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Explanation regarding expanded accounting policy for year ended 30 September 2011
MARSHALL MONTEAGLE PLC
(Incorporated in Jersey. Registration No. 102785)
(SA Registration No: 2010/024031/10)
JSE CODE: MMP ISIN: JE00B5N88T08
Expanded accounting policy for year ended 30 September 2011
Shareholders are referred to the annual financial statements for
the year ended 30 September 2011 that were posted at the end of
February 2012.
Marshall Monteagle PLC have been part of a JSE Limited pro-
active monitoring exercise which identified the need for the
Company to expand on its accounting policy relating to the
reorganisation of the holding company that occurred during the
2011 financial year.
Shareholders are advised of the following expanded accounting
policy, 2 (b) Basis of Consolidation:
2 (b) Basis of Consolidation
During the financial period ending on 30 September 2011 the
Marshall Monteagle Group underwent a reorganisation. The assets
and liabilities of the previous holding company of the Group,
Marshall Monteagle Holdings S.A. (MMH) were transferred to the
Company for an issue of shares. The Company issued 35,857,499
new shares at 25 US cents per share to MMH in consideration for
this transfer. The assets and liabilities of MMH were valued on
acquisition by the Company at their carrying value in the
accounts of MMH immediately prior to their transfer and the
difference between this value and the par value of the shares
issued has been taken to share premium. MMH was placed into
voluntary liquidation and the Company, based in Jersey, assumed
the position of the holding company of the Group. On liquidation
MMH had no liabilities and its only assets were shares in the
Company. These shares were distributed to MMH’s shareholders as
a liquidation dividend.
The comparative figures included in the financial statements for
the financial period ending 30 September 2011 are those for the
Group under the ownership of MMH as these are directly
comparable with the Group under its new ownership. The
accounting policies for the valuation of assets and liabilities
and the recognition of income and expenses of the Group remain
unchanged from the accounting policies adopted prior to the
reorganisation and are set out separately in the accounting
policy note.
Johannesburg
10 January 2013
Sponsor
Sasfin Capital (A division of Sasfin Bank Limited)
Date: 10/01/2013 08:56:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE').
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