ASSORE LIMITED - Preliminary reviewed results for the year ended 30 June 2017 and cash dividend declaration

Release Date: 30/08/2017 08:00
Code(s): ASR
 
Wrap Text
Preliminary reviewed results for the year ended
30 June 2017 and cash dividend declaration

Assore Limited 
Incorporated in the Republic of South Africa
Company registration number: 1950/037394/06 
Share code: ASR 
ISIN: ZAE000146932 
(Assore or group or company)


Preliminary reviewed results for the year ended 30 June 2017


Highlights
- Record headline and attributable earnings
- Market recovery for all products
- Record sales volumes of iron and chrome ores
- Excellent contribution from Dwarsrivier
- Full year dividend doubles to R14 per share

Assore Chairman, Mr. Des Sacco, said: "Prices for iron ore and manganese ore reflected better world economic conditions and
the group achieved all time record profits of over R5 billion. Underlying market fundamentals remain positive, however, the
possibility of additional supply of iron ore, particularly from Australia and Brazil, is expected to have an effect on
prices."

Commentary

Results

Headline earnings for the financial year to 30 June 2017 (2017 or the reporting period) increased by 199% to a record
of R5,2 billion, compared to R1,7 billion in the previous financial year (2016). This result was due to increased levels
of headline earnings in Assmang Proprietary Limited (Assmang) as well as the exceptionally strong performance of
Dwarsrivier Chrome Mine Proprietary Limited (Dwarsrivier), which recorded a net profit of R843 million in its first full year
of inclusion in the group’s results (refer “Business acquisition” below). 

Attributable earnings amounted to R5,0 billion, 226% higher than 2016, which is also a record level for the group. The
difference of R188 million between headline and attributable earnings arises mostly on once-off transactions recorded
in the group and by Assmang, following the sale of Dwarsrivier by Assmang to the group (refer “Impairment charges” and
“Business acquisition” below).

The group’s major interests consist of its 50% interest in Assmang, which it controls jointly with African Rainbow
Minerals Limited (ARM) and its 100% ownership of Dwarsrivier. In accordance with International Financial Reporting
Standards (IFRS), the group accounts for Assmang’s results using the equity accounting method.

The markets into which the group sells its products recovered during 2017 and were generally stronger in comparison to
2016. The growth in the production of crude steel in China, which manufactures more than half of the crude steel
produced globally, drove commodity prices higher during the year. Prices for iron ore (62% iron content, “fines” grade,
delivered in China) were 37% higher than in 2016, at an average index price of US dollar 70 per ton, while the premium for
“lumpy” grade material was US dollar 7,38 per ton, marginally lower than the level for 2016. Increased environmental
controls in China and efficiency objectives at Chinese steel mills, however, resulted in a notable increase in this premium
towards the end of 2017. The higher levels of crude steel production also resulted in a marked improvement in manganese
ore prices, with the average index price for 44% grade manganese content material, delivered in China doubling to US
dollar 5,77 per dry metric ton unit (dmtu), from US dollar 2,89 in 2016. Ferromanganese prices also rallied on the back of
the increase in ore prices and robust demand in North America and Europe.

Stainless steel showed remarkable growth in the 2016 calendar year, with production growing by 8% when compared to the
2015 calendar year. The resulting demand for chrome ore in China in conjunction with consolidation of supply in South
Africa led to a supply deficit for chrome ore. Accordingly, average prices for 44% chrome content material, delivered in
China, were much higher than those for 2016, at US dollar 300 per ton (2016: US dollar 150 per ton).

The average SA rand/US dollar exchange rate across 2017 was R13,71, 5% stronger than the level that prevailed during
2016. This had the effect of countering somewhat the higher commodity prices for 2017. The factors above resulted in
Assmang’s turnover (excluding Dwarsrivier) for 2017 increasing by 39% compared to 2016. Consequently, commissions earned by
the group for 2017 were commensurately higher.

Safety improvements were recorded at all of Assmang’s operations and those of the group. No mining-related fatalities 
occurred during the year and Dwarsrivier recorded 4 million fatality-free shifts in August 2017.

Impairment charges

Assmang recorded an impairment charge on its sale of Dwarsrivier to the group, based on the selling price of
Dwarsrivier and the carrying values of the assets sold and liabilities transferred, amounting to R746 million, on a pre- 
and post-tax basis (refer “Business acquisition” below). A review of facilities in Assmang's manganese division gave rise 
to further write-downs of R139 million on an after-tax basis. The group’s 50% share of these adjustments amounted to 
R443 million.

