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JCI LIMITED - UNAUDITED NAV STATEMENT AND RENEWAL OF CAUTIONARY

Release Date: 26/07/2012 14:45
Code(s): JCD
Wrap Text
UNAUDITED NAV STATEMENT AND RENEWAL OF
CAUTIONARY

JCI LIMITED
(Incorporated in the Republic of South Africa)
Registration number 1894/00854/06
Share code: JCD ISIN: ZAE000039681 (Suspended)
("JCI" or "the company")
VOLUNTARY ANNOUNCEMENT - UNAUDITED NAV STATEMENT AND RENEWAL OF
CAUTIONARY
Shareholders are advised that JCI is in the process of finalising Annual
Financial Statements for the year ended 31 March 2011, and that the audit
for the year ended 31 March 2012 is well advanced.
Unaudited net asset value statement
An unaudited Net Asset Value ("NAV") Statement of the JCI Group at 23 July
2012 has been prepared and presented below which provides shareholders
with the unaudited financial position of JCI at that date.
JCI's NAV at 23 July 2012 is approximately R67 million less than the
unaudited NAV at 31 October 2011 principally due to the lower than
projected Xelexwa settlement, the ongoing running costs of JCI for
9 months and financial support of Boschendal for 9 months.
The Board of Directors is assessing the future of JCI and will advise
shareholders of any developments in this regard.

GROUP NET ASSET VALUE STATEMENT
                                              23 JULY 2012          31 OCT 2011
ASSETS                            Notes           (R000's)             (R000's)
Listed and unlisted investments                    356 326              416 000
Boschendal (Pty) Ltd                  1            250 000              250 000
Xelexwa (Pty) Ltd                     2             10 000              166 000
Village Main Reef Ltd                 3             96 326                    -


Other assets                                        29 113               23 542
Legal award                           4              6 000                    -
Cash and cash equivalents                            1 577                2 006
Taxation recoverable                  5             21 536               21 536
TOTAL ASSETS                                       385 439              439 542

LIABILITIES
Income tax/VAT/CGT payable            5           (20  204)            (35 494)
Short term loan - Investec            6           (79  042)            (47 416)
Trade and other payables              7            (5  977)             (9 607)
TOTAL LIABILITIES                                (105  223)            (92 517)

NET ASSETS                                         280 216              347 025

ISSUED SHARES
Number of shares                          3 780 509 213         3 780 509 213
Treasury shares                           (424 242 748)         (424 242 748)
                                          3 356 266 465         3 356 266 465

Value per share - Rand                    R         0.0835      R        0.1034
JCI LIMITED
23 JULY 2012
NOTES TO UNAUDITED NET ASSET VALUE STATEMENT

1   BOSCHENDAL
In October 2011 the directors believed that in the existing market
conditions R250 million for 62.67% of Boschendal was a reasonable
value. In light of prevailing market conditions and current negotiations
with a third party, they still believe that a realistic value is R250
million.

2   XELEXWA (PTY) LTD (formerly JAGANDA TRADING)
The claim against Xelexwa, which was the subject of arbitration, was
settled in March 2012 for 50 000 000 Village Main Reef Limited shares,
plus a cash settlement of R10 million, payable in two tranches at the
end of September and December 2012.

3   VILLAGE MAIN REEF LIMITED
Inclusive of 45 869 218 Village Main Reef shares and the special dividend
of 30 cps payable on 6 August 2012.

4   LEGAL AWARD
Award against Richtrau and Vulisango in respect of costs incurred in
setting aside the attempted liquidation and deregistration of Xelexwa.

5   TAXATION RECOVERABLE /INCOME TAX/VAT/CGT PAYABLE
Due to the complexity of the various past and present transactions and
settlements in the JCI Group, JCI has sought legal advice on numerous
tax issues. The amount owing to or due by JCI to/by SARS will be finally
calculated after taking such advice into account. The amount shown as
income tax payable is based on an evaluation of such legal advice,
which advice is ongoing.

6   LEGAL ACTION - HEMISPHERX
The application against the company by Hemispherx Biopharma Limited
(refer to the cautionary announcement by the company dated 6 July 2011)
is still pending.

RENEWAL OF CAUTIONARY ANNOUNCEMENT
Further to the cautionary announcement released by JCI on 26 June 2012,
shareholders of JCI are advised to continue to exercise caution until
such time as a further cautionary announcement is released.

Sandton
26 July 2012
Sponsor: Investec Bank Limited

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