CHROMETCO LIMITED - Change Statement and Notice of AGM

Change Statement and Notice of AGM

CHROMETCO LIMITED
(Incorporated in the Republic of South Africa)
(Registration number: 2002/026265/06)
Share code: CMO
ISIN Code: ZAE000070249
(“Chrometco” or “the Company”)


CHANGE STATEMENT

Shareholders are hereby advised that Chrometco’s annual
report, containing the audited condensed group financial
statements for the year ended 29 February 2016, was
dispatched to shareholders today, and contains one
modification to the reviewed results that were announced on
SENS on 31 May 2016 as well as a modified report of the
Company’s auditors, Mazars.

The change was a reallocation of revenue to other income,
which better represented the nature of the income item
recognised. This resulted in a decrease in revenue and
increase in other income amounting to R 2 493 049. The change
is reflected as follows:

                   Previously reported      Annual Report
                         Rands                  Rands
Revenue                 3 894 195              1 401 146
Gross Profit            3 894 195              1 401 146
Other Income              317 403              2 810 452


Shareholders are referred to the SENS announcement released
on 25 August 2016 wherein, inter alia, a recapitalisation of
the Company was announced. In light of the agreements
disclosed therein, the auditors have issued a modified audit
report for the year ended 29 February 2016.

The modification takes the form of an emphasis of matter
drawing attention to the fact that the Company incurred a net
loss of R39,936 million, although the Company is still
solvent. The limited trading due to the cessation of mining
operations, resulting in recurring losses and cash outflows.
The Company has entered into conditional agreements which
will see the recapitalisation of the Company as well as the
acquisition of a chrome mine and a chrome prospecting right
in order to mitigate this. The current position of the
Company as well as the conditions attached to the agreements
indicate the existence of a material uncertainty that may
cast significant doubt on the Company’s ability to continue
as a going concern.
The annual report is also available at www.chrometco.co.za.

NOTICE OF ANNUAL GENERAL MEETING

Notice is hereby given that the annual general meeting of
Chrometco will be held at Computershare Investor Services
Proprietary Limited, 70 Marshall Street on Thursday, 6
October 2016 at 10h00 to transact the business as set out in
the notice of the annual general meeting on pages 72 to 76 of
the annual report.

The date on which shareholders must be recorded as such in
the share register to be eligible to vote at the annual
general meeting is Friday, 30 September 2016, with the last
day to trade being Tuesday, 27 September 2016.

2 September 2016
Johannesburg

Designated advisor
PSG Capital Proprietary Limited

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