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PALLINGHURST RESOURCES LIMITED - Audited annual results for the year ended 31 December 2013

Release Date: 27/03/2014 07:30
Code(s): PGL     PDF:  
Wrap Text
Audited annual results for the year ended 31 December 2013

PALLINGHURST RESOURCES LIMITED
(Incorporated in Guernsey)
(Guernsey registration Number: 47656)
(South African external company registration number 2009/012636/10) 
Share code on the BSX: PALLRES  ISIN: GG00B27Y8Z93
Share code on the JSE: PGL
("Pallinghurst" or the "Company")

PALLINGHURST RESOURCES LIMITED
AUDITED ANNUAL RESULTS
for the year ended 31 December 2013

NAV increased by ZAR1 billion to ZAR4.4 billion

Key milestones achieved:

- Profit of US$15 million during 2013.
- NAV has increased 28% since 30 June 2013.
- Share price has risen by 60% since January 2013.
- Sedibelo Platinum Mines saw record production of almost 150,000 4E PGM ounces.
- Sedibelo Platinum Mines increased resource base to over 100 million 4E PGM ounces.
- Tshipi Borwa produced one million tonnes of manganese ore and recorded a profit during first full year of operations. 
- PRL’s interest in Jupiter increased to 18.45%. 
- Jupiter delisted from the ASX in January 2014.
- Gemfields/Faberge Merger completed in January 2013.
- Gemfields continued to record strong revenues from emerald auctions.

CHAIRMAN'S STATEMENT

During 2013, there were signs of growth in the developed economies though emerging markets are still weak. Commodity prices remain 
relatively low, with the sharp drop in the gold price during 2013 contributing to a lower platinum price. The South African operations of 
the three largest platinum producers are now into their third month of industrial action, with significant loss of production and the 
increased likelihood of mine closures; yet the platinum price has hardly responded. This inconsistency is unlikely to continue for a 
protracted period and when the turn comes, Sedibelo Platinum Mines, with its improving production profile and unique growth story, will be 
prepared to proceed with a listing.

We have taken Tshipi Borwa from a greenfields site to production and it is well on the way to becoming one of the world’s important 
manganese mines. Even in this ramp-up phase and in an environment of depressed prices, Tshipi has operated profitably in its first full 
financial year. In the Central Yilgarn region of Western Australia, there has been progress in the plans to expand the handling capacity at
the port of Esperance. If port access can be secured, Mount Mason has the potential to rapidly generate profits and establish Jupiter as an
emerging iron ore producer.

Gemfields again achieved a good operating and share price performance during 2013 and its emerald auctions continue to set record prices. 
Its years of hard work have transformed the rough emeralds industry and these skills are now being rolled out to its ruby interests. These 
initiatives are now supported in the global luxury markets by the iconic Fabergé name, with its “Art of Colour” focus and I look forward to
Gemfields entrenching its position as the world’s leading coloured gemstone company.

Our portfolio companies are well-positioned to benefit from any recovery in commodity prices as global demand picks up and as the Company 
seeks to realise the full value of our investments over the coming years.

Brian Gilbertson
Chairman


CHIEF EXECUTIVE'S STATEMENT

I am pleased to report that the Company delivered a strong financial performance in 2013, with a profit for the year of US$15 million and a
28% increase in the Net Asset Value (“NAV”) since 30 June 2013. This is a result of each of our three Investment Platforms making 
significant progress during the year. Whilst the Company is still trading at a significant discount to its underlying NAV, the share price 
has risen by some 60% since January 2013.

Platinum Group Metals
In a difficult year for the PGM industry, Sedibelo Platinum Mines saw record production of almost 150,000 4E PGE ounces, approximately 50% 
higher than the prior year. The company agreed to acquire Kruidfontein, a property contiguous to and directly down-dip of its Magazynskraal
ore body. With this acquisition, Sedibelo Platinum Mines has increased its resource base to over 100 million 4E PGM ounces, underpinning 
its long-life and unique growth profile. Sedibelo Platinum Mines continues to prepare for its IPO and intends to list once market 
conditions are favourable.

