| Fri 23 May 2008, 10:50 | | ACC - Acc-Ross Holdings Limited - Audited results |
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ACC
ACC
ACC - Acc-Ross Holdings Limited - Audited results for the year ended 29 February
2008 and notice of date of annual general meeting
ACC-ROSS HOLDINGS LIMITED
(Registration Number: 2000/000059/06)
Share code: ACC & ISIN code: ZAE000077335
("Acc-Ross" or "the Company")
AUDITED RESULTS FOR THE YEAR ENDED 29 FEBRUARY 2008 AND NOTICE OF DATE OF ANNUAL
GENERAL MEETING
Condensed Consolidated Balance Sheet
at 29 February 2008
Audited Audited
2008 2007
R R
ASSETS
Non-current assets 264 835 394 268 489 064
Property, plant and equipment 699 889 994 588
Inventory/Freehold land and stands 144 388 948 94 536 260
Goodwill 37 605 111 157 772 084
Loans and receivables at amortised 69 463 721 5 239 443
cost
Deferred tax assets 12 677 725 9 946 689
Current assets 357 771 252 421 341 900
Inventory/Freehold land and stands 220 145 149 368 321 418
Loans and receivables at amortised 35 085 281 16 378 170
cost
Trade and other receivables 20 325 218 35 004 251
Cash and cash equivalents 82 215 604 1 638 036
Non-current assets held for sale - 25
Total Assets 622 606 646 689 830 964
EQUITY AND LIABILITIES
Equity and reserves
Issued capital, share premium and 437 773 968 280 600 194
share-based payments reserve
Accumulated loss (143 864 607) (8 583 287)
Equity attributable to equity 293 909 361 272 016 907
holders of the parent
Minority interest 1 299 864 1 980 657
Total equity 295 209 225 273 997 564
Non-current liabilities 129 952 664 247 086 489
Borrowings 106 767 568 205 482 440
Finance lease obligation 317 079 454 537
Deferred tax liabilities 22 868 017 41 149 512
Current liabilities 197 444 757 168 746 911
Trade and other payables 33 188 738 45 417 992
Borrowings 110 036 309 74 396 014
Finance lease obligation 158 102 137 504
Current tax payable 33 669 216 16 860 125
Provisions 20 392 392 31 935 276
Total Equity and Liabilities 622 606 646 689 830 964
Shares in issue at year end 1 1 417 729 459 1 118 430
034
Net asset value per share issued 20.73 24.32
(cents)
Net tangible asset value per share 18.08 10.21
issued (cents)
Shares in issue and shares 1 430 716 481 1 122 430
contracted for at year end 1 20.54 034
Net asset value per share issued and 17.91 24.23
contracted for (cents) 10.18
Net tangible asset value per share
issued and contracted for (cents)
1 Excluding treasury shares
Condensed Consolidated Income Statement
for the year ended 29 February 2008
Audited Audited
2008 2007
R R
Revenue 215 984 119 154 890 863
Cost of sales (193 319 900) (140 178 401)
Gross profit 22 664 219 14 712 462
Other gains and losses 2 576 509 30 616 354
Investment revenue 10 136 192 806 364
Marketing and sales expenses (11 620 768) (10 705 793)
Occupancy expenses (261 055) (571 036)
Impairment charges (120 602 074) (24 200 720)
Other expenses (32 097 346) (13 194 585)
Finance costs (6 585 904) (13 845 456)
Loss before tax (135 790 227) (16 382 410)
Income tax expense (171 886) (734 375)
Loss for the year (135 962 113) (17 116 785)
Attributable to:
Ordinary shareholders of the parent (135 281 320) (17 861 561)
Minority interest (680 793) 744 776
Loss per share:
Basic loss per share (cents) (10.61) (1.76)
Diluted loss per share (cents) (10.61) (1.76)
Headline loss reconciliation:
Loss attributable to ordinary (135 281 320) (17 861 561)
shareholders of the parent
Adjusted for the after-tax effect of:
Impairment charges 120 602 074 24 200 720
Profit on disposal of investments (1 972 180) (26 055 067)
Headline loss for the year (16 651 426) (19 715 908)
Headline loss per share (cents) (1.31) (1.95)
Diluted headline loss per share (1.31) (1.95)
(cents)
1 275 557 693 1 012 689 261
Weighted average shares in issue
There are no securities with potential dilutive effects as at 29
February 2008 (2007: Nil) other than share-based payments granted to
directors as set out in the financial statements. As Acc-Ross and
its subsidiaries ("the Group") is reporting a loss for all years
presented and all potential ordinary shares to be issued to
directors are anti-dilutive, diluted loss per share equals basic
loss per share, and headline loss per share equals diluted headline
loss per share.
