounts are assumed to be tax deductible and will have a continuing
effect;
(d) An amount of R2.642 million (pre-tax) is reversed against operating
income and is assumed to be taxable. This amount has been calculated
based on the foreign exchange losses recognised on the conversion of
foreign denominated debt due to participants to the Second Early
Conversion for the six months ended 31 August 2011. This amount will
have a continuing effect, subject to exchange rate fluctuations;
(e) Operating expenses have been adjusted by an amount of R5.122 million
as follows:
Rand million
Once-off transaction costs have 4.000
been included and are assumed to be
paid out of cash resources. The
expense is assumed to be capital in
nature and therefore not tax
deductible
Reversal of the mark-to-market gain 1.122
relating to the financial
derivative instrument (pre-tax).
This amount is assumed to be
taxable.
5.122
(f) A full tax rate of 28% has been applied and the impact of any tax
losses is ignored;
(g) The issue of 1,015,655,919 Ordinary Shares in accordance with the
Second Early Conversion Agreement; and
(h) The issue of 1,062,269,202 Anti-dilution Shares in accordance with the
Subscription Agreement. The Anti-dilution Shares to be issued have
been determined on a fully diluted basis and take into account the
issue of 1,015,655,919 Dilution Shares in 4(g) above and the future
issue of 4,955,667 shares to staff in terms of the Blue Share Plan
such that after the issue of these shares Mayibuye will own 51% of the
issued share capital in Blue.
5 For purposes of calculating NAVPS and NTAVPS the unaudited pro forma
financial effects are calculated on the following assumptions:
(a) The Second Early Conversion was implemented on 31 August 2011;
(b) Share capital has been adjusted for:
I The issue of 1,015,655,919 Conversion Shares pursuant to the
Second Early Conversion. The shares are assumed to be issued at
the 30-day VWAP on 16 May 2012, being 44.5 cents per share,
giving rise to a R451.967 million adjustment to share capital.
II The issue of 1,062,269,202 Anti-dilution Shares pursuant to the
Second Early Conversion. The Anti-dilution Shares to be issued
have been determined on a fully diluted basis and take into
account the issue of 1,015,655,919 Dilution Shares in 4(g) above
and the future issue of 4,955,667 shares to staff in terms of the
Blue Share Plan such that after the issue of these shares
Mayibuye will own 51% of the issued share capital in Blue. Anti-
dilution Shares are assumed to be issued at the par value of
0.0001 cent a share for a cash consideration of R1,062.27.
III The issue of Dilution and Anti-dilution shares are indicative
only due to the fact that the debt being converted includes
foreign denominated borrowings of USD25.872 million which have
been converted at a rate of R10/ USD1. The ultimate conversion of
the debt will be different and will be impacted by the foreign
exchange rates prevailing at the date of such conversion.
(c ) The derivative financial liability relates to the WBC foreign
denominated loan amount and will be settled on conversion of the WBC
loan. The financial derivative liability has been adjusted as follows:
I The value of the derivative financial instrument has been
adjusted to reflect a gain of R28.393 million as a result of the
assumed potential depreciation in the Rand from R6.9793/USD as at
31 August 2011 to R10/USD1 being the exchange rate used to
determine the maximum Conversion Amount resulting in an adjusted
positive balance of R9.708 million. Corresponding credits to
accumulated loss and taxation payable of R20.443 million (after
tax) and R7.950 million respectively have been made.
II An amount of R9.708 million has been credited to the account to
take into account the settlement of the derivative financial
instrument (based on the adjusted value per 5(c)I above) with a
corresponding debit of R9.708 million to bank and cash. No
further costs have been taken into account for the early
settlement of the derivative financial instrument.
