| Wed 3 Sep 2008, 8:28 | | MKL - Makalani Holdings - Consolidated reviewed results for the year ended 30 |
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MKL
MKL
MKL - Makalani Holdings - Consolidated reviewed results for the year ended 30
June 2008 and declaration of final cash dividend and interest payment
Makalani Holdings Limited
(Incorporated in the Republic of South Africa)
(Registration number: 2005/000726/06)
Share code: MKL & ISIN: ZAE000066700
("Makalani" or "the Company")
CONSOLIDATED REVIEWED RESULTS FOR THE YEAR ENDED 30 JUNE 2008 AND DECLARATION
OF FINAL CASH DIVIDEND AND INTEREST PAYMENT
- Invested assets increased to R2,5 billion.
- Headline earnings per linked unit ("HEPLU") increased by 8% to 1 086
cents.
- Increased investment in higher yielding assets with deferred
amortisation profiles.
Appointment of Keshan Pillay as the new CEO.
Consolidated Income statement for the year ended 30 June 2008
Reviewed Audited
12 months 12 months
30 June 30 June
2008 2007
Notes R`000 R`000
Interest income* 2 315 924 242 706
Fair value (losses)/gains 3 (24 031) 13 607
Fee income 2 378 5 341
Operating expenses (30 070) (25 220)
Profit on repurchase of 4 228 1 968
debentures
Indirect taxation (4 189) (2 741)
Net operating income before 264 240 235 661
interest
Interest on current (10 002) -
borrowings
Net operating income 254 238 235 661
Debenture interest (82 948) (150 776)
Net profit before taxation 171 290 84 885
Taxation (8 963) 837
Profit for the period
attributable to
equity holders 162 327 85 772
Headline earnings per 4 1 086 1 004
linked unit (cents)
*Items are classified as financial liabilities under International Financial
Reporting Standards when the issuer has a contractual obligation to deliver
cash or another financial asset to the holder of the instrument or to issue a
variable number of own shares to settle a fixed amount, regardless of its
legal form. Accordingly dividends received on redeemable preference shares
are classified as interest received. This classification, however, does not
impact the form of dividend and interest distribution to linked unitholders.
Consolidated Balance sheet
at 30 June 2008
Reviewed Audited
30 June 30 June
2008 2007
Notes R`000 R`000
Assets
Cash and cash 79 740 248 722
equivalents
Invested assets at fair 6 2 549 248 2 124 187
value
Loans and advances at 2 448 711 2 053 885
fair value
Other financial assets 45 233 59 172
at fair value
Net derivative financial 5 55 304 11 130
instruments
Deferred tax assets 6 738 5 214
Total assets 2 635 726 2 378 122
EQUITY AND LIABILITIES
Share capital and 528 037 553 052
premium
Accumulated profit 164 425 87 290
Share capital and 8 692 462 640 342
reserves
Debentures 1 578 542 1 657 774
Linked unitholders` 2 271 004 2 298 116
interest
Current borrowings 7 315 000 -
Taxation 6 001 2 632
Other liabilities 9 36 762 71 881
Provisions 6 958 5 494
Total equity and 2 635 726 2 378 122
liabilities
Net asset value per 107,38 105,66
linked unit (R)
Condensed Consolidated Cash flow statement
for the year ended 30 June 2008
Reviewed Audited
12 months 12 months
30 June 30 June
2008 2007
R`000 R`000
Cash generated from operations 301 045 219 492
Taxation paid (7 118) (232)
Interest paid on external (10 002) -
borrowings
Interest and dividend (217 975) (174 788)
distribution
Net cash inflow from operating 65 950 44 472
activities
Net cash outflow from investing (449 753) (552 853)
activities
Net cash inflow/(outflow) from
financing activities 214 821 (250 635)
Net decrease in cash and cash
equivalents (168 982) (759 016)
Cash and cash equivalents at
beginning
of year 248 722 1 007 738
Cash and cash equivalents at end 79 740 248 722
of year
Consolidated Statement of changes in equity
for the year ended 30 June 2008
Share Share Accumulated Total
R`000 capital premium profit equity
Balance at
30 June 2006 3 615 708 39 127 654 838
Repurchase of shares (1) (62 658) - (62 659)
Profit for the year - - 85 722 85 722
Dividends paid - - (37 559) (37 559)
Balance at 30 June 2007 2 553 050 87 290 640 342
Repurchase of shares - (25 015) - (25 015)
Profit for the year - - 162 327 162 327
Dividends paid - - (85 192) (85 192)
Balance at 30 June 2008 2 528 035 164 425 692 462
Notes to the results
1. Basis of preparation
The results have been prepared in accordance with International Financial
Reporting Standards, including IAS 34 and International Financial Reporting
Interpretations Committee interpretations issued and effective at the time of
preparing these results. The Makalani Group`s accounting policies as set out
in the audited financial statements for the period ended 30 June 2007 have
been consistently applied, with no significant changes in estimates. These
results have consolidated the results of the Company`s only subsidiary, a
company that holds treasury linked units. The annual financial statements
from which this announcement has been extracted have been reviewed by
PricewaterhouseCoopers Inc. A copy of their unmodified opinion is available
for inspection by members at the registered office of the Company.
