Wrap Text
Reviewed results for the year ended 28 February 2014
MINE RESTORATION INVESTMENTS LIMITED
(Registration Number 1987/004821/06)
(“MRI” or “the Company” or “the Group”)
Share code: MRI ISIN: ZAE000149951
REVIEWED RESULTS FOR THE YEAR ENDED 28 FEBRUARY 2014
1. INTRODUCTION AND OVERVIEW
1.1 INTRODUCTION
The year to 28 February 2014 saw MRI continue to construct its coal
briquetting plant (“the Plant”) at the Vaalkrantz Colliery, with
commissioning commencing in December 2013, and commercial operation
commencing in February 2014. The Plant has commenced commercial
production following the year end and is currently in a ramp-up
phase and is anticipated to reach nameplate capacity of 5,000
tonnes per month by July 2014. After careful consideration of the
circumstances surrounding the near term commercial application of
the Group?s Acid Mine Drainage (“AMD”) technology, the board
decided to impair the asset in line with IAS 36. Further details
are provided below.
The Company faced various financial and operational challenges
during the year, notwithstanding, under the leadership of new CEO
Richard Tait, financial director Anthon Meyer and various new board
representatives, the Company successfully negotiated various lines
of funding to continue operations during the year. With cash flow
being generated by the Plant, and the capital structure being
bolstered through the upcoming share issues (as detailed in the
commentary below), the Group is now in a position to begin focusing
on opportunities to build similar plants and to scale the
technology that has been developed in-house.
1.2 STATUS AND OVERVIEW OF PROJECTS
Acid Mine Drainage (AMD) Project
Despite the impairment of the AMD asset, the board continues to
treat this project as a strategic focus of the Group, given the
investment in the technology, and its relevance in a world with
increasing environmental pressures. Management will continue to
engage with the Department of Water Affairs and other stakeholders
to understand better the process to be undertaken and to assess our
realistic chances of being part of the future of this project.
Management is also actively investigating avenues for
commercialising the technology in the private sector.
The Group has been approached by a large mining house to work with
them to develop a solution for the Western Basis (independently of
the Department of Water Affairs project) to minimise their
commercial risk, which we will pursue in earnest. Management is
also in discussion with an environmental consultant for providing
our technology in a water purification project for a colliery in
Kwa-Zulu Natal, which has problem removing sulphates.
Further, the Group is in discussions with a Canadian equipment
manufacturer which specialises in modular technology, to explore
the commercialisation of the technology on a smaller scale.
Management will continue to try to identify potential partners,
with the assistance of board members and consultants. The Group?s
expertise can be used on a consulting basis both to private sector
and public clients.
Briquetting Project
As reported on SENS, the commercial commissioning of the
Briquetting Project commenced in December 2013.
In addition to the ramp-up of the Octavovox plant, the Group is
currently running a trial of innovative screening equipment in
conjunction with a technology provider, Virto. Their equipment
greatly increases the yield of coal fine screens, with improved
quality. If the trial is successful, the Company look to enter into
commercial arrangements to incorporate the technology into this,
and future, projects. Our subsidiary company, Prodiflex Coal,
responded to a request for proposal by Exxaro to find a solution
for the coal fines at its Leeuwpan Colliery, and we are confident
that we will come up with a viable solution, building on our
experience at Vaalkrantz, which will form the basis of a
competitive bid. Prodiflex Coal is also doing testwork with Keaton
on samples of fines from its Vanggatfontein Colliery in a joint
research project with MRI.
In addition, management has been in discussion with various owners
of fines dumps in the Vryheid area for potential feedstock to our
existing plant, to supplement supply from the current dump, or for
standalone projects. Some of these discussions are at an advanced
stage while others are still exploratory, but it is clear that
there are significant business opportunities that the Company can
exploit over the next few years in this area.
