Wrap Text
SNU - Sentula Mining Limited - Audited provisional condensed consolidated
results for the year ended 31 March 2012
Sentula Mining Limited
Incorporated in the Republic of South Africa
(Registration number 1992/001973/06)
Share code: SNU
ISIN: ZAE000107223
("Sentula" or "the Company" or "the Group")
AUDITED PROVISIONAL CONDENSED CONSOLIDATED RESULTS FOR THE YEAR ENDED 31 MARCH
2012
Revenue increased 5% to R2 512 million
(2011: R2 402 million)
HEPS increased 35% to 21,7 cents
(2011: 16,1 cents)
Statement of financial position
Audited Audited
as at as at
31 March 31 March
R`000 2012 2011
ASSETS
Property, plant and equipment 1 545 934 2 595 426
Mineral rights 410 761 410 761
Intangible assets 27 220 23 347
Goodwill 412 709 408 338
Restricted investment 8 693 8 693
Deferred tax assets 34 869 17 008
Total non-current assets 2 440 186 3 463 573
Inventories 364 521 361 827
Trade and other receivables 468 870 446 446
Current tax receivable 12 507 14 016
Cash and cash equivalents 180 236 88 380
Total current assets 1 026 134 910 669
Assets classified as held-for-sale 389 315 37 779
TOTAL ASSETS 3 855 635 4 412 021
EQUITY AND LIABILITIES
Equity
Share capital and premium 1 994 406 1 994 406
Reserves 376 554 863 128
Total equity attributable to equity holders 2 370 960 2 857 534
of the Company
Non-controlling interest 59 815 75 301
Total equity 2 430 775 2 932 835
Liabilities
Loans and borrowings 488 695 560 000
Rehabilitation provision 66 899 65 004
Deferred tax liabilities 297 852 243 631
Total non-current liabilities 853 446 868 635
Trade and other payables 344 138 439 905
Loans and borrowings 220 316 140 000
Bank overdraft - 148
Taxation 6 960 30 498
Total current liabilities 571 414 610 551
TOTAL LIABILITIES 1 424 860 1 479 186
TOTAL EQUITY AND LIABILITIES 3 855 635 4 412 021
Net asset value per share - excluding 418 cents 505 cents
treasury shares
Tangible net asset value per share (excluding 343 cents 430 cents
goodwill) - excluding treasury shares
Shares in issue at the end of the year - 581 005 581 005
excluding treasury shares (`000)
Shares in issue at the end of the year (`000) 586 559 586 559
Income statement
Audited Audited
year ended year ended
31 March 31 March
R`000 2012 2011
Revenue 2 512 415 2 402 375
Results from operating activities (420 071) 184 903
Net finance charges (63 821) (111 051)
Fair value adjustment on interest rate cap (6 677) -
(Loss)/profit before income tax (490 569) 73 852
Income tax expense (41 625) (42 780)
(Loss)/profit for the year (532 194) 31 072
Attributable to:
- Owners of the company (516 703) 35 127
- Non-controlling interest (15 491) (4 055)
Basic and diluted (loss)/earnings per share (88,9) 6,0
(cents)
Headline earnings per share (cents) 21,7 16,1
Shares in issue at the end of the year 581 005 581 005
excluding treasury shares (`000)
Statement of comprehensive income
Audited Audited
year ended year ended
31 March 31 March
R`000 2012 2011
(Loss)/profit for the year (532 194) 31 072
Other comprehensive income/(loss)
Foreign currency translation differences for 28 000 (19 350)
foreign operations
Other comprehensive income/(loss) for the 28 000 (19 350)
year, net of tax
Total comprehensive (loss)/income for the (504 194) 11 722
year
Attributable to:
- Owners of the company (488 703) 15 777
- Non-controlling interest (15 491) (4 055)
Statement of cash flows
Audited Audited
year ended year ended
31 March 31 March
R`000 2012 2011
Cash flows generated by operating 229 485 239 277
activities
Cash generated from operations 319 156 415 311
Interest paid (62 377) (80 360)
Income taxes paid (27 294) (95 674)
Cash flows from investing activities (140 905) 399 110
Purchase of property, plant and equipment (291 600) (318 618)
Proceeds from disposal of property, plant 156 708 55 962
and equipment
Capitalised exploration expenditure (2 212) (7 074)
Additions to assets held-for-sale (6 833) -
Proceeds from sale of investment in equity- - 670 000
accounted associate
Interest received 3 032 3 211
Increase in restricted investment - (4 371)
Cash flows from financing activities 4 596 (449 337)
Repurchase of shares - (417)
Loans raised 147 335 700 000
Loans repaid (142 739) (1 148 920)
Net increase in cash and cash equivalents 93 176 189 050
Effects of changes in foreign exchange (1 172) 2 755
rates
