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RLO
RLO
RLO - Reunert Limited - Unaudited results for the six months ended 31 March 2007
Reunert Limited
(Incorporated in the Republic of South Africa)
(Registration number 1913/004355/06)
ISIN: ZAE000057428
Share Code: RLO
UNAUDITED RESULTS FOR THE SIX MONTHS ENDED 31 MARCH 2007
Revenue up 19%
Normalised headline earnings per share up 16%
Dividend per share up 16%
CONDENSED GROUP INCOME STATEMENT
for the six months ended 31 March 2007
Year ended
30 Sept
2007 2006 % 2006
Notes R million R million change R million
(Audited)
Revenue 4 654,3 3 910,9 19 8 236,4
Earnings before
interest, tax,
depreciation and
amortisation
(EBITDA) 643,2 551,0 17 1 335,9
Depreciation and
amortisation (35,6) (27,0) (32) (63,2)
Operating profit 1 607,6 524,0 16 1 272,7
Net interest and
dividend income 2 27,1 33,2 (18) 64,9
Profit before
abnormal items 634,7 557,2 14 1 337,6
Abnormal items 3 (572,4) 3,3 1,6
Profit before
taxation 62,3 560,5 (89) 1 339,2
Taxation 4 (200,8) (202,0) 1 (500,5)
(Loss)/profit after
taxation (138,5) 358,5 838,7
Share of associate
company`s profit 2 64,4 53,3 21 95,2
(Loss)/profit for
the period (74,1) 411,8 933,9
(Loss)/profit for
the period
attributable to:
- Minority interests 3,1 3,0 (3) 11,1
- Equity holders
of Reunert Limited (77,2) 408,8 922,8
(74,1) 411,8 933,9
Basic (loss)/
Earnings per share
(cents) 5 (43,7) 234,1 527,0
Diluted basic
(loss)/earnings
per share (cents) 5 (42,2) 231,0 522,4
Headline (loss)/
earnings per
share (cents) 5 & 6 (66,5) 232,6 524,6
Diluted headline
(loss)/earnings
per share (cents) 5 & 6 (64,1) 229,5 520,0
Normalised basic
earnings per
share (cents) 5 & 6 275,5 223,6 23 497,7
Normalised headline
earnings per
share (cents) 5 & 6 258,3 222,2 16 495,3
Normalised diluted
basic earnings
per share (cents) 5 & 6 265,6 220,6 20 493,3
Normalised diluted
headline earnings
per share (cents) 5 & 6 249,0 219,2 14 490,9
Dividend per
ordinary share
declared in respect
of the period
(cents) 73,0 63,0 16 273,0
Special dividend
per share declared
(cents) 200,0
Taxation rate
excluding abnormal
items and STC on
the special
dividend (%) 34,1 36,3 6 34,2
EBITDA as a % of
revenue 13,8 14,1 (2) 16,2
CONDENSED GROUP BALANCE SHEET
as at 31 March 2007
30 Sept
2007 2006 2006
Notes R million R million R million
(Audited)
Non-current assets
Property, plant and
equipment and Intangible
assets 545,8 360,9 467,3
Goodwill 7 336,9 329,8 326,8
Investments and loans 8 211,3 106,8 148,8
RC&C Finance Company
accounts receivable 1 155,4 889,7 985,3
Deferred taxation 69,4 37,5 59,1
2 318,8 1 724,7 1 987,3
Current assets
Inventory and contracts in
progress 786,6 555,2 809,0
Accounts receivable and
derivative assets 1 425,1 1 098,5 1 462,7
RC&C Finance Company
accounts receivable 445,0 346,0 418,5
Non-current assets held
for sale - 2,9 2,6
Cash and cash equivalents 72,5 676,4 969,3
2 729,2 2 679,0 3 662,1
Total assets 5 048,0 4 403,7 5 649,4
Equity attributable to
equity holders of
Reunert Limited
Ordinary 1 870,6 1 660,1 1 680,2
Preference 0,7 0,7 0,7
1 871,3 1 660,8 1 680,9
Minority interest 31,4 30,2 38,2
Total equity 1 902,7 1 691,0 1 719,1
Non-current liabilities
Long-term borrowings 9 114,4 115,4 115,0
Deferred taxation 147,1 78,6 141,6
261,5 194,0 256,6
Current liabilities
Accounts payable, derivative
liabilities, provisions and
taxation 1 669,8 1 407,1 2 068,1
RC&C Finance Company bank
