Wrap Text
Audited results for the year ended 30 June 2014
Gijima Group Limited
(previously Gijima Ast Group Limited)
Registration number 1998/021790/06
Share code: GIJ ISIN: ZAE000176533
("Gijima" or "the Group" or "the Company")
Audited results for the year ended 30 June 2014
HIGHLIGHTS
- Black ownership 75,9%
- Level 2 BBBEE
Rating score of 86,3%
Achieved 100%
Private Sector
Contract Renewals
Repaid
R41 million
debentures
Significant right-sizing of
the business achieved –
R200 million savings
Recapitalisation
of business
underway
Summarised consolidated income statement
for the year ended 30 June 2014
Audited Audited
30 June 2014 30 June 2013
Notes R'000 R'000
Continuing operations
Revenue 1 518 643 1 848 388
Other operating income 18 984 493
Income 1 537 627 1 848 881
Loss before interest, tax, depreciation and amortisation
charges (EBITDA) (88 724) (290 356)
Depreciation and amortisation charges (36 949) (45 240)
Operating loss before financing costs 3 (125 673) (335 596)
Finance income 7 193 2 878
Finance expenses (31 407) (38 560)
Net finance expense (24 214) (35 682)
Loss before tax from continuing operations (149 887) (371 278)
Income tax (2 470) 78 044
Loss for the year from continuing operations (152 357) (293 234)
Attributable to:
Owners of the parent (153 304) (294 639)
Non-controlling interest 947 1 405
(152 357) (293 234)
Discontinued operations
Profit from discontinued operation, net of tax – 82 471
Loss for the year (152 357) (210 763)
Attributable to:
Owners of the parent (153 304) (212 168)
Non-controlling interest 947 1 405
(152 357) (210 763)
Weighted average number of shares (000's) 5 198 078 50 955#
Diluted number of shares (000's) 5 198 078 50 955#
Number of shares in issue (000's) 5 198 078 198 078#
Loss per share – consolidated operations
Basic loss per ordinary share (cents) 5 (77,40) (416,38)#
Diluted loss per ordinary share (cents) 5 (77,40) (416,38)#
Loss per share – continuing operations
Basic loss per ordinary share (cents) 5 (77,40) (578,23)#
Diluted loss per ordinary share (cents) 5 (77,40) (578,23)#
# Restated from the share consolidation (refer to note 5).
Summarised consolidated statement of comprehensive income
for the year ended 30 June 2014
Audited Audited
30 June 2014 30 June 2013
R'000 R'000
Loss for the year (152 357) (210 763)
Other comprehensive income
Items that may be reclassified subsequently
to profit or loss
Currency translation differences of foreign operations – 44 176
Currency translation on the net investments of foreign operations – 12 988
Reclassification of currency translation on investments of foreign
operations from non-distributable reserves – (38 836)
Reclassification of currency translation differences from
other comprehensive income – 38 341
Income tax on other comprehensive income – (2 825)
– 53 844
Items that may not be reclassified subsequently to profit
or loss
Revaluation of property, plant and equipment 3 553 –
3 553 –
Total comprehensive income for the year (148 804) (156 919)
Attributable to:
Owners of the parent (150 817) (158 324)
Non-controlling interest 2 013 1 405
(148 804) (156 919)
Notes to the condensed consolidated financial statements
1 Statement of compliance
The summary consolidated financial statements for the year ended 30 June 2014 are prepared in accordance
with the requirements of the JSE Limited Listings Requirements for provisional reports, and the requirements of
the Companies Act applicable to summary financial statements. The Listings Requirements require provisional
reports to be prepared in accordance with the framework concepts and the measurement and recognition
requirements of International Financial Reporting Standards (IFRS) and the SAICA Financial Reporting Guides
as issued by the Accounting Practices Committee and Financial Pronouncements as issued by the Financial
Reporting Standards Council and to also, as a minimum, contain the information required by IAS 34 Interim
Financial Reporting. The accounting policies applied in the preparation of the consolidated financial statements,
from which the summary consolidated financial statements were derived, are in terms of International Financial
Reporting Standards and are consistent with the accounting policies and methods of computation applied in
the preparation of the previous consolidated annual financial statements except as described in note 2 below.
These summarised consolidated financial statements do not include all of the information required for full
financial statements, and should be read in conjunction with the consolidated financial statements of the Group
as at and for the year ended 30 June 2014.
