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SENTULA MINING LIMITED - Reviewed Condensed Consolidated Interim Results for the six months ended 30 September 2015

Release Date: 25/11/2015 17:05
Code(s): SNU     PDF:  
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Reviewed Condensed Consolidated Interim Results for the six months ended 30 September 2015

Sentula Mining
(“Sentula” or “the Company” or “the Group”)
Incorporated in the Republic of South Africa
(Registration number 1992/001973/06)
Share code: SNU
ISIN: ZAE000107223

Reviewed condensed consolidated interim results 
for the six months ended 30 September 2015 


  Condensed consolidated statement of financial position 
                                                                       Reviewed       Reviewed       Audited 
                                                                   at September   at September         March 
  R’000                                                                    2015           2014          2015 
  Assets                                                                                                     
  Total non-current assets                                              962 528        850 175       801 617 
  Property, plant and equipment                                         896 511        798 937       749 942 
  Restricted investments                                                    285              -             - 
  Intangible assets                                                           -          1 346           672 
  Goodwill                                                               37 427         37 427        37 427 
  Deferred income tax asset                                              28 305         12 465        13 576 
  Total current assets                                                  366 582        494 632       403 328 
  Inventories                                                            66 190        114 460        70 492 
  Trade and other receivables                                           276 268        348 053       312 947 
  Cash and cash equivalents                                              24 117         28 163        19 245 
  Current tax receivable                                                      7          3 956           644 
  Assets of disposal group classified as held-for-sale                    2 946        328 873       219 490 
  Total assets                                                        1 332 056      1 673 680     1 424 435 
  Equity and liabilities                                                                                     
  Total equity attributable to equity holders of the parent             700 137        950 927       732 012 
  Share capital and premium                                           1 994 406      1 994 406     1 994 406 
  Reserves                                                              111 667        114 397       110 689 
  Accumulated loss                                                   (1 405 936)    (1 157 876)   (1 373 083)
  Non-controlling interest                                                    -          1 855             - 
  Total equity                                                          700 137        952 782       732 012 
  Liabilities                                                                                                
  Total non-current liabilities                                         163 689        103 628       114 856 
  Loans and borrowings                                                    1 143         12 907         3 699 
  Rehabilitation provision                                               67 981              -             - 
  Finance lease obligations                                              27 129          5 068        44 356 
  Deferred income tax liabilities                                        67 436         85 653        66 801 
  Total current liabilities                                             468 230        549 960       509 534 
  Trade and other payables                                              218 847        208 501       208 865 
  Loans and borrowings                                                   94 809        257 822       133 134 
  Finance lease obligations                                              20 988          5 967        26 260 
  Bank overdraft                                                         80 179         35 710        81 214 
  Current income tax liabilities                                         53 407         41 960        60 061 
  Liabilities of disposal group classified as held-for-sale                   -         67 310        68 033 
  Total liabilities                                                     631 919        720 898       692 423 
  TOTAL EQUITY AND LIABILITIES                                        1 332 056      1 673 680     1 424 435 
  Net asset value per share (excluding treasury shares)               121 cents      164 cents     126 cents 
  Tangible net asset value per share (excluding goodwill) -                                     
  (excluding treasury shares)                                         114 cents      157 cents     119 cents 


  Condensed consolidated income statement 
                                                                                      Reviewed         
                                                                       Reviewed        for the       Audited  
                                                                        for the     six months  for the year  
                                                                     six months          ended         ended  
                                                                          ended      September         March  
                                                                      September           2014          2015  
  R’000                                                                    2015   Re-presented  Re-presented  
  Revenue                                                               649 885        723 622     1 374 753  
  Loss from operations                                                  (12 143)       (28 528)     (153 880) 
  Net profit/(loss) on disposal of assets                                   542        (14 807)      (52 099) 
  Impairment of plant and equipment                                           -           (132)      (14 795) 
  Impairment of assets held-for-sale                                          -        (11 803)         (815) 
  Operating loss                                                        (11 601)       (55 270)     (221 589) 
  Finance charges                                                       (19 059)       (26 647)      (52 918) 
  Fair value adjustment on interest rate cap                                  -           (159)         (159) 
  Loss before taxation                                                  (30 660)       (82 076)     (274 666) 
  Taxation                                                               (2 193)         5 374       (16 244) 
  Loss for the period from continuing operations                        (32 853)       (76 702)     (290 910) 
  Discontinued operations                                                                                     
  Loss for the period from discontinued operations (attributable to 
  the owners of the parent)                                                   -           (147)         (275) 
  Loss on disposal of discontinued operations                                 -              -        (3 727) 
  Total loss for the period                                             (32 853)       (76 849)     (294 912) 
  Loss attributable to:                                                                                       
  - Owners of the parent                                                (32 853)       (77 237)     (293 445) 
  - continuing operations                                               (32 853)       (77 090)     (289 443) 
  - discontinued operations                                                   -           (147)       (4 002) 
  - Non-controlling interest                                                  -            388        (1 467) 
  - continuing operations                                                     -            388        (1 467) 
  - discontinued operations                                                   -              -             -  
  Basic and diluted loss per share (cents)                                (5,65)        (13,29)       (50,51) 
  - continuing operations (cents)                                         (5,65)        (13,27)       (49,82) 
  - discontinued operations (cents)                                           -          (0,02)        (0,69)  