REVIEWED FINANCIAL RESULTS
CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION
28-Feb-14 28-Feb-13 31-Dec-11
(restated)
R'000 R'000 R'000
ASSETS
Non-current assets
Property, plant and
equipment 18 296 10 798 8
Intangible assets 46 453 92 411 93 043
Goodwill 1 053 9 123 -
Deferred tax 3 016 7 173 6 365
Investment in associate - - 1 000
Current assets
Trade and other
receivables 696 610 69
Cash and cash equivalents 2 985 315 584
Total assets 72 499 120 430 101 069
EQUITY AND LIABILITIES
Capital and reserves 2 642 54 009 4 048
Non-controlling interest 13 434 17 352 16 430
LIABILITIES
Non-current liabilities
Other financial
liabilities 41 709 22 002 17 358
Loans from group companies - - 49 738
Deferred tax 13 624 25 626 13 428
Current liabilities
Current tax payable - 34 -
Trade and other payables 1 090 1 407 67
Total equity and
liabilities 72 499 120 430 101 069
CONDENSED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
12 months 14 months
ended 28 ended 28
February 2014 February
2013
(restated)
R'000 R'000
Other income 36 5 978
Operating expenses (61 966) (9 048)
Operating loss (61 930) (3 070)
Investment revenue 6 177
Finance cost (6 156) (4 908)
Loss before taxation (68 080) (7 801)
Taxation 7 833 (11 416)
Loss after tax (60 247) (19 217)
Loss attributable to Owners of the
parent (56 329) (19 138)
Non-controlling interest (3 918) (79)
(60 247) (19 217)
CONDENSED CONSOLIDATED STATEMENT OF CASHFLOWS
12 months 14 months
ended 28 ended 28
February 2014 February 2013
R'000 R'000
Cash flows from operating
activities (14 221) (4 337)
Cash flow utilised in investing
activities (7 777) (10 815)
Cash flows from financing
activities 24 669 14 882
Net increase/(decrease) in cash and
cash equivalents 2 671 (270)
Cash at beginning of the period 314 584
Cash at the end of the period 2 985 314
CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
Stated Reverse Capital Retained Total Non- Total
share acquisition reserve income attributable controlling equity
capital reserves R'000 R'000 to equity interest R'000
R'000 R'000 holders of R'000
the group
R'000
Balance at 01 January 2011 (7 773) (7 773) (7 773)
Profit for the period 6 821 6 821 16 430 23 251
Balance at 01 January 2012 (952) (952) 16 430 15 478
Loss for the period (19 138) (19 138) (78) (19 216)
Issue of shares on reverse-
acquisition 78 784 78 784 78 784
Non-recourse funding by IDC 5 000 5 000 5 000
Reverse-acquisition adjustment (31 066) (31 066) (31 066)
Business combination - 1 000 1 000
Prior year errors adjusted (15 695) 31 066 15 371 15 371
Prior year errors adjustment
arising from reverse acquisition 7 794 7 794 7 794
Share issue expenses (1 785) (1 785) (1 785)
Balance at 28 February 2013
(restated) 61 304 - 5 000 (12 296) 54 008 17 352 71 360
Loss for the period (56 329) (56 329) (3 918) (60 247)
Issue of shares 5 463 5 463 5 463
Share issue expenses (500) (500) (500)
Balance at 28 February 2014 66 267 - 5 000 (68 625) 2 642 13 434 16 076
COMMENTARY
1. BASIS OF PREPARATION
The condensed reviewed group financial statements for the year
ended 28 February 2014 have been prepared in accordance with the
framework concepts and the measurement and recognition requirements
of International Financial Reporting Standards (“IFRS”), the
presentation and disclosure requirements of IAS 34: Interim
Financial Reporting, the SAICA Financial Reporting Guides as issued
by the Accounting Practices Committee, the Financial Reporting
Pronouncements as issued by the Financial Reporting Standards
Council, the JSE Limited Listings Requirements and the requirements
of the South African Companies Act, 71 of 2008.
The condensed group financial statements for the year ended 28
February 2014 were compiled by A Meyer, CA(SA), the financial
director. The accounting policies are in terms of IFRS and are
consistent with those of the most recent financial statements and
the restated results.
The financial results have been reviewed by the Company's
independent auditor, Horwath Leveton Boner, and their unmodified
review opinion is available for inspection at the registered office
of the Company.
Any reference to future financial performance included in this
announcement has not been reviewed or reported on by the Company's
auditor.
2. FINANCIAL RESULTS
The financial year-end of the Group was previously 31 December.
This was changed in the previous financial period to the end of
February.
The Group loss attributable to owners of the parent amounts to
R56.3m. (2013 restated R19.1m). This year's loss is mainly
attributable to the impairment of the AMD project (refer note 7.2).
The headline loss of the Group attributable to owners of the parent
amounts to R18.7m (2013 restated R19.1m)
Capital and reserves at the financial year-end was R 2.6m (2013
restated R54m) and total assets amounted to R72.5m.
