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CRD
CRD
CRD - Central Rand Gold Limited - Summarised interim results for six months
ended June 30, 2008
Central Rand Gold Limited
("CRG" or the "Company")
(Incorporated as a company with limited liability under the laws of Guernsey,
Company Number 45108)
(Incorporated as an external company with limited liability under the laws of
South Africa, registration number 2007/0192231/10)
ISIN: GG00B248M601
Share code on LSE: CRND
Share code on JSE: CRD
SUMMARISED INTERIM RESULTS FOR SIX MONTHS ENDED JUNE 30, 2008
Central Rand Gold Limited ("CRG" or "the Company"), the gold exploration and
development company, is pleased to announce the financial results for the six
months ended 30 June 2008.
Please refer to the Company`s website, www.centralrandgold.com for the full
Interim Report.
HIGHLIGHTS
- Resource base upgraded in March by 1.8 million ounces to 35.7 million ounces;
22.4 million ounces indicated, 13.3 million ounces inferred
- First three mining slots identified
- Gekko trial mining plant expected to be commissioned in September, 2008
- Positive results from underground bulk sampling
- Cash balance of US$133 million at June 30, 2008
Commenting on the interim results Greg James, CEO of Central Rand Gold, stated:
"Since listing on the main boards of the London Stock Exchange and the JSE
Limited in November 2007, Central Rand Gold has reached all of its milestones on
time. Beyond the highly successful bulk sampling programme, which has
demonstrated high gold grades in the disseminated pyrite ore, trial mining is
scheduled to commence in October, 2008. This will generate cash flow and is a
precursor to full mining due to commence in the first quarter of 2009."
Contact:
Greg James +27 (0) 11 551 4000
info@centralrandgold.com
Enquiries:
Buchanan Communications Limited +44 (0) 20 7466 5000
Bobby Morse/Robin Haddrill
Evolution Securities Limited +44 (0) 20 7071 4300
Simon Edwards/Chris Sim/Neil Elliot
Macquarie First South Corporate Finance + 27 11 583 2000
Amanda Markman/Thato Morojele
Jenni Newman Public Relations (Pty) Ltd + 27 11 772 1033
Jenni Newman +27 82 882 8888
jenninewman@jnpr.co.za
Megann Outram +27 83 320 7577
Chief Executive`s Review
CRG has made significant progress in the six months to June 30, 2008 and remains
on track to transition from exploration to mining in early 2009.
New Order Mining Right
Following the submission of the Group`s New Order mining right application in
October 2007, the period under review saw all other essential documentation
submitted to the South African Department of Minerals and Energy - this included
the Environmental Management Programme, the Mining Work Programme and the Social
and Labour Plan.
Board Changes
Michael McMahon was appointed as a non-executive director with effect from April
29, 2008. He has served on the Boards of several of leading South African
precious metal producers, adding considerable mining experience and insight to
the Board.
Johan du Toit was appointed Financial Director on June 12, 2008 with his
appointment coming into effect from August 1, 2008. From 2004, Johan headed up
the South African and European Financial Shared Services for BHP Billiton plc,
delivering all aspects of financial management and reporting.
Exploration and Resources
In March 2008, the Group`s gold resource base was upgraded to 35.7 million
ounces; 22.4 million ounces indicated, 13.3 million ounces inferred. This
compares to the previous resource base of 33.8 million ounces; 21.4 million
ounces indicated, 12.4 million ounces inferred.
Considerable exploration activity took place during the period and has continued
into the second half of the year resulting in ongoing drilling, assaying, and
bulk sampling initiatives across the Group`s prospecting areas. The first three
mining slots - numbers 4 (Consolidated Main Reef ("CMR"), Kimberley Reef
package), 8 and 9 (CMR, Main Reef package) - were identified for initial surface
mining activity when the Group moves into its mining phase.
The first half of the year resulted in considerable progress being made across a
number of important areas, placing the Group in an excellent position to move
swiftly to full production once it receives its New Order mining right.
In the second half of the year, the major focus will be on trial mining,
continued exploration and bulk sampling activities, and advancing towards the
commencement of full scale mining during 2009.
Financial Highlights
The loss for the six months to June 30, 2008 amounted to US$16.7 million,
equivalent to 7.17 cents per share. As at June 30, 2008, cash and cash
equivalents totalled approximately US$133 million, decreasing by US$16 million
from the $US149 million reported at December 31, 2007.
