| Fri 16 May 2008, 16:13 | | KLG - Kelgran Limited - Unaudited Interim Report F |
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KLG
KLG
KLG - Kelgran Limited - Unaudited Interim Report For The Six Months Ended
31 December 2007 And Renewal Of Cautionary Announcement
KELGRAN LIMITED
(Incorporated in the Republic of South Africa)
(Registration number 1975/004595/06)
Share Code: KLG & ISIN: ZAE000003885
("Kelgran" or "the company")
UNAUDITED INTERIM REPORT FOR THE SIX MONTHS ENDED 31 DECEMBER 2007 AND
RENEWAL OF CAUTIONARY ANNOUNCEMENT
SUMMARISED BALANCE SHEET
Unaudited 31 Unaudited 31 Audited 30 June
December December
2007 2006 2007
R R R
ASSETS
Current assets 1 493 128 2 406 522 1 917 049
Trade and other receivables - - 22 080
Cash and cash equivalents 1 493 128 2 406 522 1 894 969
TOTAL ASSETS 1 493 128 2 406 522 1 917 049
EQUITY AND LIABILITIES
Capital and reserves 1 336 779 2 328 522 1 515 560
Share capital 1 707 125 1 707 125 1 707 125
Share premium 46 183 230 46 183 230 46 183 230
Accumulated loss (46 553 576) (45 561 833) (46 374 795)
Current liabilities 156 349 78 000 401 489
Shareholders 75 984 - 75 984
Taxation 80 365 - 58 194
Trade and other payables - 78 000 267 311
TOTAL EQUITY AND LIABILITIES 1 493 128 2 406 522 1 917 049
Number of shares in issue 85 356 231 85 356 231 85 356 231
Net asset value and net tangible 1,57 2,72 1,78
asset value per share (cents)
SUMMARISED INCOME STATEMENT
Unaudited 6 month Unaudited 6 Audited year
period ended month period ended
ended
31 December 31 December 30 June
2007 2006 2007
R R R
Operating income - 1 755 229 1 755 229
Operating expenses (233 060) (1 336 229) (2 140 666)
(Loss)/profit from operations (233 060) 419 000 (385 437)
Investment income 76 450 151 000 200 669
(Loss)/profit before taxation (156 610) 570 000 (184 768)
Taxation (22 171) - (58 194)
Net (loss)/profit for the (178 781) 570 000 (242 962)
period / year
Attributable to:
Equity holders of the parent (178 781) 570 000 (242 962)
Weighted average number of 85 356 231 89 695 000 87 638 656
shares in issue
Loss per share (cents)
- Basic (0,21) 0,60 (0,28)
- Diluted (0,21) 0,70 (0,28)
Headline loss per share (0,21) (0,30) (1,28)
(cents)
Capital distribution per - 27,00 27,00
share (cents)
SUMMARISED CASH FLOW STATEMENT
Unaudited Unaudited
6 month period 6 month period
Ended 31 ended 31 Audited
December December year ended June 30
2007 2006 2007
R R R
Cash flows from
operating activities
Cash utilised by
operations (478 291) (1 124 000) (3 517 742)
Investment income 76 450 151 000 200 669
Capital distribution paid - (23 046 182) (22 970 198)
Net cash outflow from
operating activities (401 841) (24 019 182) (26 287 271)
Cash flows from investing
activities
Proceeds on disposal
of financial assets - 29 122 000 30 878 286
Loan to associate repaid - 1 755 229 1 755 229
Net cash inflow from investing
Activities - 30 877 229 32 633 515
Cash flows from financing
activities
Share buy back - (2 516 609) (2 516 609)
Loan from holding company
(repaid) raised - (1 994 105) (1 994 105)
Net cash (outflow) /
inflow from financing
activities - (4 510 714) (4 510 714)
Net increase / (decrease)
in cash and cash
equivalents (401 841) 2 347 333 1 835 530
Cash and cash equivalents
at beginning of
period / year 1 894 969 60 000 59 439
Cash and cash equivalents
at end of period / year 1 493 128 2 407 333 1 894 969
STATEMENT OF CHANGES IN EQUITY FOR THE 6 MONTH PERIOD ENDED 31 DECEMBER 2007
Share capital Share premium Accumulated Total
loss
R R R R
Balance at 30 June 1 880 684 71 572 462 (46 131 833) 27 321 313
2006
Net profit for the - - 570 000 570 000
period
Share buy (173 559) (2 343 050) - (2 516 609)
back
Capital - (23 046 182) - (23 046 182)
distribution paid
Balance at 31 1 707 125 46 183 230 (45 561 833) 2 328 522
December 2006
Net loss for the - - (812 962) (812 962)
period
Balance at 30 June 1 707 125 46 183 230 (46 374 795) 1 515 560
2007
Net loss for the - - (178 781) (178 781)
period
Balance at 31 1 707 125 46 183 230 (46 553 576) 1 336 779
December 2007
NOTES TO THE FINANCIAL INFORMATION
The interim financial statements of the company for the six months ended 31
December 2007 have been prepared in accordance with International Financing
Reporting Standards and in the manner required by the Companies Act, 1973,
and are consistent with those of previous periods. These interim financial
statements have been reviewed by the company`s auditors and a copy of their
review report is available for inspection at the company`s registered
office.