Additional information for
shareholders not forming part of the
audited financial statements
Loss attributable to ordinary (135 281 320) (17 861 561)
shareholders of the parent
Adjustment for major non cash flow 199 839 837 42 823 906
items (see detail)
Earnings adjusted for major non cash 64 558 517 24 962 345
flow items
Earnings per share adjusted for major 5.06 2.46
non cash flow items (cents)
Condensed Consolidated Cash Flow Statement
for the year ended 29 February 2008
Audited Audited
2008 2007
R R
Net cash inflow/(outflow) from 84 406 634 (69 755 032)
operating activities
Net cash (outflow)/inflow from (69 272 686) 1 060 977
investing activities
Net cash inflow from financing 65 443 620 59 140 560
activities
Net increase/(decrease) in cash and 80 577 568 (9 553 495)
cash equivalents
Cash and cash equivalents at 1 638 036 11 191 531
beginning of the year
Cash and cash equivalents at end of 82 215 604 1 638 036
the year
Consolidated Statement of Changes in Equity for the year ended 29 February 2008
Share Share Accumulated
Capital2 Premium2 profit (loss)
R R R
Balance at 1 March 88 193 166 955 063 9 278 274
2006
Loss for the year - - (17 861 561)
Issue of ordinary
shares in settlement 16 550 98 824 452 -
of liabilities
Issue of ordinary 7 500 18 704 317 -
shares for cash
Share issue costs - (3 995 881) -
Acquired from - - -
minorities
Balance at 28 112 243 280 487 951 (8 583 287)
February 2007
Loss for the year - - (135 281 320)
Issue of ordinary 9 424 29 001 766 -
shares in settlement
of liabilities
Allocation of shares 3 449 22 068 245 -
to staff and
directors for
services
Issue of ordinary 18 200 106 231 800 -
shares for cash
Share issue costs - (159 110) -
Balance at 29 143 316 437 630 652 (143 864 607)
February 2008
Table continues:...
Attributable Minority Total
to equity interests
holders of R
parent
R
Balance at 1 March 176 321 530 1 123 493 177 445 023
2006
Loss for the year (17 861 561) 744 776 (17 116 785)
Issue of ordinary
shares in settlement 98 841 002 - 98 841 002
of liabilities
Issue of ordinary 18 711 817 - 18 711 817
shares for cash
Share issue costs (3 995 881) - (3 995 881)
Acquired from - 112 388 112 388
minorities
Balance at 28 272 016 907 1 980 657 273 997 564
February 2007
Loss for the year (135 281 (680 793) (135 962
320) 113)
Issue of ordinary 29 011 190 - 29 011 190
shares in settlement
of liabilities
Allocation of shares 22 071 694 - 22 071 694
to staff and
directors for
services
Issue of ordinary 106 250 000 - 106 250 000
shares for cash
Share issue costs (159 110) - (159 110)
Balance at 29 293 909 361 1 299 864 295 209 225
February 2008
2 Includes shares issued and shares contracted for but not yet issued. Full
details are disclosed in the financial statements
COMMENTARY
The board of directors presents the Group`s audited results for the year ended
29 February 2008, reflecting the second year of trading as a listed entity and
the third year of operations as a Group. Acc-Ross listed on the Alternative
Exchange of the JSE Limited ("JSE") on 16 February 2006. These results are
presented in accordance with IAS 34 Interim Financial Reporting. The accounting
policies adopted comply with International Financial Reporting Standards
("IFRS"), and have been consistently applied in all material respects. These
results have been prepared in terms of accounting policies consistent with the
prior year.
The results have been audited by the company`s auditors, Deloitte & Touche,
whose unmodified report is available for inspection at the registered office of
the company.
SEGMENTAL REPORTING
The Group early adopted IFRS 8 Operating Segments during the prior year. This
Standard requires an entity to report financial and descriptive information
about its reportable segments, which are operating segments or aggregations of
operating segments that meet specified criteria. Operating segments are
components of an entity about which separate financial information is available
that is evaluated regularly by management. For management purposes, the Group is
organised into two operating segments, namely sale of freehold land and stands
and advertising on the Acc-Ross web page. The operating segment for Acc-Ross
Networks (Proprietary) Limited, which conducts the advertising on the web page,
is immaterial to the Group and therefore the Group`s results materially reflects
the results relating to sale of freehold land and stands.
