| Mon 3 Sep 2007, 17:00 | | MVL - Mvelaphanda Resources Limited - Reviewed Res |
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MVL
MVL
MVL - Mvelaphanda Resources Limited - Reviewed Results for the year ended 30
June 2007
MVELAPHANDA RESOURCES LIMITED
Registration number: 1980/001395/06
Incorporated in the Republic of South Africa
Share code: MVL
ISIN number: ZAE000050266
REVIEWED RESULTS FOR THE YEAR ENDED 30 JUNE 2007
FEATURES
-Afripalm Transaction boosts balance sheet and repositions the company
-Adjusted earnings rise from 46cps to 111cps
-Strong underlying performance from Northam and Trans Hex
-Headline loss of 1,199cps largely due to 32% decline in
Gold Fields share price and IFRS treatment of Afripalm Transaction
SHARE PRICE & RELATIVE TO RESOURCE INDEX (REBASED)
GROUP BALANCE SHEET
R`000
As at Notes Reviewed Audited
30 June 2007 30 June 2006
ASSETS
Non-current assets
Investmentin
associate companies 866,863 785,959
-Northam Platinum
Limited 788,411 725,016
- Trans Hex Group
- Limited 78,452 60,943
GFI-SA loan 2 5,273,000 7,400,000
Trans Hex Group
Limited forward
purchased shares 3 208,342 140,614
Non-strategic
listed investments 4 380 3,518
Goodwill 75,869 75,869
Deferred taxation 7 39,776 12,394
Property, plant
and equipment 856 927
Total non-current
assets 6,465,086 8,419,281
Current assets
Inventories 255 255
Accounts
receivable and
prepayments 5,662 7,231
Cash and cash
equivalents 5 1,503,326 174,628
Total current
assets 1,509,243 182,114
Non-current
assets classified
as held for sale
Booysendal
Platinum project 315,892 315,892
TOTAL ASSETS 8, 290,221 8,917,287
EQUITY AND LIABILITIES
Share capital and
reserves 5,834,722 6,142,705
Total share
capital and
reserves 5,834,722 6,142,705
Non-current
liabilities
"A" ordinary shares 700 -
Senior bank
loan (GFI-SA) 230,736 532,424
Mezzanine finance
(GFI-SA) 6 1,593,551 1,414,343
Provision for
employee long-term
incentive costs 8 29,620 17,289
Deferred taxation 7 173,733 472,845
Total non-current
liabilities 2,028,340 2,436,901
Current liabilities
Accounts payable
and accruals 17,283 13,187
Provision for
employee long-term
incentive costs 8 107,538 26,645
Short-term portion
of senior
bank loan 301,688 277,201
Taxation 650 648
Total current
liabilities 427,159 317,681
Liabilities directly
associated with
non-current assets
classified as held
for sale
Booysendal
Platinum project
accrual - 20,000
TOTAL EQUITY
AND LIABILITIES 8,290,221 8,917,287
GROUP INCOME STATEMENT
R`000 Notes
Reviewed Audited
12 months to 12 months to
30 June 2007 30 June 2006
INCOME
Earnings from
associate
companies 272,274 134,853
- Northam
Platinum Limited 272,954 145,653
- Trans Hex
Group Limited (680) (10,800)
Interest earned
on GFI-SA loan 437,405 437,405
Interest earned on
cash and cash
equivalents 43,383 10,952
Other income 905 1,702
Total income 753,967 584,912
OPERATING EXPENSES
Exploration and
project
development costs 9 (67,564) (86,967)
Corporate expenses (35,421) (25,129)
Share-based
incentive costs 9 (129,060) (54,382)
Finance costs (320,235) (320,389)
- Senior bank
loan (GFI-SA) (77,605) (104,809)
- Mezzanine
finance (GFI-SA) (242,363) (215,580)
- Other (267) -
Total operating
expenses (552,280) 486,867
PROFIT BEFORE OTHER
(EXPENSES)/INCOME 201,687 98,045
OTHER (EXPENSES)/INCOME
Impairment
write-back/
(write down) 17,312 (114,564)
(Loss)/gain on
revaluation
of financial
instruments (2,059,272) 3,155,282
- GFI-SA loan (2,127,000) 3,414,000
- Mezzanine finance - (188,000)
- Trans Hex
Group Limited
forward purchased
shares 67,728 (70,718)
Costs associated
with the Afripalm
transaction 10 (543,700) -
Other expenses - (1,628)
Total other
(expenses)/income (2,585,660) 3,039,090
(LOSS)/PROFIT
BEFORE TAXATION (2,383,973) 3,137,135
TAXATION 292,401 (484,585)
- Normal (34,093) (34,207)
- Deferred 7 326,494 (450,378)
ATTRIBUTABLE
(LOSS)/INCOME (2,091,572) 2,652,550