The financial statements have been prepared on the basis of accounting
policies applicable to a going concern. This basis presumes that funds will
be available to finance future operations and the realisation of assets and
settlement of liabilities, contingent obligations and commitments will occur
in the ordinary course of business.
The company incurred a net loss for the six months ended 31 December 2007.
These conditions along with others indicate the existence of a material
uncertainty which may cast significant doubt about the company`s ability to
continue as a going concern.
In the event of the reverse take-over listing predicated on the acquisition
announced on 4 December 2007, going ahead, any uncertainty about the
company`s ability to continue as a going concern will be superseded.
CHANGE OF COMPANY SECRETARY AND REGISTERED ADDRESS
Shareholders are advised that the company has appointed Corporate Governance
Consultants CC as the company secretary with immediate effect.
Shareholders are further advised that the registered addresses of the
company are being changed, with immediate effect, as follows:
- as regards physical address: from 4 Fifth Avenue, Edenburg, Sandton,
2196 to 6 Dale Lace Glades, Eastwood Street, Randpark Ridge, 2156; and
- as regards postal address: from PO Box 2506 Rivonia, 2128 to PO Box
279, Randpark Ridge, 2156.
All share certificates to be issued in the future will be amended
accordingly. Shareholders are requested to use the above new addresses with
immediate effect when contacting the company directly. Communications
relating to shareholdings and transfer of shares should, however, still be
addressed to the transfer secretaries. Their contact details are listed
below.
INTENTION REGARDING THE REVERSE TAKE-OVER LISTING OF KELGRAN UNDER A NEW
NAME AND RENEWAL OF CAUTIONARY ANNOUNCEMENT
Shareholders are referred to the announcements of acquisitions on 4 December
2007 and 21 December 2007 respectively. Shareholders are further referred to
the renewal of cautionary announcement dated 26 March 2008 and are advised
that the acquisition in respect of Generator and Plant Hire (SA)
(Proprietary) Limited ("GPH"), as detailed in the announcement of 21
December 2007, has lapsed, as a result of the company being unable to meet
the suspensive conditions contained in that acquisition agreement.
It was also stated in that announcement that, unless a circular in respect
of the two reverse take-over acquisitions incorporating revised listing
particulars is dispatched to shareholders by 31 March 2008, the company
would be delisted. This requirement was not met. The company has since made
representations to the JSE to implement a reverse take-over listing in
respect of only the acquisition announced on 4 December 2007. The JSE has
allowed the company until 31 May 2008 to submit an amended business plan to
the AltX Advisory Committee for their consideration and recommendation to
the JSE. Accordingly, Kelgran securities remain suspended and shareholders
are advised to continue exercising caution when trading in Kelgran shares
until a further announcement is made.
BY ORDER OF THE BOARD
16 May 2008
Directors Registered office
AL Bock (non-executive director), CE 6 Dale Lace Glades, Eastwood Street,
Kahan (executive director), LT Kreeve Randpark Ridge, 2156
(non-executive director), MS Mazwi (PO Box 279, Randpark Ridge, 2156)
(non-executive director
Auditors
Company secretary Tuffias Sandberg KSi
Corporate Governance Consultants CC 4 Fifth Avenue, Edenburg, Sandton
(PO Box 2506, Rivonia, 2128)
Sponsor
Merchant Sponsors (Pty) Limited Transfer secretaries
Computershare Investment Services (Pty)
Legal adviser Limited
HR Levin Attorneys, Notaries and 70 Marshall Street, Johannesburg, 2001
Conveyancers (PO Box 61051, Marshalltown, 2107)
Date: 16/05/2008 16:13:03 Produced by the JSE SENS Department.
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