Cash utilised during the period reflects the investment in CRG`s mining
operations, exploration, bulk sampling, plant acquisition and the recruitment of
high calibre mining teams prior to the commencement of full scale mining
operations.
In line with expectation, cash utilisation will accelerate from the second half
of the year as the Group progresses into its trial mining phase with the
commencement of the decline development and purchasing of concentrator plants.
Trial Mining
A trial mining plant capable of processing 20 tons of ore per hour was acquired
from Australia`s Gekko Systems in May, 2008. The plant was shipped from
Melbourne on July 31, 2008 and is expected to arrive and be commissioned in
Johannesburg in September, 2008.
This plant, which will be located on the surface near slot 8 - the first slot to
be utilised for underground access, will be operational during October and is
expected to ramp-up to a processing rate of around 12,000 tons of ore per month.
This translates into producing between c.675 ounces and c.1,500 ounces per month
from surface and shallow underground material. Acquired at a cost of US$5.74
million, the plant comprises a comminution circuit, a gravity circuit and a
flotation circuit.
Trial mining will confirm the Company`s mining and metallurgical concepts and
determine the final configuration of mining/processing requirements, leading to
the commencement of full scale mining from surface deposits by the end of the
first quarter of 2009.
Bulk Sampling
As part of CRG`s exploration programme (surface mapping, diamond drilling, shaft
re-access and resource conversion investigations), zones of mineralisation have
been identified in the hanging wall of the Main Reef Leader and the South Reef
on the CMR prospecting area, as well as in grits outside of the reef in the form
of disseminated pyrite.
CRG has undertaken an extensive bulk sampling exercise to quantify these
mineralised zones. Initial results from the bulk sampling programme are
demonstrated in the table below:
Sample ID Values(g/t) Geology Comments
(WBS1)
R_4801 0.5 Gritty Quartzite.
Sulphides.
R_4802 0.68 Quartzite
R_4803 28.3 MPC (South reef).
Sulphides
R_4804 0.68 Quartzite
R_4805 78.8 Gritty Quartzite.
Sulphides. Veining
R_4806 7.48 Gritty Quartzite.
Sulphides. Veining
R_4807 2.54 Quartzite
R_4808 0.56 Quartzite
R_4809 12.9 MPC (South reef).
Sulphides
R_4810 1 731.0 Quartzite
R_4811 11.5 Quartzite
R_4812 82.7 MPC (South reef).
Sulphides
R_4813 25.7 Gritty Quartzite
R_4814 19.4 South Reef. Sulphides
R_4815 1.86 Gritty Quartzite
The initial bulk sampling indicate that these zones have the potential to add to
the mineable tonnage and resource estimates. This also suggests that mass mining
in larger stopes may also be viable.
Bulk sampling is continuing and is currently focusing on a cross-cut from the
Main Reef to the South Reef (on 5 level, East Shaft) and on 9 level (+/-190m
below surface, East Shaft) and will commence in the near future on 5 level, New
Unified Shaft (CMR, approximately 3500m to the west of East Shaft).
Broad Based Black Economic Empowerment
During the period, Central Rand Gold SA (Pty) Ltd ("CRGSA") continued to make
significant progress in regard to Broad-Based Black Economic Empowerment and
this process is continuing to advance in the second half of the financial year.
To date, no fewer than 84% of CRGSA`s staff could be classified as Historically
Disadvantaged South Africans. It is envisaged that as CRGSA moves into the
production phase, communities within CRGSA`s mining areas will become
increasingly integrated into the employment profile and the ongoing procurement
processes that will result from mining activities.
Minority Shareholding
Since the last report issued at the end of April 2008 there has been no
resolution to the dispute relating to procedural breaches of the CRGSA
shareholders agreement between the Company and the minority shareholder, Puno
Gold Investments (Proprietary) Limited. The dispute surrounds the allocation of
intercompany loans which fund the budget and work programme and the incurring
of, and level of, certain costs. The Group has tried to settle any disagreements
amicably, but so far without success. The next step, if so required, is for the
parties to refer the matter to arbitration pursuant to the dispute resolution
mechanism under the shareholders agreement. The Group believes that ultimately
their position will prevail. The directors are still of the opinion that this
will not have any material consequences in respect of the consolidated accounts
of the Group.
