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Condenced conslidated reviewed results for year end 31 March 2014, renewal of cautionary and dividend declaration
AMECOR’S MARKET LEADING OPERATIONS ARE FOCUSED ON MAKING IT SAFE TO LIVE AND
DO BUSINESS BY PROVIDING KEY PRODUCTS AND SERVICES OF A STRATEGIC NATURE TO
THE SECURITY INDUSTRY IN SOUTH AFRICA AND INCREASINGLY INTO AFRICA.
Highlights
• Turnover* up 22.5% to R217.1 million • Excellent performance by annuity business
• PBIT* up 15.4% to R33.3 million Sabre and FSK
AMALGAMATED ELECTRONIC CORPORATION LIMITED • PAT* up 30.4% to R20.9 million • Disposal of Secequip
(Incorporated in the Republic of South Africa)
(Registration number 1997/010036/06) • Dividend increased by 25% to 12.5 cents per share • Proposed acquisition of Maxidor
Share code: AER ISIN: ZAE000070587
*From continuing operations.
(“Amecor” or ”the Company” or “the Group”)
GROUP CONDENSED CONSOLIDATED REVIEWED RESULTS
FOR THE YEAR ENDED 31 MARCH 2014, DIVIDEND DECLARATION AND CORPORATE ANNOUNCEMENTS RE DISPOSAL OF SUBSIDIARY AND RENEWAL OF CAUTIONARY
AMECOR ACTIVITIES In its place, Amecor entered into an agreement with Secequip Supplies Proprietary Limited (“the purchaser”), which Basis of preparation
Amecor operates the following business units: is the other 21% shareholder in Secequip (“the agreement”). In terms of the agreement, Amecor will dispose of its The reviewed provisional consolidated results for the year ended 31 March 2014 have been prepared in accordance
Continuing operations 79% interest in Secequip to the purchaser with effect from 1 April 2014 for a consideration of R2.0 million, subject with the framework concepts and the measurement and recognition requirements of International Financial Reporting
Network to various conditions precedent (”the disposal”). The purchaser is wholly owned by the existing managing director of Standards (IFRS), and containing information required by International Accounting Standard (IAS) 34: Interim Financial
Sabre Radio Networks (“Sabre”) is the largest security network provider within Southern Africa. Its Radio and GSM Secequip, John Cliford Rogers (“Rogers”). Reporting, the SAICA Financial Reporting Guides as issued by the Accounting Practices Committee, and in compliance
infrastructure offers a secure data network comprising of base stations and advanced repeater technology. Sabre has a national 2.2 Nature of business of Secequip with the Listings Requirements of the JSE Limited. The review of the provisional consolidated financial statements has been
network footprint of cutting edge transmission equipment enabling its clients such as security companies the ability to route performed in terms of the requirements of the South African Companies Act, 71 of 2008, as amended. The accounting
signals and data to their control centres. Sabre is implementing various strategies to develop its technology in South Africa Secequip is an importer and wholesale distributor of security products.
policies as well as the methods of computation used in the preparation of the results for the year ended 31 March 2014
and exploring the opportunity of expanding into the rest of Africa. 2.3 Rationale for the disposal of the Secequip interest
are in terms of IFRS and are consistent with those applied in the audited annual financial statements for the year ended
Transmission technology The disposal is in line with the board’s strategic focus on investing in businesses that generate good free cash ?ow, 31 March 2013, except for the standards and amendments to standards that became effective on 1 January 2013: IFRS
FSK Electronics SA (“FSK”) is the leading manufacturer of sophisticated data transmission technology used primarily in the and above average gross and operating margins. 10: Consolidated Financial Statements, IFRS 13: Fair Value Measurement, IAS 19: Employee Benefits, IAS 27: Separate
security industry and related niche markets. The Company’s expert panel of engineers specialise in the design of radio and 2.4 Consideration for the disposal Financial Statements. The impact of the other Standards have been assessed and are not considered significant. The results
GSM, receivers and transceivers, which underpin the growth in annuity earnings for Sabre. are presented in Rand, which is Amecor’s presentation currency.