FINANCIAL RESULTS
The operating results and state of affairs of the Group for the year ended 29
February 2008 continue to be impacted by non cash flow charges in accordance
with IFRS and shareholders are advised that the Group has generated positive
cash flows from operations for the year under review of R84 406 634. Further
explanation of the non cash flow charges impacting the Groups` results are
detailed below, in order to provide further clarity to Acc-Ross shareholders.
Income statement
The net loss for the Group was R135 962 113 (2007: R17 116 785) after taxation
of R171 886 (2007: R734 375). Loss per share is 10.61 cents (2007: 1.76 cents
per share), with a headline loss of R16 651 426 or 1.31 cents per share compared
to a headline loss of R19 715 908 or 1.95 cents per share in the prior year.
For the year under review, revenue was primarily generated by the transfer of
stands from Phases 2 and 3 of Gardener Ross Golf and Country Estate ("Gardener
Ross") and from the sale of the development land known as The Bay. Gardener
Ross sales declined in relation to the prior year mainly due to the slow down
experienced in the luxury residential market, higher interest rates and an
excess of stock in the higher end of the market, although sales in the second
half of the year have improved over the prior six months. The disposal of The
Bay for a purchase consideration of R195 550 000 contained provisions for a
portion of the payment to be deferred, as described in more detail under
acquisitions and disposals below. As a result, the total revenue recognised in
the financial statements for this sales transaction is R182 226 334. Of the R13
273 666 fair value reduction in revenue, R2 787 388 has been recognised as
interest earned during the current year, with the balance to be earned over the
remaining period of the outstanding debenture on a pro rata basis. In addition,
interest income of R4 806 296 was received on the original purchase
consideration due to delays on the purchaser`s side.
Inventory relating to Gardener Ross land sales includes the costs of
construction of the Gardener Ross Golf course, which cost is included on a pro-
rata basis in cost of sales, which was in line with the original intention when
construction of the golf course commenced in 2003 and the basis on which the
funding and profit share arrangements with Investec Bank Limited were concluded.
Due to the minority shareholders and profit share arrangements in Gardener Ross,
the option for the Group to retain the golf course was not considered to be
commercially viable. The balance of the cost of the golf course is included in
inventory and will have a continuing effect on cost of sales throughout the
project. The golf course has been completed and is ready to be handed over to
the home owners association. Cost of sales for both Gardener Ross and The Bay
also includes a large non-cash flow component of original goodwill amounting to
R4 917 811 and R44 803 000 respectively, which is allocated to the cost of land
on consolidation. Further details in relation to the sale of The Bay are set
out under acquisitions and disposals below.
Income from the disposal of investments was the only other source of income and
is disclosed separately as "Other gains and losses".
Other expenses include a charge of R22 071 694 in the current year for share
based payments to directors, which issue was approved at a general meeting of
shareholders. This expense does not require any cash outflow from the Group and
is not deductible for tax purposes.
Impairment of goodwill for the year amounted to R120 602 074, partly resulted
from impairment of the project known as The Bay. When the Group acquired Zamien
Investments 66 (Proprietary) Limited ("Zamien 66"), the subsidiary which owned
The Bay, it was required to apportion the excess paid above net asset value to
the underlying assets, with the balance being allocated to goodwill. As a
result, R44 803 000 was allocated to inventory (being The Bay) in the
consolidated financial statements, and R72 992 770 to goodwill. During the
current year, Zamien 66 realised a profit before tax of R77 120 804 following
the sale of The Bay. In the Group financial statements however the R44 803 000
previously attributed to The Bay had to be expensed as cost of sales, reducing
the profit earned on the transaction by the Group and the headline earnings of
the Group.
In addition, due to the changed intention with regard to The Bay from developing
the property to selling the property, the remainder of the original goodwill of
R55 658 269 after the recognition of an impairment charge of R17 334 500 in the
prior year, required full impairment following the sale of the land.
Other impairments are due to the following:
the impairment of R14 999 900 required for Zeranza 50 (Proprietary) Limited
("Zeranza"), which company had the rights to develop all the cluster stands at
Gardener Ross. With the negotiations for the sale over time of all the remaining
cluster stands to Zotos Construction, Zeranza had to be impaired due to the loss
of these rights.
the impairment of R2 077 942 for Tauve Developments (Proprietary) Limited due to
the sale of the main assets of the company.
an impairment of R47 730 862 for Gardener Ross Holdings Limited ("GRH"), due to
a recalculation of the expected future value in the company given current market
conditions.
the impairment of the investment in Acc-Ross Networks of R135 100 due to the
cessation of activities in this company.