borrowings 10 1 198,0 1 096,0 1 187,9
Shareholders for dividend - - 390,7
Bank overdrafts and
short-term portion of
long-term borrowings 16,0 15,6 27,0
2 883,8 2 518,7 3 673,7
Total equity and liabilities 5 048,0 4 403,7 5 649,4
CONDENSED GROUP STATEMENT OF CHANGES IN EQUITY
for the six months ended 31 March 2007
Year ended
30 Sept
2007 2006 2006
R million R million R million
(Audited)
Share capital and premium 82,3 60,0 76,9
Balance at the beginning of
the period 76,9 49,4 49,4
Issue of shares 5,4 10,6 27,5
Share-based payment reserves 651,5 35,6 40,4
Balance at the beginning
of the period 40,4 30,8 30,8
Share-based payment charges 611,1 4,8 9,6
Treasury shares (276,1) (282,0) (282,0)
Balance at the beginning of
the period (282,0) (282,0) (282,0)
Shares bought back and
cancelled 5,9 - -
Non-distributable reserves 169,2 70,1 104,8
Balance at the beginning of
the period 104,8 67,3 67,3
Transfer from accumulated
profit 64,4 5,3 39,2
Translation reserve - - 0,8
Fair value adjustments - (2,5) (2,5)
Accumulated profit 1 244,4 1 777,1 1 740,8
Balance at the beginning
of the period 1 740,8 1 696,2 1 696,2
(Loss)/Profit for the period (77,2) 408,8 922,8
Transfer to non-distributable
reserves (64,4) (5,3) (39,2)
Dividends declared (354,8) (322,6) (839,0)
Equity attributable to equity
holders of Reunert Limited 1 871,3 1 660,8 1 680,9
Minority interest 31,4 30,2 38,2
Balance at the beginning of
the period 38,2 43,0 43,0
Profit for the period 3,1 3,0 11,1
Dividends declared (4,5) (15,8) (15,9)
Minorities bought out (5,4) - -
Total equity at end of
the period 1 902,7 1 691,0 1 719,1
CONDENSED GROUP CASH FLOW STATEMENT
for the six months ended 31 March 2007
Year ended
30 Sept
2007 2006 2006
R million R million R million
(Audited)
EBITDA 643,2 551,0 1 335,9
Increase in net working capital (411,1) (394,1) (628,4)
Increase in RC&C Finance
Company accounts receivable (196,6) (207,5) (375,6)
Increase in other working
capital (214,5) (186,6) (252,8)
Cash generated from
operations 232,1 156,9 707,5
Net interest and dividend
income (including associates) 27,1 81,2 120,9
Taxation paid (340,3) (210,5) (347,4)
Dividends paid (including to
minorities) (750,1) (338,4) (464,2)
Other (net) 2,8 4,9 (4,3)
Net cash flows from operating
activities (828,4) (305,9) 12,5
Net cash flows from investing
activities (78,2) (40,4) (185,7)
Net cash flows from financing
activities 11,3 10,7 27,0
Net decrease in cash and
cash equivalents (895,3) (335,6) (146,2)
Net short-term bank
borrowings at beginning
of the period (230,2) (84,0) (84,0)
Net short-term bank
borrowings at end of
the period (1 125,5) (419,6) (230,2)
Cash and cash equivalents
(note 10) 72,5 676,4 969,3
Bank overdrafts - - (11,6)
Cash and cash equivalents (net) 72,5 676,4 957,7
RC&C Finance Company bank
borrowings (note 10) (1 198,0) (1 096,0) (1 187,9)
Net short-term bank borrowings
at end of the period (1 125,5) (419,6) (230,2)
NOTES TO THE INCOME STATEMENT AND BALANCE SHEET
30 Sept
2007 2006 2006
R million R million R million
(Audited)
Note 1
Operating profit
Operating profit is stated
after:
- Cost of sales 3 355,5 2 684,4 5 647,9
- Other expenses excluding
depreciation and amortisation 640,8 688,1 1 401,6
- Other income (26,4) (4,9) (15,7)
- Realised loss/(profit) on
foreign exchange and
derivative instruments 50,7 (21,2) (65,6)
- Unrealised (profit)/loss
on foreign exchange and
derivative instruments (9,5) 13,5 (67,7)