Steel Making Materials
Before the delisting of Jupiter, we acquired an additional 40.8 million shares, increasing the Group’s interest to 18.45%. Jupiter’s 
manganese business performed strongly, with its Tshipi Borwa mine ramping-up during 2013 to produce one million tonnes of manganese ore 
and profitability in its first full financial year. The production build up to design capacity of 2.4 million tonnes per annum is set to 
continue in line with the anticipated increase in logistics capacity. In Australia, the large Mount Ida iron ore project remains on hold 
until market conditions improve. However, Jupiter plans to secure access to the expansion of the port of Esperance and thereby fast-track 
its Mount Mason hematite project into production. 

Coloured Gemstones
Gemfields continues to see strong revenues from its emerald auctions, with robust increases in average per carat prices. Kagem, its 
flagship emerald mine in Zambia, has now produced over a quarter of a billion dollars of revenues under Pallinghurst’s ownership, 
representing a remarkable turnaround and strong growth in just six years. Additional revenues have been added from auctions of “traded” 
emeralds and the Montepuez ruby operation is planning its first auction in the next few months. The merger with Fabergé was completed in 
2013 and we expect good progress as Fabergé integrates coloured gemstones into its designs and collections. Joint marketing initiatives 
have boosted Gemfields’ international presence and consumer perception of high quality, ethically sourced gemstones.

As I mentioned last year, we have now entered the “harvesting period”, and our focus remains on realising the inherent value of the 
Investment Portfolio. This effort has resulted in growth in the NAV as well as an increase in the Company’s market capitalisation. That 
said, there is still a significant gap between the share price and the Company’s NAV. However, I believe that the share price will respond 
positively and continue to narrow the discount as we move closer to monetising the underlying value of the Investment Portfolio.


Arne H. Frandsen
Chief Executive



CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2013

                                                                                2013                             2012
                                                                                US$                              US$
INCOME
Investment Portfolio
Realised fair value loss on disposal of Fabergé equity shares                   (7,952,380)                      –
Realised loss on conversion of Fabergé loan to Gemfields shares                (12,027,277)                      –
Impairment of Fabergé loan                                                       –                              (1,638,471)
Realised gain on Sedibelo Platinum Mines transaction                             –                              50,932,811
Realised fair value gain on Jupiter shares                                       –                               3,250,521
Realised loss on Jupiter foreign exchange contract                               –                                (318,880)
Unrealised fair value gains                                                     51,458,344                      31,844,963
Unrealised fair value losses                                                   (10,502,814)                   (119,429,986)
                                                                                20,975,873                     (35,359,042)
Investment Portfolio revenue
Loan interest income                                                            –                                1,681,340
Structuring fee and other income                                                –                                  375,000
                                                                                –                                2,056,340
Net gain/(losses) on investments and income from operations                     20,975,873                     (33,302,702)

EXPENSES
Investment Manager’s Benefit                                                    (5,220,013)                     (5,102,237)
Operating expenses                                                                (894,663)                       (806,588)
Foreign exchange gains                                                              24,029                       –
Foreign exchange losses                                                          –                              (1,237,920)
                                                                                (6,090,647)                     (7,146,745)

Net gain/(loss) from operations                                                 14,885,226                     (40,449,447)

Finance income                                                                      31,895                         281,198
Net finance income                                                                  31,895                         281,198

Profit/(loss) before share in (loss)/profit of associates                       14,917,121                     (40,168,249)

Share in (loss)/profit of associates                                              (223,685)                      1,119,941

Profit/(loss) before tax                                                        14,693,436                     (39,048,308)

Tax                                                                                 (4,461)                      –
NET PROFIT/(LOSS) AFTER TAX 14,688,975 (39,048,308)

Other comprehensive income                                                       –                               –

TOTAL COMPREHENSIVE INCOME/(EXPENSE)                                            14,688,975                     (39,048,308)

Basic and diluted earnings/(loss) per ordinary share                                 0.02                           (0.06)


All elements of total comprehensive income/(expense) for the year and the comparative year are attributable to owners of the parent.
There are no non-controlling interests. 
The accompanying notes form part of these Financial Statements.

