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Abridged results for year ended 31 December 2013 and notice of Annual General Meeting
MASTER DRILLING GROUP LIMITED
(Incorporated in the Republic of South Africa)
Registration No. 2011/008265/06
JSE share code: MDI / ISIN: ZAE 0001711948
("Master Drilling" or "the company")
REPORT TO SHAREHOLDERS
ABRIDGED AUDITED RESULTS FOR MASTER DRILLING GROUP LIMITED
FOR THE YEAR ENDED 31 DECEMBER 2013 AND NOTICE OF ANNUAL GENERAL MEETING
HIGHLIGHTS FOR THE PERIOD
- Revenue for the year ended 31 December up from
*$99.7 million in 2012 to $119.7 million in 2013.
- Profit attributable to equity shareholders
up by #24.9% to $15.1 million.
- Headline earnings per share of 10.3 US cents
(99.2 ZAR cents).
- Net asset value of $106.1 million.
- Signing of additional long-term contracts with
major resource companies.
- Wide range of projects, from exploration-
stage, drilling, to ventilation and access shaft
construction.
- One of the most extensive fleets in the global market.
- Technically innovative raisebore, specialised and
custom rigs.
* Full year 2012 unaudited figure.
# Compared to full year 2012 unaudited figure.
SHAREHOLDER INFORMATION
Issued capital
Category of shareholder Number % of issued
of shares share capital
Shares held by public shareholders 56,875,910 38.4
Shares held by directors and key management 91,389,581 61.6
Total ordinary shares in issue at 31 December 2013 148,265,491 100.0
Market Capitalisation at 31 December 2013 R1,455,967,122.
ABOUT MASTER DRILLING GROUP LIMITED
Master Drilling is one of the world's leaders in the raiseboring market and provides specialised drilling
services to major, mid-tier and junior mining and exploration companies, which focus on mining a range
of different commodities.
Master Drilling also provides drilling services for civil engineering applications in a variety of emerging
markets and the Group offers complete project management expertise in projects ranging from
exploration-stage drilling through to production-stage drilling.
The Group has specialised in-house drilling equipment design, manufacturing, training and maintenance
capabilities, which allow it to tailor solutions to meet the specific conditions and drilling requirements
of its customers. The Group's raiseboring capability offers advantages over other conventional drilling
methods including increased speed and safety.
By year-end, the Group was actively operating 157 drilling rigs across Southern Africa, Latin America,
West Africa and the Middle East. These rigs are owned or leased by Master Drilling, with a few
operated through rentals from third parties. As the global mining industry focuses on a greater level
of mechanisation, Master Drilling is pursuing organic growth opportunities in Mexico and Peru and
expanding geographically in Colombia, and the DRC. Master Drilling is enhancing its position as a world-
class supplier of technologically-advanced mine drilling operations, as well as value-added services.
The auditor’s report does not necessarily report on all of the information contained in this
announcement / financial results. Shareholders are therefore advised that in order to obtain a full
understanding of the nature of the auditor’s engagement they should obtain a copy of the auditor’s
report together with the accompanying financial information from the issuer’s registered office.
PROSPECTS
Master Drilling's business strategy is to maintain and improve its current status as a leading, global
specialised drilling services company and to deliver long-term, sustainable growth through the further
development and expansion of its drilling services. It intends to achieve this by strengthening and
consolidating its position in existing markets through focused organic growth and strategic acquisitions,
expanding into new markets and enhancing operational efficiencies, while continuing its dedicated focus
on quality and safety.
LETTER FROM THE CHAIRMAN OF THE BOARD
Dear Shareholder
The past year has been a period of significant transition for our Company as well as our nation. We pay
tribute to former President Nelson Mandela, who passed away on 5 December 2013. His voice of reason
and graceful compassion after his release from prison were the determining factors offering a pathway of
stability and unity, to a nation on the brink of civil unrest. Iconic in stature, he will be sorely missed, not
only for his wisdom, but for his unsurpassed presence that provided the world with an example of how
a country may progress through dialogue, fairness and reconciliation. May we continue to build on his
achievements to make our country a stronger and better place for its people.
It is with great pleasure that I report back to you on the significant progress made since our listing on
the Johannesburg Stock Exchange in December 2012. Our CEO, Danie Pretorius, adeptly supported
by his executive team and his employees has been resolute and focused on the business, despite
the added responsibility of leading a listed company. The entire Board together with our capable
Company Secretariat have ensured we take the necessary steps to comply with all relevant legislation,
particularly the new Companies Act, King III and the JSE Listings Requirements. Indeed we have
successfully completed the transition from a private enterprise to a publicly listed company. This is
clearly reflected in the upward movement of our share price, the increased value of our order book
and the Company's profitability.