Subject to the fulfilment of the condition precedents set out in paragraph 2.5 below, Amecor will dispose of its 79%
Alternative power supplies shareholding in Secequip to the purchaser for the amount of R2.0 million (‘the disposal consideration”). The accounting policies and methods of computation have been applied consistently by group companies and have been
Alternative power supplies include generators, inverters and uninterrupted power supply systems. Power Development applied consistently to all periods presented in these provisional consolidated reviewed financial statements. The new
Services, alongside sister companies Gillespie Diesel Services and Durapower Manufacturing (collectively “the PDS Group”), The disposal consideration shall be discharged by the purchaser in cash on the first business day after fulfilment or
waiver, as the case may be, of the conditions precedent of the disposal set out in paragraph 2.5 below. IFRS and interpretations that became effective for the year under review, have not had a significant effect on the Group’s
are engaged in the assembly, distribution, installation and maintenance of world-class alternative power solutions; offered accounting policies. The comparative figures referred to in the commentary relate to the prior year equivalent period.
primarily to the industrial, commercial and government market sectors. The proceeds of the disposal will be utilised to pursue Amecor’s stated strategic investment focus.
2. Review of results
Discontinued operations 2.5 Conditions precedent
Mazars Inc. has issued an unqualified review opinion on these provisional consolidated financial statements, as required
Disposal of Secequip The disposal is subject to the fulfilment or waiver, as the case may be, of the following outstanding conditions by the JSE Limited. Their review was conducted in accordance with ISRE 2410, “Review of interim financial information
Secequip is an importer and wholesale distributor of security products. Amecor has reviewed the strategic fit of Secequip precedent by no later than 31 July 2014: performed by the independent auditor of the entity”. These financial statements have been approved by the board and
within the Group and decided to dispose of the Secequip business. This sharpens its strategic focus on businesses that generate
• Secequip has granted a notarial bond over the stock, in favour of Amecor; condensed for the purposes of this report. The auditors’ review opinion is available for inspection at Amecor’s registered
superior free cash ?ow, deliver attractive margins and provide good prospects for growth.
• the securities register of the purchaser re?ects Rogers as the holder of 100% of the issued shares of the purchaser; office.
Disposal of Amecor Integrated Solutions (“AIS”)
• Independent experts’ fairness report to Shareholders; and The auditors’ report does not necessarily report on all the information contained in this report. Shareholders are therefore
AIS, the Group project management business, was disposed of effective 31 March 2014 to an external party for an insignificant advised that in order to obtain a full understanding of the nature of the auditors’ engagement they should obtain a copy of
consideration. • the JSE Limited has approved the disposal to the extent required. the auditors’ report together with the accompanying financial information from the registered office.
STRATEGIC REVIEW 2.6 Effective date 3. Earnings per share (“EPS”)
Amecor remains focused on following key strategic objectives, as outlined in interim results: The effective date of the transaction is 1 April 2014. EPS is based on the Group’s profit for the year ended 31 March 2014, divided by the weighted average number of shares
• Network. Amecor continues growing its annuity income from this business unit. Good organic growth has augmented 2.7 Unaudited pro forma financial effects in issue during the year. There were no remeasurements of assets and liabilities held for sale to fair value less costs to sell.
new innovations such as applications where GSM technology is applied to offsite monitoring of sites, equipment and other Based on the disposal consideration of R2.0 million, the pro forma financial effects of the transaction on Amecor’s
processes. Weighted average
earnings per share, headline earnings per share, net asset value per share and net tangible asset value per share are Profit attributable number of shares
• Africa. FSK continues distributing a broad range of security products and network services in South Africa and to not material. The estimated cash proceeds from the Secequip loan will, however, significantly improve the liquidity
11 African countries, specific to each country’s requirements, including Tanzania, Nigeria, Ghana, Botswana and Angola. to equity holders in issue (net of
FSK’s focused expansion in Africa capitalises on the growing demand for sophisticated security technology in these markets. of Amecor. of Amecor treasury shares of Earnings
• Innovation through technology. Crime is a prevailing reality in Africa necessitating the demand for improved security 2.8 Categorisation (Reviewed) 3.7 million) per share
measures and enhanced personal safety. Amecor’s research and development team are on the forefront of new developments The disposal is a small related party transaction in terms of the JSE Limited Listings Requirements (“Listings F2014 – Continuing R’000 ’000 Cents
in electronic security applications, with a range of exciting new products to be rolled out in the next fiscal period. Requirements”) as the company is transacting with a material shareholder of a subsidiary, and which is also an Earnings 23 641 74 306 31.8
• Cost savings. Amecor continues to assess and evaluate potential cost-saving opportunities within the Group. associate of Rogers, a director of Secequip. Diluted earnings 23 641 74 306 31.8
• Acquisitions. Amecor intends to pursue potential acquisitions in the security and related niche market space. Headline earnings reconciliation
FINANCIAL REVIEW FINANCIAL INFORMATION
Basic earnings 23 641
Amecor has produced good results for the 12 months ended 31 March 2014. In the current year Amecor disposed of Amecor Year ended Year ended Less: Profit on sale of assets (202)
Integrated Solutions (“AIS”); and effective 1 April 2014 concluded the disposal of Secequip. This has resulted in these businesses GROUP PROVISIONAL STATEMENT OF PROFIT AND LOSS 31 March 2014 31 March 2013
being reclassified as discontinued operations, detailed below.