CONSOLIDATED BALANCE SHEET
AS AT 31 DECEMBER 2013

                                                                                2013                             2012
                                                                                US$                              US$
ASSETS
Non-current assets
Investments in associates                                                        1,253,200                        1,936,241

Investment portfolio
Listed equity investments                                                      174,618,072                       97,675,366
Unlisted equity investments                                                    215,237,159                      217,951,326
Loans and receivables                                                            –                               50,599,070
                                                                               389,855,231                      366,225,762
Total non-current assets                                                       391,108,431                      368,162,003

Current assets
Trade and other receivables                                                      1,151,742                        1,379,301
Cash and cash equivalents                                                       23,907,419                       31,975,952
Other investments                                                                   57,540                        –
Total current assets                                                            25,116,701                       33,355,253

Total assets                                                                   416,225,132                      401,517,256

LIABILITIES
Current liabilities
Trade and other payables                                                           178,245                          159,344
Total current liabilities                                                          178,245                          159,344 
Total liabilities 178,245 159,344

Net assets                                                                     416,046,887                      401,357,912

Capital and reserves attributable to equity holders
Share capital                                                                        7,606                            7,606
Share premium                                                                  375,227,145                      375,227,145
Retained earnings                                                               40,812,136                       26,123,161

EQUITY                                                                         416,046,887                      401,357,912


CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2013

                                                                                2013                             2012
US$ US$
Cash outflows from operations                                                   (5,842,494)                      (5,777,691)
Additions to investments                                                        (2,653,596)                     (33,699,110)
Loans extended to investments                                                    –                              (28,120,111)
Finance income received                                                             31,895                          281,198
Net cash outflows from operating activities                                     (8,464,195)                     (67,315,714)

Cash flows from investing activities
Amounts invested in associates                                                     (62,899)                        (141,729)
Decrease in investments in associates                                            –                               20,393,255
Amounts returned from associates                                                   434,532                        –
Net cash generated from investing activities                                       371,633                       20,251,526

Cash flows from financing activities
Rights Offer – proceeds                                                          –                               77,241,092
Rights Offer – costs                                                             –                               (2,187,704)
Rights Offer – foreign exchange losses                                           –                                  (49,655)
Net cash generated from financing activities                                     –                               75,003,733

NET (DECREASE)/INCREASE IN CASH AND CASH EQUIVALENTS                            (8,092,562)                      27,939,545

Cash and cash equivalents at the beginning of the year                          31,975,952                        5,274,327
Foreign exchange gain on cash                                                       24,029                        –
Foreign exchange loss on cash – (1,237,920)

CASH AND CASH EQUIVALENTS AT THE END OF THE YEAR                                23,907,419                       31,975,952


CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
AT 31 DECEMBER 2013

                                                                                    Share      Share      Retained
                                                                                    capital    premium    earnings   Total equity
US$ US$ US$ US$
Balance at 1 January 2012                                                            4,760  300,226,258  65,171,469  365,402,487

Rights Offer – proceeds                                                              2,846   77,238,246   –           77,241,092
Rights Offer – costs                                                             –           (2,187,704)  –           (2,187,704)
Rights Offer – foreign exchange losses                                           –              (49,655)  –              (49,655)
Total comprehensive loss for the year                                            –            –         (39,048,308) (39,048,308)

Balance at 31 December 2012                                                          7,606  375,227,145  26,123,161  401,357,912

Total comprehensive income for the year                                          –            –          14,688,975   14,688,975

at 31 December 2013                                                                  7,606  375,227,145  40,812,136  416,046,887


