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Audited Condensed Consolidated Results for the year ended 28 February 2017
Oakbay Resources and Energy Limited
Incorporated in the Republic of South Africa
(Registration number: 2009/021537/06)
Share code: ORL
ISIN: ZAE 000196085
("Oakbay Resources" or "the Group" or "the Company")
AUDITED CONDENSED CONSOLIDATED RESULTS FOR THE YEAR ENDED 28 FEBRUARY 2017
SALIENT FEATURES AND FINANCIAL INDICATORS
- Excellent safety results with over 7,134 fatality free shifts
- Revenue increased by 69%
- Coal production increased by 9.58%
- Coal production of 1,205,329 tonnes
- Gold production decreased by 46.75%
- Gold production of 200.8 kg
CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION
Audited Audited
28 February 2017 29 February 2016
Notes R'000 R'000
Assets
Non-current assets 9 385 594 10 725 731
Plant and equipment 2 089 305 2 081 515
Investment property 1 029 1 029
Mineral resources 10 6 641 970 7 966 572
Deferred tax 566 200 594 659
Long-term receivables 12 306 10 614
Environmental rehabilitation guarantee deposits 2 465 2 439
Environmental rehabilitation obligation investments 72 319 68 903
Current assets 264 488 504 150
Inventories 188 499 183 516
Other financial assets 1 830 44 380
Trade and other receivables 71 461 51 277
Cash and cash equivalents 2 698 224 977
Total assets 9 650 082 11 229 881
Equity attributable to equity holders of entity
Equity
Stated capital 466 398 466 398
Retained income 4 738 454 5 308 799
5 204 852 5 775 197
Non-controlling interest 1 627 843 1 994 047
6 832 695 7 769 244
Liabilities
Non-current liabilities 2 536 927 2 973 222
Amount owing to holding company 12 411 224 383 074
Other financial liabilities 11 71 646 82 349
Deferred tax 1 859 916 2 230 640
Environmental rehabilitation provision 13 194 141 277 159
Current liabilities 280 460 487 415
Other financial liabilities 11 47 200 235 147
Trade and other payables 109 750 87 679
Amounts owing to related parties 12 123 510 164 589
Total liabilities 2 817 387 3 460 637
Total equity and liabilities 9 650 082 11 229 881
Net asset value and share information
Net asset value per share attributable to the owners of the entity (cents) 650.61 721.90
Total number of ordinary shares in issue 800 000 000 800 000 000
CONDENSED CONSOLIDATED STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME
Audited Audited
28 February 2017 29 February 2016
Notes R'000 R'000
Revenue 14 462 622 273 714
Cost of sales 15 (414 022) (227 757)
Gross profit 48 600 45 957
Other income 14 450 20 287
Other operating expenses (1 292 106) (67 301)
Operating loss (1 229 056) (1 057)
Finance income 6 610 49 392
Finance costs (56 368) (46 836)
(Loss)/profit before tax (1 278 814) 1 499
Income tax expense 342 265 (18 412)
Loss for the period (936 549) (16 913)
Other comprehensive income - -
Total comprehensive loss for the period (936 549) (16 913)
Total comprehensive loss attributable to:
Owners of the company (570 345) (5 092)
Non-controlling interest (366 204) (11 821)
(936 549) (16 913)
Earnings per share information
Per share information
Basic loss per share (cents) (71.29) (0.64)
Diluted basic loss per share (cents) * (71.29) (0.64)
Headline loss per share (cents) (5.89) (0.68)
Diluted headline loss per share (cents) * (5.89) (0.68)
Reconciliation between total basic loss and total headline loss
Total comprehensive loss for the period (936 549) (16 913)
Loss attributable to non-controlling interest 366 204 11 821
Total basic loss for the period attributable to owners of the company (570 345) (5 092)
Adjusted for:
After tax loss on impairment of uranium mineral resource 879 837
After tax profit on the disposal of plant and equipment (484)
Non-controlling interest thereon (356 598) 126
Total headline loss for the period attributable to owners of the company (47 106) (5 450)
Reconciliation between ordinary shares in issue and weighted number of
ordinary shares
Number of shares in issue - beginning of the period 800 000 000 800 000 000
Shares issued during the period - -
Number of shares in issue - at the end of the period* 800 000 000 800 000 000
* There are no dilutive potential ordinary shares in issue.
The headline earnings per share is calculated in terms of the requirements of Circular 2/2015 as issued by the South African Institute of Chartered
Accountants ("SAICA").
CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
Equity attributable
to owners of the Non-controlling
Stated Capital Retained income entity interest Total Equity
R'000 R'000 R'000 R'000 R'000
Balance at 01 March 2015 466 398 4 502 578 4 968 976 756 484 5 725 460
Total comprehensive loss for the period # - (5 092) (5 092) (11 821) (16 913)
Issue of shares to non-controlling shareholders - - - 2 060 697 2 060 697
Changes in ownership interest - control not lost - 811 313 811 313 (811 313) -
Audited balance at 29 February 2016 466 398 5 308 799 5 775 197 1 994 047 7 769 244
Total comprehensive loss for the period # - (570 345) (570 345) (366 204) (936 549)
Audited balance at 28 February 2017 466 398 4 738 454 5 204 852 1 627 843 6 832 695
# The total comprehensive loss for the period represents operational losses for the reporting period as no element of other comprehensive income exists.
CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS
Audited Audited
28 February 2017 29 February 2016
Notes R'000 R'000
Cash flows from operating activities
Cash (used in)/generated from operations (24 729) 52 863
Finance income 3 168 20 463
Finance costs (6 764) (14 398)
Net cash generated from operating activities (28 325) 58 928
Cash flows from investing activities
Acquisitions resulting in additions of plant and equipment (36 251) (73 281)
Proceeds on disposal of plant and equipment - 2 064
Acquisitions resulting in expansion of investment property - (1 029)
Increase in long-term receivables (1 692) -
Net cash used in investing activities (37 943) (72 246)
Cash flows from financing activities
Proceeds from other financial liabilities - 46 907
Repayment of other financial liabilities (231 264) (37 500)
Proceeds from loans from holding company 35 650 45 489
Repayment of loans from holding company (7 500) -
Net finance lease repayments - (1 686)
Increase/(decrease) in amounts owing to related parties 4 553 (4 490)
Proceeds from/(advances to) amounts owing by related parties 42 550 (1 487)
Net cash generated from financing activities (156 011) 47 233
Total movement in cash and equivalents for the period (222 279) 33 915
Cash and equivalents at the beginning of the period 224 977 191 062
Total cash and equivalents at the end of the period 2 698 224 977
Commentary
The directors present the condensed audited year end results for 28 February 2017. Oakbay Resources reported a 69% increase in revenue due
to the positive effect of coal mining activities undertaken during the period under review. Furthermore, the Group reported a 766.18% deterioration
in headline loss per share primarily due to a 46.75% substantial decline in gold production, compared to the prior year.
The Group recognised an after-tax impairment loss of R 879.84 million against the Uranium mineral resource after considering the independent
valuation performed on the Group's uranium resource using comparable market resources. This loss has been recognized in profit and loss for
the period.
1. Basis of preparation
Statement of compliance
The audited condensed consolidated financial results are prepared in accordance with the JSE Limited Listings Requirements for abridged reports,
and the requirements of the Companies Act of South Africa, Act 71 of 2008 applicable to condensed financial statements. The Listings
Requirements require summary reports to be prepared in accordance with the framework concepts and the measurement and recognition
requirements of International Financial Reporting Standards (IFRS) and the SAICA Financial Reporting Guides as issued by the Accounting
Practices Committee and Financial Pronouncements as issued by the Financial Reporting Standards Council and to also, as a minimum, contain
the information required by IAS 34 Interim Financial Reporting. The accounting policies applied in the preparation of the consolidated financial
statements from which the audited condensed financial statements were derived are in terms of International Financial Reporting Standards
(IFRS) and are consistent with those accounting policies applied in the preparation of the previous consolidated annual financial statements,
except for the adoption of new, improved and revised standards and interpretations, which had no material effect on the financial results.
2. Management's responsibility
The audited condensed consolidated financial statements for the period ended 28 February 2017 were prepared under the supervision of
Ms M Chong, CA(SA), in her capacity as Group Financial Director. The audited condensed consolidated financial statements comprise the
condensed statement of financial position at 28 February 2017 and the condensed statements of profit or loss and other comprehensive income,
changes in equity and cash flows for the reporting period ended then.
The board of directors of Oakbay Resources ("the Board") takes full responsibility for the preparation of this report and that the financial
information has been correctly extracted from the underlying consolidated financial statements.
3. Supplementary information
Except for supplementary information provided in the commentary of this report, no other information has been included in the condensed
consolidated financial statements and segmental reporting analysis.