  Condensed consolidated cash flow statement   
                                                                       Reviewed       Reviewed            
                                                                        for the        for the       Audited
                                                                     six months     six months  for the year       
                                                                          ended          ended         ended       
                                                                      September      September         March        
  R’000                                                                    2015           2014          2015  
  Cash flows from operating activities                                   75 253         11 918        47 138         
  Cash generated from operating activities                              101 226         50 660       119 808       
  Income taxes paid                                                      (8 720)       (14 340)      (20 622)      
  Interest paid                                                         (17 253)       (24 402)      (52 048)      
  Cash flows from investing activities                                  (19 692)        11 267        (3 534)       
  Interest received                                                         583            182           769           
  Purchase of property, plant and equipment                             (25 792)       (22 188)     (103 959)     
  Proceeds from disposal of property, plant and equipment                 3 505         20 513        42 021        
  Capitalised exploration expenditure                                         -              -        (1 187)       
  Additions to assets held-for-sale                                           -         (7 526)         (830)         
  Proceeds from disposal of assets held-for-sale                          2 297         20 286        27 279        
  Proceeds from disposal of subsidiary                                        -              -        23 680        
  Movement in restricted investments                                       (285)             -         8 693         
  Cash flows from financing activities                                  (51 902)       (64 575)     (139 033)     
  Increase in borrowings                                                      -            971        77 476        
  Decrease in borrowings                                                (51 902)       (65 546)     (216 509)     
  Net increase/(decrease) in cash and cash equivalents                    3 659        (41 390)      (95 429)      
  Cash and cash equivalents at the beginning of the period              (60 569)        33 744        33 744        
  Exchange gain on cash and cash equivalents                                848          1 012         1 116         
  Cash and cash equivalents at the end of the period                    (56 062)        (6 634)      (60 569)      
  Cash and cash equivalents classified as discontinued operations             -         (7 547)      (61 969)      
  Cash and cash equivalents per statement of financial position         (56 062)           913         1 400         
  Cash and cash equivalents at the end of the period                    (56 062)        (6 634)      (60 569)      
                                                                    

  Condensed consolidated statement of comprehensive income    
                                                                                      Reviewed            
                                                                       Reviewed        for the       Audited 
                                                                        for the     six months  for the year 
                                                                     six months          ended         ended 
                                                                          ended      September         March 
                                                                      September           2014          2015 
  R’000                                                                    2015   Re-presented  Re-presented  
  Loss for the period                                                   (32 853)       (76 849)     (294 912)
  Other comprehensive income                                                                                 
  Items that may be subsequently reclassified to profit or loss                                              
  Foreign currency translation differences for foreign operations           978          3 547         2 339 
  Other comprehensive income for the period, net of income tax              978          3 547         2 339 
  Total comprehensive loss for the period                               (31 875)       (73 302)     (292 573)
  Loss attributable to:                                                                                      
  - Owners of the parent                                                (31 875)       (73 690)     (291 106)
  - continuing operations                                               (31 875)       (73 543)     (287 104)
  - discontinued operations                                                   -           (147)       (4 002)
  - Non-controlling interest                                                  -            388        (1 467)
  - continuing operations                                                     -            388        (1 467)
  - discontinued operations                                                   -              -             - 


