To view the PDF file, sign up for a MySharenet subscription.

TRANS HEX GROUP LIMITED - Summary audited consolidated statements for the year ended 31 March 2014

Release Date: 02/06/2014 07:05
Code(s): TSX     PDF:  
Wrap Text
Summary audited consolidated statements for the year ended 31 March 2014

TRANS HEX GROUP LIMITED
Incorporated in the Republic of South Africa
Registration number (1963/007579/06)
Share code: TSX
ISIN: ZAE000018552
("Trans Hex" or the "Company" or the "Group")

SUMMARY AUDITED CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED
31 MARCH 2014

FINANCIAL HEADLINES

-   Sales revenue amounted to R695,7 million (2013: R751,3 million).
-   Group loss after tax from continuing operations was R5,1 million (2013: profit of R65,0 million).
-   Profit after tax from discontinued operations amounted to R27,8 million (2013: R20,4 million).
-   Group net profit for the year was R22,7 million (2013: R85,4 million).
-   The Group's net cash position at the end of the year was R397,6 million (2013: R383,4 million).
-   Earnings per share amounted to 20,7 cents (2013: 79,7 cents) and headline earnings per share amounted
    to 9,8 cents (2013: 69,9 cents).
-   Net asset value per share was 521,0 cents (2013: 505,0 cents).
-   In Angola, Somiluana sales amounted to US$32,4 million (2013: US$14,9 million).

SUMMARY CONSOLIDATED INCOME STATEMENT

                                                                    2014        2013
                                                        Notes      R'000       R'000
Continuing operations
Sales revenue                                                    695 730     751 304
Cost of goods sold                                             (653 736)   (605 181)
Gross profit                                                      41 994     146 123
Royalties                                                        (4 629)    (19 832)
Selling and administration costs                                (71 620)    (65 377)
Mining (loss)/profit                                            (34 255)      60 914
Exploration costs                                                (3 762)     (5 213)
Other gains – net                                           1     21 407      22 158
Finance income                                                    15 378      17 566
Finance costs                                                    (4 995)     (8 403)
(Loss)/profit before income tax                                  (6 227)      87 022
Income tax                                                         1 112    (22 017)
(Loss)/profit for the year from continuing operations            (5 115)      65 005
Discontinued operations
Share of income from joint ventures                         2     27 854      20 364
Profit for the year                                               22 739      85 369

Attributable to:
Continuing operations                                            (5 115)      65 005
- Owners of the parent                                           (5 991)      63 847
- Non-controlling interest                                           876       1 158
Discontinuing operations
- Owners of the parent                                            27 854      20 364
                                                                  22 739      85 369
Earnings per share – basic and diluted (cents)
- Continuing operations                                            (5,7)        60,4
- Discontinued operations                                           26,4        19,3
   Total                                                            20,7        79,7
Shares in issue adjusted for treasury shares („000)              105 699     105 699

                                                                    2014        2013
                                                        Notes      R'000       R'000
Headline earnings                                           3
- Continuing operations                                         (17 459)      53 485
- Discontinued operations                                         27 854      20 364
- Total                                                           10 395      73 849
Headline earnings per share (cents)
- Continuing operations                                           (16,6)        50,6
- Discontinued operations                                           26,4        19,3
- Total                                                              9,8        69,9
Average US$ exchange rate                                          10,20        8,62

SUMMARY CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
                                                                                       2014        2013
                                                                                      R'000       R'000
Profit for the year                                                                  22 739      85 369

Other comprehensive income net of tax:
Items will not be reclassified to profit or loss

Remeasurements of post-employment benefit obligations                                 2 061           –
- Before-tax amount                                                                   2 863           –
- Tax (expense)/benefit                                                               (802)           –

Translation differences on foreign subsidiaries before and after tax                (8 560)    (20 220)

Fair value adjustment on available-for-sale financial assets before and after tax         –       (116)

Reclassification of fair value adjustment on available-for-sale financial assets
on disposal before and after tax                                                       (37)        (82)

Total comprehensive income for the year                                              16 203      64 951

Attributable to:
- Owners of the parent                                                               15 327      63 793
- Non-controlling interest                                                              876       1 158
                                                                                     16 203      64 951