During the course of the year the Board held a number of sessions to formalise a five-year strategic plan
that will take Master Drilling into the foreseeable future. The plan seeks to ensure that sustainability and
risk minimisation are essential going forward, with geographical and commodity diversification playing
an important role in combating currency and commodity volatility. The executive team is continuously
developing objectives to achieve this strategy and specific measures and targets will be set annually to
ensure success.
Economic volatility has made the operating environment for mining challenging. Although pockets
of positive growth appear evident on the horizon in the developed world, emerging markets remain
subdued. Commodity prices such as iron ore, coal and copper have shown resilience to fluctuations,
but the same cannot be said for metals such as gold and the platinum group basket. Under these
circumstances it is essential that the political will between governments, labour and business be unified
to promote confidence for investment.
From a macro perspective it would appear that the world economy is slowly "awakening" from the 2009
financial crisis. As Master Drilling continues its strategy of diversifying its jurisdictions, some areas will
contribute more to the bottom-line than others. Latin America is just such a case where copper continues
to hold its value, as well as the Kumba contract for iron ore, which is performing well. The majority of
contracts awarded and undertaken are denominated in currencies other than SA Rand. The year ahead,
with pockets of improved economic life emerging, appears favourable for the Company to continue
generating strong cash flows as in the previous 12 months.
South Africa holds its general elections during 2014, which we are certain will lead the way to improved
relations between business, the government and labour. Above all we trust these elections will be
peaceful and will generate positive attitudes for all South Africans.
It has been decided by your Board of directors that no dividend will be payable in the current financial
year. Earnings will be retained and utilised for organic growth and capital requirements.
I wish to thank our entire Board of directors, management and employees for their hard work, and
tremendous effort that they have applied to operations over the past year. I am confident that Danie
and his team will continue to forge ahead on a sustainable growth trajectory and we look forward to
2014 with optimism and quiet resolve.
Peter Ledger
Chairman
31 March 2014
BASIS OF PREPARATION
The abridged consolidated Annual Financial Statements have been prepared in accordance with IAS 34:
Interim Financial Reporting, International Financial Reporting Standards, the SAICA reporting guides as
issued by the Accounting Standards Board and the requirements of the South African Companies Act,
(Act 71 of 2008), as amended and the Listings Requirements of the JSE Limited. The annual financial
statements have been prepared on the historical cost basis, except certain financial instruments at fair
value, and incorporate the principal accounting policies set out below. They are presented in US Dollars.
The significant accounting policies are consistent in all material respects with those applied in the
previous year.
The consolidated annual financial statements for Master Drilling Group Limited
(Registration number 2011/008265/06), for the period ended 31 December 2013, have been audited by
Grant Thornton, the Company's independent external auditors, whose unqualified audit report can be
found on pages 45 to 46 of the Integrated Annual Report 2013, available on: www.masterdrilling.com.
The abridged financial statements have been prepared by the corporate reporting staff of Master
Drilling, headed by Peet van Coller CA(SA), the Group's Senior Manager: Financial Accounting.
This process was supervised by André Jean van Deventer CA(SA), the Group's Chief Financial Officer.
The auditor's report does not necessarily report on all of the information contained in this
announcement / financial results. Shareholders are therefore advised that in order to obtain a full
understanding of the nature of the auditor's engagement they should obtain a copy of the auditor's
report together with the accompanying financial information from the issuer's registered office.
RESPONSIBILITY STATEMENT BY DIRECTORS
This abridged report is extracted from audited information, but is not itself audited. The directors take
full responsibility for the preparation of the abridged report and that the financial information has been
correctly extracted from the underlying annual financial statements.