Less: Profit on sale of Amecor Integrated Solutions (2 734)
AND OTHER COMPREHENSIVE INCOME (Reviewed) (Restated)*
Add back taxation on above (28%) 57
Continuing operations Notes R’000 R’000
Headline earnings 20 762 74 306 27.9
Statement of profit and loss and other comprehensive income Revenue 219 371 179 586
Notwithstanding challenging market conditions, the Group managed to increase turnover by 22.5% from R177.2 million Diluted headline earnings 20 762 74 306 27.9
to R217.1 million. PBIT increased by 15.4% from R28.8 million to R33.3 million and PAT grew to R20.9 million from Turnover 217 089 177 207
Cost of sales (140 183) (108 373) Weighted average
R16.0 million, an increase of 30.4%.
Profit attributable number of shares
Further key performance indicators include: Gross profit 76 906 68 834
to equity holders in issue (net of
• PBIT margin declined from 16.3% to 15.3%, but remained healthy. Operating costs (43 642) (40 010) of Amecor treasury shares of Earnings
• Net finance expense decreased by 8% to R3.5 million. Operating profit before interest and taxation (PBIT) 33 264 28 824 (Restated) 3.7 million) per share
• Interest cover improved from 7.8 times to 9.5 times. Finance income 2 282 2 379 F2013 – Continuing R’000 ’000 Cents
Statement of cash flows Finance costs (5 752) (6 145) Earnings 15 942 74 332 21.5
Cash ?ow generation was negatively impacted by the following: Profit before taxation 29 794 25 058 Diluted earnings 15 942 74 332 21.5
• capital expenditure, including the new factory and further product development, amounting to R15.4 million (F2013: Taxation (8 895) (9 035) Headline earnings reconciliation
R10.4 million); Profit for the year from continuing operations 20 899 16 023 Basic earnings 15 942
• an increase in dividends paid (F2014: R13.5 million; F2013: R6.6 million); and
Profit on disposal of subsidiary 2 734 – Less: Profit on sale of property, plant and equipment (285)
• an increase in working capital movements of R30.7 million.
Profit from discontinued operations 770 9 237 Add back taxation on above (28%) 80
Balance sheet Other comprehensive income – – Headline earnings 15 737 74 332 21.2
• Though net debt of R22.5 million worsened from a net cash position of R7.7 million, this increase is only of a temporary
Total comprehensive income for the year 24 403 25 260 Diluted headline earnings 15 737 74 332 21.2
nature due to the increase in working capital. Assets from discontinued operations which mainly comprised inventories and
debtors amounted to R68.8 million and liabilities (mainly comprising trade payables) amounted to R12.8 million. Attributable to: 4. Net asset value per share
Discontinued operations Ordinary shareholders of Amecor 23 641 23 234
A profit on the sale of AIS of R2.7 million was realised. Year ended Year ended
Non-controlling interest 762 2 026
Assets and liabilities attributable to the discontinued operations are: 31 March 2014 31 March 2013
Profit and total comprehensive income for the year 24 403 25 260 (Reviewed) (Audited)
At 31 March 2014 R’000 Basic earnings per share (cents) 3 31.8 31.3 Net asset value per share (cents) 261.0 246.3
Assets Diluted earnings per share (cents) 3 31.8 31.3 Net number of shares in issue (’000) 74 306 74 332
Non-current assets Continuing operations 5. Segmental analysis
Property, plant and equipment 1 489 Earnings per share (cents) 3 31.8 21.5 The Group’s operating segments and segmental information presented in the condensed consolidated reviewed results
Goodwill 5 627 Diluted earnings per share (cents) 3 31.8 21.5 for the year ended 31 March 2014 represents the Group’s management and internal reporting structure. Inter-segment
Deferred tax asset 2 682 transactions are concluded at arm’s length terms and conditions. The segmental titles have been changed to better illustrate
*Restatement due to the requirements of IFRS 5, with specific reference to discontinued operations.
operational activities.