Note 2
Net interest and dividend
income
Interest received 40,0 43,4 92,9
- From RC&C Finance Company 25,4 25,5 57,2
- External 14,6 17,9 35,7
Interest paid (16,6) (13,5) (34,9)
Dividend income other than
from associate company 3,7 3,3 6,9
Total 27,1 33,2 64,9
Dividend income from
associate company included
in share of associate
company`s profit - 48,0 56,0
Note 3
Abnormal Items
Black Economic Empowerment
(BEE) charge - share-based payment (556,6) - -
Employee shares charge (50,3) - -
Surplus on sale of property,
plant & equipment and
intangible assets 34,5 - -
Surplus on sale of
investments - 3,3 5,0
Impairment of goodwill - - (3,4)
Total before taxation (572,4) 3,3 1,6
Taxation 15,9 (0,5) -
Total (556,5) 2,8 1,6
The BEE deal of Reunert Limited (Reunert) was approved by shareholders on 6
February 2007. Due to the sale of Bargenel Investments Limited (Bargenel), which
holds 18,5 million shares in Reunert, to the BEE partners, Peotona Group
Holdings (Pty) Ltd (Peotona) and the Rebatona Educational Trust, at a 10%
discount on the Reunert share price, a share-based payment expense (IFRS 2) of
R557 million has been recognised. This expense differs from the amount disclosed
in the circular to shareholders issued on 13 December 2006 largely as a result
of the movement in the Reunert share price up to the date of the approval of
this transaction. IFRS requires that this transaction is not accounted for as a
sale, since the preference shares issued by Bargenel to Reunert, financing the
purchase of Bargenel, have not been fully repaid and conditions are attached to
the unpaid portion, notwithstanding that the reality of this transaction is in
fact a sale.
All employees in the Reunert group who currently do not participate in any other
share incentive scheme will be awarded 100 Reunert shares which will be held in
a trust for a period of 5 years. The employees will only be able to sell the
shares after 5 years, but have full rights to receive all dividends declared
during the 5 year period. The resultant charge to the Reunert group and related
deferred tax asset have been raised on the difference between the fair value of
a Reunert share on 6 February 2007 (R83,90) and its cost price of 10 cents each.
Note 4
Taxation
The tax charge for the year ended 30 September 2006 includes Secondary Tax on
Companies in respect of the special dividend amounting to R43,7 million (nil for
six months to 31 March 2007 and 31 March 2006).
Note 5
Number of shares used to calculate earnings per share
Weighted average number of shares in issue used to determine basic earnings per
share, headline earnings per share, normalised basic earnings per share and
normalised headline earnings per share (millions of shares) 176,5
174,6 175,1
Adjusted by the dilutive
effect of:
- Unexercised share options
granted (millions of shares) 2,1 2,4 1,5
- The notional unemcumbered
Reunert shares held by
Bargenel (millions of shares)* 4,5 - -
Weighted average number of
shares used to determine
diluted basic, normalised
diluted basic, diluted
headline and normalised
diluted headline earnings
per share (millions of shares) 183,1 177,0 176,6
*The notional unemcumbered Reunert shares represent the number (based on the
period end share price) of the 18,5 million treasury shares held by Bargenel
that could be settled out of the period end equity value of Bargenel (note 3).