Comparative information
The corresponding comparative financial information, as previously published,
is for the 12 months ended 30 June 2007.
Reviewed Audited
12 months 12 months
30 June 30 June
2008 2007
R`000 R`000
2. Interest income
Interest on loans 115 254 82 296
Dividends on redeemable
preference
shares 181 473 90 311
Interest on cash and cash
equivalents,
and money market instruments 19 197 70 099
315 924 242 706
3. Fair value movements
Fair value losses consist of the aggregate fair value movements of assets in
the portfolio, including derivative hedging positions. These fair value
movements include both positive and negative movements in credit migrations
and on equity
investments.
4. Earnings per share and distribution per linked unit
Total number of linked units in 23 593 24 930
issue (`000)
Treasury linked units (`000) (2 240) (2 500)
Number of linked units in issue 21 353 22 430
(`000)
Weighted average number of linked
units in issue (`000) 22 194 23 359
Earnings per share (cents) 731 367
Headline earnings per share 731 367
(cents)
Headline earnings reconciliation
Profit for the period attibutable
to
equity holders 162 327 85 722
Adjustments - -
Headline earnings 162 327 85 722
The Group has not calculated diluted earnings per share as there are no
instances of a potential dilution.
The disclosure of earnings and headline earnings per share set out above,
while obligatory in terms of accounting standards and the JSE Listings
Requirements, is not considered meaningful to investors as the shares are
traded as part of a linked unit and a significant part of the earnings is
distributed in the form of debenture interest. The calculation of earnings
for headline earnings per linked unit ("HEPLU") and the distribution per
linked unit as shown below are considered more meaningful.
Headline earnings per linked unit 1 086 1 004
Headline earnings 162 327 85 722
Debenture interest 82 948 150 776
Profit on repurchase of (4 228) (1 968)
debentures
Headline earnings attributable to
linked unitholders 241 047 234 530
The Company`s distribution policy is to distribute 100% of all after tax
income realised in cash and received as interest and dividends, subject to
sound corporate governance, sound business principles, going concern and
future investment requirements.
The difference in earnings attributable to unitholders and distributions is
due to differences in income on certain invested assets accruing but in terms
of contractual arrangements, not yet payable.
Debenture interest 82 789 150 504
Dividends 98 704 51 365
Total distribution to linked 181 493 201 869
unitholders
Cents Cents
Total distribution per linked unit 819 900
Debenture interest per linked unit 369 671
Dividends per linked unit 450 229
Distribution for the period per 819 900
linked unit
Interim distribution 510 446
Interest 267 351
Dividend 243 95
Final distribution 309 454
Interest 102 320
Dividend 207 134
5. Derivative financial instruments
Derivative financial instruments relate to interest rate swaps that the
Company has entered into to swap fixed interest rates on its assets into
floating interest rates based on the three-month Johannesburg Interbank
Agreed Rate ("JIBAR"). Interest rate swaps are used for the purposes of
eliminating the risk of capital losses that the Company faces due to changes
in interest rates. In all instances where the Company enters into interest
rate swaps, these transactions are effected solely to economically hedge the
Company`s exposure to interest rate risk.
Reviewed Audited
12 12 months
months
30 June 30 June
2008 2007
R`000 R`000
6. Invested assets at fair value
Invested assets at fair value
comprise:
Loans 950 727 742 597
Preference shares 1 519 1 341 913
734
Ordinary shares 23 483 28 547
2 493 2 113 057
944
It is the Company`s policy to hedge all fixed rate assets out to floating
rate assets. The value of derivative investments should be added to the
amounts shown above to meaningfully assess movements from the prior year.