Current assets
Key performance indicators
Inventories 27 402 Continuing operations
GP margin 35.3% 38.8%
Trade and other receivables 28 274 Head Inter-
PBIT margin 15.3% 16.3%
Cash and cash equivalents 3 000 Supply and office and company
Dividend per share 12.5% 10.0% 12 months to 31 March 2014 maintenance management elimination
Taxation 293
Technology of alternative subsidiary and
Total assets 68 767
31 March 2014 31 March 2013 Network transmission power companies consolidation Total
Current liabilities GROUP PROVISIONAL STATEMENT OF FINANCIAL POSITION (Reviewed) (Audited) R’000 R’000 R’000 R’000 R’000 R’000
Trade and other payables 11 845 R’000 R’000 Segment turnover 32 237 59 566 130 973 13 738 – 236 514
Borrowings 1 000 ASSETS Inter-company turnover (272) (2 387) (1 814) (14 952) – (19 425)
Total liabilities 12 845 Non-current assets 107 323 107 356 Sales to external customers 31 965 57 179 129 159 (1 214) – 217 089
The details of the Secequip transaction are summarised under corporate announcements. Property, plant and equipment 28 549 23 719 Gross profit 25 456 30 472 23 428 13 143 (15 593) 76 906
OPERATIONAL REVIEW Intangible assets 24 154 21 769 EBITDA 22 774 16 601 3 518 17 595 (21 130) 39 358
Network Goodwill 54 034 59 661 Interest received 1 442 391 210 803 (564) 2 282
Networks continued to produce pleasing results, with strong annuity profits converting into high free cash ?ows. This segment Deferred tax asset 586 2 207 Interest paid (122) – (42) (6 152) 564 (5 752)
experienced growth in turnover of 42.3% to R31.9 million and 28.2% in PBIT to R22.5 million Increasing demand for cellular- Current assets 132 785 181 503 Depreciation (264) (2 147) (748) (716) – (3 875)
based data transmissions has added a substantial number of users to the network. GSM product lines distributed into the Inventories 27 164 49 384 Amortisation – (1 429) (249) (541) – (2 219)
countries in Africa, through sister company FSK, have boosted the demand for private networks, specific to each country/
customers’ requirements. Trade receivables and other receivables 62 375 60 682 Profit on sale of AIS – – – – 2 734 2 734
Taxation 6 358 4 557 Profit before taxation 23 830 13 416 2 689 10 989 18 397 32 528
Transmission technology
FSK’s turnover grew by 17.7% to R57.1 million and PBIT increased by 19.3% to R13 million. The Group’s research and Cash and cash equivalents 36 888 66 880 Profit attributable to Amecor
development team have produced a number of new technologies which are currently being field-tested. New product ranges Assets of disposal group held for sale 68 767 – shareholders 17 123 10 217 968 11 627 (16 294) 23 641
will target both local and African markets, and facilitate the growing demand for monitoring technology. Total assets 308 875 288 859 Total assets 59 478 80 692 56 925 167 224 (124 210) 240 109
Alternative power supplies EQUITY AND LIABILITIES Total liabilities (911) (20 079) (19 215) (113 209) 51 316 (102 098)
The PDS Group increased its turnover by 21.6% to R129.2 million but PBIT declined from R5.2 million to R2.5 million. Equity attributable to Amecor shareholders 174 761 163 443
Outlook 12 months to 31 March 2013 (Restated)
Non-controlling interest 19 169 19 638
The directors of Amecor are cautiously optimistic about the prospects for the coming year for the following reasons: Segment turnover 22 503 51 536 112 356 13 643 – 200 038
Equity and reserve 193 930 183 081
• Network. Amecor’s dominant market position is expected to continue to experience good organic growth locally and Inter-company turnover (35) (3 040) (6 116) (13 640) – (22 831)
into Africa. New monitoring technology will provide a further impetus on growth. Sabre is also expected to continue Non-current liabilities 65 037 64 194 Sales to external customers 22 468 48 496 106 240 3 – 177 207
exceptional generation of free cash ?ow. Borrowings 58 529 58 221 Gross profit 18 660 26 133 25 196 12 440 (13 595) 68 834
• Transmission technology. FSK is also anticipated to perform well in the current year through new innovative solutions Deferred tax liability 6 508 5 973 EBITDA 17 734 13 863 6 140 8 239 (12 369) 33 606
within its continuous research and development programme and subsequent development of new and improved products. Current liabilities 37 063 41 584 Interest received 1 132 243 454 6 355 (5 806) 2 378
The ongoing success of FSK further underpins the success of Sabre.