NOTES TO THE CONDENSED FINANCIAL STATEMENTS

SEGMENTAL REPORTING

The Chief Operating Decision Maker (“CODM”) is Mr Gilbertson, the Chairman, who measures the performance of each operating 
segment by assessing the fair value of the Group’s Investment Portfolio on a regular basis.
The Group’s segmental reporting has been revised and is now based around three Investment Platforms, PGMs, Steel Making Materials,
and Coloured Gemstones, each of which is categorised as an operating segment. The Group previously reported four separate
segments. Gemfields completed its merger with Fabergé on 28 January 2013. The Group no longer holds a direct interest in Fabergé
and presents segmental information for its enlarged interest in Gemfields as a single Coloured Gemstones segment. The Group’s
comparative information has been amended for consistency with the revised current year presentation. A restated balance sheet for the
prior year has not been presented as the restatement would not impact on this balance sheet.

The Consolidated Statement of Comprehensive Income segmental information provided to the CODM for the year ended 31 December
2013 is as follows:

                                                                        Steel Making        Coloured
                                                            PGMs        Materials           Gemstones   Unallocated   Total
                                                            US$         US$                 US$         US$           US$
31 December 2013
Realised fair value loss on disposal of 
Fabergé equity shares                                       –           –                   (7,952,380)  –            (7,952,380)
Realised loss on conversion of Fabergé 
loan to Gemfields shares                                    –           –                   (12,027,277) –           (12,027,277)
Unrealised fair value gains (1)                            30,741,707   –                    20,716,637  –            51,458,344
Unrealised fair value losses (2)                            –         (10,502,814)            –          –           (10,502,814)
Net segmental expense                                      30,741,707 (10,502,814)              736,980  –            20,975,873

Other income                                                                                             –             –

Net losses on investments and income from operations                                                                  20,975,873
Expenses, net finance income, share of loss of 
associates and taxation                                                                                 (6,286,898)   (6,286,898)
Net segmental profit/(loss)                               30,741,707  (10,502,814)              736,980 (6,286,898)   14,688,975

(1) The unrealised fair value gain on the Coloured Gemstones segment of US$20,716,637 includes an unrealised foreign exchange gain of 
US$4,411,908.
(2) The unrealised fair value loss on the Steel Making Materials segment of US$10,502,814 includes an unrealised foreign exchange loss of 
US$5,433,310.

The Consolidated Statement of Comprehensive Income segmental information provided to the CODM for the year ended 31 December
2012 is as follows:
                                                                                            Coloured
                                                                        Steel Making        Gemstones
                                                            PGMs        Materials           (restated)  Unallocated   Total
                                                            US$         US$                 US$         US$           US$
31 December 2012
Unrealised fair value gains (1)                             8,293,290    –                   –           –             8,293,290
Unrealised fair value losses (2) (3)                        –          (63,902,168)        (33,416,992)  –           (97,319,160)
Realised foreign exchange gains                             1,440,847    –                   –           –             1,440,847
Realised gain on Sedibelo Platinum Mines transaction       50,932,811    –                   –           –            50,932,811
Realised gain on subscription for Jupiter shares            –            2,931,641           –           –             2,931,641
Impairment of Fabergé loan                                  –            –                  (1,638,471)  –            (1,638,471)
Loan interest income                                        –            –                   1,681,340   –             1,681,340
Net segmental expense                                      60,666,948  (60,970,527)        (33,374,123)  –           (33,677,702)

Other income                                                                                               375,000       375,000

Net losses on investments and income from operations                                                                 (33,302,702)
Expenses, net finance income, share of loss of 
associates and taxation                                                                                 (5,745,606)   (5,745,606)
Net segmental profit/(loss)                                60,666,948  (60,970,527)        (33,374,123) (5,370,606)  (39,048,308)
(1) The unrealised fair value gain on the PGMs segment of US$8,293,290 consists entirely of foreign exchange.
(2) The unrealised fair value loss on the Steel Making Materials segment of US$63,902,168 includes an unrealised foreign exchange gain of 
US$1,977,488.
(3) Two operating segments from 2012, Gemfields and Luxury Brands, have been combined as a single operating segment due to the completion 
of the Gemfields/Fabergé merger. The unrealised fair value loss of US$33,416,992 for 2012 includes a fair value gain of US$18,255,119 on 
Gemfields, an unrealised foreign exchange gain of US$1,878,219 on Gemfields and a fair value loss of US$53,550,330 on Fabergé.