Note 6.1
Headline earnings
Headline earnings are
determined by eliminating
the effect of the following
items in attributable
earnings:
(Loss)/profit attributable
to equity holders of
Reunert Limited (77,2) 408,8 922,8
Surplus on sale of
investments - (3,3) (5,0)
(Surplus)/loss on disposal
of property, plant and
equipment (36,1) 0,3 (2,6)
Impairment of goodwill - - 3,4
Taxation (4,1) 0,5 -
Headline (loss)/earnings (117,4) 406,3 918,6
Note 6.2
Normalised earnings
Normalised earnings are
determined by deducting
from attributable earnings
the interest in profit that
is economically attributable
to BEE partners (note 11),
the costs associated with
the BEE deal (note 3) and
the issue of Reunert shares
to group employees (note 3):
(Loss)/profit attributable
to equity holders of
Reunert Limited (77,2) 408,8 922,8
Interest in profit that is
economically attributable
to BEE partners (32,0) (18,4) (51,4)
BEE shares charge 556,6 - -
Employee shares charge 50,3 - -
Deferred tax on employee
shares charge (11,4) - -
Normalised earnings (basic
and diluted) 486,3 390,4 871,4
Normalised headline earnings
are determined by deducting
from headline earnings the
interest in profit that is
economically attributable to
BEE partners (note 11), the
costs associated with the
BEE deal (note 3) and the
issue of Reunert shares to
group employees (note 3):
Headline (loss)/earnings (117,4) 406,3 918,6
Interest in profit that is
economically attributable
to BEE partners (22,2) (18,4) (51,4)
BEE shares charge 556,6 - -
Employee shares charge 50,3 - -
Deferred tax on employee
shares charge (11,4) - -
Normalised headline earnings
(basic and diluted) 455,9 387,9 867,2
Note 7
Goodwill
Carrying value at the
beginning of the period 326,8 329,0 329,0
Acquisitions of businesses,
associates and subsidiaries 10,1 0,8 1,2
Impairments - - (3,4)
Carrying value at the end
of the period 336,9 329,8 326,8
Note 8
Investments and loans
Unlisted associate company -
at cost excluding goodwill
plus equity accounted earnings 190,4 92,1 126,0
Other unlisted investments -
at cost 7,1 0,7 0,3
Loans - at cost 13,8 14,0 22,5
Total carrying values 211,3 106,8 148,8
Directors` valuation of
unlisted investments
- Unlisted associate company 520,0 520,0 520,0
- Other unlisted investments 7,1 0,7 0,3
Note 9
Long-term borrowings
Total long-term borrowing 107,7 122,9 115,5
Less: Short-term portion (15,8) (14,9) (15,2)
91,9 108,0 100,3
Loan repaid by BEE partner 22,3 7,1 14,5
Total finance leases 0,4 1,0 0,4
Less: Short-term portion (0,2) (0,7) (0,2)
114,4 115,4 115,0
The group entered into an agreement with Powerhouse Utilities (Pty) Ltd
(Powerhouse) whereby, on 1 December 2004, 25,1% of the shares of ATC (Pty) Ltd
(ATC) were sold to Powerhouse at a cost of R130 million. IFRS requires that this
transaction is not accounted for as a sale, since the bank loan has not been
fully paid by Powerhouse and conditions are attached to the unpaid portion,
notwithstanding that the economic reality of this transaction is in fact a sale.
The long-term borrowing relates to funding provided by Nedbank Limited (Nedbank)
to Powerhouse for their purchase of 25,1% of ATC. The loan is guaranteed by
Reunert and, in terms of current accounting practices for this transaction, is
recognised on the balance sheet.