Trade and other payables 35 793 39 708 Interest paid – – (95) (6 049) – (6 144)
• Alternative power supplies. Firm orders placed with the PDS Group in the year under review positioned the company for
profitability in the coming year. Taxation 378 794 Depreciation (181) (1 514) (710) (740) – (3 146)
• Cash ?ow. The Group’s cash ?ow is expected to benefit from an improvement in the working capital requirements at the Borrowings 892 1 082 Amortisation – (1 428) (194) (12) – (1 634)
PDS Group. In addition FSK and Sabre remain strongly cash ?ow generative. Furthermore, minimal amounts of capital Liabilities of discontinued operations 12 845 – Profit before taxation 18 685 11 164 5 594 7 794 (18 177) 25 060
expenditure are expected on finalising the new factory. The repayment of the Secequip loan should also contribute Total equity and liabilities 308 875 288 859 Profit attributable to Amecor
positively. 13 453 8 800 4 119 7 830 10 968 23 234
shareholders
• Proposed acquisition of Maxidor and further cautionary. Shareholders are referred to the further cautionary announcement
set out in the announcement published on 16 May 2014 regarding a potential acquisition. Shareholders are advised that Year ended Year ended Total assets 49 840 132 805 58 614 166 103 (118 503) 288 859
Amecor is in advanced discussions with parties which, if successful, will result in Amecor acquiring 100% of Maxidor 31 March 2014 31 March 2013 Total liabilities (1 189) (74 653) (20 348) (111 691) 102 103 (105 778)
GROUP PROVISIONAL STATEMENT OF CASH FLOWS
SA Proprietary Limited (“acquisition”). Shareholders are therefore advised to continue exercising caution until a further (Reviewed) (Audited)
6. Related party transactions
announcement detailing the acquisition is made. R’000 R’000
Dividend declaration Net inflow from operating activities (12 122) 17 491 Year ended Year ended
The directors paid their first interim dividend in the amount of 6.5 cents per ordinary share in respect of the six months ended Cash generated from operations 17 098 36 740 31 March 2014 31 March 2013
30 September 2013. The net amount paid to shareholders who were not exempt from DWT was 5.525 cents per share, and Net finance costs (3 618) (3 761) (Reviewed) (Audited)
6.5 cents per share to shareholders exempt from DWT. There were 77 985 337 ordinary shares in issue; the total interim Taxation paid (12 108) (8 888) R’000 R’000
dividend amount paid was R5.1 million. The Company and its subsidiaries do have dealings with each other but
Dividends paid (13 494) (6 600)
In addition to the interim dividend of 6.5 cents per share, the directors have elected to pay a final dividend in the amount of these are eliminated on consolidation.
6.0 cents (F2013: 10 cents) per ordinary share in respect of the year ended 31 March 2014 to shareholders recorded in the Net outflow from investing activities (15 402) (10 438)
Purchases between subsidiary companies 23 653 11 983
share register at 25 July 2014. The net amount payable to shareholders who are not exempt from DWT is 5.1 cents per share, Net inflow from financing activities 533 195
and 6.0 cents per share to shareholders exempt from DWT. There are 77 985 337 ordinary shares in issue; the total dividend Management fees 13 316 10 699
Net movement in cash balances (26 991) 7 248
amount payable is R4.7 million. Operating lease – 275
Cash and cash equivalents at beginning of the year 66 880 59 632
F2014 – Final F2014 – Interim F2013 Cash and cash equivalents at the end of the year 39 889 66 880 On behalf of the board
Distributable dividend (R’000) 4 679 5 069 7 799 Cash included in continuing operations 36 888
CH Boulle DH Alexander Sandton
Total number of shares in issue (‘000) 77 986 77 986 77 986 Cash included in discontinued operations 3 001 Chairman Chief Executive 30 June 2014
Dividend payable per share (cents) 6.0 6.5 10.0
Declaration date Monday, 30 June 2014 Issued capital
(share capital Non- Directors
Last day to trade cum dividend Friday, 18 July 2014 GROUP PROVISIONAL STATEMENT OF
and share Accumulated controlling Total CH Boulle (Independent non-executive chairman), DH Alexander (Chief executive officer), KA Colley (Financial director),
Trading ex-dividend commences Monday, 21 July 2014 CHANGES IN EQUITY KA Vieira (Operational director), PFC Ying (Independent non-executive director), W Kirsh (Non-executive director),
premium) profit interest equity
Record date Friday, 25 July 2014 R’000 R’000 R’000 R’000 SD Shane (Non-executive director), JF Evans (Independent non-executive director)
Payment date Monday, 28 July 2014 Balance at 1 April 2012 70 843 75 506 18 222 164 571 All of the above directors are South African and are resident in South Africa.