The segmental information provided to the CODM for the reportable segments for the year ended 31 December 2013 is as follows:

                                                                                   Steel Making        Coloured
                                                                       PGMs        Materials           Gemstones         Total
                                                                       US$         US$                 US$               US$
31 December 2013
Investment Portfolio
Listed investments                                                      –          30,256,997         144,361,075       174,618,072
Unlisted investments                                                  215,237,159   –                   –               215,237,159
Total segmental assets                                                215,237,159  30,256,997         144,361,075       389,855,231

Investments in associates, current assets and liabilities                                                                26,191,656
Net assets                                                                                                              416,046,887

The comparative segmental information provided for the year ended 31 December 2012 is as follows:

                                                                                                       Coloured
                                                                                   Steel Making        Gemstones
                                                                       PGMs        Materials           (restated)        Total
                                                                       US$         US$                 US$               US$

31 December 2012
Investment Portfolio
Listed investments                                                      –          38,106,215          59,569,151        97,675,366
Unlisted investments                                                  184,495,452   –                  33,455,874       217,951,326
Loans and receivables                                                   –           –                  50,599,070        50,599,070
Total segmental assets                                                184,495,452  38,106,215          143,624,095      366,225,762

Investments in associates, current assets and liabilities                                                                35,132,150
Net assets                                                                                                              401,357,912


INVESTMENTS
The reconciliation of the Investment Portfolio from 1 January 2013 to 31 December 2013 is as follows:
                                                                                            Realised loss
                                                                  Unrealised   Unrealised   on Gemfields/   Additions    Closing at
                                                  Opening at      fair value   fair value   Fabergé         and          31 December
                                                  1 January 2013  gains (1)    losses (2)   Merger          disposals    2013
Investment                                        US$             US$          US$          US$             US$          US$
Listed equity investments
Gemfields                                         59,569,151      20,716,637    –            –              64,075,287  144,361,075
Jupiter                                           38,106,215       –          (10,502,814)   –               2,653,596   30,256,997
                                                  97,675,366      20,716,637  (10,502,814)   –              66,728,883  174,618,072
Unlisted equity investments
Fabergé                                           33,455,874       –            –           (7,952,380)    (25,503,494)   –
Sedibelo Platinum Mines                          184,495,452      30,741,707    –            –               –          215,237,159
                                                 217,951,326      30,741,707    –           (7,952,380)    (25,503,494) 215,237,159
Loans and receivables
Fabergé – US$50 million loan                      50,599,070       –            –          (12,027,277)    (38,571,793)   –
                                                  50,599,070       –            –          (12,027,277)    (38,571,793)   –
Total                                            366,225,762      51,458,344  (10,502,814) (19,979,657)      2,653,596  389,855,231

(1) The unrealised fair value gain on the Gemfields investment of US$20,716,637 includes an unrealised foreign exchange gain of 
US$4,411,908.
(2) The unrealised fair value loss on the Jupiter investment of US$10,502,814 includes an unrealised foreign exchange loss of 
US$5,433,310.

The net gain on financial assets carried at fair value through profit or loss (i.e. listed and unlisted equity investments during 2013 is
US$33,003,150. The net loss on loans and receivables during 2013 is US$12,027,277. The fair value of loans and receivables equate
to their carrying value at 31 December 2013.

