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JSE SIM
LMID
LMID-Lereko Mobility-Preliminary audited results for the year ended 25 June 2007
Lereko Mobility (Proprietary) Limited
Incorporated in the Republic of South Africa
Registration number: 2004/034154/07
Share code: LMID
ISIN: ZAE0000067229
("Lereko Mobility")
Preliminary audited results for the year ended 25 June 2007
Introduction
In June 2005 Lereko Mobility (Proprietary) Limited ("the company") concluded a
black economic empowerment transaction with Imperial Holdings Limited
("Imperial").
In terms of this transaction the company acquired 14 516 617 preferred ordinary
shares from Imperial which are unlisted and will pay a fixed annual dividend of
535 cents per share for the five years up to and including 30 September 2010.
Thereafter they will be converted into ordinary shares and will be listed on JSE
Limited ("JSE") ranking pari passu with Imperial`s other ordinary shares.
To fund the acquisition of these shares the company raised senior funding by
issuing to financial institutions preference shares for R377 million and 14 533
096 debentures for R458 million. The debentures are unsecured, subordinated to
the claims of the preference shares and listed on the JSE under the Asset-backed
Securities: Other Securities sub-sector.
The debenture holders are entitled to a coupon of 5% per annum. The debentures
will be redeemed on 1 October 2010 at R41.50 per debenture plus an equity linked
bonus being 25% of the extent to which Imperial`s share price exceeds R145.25 on
that date.
Imperial facilitated the transaction with vendor finance by issuing preferred
ordinary shares at their par value of 4 cents, which discount had a value of
R600 million. This will entitle Imperial to a call option from the company for
sufficient of Imperial`s ordinary shares to be delivered on 15 June 2015 to
settle this amount plus a return which will amount to a minimum of R1 945
million and a maximum of R2 291 million.
Basis of preparation
The preliminary audited financial statements have been prepared in accordance
with IAS 34 - Interim Financial Reporting and are a summary of the company`s
unqualified audited financial statements. The accounting policies and methods of
computation used in the preparation of the results are consistent, in all
material respects, with those used in the annual financial statements for the
year ended 25 June 2006, which are compliant with International Financial
Reporting Standards.
The company`s auditors, Deloitte & Touche, have audited the results and their
signed unmodified opinion is available for inspection at the company`s
registered office.
Results
The company has posted a net profit after tax amounting to R25 million. This
takes into account the increase in value of the Imperial shares during the year
reduced by the financial liabilities, which have been fair valued and expensed.
The financial liabilities are payable to the debenture holders for the equity
linked bonus and to Imperial for the vendor finance.
The funding costs payable to the preference shareholders and the debenture
holders are included in the interest expense.
The equity of the company now stands at R273 million and the preferred ordinary
shares have a market value at the reporting date of R2 054 million.
There have been no facts or circumstances of a material nature that have
occurred between the accounting date and the date of this report.
Interest on Debentures
Notice is hereby given that an interest payment of 103.75 cents per debenture is
payable to debenture holders recorded in the registers of the company at the
close of business on Friday, 28 September 2007.
In compliance with the requirements of STRATE, the electronic settlement and
custody system used by the JSE Limited, the company has determined the following
salient dates for the payment of the interest:
2007
Last day to trade cum-interest payment Thursday, 20 September
Debentures commence trading ex-interest payment Friday, 21 September
Record Date Friday, 28 September
Payment Date Monday, 1 October
Debenture certificates may not be dematerialised / rematerialised between
Friday, 21 September 2007 and Friday, 28 September 2007, both days inclusive.
On Monday, 1 October 2007, the interest payment will be electronically
transferred to the bank accounts of certificated debenture holders that utilise
this facility. In respect of those who do not, cheques dated 1 October 2007 will
be posted on or about that date. Debenture holders who have dematerialised their
shares will have their accounts, held at their CSDP or Broker, credited on
Monday, 1 October 2007.
Company Secretary
RA Venter
By order of the Board
28 August 2007
BEDFORDVIEW
Condensed balance sheet
at 25 June 2007 2007 2006
R`000 R`000
Assets
Non-current assets
14 516 617 preferred ordinary 2 054 101 1 865 385
shares in Imperial Holdings
Limited
Current assets
Cash and cash equivalents 7 497 5 895
Current account with shareholder 385 -
Total assets 2 061 983 1 871 280
Equity and liabilities
Capital and reserves
Share capital 2 040 2 040
Non-distributable reserve 125 860 125 860
Distributable reserve 145 314 120 057
273 214 247 957
Non-current liabilities
Interest bearing borrowings 740 556 758 356
Financial liabilities 785 953 667 089
Deferred tax 194 110 161 116
1 720 619 1 586 561
Current liabilities
Current portion of interest 68 126 35 822
bearing borrowings
Taxation - 812
Trade and other payables 24 128
68 150 36 762
Total equity and liabilities 2 061 983 1 871 280
2007 2006
Condensed income statement R`000 R`000
for the year ended 25 June 2007
Dividends received 38 832 -
Operating expenses (866) (380)
Net fair value adjustments 108 683 288 487
Net financing costs (87 586) (86 205)
Profit before taxation 59 063 201 902
Taxation 33 806 81 845
Profit for the year 25 257 120 057
Condensed cash flow statement
for the year ended 25 June 2007 2007 2006
R`000 R`000
Cash flows from operating
activities
Cash generated from (utilised in) 70 166 35 571
operating activities
Net financing costs (87 586) (86 205)
Taxation paid (1 624) (2 561)
Net cash flows from operating (19 044) (53 196)
activities
Cash flows from investing
activities
Investments (754 242)
Capital distribution 38 831
Current account with shareholder (385) -
Net cash flows from investing 38 446 (89 017)
activities
Cash flows from financing
activities
Capital raised - 2 040
Loans (repaid) raised (17 800) 811 293
Net cash flows from financing (17 800) 813 333
activities
Increase in cash and cash 1 602 5 895
equivalents
Cash and cash equivalents at 5 895 -
beginning of the year
Cash and cash equivalents at 7 497 5 895
end of the year
Condensed statement
of changes in equity
for the year ended
25 June 2007
Issued Non Distributable Total
capital distributable reserve
reserve
R`000 R`000 R`000 R`000
Issue of 2 040 2 040
share capital
Fair value (361 455) (361
adjustment on 455)
call option
Fair value 487 315 487 315
adjustment on
preferred
ordinary
shares
Profit for 120 057 120 057
the year
Balance as at 2 040 125 860 120 057 247 957
25 June 2006
Profit for 25 257 25 257
the year
Balance as at 2 040 125 860 145 314 273 214
25 June 2007
Date: 29/08/2007 11:43:01 Produced by the JSE SENS Department.
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