(LOSS)/EARNINGS
PER ORDINARY
SHARE (cents)
- Basic (1,189) 1,594
- Headline 11(a) (1,199) 1,663
- Diluted (1,189) 1,586
- Adjusted 11(b) 111 46
GROUP STATEMENT OF CHANGES IN EQUITY
R`000 Total
Balance at 30 June 2005 3,402,357
Attributable profit for the
year 2,652,550
Equity compensation reserve 73,910
Proceeds from shares issued 13,361
Equity accounted portion of
share-based payments of associates 1,407
Equity accounted portion of foreign
currency translation reserve 73
Equity accounted portion of fair
value adjustment on available-for-sale
financial assets (379)
Unrealised gain on revaluation
of listed investments 510
Other equity accounted movements (1,084)
Balance at 30 June 2006 6,142,705
Attributable loss for the year (2,091,572)
Equity compensation reserve 268,067
Net proceeds from shares issued 1,182,767
Share-based expense - Afripalm Transaction 328,000
Equity accounted portion of
share-based payments of associates 2,503
Equity accounted portion of foreign
currency translation reserve 1,183
Equity accounted portion of
fair value adjustment on available-for-sale financial assets 34
Unrealised gain on revaluation
of listed investments 359
Unclaimed dividends forfeited 1,376
"A" ordinary shares reclassified
as non-current liabilities (700)
Balance at 30 June 2007 5,834,722
GROUP CASH FLOW STATEMENT
REVIEWED Audited
12 months to 12 months to
30 June 2007 30 June 2006
CASH FLOWS FROM
OPERATING ACTIVITIES
Cash utilised in
operations (67,868) (47,661)
Interest received 480,788 448,357
Finance costs (141,027) (164,226)
Taxation paid
(mainly Mvela Gold) (34,091) (65,423)
NET CASH GENERATED
BY OPERATING
ACTIVITIES 237,802 171,047
CASH FLOWS FROM
INVESTING
ACTIVITIES
Dividends
received
from associated
companies 212,404 84,440
- Northam
Platinum Limited 212,127 82,781
- Trans Hex
Group Limited 277 1,659
Acquisition of
furniture,
fittings and
office equipment (271) (443)
Repayment of
Booysendal
Liability (20,000) -
Cash received
from the disposal
of non-strategic
investments 3,172 -
Other 25 7
NET CASH GENERATED
BY INVESTING
ACTIVITIES 195,330 84,004
CASH FLOWS FROM
FINANCING
ACTIVITIES
Capital repayment
in respect of
senior bank loan (277,201) (254,807)
Issue of shares
(net of share issue costs) 1,182,767 13,361
Issue of options
to Afripalm 10,000 -
Cancellation of
management agreement (20,000)
NET CASH GENERATED BY
/(UTILISED IN)
FINANCING ACTIVITIES 895,566 (241,446)
Net increase in cash
and cash
equivalents 1,328,698 13,605
Cash and cash
Equivalents
at beginning of
the period 174,628 161,023
CASH AND CASH
EQUIVALENTS AT
END OF THE PERIOD 1,503,326 174,628
ABRIDGED GROUP SEGMENTAL RESULTS*
R`000 Reviewed Audited
12 months to 12 months to
30 June 2007 30 June 2006
Net(loss)
/profit after taxation
- Gold (1,791,602) 2,763,668
- Platinum 272,855 141,376
- Diamonds 68,142 (192,786)
- Other **(640,967) (59,708)
ATTRIBUTABLE(LOSS)
/INCOME (2,091,572) 2,652,550
* A detailed segmental income statement is available on the company`s website:
www.mvelares.co.za.
** Includes costs associated with the Afripalm Transaction.
NOTES
1. Basis of preparation
These condensed consolidated group financial statements have been prepared on
the historical costs basis, except for financial instruments which are fair
valued, in accordance with the group`s accounting policies compliant with
International Financial Reporting Standards ("IFRS"), IAS 34: "Interim Financial
Reporting", the South African Companies Act,1973, as amended, and the JSE
Listings Requirements. The group`s accounting policies are consistent with those
adopted in the financial year ended 30 June 2006. The adoption of changes to IAS
21, IAS 39, IFRS 6, IFRIC 4, IFRIC 9 and IFRIC 10 did not have a material impact
on the group`s accounting policies. The guidance in IFRIC 8 has been applied in
accounting for the Afripalm Transaction.