ABRIDGED CONSOLIDATED STATEMENT OF FINANCIAL POSITION
for the Master Drilling Group for the year ended 31 December 2013
2013 2012
US$ US$
ASSETS
Non-current assets 101,965,335 68,897,532
Current assets 60,455,290 89,214,216
Total assets 162,420,625 158,111,748
EQUITY AND LIABILITIES
Equity
Equity 91,867,551 89,318,105
Non-controlling interest 14,250,534 7,156,122
Total equity 106,118,085 96,474,227
Liabilities
Non-current liabilities 21,015,693 10,979,074
Current liabilities 35,286,847 50,658,447
Total liabilities 56,302,540 61,637,521
Total equity and liabilities 162,420,625 158,111,748
ABRIDGED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
for the master drilling group for the year ended 31 December 2013
2013 2012(1)
US$ US$
Revenue 119,688,645 10,822,978
Cost of sales (79,930,462) (7,251,698)
Gross profit 39,758,183 3,571,280
Other operating income 891,774 388,271
Other operating expenses (18,106,951) (2,057,700)
Operating profit 22,543,006 1,901,851
Investment revenue 1,473,911 163,246
Finance costs (1,926,791) (317,507)
Profit before taxation 22,090,126 1,747,590
Taxation (6,294,382) (451,179)
Profit for the year/period 15,795,744 1,296,411
Other comprehensive income that will be subsequently be classified to
profit/loss:
Exchange differences on translating foreign operations (13,968,323) (290,435)
Tax effect on exchange differences on translating foreign operations 1,405,361 3,620
Other comprehensive loss for the year/period net of taxation (12,562,962) (286,815)
Total comprehensive income 3,232,782 1,009,596
Profit attributable to: 15,795,744 1,296,411
Owners of the parent 15,127,395 1,229,770
Non-controlling interest 668,349 66,641
Total comprehensive income attributable to: 3,232,782 1,009,596
Owners of the parent 2,564,433 942,955
Non-controlling interest 668,349 66,641
Earnings per share (USD cents)
Basic and diluted earnings per share 10.2 9.4
Headline and diluted headline earnings per share 10.3 8.9
Earnings per share (ZAR cents)
Basic earnings per share 98.4 82.1
Headline earnings per share 99.2 77.3
Note:
(1)The international entities results are included into the 2012 statement of comprehensive income (SOCI) for a period of 17 days.
The South African entities, results are included into the SOCI for a period of three months. Further to this, the Company acquired
assets from Master Drilling (Pty) Ltd on 1 November 2012, and the results for these assets are included into the SOCI for a period
of two months.
RECONSILIATION BETWEEN EARNINGS AND HEADLINE EARNINGS
2013 2012
US$ US$
Reconciliation between earnings and headline earnings
Basic earnings for the year 15,795,744 1,296,411
Deduct:
Non-controlling interest (668,349) (66,641)
Attributable to owners of the parent 15,127,395 1,229,770
Gain on disposal of fixed assets (181,364) (100,208)
Impairment of property, plant and equipment 358,750 –
Tax effect on gain on disposal of fixed assets and impairments (45,761) 28,058
Headline earnings for the year 15,259,020 1,157,620
Earnings per share (US cents) 10.2 9.4
Diluted earnings per share (US cents) 10.2 9.4
Headline earnings per share (US cents) 10.3 8.9
Diluted headline earnings per share (US cents) 10.3 8.9
Net asset value per share (US cents) 71.6 738.7
Tangible net asset value per share (US cents) 69.8 738.7
Dividends per share (US cents) – –
Weighted average number of ordinary shares
Issued ordinary shares at the beginning of the year 148,265,491 1,000
Effect of shares issued (Purchase of assets) – 4,494,031
Effect of shares issued (RSA restructuring) – 4,514,100
Effect of shares issued (International restructuring) – 2,697,634
Effect of shares issued (Listing) – 1,353,151
Weighted average number of ordinary shares at the end of the year/
period for the purpose of basic earnings per share and headline
earnings per share 148,265,491 13,059,916
Effect of dilutive potential ordinary shares – other 180,822 –
Weighted average number of ordinary shares at the end of the
year/period for the purpose of diluted basic earnings per share and
diluted headline earnings per share 148,446,313 13,059,916
ABRIDGED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
for the master drilling group for the year ended 31 December 2013
Equity due Foreign
to change currency Share-based Attributable Non- Total share-
Share in control translation payments Total Retained to owners controlling holders'
capital of interests reserve reserve reserves income of the parent interest equity
US$ US$ US$ US$ US$ US$ US$ US$ US$
Balance at
31 December
2012 146,639,163 (58,264,013) (286,815) – (58,550,828) 1,229,770 89,318,105 7,156,122 96,474,227
Listing cost (31,198) – – – – – (31,198) – (31,198)