Sales volumes

Record volumes of iron and chrome ores have once again been achieved, making 2017 the third consecutive year in which
record volumes of these products have been sold. Iron ore sales volumes were marginally higher than 2016, while improved
production volumes at Dwarsrivier provided the group with the opportunity to take advantage of the strong demand for
chrome ore (refer “Dwarsrivier” below). Manganese ore volumes were slightly lower due to planned outages to accommodate
the expansion project at the Black Rock mines (refer “Expansion and capital expenditure” below). Following the
commissioning of the second furnace at Sakura Ferroalloys SDN BHD, Malaysia (Sakura), sales of ferromanganese increased
substantially in comparison to 2016. 

The following table sets out the sales volumes achieved by the group for the year:                                                                                                      
                                                       Year               Year       Increase/    
                                                      ended              ended      (decrease)   
Metric tons ’000                               30 June 2017       30 June 2016               %    
Iron ore                                             17 275             17 008               2    
Manganese ore*                                        2 974              3 030              (2)   
Manganese alloys                                        303                175              73    
Chrome ore                                            1 279              1 147              12    
*Excluding sales to Cato Ridge Works.                                                             

Dwasrivier

A combination of improved mining and beneficiation efficiencies gave rise to a 12% increase in saleable volumes
compared to 2016, with the mine achieving monthly production records in March and May of 2017. Production cost per ton
reflected an increase of 1% over 2016. After capital expenditure of R141 million, mostly on replacement items, the mine
generated in excess of R900 million in cash, giving effect to a payback period of less than a year for the group’s investment
to acquire full control of Dwarsrivier.

Expansion and capital expenditure 

Capital expenditure in Assmang amounted to R2,8 billion for 2017 (2016: R3,0 billion). Expenditure to increase and
sustain production at the Black Rock mines in the Manganese division continues and R1,1 billion was spent during 2017 in this 
regard (2016: R652 million), bringing the project to an approximate level of completion of 82%. The expected year of
completion is 2020, whereafter the annual manganese ore production capacity is planned to amount to 4 million tons, from
the original base of 3,2 million tons. The Iron Ore division spent R1,2 billion, of which more than half (R670 million)
related to replacement and compliance requirements.

Assmang’s manganese smelting plant in Malaysia, Sakura Ferroalloys, in which it holds 54,36% interest, has a design
capacity of 216 000 tons of ferromanganese per annum. The operation exceeded this level of production by 9% in the last
quarter. The group has a 29,9% interest in IronRidge Resources Limited (IronRidge), an AIM-listed minerals exploration
company, with a diversified portfolio of gold, lithium, bauxite, titanium and iron ore prospects in regions of Africa and
Australia. IronRidge acquired further prospecting rights in Chad and gold and lithium licences in Ivory Coast and Ghana
during the past year both directly and through joint ventures.

Outlook

Prospects for economic growth continue to improve in most regions and underlying market fundamentals remain positive.
However, the impact of additional supply of iron ore, particularly from Australia and Brazil, is expected to have a
detrimental effect on prices which are likely to decline to levels approximating US dollar 50 per ton by the end of the
calendar year. Credit tightening in China, together with weaker sentiment may impact demand and price levels negatively in
the short term. Following the release of the revised Mining Charter in June 2017, the mining industry in South Africa
faces a high level of uncertainty and the impact of the changes are likely to be negative for the country's mining industry.
Further to the factors noted above, the results of the group remain significantly exposed to fluctuations in exchange rates.

Dividends

The results in this announcement include the interim dividend of 600 cents (2016: 200 cents) per share which was
declared on 21 February 2017 and paid to shareholders on 20 March 2017. In line with the improved results for the year, the
board of directors of Assore (the board) has declared a final dividend of 800 cents (2016: 500 cents) per share, making a
total dividend in respect of results for the year of 1 400 cents (2016: 700 cents) per share. The final dividend will be
paid to shareholders on or about 26 September 2017 and, in accordance with IFRS, is not included in the results contained
in this announcement as it was declared after year-end.

