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TBX
TBX
TBX - Thabex - Reviewed Provisional Group Results For The Year Ended
29 February 2008
THABEX LIMITED
(Formerly Thabex Exploration Limited)
("Thabex" or "the Company" of "the Group")
Registration No 1988/000763/06
(Incorporated in the Republic of South Africa)
Young Lions Exploring Africa
JSE share code: TBX
ISIN Code: ZAE000013686
REVIEWED PROVISIONAL GROUP RESULTS FOR THE YEAR ENDED 29 FEBRUARY 2008
CONSOLIDATED BALANCE SHEET
Year ended Year ended
29 February 28 February
2008 2007
Reviewed Audited
R`000 R`000
Assets
Non-current assets 16 054 10 888
Mining assets and equipment 4 554 3 602
Exploration & Evaluation Assets 11 500 7 286
Current assets 1 762 6 604
Inventories 1 220 1 541
Trading 297 912
investments
Trade and other receivables 245 3 139
Cash and cash equivalents - 1 013
Total assets 17 816 17 492
Equity and
liabilities
Capital and
reserves
Share capital 2 101 1 701
Share premium 24 246 17 203
reserve
Treasury shares - -
Accumulated loss (10 551) (3 456)
Ordinary shareholders funds 15 796 15 447
Current liabilities
Bank overdraft 138 -
Trade and other payables 1 882 2 045
Total equity and liabilities 17 816 17 492
Shares in issue 21 006 887 17 006 887
Net asset value per share (cents) 75.19 90.83
Net tangible asset value per share 20.45 47.99
(cents)
CONSOLIDATED INCOME STATEMENT
Revenue 477 80
Cost of sales (390) (71)
Gross profit 87 9
Other operating 1 517 472
income
Administration (5 017) (2 995)
expenses
Other operating expenses (3 582) (4 759)
Operating loss before net finance (6 995) (7 272)
income and cost
Finance income 34 671
Finance costs (134) (4)
Loss before (7 095) (6 605)
taxation
Taxation - -
Loss for the year (7 095) (6 605)
Attributable to: - -
Equity holders of the parent (7 095) (6 605)
Minority interest - -
Weighted average of number of shares 19 249 462 17 006 887
in issue
Basic loss per share (cents) (36.86) (38.84)
Diluted loss per (36.86) (38.84)
share
Headline loss per share (cents) (36.86) (38.84)
RECONCILIATION OF HEADLINE LOSS
Reconciliation between loss and
headline loss
Loss attributable to ordinary (7 095) (6 605)
shareholders
Impairment of - -
goodwill
Headline loss (7 095) (6 605)
CONSOLIDATED CASHFLOW STATEMENT
Net cash outflow from operating (3 049) (1 212)
activities
Net cash outflow from investing (293) (2 336)
activities
Net Cash inflow of financing - -
activities
Cash flow from financing activities (3 342) (3 548)
Cash at beginning of period 1 013 4 561
Cash acquired in subsidiary 2 191 -
Cash at end of (138) 1 013
period
CONSOLIDATED STATEMENT OF CHANGES IN
EQUITY
Share Capital 2 101 1 701
Issue of ordinary shares 400 -
Share capital at the beginning of 1 701 -
the year
Share Premium 24 246 17 203
Share premium on issue of ordinary 7 043 -
shares
Share premium at the beginning of 17 203 -
the year
Treasury shares at end of the year - -
Disposal of company equity by - 761
subsidiary
Transfer to accumulated loss - (520)
Treasury shares at beginning of year - (241)
Accumulated loss at end of the year (10 551) (3 456)
Loss for the year (7 095) (6 605)
Transfer from treasury shares - 520
Accumulated (loss)/profit at the (3 456) 2 629
beginning of the year
Review of results
Diamonds in Lesotho
The Kolo kimberlite project is now in full production utilising a 20 tons per
hour Dense Medium Separator and a 14 foot Gravity Rotary Pan plant. It is
expected that a positive cash flow from this operation will be available during
June this year. Shareholders are referred to the SENS announcement dated, 13 May
2008, relating the project.
Diamonds in South Africa
Minnex Exploration Ltd ("Minnex")
During the period under review the Minnex acquisition was completed. The Company
tested 7000 tons of stockpiled alluvial gravels on the farm Middelwater No 18
and considered the size of the project too large for Thabex to test on a
reasonable scale with an estimated capital requirement of R20 million. Minnex
entered into an agreement with Steyn Diamante CC, based in Douglas, to cede its
option on this property and will receive a management fee on turnover of 2,5%
once mining commences. Minnex is also negotiating with Steyn Diamante CC to
dispose of Minnex`s alluvial diamond rights on the farm Remaining Extent of
Middelwater No 18 for a 2,5% management fee on turnover.