SUMMARY CONSOLIDATED STATEMENT OF FINANCIAL POSITION

                                                     2014      2013      2012
                                          Notes     R'000     R'000     R'000
Assets
Non-current assets                                391 393   449 810   483 873
Property, plant and equipment                     279 000   338 483   384 858
Investment in associates                           59 580    60 964    50 833
Investments held by environmental trust            52 813    50 245    47 835
Available for sale investments                          –       118       347
Current assets                                    560 378   540 617   466 547
Inventories                                   4   137 305   133 569    97 636
Trade and other receivables                        21 670    23 672    21 593
Current income tax                                  3 853         –         –
Cash and cash equivalents                         397 550   383 376   347 318

Total assets                                      951 771   990 427   950 420

                                                    2014       2013      2012
                                                   R'000      R'000     R'000
Equity and liabilities
Capital and reserves                              549 231   533 904   470 111
Non-controlling interest                            1 000       124   (1 034)
Non-current liabilities                           148 488   153 717   191 065
Borrowings                                              –     1 281    24 401
Deferred income tax liabilities                    46 138    53 583    70 735
Provisions                                        102 350    98 853    91 473
Deferred income                                         –         –     4 456
Current liabilities                               253 052   302 682   290 278
Trade and other payables                          126 263   139 361   121 776
Interest in joint ventures                        125 188   134 798   131 180
Current income tax liabilities                        320     2 584     4 787
Borrowings                                          1 281    25 939    32 535

Total equity and liabilities                      951 771   990 427   950 420
Net asset value per share (cents)                     521       505       442

SUMMARY CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
                                                               2014      2013
                                                              R'000     R'000

Balance at 1 April                                          534 028   469 077
Total comprehensive income for the year                      16 203    64 951
Balance at end of year                                      550 231   534 028

SUMMARY CONSOLIDATED STATEMENT OF CASH FLOWS
                                                               2014       2013
                                                              R'000      R'000

Cash generated from operations                               72 302    155 235
Movements in working capital                               (11 404)   (17 521)
Income tax paid                                            (13 252)   (41 372)
Net cash generated from operating activities                 47 646     96 342
Cash employed                                              (33 472)   (60 284)
Property, plant and equipment
- Proceeds from disposal                                     25 298     13 561
- Replacement                                              (31 638)   (26 561)
- Additional                                               (11 634)   (17 828)
Investments and loans                                        10 283          –
Borrowings repaid                                          (25 781)   (29 456)

Net increase in cash and cash equivalents                    14 174     36 058
Cash and cash equivalents at beginning of year              383 376    347 318
Cash and cash equivalents at end of year                    397 550    383 376

NOTES TO THE SUMMARY CONSOLIDATED ANNUAL FINANCIAL STATEMENTS
                                                                                     2014       2013
                                                                                    R'000      R'000
1.   Other gains – net
     Other gains – net consists of the following categories:
     -  Net foreign exchange gains                                                  9 846     11 719
     -  Profit on sale of assets and investments                                   11 561     10 439
                                                                                   21 407     22 158

2.   Discontinued operations

     On 5 October 2011, the Angolan Ministry of Geology, Mines and Industry
     revoked the mining rights of the Luarica and Fucaúma joint ventures as
     no mining activities had been performed at the sites for a period of three
     years as a result of the projects being placed under care and
     maintenance.

     The prescription of unclaimed debts of R27,8 million (2013: R22,2 million)
     is included below.

     Share of income from joint ventures                                           27 854     20 364
     Profit before income tax                                                      27 854     20 364
     Taxation                                                                           –          –
     Profit for the year                                                           27 854     20 364

3.   Reconciliation of headline earnings
     Continuing operations
     (Loss)/profit for the year                                                   (5 991)     63 847
     -  Profit on sale of assets                                                 (11 561)   (10 357)
     -  Taxation impact                                                                93         77
     -  Profit on sale of listed investment                                             –       (82)
     -  Taxation impact                                                                 –          –
     Headline (loss)/earnings                                                    (17 459)     53 485

     Discontinued operations
     Profit for the year                                                           27 854     20 364
     Headline earnings                                                             27 854     20 364

4.   Inventories

     Diamonds                                                                     117 689    113 302
     Consumables                                                                   19 616     20 267
                                                                                  137 305    133 569
5.   Capital commitments
     (including amounts authorised, but not yet contracted)                        62 655     77 430
     These commitments will be financed from the Group's own resources or
     with borrowed funds.

6.   Change in accounting policy and reclassifications

     The following tables summarise the Group's retroactive restatements to its consolidated financial
     statements resulting from the adoption of IFRS 11, joint arrangements and the change in method of
     presentation of certain financial assets.