This summarised report is extracted from audited information, but is not itself audited. The financial statements
were audited by KPMG Inc, who expressed a modified opinion thereon with an emphasis of matter paragraph
which indicates "the existence of a material uncertainty which may cast significant doubt on the company and
subsidiaries abilities to continue as going concerns". Their opinion is not qualified in respect of this matter.
The directors take full responsibility for the preparation of the provisional report and the financial information has
been correctly extracted from the underlying annual financial statements.
Their audit report is available for inspection at the company's registered office. The Group's June 2014 results
are available to the user on the company's website: www.gijima.com
The summarised consolidated financial statements have been prepared by Pierre Joubert CA(SA), the Group
Manager, Financial Accounting.
These summarised consolidated financial statements were approved by the Board of Directors on 30 September
2014.
2 Significant accounting policies
The Group has adopted the following policies:
- As a result of IFRS 10 (2011), the Group has changed its accounting policy for determining whether it has
control and consequently whether it consolidates its investees. IFRS 10 (2011) introduces a new control
model that focuses on whether the Group has power over the investee, exposure or rights to variable returns
from its involvement with the investee and ability to use its power to effect those returns. The result of the
change in policy had no impact on the consolidated financial statements in terms of consolidating subsidiaries
within the Group.
- As a result of IFRS 10, the disclosure of interest in other entities, "Special Purpose Entities" (SPEs) is no
longer defined and has been replaced by Structured Entities with expanded recognition requirements. The
previously consolidated SPE, GijimaAst Finance Proprietary Limited, is now consolidated as a structured
entity. Result of the change in policy had no impact on the consolidated financial statements in terms of
consolidating the Structured Entity within the Group.
- IFRS 13 establishes a single framework for measuring fair value and making disclosures about fair value
measurements when such measurements are required or permitted by other IFRSs. The Group has applied
the new fair value measurement prospectively and has not provided any comparative information for new
disclosures. Notwithstanding the above, the change had no significant impact on the measurements of the
Group's assets and liabilities.
- As a result of IFRS 12, the disclosures of interest in other entities were expanded in subsidiaries.
Audited Audited
30 June 2014 30 June 2013
R'000 R'000
3 Operating loss before financing costs
The following material items have been included in
the calculation of operating loss
Continuing operations
Exchange rate gains/(losses) on translation of
foreign currency 329 (3 703)
Exchange rate losses on reclassification of currency translation
on net investments from non-distributable reserves – (2 496)
Reclassification of currency translation differences of foreign
operations from other comprehensive income – (38 341)
Loss on sale of property, plant and equipment (83) (347)
Decrease/(increase) of provision for impairment of
trade receivables 49 389 (78 493)
Bad debts written off (64 574) –
(14 939) (123 380)
Summarised consolidated statement of changes in equity
for the year ended 30 June 2014 Share Share Distributable Non-distributable Non-controlling Total
capital premium reserves reserves Total interest equity
Group R'000 R'000 R'000 R'000 R'000 R'000 R'000
Balance at 1 July 2012 961 641 710 (363 867) (45 902) 232 902 (3 010) 229 892
(Loss)/profit for the year (212 168) – (212 168) 1 405 (210 763)
Other comprehensive income
Currency translation differences – 41 351 41 351 – 41 351
Reclassification of currency translation differences – 38 341 38 341 – 38 341
Currency translation on net investments – (25 848) (25 848) – (25 848)
Total comprehensive income for the year – – (212 168) 53 844 (158 324) 1 405 (156 919)
Transactions with owners, recorded directly in equity
Conversion to no-par value share capital 641 710 (641 710) – – – – –
Rights issue of shares 150 000 – – – 150 000 – 150 000
Share issue expenses (14 592) – – – (14 592) – (14 592)
Total transactions with owners 777 118 (641 710) – – 135 408 – 135 408
Balance at 30 June 2013 778 079 – (576 035) 7 942 209 986 (1 605) 208 381
(Loss)/profit for the year (153 304) – (153 304) 947 (152 357)
Other comprehensive income – – – – –
Items that may not be reclassified subsequently to profit or loss
Revaluation of land and buildings – 2 487 2 487 1 066 3 553
Total comprehensive income for the year – – (153 304) 2 487 (150 817) 2 013 (148 804)
Balance at 30 June 2014 778 079 – (729 339) 10 429 59 169 408 59 577
Audited Restated
30 June 2014 30 June 2013
Notes R'000 R'000