Shares-based
payments – – – 16,211 16,211 – 16,211 – 16,211
Shares issued
to BEE partners – – – – – – – 6,533,860 6,533,860
Dividends
declared to
BEE partners – – – – – – – (107,797) (107,797)
Total
comprehensive
income for
the year – – (12,562,962) – (12,562,962) 15,127,395 2,564,433 668,349 3,232,782
Balance at
31 December
2013 146,607,965 (58,264,013) (12,849,777) 16,211 (71,097,579) 16,357,165 91,867,551 14,250,534 106,118,085
ABRIDGED CONSOLIDATED STATEMENT OF CASH FLOWS
for the master drilling group for the year ended 31 December 2013
2013 2012
US$ US$
Net cash from operating activities 15,590,711 8,929,202
Net cash from investing activities (30,072,509) 438,269
Net cash from financing activities (9,489,389) 40,300,572
Total cash movement for the year (23,971,187) 49,668,043
Cash at the beginning of the year 49,573,277 –
Effect of exchange rate movement on cash balances (9,036,857) (94,766)
Total cash at the end of the year 16,565,233 49,573,277
ACCOUNTING POLICIES
1.Presentation of financial information
The abridged consolidated Annual Financial Statements have been prepared in accordance with
IAS 34: Interim Financial Reporting, International Financial Reporting Standards, the SAICA reporting
guides as issued by the Accounting Standards Board and the requirements of the Companies Act. The
annual financial statements have been prepared on the historical cost basis, except certain financial
instruments at fair value, and incorporate the principal accounting policies set out below. They are
presented in US Dollars.
1.1 Consolidation
Basis of consolidation
The Group Annual Financial Statements incorporates all entities which are controlled by
the Group.
At inception the Group Annual Financial Statements had been accounted for under the pooling
of interest method as acquisition of entities under common control is excluded from IFRS 3. The
entities had been accounted for at historical carrying values for the period presented.
Adjustments are made when necessary to the financial statements of subsidiaries to bring
their accounting policies in line with those of the Group.
All intra-company transactions, balances, income and expenses are eliminated in full on
consolidation/combination.
Non-controlling interests in the net assets of combined subsidiaries are identified and
recognised separately from the Company's interest therein, and are recognised within
equity. Losses of subsidiaries attributable to non-controlling interests are allocated to
the non-controlling interest even if this results in a debit balance being recognised for
non- controlling interest.
Transactions which result in changes in ownership levels, where the Company has control of
the subsidiary, both before and after the transaction, are regarded as equity transactions and
are recognised directly in the statement of changes in equity.
The difference between the fair value of consideration paid or received and the movement in
non-controlling interest for such transactions is recognised in equity attributable to the owners
of the parent.
Where a subsidiary is disposed of and a non-controlling shareholding is retained, the
remaining investment is measured to fair value with the adjustment to fair value recognised in
profit or loss as part of the gain or loss on disposal of the controlling interest.
1.2 Property, plant and equipment
The cost of an item of property, plant and equipment is recognised as an asset when:
(a) It is probable that future economic benefits associated with the item will flow to the
Company; and
(b) The cost of the item can be measured reliably.
Property, plant and equipment are initially measured at cost and subsequently at cost less any
accumulated depreciation and subsequent accumulated impairment losses.
Costs include costs incurred initially to acquire or construct an item of property, plant and
equipment. Cost associated with equipment upgrades that result in increased capabilities or
performance enhancements of property and equipment are capitalised. If a replacement part
is recognised in the carrying amount of an item of property, plant and equipment, the carrying
amount of the replaced part is derecognised.
Assets under construction will be reclassified to the relevant asset category as soon as it is available
for use.
The initial estimate of the costs of dismantling and removing the item and restoring the site
on which it is located is also included in the cost of property, plant and equipment, where the
Company is obligated to incur such expenditure, and where the obligation arises as a result
of acquiring the asset or using it for purposes other than the production of inventories.