     The impacts on the consolidated statements of financial position are as follows, as at:

     31 March 2013

                                                                  Consolidated              
                                                               Joint                           2013   
                                          As reported   arrangements   Reclassifications   Restated   
                                                R'000          R'000               R'000      R'000   
ASSETS                                                                                                
Non-current assets                            449 810              –                   –    449 810   
Property, plant and equipment                 338 483              –                   –    338 483   
Investment in associates                            –              –              60 964     60 964   
Investments held by environmental
trust                                               –              –              50 245     50 245   
Financial assets                              111 327              –           (111 327)          –   
Available for sale investments                      –              –                 118        118   
Current assets                                540 637           (20)                   –    540 617   
Inventories                                   133 569              –                   –    133 569   
Trade and other receivables                    23 672              –                   –     23 672   
Cash and cash equivalents                     383 396           (20)                   –    383 376   
Total assets                                  990 447           (20)                   –    990 427   

EQUITY                                                                                                
Capital and reserves                          533 904              –                   –    533 904   
Stated capital                                206 276              –                   –    206 276   
Other reserves                                 33 643              –                   –     33 643   
Retained profit                               293 985              –                   –    293 985   
Non-controlling interest                          124              –                   –        124   
LIABILITIES                                   456 419           (20)                   –    456 399   
Non-current liabilities                       153 717              –                   –    153 717   
Borrowings                                      1 281              –                   –      1 281   
Deferred income tax liabilities                53 583              –                   –     53 583   
Provisions                                     98 853              –                   –     98 853   
Deferred income                                     –              –                   –          –   
Current liabilities                           302 702           (20)                   –    302 683   
Trade and other payables                      231 144       (91 783)                   –    139 361   
Interest in joint ventures                          –        134 798                   –    134 798   
Current income tax liabilities                  2 584              –                   –      2 584   
Borrowings                                     68 974       (43 035)                   –     25 939   
Total equity and liabilities                  990 447           (20)                   –    990 427   


31 March 2012                                                                                                  
                                                                            Consolidated              
                                                            As          Joint                           2012   
                                                      reported   arrangements   Reclassifications   Restated   
                                                         R'000          R'000               R'000      R'000   
ASSETS                                                                                                         
Non-current assets                                     483 873              –                   –    483 873   
Property, plant and equipment                          384 858              –                   –    384 858   
Investment in associates                                     –              –              50 833     50 833   
Investment held by environmental
trusts                                                       –              –              47 835     47 835   
Financial assets                                        99 015              –            (99 015)          –   
Available for sale investments                               –              –                 347        347   
Current assets                                         466 720          (173)                   –    466 547   
Inventories                                             97 776          (140)                   –     97 636   
Trade and other receivables                             21 593              –                   –     21 593   
Cash and cash equivalents                              347 351           (33)                   –    347 318   
Total assets                                           950 593          (173)                   –    950 420   

EQUITY                                                                                                         
Capital and reserves                                   470 111              –                   –    470 111   
Stated capital                                         206 276              –                   –    206 276   
Other reserves                                         125 266              –                   –    125 266   
Retained profit                                        138 569              –                   –    138 569   
Non-controlling interest                               (1 034)              –                   –    (1 034)   
LIABILITIES                                            481 516          (173)                   –    481 343   
Non-current liabilities                                191 065              –                   –    191 065   
Borrowings                                              24 401              –                   –     24 401   
Deferred income tax liabilities                         70 735              –                   –     70 735   
Provisions                                              91 473              –                   –     91 473   
Deferred income                                          4 456              –                   –      4 456   
Current liabilities                                    290 451          (173)                   –    290 278   
Trade and other payables                               216 325       (94 549)                   –    121 776   
Interest in joint ventures                                   –        131 180                   –    131 180   
Current income tax liabilities                           4 787              –                   –      4 787   
Borrowings                                              69 339       (36 804)                   –     32 535   
Total equity and liabilities                           950 593          (173)                   –    950 420   


In the 2014 financial year, the Company decided to reclassify financial assets that were previously reported
as available-for-sale investments, investments in associates and investments in environment rehabilitation
trusts on the face of the statement of financial position.

There was no impact on the income statements and the statements of comprehensive income as a result of
the reclassifications and the change in accounting policy.