Principal Risks and uncertainties
The Group faces risks in the operation of its business. The Group`s strategy
takes into account known risks, but risks will exist of which we are currently
unaware. There is discussion of the principal risks and uncertainties facing the
Group on page 22 of the 2007 Annual Report, available from the Company`s
website, www.centralrandgold.com. Risks that have arisen over the the past six
months include issues facing the world`s banking and financial sectors that have
potentially reduced the availability of capital and the willingness of banks to
lend. Aside from this, there has been no significant change in the Company`s
risk environment.
CENTRAL RAND GOLD
LIMITED
Condensed Group
Balance Sheet
as at 30 June 2008
Audited
30 June 30 June 31 December
2008 2007 2007
Note US$ US$ US$
NON CURRENT ASSETS
Property, plant and 2 3,330,737 2,633,457 3,045,316
equipment
Prepayment 2,201,946 - -
Loan receivable 3 5,808,240 6,557,596 6,279,167
11,340,923 9,191,053 9,324,483
CURRENT ASSETS
Prepayments and other 1,264,623 1,362,739 1,139,639
receivables
Cash and bank 132,550,655 6,582,072 149,194,757
balances
Security deposits and 2,864,734 1,442,855 2,072,757
guarantees
136,680,012 9,387,666 152,407,153
TOTAL ASSETS 148,020,935 18,578,719 161,731,636
EQUITY AND
LIABILITIES
Share Capital 4 5,023,696 32,167,075 5,017,375
Share Premium 4 191,405,973 - 191,405,973
Share-based 23,174,143 - 18,152,511
Compensation Reserve
Merger Reserve - 1,785,155 -
Treasury Shares 5 (35,079) - (31,120)
Foreign Currency (9,806,552) 209,267 (9,311,702)
Translation Reserve
Accumulated Losses (70,271,315) (23,526,065) (52,711,338)
139,490,866 10,635,432 152,521,699
Minority Interest - - -
TOTAL EQUITY 139,490,866 10,635,432 152,521,699
NON CURRENT
LIABILITIES
Borrowings 73,561 81,085 105,271
Operating lease 41,826 - 38,226
liability
115,387 81,085 143,497
CURRENT LIABILITIES
Trade and other 2,227,400 1,282,648 2,534,315
payables
Loan payable 5,808,240 6,557,596 6,279,167
Provisions 185,437 - 125,212
Taxation payable 160,778 - 92,066
Borrowings 32,827 21,958 35,680
8,414,682 7,862,202 9,066,440
TOTAL LIABILITES 8,530,069 7,943,287 9,209,937
TOTAL EQUITY AND 148,020,935 18,578,719 161,731,636
LIABILITIES
CENTRAL RAND
GOLD LIMITED
Condensed Group
Income Statement
for the 6 months
ended 30 June 2008
Audited
6 months 6 months 12 months
ended ended ended
30 June 30 June 31 December
2008 2007 2007
Note US$ US$ US$
Other income 8,991 149,525 414,588
and gains
Employee (2,688,072) (799,083) (4,048,968)
benefits
expense
Directors` 6 (5,688,631) (238,208) (10,083,856)
emoluments
Other share- - (2,516,469) (10,957,934)
based payments
Depreciation (386,942) (224,976) (525,007)
Operating (383,994) (225,816) (621,952)
lease payments
Exploration (8,692,130) (8,685,102) (14,627,369)
expenditure
Other expenses (3,692,357) (1,961,430) (5,880,416)
Operating loss (21,523,135) (14,501,559) (46,330,913)
Interest 4,493,286 362,030 2,333,192
received
Finance costs (461,359) (131,649) (494,776)
Loss before (17,491,208) (14,271,178) (44,492,497)
income tax
Income tax (68,769) - (92,066)
expense
Loss for the (17,559,977) (14,271,178) (44,584,563)
period
Loss is
attributable
to:
Minority - - (38)
shareholders
Equity holders (17,559,977) (14,271,178) (44,584,525)
of the Parent
(17,559,977) (14,271,178) (44,584,563)
Shares in 246,919,650 168,666,648 246,599,650
issue
Weighted 245,075,309 165,984,512 180,935,078
average number
of ordinary
shares in
issue
Fully diluted 246,611,958 165,984,512 182,149,270
weighted
average number
of ordinary
shares in
issue