  Reconciliation of headline loss            
                                                       Reviewed   Reviewed re-presented September 2014        Audited re-presented March 2015   
                                                      September                                                                                 
                                                           2015   Continuing   Discontinued                 Continuing  Discontinued           
  R’000                                                   Group   operations     operations       Group     operations    operations      Group 
  Loss for the period attributable to equity holders    
  of the parent                                         (32 853)     (77 090)          (147)    (77 237)      (289 443)       (4 002)  (293 445)
  Adjusted for:                                                                                                                                 
  Profit on disposal of plant and equipment                 (60)      (2 750)             -      (2 750)        (2 762)            -     (2 762)
  Loss on disposal of subsidiary                              -            -              -           -              -         3 727      3 727 
  Loss on disposal of plant and equipment                   383       17 557              -      17 557         54 861             -     54 861 
  Scrapping of assets                                         -        1 357              -       1 357          1 357             -      1 357 
  Profit on disposal of held-for-sale assets               (865)        (213)             -        (213)             -             -          - 
  Impairment of property, plant and equipment                 -          132              -         132         14 795             -     14 795 
  Impairment of assets held-for-sale                          -       11 803              -      11 803            815             -        815 
  Tax effect of above adjustments                            16            -              -           -        (19 338)            -    (19 338)
  Headline loss attributed to ordinary shareholders     (33 379)     (49 204)          (147)    (49 351)      (239 715)         (275)  (239 990)
  Headline and diluted loss per share (cents)             (5,75)       (8,47)         (0,02)      (8,49)        (41,26)        (0,05)    (41,31)
  Shares and weighted shares in issue at the end of 
  the period excluding treasury shares (‘000)           581 005                                 581 005                                 581 005 


  Condensed consolidated statement of changes in equity  
                                                                                                                 Foreign 
                                                                                    Share-based                 currency 
                                                              Share         Share       payment    Treasury  translation 
  R’000                                                     capital       premium       reserve      shares      reserve     
  Restated balance as at 31 March 2014                        5 866     2 014 438        36 684     (25 898)      74 166 
  Loss for the period                                             -             -             -           -            -  
  Other comprehensive income                                      -             -             -           -        3 547    
  Balance as at 30 September 2014                             5 866     2 014 438        36 684     (25 898)      77 713  
  Loss for the period                                             -             -             -           -            - 
  Other comprehensive income                                      -             -             -           -       (1 208)  
  Transactions with owners, recorded directly in equity                                                                  
  Disposal of subsidiary                                          -             -        (2 500)          -            -   
  Balance as at 31 March 2015                                 5 866     2 014 438        34 184     (25 898)      76 505  
  Loss for the period                                             -             -             -           -            -  
  Other comprehensive income                                      -             -             -           -          978      
  Balance as at 30 September 2015                             5 866     2 014 438        34 184     (25 898)      77 483  
 
 
  Condensed consolidated statement of changes in equity                            
                                                                                                              Total  
                                                                                                Non-       ordinary  
                                                              Accumulated                controlling  shareholders’  
  R’000                                                              loss         Total     interest          funds  
  Restated balance as at 31 March 2014                         (1 080 639)    1 024 617        1 467      1 026 084  
  Loss for the period                                             (77 237)      (77 237)         388        (76 849) 
  Other comprehensive income                                            -         3 547            -          3 547  
  Balance as at 30 September 2014                              (1 157 876)      950 927        1 855        952 782  
  Loss for the period                                            (216 208)     (216 208)      (1 855)      (218 063) 
  Other comprehensive income                                            -        (1 208)           -         (1 208) 
  Transactions with owners, recorded directly in equity                                                              
  Disposal of subsidiary                                            1 001        (1 499)           -         (1 499) 
  Balance as at 31 March 2015                                  (1 373 083)      732 012            -        732 012  
  Loss for the period                                             (32 853)      (32 853)           -        (32 853) 
  Other comprehensive income                                            -           978            -            978  
  Balance as at 30 September 2015                              (1 405 936)      700 137            -        700 137  
 
 
  Information about reportable segments   
  The Group is organised in five operating segments, namely opencast mining services, exploration drilling, overburden drilling and 
  blasting, mobile crane hire and coal mining. Megacube has been moved to corporate and other services as it is in the process of 
  being wound down and this led to the restatement in the prior year. Benicon, CCT, Benicon Sales and Caston are included in the 
  opencast mining services. Benicon Coal, Nkomati, Sentula Coal and Mauritius are included in the coal mining operations, Benicon 
  Coal and Nkomati have been represented in the prior year as they are no longer classified as held-for-sale. Segment performance 
  is measured based on the segment profit before interest and income tax. Inter-segment revenue is priced on an arm’s-length basis.
  