Cash and cash equivalents at beginning of 88 232 (103 573)
the year
Cash and cash equivalents at end of the 180 236 88 232
year
Reconciliation of headline earnings
Audited Audited
year ended year ended
31 March 31 March
R`000 2012 2011
Net (loss)/profit for the year attributable (516 703) 35 127
to owners of the company
Adjust for:
Profit on sale of plant and equipment (2 464) (37)
Loss on sale of plant and equipment 54 621 9 400
Impairment of plant and equipment 591 171 71 476
Tax effect of above adjustments (508) (22 635)
Headline earnings attributable to ordinary 126 117 93 331
shareholders
Operational segment reporting
The Group is organised into four major operating segments, namely opencast
mining services, exploration drilling, crane hire, and coal mining. Megacube is
disclosed under the "Opencast mining services" as discontinuing as it is in the
process of being wound down. Benicon Opencast, CCT and JEF are included in the
continuing opencast mining services. Equipment trading, spares and engineering
is included in "Other". Segment performance is measured based on the segment
profit before interest and income tax. Inter-segment revenue is priced on an
arms length basis.
Business segments
Continuing Discontinuing Total
opencast opencast opencast
2012 (R`000) mining mining mining Exploration
services services services drilling
Total segment 1 191 289 602 678 1 793 967 861 311
revenue
Inter-segment (213 266) (10 925) (224 191) -
revenue
External revenues 978 023 591 753 1 569 776 861 311
Total segment 171 381 (80 204) 91 177 102 805
results pre
impairment
Impairment (3 095) (588 077) (591 172) -
Segment results 168 286 (668 281) (499 995) 102 805
Segment assets 936 955 539 302 1 476 257 911 925
Unallocated assets
Total assets
2011 (R`000)
Total segment 1 078 246 685 640 1 763 886 678 269
revenue
Inter-segment (145 209) (64 232) (209 441) (932)
revenue
External revenues 933 037 621 408 1 554 445 677 337
Total segment 140 748 40 459 181 207 71 600
results pre
impairment
Impairment (921) (70 555) (71 476) -
Segment results 139 827 (30 096) 109 731 71 600
Segment assets 812 096 1 426 578 2 238 674 860 629
Unallocated assets
Total assets
Operational segment reporting (continued)
Business segments
Corporate
Crane Coal services
2012 (R`000) hire mining and other Consolidated
Total segment revenue 57 418 13 383 63 288 2 789 367
Inter-segment revenue (1 267) (499) (50 995) (276 952)
External revenues 56 151 12 884 12 293 2 512 415
Total segment results 30 335 (15 498) (37 718) 171 101
pre impairment
Impairment - - - (591 172)
Segment results 30 335 (15 498) (37 718) (420 071)
Segment assets 102 215 634 164 683 698 3 808 259
Unallocated assets 47 376
Total assets 3 855 635
2011 (R`000)
Total segment revenue 53 352 107 298 69 867 2 672 672
Inter-segment revenue (256) (2 841) (56 827) (270 297)
External revenues 53 096 104 457 13 040 2 402 375
Total segment results 28 970 11 439 (36 837) 256 379
pre impairment
Impairment - - - (71 476)
Segment results 28 970 11 439 (36 837) 184 903
Segment assets 101 191 634 740 545 763 4 380 997
Unallocated assets 31 024
Total assets 4 412 021
Statement of changes in equity
Employee
share
Share Share incentive
R`000 capital premium reserve
Balance at 31 March 2010 5 866 2 014 438 37 702
Profit for the year - - -
Other comprehensive loss
Foreign currency translation - - -
differences for foreign operations
Total comprehensive income/(loss) - - -
for the year
Transactions with owners, recorded
directly in equity
Own shares acquired - - -
Share-based payments - - 5 117
Share options forfeited - - (393)
Total contributions by and - - 4 724
distributions to owners
Balance as at 31 March 2011 5 866 2 014 438 42 426
Loss for the year - - -
Other comprehensive income
Foreign currency translation - - -
differences for foreign operations
Total comprehensive (loss)/income - - -
for the year
Transactions with owners, recorded
directly in equity
Share-based payments - - 2 134
Share options forfeited - - (7 986)
Total contributions by and - - (5 852)
distributions to owners
Balance as at 31 March 2012 5 866 2 014 438 36 574
Statement of changes in equity (continued)
Foreign
currency
Treasury translation Retained
R`000 shares reserve earnings
Balance at 31 March 2010 (25 481) (34 053) 836 786
Profit for the year - - 35 127
Other comprehensive loss