2. PROPERTY, PLANT AND EQUIPMENT
Figures in US$
2013
Accumulated Carrying
Cost depreciation value
Buildings 232,071 (50,174) 181,897
Plant and machinery 80,720,902 (22,000,482) 62,592,261
Assets under construction 11,846,158 (10,320) 11,835,838
Furniture and fittings 1,255,679 (384,471) 871,208
Motor vehicles 3,487,337 (1,291,984) 2,195,353
Office equipment 123,602 (55,688) 67,914
IT equipment 545,392 (328,083) 217,309
Finance lease: Plant and equipment 13,615,803 (1,993,620) 7,750,342
Computer software 870,797 (189,270) 681,527
Total 112,697,741 (26,304,092) 86,393,649
Figures in US$
2012
Accumulated Carrying
Cost depreciation value
Buildings 278,915 (113,799) 165,116
Plant and machinery 70,224,365 (15,641,371) 54,582,994
Assets under construction 77,878 (11,870) 66,008
Furniture and fittings 1,363,606 (549,885) 813,721
Motor vehicles 2,282,787 (1,359,752) 923,035
Office equipment 144,518 (53,361) 91,157
IT equipment 665,901 (494,251) 171,650
Finance lease: Plant and equipment 6,266,801 (1,482,891) 4,783,910
Computer software 212,220 (179,691) 32,529
Total 81,516,991 (19,886,871) 61,630,120
3. SEGMENTAL REPORTING
Mining activity
The following table shows the distribution of the Company's combined revenue by mining activity,
regardless of where the services were delivered:
2013 2012
US$ US$
Revenue by stage of mining activity
Exploration 11,319,902 3,701,683
Capital 15,514,004 1,184,265
Production 92,854,739 5,937,030
119,688,645 10,822,978
2013 2012
US$ US$
Gross profit by stage of mining activity
Exploration 2,569,014 853,455
Capital 3,627,474 499,853
Production 33,561,695 2,217,972
39,758,183 3,571,280
Geographical segments
Although the Company's major operating divisions are managed on a world-wide basis, they operate in
four principal geographical areas.
2013 2012
US$ US$
Revenue by geographical market
Africa 9,335,834 6,990,754
Latin America 71,947,011 3,581,160
Other countries 768,249 251,064
South Africa 37,637,551 –
119,688,645 10,822,978
Gross profit by geographical market
Africa 3,593,258 2,207,253
Latin America 27,008,402 1,188,210
Other countries 491,783 175,817
South Africa 8,664,740 –
39,758,183 3,571,280
Total assets by geographical market
Africa 12,033,976 78,355,414
Latin America 77,405,547 37,326,677
Other countries 2,816,115 42,303,604
South Africa 70,164,987 –
162,420,625 157,985,695
Total liabilities by geographical market
Africa 12,903,816 35,877,282
Latin America 21,626,032 23,716,780
Other countries 902,620 1,917,406
South Africa 20,870,702 –
56,302,540 61,511,468
Note: The gross profit percentages vary based on drilling ground conditions, competition in the markets and the mix of
in-country and foreign costs.
CHANGES TO THE BOARD
The following Board appointments were made and are detailed in the table below:
Name Position Date appointed
I Bredenkamp Alternate executive Director to 20 June 2013
GR Sheppard
ST Ferguson Alternate Director to RO Davey 20 June 2013
There has been no change to the composition of the board since year end to the date of this report.
CASH DIVIDEND
No dividend has been declared for the year under review.
NOTICE OF THE ANNUAL GENERAL MEETING AND POSTING OF THE INTGRATED ANNUAL REPORT
NOTICE OF ANNUAL GENERAL MEETING
Notice is hereby given that the annual general meeting of the Company will be held at Sasfin Bank,
29 Scott Street, Waverley, Gauteng on Thursday, 24 July 2014, at 9:30 to transact the business as stated
in the annual general meeting notice, forming part of the Annual Financial Statements.
RECORD DATES
The notice of annual general meeting has been posted to shareholders of the Company who were
recorded as such in the Company's securities register on Thursday, 20 March 2014. The last day to trade
in order to be eligible to attend and vote at the Annual General Meeting will be Friday, 11 July 2014.
The date on which shareholders of the Company must be recorded as such in the Company's securities
register in order to attend and vote at the annual general meeting is Friday, 18 July 2014. Proxy Forms
must be lodged by no later than 9:30 on Tuesday, 22 July 2014.
FORWARD LOOKING STATEMENTS
This Integrated Report includes statements that are, or may be deemed to be, ''forward-looking statements''.
Any statements about Master Drilling's expectations, beliefs, plans, objectives, assumptions or future events or
performance are not historical facts and may be forward-looking. These statements are often, but not always,
made through the use of words or phrases such as ''will'', ''will likely result,'' ''are expected to,'' ''will continue,''
''believe,'' ''is anticipated,'' ''estimated,'' ''intends,'' ''expects,'' ''plans,'' ''seek,'' ''projection'' and ''outlook''.