                                                       Opencast                   Overburden                              Corporate          
                                                         mining   Exploration   drilling and       Mobile                 and other                
  R’000                                                services      drilling       blasting   Crane hire   Coal mining    services      Total            
  Reviewed six months ended 30 September 2015                                                                                                      
  Total segment revenue                                 376 883       111 538        170 042       37 777        91 951         550    788 741    
  Inter-segment revenue                                  66 614         1 289         59 722          579        10 102         550    138 856    
  External revenue                                      310 269       110 249        110 320       37 198        81 849           -    649 885    
  Total segment results pre-impairment                  (21 810)       (3 362)        22 001       11 685        (1 539)    (19 118)   (12 143)   
  Net gain on disposal of assets                           (379)          865             58            -            (4)          2        542         
  Segment results                                       (22 188)       (2 497)        22 059       11 685        (1 543)    (19 116)   (11 601)   
  Reviewed restated six months ended 30 September 2014                                                                                             
  Total segment revenue                                 453 653       134 794        182 484       49 877           547      10 292    831 647    
  Inter-segment revenue                                  44 423         1 329         51 325          656             -      10 292    108 025    
  External revenue                                      409 230       133 465        131 159       49 221           547           -    723 622    
  Continuing operations                                                                                                                            
  Total segment results pre-impairment                  (37 437)      (22 438)        27 466       20 437           678     (17 733)   (29 028)   
  Net loss on disposal of assets                        (17 193)        1 258          1 493         (365)            -           -    (14 807)   
  Impairment of assets transferred to held-for-sale     (11 803)         (132)             -            -             -           -    (11 935)   
  Recovery of unaccounted funds                               -             -              -            -             -         500        500        
  Total segment results from continuing operations      (66 433)      (21 312)        28 958       20 072           678     (17 233)   (55 270)   
  Total segment results from discontinued operations          -             -              -            -          (147)          -       (147)      
  Segment results                                       (66 433)      (21 312)        28 958       20 072           531     (17 233)   (55 417)   

  
  Notes to the condensed interim financial information                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    
  1   Basis of preparation                                                                                                                             
      The condensed consolidated interim financial statements for the six months ended 30 September 2015 have been 
      prepared under the supervision of Mr JC Lemmer (CA)SA in accordance with International Financial Reporting 
      Standards IAS 34 - Interim Financial Reporting, the SAICA Financial Reporting Guides, as issued by the 
      Accounting Practices Committee and Financial Pronouncements as issued by the Financial Reporting Standards 
      Council, and the requirements of the Companies Act of South Africa and the Listings Requirements of the JSE 
      Limited.
      
      The condensed consolidated interim financial statements do not include all the information and disclosures 
      required in the annual financial statements, and should be read in conjunction with the Group’s annual 
      financial statements as at 31 March 2015, which have been prepared in accordance with International Financial 
      Reporting Standards as issued by the International Accounting Standards Board (IASB).
      
      The accounting standards and amendments to issued accounting standards and interpretations, which are relevant
      to the Group, but not yet effective on 30 September 2015 have not been early adopted.
      
  2   Accounting policies                
      The significant accounting policies, judgments, estimates and methods of computation are in terms of IFRS and
      are consistent in all material respects with those applied in the annual financial statements for the year 
      ended 31 March 2015 and are presented in South African rand, which is the functional and presentational currency.
  
      There have been no material changes to the items measured at fair value as disclosed in the financial 
      statements subsequent to 31 March 2015. The directors consider that the carrying amounts of financial assets 
      and liabilities recorded at amortised cost approximate their fair values. 
  
  3   Review conclusion                                                                                                                                
      These condensed consolidated interim financial statements for the six months to 30 September 2015 have been 
      reviewed by PricewaterhouseCoopers Inc. who expressed an unmodified review conclusion. A copy of the auditor’s 
      review conclusion is available for inspection at the company’s registered office together with the interim 
      financial statements identified in the auditor’s report.
  
      The auditor’s report does not necessarily report on all of the information contained in this announcement/
      financial results. Shareholders are therefore advised that in order to obtain a full understanding of the 
      nature of the auditor’s engagement they should obtain a copy of the auditor’s report together with the 
      accompanying financial information from the issuer’s registered office.
  
  4   Assets and liabilities classified as held-for-sale                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               
      Benicon Coal Proprietary Limited (“Benicon Coal”) and its subsidiary, Nkomati Anthracite Proprietary Limited 
      (“Nkomati”), can no longer be classified as held-for-sale as the requirements of IFRS 5 are no longer met. 
      However, the Board remains committed to disposing of this asset.  
  