Accounting policies and basis of preparation

The directors of Assore take full responsibility for the preparation of this announcement. The financial results for
the year under review have been prepared under the supervision of Mr RA Davies, CA(SA) and in accordance with IAS 34 -
Interim Financial Reporting and comply with IFRS, the SAICA Financial Reporting Guides as issued by the Accounting
Practices Committee, the Financial Pronouncements as issued by Financial Reporting Standards Council, the Listings Requirements
of the JSE Limited (JSE) and the Companies Act No 71 of 2008, as amended. The accounting policies applied are
consistent with those adopted in the financial year ended 30 June 2016.

Ernst & Young Inc, the group’s independent external auditors, have reviewed the condensed consolidated preliminary results 
included in this announcement and their unmodified review report is available for inspection at the registered office of the 
company. The review was conducted in terms of ISRE 2410 - Review of Interim Financial Information Performed by the 
Independent Auditor of the Entity.

Business acquisition

The group acquired control of 100% of Dwarsrivier on 1 July 2016. In accordance with IFRS 3 - Business Combinations,
the fair values of the assets acquired and liabilities assumed in a business combination are required to be determined
within one year of the acquisition of control of the entity. The previous business combination disclosure (which was
reported as part of the “Events after reporting period” for year ended 30 June 2016) contained provisional values as the
initial accounting for the business combination had not been completed. The fair values previously disclosed, were
provisional as the “purchase price allocation” was not yet concluded at that point in time. On the basis of a valuation performed
and independently reviewed effective 1 July 2016 the fair values of the identifiable assets and liabilities of
Dwarsrivier at 1 July 2016, together with the fair value of the purchase consideration, were determined and the results for the
financial year ending 30 June 2017 were adjusted to bring into account the finalisation of the initial accounting for
the business combination and the valuation referred to above. 

The following finalised values have been used in determining the bargain purchase gain:
R’000                                                                                      2017 
Property, plant and equipment                                                           691 596 
Mining right                                                                            712 502 
Inventories                                                                             455 631 
Trade and other receivables                                                             218 704 
Cash and cash equivalents                                                                12 787 
Long-term provisions                                                                    (63 323)
Trade and other payables                                                               (277 918)
Short-term provisions                                                                  (119 695)
Deferred tax liability raised in respect of the fair value of assets                   (282 383)
Pre-acquisition liability                                                               (55 313)
Fair value of identifiable assets acquired and liabilities assumed                    1 292 588 
Fair value of interest already held by the group                                       (560 709)
- purchase price for acquisition of 50% DCM “A” shares issued to ARM                   (237 562)
- fair value of equity interest distributed by Assmang                                 (323 147)
Fair value of purchase consideration                                                   (475 124)
- purchase price, agreed as at 1 July 2014                                             (450 000)
-  interest foregone on purchase consideration placed in escrow on 
   1 July 2015 and paid to seller on 29 July 2016 in terms of the 
   acquisition agreement                                                                (25 124) 
Bargain purchase gain                                                                   256 755    

The bargain purchase gain results largely from the purchase price being agreed upon as at 1 July 2014 and the
transaction being concluded on 29 July 2016, when all of the conditions precedent were met.

The following results of Dwarsrivier have been included in the consolidated income statement, for the year to 30 June 2017:
R’000                                                                                      2017
Revenue                                                                               3 380 466    
Profit attributable to shareholders                                                     843 199 

Directors

As announced on 6 December 2016, the group’s Chief Executive Officer (CEO), Mr Chris Cory, who joined the group in
1989 and reached retirement in February 2017, stood down on 30 June 2017. Mr Charles Walters, who joined the group as
CEO-designate on 1 April 2017, was appointed to the board as the group’s CEO on 1 July 2017.

Declaration of final dividend

Shareholders are advised that on 29 August 2017, the board of directors (the board) approved final dividend number 121
(the dividend), of 800 cents per share (gross) for the year ended 30 June 2017.

In terms of paragraph 11.17 of the Listings Requirements of JSE Limited, shareholders are advised of the following
with regard to the declaration:
1. The dividend has been declared from retained earnings
2. The local dividend tax (dividend tax) rate of 20% will apply
3. The net local dividend amount is 640 cents per share for shareholders liable to pay the dividend tax
4. The issued ordinary share capital of Assore is 139 607 000 shares, of which 36 447 746 (2016: 36 400 000) shares
   are accounted for as treasury shares in terms of IFRS and are therefore excluded from earnings per share calculations
5. Assore’s income tax reference number is 9045/018/84/4.