4 Headline loss
Loss per share – consolidated operations
Headline loss per ordinary share (cents) 5 (77,37) (516,28)
Diluted headline loss per ordinary share (cents) 5 (77,37) (516,28)
Calculation of headline earnings/(loss)
Loss attributable to owners of the parent (153 304) (212 168)
Reclassification of currency translation differences from
non-distributable reserves – 38 341
Reclassification of currency translation on net investments
from non-distributable reserves – (38 836)
Tax effect of reclassification on net investments – 12 811
Profit on disposal of business – (63 479)
Loss on sale of property, plant and equipment 83 358
Tax effect (23) (100)
Headline loss (153 244) (263 073)
Loss per share – continuing operations
Headline loss per ordinary share (cents) 5 (77,37) (497,60)
Diluted headline loss per ordinary share (cents) 5 (77,37) (497,60)
Calculation of headline loss
Loss attributable to owners of the parent (153 304) (294 639)
Reclassification of currency translation differences
from other comprehensive income – 38 341
Reclassification of currency translation on net investments
from non-distributable reserves – 2 496
Loss on sale of property, plant and equipment 83 347
Tax effect (23) (97)
Headline loss (153 244) (253 552)
5 Share consolidation
On 9 May 2013 the shareholders approved a share consolidation of one share for every 20 held. Consolidated
shares began trading under the new ISIN ZAE000176533 with effect from commencement of business on Monday,
15 July 2013. The record date in respect of the share consolidation was Friday, 19 July 2013 and the consolidated
shares issue was performed on Monday, 22 July 2013.
The impact of the share consolidation is:
- Authorised share capital of 5 000 000 000 consolidates to 250 000 000 ordinary share capital of no-par value.
- Issued share capital of 3 968 357 379 consolidates to 198 417 869 ordinary share capital of no-par value.
6 792 070 (2013: 6 792 070) shares are held by Gijima Holdings Proprietary Limited, a wholly owned subsidiary
of Gijima Group Limited, from the 2009 financial year before the share consolidation. Subsequent to the share
consolidation the shares held by Gijima Holdings Proprietary Limited is: 339 604 (2013: 339 604).
As a result of the share consolidation, the following was restated in the prior year: (consolidation of one share for
every 20 held).
Restated*
30 June 2013 30 June 2013
Weighted average number of shares (000's) 50 955 1 019 100
Diluted number of shares (000's) 50 955 1 019 100
Number of shares in issue (000's) 198 078 3 961 565
Loss per share – consolidated operations
Basic loss per ordinary share (cents) (416,38) (20,82)
Diluted loss per ordinary share (cents) (416,38) (20,82)
Loss per share – continuing operations
Basic loss per ordinary share (cents) (578,23) (28,91)
Diluted loss per ordinary share (cents) (578,23) (28,91)
Loss per share – consolidated operations
Headline loss per ordinary share (cents) (516,28) (25,82)
Diluted headline loss per ordinary share (cents) (516,28) (25,82)
Loss per share – continuing operations
Headline loss per ordinary share (cents) (497,60) (24,88)
Diluted headline loss per ordinary share (cents) (497,60) (24,88)
* The prior year loss per ordinary share had also been restated for the prior year rights issue.
Audited
30 June 2014
R'000
6 Unrecognised deferred tax assets
Deductible temporary differences (will never expire) – current year 56 249
In view of the company's financial position at year end, it was decided not to increase the deferred tax asset by the
current year's deferred tax movement of R56,2 million. In assessing the recoverability of the deferred tax asset at
year end, we are satisfied that no impairments are required based on our budget and forecasts, as sufficient taxable
income will be generated against which the remaining deferred tax can be utilised.
The forecasts were based on managements' expectations of future outcomes taking into account past experience,
future trends in the ICT industry and taking into account the Group's turnaround strategy.
The forecasts to access the recoverability of the deferred tax was estimated taking into account the following:
- the average revenue growth levels expected over six years of 9,0%.
- the cash flow projections were based on a six year forecast.
Sensitivity:
A 10 percent under performance against the six-year forecast would result in an additional R15,8 million unrecognised
deferred tax asset.
7 Subsequent events and going concern
The group incurred a net loss for the year ended 30 June 2014 of R153 million (2013 continuing operations: R294 million).
Although good progress has been made with its turnaround activities, Gijima continues to experience tough trading conditions,
which has resulted in the group not complying with the financial covenants related to the group's borrowings of R213 million
in terms of the securitisation of debtors. The aforementioned breaches were condoned at year end.