2. GFI-SA loan
R`000 Reviewed Audited
30 June 2007 30 June 2006
Loan advanced to
GFI-SA by Mvela Gold
(March 2004) 4,139,000 4,139,000
Unrealised fair
value adjustment
at end of the year 1,134,000 3,261,000
GFI-SA loan at fair value 5,273,000 7,400,000
The value of this
investment is sensitive
to the following key drivers:
- Rand/dollar exchange rate;
- US dollar gold price; and
- Gold Fields` share price.
The fair valuation of this investment takes into account the change in the value
of the Gold Fields shares attributable to the group, impacted by the above
drivers, and the difference between the present value of the future interest
payments from GFI-SA until 17 March 2009 and the present value of the estimated
future dividends foregone over the same period.
The decrease in the value of the GFI-SA loan to R5.3 billion from R7.4 billion
(as at 30 June 2006) is primarily attributable to the decrease in the Gold
Fields share price from R162.00 (as at 30 June 2006) to R109.40 (as at 30 June
2007). As at 30 June 2007, the number of Gold Fields shares attributable to the
group was calculated at 47.4 million despite the increase in the rand/gold price
(30 June 2006: 48 million).
3. Trans Hex Group Limited forward purchased shares
This represents the fair value of 16 million Trans Hex Group Limited forward
purchased shares for delivery on 5 March 2008. The fair value is based on the
market price of Trans Hex Group Limited shares as at 30 June 2007 and the
contingent liability at that date, of R18 million (30 June 2006: R36 million)
relating to the debenture coupon that was guaranteed by Mvela Resources.
4. Non-strategic listed investments
A non-strategic investment, comprising 12,067 B shares in Royal Dutch Shell, was
sold in August 2006 for a consideration of R3 million.
5. Cash and cash equivalents
The significant increase in cash and cash equivalents is directly attributable
to a cash injection of R1.2 billion arising from the issue of 40 million
ordinary shares to Afripalm Resources pursuant to the Afripalm Transaction.
6. Mezzanine finance
R`000 Reviewed Audited
30 June 2007 30 June 2006
Loan advanced to
Mvela Gold (March 2004) 1,086,000 1,086,000
Net interest
capitalised at
beginning of the year 328,343 172,180
Net interest
capitalised during
the year 179,208 156,163
Mezzanine finance
at fair value 1,593,551 1,414,343
The mezzanine finance was advanced to Mvela Gold in March 2004 by a special
purpose vehicle company (SPV), on a back-to-back arrangement (the same
arrangements which are applicable to the SPV are applicable to Mvela Gold). The
Mezzanine finance is repayable in March 2009.
7. Deferred tax
The deferred tax provision mainly relates to the fair value adjustment on the
GFI-SA loan. The deferred tax asset relates to the provision for employee long-
term incentive costs.
8. Provision for employee long-term incentive costs
The provision for employee incentive costs relates to share appreciation rights
that could potentially be exercised any time in the next 10 years. The
accounting for these cash-settled share appreciation rights is described in note
9 below.
9. Share-based payment costs
The Group recognises the cost of the Gold Fields warrants, non executive
directors` share options and share appreciation rights (collectively referred to
as share-based payments) in terms of IFRS2: Share-based payments. Equity-
settled share options are valued at grant date, and the cost is spread equally
over the vesting period of the options. The resulting credit is accounted for in
shareholders` equity. Cash-settled share appreciation rights are valued at the
fair value of the rights at each balance sheet date, with any changes in fair
value recognised in profit and loss over the vesting period of the rights.
Included in exploration and project development costs is the cost of the Gold
Field`s warrants, amounting to R56 million (30 June 2006: R73 million).