These dividends as defined in the Income Tax Act, 1962, and were paid and are payable from income reserves. The applicable Dividends paid – (5 990) (610) (6 600) Company secretary
South African Dividend Withholding Tax (DWT) rate is 15% and no credits in terms of secondary tax on companies will be Total comprehensive income – profit – 23 234 2 026 25 260 SW du Plessis (appointed 4 January 2014)
utilised. Amecor’s income tax number is 9381483842. Net movement: Treasury shares (150) – – (150)
Share certificates may not be dematerialised or rematerialised between Monday, 21 July 2014 and Friday, 25 July 2014, both Auditor Sponsor
dates inclusive. The certificated register will be closed for this period. Total changes (150) 17 244 1 416 18 510 Mazars Inc., 2nd Floor, Mazars House Sasfin Capital Limited (A division of Sasfin Limited)
Balance at 1 April 2013 70 693 92 750 19 638 183 081 5 St Davids’ Place, Parktown, 2193 29 Scott Street, Waverly, 2090
EVENTS AFTER REPORTING PERIOD (PO Box 6697, Johannesburg, 2000) (PO Box 95104, Grant Park, 2051)
Dividends paid – (12 263) (1 231) (13 494)
Corporate announcement
Total comprehensive income – profit – 23 641 762 24 403 Transfer secretaries Corporate advisor
1. Maxidor Acquisition
Net movement: Treasury shares (60) – – (60) Link Market Services Proprietary Limited, 13th Floor Integrated Capital Management Proprietary Limited
Shareholders are referred to the further cautionary announcement set out in the announcement published on 16 May 2014
regarding a potential acquisition. Shareholders are advised that Amecor is in advanced discussions with parties which, Total changes (60) 11 378 (469) 10 849 Rennies House, 19 Ameshoff Street, Braamfontein, 2001 Unit 2, 3 Melrose Boulevard, Melrose Arch, 2196
if successful, will result in Amecor acquiring 100% of Maxidor SA Proprietary Limited (“acquisition”). Shareholders are (PO Box 4844, Johannesburg, 2000) (PO Box 333, Melrose Arch, 2076)
Balance at 31 March 2014 70 633 104 128 19 169 193 930
therefore advised to continue exercising caution until a further announcement detailing the acquisition is made. Registered office
2. Disposal of 79% interest in Secequip Proprietary Limited NOTES TO THE PROVISIONAL CONSOLIDATED FINANCIAL STATEMENTS Amecor House, 14 Richard Road, Industria North
2.1 Introduction 1. Significant accounting policies Florida, 1709
Shareholders are referred to the detailed cautionary announcement dated 16 May 2014 wherein they were advised Amecor is a company domiciled in South Africa. These provisional consolidated reviewed annual financial statements (PO Box 720, Florida Hills, 1716)
that Amecor’s 79% held subsidiary, Secequip Proprietary Limited (“Secequip”), had entered into an agreement of the Amecor Group for the year ended 31 March 2014 comprise provisional consolidated reviewed annual financial
with Divine Inspiration 579 Proprietary Limited, to sell, as a going concern, the Secequip business (“business sale statements of Amecor and its subsidiaries.
agreement”), subject to the fulfilment of the condition precedent that the shareholders of Secequip pass the necessary
resolution to enable Secequip to conclude the transaction set out in the business sale agreement by no later than These provisional consolidated annual financial statements were authorised for issue by the board of directors on 30 June
31 July 2014. This condition precedent will not be fulfilled and the business sale agreement will consequently be of 2014. The reviewed provisional consolidated financial statements for the year ended 31 March 2014 were prepared by the
no further force or effect. financial director, Mrs Kerry Colley, and have been reviewed by the Company’s auditors, Mazars Inc.
Date: 01/07/2014 07:05:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE').
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