The group has entered into a new agreement with the financiers subsequent to year-end in which, inter alia, the repayment terms
of the loans, of which R107 million is currently disclosed as short-term, have been extended to be repayable in equal tranches
of R52.5 million on 30 June 2017, 30 June 2018, 30 June 2019 and 30 June 2020 respectively. The company can confirm that it will
be able to pay its obligations when they become due and comply with securitisation financial covenants based on budgeted and
forecasted cash flows in future. With effect from the Signature Date, the margin applicable on each of the Senior Debentures
shall increase from 450 basis points to 600 basis points. For the avoidance of doubt, each of the Senior Debentures deferred for
redemption will, as from the Signature Date have a margin of 600 basis points. The loan covenant requirements have also been relaxed
to be in line with future budgets and forecasts. This is subject to the rights issue, which is further elaborated on below.
The group has determined a need to raise R100 million which will be performed by way of a rights offer, subject to approvals by the
Shareholders, Johannesburg Stock Exchange and all other required approvals. This is fully underwritten by the Group's major shareholder,
the Guma Group of companies.
In addition to the extension of the repayment terms of the R213 million loan together with the capital injection of a R100 million
through a rights offer mentioned above, the group has budgeted and forecasted for cash flows in future, which will generate sufficient
cash flows and reserves to allow the company to pay its obligations when they become due and comply with securitisation financial
covenants, thus continuing as a going concern.
The ability of the company and its subsidiaries to continue as a going concern depends on both achieving its future budgets and
forecasts and the raising of capital through the rights issue which is subject to various approvals.
Should any of the above conditions not be met there exists a material uncertainty which may cast significant doubt about the company and
subsidiaries' abilities to continue as going concerns and, therefore that they may be unable to realise their assets and discharge their
liabilities in the normal course of business.
The financial statements are prepared on the basis of accounting policies applicable to a going concern. This basis presumes that funds
will be available to finance future operations and that the realisation of assets and settlement of liabilities will occur in the ordinary
course of business.
8 Contingent liabilities
At 30 June 2014 the Group had contingent liabilities in respect of registered performance bonds, bank lease and
other guarantees to the value of R10,3 million (June 2013: R12,1 million).
9 Segment analysis
From 1 July 2013, the Group implemented a new reporting structure comprising Professional Services, Managed
Services (combined represents Service Assets) and Specialised Solutions.
This represents a change from Systems Engineering, Services and Discrete Solutions segments previously reported.
As a result the segmental analysis have been restated.
The re-organisation of the company operating model has resulted in a shift in the primary reporting view from
Systems Engineering, Services and Discrete Solutions to that of Service Assets (Professional Services and Managed
Services) and Discrete Solutions.
Summarised consolidated segmental analysis
for the year ended 30 June 2014
Audited Restated
30 June 2014 30 June 2013
R'000 R'000
Revenue
Professional Services 369 152 388 967
Managed Services 791 863 1 010 122
Specialised Solutions 364 713 459 196
MineRP Businesses – 86 017
1 525 728 1 944 302
Elimination of discontinued operations – (86 017)
Internal revenue adjustment (7 085) (9 897)
Consolidated revenue 1 518 643 1 848 388
Segment results
Professional Services (81 724) (203 101)
Managed Services (32 804) (82 469)
Specialised Solutions 31 383 38 448
MineRP Businesses – 83 082
MineRP Businesses segment results – (21 729)
Reclassification of currency translation on net
investments as part of disposal of business
from non-distributable reserves – 41 332
Profit on disposal of business – 63 479
Consolidated segment results (83 145) (164 040)
Discontinued operations – (88 260)
Elimination of discontinued operations – 16 551
Elimination of reclassification of currency translation on net
investments as part of disposal of business from non-
distributable reserves – (41 332)
Elimination of profit on disposal of business – (63 479)
(83 145) (252 300)
Unallocated expenses (66 742) (118 978)
Other corporate expenses (34 426) (22 005)
Retrenchment costs (6 070) (16 393)
Loss on sale of property, plant and equipment and intangible assets (83) (358)
Withholding taxes written off (2 278) –
Reclassification of currency translation differences from
non-distributable reserves – (38 341)
Reclassification of currency translation of net investments from
non-distributable reserves – (2 496)
Exchange rate gains/(losses) on translation 329 (3 703)