Repayment of the loan by the BEE partner represents a portion of dividends paid
by ATC to Powerhouse, which have been used to repay part of the loan from
Nedbank to Powerhouse. In terms of current accounting practice for this
transaction, this is to be reflected as a long-term liability on the balance
sheet. When the significant risks and rewards of ownership in the equity of ATC
are deemed to have passed to the BEE partner, then this portion of the loan
repaid by Powerhouse will be transferred to minority interest.
Note 10
Group cash resources/borrowings
Total RC&C Finance Company
borrowings at end of the period 1 469,0 1 096,0 1 254,3
Less: Funded out of other
Reunert cash resources
(see below) (271,0) - (66,4)
RC&C Finance Company bank
borrowings at end of the period 1 198,0 1 096,0 1 187,9
Total Reunert net cash resources
at end of the period 343,5 676,4 1 024,1
Less: Utilised to fund RC&C
Finance Company (see above) (271,0) - (66,4)
72,5 676,4 957,7
Note 11
BEE transactions
As referred to in note 9 certain BEE transactions involving the disposal of
equity interests have not been recognised because the significant risks and
rewards of ownership of the equity has been deemed not to have passed to the BEE
partners. Accordingly, the equity interests in subsidiaries have not been
recognised in the group income statement and balance sheet.
The effect of this has been to not
recognise the following:
- Interest in current period
profit that is economically
attributable to BEE partners 32,0 18,4 51,4
- Balance sheet interest that
is economically attributable
to BEE partners 122,7 88,7 106,3
Note 12
Basis of preparation
These condensed interim group financial statements have been prepared in terms
of IAS 34 "Interim Financial Reporting" as well as in compliance with
International Financial Reporting Standards (IFRS) and International Financial
Reporting Interpretations Committee (IFRIC) Interpretations, the Companies Act
of South Africa, Act 61 of 1973, as amended and the Listing Requirements of the
JSE Limited.
The group`s accounting policies as set out in the audited annual financial
statements for the year ended 30 September 2006 have been consistently applied.
These condensed interim financial statements have not been reviewed or audited
by the group`s auditors.
Note 13
Unconsolidated subsidiary
The financial results of Cafca Limited, a subsidiary incorporated in Zimbabwe,
have not been consolidated in the group results as the directors believe there
is a lack of control as defined in IAS 27 "Consolidated and Separate Financial
Statements", and the amounts involved are not material.
Note 14
Corporate activity
A new joint venture, CBI-Electric Aberdare ATC Telecom Cables (Pty) Ltd, was
started between the telecom cable divisions of ATC and Aberdare Cables (Pty) Ltd
(Aberdare), each holding a 50% share in the joint venture. ATC contributed all
its property, plant and equipment (PPE) (R114 million) and intangible assets (R9
million) to the value of R123 million. Aberdare has also contributed PPE (R106,2
million), intangible assets (R3,3 million) and cash (R13,5 million) to the value
of R123 million. The balance sheet and income statement of the joint venture
have been proportionately consolidated from the effective date (1 February
2007).
Note 15
Subsequent event
Reunert has entered into an agreement, with an effective date of 1 May 2007,
whereby RC&C Finance Company (Pty) Ltd (RC&C) has been sold to Quince Capital
Holdings Ltd (Quince Capital) at a value of R375 million in exchange for a 49,9%
share in Quince Capital. The consortium led by PSG Group Limited (PSG) will
subscribe for the balance of the shares in Quince Capital by contributing cash
to the value of R379 million. This transaction will result in Reunert
recognising a profit on sale of RC&C of approximately R226 million. Quince
Capital will be regarded as an associate company and its results will be equity
accounted in Reunert`s group results. Quince Capital has been granted a bridging
bank loan facility amounting to R1,4 billion and a securitisation facility of R5
billion. The bridging facility will lapse once the securitisation has been
completed. Reunert has provided a guarantee to the bank for the bridging
finance.