The salient dates are as follows:                                                                                    
Last day for trading to qualify and participate in the                                     Tuesday, 19 September 2017
Trading “ex dividend” commences                                                          Wednesday, 20 September 2017
Record date                                                                                 Friday, 22 September 2017
Dividend payment date                                                                      Tuesday, 26 September 2017
Dates (inclusive) between which share certificates may
dematerialised or rematerialised                            Wednesday, 20 September 2017 to Friday, 22 September 2017


On behalf of the board

Desmond Sacco            Charles Walters
Chairman                 Chief Executive Officer

30 August 2017
Johannesburg


Financial statements

Consolidated income statement                                                                                         
                                                                                             Year                Year  
                                                                                            ended               ended 
                                                                                     30 June 2017        30 June 2016 
R’000                                                                                    Reviewed             Audited 
Revenue                                                                                 7 223 959           2 941 047 
Turnover                                                                                5 945 266           2 027 813 
Cost of sales                                                                          (4 200 692)         (1 918 242) 
Gross profit                                                                            1 744 574             109 571 
Fees and commission earned from joint venture                                             920 055             673 761 
Other income                                                                              372 317             266 391 
Bargain purchase gain                                                                     256 755                   - 
Impairment of non-financial assets                                                              -             (65 686) 
Impairment of financial assets                                                                  -             (30 344) 
Other expenses                                                                           (801 762)           (514 814) 
Finance costs                                                                             (19 662)            (38 576) 
Profit before taxation and joint venture                                                2 472 277             400 303 
Taxation                                                                                 (583 420)           (176 376) 
Profit after taxation, before joint venture                                             1 888 857             223 927 
Share of profit from joint venture, after taxation                                      3 266 282           1 281 000 
Share of loss from associate, after taxation                                              (16 809)             (7 286) 
Profit for the year                                                                     5 138 330           1 497 641 
Attributable to:                                                                                                      
Shareholders of the holding company                                                     5 021 171           1 539 363 
Non-controlling shareholders                                                              117 159             (41 722) 
As above                                                                                5 138 330           1 497 641 
Earnings as above                                                                       5 021 171           1 539 363 
Impairment of non-financial assets in joint venture and subsidiaries                       96 501             268 395 
Impairment arising on the sale of Dwarsrivier in joint venture                            373 014                   -
Impairment of financial assets                                                                  -              30 344 
Bargain purchase gain (Dwarsrivier)                                                      (256 755)                  - 
Loss/(profit) on disposal of property, plant and equipment                                  1 670              (8 321) 
Profit on disposal of subsidiary                                                                -              (8 578) 
Taxation effect of above items                                                            (26 555)            (58 824) 
Non-controlling shareholders’ portion                                                           -             (18 203) 
Headline earnings                                                                       5 209 046           1 744 176 
Earnings per share (basic and diluted - cents)                                              4 867               1 491 
Headline earnings per share (basic and diluted - cents)                                     5 049               1 690 
Dividends per share declared in respect of the profit for the year (cents)                  1 400                 700 
- Interim                                                                                     600                 200 
- Final                                                                                       800                 500 
Weighted average number of ordinary shares (million)                                                                  
Ordinary shares in issue                                                                   139,61              139,61 
Weighted impact of treasury shares held in trust                                           (36,43)             (36,40) 
                                                                                           103,18              103,21 


Consolidated statement of comprehensive income 
                                                                                             Year                Year 
                                                                                            ended               ended 
                                                                                     30 June 2017        30 June 2016 
R’000                                                                                    Reviewed             Audited 
Profit for the year (as above)                                                          5 138 330           1 497 641 
Items that may be reclassified into the income statement dependent 
on the outcome of a future event                                                           39 098             125 367 
Gain/(loss) on revaluation to market value of available-for-sale 
investments after taxation                                                                 38 251             (18 270)
Gain/(loss) on revaluation to market value of available-for-sale 
investments                                                                                49 292             (23 544)
Deferred capital gains tax thereon                                                        (11 041)              5 274 
Exchange differences on translation of foreign operations                                 (26 112)            139 877 
Actuarial gain on pension fund, after taxation                                             26 959               3 760 
Total comprehensive income for the period, net of tax                                   5 177 428           1 623 008 
Add back: Comprehensive income attributable to non-controlling shareholders               104 364              29 551 
Attributable to shareholders of the holding company                                     5 281 792           1 652 559 


