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Abridged audited financial results for the year ended 31 August 2012
New Corpcapital Limited
(Incorporated in the Republic of South Africa)
(Registration number: 2001/006539/06)
Share code: NCA ISIN: ZAE000167375
(“New Corpcapital” or “the company” or “the group”)
ABRIDGED AUDITED FINANCIAL RESULTS FOR THE YEAR ENDED 31 AUGUST 2012
CONSOLIDATED STATEMENTS OF FINANCIAL POSITION
Audited Audited
at at
31 Aug 2012 31 Aug 2011
Rm Rm
Current assets 43,0 46,7
Cash and cash equivalents 38,4 41,1
Taxation assets 4,6 5,6
Total assets 43,0 46,7
Equity and liabilities
Stated capital / share capital and premium 169,2 169,2
Retained losses (127,8) (125,2)
Total shareholders’ equity 41,4 44,0
Current liabilities 1,6 2,7
Accounts payable 1,6 2,4
Taxation liabilities - 0,3
Total equity and liabilities 43,0 46,7
Net asset value per share (cents) *109,0 11,6
Issued ordinary shares (‘000) *37 994 379 941
*Consolidation of the Company’s share capital in
the ratio of 10:1
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
Audited Audited
for the For the
year ended year ended
31 Aug 2012 31 Aug 2011
Rm Rm
Revenue 4,5 4,2
Profit before taxation 0,5 0,1
Taxation (3,1) (0,3)
Loss after tax (2,6) (0,2)
Total Comprehensive loss (2,6) (0,2)
Basic and diluted loss per ordinary share (cents) *(6,8) (0,0)
Basic and diluted headline loss per ordinary share
(cents) *(6,8) (0,6)
Reconciliation:
Loss for the year (2,6) (0,2)
Less impairment reversal - (2,0)
Basic headline loss (2,6) (2,2)
Weighted average number of ordinary shares in issue
(’000) *37 994 379 941
*Consolidation of the Company’s share capital in
the ratio of 10:1
CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY
Audited Audited
for the For the
year ended year ended
31 Aug 2012 31 Aug 2011
Rm Rm
Total shareholders’ equity at beginning of year 44,0 44,2
Total comprehensive loss for the year (2,6) (0,2)
Total shareholders’ equity at end of year 41,4 44,0
CONSOLIDATED STATEMENTS OF CASH FLOWS
Audited Audited
for the for the
year ended year ended
31 Aug 2012 31 Aug 2011
Rm Rm
Operating activities (2,7) (0,2)
Net change in cash and cash equivalents (2,7) (0,2)
Opening cash and cash equivalents 41,1 41,3
Closing cash and cash equivalents 38,4 41,1
Basis of preparation
The abridged audited results for the year ended 31 August 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 Listings Requirements of the JSE Limited (“JSE”) and the
relevant sections of the South African Companies Act, 2008 as amended. As
required by the Listings Requirements of the JSE, the group reports headline
earnings in accordance with Circular 3/2012: 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.
Audit Opinion
These results have been audited by the company’s auditors, PKF (Jhb) Inc. and
their unqualified audit opinion is available for inspection at the company's
registered office.
Commentary
The company was listed on the JSE on 27 June 2005 following the liquidation of
Corpcapital Limited and the termination of its listing. The Company was
previously an unlisted wholly-owned subsidiary of Corpcapital Limited. Since
Corpcapital Limited’s liquidation, the Company has owned and controlled the
group’s assets and continued the strategy, initiated by Corpcapital Limited, of
realising group assets and returning capital to shareholders.
On 30 January 2012, the company advised shareholders of negotiations with Sable
Platinum Holdings (Pty) Limited (“Sable”) and its shareholders regarding a
transaction that, if concluded, would constitute a reverse listing of Sable
into the company. On 20 July 2012, the company announced that it had concluded
a binding acquisition agreement, subject to the fulfilment of certain
conditions precedent, to acquire the shares and claims in respect of Sable.
The conclusion of the transaction marked a change in strategy of the company
from realising group assets to investing in a portfolio of exploration assets
primarily targeting platinum group metals.
A circular was issued to shareholders on 11 September 2012 providing details of
the proposed acquisition of Sable, reconstitution of the board of directors,
change of name, general repurchase and odd lot offers. At a general meeting of
the Company held on 10 October 2012, shareholders approved all resolutions in
respect of the transaction, subject to fulfilment of the following conditions:
the Company being satisfied with the results of the due diligence which it is
conducting into the affairs of Sable and an exemption from the obligation of
the vendors to make a mandatory offer being granted by the Takeover Regulation
Panel (“TRP”). Implementation of the transaction remains conditional upon
fulfilment of the outstanding conditions precedent. The Company will release an
announcement over SENS updating shareholders on the progress of implementing
the proposed transaction with Sable as soon as further information is available
to the Company.
As at 31 August 2012, before the general meeting referred to above, the group’s
operations had been regarded as discontinuing and the accounting policies
adopted for the financial year have been prepared on that basis and are
consistent with the previous year. The policies comply in all respects with
International Financial Reporting Standards.
Revenue for the period arises from interest earned on the group’s cash holdings
and sundry income, which consists of reversals of prior provisions against
expenditure. Tax assets and liabilities have been adjusted to reflect the tax
refunds still expected and those received by the group to date from the South
African Revenue Service.
Shareholders are advised that the company's 2012 annual report will be
dispatched as soon as possible.
By order of the board
TA Wixley GB Liebmann
Chairman Chief Executive Officer
19 November 2012
New Corpcapital Limited
53 - 6th Street, Houghton, 2198
PO Box 471917, Parklands 2121, South Africa
Telephone +27 11 465 7319
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: 19/11/2012 05:49:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE').
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