Finance costs represent those finance charges which are unrelated to projects
and these declined in the current year due to a reduction in the coupon rate
attributable to GRH preference shares from 18.75% to 9% for the past year and
due to a lower level of borrowings over the period. As a result of the
redemption of the preference shares just prior to year end, this cost will show
a further reduction in the coming year.
The taxation expense for the year mainly comprises the current taxation payable
on the disposal of The Bay, which has been partly offset by the reversal of
prior year over-provisions and deferred taxation adjustments for timing
differences and creation of deferred taxation assets in certain subsidiaries in
respect of tax losses.
Amounts attributable to minorities relate to the 10% shareholding in Gardener
Ross and the 12.5% interest in GR Equity (Proprietary) Limited.
Balance sheet
Non-current Inventory/Freehold land and stands increased from R94 536 260 to
R144 388 948 primarily due to the acquisition of land at Welvergenoed and Lizard
Point, whilst current Inventory/Freehold land and stands declined from R368 321
418 to R220 145 149 due to the sale of The Bay and on ongoing sales of stands at
Gardener Ross.
Goodwill has been impaired from R157 772 084 to R37 605 111 as described above,
with remaining goodwill primarily relating to Welvergenoed and Gardener Ross.
Non-current loans and receivables at amortised cost increased as a result of the
debentures receivable in relation to the sale of The Bay, whilst the current
portion increased by R18 707 111 largely due to a loan made to Golf Club
(Proprietary) Limited at Gardener Ross.
Non-current and current borrowings have declined due to the redemption of
preference shares just prior to year end as well as the repayment of
approximately R70 million funding in relation to The Bay, with certain
obligations relating to Lizard Point moving from non-current to current. The
remaining borrowings in the Group are mainly project related.
Cash flow statement
Net cash inflow from operating activities showed a substantial turnaround to R84
406 634 from an outflow of R69 755 023 in the prior year due to cash generated
by operations of R93 344 687 in the current year, primarily resulting from
inflows relating to the sale of The Bay.
Net cash used in investing activities of R69 272 686 is mainly a result of
credit extended to the purchaser of The Bay.
Net cash generated by financing activities of R65 443 620 is the result of the
proceeds of shares issued and additional borrowings at Gardener Ross, less funds
used to repay borrowings relating to The Bay and the redemption of preference
shares at year end.
NON CASH FLOW CHARGES AND CREDITS
A table analysing the larger non-cash flow charges and credits in the income
statement is set out below in order to provide additional information to
shareholders.
Description 29 February 28 February 2007
2008 R
R
Loss attributable to ordinary (135 281 320) (17 861 561)
shareholders
Adjustments for major non-cash flow 120 602 074 24 200 720
items:
Impairment charges
Goodwill realised through cost of 44 803 000 -
sales - The Bay
Goodwill realised through cost of 4 917 811 18 623 186
sales - Gardener Ross
Share based payments 22 071 694 -
Fair value adjustment to revenue of 13 273 666 -
The Bay
Fair value adjustment relating to (2 787 388) -
interest on The Bay debentures
Taxation effect of the fair value (3 041 020) -
adjustments relating to The Bay
Total adjustments 199 839 837 42 823 906
Earnings adjusted for major non-cash 64 558 517 24 962 345
flow items
ACQUISITIONS AND DISPOSALS
The disposal of The Bay was approved in the general meeting of Acc-Ross
shareholders which was held at 10h00 on Monday 28 May 2007 at Arcay House,
Number 3 Anerley Road, Parktown, Johannesburg. It was agreed that the disposal
consideration for The Bay R195 550 000 shall be settled through a cash payment
of R95 550 000 on the date of registration of transfer of the property, with the
balance being settled through the issue of R100 000 000 secured debentures, R20
000 000 of which was payable 2 months after transfer of the property. As at the
date of this report, R80 000 000 remains outstanding in terms of the sale
agreement. As required by IFRS, the sales consideration has been recognised at
its fair value, and the outstanding debentures have been fair valued
accordingly. As a result, the total revenue recognised in the financial
statements for this sales transaction is R182 226 334. Interest earned and
recognised on the transaction during the year under review amounts to R7 593
683, of which R2 787 388 arose as a result of the fair value adjustment.