SUPPLEMENTARY INFORMATION
for the six months ended 31 March 2007
30 Sept
2007 2006 2006
R million (unless otherwise stated) (Audited)
Net asset value per share
(cents) 1 061 948 953
Net asset value per share
(cents) - tangible 861 760 761
Current ratio excluding
interest-bearing current
liabilities (:1) 1,6 1,9 1,5
Net number of ordinary shares
in issue (million) 176,6 175,1 176,3
Number of ordinary shares in
issue (million) 195,1 194,1 195,3
Less: Held by subsidiary
(million) (18,5) (19,0) (19,0)
Capital expenditure 87,0 49,7 194,3
- Expansion 68,1 23,0 134,1
- Replacement 18,9 26,7 60,2
Capital commitments 105,2 106,3 108,2
- Contracted 52,8 93,7 56,2
- Authorised not yet contracted 52,4 12,6 52,0
Commitments in respect of
operating leases 81,8 40,3 84,0
Contingent liabilities 3,5 5,5 3,7
CONDENSED SEGMENTAL ANALYSIS
for the six months ended 31 March 2007
Year ended
30 Sept
2007 2006 % 2006
R million % R million % change R million %
(Audited)
Revenue
Electrical
Engineering 1 615,3 32 1 149,1 25 41 2 573,7 27
Electronics
Office
Systems 576,1 11 565,5 13 2 1 234,8 13
Consumer
products and
services 2 261,3 44 2 066,1 46 9 4 109,0 43
Tele-
communi-
cations 454,0 9 600,1 13 (24) 1 285,7 14
Reutech 201,6 4 126,1 3 60 317,3 3
Total
Electronics 3 493,0 68 3 357,8 75 4 6 946,8 73
Total
operations 5 108,3 100 4 506,9 100 13 9 520,5 100
Less:
Reunert`s
attributable
portion of
associate
company`s
revenue (454,0) (596,0) (1 284,1)
Revenue as
reported 4 654,3 3 910,9 19 8 236,4
Operating
profit
Electrical
Engineering 266,1 37 222,5 36 20 552,1 39
Electronics
Office
Systems 161,6 23 120,1 20 35 314,1 22
Consumer
products and
services 163,5 23 176,5 29 (7) 374,5 27
Tele-
communi-
cations 105,7 15 85,8 14 23 142,9 10
Reutech 16,4 2 3,8 1 332 30,4 2
Total
Electronics 447,2 63 386,2 64 16 861,9 61
Total
operations 713,3 100 608,7 100 17 1 414,0 100
Less:
Reunert`s
attributable
portion of
associate
company`s
operating
profit (105,7) (84,7) (141,3)
Operating
profit as
reported 607,6 524,0 16 1 272,7
COMMENT
Reunert grew revenue by 19% to R4,65 billion in the first six months to 31 March
2007 over the comparative period in 2006. Operating profit improved by 16% from
R524 million to R607,6 million. Depreciation charges increased as a result of
higher capital expenditure to provide for a stronger demand in infrastructure
related projects. Interest income, compared with the same period a year ago,
declined due to the payment of a special dividend in December 2006. Net profit
attributable to Reunert shareholders increased from R411,8 million to R516,9
million before accounting for share-based payment charges relating to the BEE
deal and the issue of shares to employees.
Operational results were characterised by strong performances from the
Electrical Engineering, Defence and Telecommunications businesses. Electronics,
and in particular, the Consumer Products segment, were affected by the gradual
slowdown of spending in the consumer market. Office Systems had the benefit of a
performance bonus on the finalisation of the discounting deal in the finance
company.
ELECTRONICS
Nashua, the office automation business, took over management responsibility for
Acuo Technologies, our high-tech computer science and networking activity based
in Stellenbosch. Although dilutive in the short term, the benefits to Nashua
customers are already evident.
Consumer Products and Services were adversely impacted by slow sales of consumer
electronic products. Margins are under constant pressure and unlikely to improve
in the near term. Cellular activity at Nashua Mobile continues at an acceptable
level amid signs of increased competition for high-value customers. The
provision of data services, to a certain extent, offset this negative trend.
