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JSE SIM
LMID
LMID - Lereko Mobility (Proprietary) Limited - Condensed audited results for the
period ended 30 June 2008
Lereko Mobility (Proprietary) Limited
Incorporated in the Republic of South Africa
Registration number: 2004/034154/07
Share code: LMID
ISIN: ZAE0000067229
("Lereko Mobility")
Condensed audited results for the period ended 30 June 2008
Introduction
In June 2005 Lereko Mobility (Proprietary) Limited ("the company") concluded a
black economic empowerment transaction with Imperial Holdings Limited
("Imperial").
In terms of this transaction the company acquired 14 516 617 preferred ordinary
shares from Imperial which are unlisted and will pay a fixed annual dividend of
535 cents per share for the five years up to and including 30 September 2010.
Thereafter they will be converted into ordinary shares and will be listed on JSE
Limited ("JSE") ranking pari passu with Imperial`s other ordinary shares.
In May 2008 Imperial unbundled its Leasing and Capital Equipment division to its
shareholders giving rise to Eqstra Holdings Ltd ("Eqstra"). The company
subscribed for 14 516 617 deferred ordinary shares of 0.1 cent each in Eqstra
which will also be converted into ordinary shares and will be listed on JSE
ranking pari passu with Eqstra`s other ordinary shares.
To fund the acquisition of the original allocation of Imperial shares the
company raised senior funding by issuing to financial institutions preference
shares for R377 million and 14 533 096 debentures for R458 million. The
debentures are unsecured, subordinated to the claims of the preference shares
and listed on the JSE under the Asset-backed Securities: Other Securities sub-
sector.
The debenture holders are entitled to a coupon of 5% per annum. The debentures
will be redeemed on 1 October 2010 at R41.50 per debenture plus an equity linked
bonus being 25% of the extent to which Imperial`s share price exceeds R111.55
and Eqstra`s share price exceeds R33.70 on that date.
Imperial facilitated the transaction with vendor finance by issuing preferred
ordinary shares at their par value of 4 cents, which discount had a value of
R600 million. This will entitle Imperial to a call option from the company for
sufficient of Imperial`s ordinary shares to be delivered on 15 June 2015 to
settle this amount plus a return which will amount to a minimum of R1 524
million. With the unbundling referred to above, Eqstra will be entitled to a
call option from the company for sufficient of Eqstra`s ordinary shares to be
delivered on 15 June 2015 to settle its call option which will amount to a
minimum of R420 million.
These call options are subordinated to the claims of both the preference share
and debenture funding.
Basis of preparation
The audited financial statements from which these condensed financial statements
were derived have been prepared on the historical cost basis excluding financial
instruments which are fair valued and conform to International Financial
Reporting Standards (IFRS). The accounting policies are consistent with those
applied in the annual financial statements for the year ended 25 June 2007.
These condensed financial statements have been prepared in terms of IAS 34 -
Interim financial reporting.
The company`s auditors, Deloitte & Touche, have audited the results and their
signed unmodified opinion is available for inspection at the company`s
registered office.
Results
The company has posted a loss amounting to R833 million. This takes into account
the decrease in total value of the Imperial and Eqstra shares during the year.
The financial liabilities are payable to the debenture holders for the equity
linked bonus and to Imperial and Eqstra for the vendor finance.
The funding costs payable to the preference shareholders and the debenture
holders are included in the interest expense.
The equity of the company reflects a deficit of R769 million, however the call
options due to Imperial and Eqstra are both subordinated to the claims of the
preference and debenture holders. The preferred ordinary shares in Imperial and
Eqstra have a combined market value at the reporting date of R948 million.
The company has changed its financial year-end from 25 June to 30 June.
There have been no facts or circumstances of a material nature that have
occurred between the accounting date and the date of this report.
Interest on Debentures
Notice is hereby given that an interest payment of 103.75 cents per debenture is
payable to debenture holders recorded in the registers of the company at the
close of business on Friday, 26 September 2008.