On 21 May 2007, the Company bought the 20% minority shareholding in Acc-Ross
Networks (Proprietary) Limited for a purchase consideration of R135 100.
On 30 May 2007, the Group disposed of its 25% shareholding in Accretio Bond
Originators (Proprietary) Limited to E. Verster, a related party, for R340 000.
During May 2007, Gardener Ross Holdings Nominees (Proprietary) Limited sold 4
703 291 cumulative redeemable preference shares in GRH to Jansk International
Limited for R5 883 817 (cum div). An amount of R2 990 116 was paid by way of
settlement of the JCM Trust loan and the balance in cash.
On 4 June 2007, the Group bought 7.5% minority shareholding in GR Equity
(Proprietary) Limited which company houses the project known as Blue Horizon
Bay for a purchase consideration of R300 000.
On 27 June 2007, Accretio Investments (Proprietary) Limited sold its 24.5%
shareholding in Two Ships Trading 193 (Proprietary) Limited to the Taute Family
Trust for R425 000.
On 1 November 2007, the Group increased its shareholding in Zeranza 50
(Proprietary) Limited from 60% to 100% at a cost of R1.
ISSUE OF SHARES
On 10 March 2007 the Company issued 77 199 477 shares under its general
authority to issue shares to settle liabilities of R18 million.
On 25 May 2007, the Company issued 60 000 000 shares under its general authority
to issue shares for cash to members of the general public at an issue price of
50 cents per share, which was a premium to the 30 day volume weighted average
share price as at the date of approval of the issue by Acc-Ross board of
directors.
The shares listed below were issued to current and former directors of the
Company at 60 cents each following the approval of a specific authority to issue
shares by shareholders at a general meeting held on 04 October 2007. In
accordance with IFRS 2: Share-based Payment the shares so issued were treated as
share-based payments expense in the Group`s financial statements, measured at
the fair value of the shares at grant date as detailed below:
On 14 December 2007 the Company issued 5 000 000 shares to A. Wiese. In the
financial statements of the Group 2 000 000 of the shares have been accounted
for at 55 cents per share during the financial year which ended on 28 February
2006, and 3 000 000 of the shares have been accounted for at 64 cents during the
current financial year under review.
On 12 February 2008 the Company issued 20 000 000 shares to W. Robinson, all of
which were accounted for at 64 cents during the current financial year under
review.
On 19 February 2008 the Company issued 500 000 shares to N. Owen, all of which
were accounted for at 64 cents during the current financial year under review.
On 11 January 2008 the Company issued 17 045 153 ordinary shares at 64.6 cents
each under the general authority to issue shares for cash in settlement of the
purchase consideration for a portion of the GRH preference shares, at a maximum
issue price of a 10% discount to the 30 day volume weighted average share price
as per the JSE Limited as at 20 November 2007.
On 25 February 2008, the Company issued 122 000 000 shares for cash under its
general authority at an average price of 62.5 cents, being a 10% discount to the
30 day volume weighted average price of its securities in accordance with the
JSE Listings Requirements. The majority of the proceeds were used to redeem the
remainder of the GRH preference shares, which were due at 01 March 2008. GRH
preference shareholders are also advised that the preference dividend for the 3
years ended 29 February 2008 has been declared by GRH for a total of 46.5%
yield, in line with the coupon rate of the GRH preference shares. The total
payment to GRH preference shareholders, including the preference dividend,
amounted to approximately R53 million. In addition to the redemption of the GRH
preference shares, the Group also entered into an agreement with Investec Bank
Limited to repurchase the Lizard Point profit share agreement for an amount of
R12.5 million.
DIRECTORS
During the year under review and to the date of this report, the following
director changes occurred.
Director Date appointed Date resigned
AB Mashiatshidi* 07 October 2005 10 March 2008
KS Mthembu* 07 October 2005
EM Sono* 07 October 2005 04 October
2007
N Owen 06 December 2005 14 December
2007
A Wiese 28 February 2006
W Robinson 21 June 2006
MJ Krastanov* 14 April 2008
YT Moerane* 16 May 2008
* non-executive
POST BALANCE SHEET EVENTS
Acc-Ross has entered into an agreement with Pinnacle Point Holdings
(Proprietary) Limited, Property Promotions and Management (Proprietary) Limited
and New Port Finance Company (Proprietary) Limited ("the Sellers"), in terms of
which Acc-Ross will acquire all of the shares held by the Sellers in all the
companies which comprises the entire business of the Pinnacle Point Group ("the
Transaction").