They appear in a number of places throughout this document and include, but are not limited to, statements
regarding the Company's intentions, beliefs or current expectations concerning, among other things, the
Group's results of operations, financial position, liquidity, prospects, growth, strategies and expectations. These
statements involve estimates, assumptions and uncertainties that could cause actual results to differ materially
from those expressed in them. All forward-looking statements are qualified in their entirety by reference to the
factors discussed throughout this document. Key factors that have a direct bearing on Master Drilling's results of
operations include the general economic and business conditions; competition in the industry in which Master
Drilling operates; industry trends and changes in demand for services in the drilling industry; Master Drilling's
ability to attract and retain skilled personnel and employees; Master Drilling's ability to introduce new business
lines, identify and acquire new facilities and integrate future acquisitions; the impact of new laws, regulations
and standards (and the interpretation and application thereof) in the environment, tax and health and safety;
changes in business strategy, political and economic uncertainty; and the risks resulting from currency
fluctuations. By their nature, forward-looking statements involve risk and uncertainty because they relate to
future events and circumstances. Forward-looking statements are not guarantees of future performance and
the development of the markets and the industry, in which Master Drilling operates, may differ materially from
those described in, or suggested by, the forward-looking statements contained in this document. Because a
variety of factors could cause actual results or outcomes to differ materially from those expressed in any
forward-looking statements made in this document by Master Drilling or on Master Drilling's behalf, undue
reliance should not be placed on any of these forward-looking statements. Applicants should specifically
consider the factors identified in this document, which could cause results to differ, before making an
investment decision. Any forward-looking statement in this document reflects the Company's current view with
respect to future events and is subject to risks relating to future events and other risks, uncertainties and
assumptions relating to the Group's operations and growth strategy. Subject to the Listings Requirements,
Master Drilling undertakes no obligation to update any forward-looking statement to reflect events or
circumstances after the date on which the statement is made or to reflect the occurrence of unanticipated
events. New factors will emerge in the future, and it is not possible for Master Drilling to predict such factors.
In addition, Master Drilling cannot assess the effect of each factor on Master Drilling's business or the extent to
which any factor, or combination of factors, may cause actual results to differ materially from those described
in any forward-looking statements.
REGISTERED AND CORPORATE
OFFICE
4 Bosman Street
PO Box 902
Fochville, 2515
South Africa
DIRECTORS
Executive
Daniël (Danie) Coenraad Pretorius
Chief Executive Officer and founder
André Jean van Deventer
Financial Director and Chief Financial Officer
Barend Jacobus (Koos) Jordaan
Technical Director
Gareth (Gary) Robert Sheppard #
Chief Operating Officer
Non-Executive
Peter John Ledger
Chairman and Independent Non-Executive
Roger Owen Davey *
Independent Non-Executive
Akhter Alli Deshmukh
Independent Non-Executive
Jacques Pierre de Wet
Independent Non-Executive
Shane Trevor Ferguson
Non-Executive
# Resident in Peru * British
Company Secretary
Theophilus (Theo) Timotheus de Wet
De Wets Incorporated
(Registration number: 2000/003792/21)
6 Dwars Street
Krugersdorp, 1739
South Africa
(PO Box 158, Krugersdorp, 1740)
South Africa
JSE SPONSOR
Sasfin Capital, a division of Sasfin Bank Limited
29 Scott Street
Waverley
Johannesburg, 2090
(PO Box 95104, Grant Park, 2051)
South Africa
INDEPENDENT auditors
Grant Thornton
South African member of Grant Thornton
International Limited
137 Daisy Street
corner Grayston Drive
Sandown, 2196
South Africa
SHARE TRANSFER SECRETARIES
Computershare Investor Services (Pty) Limited
(Registration number: 2004/003647/07)
Ground Floor, 70 Marshall Street
Johannesburg, 2001
(PO Box 61051, Marshalltown, 2107)
South Africa
INVESTOR RELATIONS CONTACTS
Edith Leeson
Russel and Associates
Telephone: +27 11 880 3924
Facsimile: +27 11 880 3788
Mobile: +27 79 527 6882
E-mail: edith@rair.co.za
General e-mail enquiries
info@masterdrilling.com
Master Drilling website
www.masterdrilling.com
Company Secretarial E-mail
Companysecretary@masterdrilling.com
31 March 2014
Johannesburg
Sponsor
Sasfin Capital (a division of Sasfin Bank Limitd)
Date: 31/03/2014 01:00:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE').
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