In compliance with the requirements of Strate, the electronic settlement and
custody system used by the JSE Limited, the company has determined the following
salient dates for the payment of the interest:
2008
Last day to trade cum-interest Thursday, 18 September
payment
Debentures commence trading ex- Friday, 19 September
interest payment
Record Date Friday, 26 September
Payment Date Monday, 29 September
Debenture certificates may not be dematerialised / rematerialised between
Friday, 19 September 2008 and Friday, 26 September 2008, both days inclusive.
On Monday, 29 September 2008, the interest payment will be electronically
transferred to the bank accounts of certificated debenture holders that utilise
this facility. In respect of those who do not, cheques dated 29 September 2008
will be posted on or about that date. Debenture holders who have dematerialised
their shares will have their accounts, held at their CSDP or Broker, credited on
Monday, 29 September 2008.
Company Secretary
RA Venter
By order of the Board
26 August 2008
BEDFORDVIEW
Condensed balance sheet 2008 2007
at 30 June 2008
R`000 R`000
Assets
Non-current asset
Investments 947,935 2,054,101
Current assets
Cash and cash 11,550 7,497
equivalents
Taxation in advance 73 -
Current account with
shareholder - 385
11,623 7,882
Total assets 959,558 2,061,983
Equity and liabilities
Capital and reserves
Share capital and
premium 2,040 2,040
Non-distributable
reserve (83,164) (125,860)
Distributable reserve (687,973) 145,314
(769,097) 273,214
Non-current liabilities
Interest bearing
borrowings 813,391 740,556
Financial liabilities 858,457 785,953
Deferred tax 43,426 194,110
1,715,274 1,720,619
Current liabilities
Current portion of
interest bearing 13,352 68,126
borrowings
Taxation - -
Trade and other payables 29 24
13,381 68,150
Total equity and 959,558 2,061,983
liabilities
Condensed income 2008 2007
statement
for the period ended 30 R`000 R`000
June 2008
Dividends received - 38,832
Operating expenses (871) (866)
Net fair value (857,955) 108,683
adjustments
Net financing costs (91,042) (87,586)
(Loss) / Profit before (949,868) 59,063
taxation
Taxation (116,581) 33,806
(Loss) / Profit after
taxation (833,287) 25,257
Condensed cash flow
statement for the period
ended 30 June 2008
2008 2007
R`000 R`000
Cash flows from operating
activities
Cash generated from
operating activities 7,560 70,166
Net financing costs (91,042) (87,586)
Tax paid (148) (1,624)
Net cash flows from
operating activities (83,630) (19,044)
Cash flows from investing
activities
Capital distribution 77,664 38,832
Current account with
shareholder 385 (386)
Net cash flows from
investing activities 78,049 38,446
Cash flows from financing
activities
Capital raised - -
Loans (repaid) raised 9,634 (17,800)
Net cash flows from
financing activities 9,634 (17,800)
Increase in cash and cash
equivalents 4,053 1,602
Cash and cash equivalents
at the beginning of the 7,497 5,895
period
Cash and cash equivalents
at the end of the period 11,550 7,497
Condensed statement of changes in equity for the period
ended 30 June 2008
Issued Non Distri- Total
capital distributable butable
reserve reserve
R`000 R`000 R`000 R`000
Balance as
at 25 June 2,040 125,860 120,057 247,957
2006
Profit for
the year 25,257 25,257
Balance as
at 25 June 2,040 125,860 145,314 273,214
2007
Fair value
adjustment (209,024) (209,024)
on
preferred
ordinary
shares net
of tax
Loss for
the period (833,287) (833,287)
Balance as (83,164)
at 30 June 2,040 (687,973) (769,097)
2008
Sponsor
Merrill Lynch South Africa (Pty) Limited
27 August 2008
Date: 27/08/2008 17:25:01 Produced by the JSE SENS Department.
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