Net financial expense (24 214) (35 682)
Consolidated loss before tax of continuing operations (149 887) (371 278)
Summarised consolidated statement of financial position
as at 30 June 2014
Audited Audited
30 June 2014 30 June 2013
R'000 R'000
ASSETS
Non-current assets 397 504 440 478
Property, plant and equipment 66 287 66 590
Intangible assets and goodwill 112 868 123 877
Trade and other receivables 15 543 14 458
Deferred tax assets 202 806 235 553
Current assets 380 038 601 691
Inventories 31 272 26 741
Trade and other receivables 267 180 371 965
Current tax assets 221 –
Cash and cash equivalents 81 365 202 985
Total assets 777 542 1 042 169
EQUITY AND LIABILITIES
Total shareholders' equity 59 169 209 986
Non-controlling interest 408 (1 605)
Non-current liabilities 172 600 285 341
Interest-bearing liabilities 121 824 202 765
Operating lease liability 21 229 20 282
Deferred tax liabilities 29 547 62 294
Current liabilities 545 365 548 447
Trade and other payables 416 437 452 649
Short-term portion of interest-bearing liabilities 114 444 50 000
Provisions 14 484 41 155
Bank overdrafts – 4 404
Current tax liabilities – 239
Total equity and liabilities 777 542 1 042 169
Summarised consolidated statement of cash flows
for the year ended 30 June 2014
Audited Audited
30 June 2014 30 June 2013
R'000 R'000
Cash flows from operating activities
Cash used in operations before working capital changes (71 772) (170 904)
Working capital changes 33 247 94 982
Net finance expense (26 021) (31 312)
Interest received 6 122 2 889
Interest paid (32 143) (34 201)
Tax paid (2 930) (4 317)
Net cash used in operating activities (67 476) (111 551)
Cash flows from investing activities
Purchase of intangible assets (139) (2 803)
Net purchases of property, plant and equipment and disposals (5 427) (11 411)
Payment of amounts due to vendors – (1 915)
Short-term loan paid to sub-contractor – (28 538)
Proceeds from the disposal of business – 175 000
Cash and cash equivalents from disposal of business – (22 678)
Net cash (used in)/generated from investing activities (5 566) 107 655
Cash flows from financing activities
Proceeds from rights issue – 150 000
Repayment of short-term borrowings (44 174) (49 966)
Payment of share issue expenses – (14 592)
Proceeds from bridge funding – 50 000
Repayment of bridge funding – (50 000)
Net cash (used in)/generated from financing activities (44 174) 85 442
Net (decrease)/increase in cash and cash equivalents (117 216) 81 546
Cash and cash equivalents at the beginning of the year 198 581 117 035
Cash and cash equivalents at the end of the year 81 365 198 581
Commentary
Highlights – Steady Progress on Turnaround Achieved
UP EBITDA achieved by loss significantly reduced from R290 million to R89 million
UP Targeted savings of R200 million per annum achieved
UP Significant annuity contract renewals achieved – R1,6 billion
UP Significant loss reduction achieved in large project from R160 million to R60 million
UP R41 million debt repayment achieved
UP Permanent Executive Chairman, CEO, CFO, COO, HRE and CSO (Chief Sales Officer)
appointments achieved
UP Recapitalisation agreements concluded, and being announced
LEVEL Empowerment Levels remain at Level 2 AAA, BBBEE rating, with 75,95% black ownership
LEVEL Top line pressure remains
UP New markets in SOEs and Africa showing positive early signs
Review of performance
Gijima is one of South Africa's leading Information, Communication and Technology (ICT) Services groups and
our Level 2 AAA empowerment rating makes us one of the top 20 most empowered JSE-listed companies.
The percentage black ownership is 75,97%. Gijima offers application services, infrastructure configuration and
implementation, as well as end-to-end managed outsource services through our national footprint.
Business profitability has improved significantly, with EBITDA showing a 69% improvement from the prior year loss
of R290 million to a loss of R89 million. The turnaround strategy is showing significant traction and as we have now
stabilised the business, the focus can now be on ensuring revenue generation is at the required levels. Pressure
on top line performance, with revenues 17% down compared to June 2013; 60% of our private sector revenue is
generated from the Mining and Industrial sector, and the Group was negatively impacted by the series of mining
and manufacturing sector issues over the last year. The revenue is also reflective of the full effect of the expiry of two
significant contracts from FY 2012, as well as customer delays in awarding contracts.
Significant contract renewals
Over the year, R1,6 billion from the renewal of contracts with key clients together with, in some instances an
increased scope, has been concluded. This is an important indication that the continued efforts to retain significant
clients, even in the face of stiff opposition, demonstrate our capability and they are a testament to our ability to
provide service delivery excellence.
Turnaround
The turnaround activities progressed well and reflect in the numbers as is evident in the improved EBITDA.