(d) Long term liabilities have been adjusted as follows:
I The foreign denominated Conversion Amounts of cumulatively R180.568
million as at 31 August 2011 included in long term liabilities have
been credited by R78.151 million to account for the assumed
depreciation in the Rand from R6.9793/USD as at 31 August 2011 to
R10/USD1 being the exchange rate used to determine the maximum
Conversion Amount. Note this amount is indicative only and the
ultimate amount of the adjustment will be different and will be
impacted by the foreign exchange rates prevailing at the date of the
actual conversion. Corresponding debits to accumulated loss and
taxation payable of R56.269 million (after tax) and R21.882 million
respectively have been made; and
II An adjustment for the de-recognition of debt to the value of R451.967
million based on the total maximum debt converted into Ordinary Shares in
accordance with the Second Early Conversion Agreement. Note this amount is
indicative only and the ultimate amount of debt converted will be different
and will be impacted by the foreign exchange rates prevailing at the date
of such conversion;
(e) Accumulated loss has been adjusted for once-off transaction costs of
R4.0 million, an amount of R20.433 million (after tax) relating to the
gain on revaluation of the derivative financial liability in 5(c)I
above and an amount of R56.269 million (after tax) relating to the
write-up of the foreign denominated Conversion Amounts in 5(d)I above.
(f) Cash and cash equivalents have been increased by a net amount of
R5.709 million, which includes the subscription proceeds of R1,062.27
from the issue of the Anti-dilution Shares, the payment of R4.0
million in once-off transaction costs and the proceeds of R9.708
million relating to the settlement of the derivative financial
instrument.
6 CONDITION PRECEDENT
6.1 The only remaining condition precedent ("Condition Precedent") to the
Second Early Conversion Agreement is that Blue obtains each
authorisation, consent, approval, resolution, licence, exemption,
filing, notarisation or registration which is required in respect of
Conversion (including the issue of the requisite Anti-Dilution
Shares to Mayibuye) under any applicable laws and any contract which
is binding on the Group including, without limitation -
6.1.1 any resolutions required under the JSE Listings Requirements or
the rules of the BSE and the Companies Act from the current
holders of the Ordinary Shares; and
6.1.2 the approval of RenAsset in respect of the Second Early
Conversion (to the extent to which such approval is required).
6.2 If the remaining Condition Precedent is not fulfilled by 31 July 2012,
or such a later date as may be agreed by all the parties to the Second
Early Conversion Agreement in writing, the Second Early Conversion
will not be implemented.
7 UNDERTAKINGS TO VOTE
Shareholders currently holding in aggregate 75.6% of the issued Ordinary
Shares and entitled to vote in respect of certain of the resolutions, have
provided the Company with irrevocable undertakings to vote in favour of
those resolutions set out in the notice of general meeting referred to in
paragraph 8 below. Shareholders currently holding in aggregate 64.7%% of
the issued Ordinary Shares and entitled to vote on all resolutions, have
provided the Company with irrevocable undertakings to vote in favour of all
of the resolutions set out in the notice of general meeting referred to in
paragraph 8 below.
8 SHAREHOLDER APPROVAL, POSTING OF CIRCULAR AND NOTICE OF GENERAL MEETING
Although FMO is a related party, the issue price of 44.5 cents is based on
the 30-day VWAP per Ordinary Share immediately prior to the signing of the
Second Early Conversion Agreement and therefore, in terms of section
5.51(f) of the JSE Listings Requirements, the directors are not required to
include a statement confirming whether the specific issue is fair insofar
as the Blue shareholders (excluding FMO) are concerned.
A circular setting out the full details of the Second Early Conversion will
be posted to shareholders on or about 30 May 2012. The Circular will
incorporate a notice convening a general meeting of shareholders to be held
on or about 29 June 2012 at Mayibuye Place, 355 Kent Avenue, Randburg in
order to consider and if deemed fit, pass with or without modification, the
special and ordinary resolutions contained therein, all of which are
required to procure the implementation of the Second Early Conversion.
9 WITHDRAWAL OF CAUTIONARY ANNOUNCEMENT
As the salient terms of the Second Early Conversion and the pro forma
financial effects thereof are presented in this announcement, shareholders
are advised that they no longer need to exercise caution when dealing in
their Blue shares and the cautionary announcements referred to in paragraph
1 above are herewith withdrawn.
Johannesburg
21 May 2012
Designated Adviser to Blue
Grindrod Bank Limited
Financial Adviser to Blue
PricewaterhouseCoopers Corporate Finance (Proprietary) Limited
Reporting Accountants and Auditors to Blue
Deloitte & Touche
Attorneys to Blue
Cliffe Dekker Hofmeyr Inc.
Date: 21/05/2012 08:28:01 Supplied by www.sharenet.co.za
Produced by the JSE SENS Department.
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