      The prior year numbers on the Income statement, Statement of Comprehensive Income, basic and headline loss 
      per share have been represented to include Benicon Coal and Nkomati in Continuing operations. In terms of 
      IFRS 5, the Statement of Financial position for September 2015 includes these operations on a line by line 
      basis.  
      
      The remaining assets classified as held-for-sale mainly relate to equipment that will be disposed of within 
      the next 12 months.                           

                                                                 Transferred        
                                         Reviewed                  (from)/to     Audited     Reviewed 
                                        September                      held-       March    September
        R’000                                2015     Disposal      for-sale        2015         2014                     
        Assets held-for-sale                                                                    
        Property, plant and equipment       2 946       (2 598)     (184 202)    189 746      232 520   
        Mineral right                           -            -             -           -       45 330   
        Intangible assets                       -            -             -           -        7 402   
        Restricted investment                   -            -             -           -       11 888   
        Deferred tax asset                      -            -       (14 729)     14 729       14 729   
        Inventories                             -            -       (10 384)     10 384       14 149   
        Trade and other receivables             -            -        (3 231)      3 231        1 942   
        Cash and cash equivalents               -            -        (1 400)      1 400          913   
                                            2 946       (2 598)     (213 946)    219 490      328 873   
        Liabilities held-for-sale                                                                   
        Rehabilitation provision                -            -       (66 899)     66 899       66 899   
        Trade and other payables                -            -        (1 134)      1 134          411   
                                                -            -       (68 033)     68 033       67 310   

  5   Contingent liabilities                                                                                
      Keaton                                                                                                
      During the 2013 financial year, Megacube Mining Proprietary Limited (“Megacube”) instituted legal 
      proceedings against Keaton Mining Proprietary Limited (“Keaton”) for the recovery of R41,5 million owing 
      to Megacube for mining services rendered on its Vanggatfontein operation. 
      
      Subsequent to the above action, Keaton instituted a counter claim of R119,9 million against Megacube in 
      respect of an alleged breach of contract and substandard mining practices. A hearing with the Arbitrator 
      was held on 4 April 2014 in order to obtain a ruling aimed at splitting the claims. Despite an 
      acknowledgement that Megacube’s claim is not in dispute, the Arbitrator ruled that the merits of the 
      claims could not be split and that the outcome would be subject to a ruling on both claims. The legal 
      arbitration process is scheduled to be heard in the week commencing 29 February 2016 to 11 March 2016.
      
  6   Contingent assets                                                                                                                                                                                                   
      During the year judgment was granted in favour of the Golden Autumn Trust against Argent Industrial 
      Limited (“Argent”) for payment of the sum of R 8,8 million with interest on this sum a tempore morea, as 
      well as costs of the suit. Argent was granted leave to appeal this matter on 8 May 2015. Any funds 
      recovered through the Golden Autumn Trust, net of costs, are paid over to Megacube.
      
      Argent’s claim against Sentula and Megacube were dismissed with costs.
  
  7   Events after the reporting period                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       
      The directors are not aware of any subsequent events that occurred between the reporting period up to the
      date of this report, not otherwise dealt within this report.
  
  8   Going concern                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       
      The financial statements have been prepared on the going concern basis as the directors have every reason
      to believe that the Company has adequate resources in place to continue in operation for the foreseeable 
      future. The basis presumes that funds will be available to finance future operations and that the 
      realisation of assets and settlement of liabilities, contingent obligations and commitments will occur in 
      the ordinary course of business.                                                                                                                                                                     

 
FINANCIAL OVERVIEW
- Revenue decreased by 10% to R650 million                    (2014: R724 million)
- Basic loss per share from operations improved to 5,7 cents    (2014: 13,3 cents)
- Headline loss per share improved to 5,8 cents                  (2014: 8,5 cents)
- Net asset value per share: 121 cents                           (2014: 164 cents)
- Tangible net asset value per share: 114 cents                  (2014: 157 cents)
- Debt reduced by R64 million during the period                (2014: R64 million)

The Group’s earnings for the six-month period were impacted by the following:
- A lower plant and equipment base combined with a decrease in salary cost resulted in an increase in the gross 
  profit percentage.
- Overhead costs, which include doubtful debt provisions amounting to R3,5 million and retrenchment costs incurred
  amounting to R6,2 million, reduced during the period.
- No impairments or significant losses on disposal of equipment were incurred.
- A reduction in senior debt resulted in a 28% decrease in finance charges.
- Capital expenditure in the Opencast Mining operations was limited to refurbishing existing plant. Repairs and
  maintenance cost remained consistent compared to the comparative period.
- Benicon Coal and Nkomati, previously classified as held-for-sale, were reclassified to continued operations due to
  International Financial Reporting Standard - (“IFRS 5”). The Board, however, remains committed to the disposal of the 
  mine.