Monastery Mine (Pty) Ltd ("Monastery")
The testing equipment at Middelwater will be utilised at Monastery in the Free
State Province to commence prospecting activities. Shareholders are also
referred to the SENS announcement relating to the acquisition of the Monastery
kimberlite project, dated, 31 March 2008.
Diamonds in Namibia
Namdeb Corporation (Pty) Ltd ("Namdeb") commenced drilling of seven geophysical
targets on Minnex`s properties in Northern Namibia. The results of this drilling
will be announced as soon as Namdeb notifies Minnex about the progress of the
prospect drilling.
Operating results
The headline loss per share decreased from 38.84 cents to 36.86 cents. The net
asset value of the group decreased from 90.83 cents per share in 2007 to 75.19
cents per share.
Future prospects
Salt River Resources Ltd ("SRR") is conducting a pre-feasibility study of the
Salt River Base Mineral Project. As report in the SENS announcement dated 21 May
2008, SRR has increased its total Mineral Resource, by about 20m tons. Thabex
has negotiated the sale of its Ugandan gold interest for US$30000. The main
reason for this proposed sale is to focus Thabex`s resources on its Lesotho and
South African diamond interests.
Going concern
The Group incurred a net loss of R7,1 million for the year ended 29 February
2008 and throughout the course of the financial year did not generate sufficient
cash flows to fund its operations.
The board is confident that the production of rough diamonds from the Kolo
Kimberlite pipe and the proposed disposal of the Middelwater alluvial diamond
project will generate sufficient cash flow to enable the Group to be able to
realise its assets and settle its liabilities in the normal course of business.
In addition, the board has implemented action plans which, inter alia, include
the appointment of VSA Capital Ltd, based in London, to assist both Thabex and
SRR with the possible raising of additional funding by way of an equity
placement in both companies. In these circumstances, the Group`s provisional
financial statements have been prepared on the basis of accounting policies
applicable to a going concern.
In the event that the board is unable to generate sufficient cash flows and
raise further financing, there will be a material uncertainty that may cast
doubt on the ability of the company and its subsidiaries to continue as going
concerns.
Basis of preparation
The condensed consolidated provisional financial results ("provisional results")
of the Group have been prepared in accordance with the International Financial
Reporting Standards which include IAS 34: Interim Financial Reporting. The
provisional results do not include all of the information required for full
annual financial statements, and should be read in conjunction with the most
recent consolidated financial statements of the Group as at and for the year
ended 28 February 2007.
Significant accounting policies
The accounting policies applied by the Group in the provisional results are the
same as those applied by the Group in the most recent annual financial
statements as at and for the year ended 28 February 2007.
Black Economic Empowerment
Thabex is 21.24% directly BEE owned.
Dividends
No dividend has been declared.
Review of results
The provisional results for the year ended 29 February 2008 have been reviewed
by KPMG Inc. and their review opinion, which has been modified in respect of the
going concern assumption, is available at the Company`s registered office. The
audited results are expected to be completed before the end of August 2008.
On behalf of the board
Jeffrey Rapoo
Chairman
Marius Welthagen
Chief Executive
Johannesburg
9 June 2008
Registered office:
Ground Floor, Kiepersol House, Stonemill Office Park, 300 Acacia Road,
Darrenwood, Randburg, 2194
Auditors:
KPMG Inc. KPMG Forum, 1226 Schoeman Street, Hatfield, Pretoria, 0083
Company secretaries:
SA Mineral Investments (Pty) Ltd
51 Austin Street, Northcliff, Johannesburg, 2195
Company transfer secretaries:
Link Share Market Services South Africa (Pty) Ltd
11 Diagonal Street, Johannesburg, 2001
Explore our website: www.thabex.com
E-mail: info@thabex.com
Telephone number: +27 11 459 6600 or 0860 THABEX (0860 842239)
Sponsor:
PSG Capital (Pty) Ltd
Old Kollege, 35 Church Street, Stellenbosch, 7599
Directorate:
JR Rapoo, M Welthagen*, JL Bosch, Prof DL Reid**, AP Roux
*Executive director, ** New Zealand
Date: 09/06/2008 17:00:01 Produced by the JSE SENS Department.
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