3. RECONCILIATION OF PROPERTY, PLANT AND EQUIPMENT
GROUP 2014 OPENING ADDITIONS DEPRECIATION TOTAL
BALANCE
R'000 R'000 R'000 R'000
Plant and machinery 297 - (31) 266
Furniture and
fixtures 13 11 (5) 19
Motor vehicles 95 (12) 83
Office equipment 16 - (5) 11
IT equipment - - - -
Computer software - - - -
Briquetting plant 10 472 7 672 (227) 17 917
10 798 7 778 (280) 18 296
GROUP 2013 OPENING ADDITIONS DEPRECIATION TOTAL
BALANCE
R'000 R'000 R'000 R'000
Plant and machinery - 310 (13) 297
Furniture and
fixtures 1 13 (1) 13
Office equipment 1 19 (4) 16
IT equipment 6 - (6) -
Computer software 2 - (2) -
Plant construction in
progress - 10 472 - 10 472
10 10 814 (26) 10 798
4. RECONCILIATION OF INTANGIBLE ASSETS
GROUP 2014 OPENING AMORTISATION IMPAIRMENT TOTAL
BALANCE
R'000 R'000 R'000 R'000
Rehabilitation and
processing rights 47 959 (3 366) 44 593
AMD project 42 452 (1 460) (40 992) -
Intellectual property 2 000 (140) 1 860
92 411 (4 966) (40 992) 46 453
GROUP 2013 OPENING ADDITIONS AMORTISATION TOTAL
BALANCE THROUGH
BUSINESS
COMBINATIONS
R'000 R'000 R'000 R'000
Rehabilitation and
processing rights 47 959 - - 47 959
AMD project 45 082 - (2 630) 42 452
Intellectual property - 2 000 - 2 000
93 041 2 000 (2 630) 92 411
5. CHANGES TO THE COMPOSITION OF THE BOARD
During the reporting period, the following changes to the board of
directors were made with effect from the following dates:
18 April 2013:
Mr Charles Pettit resigned as non–executive director
Mr Richard Tait was appointed as non-executive director
19 July 2013
Mr S Swana resigned as independent non-executive director
30 August 2013
Mrs M van den Bergh resigned as financial director
3 September 2013
Mr Steve Tredoux resigned as independent non-executive director
Mr James Herbst resigned as non-executive director
5 September 2013
Mr Justin Lewis was appointed as a non-executive director
1 October 2013
Mr Anthon Meyer changed his role from non-executive director to
financial director
15 November 2013
Mr Jaco Schoeman resigned as Chief Executive Officer
Mr Richard Tait changed his role from non-executive director and
was appointed as acting Chief Executive Officer
Mr Syd Caddy was appointed as independent non-executive director
The current board of MRI consists of the following directors:
Quinton George – Non-Executive Chairman
Richard Tait - Chief Executive Officer
Anthon Meyer – Financial Director
Chris Roed – Independent Non-Executive Director
Justin Lewis – Non-Executive Director
Syd Caddy – Independent Non-Executive Director
6. CHANGES IN STATED CAPITAL
During the year, the Company issued 27 777 778 and 14 812 520 new
MRI shares at R0.09 and R0.20 respectively to public investors
under MRI?s general authority to issue shares for cash.
Upcoming Changes in Stated Capital
With reference to a circular sent to all shareholders on 16 May
2014 (“the Circular”), the Company intends to issue the following
equity shares in line with various corporate actions detailed in
the Circular and as announced on SENS on 8 April 2014:
- a specific issue of a maximum of 251 697 989 new MRI shares for
cash at an issue price of R0.05 per share in settlement of the
AfrAsia Special Opportunities Fund Proprietary Limited loan,
amounting to approximately R12.5 million;
- a specific issue of a maximum of 66 335 446 new MRI shares for
cash at an issue price of R0.05 per share in settlement of the
Armadale Capital Plc loan, amounting to approximately R3.5
million;
- a specific issue of 10 000 000 new MRI shares for cash at an
issue price of R0.05 per share in settlement of corporate
advisory fees owed to AfrAsia Corporate Finance Proprietary
Limited;
- the granting of an incentive option in respect of 10 000 000
new MRI shares at a strike price of R0.05 per share to CEO, Mr
Richard Tait; and
- a specific issue of 13 000 000 new MRI shares for cash at an
issue price of R0.05 per share in settlement of directors and
employee fees.