7.   Segment information 
                                                                
Operating segments                                                                       
                                                 Continuing               Discontinued   
Twelve months ending 31 March 2014       South       Angola       Total         Angola   
                                        Africa                                           
Carats sold                             55 083            –      55 083              –   
                                         R'000        R'000       R'000          R'000   
Revenue                                695 730            –     695 730              –   
Cost of goods sold                   (653 736)            –   (653 736)              –   
Gross profit                            41 994            –      41 994              –   
Royalties                              (4 629)            –     (4 629)              –   
Selling and administration costs      (63 059)      (8 561)    (71 620)              –   
Mining loss                           (25 694)      (8 561)    (34 255)              –   
Exploration costs                      (3 762)            –     (3 762)              –   
Other gains – net                       10 176       11 231      21 407         27 854   
Finance income                          15 378            –      15 378              –   
Finance costs                          (4 995)            –     (4 995)              –   
(Loss)/profit before income tax        (8 897)        2 670     (6 227)         27 854   

Depreciation included in the above    (90 379)        (335)    (90 713)              –   
Net assets/(liabilities)               588 500       86 919     675 419      (125 188)   
Capital expenditure                     43 261           11      43 272              –   
Net asset value per share (cents)          562           77         639          (118)   


                                                 Continuing               Discontinued   
Twelve months ending 31 March 2013       South       Angola       Total         Angola   
                                        Africa                                           
Carats sold                             65 339            –      65 339              –   
                                         R'000        R'000       R'000          R'000   
Revenue                                751 304            –     751 304              –   
Cost of goods sold                   (605 181)            –   (605 181)              –   
Gross profit                           146 123            –     146 123              –   
Other operating expenses                     –            –           –        (1 866)   
Royalties                             (19 832)            –    (19 832)              –   
Selling and administration costs      (58 961)      (6 416)    (65 377)              –   
Mining profit/(loss)                    67 330      (6 416)      60 914        (1 866)   
Exploration costs                      (5 213)            –     (5 213)              –   
Other gains – net                       16 937        5 221      22 158         22 230   
Finance income                          17 566            –      17 566              –   
Finance costs                          (8 403)            –     (8 403)              –   
Profit/(loss) before income tax         88 217      (1 195)      87 022         20 364   
Depreciation included in the above    (89 247)        (469)    (89 716)              –   
Net assets/(liabilities)               596 851       71 975     668 826      (134 798)   
Capital expenditure                     44 386            3      44 389              –   
Net asset value per share (cents)          565           68         633          (128)   


Revenues from transactions with certain customers can amount to 10% or more of total revenue. During
the periods under review, no individual customer was responsible for aggregate sales in excess of 10%
of revenue.

8.   Mineral resources and mineral reserves

     There have been no material changes to the mineral resources and mineral reserves previously
     reported in the Annual Report for the South African projects. At Somiluana a reclassification of
     Indicated Resources to Inferred Resources has resulted in a reduction of 69% in the Probable
     Reserves.

9.   Contingent liabilities

     There have been no material changes to contingent liabilities previously reported in the Annual Report.

10.  Accounting policies

     The summary consolidated financial statements are prepared in accordance with the requirements of
     the JSE Limited Listings Requirements for preliminary reports and the requirements of the Companies
     Act applicable to summary financial statements. The Listings Requirements require preliminary reports
     to be prepared in accordance with the framework concepts, the measurement and recognition
     requirements of International Financial Reporting Standards (IFRS), the SAICA Financial Reporting
     Guides as issued by the Accounting Practices Committee and Financial Pronouncements as issued by
     the Financial Reporting Standard Council, and to also, as a minimum, contain the information required
     by IAS 34 Interim Financial Reporting.

     The accounting policies are consistent with those of the previous annual financial statements, unless
     otherwise stated. The Group has adopted all the new, revised or amended accounting pronouncements
     as issued by the IASB which were effective for the Group from 1 April 2013. The adoption of these
     standards and amendments to standards and interpretations did not have any material impact on the
     Group's results and cash flows for the year ended 31 March 2014 or its financial position as at 31 March
     2014, with the exception of IFRS 11 as noted below.

11.  Impact of change in accounting policy

     IFRS 11 focuses on the rights and obligations of a joint arrangement rather than its legal form as was
     the case under IAS 31. IFRS 11 classifies joint arrangements into two types: joint ventures and joint
     operations. Joint ventures are arrangements whereby the parties have rights to net assets, while joint
     operations are arrangements whereby the parties have rights to the assets and obligations for the
     liabilities. The standard eliminates choices in the reporting of joint arrangements by requiring the use of
     the equity method to account for interests in joint ventures, and by requiring joint operators to recognise
     assets and liabilities in relation to their interests in the arrangements. The change has been accounted
     for retroactively in accordance with the transition rules of IFRS 11.