Foreign currency translation - (19 350) -
differences for foreign
operations
Total comprehensive - (19 350) 35 127
income/(loss) for the year
Transactions with owners,
recorded directly in equity
Own shares acquired (417) - -
Share-based payments - - 1 799
Share options forfeited - - 393
Total contributions by and (417) - 2 192
distributions to owners
Balance as at 31 March 2011 (25 898) (53 403) 874 105
Loss for the year - - (516 703)
Other comprehensive income
Foreign currency translation - 27 995 -
differences for foreign
operations
Total comprehensive - 27 995 (516 703)
(loss)/income for the year
Transactions with owners,
recorded directly in equity
Share-based payments - - -
Share options forfeited - - 7 986
Total contributions by and - - 7 986
distributions to owners
Balance as at 31 March 2012 (25 898) (25 408) 365 388
Statement of changes in equity (continued)
Non-
controlling Total
R`000 Total interest equity
Balance at 31 March 2010 2 835 258 79 356 2 914 614
Profit for the year 35 127 (4 055) 31 072
Other comprehensive loss
Foreign currency translation (19 350) - (19 350)
differences for foreign
operations
Total comprehensive 15 777 (4 055) 11 722
income/(loss) for the year
Transactions with owners,
recorded directly in equity
Own shares acquired (417) - (417)
Share-based payments 6 916 - 6 916
Share options forfeited - - -
Total contributions by and 6 499 - 6 499
distributions to owners
Balance as at 31 March 2011 2 857 534 75 301 2 932 835
Loss for the year (516 703) (15 491) (532 194)
Other comprehensive income
Foreign currency translation 27 995 5 28 000
differences for foreign
operations
Total comprehensive (488 708) (15 486) (504 194)
(loss)/income for the year
Transactions with owners,
recorded directly in equity
Share-based payments 2 134 - 2 134
Share options forfeited - - -
Total contributions by and 2 134 - 2 134
distributions to owners
Balance as at 31 March 2012 2 370 960 59 815 2 430 775
"Despite on-going global economic volatility and its impact on the local mining
industry, Sentula, having dealt decisively with its loss making subsidiary;
Megacube, should benefit from improved earnings visibility in the future. The
diverse nature of Sentula`s earnings and its exposure to coal, a more defensive
sector, should continue to support the underlying fundamentals and ensure the
Group`s revenue base, remains intact. The recently finalised Broad Based Black
Economic Empowerment transaction, involving Sentula`s South African mining
services businesses, is already contributing to the preservation of existing
contracts and enhancing the Group`s tender competitiveness. " - Robin Berry, CEO
- Sentula Mining Limited.
FINANCIAL OVERVIEW
- Revenue increased by 4,6% to R2,512 million (2011: R2,402 million)
- Headline EPS increased by 35% to 21,7 cents (2011: 16,1 cents)
- Net asset value per share: 418 cents (2011: 505 cents)
- Tangible net asset value per share: (2011: 430 cents)
343 cents
- Debt to equity gearing ratio remained (2011: 21%)
constant at 22%
The Group`s results for the financial year were impacted by the following:
- A fair value adjustment on the Group`s senior debt facility interest rate
hedge of R6,7 million;
- A weaker Rand/USD exchange rate impacted positively on Geosearch`s foreign
operations and pre-tax foreign currency gains of R18,6 million were recognised;
- Pre-tax expenses of R10,8 million associated with the Group`s Broad Based
Black Economic Empowerment ("BBBEE") transactions;
- The following pre-tax expenses associated with Megacube`s closure and the
disposal of its plant and equipment fleet:
- Legal and forensic costs of R8,8 million for civil actions associated with the
misappropriated funds;
- Retrenchments costs amounted to R16,7 million;
- An impairment charge of R591,2 million, following an impairment assessment of
this equipment in terms of IAS 36;
- A write off of obsolete inventory in Megacube of R14,2 million;
- A loss on the disposal of idle assets of R54,6 million;
- A reversal of a provision of R79 million raised in 2009, for a potential
liability to a third party as a consequence of the fraud perpetrated in the 2008
financial year;
- The carry cost of R8,5 million (post-tax) incurred as a result of Nkomati
Anthracite Mine being placed on "care and maintenance" in May 2011.