4. Unqualified audit opinion
The condensed consolidated financial statements have been derived from the Group's audited consolidated annual financial statements and
have been audited by SizweNtsalubaGobodo Inc.
The auditor, SizweNtsalubaGobodo Inc., audited the consolidated annual financial statements for the period ended 28 February 2017 in
accordance with International Standards on Auditing. SizweNtsalubaGobodo Inc. has issued an unmodified audit opinion on the Group's audited
consolidated annual financial statements and reported on all key audit matters within this audit report. In accordance with their
responsibilities in terms of section 44(2) and 44(3) of the Auditing Profession Act ("APA"), the independent auditors have identified a
reportable irregularity in terms of the APA. They have reported such matter to the Independent Regulatory Board for Auditors. The independent
auditors have confirmed that the reportable irregularity is no longer continuing as the date of this report. The auditor's report also contain
an emphasis of matter on going concern conditions. However, no material uncertainty exists on the group's ability to continue as a going
concern. The auditor's opinion is not modified in respect of these matters. These summarised consolidated financial statements are consistent
in all material respects with the Group's audited consolidated annual financial statements.
The auditor's report issued in terms of the condensed consolidated financial statements does not necessarily report on all the information
contained in this announcement. Any reference to future financial performance included in this announcement has not been reviewed or reported
on by the Company's auditor. This includes the supplementary information provided in terms of the condensed consolidated financial statements
and segmental reporting analysis.
A copy of the auditor's report on the condensed consolidated financial statements and of the auditor's report on the consolidated annual
financial statements are available for inspection at the Company's registered office, together with the financial statements identified in the
respective auditor's reports. Shareholders are 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 registered office of Oakbay Resources
and Energy Ltd.
5. Nature of the business
Oakbay Resources' business activity is the mining and exploration of mineral resources, particularly uranium, gold and coal deposits, and the
beneficiation thereof. The group owns one of the most significant uranium projects in Africa which holds one of the largest uranium ore bodies
in the world, as well as a world class uranium processing plant at the Shiva Uranium mine, located near Klerksdorp in the North-W est Province
of South Africa. The group mines and produces gold while it focuses on the development of its uranium project.
Oakbay Resources also mines and supplies thermal coal from its Brakfontein Colliery, located near Delmas in the Mpumalanga Province of South
Africa.
6. Financial performance and position
Revenue increased by 69% compared to the prior year mainly due to the impact of coal sales from the Group's newly acquired coal operations at
the Brakfontein Colliery. Total comprehensive losses for the year increased from R16,913 million in the prior year to R936.55 million primarily
as a result of an after-tax impairment loss of R879.84 million relating to the group's uranium mineral resource and a significant decline in gold
production.
The company has a strong financial position at 28 February 2017 with total assets of R9,650 billion compared to total liabilities of R2 817
billion. Management draws attention to the fact that, as at the date of this report, the current liabilities exceed the current assets by
R15.9 million and despite the continued losses management is confident that based on their assessment and the turnaround strategy implemented the
group will remain a going concern.
7. Safety
The Group's Shiva Uranium mine continues with its excellent safety record and reduction of safety risk, with zero fatalities and serious injuries
being experienced during the year. The Shiva Uranium mine has achieved over 7,134 fatality free shifts by the end of 28 February 2017, with
thirteen lost time injuries taking place during this period. The company is firmly committed to safety practices at its operations and ensures
that mine employees and management strive toward and ensure safe working practices. The company's health and safety committee is responsible
for monitoring safety plans and implementing safety initiatives at the mine. Mine management specifically emphasises the importance of using
"on-the-job" safety training initiatives as well as constant supervision of safety standards and safety compliance.
Safety and the reduction of safety risk remains the highest priority for management, and the company looks forward to improving its safety
performance going forward, with an overall goal of zero harm.
8. Segmental analysis
Operational segmental performance
Information related to each reportable segment is set out below. Segmental profit or loss after tax is used to measure performance because
management believes that this information is the most relevant in evaluating the results of the respective segments relative to other entities that
operate in the same industries. The group did not have any inter-segmental revenue.