10. Costs associated with the Afripalm Transaction
R`000 Reviewed Audited
30 June 2007 30 June 2006
Transaction discount 328,000 -
Share options (10 million) 195,700 -
Cancellation of management
agreement with Mvela Holdings 20,000 -
543,700 -
In terms of the Afripalm Transaction that was approved by shareholders in
February 2007, Newshelf 848 (Pty) Ltd, a wholly-owned subsidiary of Afripalm
Resources, acquired 40 million ordinary shares in Mvela Resources at a price of
R29.20 per share, which represented a 15% discount to the 30 day volume weighted
average price (VWAP) on 5 December 2006. The transaction discount has been
expensed in the income statement, with a corresponding credit to equity and
therefore results in no change to the net asset value of the group. The
transaction also included the issue of 10 million share options to Afripalm
Resources 2, for which an upfront consideration of R10 million was paid. The 10
million share options were granted to Afripalm Resources 2 at a strike price of
R34.35 per share, escalating at 75% of Absa`s Prime overdraft rate ruling from
time-to-time, compounded monthly in arrears, to date of exercise. The options
are exercisable from 1 May 2010 until 30 April 2014 and the cost thereof has
been determined using option pricing methodologies.
The transaction has been accounted for in terms of IFRS 2 and the guidance in
IFRIC 8, which require that the difference between the fair value of the equity
instruments granted and cash consideration received, be expensed. Accordingly,
the transaction discount has been calculated as the difference between the fair
value of the shares issued to Afripalm Resources at grant date and the
consideration received.
Management believes that the accounting treatment of the transaction discount is
not consistent with the value accretive nature of the transaction, which had a
significant and immediate positive impact on the company`s share price and
eliminated the significant net asset value discount to which the company`s share
have historically traded
11. (Loss)/Earnings per ordinary share are calculated as follows:
Reviewed Audited
30 June 2007 30 June 2006
(a) Headline (loss)
(b) /earnings per
(c) share (cents) (1,199) 1,663
R`000
Attributable
(loss)/earnings (2,091,572) 2,652,550
Impairment (write-back)
/write-down (17,312) 114,564
Headline (loss)/earnings (2,108,884) 2,767,114
Weighted average number
of ordinary shares
in issue 175,866,989 166,407,584
(b) Adjusted headline
earnings per ordinary
share (cents) 111 46
R`000
Attributable (loss)
/earnings (2,091,572) 2,652,550
"Other expenses/(income)
" per income statement 2,585,660 (3,039,090)
Taxation relating to
"other expenses/(income)" (298,594) 462,616
Adjusted headline earnings 195,494 76,076
Weighted average number of
ordinary shares in issue 175,866,989 166,407,584
12. Post balance sheet events
Northam Platinum Limited declared a final dividend of 280 cents per share which
was paid on 27 August 2007.
This has translated into a cash inflow of R145 million for the Mvela Resources
group, bringing the group`s cash reserves post year-end to R1.65 billion.
13. Cautionary announcement
On 11 June 2007 the company issued a cautionary statement, which was renewed on
23 July 2007, advising its shareholders that negotiations were in progress
which, if successful, may have an effect on the price at which Mvela Resources`
shares trade. Shareholders are advised to exercise caution in dealing in the
company`s shares until an announcement is made.
14. Audit review opinion
These financial results have been reviewed by the group`s auditors,
PricewaterhouseCoopers Inc., and their unqualified review opinion is available
for inspection at the company`s registered office.
15. Directorate
The following changes occurred during the period under review:
- Mr Tokyo Sexwale stepped down as Chairman of the board with effect from 30
April 2007, but remains as non-executive director.
- Mr Lazarus Zim was appointed as non-executive director and Chairman of the
board with effect from 30 April 2007.
- Mr Clyde Johnson resigned as executive director with effect from 7 January
2007
- Mr Oyama Mabandla and Mr Paseka Ncholo resigned as non-executive directors
with effect from 30 April 2007.
- Ms Philisiwe Buthelezi and Mr Ragi Moonsamy were appointed as non-executive
directors with effect from 30 April 2007.
- Mr Sipho Mofokeng was appointed as executive director with effect from 30
April 2007
- Mr Zolani Mtshotshisa was appointed as alternate director to Mr Tokyo Sexwale
on 18 June 2007.
Subsequent to year-end, Mr Kelello Chabedi was appointed as independent non-
executive director with effect from 19 July 2007.
COMMENTARY
CORPORATE ACTIVITY
An important turning point in the evolution of Mvelaphanda Resources was the
conclusion of the Afripalm Transaction in March 2007, in terms of which Mvela
Resources issued 40 million new ordinary shares, 35 million "A" ordinary shares
and 10 million options to Afripalm Resources, a broad-based BEE company led by
Lazarus Zim, thereby increasing Mvela Resources` BEE shareholding to over 50%.