OPERATIONAL REVIEW
The Group operates mainly in five operating segments broadly defined as Opencast Mining Services, Overburden Drilling
and Blasting, Mobile Crane Hire, Exploration Drilling and Coal Mining.

Opencast Mining services
The bulk earth moving businesses of Benicon Opencast Mining (“Benicon”) and Classic Challenge Trading (“CCT”) have
continued to experience difficult trading conditions. Margins remain under pressure across the opencast mining contracting
sector. Benicon remains fully contracted for the next 30 months. Historically, revenue generated from Opencast Mining
operations were affected through seasonal rainfall patterns especially in the second half of the financial year.

Overburden Drilling and Blasting
JEF Drill and Blast (“JEF”) provides overburden drilling and blasting services to Group companies and external
customers. The loss of certain blasting contracts, combined with a reduction in the coal mining volumes, have affected
performance.

Mobile Crane Hire
Ritchie continued to grow its client base, which should partly offset the decline in work experienced over the past
six months as a result of a key client entering into business rescue proceedings.

Exploration Drilling
The current depressed commodity cycle continues to significantly impact Geosearch’s ability to contract additional
work. Current contracts in South Africa, Botswana and Mozambique utilise less than half of business capacity.

Coal Mining
Following Nkomati securing an offtake agreement with Glencore Alloys, production at the mine was recommenced. Cash
flows generated have been reinvested in order to increase output and the attractiveness of the mine for potential
acquirers. The Board continues to pursue opportunities to dispose of the mine.

STRATEGIC REVIEW
The Group’s strategy in the current challenging macro-economic environment is that of growth and value preservation 
through:
- investment in growth opportunities in its Drilling and Blasting and Mobile Crane Hire operations;
- taking advantage from secured work for its bulk earthmoving businesses through continued restructuring and limited
  capital expenditure to realise current equipment values;
- rightsizing the exploration business, by limiting capital expenditure and only entering into contracts where targeted
  returns are achievable;
- continuing to pursue opportunities to dispose of the Group’s stake in Nkomati whilst re-establishing profitable mining
  operations without significant additional investment; and
- increasing the emphasis on overhead reduction across the Group.

SUSTAINABILITY
Safety track record
No serious injuries were recorded during the period under review. Working closely with all its stakeholders, Sentula
strives towards the goal of zero harm.

Transformation
As at September 2015, Sentula’s South African contracting entities remained independently verified “level 4”
contributors, in terms of the dti codes which measures broad-based black economic empowerment (“BBBEE”). The Group 
continues to strive for improvements in all components of the BBBEE scorecard.

Environment
During the period under review, the Group companies have continued to meet their objectives and thus maintain their
International Standards Organisation accreditations, with respect to their safety, environmental and training systems.

GROUP CAPITAL STRUCTURE
The Group has commenced discussions with its existing lenders with a view to concluding a debt restructuring agreement.

DIVIDENDS
The Board has decided not to declare a dividend for the period under review.

DIRECTORATE
The following resignations occurred during the period under review to date of this report:
- RC Berry resigned as Chief Executive Officer and executive director on 7 October 2015.

The following appointments occurred during the period under review to date of this report:
- JC Badenhorst was appointed as a non-executive director on 8 May 2015 and appointed as acting Chief Executive Officer
  on 7 October 2015.
  
On behalf of the Board

Ralph Patmore                  Jacques Badenhorst
Non-executive Chairman         Acting Chief Executive Officer
Woodmead
25 November 2015

Directors: RB Patmore* (Chairman), JC Badenhorst (Acting Chief Executive Officer), JC Lemmer (Financial Director), 
DR Zihlangu*, SP Naude*, ME Gama*
* Independent, non-executive

Company Secretary: GC Cross

Transfer Secretaries: Computershare Investor Services Proprietary Limited, Ground Floor, 
70 Marshall Street, Johannesburg, 2001. PO Box 61051 Marshalltown. Tel (011) 370-5000

Public relations/communications: Jerelene Maharaj, Sentula

Sponsor: Merchantec Capital

Auditor: PricewaterhouseCoopers Inc.

Registered address: Ground Floor, Building 14, Woodlands Office Park, Woodmead, 2080
PO Box 76, Woodmead, 2080 • Tel (011) 656-1303

www.sentula.co.za

Date: 25/11/2015 05:05:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE'). 
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