7. EXCEPTIONAL ITEMS
7.1 Restatement of the 2013 results
Pursuant to findings raised following a pro-active monitoring
process undertaken by the Issuer Regulation Division of the JSE
Limited during the latter half of 2013 and the first quarter of
2014, the previously published audited results for the 14 months
ended 28 February 2013 and the interim results for the six months
ended 31 August 2013, were restated, which restatement was
published on SENS on 4 April 2014. The restatement adjustments are
set out in the summary detailed below:
14-months to Adjustments 28 February
February 2013
2013 Restated
R'000 R'000 R'000
Other income 20 021 (14 043) 5 978
Operating expenses (9 048) (9 048)
Operating profit/(loss) 10 973 (14 043) (3 070)
Investment revenue 177 177
Interest expense (4 908) (4 908)
Profit/(loss) before
taxation 6 242 (14 043) (7 801)
Taxation charge (11 415) (11 415)
Loss for the period (5 173) (14 043) (19 216)
Other comprehensive
income - -
Total comprehensive loss (5 173) (14 043) (19 216)
Loss attributable to:
Equity holders (5 095) (14 043) (19 138)
Non-controlling
interests (78) (78)
Total comprehensive loss
attributable to:
Equity holders (5 095) (14 043) (19 138)
Non-controlling
interests (78) (78)
Basic and diluted loss
per share (1.74) (6.55)
Basic and diluted
headline loss per share (6.55) (6.55)
Weighted average number
of shares („000) 292 106 292 106
14-months to Adjustments 28 February
February 2013
2013 Restated
R'000 R'000 R'000
Assets
Non-Current Assets
Property, plant and
equipment 10 798 10 798
Intangible assets 92 411 92 411
Goodwill 9 123 9 123
Deferred tax 7 173 7 173
Total Non-Current Assets 110 382 9 123 119 505
Current Assets
Trade and other
receivables 610 610
Cash and cash
equivalents 314 314
Total Current Assets 924 - 924
Total Assets 111 306 9 123 120 429
Equity and Liabilities
Equity
Share Capital and share
premium 76 999 (15 695) 61 304
Reverse acquisition
reserve (31 066) 31 066 -
Retained earnings (6 047) (6 248) (12 295)
Amount attributable to
equity holders 39 886 9 123 49 009
Equity loan 5 000 5 000
Non-Controlling Interest 17 352 17 352
62 238 9 123 71 361
Liabilities
Non-Current Liabilities
Deferred tax 25 626 25 626
Other financial
liabilities 22 002 22 002
47 628 - 47 628
Current Liabilities
Other financial
liabilities - -
Trade and other payables 1 407 1 407
Current tax payable 33 33
1 440 - 1 440
Total Equity and Liabilities 111 306 9 123 120 429
The restatement is in respect of the error in the accounting
treatment of the reverse acquisition of now wholly-owned subsidiary
Western Utilities Corporation Proprietary Limited (“WUC”).
7.2 AMD Project Impairment
Between 2007 and 2011, the Company invested a significant amount of
capital in research and development of a solution to the AMD crisis
facing the mining industry on the Witwatersrand Basin. This
culminated in a definitive feasibility study and proposal which was
presented to government, with further engagement between the
Company and government.
In April 2011, the Government appointed the Trans Caledon
Tunnelling Authority to undertake emergency remedial work, and
Aurecon was appointed in February 2012 to conduct a detailed
feasibility study of the acid mine drainage problem. The Department
of Water Affairs has publicly released Study Report 5.4, “Treatment
Technology Options” (dated May 2013), which outlines all the
technology options available, including passive, pre-treatment,
physical, chemical and biological processes. Amongst the chemical
processes, they considered the Company's Alkali-Barium-Calcium
(“ABC”) process and the Ettringite precipitation process. Their
principal assessment is that the ABC process is untested beyond
pilot-plant stage and there is significant risk in scaling it up to
full commercial operation.
The full conclusions and recommendations made to the minister are
not in the public domain but it is apparent from the extracts that
are in the public domain, the report advises the use of established
processes, rather than the innovative technology developed by the
Company.
In line with the requirements of IAS 36, the board reviewed the
carrying value of the AMD project at the financial year-end. As no
concrete evidence of the commercialisation of the project in the
foreseeable future could be demonstrated, the board approached a
technical consultant for some guidance. Although the consultant and
board are still of the opinion that the technology has value, the
board could not be satisfied that the intellectual property vesting
in the project can be commercialised in the near future.