As consideration for the Transaction, the Sellers will receive approximately 2.1
billion ordinary shares in Acc-Ross (or whatever number of shares as shall then
constitute 60% of the Acc-Ross shares then in issue after "the Transaction"), to
be issued as fully paid up shares at an issue price to be agreed between the
Sellers and those Acc-Ross shareholders who have irrevocably undertaken to
support the Transaction, limited to a maximum of 71 cents per Acc-Ross share.
The Sellers are not related parties to Acc-Ross.
This Transaction is an affected transaction in terms of the Securities
Regulation Code. The Acc-Ross board will appoint an independent adviser to
advise on whether the terms and conditions of the Transaction are fair to the
Acc-Ross shareholders. The Transaction is subject to the fulfilment of certain
conditions as previously announced on SENS.
It is the intention of the parties to merge the respective businesses of the
Group and Pinnacle ("the New Group") in order to exploit the benefits of the
substantial synergies that exist and cost savings that will be achieved and
thereby increase shareholder value. In terms of the agreement, Acc-Ross
representatives of at least 56% of the shareholders` voting rights have
irrevocably undertaken to support the Transaction and have committed to
providing on-going support for the New Group.
The New Group will have significant residential, leisure, hotel, retirement,
commercial and gaming development opportunities. These assets are situated in
South Africa, Seychelles, Nigeria and Mozambique. The majority of the combined
projected revenue from existing opportunities will be generated in Euros and US
Dollars.
The combined operations will give the New Group the critical mass to finance new
projects on more favourable terms and give it easier access to large development
opportunities both in South Africa and beyond the borders of South Africa. The
Pinnacle Group have built a formidable "in house" sales, marketing and
development capability, which should benefit Acc-Ross. Various other "in house"
capabilities, such as project management skills, fractional unit management,
hotel and leisure capabilities, etc., will be consolidated into the new
operation thus making these important and scarce skills available "in house" to
the New Group.
Acc-Ross will also obtain the benefit of a BEE partner through the proposed
merger as a BEE consortium, headed by Lazarus Zim (former Anglo American South
Africa CEO, Immediate Past President of the Chamber of Mines and current
chairman of Mvelaphanda Resources, Kombi Iron Ore and Tranship Group) which
holds a 26% stake in a portion of the Pinnacle Group. Unipalm Investment
Holdings, which is part of the BEE consortium, has 35 000 previously
disadvantaged people as shareholders. Pursuant to the approval of the
Transaction, it is envisaged that Lazarus Zim will be appointed as non-executive
Chairman of Acc-Ross.
FUTURE PROSPECTS
Acc-Ross continues to be approached with numerous high quality projects such as
the transaction outlined under post balance sheet events above. The Group has
disposed of its non-core projects, has designed a new business model and has
improved the Group`s liquidity position as a result of the sale of The Bay. In
the short-term it will continue with its current key projects, which will
ultimately lead to the Group holding various leisure assets at key locations
from which annuity income can be generated. The retained portfolio of projects
is world class and is expected to create sustainable revenue streams into the
future. Final rights have been approved for Lizard Point and development of
this resort will commence in the forthcoming period.
With the intended acquisition of the Pinnacle Point Group of companies, details
of which will be included in a separate circular to shareholders for approval,
it is anticipated that foreign revenues will constitute a large portion of the
business going forward.
DIVIDENDS
The directors have decided not to declare a dividend for the year under review
(2007: RNil).
ANNUAL GENERAL MEETING
Shareholders are advised that the Group`s annual report is being finalised and
will be posted to shareholders shortly. The date of the annual general meeting
has been set for 11h00 on Thursday, 10 July 2008 and will be held at Arcay House
II, Number 3 Anerley Road, Parktown, Johannesburg.
By order of the Board
KS Mthembu W Robinson.
Acting Chairman Chief Executive Officer
23 May 2008
Johannesburg
Registered Office
Arcay House Number 3 Anerley Road Parktown Johannesburg 2193
PO Box 62397 Marshalltown Johannesburg 2107
Directors
KS Mthembu*(Chairman) W Robinson (CEO) A Wiese MJ Krastanov*
YT Moerane*
* Non-executive
Designated Advisor Transfer Office
Arcay Moela Sponsors Computershare Investor Services
(Proprietary) Limited
Date: 23/05/2008 10:50:01 Produced by the JSE SENS Department.
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