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ACT ACTP
ACT
ACT / ACTP - Afrocentric Investment Corporation - Unaudited Interim Results For
The Six Months Ended 31 December 2007 And Cautionary Announcement
AFROCENTRIC INVESTMENT CORPORATION LIMITED
(Incorporated in the Republic of South Africa)
(Registration number 1988/000570/06)
JSE Code: ACT & ACTP
ISIN: ZAE000078416 & ZAE000082269
UNAUDITED INTERIM RESULTS FOR THE SIX MONTHS ENDED 31 DECEMBER 2007 AND
CAUTIONARY ANNOUNCEMENT
CONDENSED INCOME STATEMENT
Unaudited 6 Months Ended Audited
Year Ended
31-Dec-07 31-Dec-06 30-Jun-07
R`000 R`000 R`000
Revenue
Net Finance Income 5,235 3,203 7,826
Expenditure 631 551 1,144
Administrative 324 551 1,144
Other 307 - -
Profit Before Tax 4,604 2,652 6,682
Taxation 1,335 769 2,009
Profit for the period 3,269 1,883 4,673
attributable to equity
holders of the company
CONDENSED BALANCE SHEET
Unaudited 6 Months Ended Audited
Year Ended
31-Dec-07 31-Dec-06 30-Jun-07
ASSETS R`000 R`000 R`000
Current assets 108,024 101,347 105,522
Cash and cash equivalents 108,024 101,347 105,522
Total Assets 108,024 101,347 105,522
EQUITY AND LIABILITIES 106,395 100,336 103,126
Share capital 1,106 1,106 1,106
Share Premium 97,203 97,203 97,203
Distributable Reserves 8,086 2,027 4,817
Current Liabilities 1,629 1,011 2,396
Trade and other payables 294 242 387
Taxation 1,335 769 2,009
Total Equity and 108,024 101,347 105,522
Liabilities
CONDENSED STATEMENT OF CHANGES IN EQUITY
Unaudited 6 Months Audited
Ended Year Ended
31-Dec-07 31-Dec-06 30-Jun-07
R`000 R`000 R`000
Opening Balance 103,126 239 239
Rights Offer - Ordinary - 84,600 84,600
Shares Issued
Rights Offer - Preference - 15,140 15,140
Shares Issued
Profit for the Period 3,269 1,883 4,673
Rights Issue Expenses - (1,526) (1,526)
Closing Balance 106,395 100,336 103,126
CONDENSED CASH FLOW STATEMENT
Unaudited 6 Months Audited
Ended Year Ended
31-Dec-07 31-Dec-06 30-Jun-07
R`000 R`000 R`000
Cash and Cash Equivalents - 105,522 265 265
Opening Balance
Proceeds Rights Offer - - 84,600 84,600
Ordinary Shares
Proceeds Rights Offer - - 15,140 15,140
Preference Shares
Net Cash Proceeds Operating 2,502 1,342 5,517
Activities
Cash and Cash Equivalents - 108,024 101,347 105,522
Closing Balance
EARNINGS ATTRIBUTABLE TO EQUITY HOLDERS
Earnings Attributable to 3,269 1,883 4,673
Ordinary Shareholders
Number of Ordinary Shares in 94,000,000 94,000,000 94,000,000
Issue at the end of the
period
Number of Preference Shares 16,638,000 16,638,000 16,638,000
in Issue at the end of the
period
Weighted Average Number of 94,000,000 72,849,582 83,801,644
Ordinary Shares in Issue for
the Period
Weighted Average Number of 16,638,000 12,478,418 14,632,323
Preference Shares in Issue
for the Period
Weighted Average Number of 110,638,000 85,328,000 98,433,967
Ordinary Shares adjusted for
the dilutionary impact of the
preference shares
RECONCILIATION OF EARNINGS AND HEADLINE
EARNINGS PER SHARE
Earnings per share (cents)
attributable to equity
holders of the Company :
(Note 1 and 2)
- Basic 3.48 2.58 5.58
- Fully Diluted 2.95 2.21 4.75
Notes:
1. The calculation of basic earnings per share is based on net income for the 6
months ended 31 December 2007 of R3 269 000 (2006: R1 883 000) and a weighted
average of 94 000 000 (2006: 72 849 582) ordinary shares in issue.
2. The calculation of fully diluted earnings per shares is based on net income
for the 6 months ended 31 December 2007 of R3 269 000 (2006: R1 883 000) and a
weighted average of 110 638 000 (2006: 85 328 000) equity shares in issue after
taking into account the dilutionary impact of the Preference Shares.
ACCOUNTING POLICIES AND BASIS OF PREPARATION
The condensed unaudited financial information has been prepared in accordance
with the International Financial Reporting Standards ("IFRS") International
Accounting Standard 34 on a consistent basis with that of the prior period.
In terms of Section 291 of the Companies Act, 1973, and with the requisite
approval of the Registrar of Companies, the Directors exercised their discretion
not to present consolidated financial statements for the period ended 31
December 2006. The comparative figures for the period ended 31 December 2006 in
this announcement are again presented on this basis as the adjustments which may
be necessary, would be of no value to shareholders.
BUSINESS ACTIVITIES AND COMPANY RESULTS
During the period under review, the Company continued to facilitate the assembly
and consolidation of certain prospecting, exploration and mining rights in the
provinces of Limpopo and the North West. Subject to the successful outcome of
exploration and prospecting presently in progress by our associates, Rio Tinto
Mining Plc (Rio Tinto), these rights are in due course expected to form part of
joint venture projects to be concluded between AfroCentric and Rio Tinto.
The Company awaits the outcome of other prospecting, exploration and mining
rights applications submitted through certain of the provincial Departments of
Minerals and Energy.
In addition to the above mining matters, during the period under review,
numerous investment opportunities were presented and considered by the Board
Investment Committee.
PROSPECTS
Exploration and prospecting by its very nature is a long term process.
Nevertheless, the general course and conduct of the Strategic Co-Operation
Agreement with Rio Tinto is working well and the Board remains optimistic about
the matters in progress and the potential results which could evolve through
this relationship.
The Board remains committed to propositions that are commercially sound and
satisfy the strict investment criteria specified by the Board Investment
Committee. Suitable investments will be concluded at the appropriate time on
terms which are considered to be in the best interest of shareholders.
One such investment proposal has reached an advanced stage of negotiation and
hence the inclusion of the cautionary announcement below.
CAUTIONARY ANNOUNCEMENT
Shareholders are advised that the Company has entered into negotiations which,
if successfully concluded, may have a material impact on the price at which
AfroCentric shares trade on the JSE. Accordingly, shareholders are advised to
exercise caution when dealing in their shares until a further announcement is
made.
Sandton
27 March 2008
Directors
NB Bam* (Chairperson) NMJ Canca* MSV Gantsho* JM Kahn** MI Sacks**#
Prof. DI Swartz* B Joffe**
* independent non-executive ** non-executive # company secretary
By Order of the Board
MI Sacks CA (SA) AICPA (ISR)
Director and Secretary
Johannesburg
Registered Office
PKF
41 Wierda Road West
Wierda Valley
Sandton
2196
Sponsor
Sasfin Capital
(A division of Sasfin Bank Limited)
Date: 27/03/2008 14:00:01 Produced by the JSE SENS Department.
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