     A part of the Group's investments in joint arrangements qualifies as joint ventures and is now accounted
     for using the equity method of accounting. These investments were previously accounted for using the
     proportionate consolidation method. Under the equity method of accounting, the Group's share of net
     assets, net income and other comprehensive income of joint ventures are presented as one-line items
     on the consolidated statement of financial position, the consolidated statement of income and the
     consolidated statement of comprehensive income respectively. In addition, the consolidated statement
     of cash flows under the equity method of accounting includes the cash flows between the Group and its
     joint ventures and not the Group's proportionate share of the joint ventures' cash flows. The impact of
     the change in accounting policy is contained in note 6.

12.  Preparation of financial statements

     The preparation of the summary consolidated financial statements was supervised by the Financial
     Director, IP Hestermann CA(SA).

13.  Report of independent auditor

     These summary consolidated financial statements for the year ended 31 March 2014 have been audited
     by PricewaterhouseCoopers Inc., who expressed an unmodified opinion thereon. The auditor also
     expressed an unmodified opinion on the annual financial statements from which these summary
     consolidated financial statements were derived.

     A copy of the auditor's report on the summary consolidated financial statements and of the auditor's
     report on the annual consolidated financial statements are available for inspection at the Company's
     registered office, together with the financial statements identified in the respective auditor's reports.

OVERVIEW

In this commentary, results are compared with the 12 months of the 2013 financial year (in brackets).

Sales revenue decreased by 7,4% in Rand terms from R751,3 million in 2013 to R695,7 million as a result of
a 15,7% decrease in carats sold and a 7,2% decrease in average prices. Revenue was however positively
affected by a 14,4% weakening in the Rand. The average price decreased from US$1 334 per carat (2013)
to US$1 238 as a result of fewer special stones being sold during the first six months of the year.

South African production decreased to 52 081 carats (2013: 67 115 carats) due to a 14,9% reduction in
volume treated as a result of the withdrawal of joint-venture contractors and a 21-day strike over pay
increases by members of the National Union of Mineworkers. A 12,4% drop in grade as a result of grade
underperformance during the first six months of the year, also impacted on production. The average grade
realised was 0,92 carats/100 m(3) (2013: 1,05 carats/100 m(3)).

The cost of goods sold increased to R653,7 million (2013: R605,2 million), mainly due to stock movement of
R32,7 million and a 2,5% increase in operating costs. The unit cost of production increased by 20,0% due to
lower volumes treated and increases in the cost of overburden stripping at Baken.

Gross profit for the year amounted to R42,0 million (2013: R146,1 million).

South African operations showed a loss before tax of R8,9 million (2013: profit of R88,2 million).

In Angola, production at Somiluana, in which Trans Hex holds a 33% stake, amounted to 72 041 carats
(2013: 41 313 carats) due to an increase of 20,9% in volumes treated and a 44,2% increase in grade. Total
sales amounted to US$32,4 million at an average price of US$478 per carat (2013: sales of US$14,9 million
at an average price of US$352 per carat). Somiluana's operating margin was 32% (2013: -20%) and the
Mine generated net profit of US$10,5 million (2013: loss of US$3,0 million). Repayments of US$1,0 million
were made to Trans Hex against the outstanding investment amount and the balance of cash generated was
retained to develop the Mine.

The investment in Somiluana is accounted for as an investment in an associate under the equity method. As
the investment's liabilities exceed its assets, no equity accounted profit or loss was accounted for.

Profit from the Angolan head office operations amounted to R2,7 million mainly as a result of an
R11,2 million profit on the sale of assets (2013: loss of R1,2 million).

The Group reports an after-tax loss for the year from continuing operations of R5,1 million
(2013: profit of R65,0 million).

Profit from the discontinued Luarica and Fucaúma operations amounted to R27,8 million
(2013: R20,4 million).

The Group therefore reports a profit for the year of R22,7 million (2013: R85,4 million).

Cash and cash equivalents at the end of the reporting year amounted to R397,6 million
(2013: R383,4 million).