The total consideration raised from the transaction, amounting to approximately
R1.2 billion, combined with existing cash reserves, has significantly
strengthened the company`s balance sheet and given impetus for the pursuit of
value accretive growth opportunities in the mining sector. The positive
reception to the Afripalm Transaction by the market is reflected in the
subsequent increase in Mvela Resources` share price from R35.00 the day before
the deal was announced on 7 December 2006, to R61.00 on 30 June 2007, a 74%
increase. This was accompanied by a narrowing of the net asset value discount
that Mvela Resources share price has historically attracted, reflecting market
expectations of a more positive outlook for the company.
Income Statement
Group earnings were once again volatile, shifting from headline earnings per
share of 1,663 cents for the year ended 30 June 2006 to a headline loss of 1,199
cents for the year ended 30 June 2007. The most significant driver of earnings
was again, movement in the fair value of the group`s investment in GFI-SA. In
line with IFRS, the GFI-SA investment has been fair valued at year-end,
resulting in a negative adjustment from a fair value of R7.4 billion on 30 June
2006 to a fair value of R5.3 billion on 30 June 2007 - an unrealised, non-cash,
fair value loss of R2.1 billion (refer to note 2: GFI-SA loan). This fair value
loss is largely the result of the 32% decline in the share price of Gold Fields
from R162.00 on 30 June 2006 to R109.40 on 30 June 2007.
A more accurate reflection of prevailing robust global commodity prices, is
evident in the earnings contribution from Northam, which rose 87% due to an
increase in Northam`s after tax earnings from R705 million in the 2006 financial
year-end to R1.3 billion in the current financial year. Trans Hex also had an
improved performance, reporting a profit of R42 million for the year ended 31
March 2007 compared to a loss of R119 million in the prior year. Consequently,
total earnings from associates increased by 102% from R135 million in 2006 to
R273 million for the year-ended 30 June 2007. Due to Trans Hex`s operational
improvement and a positive outlook on diamond prices, management has considered
it appropriate that the impairment loss of R45 million, raised against the
investment in the 2006 financial year, be partly written back by R17 million to
more appropriately reflect the value of the investment. This strong operational
performance by Northam and Trans Hex is better reflected in Mvela Resources`
normalised or adjusted earnings per share, which exclude "other expenses/income"
such as impairments, the effects of revaluation of financial instruments and
costs associated with specific transactions such as the Afripalm Transaction.
Accordingly, adjusted earnings more than doubled, from 46 cents in the year-
ended 30 June 2006 to 111 cents in the year ended 30 June 2007.
The Afripalm Transaction has been accounted for in terms of IFRS 2 and guidance
in IFRIC 8, which require that the difference between the fair value of the
equity instruments granted and the cash consideration received, be expensed.
Under IFRS, the fair value of the 40 million shares issued is determined on the
grant date, which for the purposes of this Transaction was the date that
agreement on suspensive conditions was reached between the parties to the
Transaction. The difference between the fair value on that day (at a share price
of R44.00 per share adjusted for the lock-in discount) and the cash
consideration received from Afripalm Resources (at the issue price of R29,20 per
share), applied to the 40 million shares issued, results in a calculated
"transaction discount" of R328 million.
Mvela Resources` management believes that the accounting treatment of the
Afripalm Transaction does not correctly reflect or capture the value that
shareholders have gained from the Afripalm Transaction. The Afripalm
Transaction has brought about a strategic repositioning for Mvela Resources and
market acceptance of this, in management`s opinion, is reflected in the 74%
share price increase from R35.00 per share the day before the Transaction was
announced on 7 December 2006 (which is when the terms were announced and the
market reacted to those terms), to R61.00 per share on 30 June 2007, as well as
the 46% outperformance relative to the FTSE/JSE Resources Index over that time.
Mvela Resources share price has also historically traded at a discount to its
net asset value (NAV), but this had totally disappeared by 30 June 2007.
Management of Mvela Resources finds it incongruent that a Transaction which is
largely responsible for an increase in the company market capitalisation from
R5.8 billion to R12.7 billion, and hence a similar gain in value for
shareholders, should reflect as a R544 million cost to the company, merely
because of how and when, the grant date is defined under IFRS.
The 10 million share options that were granted to Afripalm 2 pursuant to the
Afripalm Transaction have also been valued at grant date using option pricing
methodologies, and a once off cost of R195.7 million (net of the R10 million
consideration paid by Afripalm Resources) has been recorded in terms of IFRS 2:
"Share-based payments".