Consolidated statement of financial position
                                                                                               At                  At
                                                                                     30 June 2017        30 June 2016
R’000                                                                                    Reviewed             Audited
ASSETS                                                                                                               
Non-current assets                                                                                                   
Property, plant and equipment and intangible assets                                     1 584 642             178 609
Investments                                                                                                          
- joint venture                                                                        15 550 102          15 094 529
- available-for-sale                                                                      229 376             180 084
- associate                                                                               108 729             124 848
- other                                                                                    24 098              44 591
Pension fund surplus                                                                       93 144              68 070
Deferred taxation                                                                               -              17 421
Total non-current assets                                                               17 590 091          15 708 152
Current assets                                                                                                       
Inventories                                                                             1 223 032           1 037 471
Trade and other receivables                                                             1 104 332             418 466
Restricted cash                                                                                 -             479 522
Cash resources                                                                          5 626 778           3 184 925
Total current assets                                                                    7 954 142           5 120 384
TOTAL ASSETS                                                                           25 544 233          20 828 536
EQUITY AND LIABILITIES                                                                                               
Share capital and reserves                                                                                           
Ordinary shareholders’ interest                                                        22 872 002          18 945 480
Non-controlling deficit                                                                   (24 348)            (33 871)
Total equity                                                                           22 847 654          18 911 609
Non-current liabilities                                                                                              
Net deferred taxation liabilities                                                         283 778                   -
Long-term liabilities                                                                                                
- interest-bearing                                                                              -                   -
- non-interest-bearing                                                                    134 920              28 554
Total non-current liabilities                                                             418 698              28 554
Current liabilities                                                                                                  
Interest-bearing                                                                          579 719             995 774
Non-interest-bearing                                                                    1 698 162             892 599
Total current liabilities                                                               2 277 881           1 888 373
TOTAL EQUITY AND LIABILITIES                                                           25 544 233          20 828 536


Fair values of financial instruments                                              
The group uses the following hierarchy for determining and disclosing the fair value inputs of financial instruments:
Level 1 - quoted prices in an active market that are unadjusted for identical assets or liabilities;                 
Level 2 - valuation techniques using inputs, which are directly or indirectly observable; and                        
Level 3 - valuations based on data that is not observable (not applicable to the group).  
                                            
The values of all other financial instruments recognised, but not subsequently measured at fair value, approximate 
fair value.                                              
                                                                                  
                                                                                             Year                Year 
                                                                                            ended               ended 
                                                                                     30 June 2017        30 June 2016
                                                                                         Reviewed             Audited 
R’000                                                                                     Level 1             Level 1 
Assets measured at fair value                                                                                         
Available-for-sale investments                                                            229 376             180 084 
Other investments                                                                          24 098              44 591 
                                                                                          253 474             224 675 


Consolidated statement of cash flow 
                                                                                             Year                Year 
                                                                                            ended               ended 
                                                                                     30 June 2017        30 June 2016 
R’000                                                                                    Reviewed             Audited 
Cash generated from operating activities1                                                 734 600             212 491 
Cash retained from investing activities2                                                2 123 308             862 431 
Other financing activities                                                               (416 055)           (311 192)
Increase in cash for the year                                                           2 441 853             763 730 
Cash resources at beginning of year                                                     3 184 925           2 421 195 
Cash resources per statement of financial position                                      5 626 778           3 184 925 
1 Includes dividend paid to shareholders of the holding company of R1 135 277 000 (2016: R515 863 000)
2 Includes dividend received from joint venture of R2 250 000 000 (2016: R875 000 000)