Basic loss per (7.17) (8.60) (24.64)
share (cents)
Headline loss (7.16) (8.60) (24.43)
per share
(cents)
Diluted loss (7.12) (8.60) (24.48)
per share
(cents)
Diluted headline (7.12) (8.60) (24.27)
earnings per share
(cents)
Reconciliation
between loss
attributable to the
equity holders of
the Group and the
headline loss
earnings
attributable to the
equity holders of
the Group:
Loss attributable to (17,559,977) (14,271,178) (44,584,525)
equity holders of
the Group
Loss on disposal of 388 - 375,259
property, plant and
equipment
Headline loss (17,559,589) (14,271,178) (44,209,266)
attributable to
equity holders of
the Group
CENTRAL RAND GOLD LIMITED
Condensed Group Statement of Changes in Equity
for the period ended 30 June 2008
Attributable to equity holders of the Company
Group Ordinary Shares not Share Merger Foreign
Share yet issued Premium Reserve Currency
Capital Translation
Reserve
US$ US$ US$ US$ US$
Balance at 31 - - - 20,533,20 704,673
December 2006 9
Shares issued - - - 9,869,165 -
by
subsidiaries
during the
year
Share based - - - 2,606,250 -
payments by
subsidiary -
consulting
fees
Corporate - 32,167,075 - (31,223,4 (943,605)
reorganisatio 69)
n
Foreign - - - - 448,199
currency
adjustments
Loss for the - - - - -
period
Balance at 30 - 32,167,075 - 1,785,155 209,267
June 2007
Balance at 31 5,017,375 - 191,405,973 - (9,311,702)
December 2007
Treasury 6,321 - - - -
shares issued
Share based - - - - -
payments -
employees and
director`s
shares
Foreign - - - - (494,850)
currency
adjustments
Loss for the - - - - -
period
Balance at 30 5,023,696 - 191,405,973 - (9,806,552)
June 2008
CENTRAL RAND GOLD LIMITED
Condensed Group Statement of Changes in Equity
continued
for the period ended 30 June 2008
Group Treasury Accumulated Total Mi Total
Shares Losses no
ri
ty
in
te
re
st
US$ US$ US$ US US$
$
Balance at - (10,667,195) 10,570,687 - 10,570,687
31 December
2006
Shares - - 9,869,165 - 9,869,165
issued by
subsidiaries
during the
year
Share based - 2,606,250 - 2,606,250
payments by
subsidiary -
consulting
fees
Corporate - 1,412,308 1,412,309 - 1,412,309
reorganisati
on
Foreign - - 448,199 - 448,199
currency
adjustments
Loss for the - (14,271,178) (14,271,178) - (14,271,178)
period
Balance at - (23,526,065) 10,635,432 - 10,635,432
30 June 2007
Balance at (31,120) (52,711,338) 152,521,699 - 152,521,699
31 December
2007
Corporate - - - -
reorganisati
on
Treasury (6,321) - - - -
shares
issued
Share based 2,362 - 5,023,994 - 5,023,994
payments -
employees
and
director`s
shares
Foreign - - (494,850) - (494,850)
currency
adjustments
Loss for the - (17,559,977) (17,559,977) - (17,559,977)
period
Balance at (35,079) (70,271,315) 139,490,866 - 139,490,866
30 June 2008
CENTRAL RAND GOLD LIMITED
Condensed Group Cash Flow
Statement
for the 6 months ended 30
June 2008
Audited
6 months 6 months 12 months
ended ended ended
30 June 30 June 31 December
2008 2007 2007
US$ US$ US$
CASH FLOWS FROM OPERATING
ACTIVITIES
Loss before tax (17,491,208) (14,271,178) (44,492,497)
Adjusted for :
Depreciation 386,942 224,976 525,007
Employment benefit 4,700,410 2,516,469 20,708,141
expenditure (Share based
payments)
Loss on disposal of fixed 388 - 375,259
assets
Net loss/(gain) on foreign (1,297,011) 744,278 (315,618)
exchange
Other income received - - (4,027)
Interest received (4,493,286) (362,030) (2,333,192)
Finance costs 461,359 131,649 494,776
Changes in working capital
Increase in receivables (124,985) (468,776) (245,676)
Increase in provisions 60,225 - 125,212
Increase/(decrease) in trade (306,972) 1,023,523 2,275,188
and other payables