As the underlying value of the asset is imbedded in intellectual
property, substantial additional cash will be required to convert
the intellectual property into a cash generating asset. For these
reasons, the board impaired the AMD project to zero in terms of IAS
36.
7.3 DBSA LOAN
During 2009, the Development Bank of South Africa (“DBSA”) granted
a long term, non-recourse loan of R10m to WUC (“DBSA Loan”). The
purpose of the loan was to fund the development of the AMD project
and to afford the DBSA the right to participate in any subsequent
project emanating from the AMD project. The terms of the DBSA Loan
stipulates that it will not be repayable if the AMD project does
not go ahead. The Company is currently in discussion with the DBSA
to terminate the obligations to repay the DBSA Loan.
Notwithstanding the full impairment of the AMD project, the DBSA
Loan plus accumulated interest (R27m in total) is still reflected
as a liability as at 28 February 2014 and was not set-off the AMD
Project asset.
7.4 BRIQUETTING PROJECT
In December 2013, the Group commenced commissioning of its Plant,
situated at the Vaalkrantz Colliery, owned by Keaton Energy
Holdings Ltd (“Keaton”). Commercial production commenced in
February 2014, while the Company was in discussion with Keaton
about the sale of product from the Plant. These discussions have
been concluded, and although the specific commercial terms remain
confidential, broadly the new agreement will cover the joint
marketing of screened coal fines of different grades in addition to
briquettes. The Company is currently producing coal fines
exclusively for Keaton, as this product delivers a higher margin
than the briquettes due to the lower cost of production. The market
for briquettes is not yet fully commercialised. Samples of
briquettes have been sent to a variety of potential customers, with
a view to establishing an economically sustainable market for the
product. The Plant is now configured in such a way that it can run
a fully autonomous washing and screening operation, or incorporate
the briquetting process as well.
The Plant has been able to achieve a steady increase in production
through optimisation of the process and hiring/training of new
shift teams, and expects to achieve nameplate capacity of 6 000t by
the end of July 2014. The Plant throughput is linked to the
achieved flow and the slurry concentration from the re-suspension
pond. Significant problems with the configuration of pipes to, and
from, the pond have been ironed out, and the production team has
developed strategies to deal with erratic supply of water and
undersize product from the Vaalkrantz Colliery washing plant. The
production team has forged a good working relationship with local
plant management, who have assisted with various technical
challenges, and it is anticipated that the production level will
continue to rise with more experience.
8. SEGMENT INFORMATION
AMD Coal Parent Total
project Briquetting
R'000 R'000 R'000 R'000
Segmental reporting – 2014
Segmental total assets 1 133 70 059 1 307 72 499
Segmental total
liabilities (27 525) (28 453) (445) (56 423)
Net segment
assets/(liabilities) (26 392) 41 606 862 16 076
Segmental other income - 17 19 36
Segmental expenses (51 380) (5 855) (3 048) (60 283)
Segmental loss (51 380) (5 838) (3 029) (60 247)
AMD Coal Parent Total
project Briquetting
R'000 R'000 R'000 R'000
Segmental reporting - 2013
(restated)
Segmental total assets 58 220 62 015 194 120 429
Segmental total
liabilities (39 945) (13 759) 4 636 (49 068)
Net segment assets 18 275 48 256 4 830 71 361
9. LOSS AND HEADLINE LOSS PER SHARE RECONCILIATION
The loss and weighted average number of ordinary shares used in the
calculation of loss and headline loss per share are as follows:
12 months 14 months ended
ended 28 28 February
February 2013
2014 (restated)
Basic loss per share
Loss attributable to equity
shareholders (R„000) (56 329) (19 138)
Weighted average number of shares in
issue („000) 475 773 292 106
Basic loss per share (cents) (11.84) (6.55)
Diluted Basic loss per share
Loss attributable to equity
shareholders (R„000) (56 329) (19 138)
Diluted weighted average number of
shares in issue („000) 568 376 292 106
Diluted Basic loss per share (cents) (9.91) (6.55)
Reconciliation of loss to headline loss attributable to equity
holders of the parent:
12 months 14 months
ended 28 ended 28
February February 2013
2014 (restated)
Headline loss per share
Loss after taxation (R'000) (56 329) (19 138)
Headline loss adjustment
Impairment of intangible assets &
goodwill net of taxation 37 584 -
Total headline loss (R'000) (18 745) (19 138)
Weighted average number of shares in
issue („000) 475 773 292 106
Headline loss per share (cents) (3.94) (6.55)
12 months 14 months
ended 28 ended 28
February February 2013
2014 (restated)
Diluted Headline loss per share
Loss after taxation (R'000) (56 329) (19 138)
Diluted Headline loss adjustment
Impairment of intangible assets &
goodwill net of taxation 37 584 -
Total headline loss (R'000) (18 745) (19 138)
Diluted weighted average number of
shares in issue („000) 568 376 292 106
Diluted headline loss per share
(cents) (3.30) (6.55)
10. EVENTS AFTER THE END OF THE REPORTING PERIOD
Shareholders are referred to paragraph 6 above regarding upcoming
corporate actions the Company will undertake which will involve the
issuing of new MRI shares and converting Company debt to equity.
