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Summarised Provisional Audited Annual Financial Statements for the period ended 29 February 2016
HULISANI LIMITED
Incorporated in the Republic of South Africa
(Registration number: 2015/363903/06)
Share code: HUL ISIN: ZAE000212072
(“Hulisani” or “the Company”)
Summarised Provisional Audited Annual Financial Statements for
the period ended 29 February 2016
Directors’ report
The directors submit their summarised report on the financial
statements of Hulisani Ltd for the period ended 29 February
2016.
1. Review of financial results and activities:
Hulisani was incorporated on 13 October 2015 and will serve as
a holding company for the Group still to be formed (refer below).
For the period 13 October to the 29 of February 2016, the Company
was dormant. However, the founders, were preparing the Company
to take on the role as a Special Acquisition Company (“SPAC”),
whose specific purpose, when listing on the Johannesburg Stock
Exchange (“JSE”), is to raise capital to acquire assets, that
will on their own, qualify for listing. The purpose of the
Company will be to pursue the acquisition of, and investment in,
companies focused on, and operating in, the energy sector and
which evidence good potential for growth.
The Company successfully listed on the Main Board of the JSE on
the 7 of April 2016. It privately placed 50 000 000 shares of
no par value at R10 a share, raising R500 million worth of equity
share capital in the process. There are a few potential
opportunities that are being investigated at date of this report
and when the necessary due diligence has been undertaken, these
will be brought to the Board for consideration and then to the
shareholders as and when appropriate.
2. Share capital
At the Year End, the Company had issued share capital of 20
shares. In anticipation of the listing, the company passed a
resolution authorising the Company to issue, out of the
authorised share capital of 1 000 000 000 shares, up to
250 000 000 shares at an issue price of R10 per share.
The initial shareholders of Hulisani are the promotors of
Hulisani, being ME Raphulu and MH Zilimbola. The shares in
Hulisani are held through two companies respectively, each
holding 10 shares, being Pentomore Proprietary Limited and
Zelmaro Proprietary Limited.
At the listing date, the company placed 50 million shares at an
issue price of R10 each. At listing shareholders holding more
than 5% were:
SAMWU National Provident Fund 6%
27 Four Investment Managers 6%
Government Employees Pension Fund 15%
Eskom Pension and Provident Fund 33%
Additional shares will be issued only when viable assets have
been identified and whose acquisition price will exceed the cash
reserves that have been acquired through the initial issue of
shares.
3. Directorate
The directors in office at the date of this announcement are as
follows:
Directors Appointment date
Asanda Notshe Non-executive 13 October 2015
Marubini Raphulu Chief investment officer 13 October 2015
Malungelo Zilimbola Chief executive officer 13 October 2015
Mark Booysen Chief financial officer 11 February 2016
Patilizwe Mdoda Non-executive independent 11 February
(Chairman) 2016
Fhedzisani Modau Non-executive independent 11 February 2016
Noluthando Gosa Non-executive independent 11 February 2016
Dudu Hlatshwayo Non-executive independent 11 February 2016
Harald Schaaf Non-executive independent 4 April 2016
The directors received no remuneration for the period under review.
STATEMENT OF FINANCIAL POSITION AS AT 29 FEBRUARY 2016
2016
R
Assets
Cash and cash equivalents 200
Total current assets 200
Total assets 200
Equity
Share capital 200
Total equity attributable to owners of the
200
company
Total equity 200
Total equity and liabilities 200
Shares in issue 20
Net asset value per share R10.00
STATEMENT OF COMPREHENSIVE INCOME
A statement of comprehensive income is not presented as no income
or expenses were incurred during the period. In addition, no
earnings per share, diluted earnings per share, headline
earnings per share or diluted headline earnings per share are
presented for the same reason.
STATEMENT OF CHANGES IN EQUITY
Share Total
capital equity
Balance at 13 October 2015 R
- R
-
Share capital issued on 12 November 200 200
2015
Balance at 29 February 2016 200 200
STATEMENT OF CASH FLOWS
2016
R
Cash flows from financing activities
200
Proceeds from issue of share capital
200
Net cash from financing activities
-
Cash and cash equivalents at 13
October 2015 200
Cash and cash equivalents at 29
February 2016
NOTES TO THE FINANCIAL STATEMENTS
1. Presentation of financial statements
The summary financial statements 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 financial statements,
from which the summary financial statements were derived, are
in terms of International Financial Reporting Standards. The
summarised financial statements have been prepared on the basis
of accounting policies applicable to a going concern.
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.
The financial statements have been prepared on the historical
cost basis. The functional and presentation currency is the
South African Rand and are rounded to the nearest Rand. The
accounting policies of Hulisani Limited are in terms of IFRS.
These summarised financial statements for the period have been
extracted from audited information, but is not itself audited.
The annual financial statements for the period ended 29 February
2016 have been audited by KPMG Inc who expressed an unmodified
opinion thereon.
The audited financial statements and the auditors’ report
thereon are available for inspection at the Company’s registered
office in terms of 3.18 (f) of the Listings Requirements. The
summarised financial statements were prepared under supervision
of the Financial Director Mark Booysen CA(SA).
The directors take full responsibility for the preparation of
the summarised financial statements and that the financial
information has been correctly extracted from the underlying
Audited Annual Financial Statements.
A copy of the detailed Audited Annual Financial Statements is
available at the registered office of Hulisani.
2. Events after the reporting period
The Company successfully listed on the Main Board of the JSE on
the 7 of April 2016. It privately placed 50 000 000 shares of
no par value at R10 a share, raising R500 million worth of equity
share capital in the process.
The directors are not aware of any other matter or circumstance
arising since the end of the financial year to date of approval
of these financial statements that would require an amendment
to the amounts and disclosures in these financial statements.
3. General
General information
Country of incorporation and domicile
South Africa
Directors
ME Raphulu (Chief Investment Officer)
MA Booysen (Chief Financial Officer)
MH Zilimbola (Chief Executive Officer)
Non-executive
PC Mdoda (Chairman)*
H Schaaf *
FM Modau *
AV Notshe#
NP Gosa*
DR Hlatshwayo*
* Independent
# Non-independent
Registered office
11th Floor, Sandton Eye
126 West Street
Corner Rivonia
Sandton, 2196
(PO Box 784583, Sandton, 2146)
Bankers
RMB Corporate Banking
Auditors
KPMG Inc.
Registered Auditors
Secretary
ER Goodman Secretarial Services CC
Legal advisors
Allen & Overy (South Africa) LLP
Sponsors
PSG Capital Proprietary Limited
Johannesburg
31 May 2016
Date: 31/05/2016 01:30:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE').
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