OPERATIONAL REVIEW
Sustainability
Safety track record:
The Group`s Classified Injury Frequency Rate of 1,14 per million man hours
worked is a 4,9% improvement on the prior year. Despite the on-going improvement
in injury frequency rates, the fatal incident which occurred at Benicon`s
workshop facility in November 2011 is sadly one death too many. The alignment of
its core values, with those of its clients, allows Sentula to remain proactive
in making investments in systems and structures to support its efforts in the
area of safety. Sentula acknowledges the right of its employees to return home
without harm and that safety performance must be regarded as a prerequisite and
not a competitive edge.
Transformation:
During the year under review, Sentula was independently re-verified as a "level
5" contributor, in terms of the DTI codes, measuring broad based black economic
empowerment. The recently finalised BBBEE transaction has elevated the status of
its underlying mining services businesses to that of "level 4" contributors,
with an effective 25,04% empowered ownership. This has already enhanced the
Group`s competitiveness, with respect to tendering and retaining contracts in
the South African mining sector.
Subsequent phases of this transaction include the empowerment of the Group`s
coal assets and the process to select a strategic partner, both of which are
progressing.
Environment:
During the year under review, the Group has established a baseline carbon
footprint for several of its activities. Targets and initiatives to reduce the
quantum and impact of emissions have been introduced across the Group.
In the current financial year, Sentula Group companies continued to meet their
objectives, with respect to international certification of their safety,
environmental and training systems.
Mining services
The provision of mining services remains the core of Sentula`s business, with
the four operating divisions and the five underlying continuing businesses
trading satisfactorily, with an improved visibility of work being experienced in
what continues to be a volatile sector.
Continuing opencast mining services:
The year under review has been characterised by growing demand, but exacting
trading conditions, as margins remained under pressure across the opencast
contracting sector.
Benicon managed to negotiate improved mining rates for the 2012 financial year,
and has seen sustained revenue growth, whilst maintaining overall margins during
this period.
Despite a tough first six months, CCT recovered during the second half of the
year and is well positioned to benefit from the resurgence in opencast mining
opportunities along the Eastern limb of the Bushveld Igneous Complex, supported
by demand for ferro-chrome and platinum group metals.
JEF Drill and Blast grew its revenue and profit base substantially during the
past year and this business remains competitively positioned to deliver
sustainable real growth, at current margins, for the foreseeable future.
Discontinuing opencast mining services:
Megacube`s contracting business, has ceased and the emphasis for the next 12 to
18 months will be to monetise the remaining assets, through outright disposals,
redeployment across the broader Group and as trade-in proceeds on new and
replacement Group equipment.
The remaining employees are in the process of being retrenched.
Exploration drilling:
The more favourable exchange rate during the period under review impacted
positively on Geosearchs` revenue and margins. Political unrest in the Ivory
Coast, that resulted in the suspension of operations in that jurisdiction during
the second half of the 2010 calendar year, abated, and exploration recommenced
during June 2011. The Company`s revenue split for the 2012 financial year is
more balanced between domestic and foreign contracts at approximately 35 to 65
percent, respectively.
The significant investment in the geographical diversification of the Company`s
offshore businesses continues to provide a sustainable platform for real growth
and operational efficiencies during the current financial year.
Crane hire:
Ritchie performed well, notwithstanding a reduction in demand for mobile cranage
post the 2010 Soccer World Cup infrastructure development phase. The Company
continued to maintain its level of profitability in the 2012 financial year
supported by its mix of cranes, strong competitive position in the
Witbank/Middelburg geographical area, and diversity of clientele in coal mining,
steel and power generation industries.
