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NCA - New Corpcapital Limited - Unaudited condensed consolidated interim results

Release Date: 31/05/2012 16:26
Code(s): NCA
Wrap Text

NCA - New Corpcapital Limited - Unaudited condensed consolidated interim results for the six months ended 29 February 2012 NEW CORPCAPITAL LIMITED Registration number: 2001/006539/06 Share code: NCA ISIN:ZAE000067765 ("New Corpcapital" or "the group") UNAUDITED CONDENSED CONSOLIDATED INTERIM RESULTS FOR THE SIX MONTHS ENDED 29 FEBRUARY 2012 CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL POSITION Unaudited Unaudited Audited 6 months 6 months Year 29 Feb 2012 28 Feb 2011 31 Aug 2011
Rm Rm Rm Current assets 44,2 45,6 46,7 Cash and cash equivalents 39,6 39,9 41,1 Taxation assets 4,6 5,7 5,6 Total assets 44,2 45,6 46,7 Equity and liabilities Share capital and premium 169,2 169,2 169,2 Retained losses (127,0) (125,7) (125,2) Total shareholders` equity 42,2 43,5 44,0 Current liabilities 2,0 2,1 2,7 Accounts payable 2,0 1,8 2,4 Taxation liabilities 0,0 0,3 0,3 Total equity and liabilities 44,2 45,6 46,7 Net asset value per share 11,1 11,5 11,6 (cents) Issued ordinary shares (`000) 379 941 379 941 379 941 CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME Unaudited Unaudited Audited
6 months 6 months Year 29 Feb 2012 28 Feb 2011 31 Aug 2011 Rm Rm Rm Revenue 1,0 1,0 4,2 Profit/(loss) before taxation 1,2 (0,7) 0,1 Taxation (3,0) (0,0) (0,3) Loss after taxation (1,8) (0,7) (0,2) Total comprehensive loss for the (1,8) (0,7) (0,2) period attributable to the equity holders of the parent Basic and diluted loss per (0,5) (0,2) (0,0) ordinary share (cents) Basic and diluted headline loss (0,5) (0,2) (0,6) per ordinary share (cents) Reconciliation: Loss for the year (1,8) (0,7) (0,2) Less impairment reversal (0,0) (0,0) (2,0) Basic headline loss (1,8) (0,7) (2,2) Weighted average number of 379 941 379 941 379 941 ordinary shares in issue (`000) CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY Unaudited Unaudited Audited
6 months 6 months Year 29 Feb 2012 28 Feb 2011 31 Aug 2011 Rm Rm Rm Total shareholders` equity at 44,0 44,2 44,2 beginning of the period Total comprehensive (1,8) (0,7) (0,2) profit/(loss) for the period Total shareholders` equity at 42,2 43,5 44,0 end of the period CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
Unaudited Unaudited Audited 6 months 6 months Year 29 Feb 2012 28 Feb 2011 31 Aug 2011 Rm Rm Rm
Operating activities (1,5) (1,4) (0,2) Net change in cash and cash (1,5) (1,4) (0,2) equivalents Opening cash and cash 41,1 41,3 41,3 equivalents Closing cash and cash 39,6 39,9 41,1 equivalents
BASIS OF PREPARATION The unaudited interim results for the six months ended 29 February 2012 have been prepared in accordance with International Financial Reporting Standards, including IAS 34 (Interim Financial Reporting), AC 500 Standards as issued by the Accounting Practices Board or its successor and comply with the requirements of the JSE Limited ("JSE") Listing Requirements and the relevant sections of the South African Companies Act 2008, as amended. As required by the JSE Listings Requirements, the group reports headline earnings in accordance with Circular 3/2009: Headline Earnings as issued by the South African Institute of Chartered Accountants. The accounting policies applied are consistent in all respects with the accounting policies applied in the financial statements for the year ended 31 August 2011. The preparation of these results was supervised by GB Liebmann, Chief Executive Officer and Financial Director. These results have not been audited or reviewed by New Corpcapital`s auditors, PKF (Jhb) Inc. COMMENTARY TO SHAREHOLDERS New Corpcapital was listed on the JSE Limited on 27 June 2005 following the liquidation of Corpcapital Limited and the termination of its listing. New Corpcapital was previously an unlisted wholly-owned subsidiary of Corpcapital Limited. Since Corpcapital Limited`s liquidation, New Corpcapital has owned and controlled the group`s assets. New Corpcapital continued the strategy, initiated by Corpcapital Limited, of realising group assets and returning capital to shareholders. The group`s operations are regarded as discontinuing and the accounting policies adopted for the financial year are consistent with the previous year. The policies comply in all respects with International Financial Reporting Standards. No material events occurred since 29 February 2012. Revenue for the period arises from interest earned on the group`s cash holdings. Overhead costs have been reduced to a minimum in line with the limited scope of activities. The South African Revenue Service`s ("SARS") tax queries on historical group transactions have been resolved. Prudent adjustments have been made to the tax assets and liabilities to reflect the progress of ongoing discussions with SARS to effect payment of the refunds due to the group. On 30 January 2012, the group advised shareholders of negotiations between the group and Sable Platinum Holdings (Proprietary) Limited ("Sable") and its shareholders regarding a transaction which, if concluded, would constitute a reverse listing of Sable into New Corpcapital. The negotiations with Sable are ongoing. The conclusion of a transaction with Sable would mark a change in strategy of the group from realising group assets to investing in a portfolio of exploration assets primarily targeting Platinum Group Metals. Shareholders are advised to continue to exercise caution when dealing in New Corpcapital`s securities until a further announcement is made. By order of the board T A Wixley G B Liebmann Chairman Chief Executive Officer 31 May 2012 NEW CORPCAPITAL LIMITED 53 - 6TH STREET, HOUGHTON, 2198 PO BOX 471917, PARKLANDS 2121 TELEPHONE +27 11 465 7319 TELEFAX +27 086 646 5999 DIRECTORS: T A WIXLEY** (NON-EXECUTIVE CHAIRMAN) D L BROOKING** N N LAZARUS** G B LIEBMANN (CEO) (**INDEPENDENT NON-EXECUTIVE) COMPANY SECRETARY: J WELHAM SPONSOR: JAVA CAPITAL Date: 31/05/2012 16:26:01 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.

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