The efficiency drive has resulted in the achievement of targeted cost savings of some R200 million per annum. This
was achieved without exceeding the industry norm in terms of staff turnover. Strong focus in all areas of the business
continues to ensure profitability and to provide a sound basis for growth, and in particular the development of a
high-performance sales environment.
Business recapitalisation
Our executive Chairman's Guma group of companies, the lead shareholder, has agreed to fully underwrite a
R100 million rights offer. Other major shareholders have given irrevocable undertakings to support the rights offer.
Furthermore, Gijima renegotiated a debenture capital repayment holiday for two years, along with new covenants in line
with the turnaround strategy adopted by the board.
Overview of specific businesses within Gijima
- The Professional Services division houses the Company's various project environments, including custom
and packaged application solutions, as well as application development and support.
The division experienced a disappointing six months, ending the year 5% down on revenue compared to June
2013. While incurring a loss of R82 million for the year, this environment improved by R121 million compared to
the previous year. The R82 million includes R63 million from a single loss-making project.
- The Managed Services division is responsible for the outsourcing and applications support businesses which
includes field operations for end-user computing, an integrated services centre, mobility solutions and Unified
Communications.
Revenue for the division was 22% lower than the comparative year, predominantly as a result of the full effect of
the expiry of two major contracts during the second half of 2012. The loss position improved significantly from
R82 million in the prior year to R33 million in the current year, as cost improvement programmes take effect.
- The Specialised Solutions division which includes the training and Human Resources placement business,
voice business (with our partner NEC) delivered solid results for the year.
The Namibian operation disappointed, falling short of budget and the comparative year's performance for
both revenue and profitability due to pending legislative changes in Namibia related to foreign owned companies.
The Group's efforts to remedy this were not realised in the results for the year.
The targeted 70:30 split of business between private and public sector remains a key objective. The public sector
business remained at 35% for the year ended 30 June 2014.
Dividends
No dividend has been declared for the year.
Leadership
Since implementing our turnaround strategy the following major changes have been made in the top management
structure:
- Robert Gumede was appointed Executive Chairman on 10 October 2013;
- Eileen Wilton was appointed CEO on 10 October 2013;
- Ernst Roth was appointed CFO on 1 April 2014;
- Maphum Nxumalo was appointed as Chief Operating Officer on 1 July 2014;
- Bill Hoggarth was appointed as Chief Sales Officer on 1 May 2014;
- Bheki Khumalo was appointed as Human Resources Executive on 10 June 2014; and
- A number of other significant appointments have been made in the executive management committee.
Finance charges and tax
Lower finance charges were incurred for the year due to reduced debenture holdings following redemptions of
R41 million that were made during the financial year under review.
The Group's calculated tax loss for the 2014 financial year amounted to R56,3 million which has not been recognised
as a deferred tax asset in view of the current year loss.
Outlook
Service delivery excellence remains the bedrock of the organisation, and significant efforts are being made to build
on this to ensure that the material improvements to date are continued. New markets are also being explored,
specifically in Africa and in state-owned entities which are beginning to show traction. Gijima counts 14 of the
top 25 JSE-listed companies as clients which is evidence that the Company remains a key player in the ICT industry
in South Africa. The turnaround strategy is showing significant progress in terms of cost reduction and a return to
profitability. Gijima continues to attract and retain top talent.
RW Gumede EA Wilton GE Röth
Executive Chairman Chief Executive Officer Chief Financial Officer
30 September 2014
Directors:
Mr RW Gumede (Executive Chairman)
Ms EA Wilton (Chief Executive Officer)
Mr GE Röth (Chief Financial Officer)
Mr M Macdonald*
Mr JCL van der Walt *
Mr AH Trikamjee*
Dr MHR Bussin*
Ms SV Zilwa*
Mr RT Edmond*
*Non-executive
Company Secretary:
Ithemba Governance and Statutory Solutions
Proprietary Limited
Monument Office Park, Block 5
Suite 102, 79 Steenbok Avenue, Monument Park, 0181
Registered Office:
47 Landmarks Avenue, Kosmosdal, Samrand, South Africa
(012) 675 5000
Transfer Secretaries:
Link Market Services South Africa Proprietary Limited
(Registration number 2000/007239/07)
13th Floor, Rennie House
19 Ameshoff Street, Braamfontein, 2001
(PO Box 4844, Johannesburg, 2000)
Sponsor:
RAND MERCHANT BANK
(A division of FirstRand Bank Limited)
www.gijima.com
Date: 30/09/2014 08:33:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE').
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