Coal mining investments
In line with the strategy to extract the value inherent in its portfolio of
diversified coal assets, the Group has continued to assess opportunities to
achieve this objective in the medium term. Sentula is currently invested in five
projects (three in South Africa, and one in each of Botswana and Zambia). The
projects can be broadly described as mining operations, comprising an operating
mine, near development properties (projects which could be operational within 18
to 24 months) and exploration areas.
Mining properties:
Nkomati Anthracite, was awarded a new order mining right during the previous
financial year and the mine commenced opencast operations in September 2010 with
the Madadeni pit achieving full production in December 2010. Operations at the
Madadeni pit were however suspended in March 2011 due to regulatory and
environmental issues. While these issues are in the process of being resolved,
the underground operations have been placed on care and maintenance from the end
of May 2011. Subsequent to the suspension of the opencast operation, the
Department of Mineral Resources approved the amended environmental management
programme and management continues to work with the Department of Water Affairs,
to deal with the outstanding issues that are required to be addressed, in order
to progress the award of the mine`s integrated water use license. Current
indications are that this process could be finalised during the second half of
the 2013 financial year.
Near development properties:
Sentula has been granted new order prospecting rights over portions of the farms
Bankfontein and Schoongezicht, in Mpumalanga. Exploration has been completed and
mining right applications have been submitted for both of these properties.
Exploration drilling has been completed at the Mulungwa project in Southern
Zambia. The third and final phase of the feasibility programme, which included
resource estimation, completion of the environmental impact assessment,
technical/mining investigations and financial modelling, has also been
completed. A small scale mining license has been awarded and planning indicates
that development could commence during the latter part of 2013 financial year.
Exploration properties:
The Asenjo joint venture with Jonah Capital and Aquilla Resources, situated in
Botswana, has continued exploration activities on its tenements. The value of
the large resource base is expected to be unlocked through the construction of
rail infrastructure to port facilities in Namibia or Mozambique, the provision
of which is enjoying renewed interest in the region. The joint venture partners
agreed to dispose of the Lechana prospect for the sum of USD1,0 million during
the 2013 financial year.
Exploration on the Mabapa coking coal project, remains in abeyance, pending the
securing of an option on a neighbouring property, which will enhance the
critical mass of the overall project.
PROGRESS ON LEGAL MATTERS
Following the announcement on 26 November 2010 of the civil judgment of R88
million against Casper Scharrighuisen, a second judgment for R171 million and
interest thereon of R124 million was obtained in a civil action against
Scharrighuisen on 6 May 2011, bringing the total civil judgments against him to
R383 million. An order for the final sequestration of Scharrighuisen`s estate
was granted during July 2011 in the Western Cape High Court. Megacube lodged a
claim of R393 million against Scharrighuisen`s estate in early October 2011. The
Company continues to work with the National Prosecuting Authority in the
criminal actions against Scharrighuisen and Jason Holland as a consequence of
the misappropriation of funds from Megacube during the 2008 financial year.
With the granting of the final sequestration order against Scharrighuisen, the
Company`s legal and forensic fees should reduce materially in the future.
STRATEGIC REVIEW
The Group`s strategic vision remains one of sustainable growth by being the
mining services provider of choice across the African continent. Our strategy
will be brought to fruition through the exploitation of opportunities identified
in both mining services and proprietary mining investments in Southern Africa,
and further enhanced through the recently finalised BBBEE transaction. The
insights and experience, gleaned from Geosearch`s broad geographic footprint,
across Southern, Central, and more recently West Africa positions the Group to
capitalise on the mining services offerings stemming from the development of new
mineral resources in these regions.
In addition, through its access to the resources, expertise and experience base
of the collective Group, Sentula is well positioned to unlock the value inherent
in its portfolio of coal investments. Sentula`s exposure to the coal and energy
sector, as a service provider and proprietary investor, coupled with its
diversified service offering, client base, mineral exposure and geographical
spread will continue to provide a solid platform for developing the business
into the future.
SUBSEQUENT EVENTS
The BBBEE transaction announced on 2 March 2012, became effective on 9 May 2012.
In terms of the BBBEE transaction, the Sentula Mining Employee Trust, the
Sentula Mining Empowerment Trust and Anglo American Khula Mining Fund
Proprietary Limited collectively acquired a 16,75% direct equity interest in
Benicon, CCT, JEF and Ritchie via its holding company Sentula Contracting
Proprietary Limited. Following the implementation of the proposed BBBEE
transaction, these businesses have an effective Black ownership of 25,04% as
measured. The above transaction and subsequent phases will result in a pre-tax
IFRS 2 charge of approximately R25 million in the 2013 financial year.