The meeting of MRI shareholders to approve the above-mentioned
corporate actions will take place at 09h00 on 17 June 2014 at MRI's
offices, Route 21 Corporate Park, 45 Sovereign Drive, Ground Floor,
Unit C, Irene X30, 0046.
11. GOING CONCERN
After the impairment of the AMD project, the Group's net equity and
reserves as at 28 February 2014 is R2 642 114. The conversion of
the long term liabilities to equity (refer to paragraphs 6 and 10
above) together with the projected positive cash flows expected
from the Briquetting Project, will enable the Company to fund its
operations in the foreseeable future. Consequently the Board is
satisfied that the financial reports are prepared on a going
concern basis.
12. RELATED PARTY TRANSACTIONS
Current year
The following related party transactions were entered into during
the financial year:
AfrAsia Special Armadale Capital
Opportunities Fund Plc
Proprietary Limited
R'000 R'000
Long term loans
Opening balances at
beginning of year - -
Advances during the year 10 392 3 037
Fees charged 966 4
Interest accrued 601 165
Repayments made (959) -
Closing balances a
financial year-end 11 000 3 206
Both Armadale Capital Plc and AfrAsia Special Opportunities Fund
(Pty) Ltd are shareholders of MRI.
Other than mentioned above, and other than loans advanced or
received in the normal course of business, there have been no other
related party relationships during the year.
Prior year
Loans advanced by Watermark Global Plc (now Armadale Capital Plc)
to WUC were repaid out of the funds raised at the time of the
reverse-listing of WUC.
In June 2012, as the largest shareholders, Trinity Asset Management
Proprietary Limited and Watermark Global Plc (now Armadale Capital
Plc) agreed to underwrite any shortfall in the working capital of
MRI to the maximum value of R4 million for the period until 30 June
2013. This funding was called upon.
As part of the funding agreement an additional 14 812 520 new
ordinary shares of no par value was issued for cash on 28 March
2013.
A company, Auctus PM Consulting, controlled by the previous Chief
Executive Officer of MRI, was paid R 56 000 for services rendered.
13. BUSINESS COMBINATION
There were no changes in business combinations in the current year.
14. DIVIDENDS
No dividend will be declared for the financial year ended 28
February 2014 (2013: Nil).
For and on behalf of the board
2 June 2014
Johannesburg
Q George Prepared by: A Meyer CA(SA)
CORPORATE INFORMATION
Mine Restoration Investments Limited
Country of incorporation and domicile: South Africa
Postal address: PO Box 825, Irene, 0062, Pretoria
Tel no:+27 (12) 345 4037, Fax no:+27 (12) 345 4808
Web: www.minerestoration.co.za
Directors: Q George# (Chairman), R Tait (Chief Executive Officer),
A Meyer (Financial Director), S Caddy*, C Roed*, J Lewis# (#Non-
Executive, * Independent Non-Executive)
Company Secretary: Neil Esterhuysen & Associates Inc
Registered Office: Units 23&24 Norma Jean Square, 244 Jean Avenue,
Centurion
Transfer Secretaries: Computershare Investor Services (Pty) Ltd, 70
Marshall Street, Marshalltown 2001, PO Box 61051, Marshalltown 2107
Auditor: Horwath Leveton Boner
Designated Advisor: Sasfin Capital (a division of Sasfin Bank
Limited)
Date: 02/06/2014 11:05:00 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
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