Cash flows absorbed by (18,104,138) (10,461,089) (22,887,427)
operations
Other income received - - 4,027
Interest received 4,493,286 362,030 2,333,192
Finance costs (461,359) (131,649) (494,776)
Net cash used in operating (14,072,211) (10,230,708) (21,044,984)
activities
CASH FLOWS FROM INVESTING
ACTIVITIES
Purchases of property, plant (1,087,344) (890,276) (1,901,596)
& equipment
Proceeds from disposal of 388 - 131,594
property, plant and
equipment
Increase in operating lease 3,601 - 38,226
liability
Increase in non-current (2,201,946) - -
prepayment
Net cash used in investing (3,285,301) (890,276) (1,731,776)
activities
CASH FLOWS FROM FINANCING
ACTIVITIES
Proceeds and repayments of (34,564) 103,043 140,952
borrowings
Increase in security (791,977) (1,164,946) (1,794,849)
deposits
Proceeds from issuance of 2,362 10,902,552 172,431,236
shares
Net cash used in financing (824,179) 9,840,649 170,777,339
activities
Net (decrease)/increase in (18,181,691) (1,280,335) 148,000,579
cash and cash equivalents
Cash and cash equivalents at 149,194,757 7,529,622 7,529,622
beginning of period
Effects of exchange rate 1,537,589 332,785 (6,335,444)
movement on cash balances
Cash and cash equivalents at 132,550,655 6,582,072 149,194,757
end of period
CENTRAL RAND GOLD
LIMITED
Notes to the Condensed Interim Group
Financial Statements
1. Basis of presentation and general
information
General information
Central Rand Gold Limited is a Guernsey incorporated company and it
is also registered in South Africa as an external company. One of its
subsidiaries, Central Rand Gold (Netherlands Antilles) N.V, was
incorporated in the Netherlands Antilles. CRG`s operating subsidiary
is Central Rand Gold South Africa (Proprietary) Limited and is
registered in South Africa. CRG has a primary listing on the London
Stock Exchange ("LSE") and a secondary listing on JSE Limited
("JSE").
Legally, CRG complies with the company laws of its place of
incorporation being Guernsey and the company laws of the place of its
external registration being South Africa. By virtue of its LSE
listing, CRG experiences the impact of UK company laws and because
one of its subsidiaries, Central Rand Gold (Netherlands Antilles) N.V
, is incorporated in the Netherlands Antilles, the Group is also
impacted by the company laws of the Netherlands Antilles.
This condensed consolidated interim financial information was
approved for issue on 27 August 2008.
Accounting policies
The Annual Financial Statements of Central Rand Gold Limited for the
year ended 31 December 2007 were prepared in accordance with
International Financial Reporting Standards ("IFRS").
The condensed set of Financial Statements included in this half-
yearly financial report has been prepared using accounting policies
consistent with IFRS and in accordance with IAS 34 `Interim Financial
Reporting`.
The accounting policies applied in the Interim Financial Statements
are the same as those applied in the most recent Annual Financial
Statements for the year ended 31 December 2007.
Foreign currency
rates
The US Dollar rates of exchange
applicable to the periods are as
follows:
2008 2007 2007
Six Six months Year
months to to 30 June ended 31
30 June December
Closing Closing Closing
Average Average Average
South African Rand 0.13 0.14 0.15
0.13 0.14 0.14
British Pound 2.00 2.00 2.00
1.98 1.97 2.03
2. Property, plant
and equipment
During the period the Group spent $1,087,344 on the renovations of
the Head Office to increase office capacity, on mining modelling
software and on equipment to continue with the shaft re-access
programme.