CONTINGENT LIABILITY
During the 2009 financial year, Megacube instituted legal proceedings against
Umcebo Mining Proprietary Limited for the recovery of R29,8 million owing for
work performed at its Middelkraal operation, following the termination of this
contract. Subsequent to this claim, a counterclaim of R119.6 million, pertaining
to alleged contractual breaches, has been instituted by Umcebo Mining, against
Megacube.
The parties elected to settle the aforementioned matters and an amount of R13,5
million was paid to Megacube on 23 April 2012 in full and final settlement of
these matters.
BASIS OF PREPARATION
This audited provisional condensed consolidated report for the year ended 31
March 2012 has been prepared under the supervision of the financial director, GP
Louw (CA)SA, in accordance with International Accounting Standard (IAS) 34
Interim Financial Reporting, the requirements of the South African Companies
Act, 2008 (Act No 71 of 2008), as amended, the AC 500 standards issued by the
Accounting Practices Board or its successor and in compliance with the Listings
Requirements of JSE Limited.
The consolidated annual financial statements have been prepared on the
historical cost basis, excluding financial instruments which are fair valued,
and conform to International Financial Reporting Standards (IFRS). The
accounting policies adopted are in terms of IFRS and are consistent with those
applied in the consolidated annual financial statements for the year ended 31
March 2011.
During the 2012 financial year the following accounting pronouncements became
effective: Amended IFRS 1 First-time Adoption of International Financial
Reporting, Amended IFRS 7 Financial Instruments: Disclosures, Amended IAS 1
Presentation of Financial Statements, Amended IAS 24 Related Party Disclosures
and Amended IAS 34 Interim Financial Reporting. These pronouncements had no
material impact on the accounting of transactions or the disclosure thereof.
The accounting standards, amendments to issued accounting standards and
interpretations, which are relevant to the Group, but not yet effective at 31
March 2012, have not been adopted. It is expected that, where applicable, these
standards and amendments will be adopted on each respective effective date,
except where specifically identified. The Group continuously evaluates the
impact of these pronouncements.
The directors are of the opinion that the Group has adequate resources to
continue in operation for the foreseeable future and accordingly the provisional
condensed consolidated financial statements have been prepared on a going
concern basis.
AUDIT OPINION
The independent external auditors, PricewaterhouseCoopers Inc., have audited the
consolidated annual financial statements of Sentula Mining Limited from which
the provisional condensed consolidated financial results have been derived. The
provisional condensed consolidated financial statements are consistent in all
material respects with the consolidated annual financial statements. The audit
was conducted in accordance with International Standards of Auditing. The
auditors have issued an unqualified audit opinion on the consolidated annual
financial statements.
A copy of the auditors` audit report is available for inspection at the
Company`s registered office.
DIVIDEND
No dividend has been declared or paid during the year under review.
DIRECTORATE
The following changes took place to the Board of directors during the year under
review:
Appointments:
RB Patmore was appointed to the Board as an independent non-executive director
with effect from 25 January 2012.
Resignations:
A Kawa resigned from the Board with effect from 2 June 2011.
On behalf of the Board
Jonathan Best
Independent Non-executive Chairman
Robin Berry
Chief Executive Officer
Woodmead
14 June 2012
Directors: JG Best* (Chairman), RC Berry (Chief Executive Officer),
GP Louw (Financial Director), PP Modisane, EHJ Stoyell*,
CJPG van Zyl*, D Zihlangu*, KW Mzondeki*, RB Patmore* *Independent non-executive
Company secretary: GM Chemaly
Transfer Secretaries: Computershare Investor Services Proprietary Limited.
Ground Floor, 70 Marshall Street, Johannesburg, 2001.
PO Box 61051 Marshalltown. Tel (011) 370-5000
Investor Relations Advisers: College Hill
Sponsor: Merchantec Capital
Auditor: PricewaterhouseCoopers Inc.
Registered address: Block 14 - Ground floor, Woodlands Office Park, Woodmead,
2080. PO Box 76, Woodmead, 2080. Telephone (011) 656-1303
www.sentula.co.za
Date: 14/06/2012 07:05:02 Supplied by www.sharenet.co.za
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