Share-based incentive costs comprise of share appreciation rights of management
and staff and are valued at each balance sheet date in line with IFRS 2: "Share-
based payments". These costs increased substantially, primarily due to the
significant increase in the company`s share price by 69% from R36.00 as at 30
June 2006 to R61.00 as at 30 June 2007.
As in the previous year, a significant portion (R55 million: 2006 R73 million)
of the current year`s exploration expenditure relates to exploration warrants
granted to Gold Fields as consideration for Mvela Resources` share of its
exploration expenditure in Africa. This represents non-cash expenditure which is
valued in terms of IFRS 2: "Share-based payments". A major portion of the
exploration costs relates to the Essakane project in Burkina Faso.
The previous year`s unrealised gain of R3.2 billion on the GFI-SA investment
gave rise to a provision for a deferred tax liability being raised at a capital
gains tax (CGT) rate of 14,5%. This provision has now been reversed pursuant to
the reported unrealised loss on the GFI-SA investment, resulting in a net
deferred tax credit of R326 million.
Balance Sheet
Notable movements in the balance sheet relate primarily to: (a) the GFI-SA
investment ("the GFI-SA loan"), the value of which decreased by R2.1 billion
from R7.4 billion as at 30 June 2006 to R5.3 billion as at 30 June 2007 as
already explained in the Income Statement section above; and (b) the cash
injection of R1.2 billion from the Afripalm Transaction, which, combined with
existing cash reserves of R300 million, significantly boosted the group`s cash
reserves to R1.5 billion at 30 June 2007.
Despite the impact of the GFI-SA investment, which is underpinned by a volatile
Gold Fields share price, the group boasts a robust capital structure with total
assets of R8.3 billion and shareholders` equity of R5.8 billion as at 30 June
2007.
Cash flow Statement
Cash flows from financing activities were significantly boosted by the cash
inflow of R1.2 billion arising from the issue of shares and options to Afripalm
Resources as discussed above. Cash generated from investing activities was
significantly boosted by dividends received from Northam, which comprised of a
final dividend of 165 cents per share for 2006 and an interim dividend of 245
cents per share for 2007. This resulted in dividends received from Northam
increasing by 152% from R84 million in the 2006 financial year to R212 million
in the 2007 financial year. Northam declared a final dividend for 2007 of 280
cents per share, which has translated into a cash injection to Mvela Resources
of R145 million, bringing the group`s cash reserves post year-end to R1.6
billion. Other major cash flow items during the year included R23 million
received on exercise of Gold Fields warrants (1,375,584 at a strike price of
R16.93) and a final payment of R20 million for the finalisation of the
Booysendal/Khumama acquisition.
Prospects
While the fallout from the sub-prime crisis in the US has impacted negatively on
global equities and commodity prices to some extent, at this stage, and assuming
global financial authorities continue to manage the situation, it does not
appear as if it will have a long lasting impact on the commodity markets.
Barring further exogenous shocks, growth in China and India should continue to
support metal demand and in the sectors that Mvela Resources is invested in,
supply shortfalls continue to surprise market commentators.
Mvela Resources is well positioned for growth, with a robust balance sheet and
delivery on its strategic intent should continue to deliver value to
shareholders through the 2008 financial year.
For and on behalf of the board
PL Zim PC Pienaar
Chairman Chief Executive Officer
Sponsor
PWC
3 September 2007
Johannesburg
Directors
PL Zim (Chairman) PC Pienaar* (CEO) NS Ntsaluba* (FD)
SW Mofokeng* KB Mosehla* BR van Rooyen*
ME Beckett (British)*** P Buthelezi CK Chabedi***
R Moonsamy NE Mtshotshisa*** Z Mtshotshisa**
TMG Sexwale MJ Willcox MSMM Xayiya
(* Executive Directors) (**Alternate to TMG Sexwale)
(***Independent)
Registration number: 1980/001395/06
Incorporated in the Republic of South Africa
Share code: MVL
ISIN number: ZAE000050266
Registered Office
1A Albury Park
Dunkeld West, 2196
Magalieszicht Avenue
P O Box 413420, Craighall, 2024
Transfer Secretaries
Computershare Investor Services
2004 (Pty) Limited
70 Marshall Street
P O Box 61051, Marshalltown, 2107
FULL DETAILS OF OUR RESULTS ARE AVAILABLE AT: www.mvelares.co.za
Date: 03/09/2007 17:00:01 Produced by the JSE SENS Department.
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