The reconciliation of the Investment Portfolio from 1 January 2012 to 31 December 2012 is as follows:

                                                                   Realised                              Accrued
                                     Unrealised     Unrealised     foreign   Additions    Impairment    interest &    Closing at
                      Opening at     fair value     fair value     exchange  and          of Fabergé    structuring   31 December
                      1 January 2012 gains          losses         gain      disposals    loan          fee           2012
Investment            US$            US$            US$            US$       US$          US$           US$           US$
Listed equity investments
Gemfields (1)         39,435,813      20,133,338     –              –         –            –             –            59,569,151
Jupiter (2)           85,755,778       –           (63,902,168)     –        16,252,605    –             –            38,106,215
                     125,191,591      20,133,338   (63,902,168)     –        16,252,605    –             –            97,675,366

Unlisted equity investments
Fabergé               87,006,204       –           (53,550,330)     –         –            –             –            33,455,874
Moepi Group (3)       13,373,315       –             –              –       (13,373,315)   –             –             -
Richtrau (3)          36,621,344       –             –              –       (36,621,344)   –             –             –
Platmin (3)           53,455,699       –             –            1,440,847 (54,896,546)   –             –             –
Sedibelo Platinum 
Mines (3), (4)         –               8,293,290     –            –         176,202,162    –             –           184,495,452
                     190,456,562       8,293,290   (53,550,330)   1,440,847  71,310,957    –             –           217,951,326

Loans and receivables
Fabergé – US$25 
million loan          22,436,091       –             –            –         (22,942,061)   –              505,970      –
Fabergé – US$50 
million loan           –               –             –            –          51,062,172   (1,638,471)   1,175,369     50,599,070
                      22,436,091       –             –            –          28,120,111   (1,638,471)   1,681,339     50,599,070

Total                338,084,244      28,426,628  (117,452,498)   1,440,847 115,683,673   (1,638,471)   1,681,339    366,225,762

(1) The unrealised fair value gain on the Gemfields investment of US$20,133,338 includes an unrealised foreign exchange gain of 
US$1,878,219.
(2) The unrealised fair value loss on the Jupiter investment of US$63,902,168 includes an unrealised foreign exchange gain of US$1,977,488.
(3) The Group vended its interests in Moepi Group, Richtrau (Magazynskraal) and Sedibelo into Sedibelo Platinum Mines for new shares 
during 2012.
(4) The unrealised fair value gain on the Sedibelo Platinum Mines investment of US$8,293,290 consists entirely of foreign exchange.

The net loss on financial assets carried at fair value through profit or loss (i.e. listed and unlisted equity investments) during 2012 is
US$87,585,023. The net loss on loans and receivables during 2012 is US$1,638,471. The fair value of loans and receivables equate
to their carrying value at 31 December 2012.

BASIS OF PREPARATION
The Directors are responsible for preparing the Annual Report and Financial Statements in accordance with The Companies (Guernsey)
Law, 2008, the financial reporting guides issued by the Accounting Practices Committee of the South African Institute of Chartered
Accountants (“SAICA”), the JSE Listing Requirements and the BSX Listing Regulations.
The Group has prepared Financial Statements under IFRS for the year ending 31 December 2013. The Financial Statements have been
audited by the Company’s auditors, Saffery Champness; their audit opinion was unqualified, and did not draw attention to any
emphases of matter. The audit opinion is available for inspection at the Company’s registered office. The Financial Statements will be
mailed to shareholders during April 2014, and made available on the Company’s website, www.pallinghurst.com.
This preliminary announcement, which includes condensed financial statements (the “Condensed Financial Statements”) does not
contain sufficient information to fully comply with IFRS. The Condensed Financial Statements have been prepared in accordance with
IAS34 Interim Financial Reporting, the Companies (Guernsey) Law, 2008, the financial reporting guides issued by the Accounting
Practices Committee of SAICA, the JSE Listing Requirements and the BSX Listing Regulations.