Revenue from Profit/(loss)
external Finance before tax for
Segment customers EBITDA(1) Depreciation income Finance cost the period
R'000 R'000 R'000 R'000 R'000 R'000
Gold operations
28 February 2017 118 180 40 428 (24 210) - - 16 218
29 February 2016 185 012 758 (19 069) - - (18 311)
Coal Mining
28 February 2017 344 442 94 576 (106 655) - - (12 079)
29 February 2016 88 702 78 029 (1 739) - - 76 290
Uranium Development
28 February 2017 - (1 226 192) (1 706) - - (1 227 898)
29 February 2016 - (4 382) - - - (4 382)
Central Services
28 February 2017 - (2 058) (3 239) 6 610 (56 368) (55 055)
29 February 2016 - (46 194) (8 460) 49 392 (46 836) (52 098)
Total operations
28 February 2017 462 622 (1 093 246) (135 810) 6 610 (56 368) (1 278 814)
29 February 2016 273 714 28 211 (29 268) 49 392 (46 836) 1 499
(1)Earnings before interest taxation depreciation and amortisation (EBITDA) is equal to the operating profit or (loss) before taking depreciation
or amortisation into account. EBITDA included the change in the rehabilitation estimate.
Segmental assets and liabilities
The amounts provided to management with respect to total assets and liabilities are measured in a manner consistent with that of the financial
statements. These assets and liabilities are allocated based on the operations of the segment and the physical location of the asset. The table
below provides information on segment assets and liabilities as per the statement of financial position.
Total segment Total segment
Segment assets liabilities
R'000 R'000
Gold operations
28 February 2017 1 009 385 421 436
29 February 2016 545 273 277 159
Coal Mining
28 February 2017 2 765 335 592 024
29 February 2016 2 782 521 773 063
Uranium Development
28 February 2017 5 278 005 988 323
29 February 2016 6 635 168 1 457 577
Central Services
28 February 2017 597 357 815 604
29 February 2016 1 266 919 952 838
Total operations
28 February 2017 9 650 082 2 817 387
29 February 2016 11 229 881 3 460 637
The chief operating decision-maker reviews the group's internal reporting in order to assess performance and has determined the operating
segments based on these reports. The business performance of the operating segments is evaluated from the market and product performance
perspective. The segments have not changed from the prior reporting period.
The segment relating to the coal operations of the entity reflects the coal contract mining in the previous reporting periods at the Brakfontein
Colliery, which was acquired during February 2016, referred to as "contract mining" and the mining of coal for the Group's own benefit in the
current period, since the acquisition, referred to as "coal mining".
The head office, gold operations, coal operations and uranium development segments all operate in the Republic of South Africa. All segmental
revenue has been derived from South African operations based on the geographic location of customers and all segment assets are located in
the Republic of South Africa based on the physical geographic location of the assets.
9. Operational overview
Key indicators 28 February 2017 29 February 2016 Movement(1)
Gold bearing ore milled (tonnes) 492 924 657 606 (25.04)%
Gold sold (kg) 200.80 377.08 (46.75)%
Coal produced (tonnes) 1 205 329 1 100 000 9.58%
(1)The movement is based on the comparison of the respective tonnes and kilograms for the 12 month periods ended 28 February 2017 and 29 February 2016
as both of these periods are reflective of operations for the period.
Gold operations
Gold production from opencast gold mining operations at the Shiva Uranium mine for the reporting period amounted to a total of 200.8 kg. This
was significantly lower than gold production in the comparative period, during which 377.08 kg of gold was produced.
Gold production for the 12 months ended 28 February 2017 has been primarily constrained by the effect of the declining availability and efficiency
of the gold treatment plant, coupled with production issues in the opencast section. The company also experienced several production stoppages
during the period due to ongoing security issues at the Shiva Uranium mine.
Mine management implemented a turnaround action plan in February 2017 with additional excavators sourced for the opencast section to boost
production and upgrade the gold plant.
Coal operations
Following the successful completion of the acquisition of the Brakfontein Colliery in February 2016, the Group is pleased to report the first operational
results from its coal mining activities. The coal acquisition is in line with the strategy of expanding and diversifying activities with regard to energy
related mineral resources.
Coal production for the year ended 28 February 2017 totalled 1,205,329 tonnes. Steady state production has been achieved in the second half of
the year. Ongoing challenges relating to the reliability and efficiency of the opencast equipment has negatively affected planned production.
Management are focusing on how to address these issues with stoppages due to labour unrest having been successfully resolved in the second
half of the year.
Uranium operations and further exploration
The ongoing development of the Shiva Uranium project remains a priority for management and the board of directors as part of our strategy to
unlock the significant value in the sizeable uranium ore body. While uranium prices have declined significantly and then rebounded to a depressed
value in US Dollar terms over the past year, growth in the international nuclear industry remains positive and is expected to result in a significant
supply deficit in the near to medium term. Given the size of the uranium ore body, together with the associated gold content and existing plant and
underground mine infrastructure.