Telecommunications, represented by our 40% interest in Siemens
Telecommunications, performed well on ongoing strong demand from its major
customers. The second network operator should fuel demand for the products and
services of this company in the future.
The Defence division, Reutech, is well positioned for superior performance this
year and going forward. Strategic repositioning is nearing completion and bodes
well for the future.
ELECTRICAL ENGINEERING
Electrical Engineering experienced strong growth in revenues. Demand is expected
to increase, as is competition. Emphasis is on efficiency and streamlining of
distribution and sales networks.
CORPORATE ACTIVITIES
Effective 1 February 2007, the telecommunications cable business, ATC, was
merged with that of Aberdare. Market conditions improved materially and, despite
sharing 50% of profits going forward, the deal is expected to be earnings
enhancing.
Quince Capital, the venture with PSG in financial services, became effective 1
May 2007. Access to ongoing funding has been put in place and the business is
poised for growth. The transaction is expected to marginally dilute financial
performance over the next 12 to 18 months.
The BEE deal in which a 10% stake in Reunert has been sold to the Rebatona
Educational Trust and Peotona has been fully implemented and the financial
statements reflect the cost thereof. We are confident that tangible value will
be added by this partnership.
PROSPECTS
Growth in normalised headline earnings per share for the full year is
anticipated to be in line with the increase achieved in the first six months.
This statement has not been audited or reviewed by the external auditors.
DIVIDEND
Notice is hereby given that interim ordinary share dividend No 162 of 73 cents
per share (2006: 63 cents per share) has been declared by the directors for the
six months ended 31 March 2007. In compliance with the requirements of STRATE,
the following dates are applicable:
Last date to trade (cum dividend) Friday, 15 June 2007
First date of trading (ex dividend) Monday, 18 June 2007
Record date Friday, 22 June 2007
Payment date Monday, 25 June 2007
Shareholders may not dematerialise or rematerialise their share certificates
between Monday, 18 June 2007 and Friday, 22 June 2007, both days inclusive.
On behalf of the board
Martin Shaw
Chairman
Gerrit Pretorius
Chief executive
Sandton, 17 May 2007
REUNERT LIMITED
Incorporated in the Republic of South Africa
(Registration number 1913/004355/06)
Share code: RLO
ISIN code: ZAE000057428
Directors: MJ Shaw (Chairman)*, G Pretorius (Chief Executive), BP Connellan*, KS
Fuller*, BP Gallagher, SD Jagoe*, KJ Makwetla*, KC Morolo*, GJ Oosthuizen, DJ
Rawlinson, Dr JC van der Horst*
*Non-executive
Registered office: Lincoln Wood Office Park
6 - 10 Woodlands Drive, Woodmead, Sandton
PO Box 784391, Sandton, 2146
Telephone +27 11 517 9000
Transfer secretaries: Computershare Investor Services 2004 (Pty) Limited
70 Marshall Street, Johannesburg, 2001
PO Box 61051, Marshalltown, 2107
Sponsor: Rand Merchant Bank (A division of FirstRand Limited)
Secretaries` certification:
In terms of Section 268 G(d) of the Companies Act, 61 of 1973, as amended, I
certify that, to the best of my knowledge and belief, the company has lodged
with the Registrar of Companies for the six months ended 31 March 2007 all such
returns as are required by a public company in terms of the Companies Act and
that all such returns are true, correct and up to date.
JAF Simmonds
For Reunert Management Services Limited
Company Secretary
Enquiries:
Carina de Klerk +27 11 517 9000 or e-mail invest@reunert.co.za.
For background information on Reunert visit our website at www.reunert.com.
Hierdie verslag is ook in Afrikaans beskikbaar.
www.reunert.com
Date: 18/05/2007 16:00:01 Produced by the JSE SENS Department.
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