Accounting policies
The Group’s accounting policies were last disclosed in full in the Group`s financial statements for the year ended 31 December 2012.
The Group has adopted various new accounting standards effective 1 January 2013, including IFRS10 Consolidated Financial Statements,
IFRS11 Joint Arrangements, IFRS12 Disclosure of Interests in Other Entities, IAS28 Investments in Associates and Joint Ventures, and
the revised IAS27 Separate Financial Statements. These five new and revised standards are known together as the “package of five”.
The adoption of the package of five has not had a material impact on the Group in the current year and no adjustments to the Group’s
comparative information have been required.
Various new and revised accounting standards, amendments to standards and new interpretations have been issued by the International
Accounting Standards Board but are not yet effective. The Directors have not yet fully determined what the impact of these changes
will be. The accounting policies applied are consistent with those adopted and disclosed in the Group`s financial statements for the
year ended 31 December 2012 other than in respect of these changes.

Contingent liabilities and contingent assets
The Group has acted as a limited guarantor for the lease of Fabergé’s New York retail outlet at 694 Madison Avenue since 31 August 2011.
The circumstances relating to the guarantee have not changed since that time. One of the conditions of the Gemfields/Fabergé Merger
was that Gemfields either take over as guarantor from PRL, or that Gemfields indemnify the Group against any potential liability to the
landlord. Gemfields have now provided an indemnification to the Group against any loss from this guarantee. The Directors’ assessment
is that the maximum amount of the Group’s contingent liability continues to be US$219,000, although any such loss should be
recoverable from Gemfields under the terms of the indemnification.
The Group had no other significant contingent liabilities or contingent assets at 31 December 2013 or 31 December 2012.

Commitments
The Group had no material commitments at the date of signature of the Financial Statements.

EVENTS OCCURRING AFTER THE END OF THE YEAR

Approval of Annual Report
The Annual Report was approved by the Directors and authorised for issue on 25 March 2014.
Pallinghurst

Pallinghurst Resources Limited | (Incorporated in Guernsey) | (Guernsey registration number: 47656) | (South African external company 
registration number 2009/012636/10) | Share code on the BSX: PALLRES | ISIN: GG00B27Y8Z93 | Share code on the JSE: PGL | (“Pallinghurst” 
or the “Company”) EXECUTIVE DIRECTORS: Brian Gilbertson, Arne H. Frandsen, Andrew Willis (1) NON-EXECUTIVE DIRECTOR: Dr Christo Wiese (2) 
INDEPENDENT NON-EXECUTIVE DIRECTORS: Stuart Platt-Ransom (3), Martin Tolcher, Clive Harris, Patricia White (4) PERMANENT ALTERNATES: Chris 
Powell (1), Brian O’Mahoney (3) ADMINISTRATOR AND COMPANY SECRETARY: Legis Fund Services Limited, 11 New Street, St Peter Port, Guernsey, 
GY1 2PF, Channel Islands REGISTERED OFFICE: 11 New Street, St Peter Port, Guernsey, GY1 2PF, Channel Islands SOUTH AFRICAN TRANSFER 
SECRETARY: Computershare Investor Services (Pty) Limited, 70 Marshall Street, Johannesburg, 2001, South Africa AUDITOR: Saffery Champness, 
PO Box 141, La Tonnelle House, Les Banques, St Sampson, Guernsey, GY1 3HS, Channel Islands JSE SPONSOR: Investec Bank Limited, 100 Grayston
Drive, Sandown, Sandton, 2196, South Africa BSX SPONSOR: Capital G BSX Services Limited, 25 Reid Street, 4th Floor, Hamilton, HM11, Bermuda.

(1) Mr Powell has acted as Permanent Alternate to Mr Willis since 22 March 2013.
(2) Dr Wiese was appointed to the Board effective 11 February 2013.
(3) Mr O’Mahoney acts as Permanent Alternate to Mr Platt-Ransom.
(4) Ms White resigned from the Board on 15 March 2013.






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