10. Mineral resources
The mineral resources were acquired by the group as part of a business combination in previous reporting periods. These resources relate to
gold, coal and uranium mineral resources. The gold and coal production is ongoing however, the uranium mining activities is still in its
development stage and no production relating to the uranium production is currently taking place.
The coal resource is amortised in line with current utilisation levels of the resource. An amortisation charge of R102,6 million was recognised
as part of the cost of inventories for the year.
The Group recognised an after-tax impairment loss of R 879.84 million against the Uranium mineral resource after considering the independent
valuation performed on the Group's uranium resource using comparable market resources. This loss has been recognized in profit and loss for
the period.
11. Other financial liabilities
Audited Audited
28 February 2017 29 February 2016
R'000 R'000
Industrial Development Corporation ("IDC")
Balance at the beginning of the period 123 732 146 186
Repayments for the period (37 500) (37 500)
Application of effective-interest-rate-method to apply amortised cost in terms of IAS39 due to
- (3 235)
changes in timing of cash flows
Accrued finance cost 32 614 18 281
Balance at the end of the period 118 846 123 732
Bank of Baroda ("BoB")
Balance at the beginning of the period 193 764 146 858
(Repayment)/drawn-down on loan facility (193 764) 46 906
Balance at the end of the period - 193 764
Analysis of current and non-current portions of other financial liabilities
Non-current portion of other financial liabilities 71 646 82 349
Current portion of other financial liabilities 47 200 235 147
118 846 317 496
Terms and conditions relating to the IDC loan
In terms of the loan agreement, the loan attracts interest at prime lending plus 2%. The balance of the capital amount outstanding is repayable in
two instalments of R37.5 million due on 30 June 2017 and 31 March 2018 respectively. The capitalised interest is repayable by no later than
31 October 2018.
The loan is secured against the moveable and immovable property of Shiva Uranium Proprietary Limited.
Terms and conditions relating to the BoB facility
Borrowings on the BoB facility are secured against, and to the extent of, cash fixed deposits invested by Oakbay Resources and Energy Limited
and held at the BoB. The loans have no fixed terms of repayment and bear interest at variable rates linked to investment rates on fixed deposits.
The facility was settled in full during the financial year end using cash fixed deposits on hand at the BoB.
12. Related parties(1)
The following tables present the group's significant related party balances and transactions.
Related party balances Audited Audited
28 February 2017 29 February 2016
R'000 R'000
Amounts owing to the holding company
Oakbay Investments Proprietary Limited 411 224 383 074
Related party transactions
Sale of coal to related parties
Tegeta Exploration and Resources Proprietary Limited 344 442 88 702
Other related party events
The Group is party to a centralised treasury function which is managed on behalf of all group companies by the holding company, Oakbay
Investment Proprietary Limited. In addition, the holding company provided the group with a letter of financial support.
(1)This note should be read in conjunction with the group audited annual financial statements.
13. Environmental rehabilitation provision
Audited Audited
28 February 2017 29 February 2016
R'000 R'000
Reconciliation of the balance for the period
Balance at the beginning of the period 277 159 209 811
Unwinding of interest 16 990 12 861
Capitalised to property, plant and equipment 4 743 43 604
Change in estimate recognised in profit or loss (104 751) 4 030
Acquired through business combination - 6 853
Balance at the end of the period 194 141 277 159
The environmental provision includes estimated costs for the rehabilitation of gold, uranium and coal mining sites. The group is required by law
to undertake future rehabilitation works as part of their ongoing operations. The group makes contributions into environmental rehabilitation
obligation funds to fund the estimated future costs of rehabilitation. In addition, refer to note 18 for further information regarding the
environmental fund.
Change in estimates arise from changes in resources, changes in life of mine as well as changes in laws and regulations governing environmental
matters. Increases in decommissioning provisions relate to the increase in the expected future discounted cost of decommissioning plant and
equipment. Changes in estimates relating to decommissioning provisions are included in the cost of property, plant and equipment. Changes in
the rehabilitation provision relates to the expected future discounted costs of rehabilitating mining areas. Changes in estimates relating to
rehabilitation provisions are recognised as an expense in the period in which the change in estimate arises.