Consolidated statement of changes in equity                                                                                  
                                                                                             Year                Year     
                                                                                            ended               ended    
                                                                                     30 June 2017        30 June 2016    
R’000                                                                                    Reviewed             Audited    
Share capital, share premium and other reserves                                                                          
Balance at beginning of year                                                              512 032             398 836    
Other comprehensive income for the year                                                    51 893             113 196    
Net increase/(decrease) in the market value of available-for-sale investments              38 251             (18 270)    
Actuarial gains on pension plan after taxation                                             26 959               3 760    
Foreign currency translation reserve arising on consolidation                             (13 317)            127 706
Balance at end of year                                                                    563 925             512 032    
Treasury shares                                                                                                          
Balance at beginning of year                                                           (5 051 583)         (5 051 583)    
Acquired during the year                                                                  (11 265)                  -    
Balance at end of year                                                                 (5 062 848)         (5 051 583)    
Retained earnings                                                                                                        
Balance at beginning of year                                                           23 485 031          22 461 703    
Profit for the year attributable to shareholders                                        5 021 171           1 539 363    
Ordinary dividends declared during the year                                            (1 135 277)           (516 035)    
- total dividends declared                                                             (1 535 677)           (698 035)    
- dividends on treasury shares held in BEE trusts                                         400 400             182 000 
Balance at end of year                                                                 27 370 925          23 485 031 
Ordinary shareholders’ interest                                                        22 872 002          18 945 480 
Non-controlling interests                                                                                             
Balance at beginning of year                                                              (33 871)             15 765 
Share of total comprehensive income/(loss)                                                  9 523             (49 636)
- share of total comprehensive income/(loss)                                              104 364             (29 551)
- profit/(loss) for the year                                                              117 159             (41 722)
- other comprehensive (loss)/income                                                       (12 795)             12 171 
-  derecognition of non-controlling interest upon disposal of subsidiary                        -               8 232 
- dividends paid to non-controlling shareholders                                          (94 841)            (28 317) 
Balance at end of year                                                                    (24 348)            (33 871)
Total equity                                                                           22 847 654          18 911 609    


Segmental information
                                         Associate mining and beneficiation  
                                                                                                                          Other       
                                                                                                                         mining               
                                                                                                                    activities,               
                                                                                                       Marketing   eliminations               
                                                                                              Dwars-         and            and               
R’000                                     Iron ore    Manganese      Chrome    Sub-total      rivier    shipping    adjustments  Consolidated 
Year ended 30 June 2017 - reviewed                                                                                                            
Revenues                                                                                                                                      
Third party                             16 398 968   10 238 065     207 764   26 844 797   3 410 363   3 573 061    (26 604 262)    7 223 959 
Inter-segment                                    -            -           -            -           -       6 915         (6 915)            - 
Total revenues                          16 398 968   10 238 065     207 764   26 844 797   3 410 363   3 579 976    (26 611 177)    7 223 959 
Contribution to profit after taxation    4 372 631    2 181 569      (6 746)   6 547 454     843 199   1 071 298     (6 573 094)    1 888 857 
Impairment of financial and 
non-financial assets after taxation              -     (138 976)   (746 007)    (884 983)          -           -        442 492      (442 492)
Consolidated total assets               25 571 400   13 519 306     554 089   39 644 795   1 511 650  23 589 330    (39 201 542)   25 544 233
Consolidated total liabilities           5 930 711    2 754 092     414 120    9 098 923     824 167   1 823 961     (9 050 472)    2 696 579
Year ended 30 June 2016 - audited                                                                                                                                     
Revenues                                                                                                                                      
Third party                             12 532 603    6 666 055   1 893 709   21 092 367           -   2 650 817    (20 802 137)    2 941 047 
Inter-segment                                    -            -           -            -           -       5 542         (5 542)            - 
Total revenues                          12 532 603    6 666 055   1 893 709   21 092 367           -   2 656 359    (20 807 679)    2 941 047 
Contribution to profit after taxation    2 440 236      103 748      42 962    2 586 946           -     367 384     (2 730 403)      223 927 
Impairment of financial and 
non-financial assets after taxation              -     (405 418)          -     (405 418)          -     (30 344)       137 023      (298 739)
Consolidated total assets               25 982 501   11 044 725   1 576 180   38 603 406           -   1 217 940    (18 992 810)   20 828 536
Consolidated total liabilities           5 853 111    2 153 428     222 742    8 229 280           -   1 859 704     (8 172 057)    1 916 927


Administration

Directors 
Executive Desmond Sacco (Chairman), CE Walters (Chief Executive Officer), PE Sacco (Marketing), BH van Aswegen (Operations and Growth) 
Non-executive EM Southey* (Deputy Chairman and Lead Independent Director), DN Aitken*, TN Mgoduso*, S Mhlarhi*, WF Urmson* 
*Independent 

Registered office 
Assore House
15 Fricker Road
IIlovo Boulevard
Johannesburg, 2196 

Company secretary 
African Mining and Trust Company Limited 

Transfer office 
Singular Systems Proprietary Limited
28 Fort Street
Birnam, 2196

Sponsor 
The Standard Bank of South Africa Limited

Shareholders are advised that these preliminary reviewed results for the year ended 30 June 2017, as well as a presentation
covering these results are available on the group’s website, www.assore.com.
Date: 30/08/2017 08:00:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE'). 
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