3. Loan receivable
Puno Gold Investments
(Proprietary) Limited
Since the last report for the year ended 31 December 2007 there has
been no resolution to the dispute relating to procedural breaches of
the Central Rand Gold South Africa (Proprietary) Limited (CRGSA)
shareholders agreement between CRGSA and our BEE partner, Puno Gold
Investments (Proprietary) Limited. The dispute surrounds the
allocation of intercompany loans which fund the budget and work
programme and the incurring of, and level of, certain costs. The
Group has tried to settle any disagreements amicably, but so far
without success. The next step, if so required, is for the parties to
refer the matter to arbitration pursuant to the dispute resolution
mechanism under the shareholders agreement. The Group believes that
ultimately their position will prevail. The directors are still of
the opinion that this will not have any material consequences in
respect of the consolidated accounts of the Group. Notwithstanding
this position, the Group have pending the outcome of any dispute
allocated 100% of the intercompany balances directly through from the
Company to CRGSA. This additional 26% of intercompany debt excluding
interest amounts to ZAR 29,541,700 (US $4,278,795)
between 30 June 2007 and 31 December 2007 and ZAR 33,251,171 (US
$4,229,549) between 1 January 2008 and 30 June 2008.
The loan payable to Puno Gold Investments (Proprietary) Limited
contains the same allocations referred to above.
4. Share capital and share
premium
During the period under review 320 000 shares were issued to the
Employee Share Trust at par value.
5. Treasury shares
During the period the Company issued 320,000 treasury shares at a
value of GBP0.01 per share to the Employee Share Trust. 100 000
shares to Mr M McMahon and 20 000 shares to Mr K Kunene have vested
before 30 June 2008. The balance of the 200 000 shares for Mr M
McMahon vest as follows: 100 000 will vest on 29 April 2009 and 100
000 on 29 April 2010. No other shares were issued from the Employee
Share Trust.
6.Directors`
emoluments
A director of the Group, Mr S Ramokgopa, resigned during the period.
His cash termination benefits amounted to $204,243. Mr. S Ramokgopa
retains his share options granted to him on 31 October 2007. Due to
his resignation the future share options were recognised on the date
of his resignation. The value of the accelerated share-based payments
for these share options is $1,231,627.
7.Commitments
Group
June December
2008 2007
US$ US$
a) Purchase of
shares in companies
Purchase price of
Ferreira Estate and
Investment Company
Limited (``FEIC``)
1,000,000 1,000,000
b) Various contractual
amounts payable
Group
June December
2008 2007
US$ US$
Payment for the 3,483,769 -
purchase of a pilot
plant from Gekko
Systems
(Proprietary)
Limited
Fees payable to 62,260 -
Maersk Logistics SA
(Proprietary)
Limited for
transport of the
pilot plant
Fees payable to - 500,000
iProp Limited for
prospecting
Fees payable to 250,000 -
Gravelotte Mines
Limited to exercise
the option to
purchase the
prospecting right
Option fees payable - 100,000
to Gravelotte Mines
Limited
3,796,029 600,000
8.Segment reporting
The Group operates predominately in one business and geographical
segment being the acquisition of mineral rights and data gathering on
the Central Rand Goldfield of South Africa and related commercial
activities. Accordingly, no analysis of segment revenue, results or
net assets has been presented.
9.Share based
payments
Grant of options in
the company
During the period further share options were granted to selected
employees. The options granted are summarized below.
Vesting Strike Price Allocation Number of share
options granted
555,556 on the first Exercise price Selected 1,666,667
anniversary of escalates in staff
admission being 8 accordance with the
November 2008, vesting tranches.
555,556 on the One third at
second anniversary Placing Price of
of admission and the GBP1.25, one third
balance on the third at 150% of Placing
anniversary of Price and one third
admission. at 200% of Placing
Price.
Grant of shares in
the company
During the period under review the Company granted the following
shares to Directors and Senior Manager of the Group.
Purchase Number of Purchase Release
Name date shares price period
Directors
Mr M McMahon 27 June GBP 0.01 100,000 on
2008 300,000 grant date,
100,000 on 1st
anniversary of
the appointment
date and the
remainder on
the 2nd
anniversary of
the appointment
date.
Senior management
Mr K Kunene 9 May GBP 0.01 20,000 on grant
2008 20,000 date.
10. Related parties
Except for the grant of shares in the Company disclosed in Note 9 -
Share-based payments, and the resignation of a director disclosed in
Note 6 - Directors Emoluments, no other disclosable related party
transactions occurred in the period.
Date: 28/08/2008 08:00:06 Produced by the JSE SENS Department.
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