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GOLIATH GOLD MINING LIMITED - Prior period restatement and trading statement

Release Date: 17/07/2013 10:35
Code(s): GGM     PDF:  
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Prior period restatement and trading statement

GOLIATH GOLD MINING LIMITED
Incorporated in the Republic of South Africa
(Registration number 1933/004523/06)
Share code: GGM ISIN: ZAE000154753
(“Goliath Gold” or “the Company”)


                     PRIOR PERIOD RESTATEMENT AND TRADING STATEMENT



PRIOR PERIOD RESTATEMENT

Shareholders are advised that the board of directors of Goliath Gold (“the Board”) has restated the share
based payment expense in terms of the BEE transaction following a revision at year end of the initial
assumptions upon which the expense was based. Accordingly, the headline loss calculation as set out in the
reviewed condensed consolidated interim financial statements for the six months ended 30 June 2012, as
released on SENS on 28 September 2012 was restated.

The effects of the aforementioned adjustments are as follows:

                                                                                  Restated       Reviewed
                                                                                six months     six months
                                                                                to 30 June     to 30 June
                                                                  Change              2012           2012
                                                                        %            R’000          R’000
 Share based payment expense (BEE transaction)                      (25.5)         (23 770)       (31 897)
 Total comprehensive loss for the period                            (15.1)         (45 531)       (53 658)
 Loss per share (cents)                                             (16.8)          (35.32)        (42.47)

 Headline loss reconciliation
 Loss for the period                                                              (45 531)       (53 658)
 Adjustments for:
 Loss on disposal of assets                                         100.0            1 105              -
 Fair value adjustment                                              100.0            1 178              -
 Loss on sale of property plant and equipment                       100.0               93              -
 Headline loss for the period                                       (19.6)        (43 155)       (53 658)
 Headline loss per share (cents)                                    (23.6)         (33.47)        (43.80)
 Net asset value per share (cents)                                  (15.9)          111.61         132.75
 Tangible net asset value per share (cents)                         (40.6)           60.52         101.83


TRADING STATEMENT

In terms of the JSE Listings Requirements, companies are required to publish a trading statement as soon
as they become reasonably certain that the financial results for the period to be reported on will differ by
more than 20% from that of the previous corresponding period.

Accordingly, a review of the financial results for the six month period ended 30 June 2013 by the Board has
resulted in a reasonably certain expectation that the consolidated loss per share will improve to between
9.17 cents and 16.23 cents per share and the consolidated headline loss per share will improve to between
8.89 cents and 15.59 cents, compared to the restated consolidated loss per share of 35.32 cents and the
restated consolidated headline loss per share of 33.47 cents for the six month period ended 30 June 2012.
The financial information on which this trading statement is based has not been reviewed or reported on by
the Company’s auditors. Goliath Gold’s interim financial results for the six months ended 30 June 2013 are
expected to be released on SENS on or about 27 September 2013.


Johannesburg
17 July 2013

Sponsor
Merchantec Capital

Date: 17/07/2013 10:35:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE'). 
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