14. Revenue
Audited Audited
28 February 2017 29 February 2016
R'000 R'000 % Change
Revenue per category
Gold 118 180 185 012 (36.12)%
Coal 344 442 88 702 288.31%
Total revenue 462 622 273 714 69.02%
15. Cost of sales
Audited Audited
28 February 2017 29 February 2016
R'000 R'000 % Change
Cash operating costs 382 962 198 489 92.94%
Amortisation of coal mineral resources 102 607 - 100.00%
Depreciation of tangible mining assets 33 204 29 268 13.45%
Change in estimate in environmental rehabilitation provision (104 751) - 100.00%
Total cost of sales 414 022 227 757 81.78%
16. Financial instruments information
The group has not disclosed the fair values of financial instruments measured at amortised cost as their carrying amounts closely approximate
their fair values. There were no financial instruments measured at fair value that were individually material at the end of the reporting period.
17. Changes to the Board of Directors
The following changes were effected to the Board of Directors during the 12-month period ended at 28 February 2017 and as at the date of this
report:
- Mr AK Gupta resigned as Non-Executive Chairman with effect from 08 April 2016;
- Mr V Gupta resigned as Chief Executive Officer with effect from 08 April 2016.;
- Mr J Roux was appointed as Chief Executive Officer with effect from 17 May 2016 and subsequently resigned with effect from 31 March 2017;
- Mr N Howa was appointed as Non-executive director with effect from 09 June 2016 and subsequently resigned with effect from 17 October
2016;
- Mr TW Rensen previously the company's Lead Independent Non-Executive Director, was appointed as Independent Non-Executive Chairman
- with effect from 08 April 2016;
- Ms R Ragavan was appointed as a Non-Executive Director with effect from 23 January 2017;
- Mr TW Scott resigned as the Group Financial Director with effect from 19 February 2017 and was appointed as a Non-Executive director from
15 this date;
- Ms M Chong was appointed as director on 19 February 2017 and officially assumed the role of Group Financial Director with effect from
- March 2017; and
- Mr GP van der Merwe was appointed as Chief Executive Officer with effect from 01 April 2017.
18. Events after the reporting period
Changes to the board
- Mr MV Pamensky, the Independent Non-Executive Director and Chairman of the Audit Committee, has resigned and given notice of
resignation with the effective date of 10 June 2017.
Other significant events
- In terms of the provisions of the National Environmental Management Act, no. 107 of 1998 ("NEMA"), the group is required to hold an
environmental rehabilitation investment or funds equal to the amount of the rehabilitation obligation. As at year end the shortfall amounted to
R48,3 million. Subsequent to the reporting period the Group advanced an amount of R48,3 million into a trust account to bridge the current
shortfall. This amount has been ring-fenced and may only be used for the group's rehabilitation obligations.
- The group sponsor, River Group, has given notice of termination of their services on 01 June 2017. As per the agreement, the sponsor will provide
one month's notice under normal circumstances. However, the resignation will not be effective until a replacement sponsor is sourced as required by
the JSE Listings requirements.
Other than mentioned in this report, there were no other material events after the reporting date that require disclosure.
19. Dividend declaration
In line with group strategy, no dividend has been declared for the financial period.
For and behalf of the Board of Directors
TW Rensen GP van der Merwe
Chairman Chief Executive Officer
02 June 2017 02 June 2017
Directors
TW Rensen(1) (Chairman) (Irish), GP van der Merwe (Chief Executive Officer), M Chong (Group Financial Director), DJ Nyamane(2), MV Pamensky(2),
Ms R Ragavan(1), Mr TW Scott(3).
(1)The director is an Independent Non-executive director.
(2)The director is an Independent Non-executive director and Chairman of the Audit Committee
(3)The director is a Non-executive director.
Administrative information
Registered office Postal address
Grayston Ridge Office Park Postnet Suite 458
Block A, Lower Ground Floor Private Bag X9
144 Katherine Street Benmore Sandown
Sandton 2010
South Africa
Company secretary
iThemba Governance and Statutory Solutions Proprietary Limited
Monument Office Park P O Box 25160
Block 5 Suite 201 Monument Park
79 Steenbok Avenue South Africa
Monument Park 0105
South Africa
External auditors
SizweNtsalubaGobodo Inc.
20 Morris Street East P O Box 2939
Woodmead Saxonwold Johannesburg
South Africa 2132
Transfer Secretaries
Terbium Financial Services Proprietary Limited
Capital House P O Box 61272
31 Beacon Road Marshalltown Florida North
Roodepoort 2107
South Africa
Sponsor
River Group
2 Kloof Trio P O Box 2579
211 Kloof Street Brooklyn Square Waterkloof
South Africa 0075
www.oakbay.co.za
River Group
02 June 2017
Johannesburg
Corporate Advisors and Sponsors
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