OPERATING PERFORMANCE

Detailed project information

                         Twelve months ended 31 March 2014                Twelve months ended 31 March 2013
                                                            Average                                         Average
                                                          price per                                       price per
Detailed project       Average                   Average      carat     Average                Average        carat
information          grade per      Carats    carats per   achieved   grade per     Carats  carats per     achieved
(unaudited)           100 m(3)    produced         stone      (US$)    100 m(3)   produced       stone          US$

South Africa
 Baken                    0,96      35 637          1,31      1 320        1,03     44 465        1,11        1 313
 Richtersveld
 Operations               0,79       7 630          1,60      1 541        1,13     13 490        1,97        1 940
 Shallow water               –       8 813          0,32        487           –      9 159        0,31          515

Total South Africa        0,92      52 081          0,87      1 238        1,05     67 115        0,88        1 334

Angola
 Somiluana               23,95      72 041          0,60        478       16,58     41 313        0,42          352

Note: Average grade in South Africa is calculated excluding shallow water production.

South Africa

Increased stripping of overburden in the main channel at Baken during the first six months of the year
opened up new blocks for mining in the second half. Mining in the second six-month period yielded higher
grades at 1,11 carats/100 m(3) compared to the first six-month period of 0,79 carats/100 m(3). A higher
proportion of special stones was also sold in the second six-month period, as is evident from the increase in
the average price of Baken stones from $1 100 per carat at interim stage to $1 320 for the year.

Results from the Richtersveld Operations were affected by the winding down of operations at the Nxodap
mining area that reached the end of its economic life. The Nxodap mining assets are being relocated to the
Jakkalsberg mining area.

Angola

Mining activities during the financial year focused on the east bank of the Luana River where the grades and
diamond values continue to exceed resource estimations. In the previous financial year all activities were
concentrated on the west bank of the river.

OUTLOOK

Trans Hex has reached agreement with De Beers Consolidated Mines Proprietary Limited (DBCM) which
addresses the State's 20% interest in Namaqualand Mines in order to close the transaction originally signed
on 6 May 2011. As a result, the sale agreement between DBCM, Emerald Panther Investments 78 (Pty)
Limited and Trans Hex is being amended to provide for the creation of a Special Purpose Vehicle to hold the
State's 20% share in EPI. The effective date of the acquisition is expected to be 31 October 2014.

Stripping operations in the Baken central channel will continue until the economically viable gravel in the
main channel has been exhausted, which is expected to be towards the end of the 2015 financial year.
Thereafter mining will focus on shallow deposits and lower grade stockpiles.

The Richtersveld Operations are expected to improve on the carat performance of the previous year due to
increased volumes and grade.

South African production for the 2015 financial year is expected to be 55 000 carats.

In Angola, Somiluana is increasing production capacity through internal cash flows and external funding will
not be pursued. Production results and geological work through drilling and bulk sampling indicate that carat
production for the 2015 financial year will surpass the 72 000 carats achieved in 2014.

Trans Hex is continuing to wind up the discontinued Luarica and Fucaúma projects in Angola.

Tight controls over cash and costs will continue to be exercised in all areas of the Group's business.

Rough diamond prices are expected to remain stable in the coming financial year as the US market
continues to show signs of recovery and increased demand from China and India is set to persist.

Based on the market outlook, interest and strong demand for Trans Hex production are expected to continue
for the foreseeable future.

DIVIDEND

The Board has resolved that it would not be prudent to recommence dividend payments until there is a
degree of confidence that the Group has achieved a growing flow of new earnings. Accordingly, no final
dividend is declared.

Shareholders' diary

The Annual Report will be distributed by 30 June 2014 and the Annual General Meeting is scheduled for
7 August 2014.

By order of the Board
BR van Rooyen                                  L Delport
Chairman                                       Chief Executive Officer
Parow
29 May 2014

REGISTERED OFFICE
405 Voortrekker Road, Parow 7500
PO Box 723, Parow 7499

JSE SPONSOR
One Capital

TRANSFER SECRETARIES
Computershare Investor Services (Pty) Limited
PO Box 61051, Marshalltown 2107

DIRECTORATE
BR van Rooyen (Chairman), L Delport (Chief Executive Officer), IP Hestermann (Financial Director),
T de Bruyn, AR Martin, GM van Heerden (Company Secretary)



Date: 02/06/2014 07:05:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE'). 
The JSE does not, whether expressly, tacitly or implicitly, represent, warrant or in any way guarantee the truth, accuracy or completeness of
 the information published on SENS. The JSE, their officers, employees and agents accept no liability for (or in respect of) any direct, 
indirect, incidental or consequential loss or damage of any kind or nature, howsoever arising, from the use of SENS or the use of, or reliance on,
 information disseminated through SENS.

Share This Story