7. Current borrowings
Bridging loan - FirstRand Bank
Limited
Nominal 315 000 -
Interest accrued - -
315 000 -
The loan is unsecured as part of a R750 million facility, bears interest at
three month JIBAR plus 185 basis points with fixed quarterly interest
payments in arrears and is fully redeemable by no later than March 2009.
8. Share capital and debenture capital The Company repurchased 260 000
treasury linked units from its wholly-owned subsidiary. The Company
repurchased a further 1 077 206 of its issued linked units for a
consideration of R100,1 million.
Both tranches of repurchased linked units are currently in the process of
being cancelled and delisted from the JSE.
The total number of linked units in issue after cancellation and taking into
account treasury units is arrived at as follows:
Total number of linked units in 23 593 24 930
issue (`000)
Treasury linked units (`000) (2 240) (2 500)
Net number of linked units in 21 353 22 430
issue (`000)
9. Other liabilities
Other liabilities comprise mainly R22 million of accrued debenture interest
payable to unitholders (2007: R72 million).
10. Post-balance sheet events
Subsequent to the reporting date, the Company has declared a dividend per
share of 207 cents, as outlined in the declaration of final dividend and
interest.
In addition, the Company made an additional investment of R117 million as
detailed below.
The Midas transaction
The Company provided a portion of the funding to Balella (Pty) Limited to
acquire a stake in Midas Group (Pty) Limited. The Company provided R117
million of preference share funding. Midas sells automotive replacement parts
through a franchise network of over 300 franchisees as well as a number of
independent distributors.
Commentary on results
The Company is a mezzanine financing company that provides funding for BEE
transactions and targeted investments, such as infrastructure and affordable
housing, as defined in the Financial Sector Charter. The Company`s investment
focus is predominantly on mezzanine instruments without precluding
investments in senior loans, convertible instruments and, where appropriate,
equity. The Company is managed by Makalani Management Company (Pty) Limited
("Makalani Manco").
1. Operating environment
During the past financial year, the operating environment was dominated by a
financial markets crisis, resulting primarily from the fall out over subprime
assets in the United States of America. This resulted in falling equity
prices and widening credit spreads. The widening credit spreads have
generally been positive for the Company, whilst falling equity prices have
had a negative impact. However, the decrease in entry prices for investment
assets is providing attractive financing opportunities for the Company.
Local interest rates continued to increase during the past financial year,
with the Company benefiting from the positive correlation between its income
and movement in interest rates.
The strong international high yield bond appetite that funded the large
leveraged buy-outs during the previous financial year has abated for the time
being, resulting in the revival of the local mezzanine debt market. Mezzanine
debt spreads have returned to attractive levels and have presented the
Company with favourable investment opportunities.
2. Financial results
2.1 Income and expenses
Against the challenging markets, the Company delivered strong results. It
generated interest and dividend revenue of R316 million, an increase of 30%
compared to R243 million in 2007. Revenue comprises interest income of R19
million on cash (2007: R70 million), interest of R115 million on invested
assets (2007: R82 million) and dividend income of R182 million on invested
assets (2007: R90 million).
The Company generated headline earnings attributable to unitholders of R241
million or 1 086 cents per linked unit (2007: R235 million or 1 004 cents per
linked unit). This represents an overall yield of 12,1% based on the closing
linked unit price of R90,00 at 30 June 2008.
The net asset value per linked unit was R107,38 at 30 June 2008 compared to
R105,66 at 30 June 2007. The net asset value per linked unit is calculated as
assets less liabilities (excluding debenture interest payable to
unitholders).
A feature underlying the current year`s income has been a move away from
senior debt assets towards mezzanine type assets. These assets typically have
a larger proportion of interest or dividends rolling up, with the consequence
that a relatively lower proportion of income is received in cash during the
initial periods of the investment. However, the increased yields and
compounding outstanding balances provide attractive opportunities and are in
line with the Company`s stated intentions.
A number of companies underlying the Company`s investments are operating in
sectors of the economy that have been negatively impacted over the past
financial year. Where necessary, the directors have made prudent provision
for those investments. The Company also closely monitors and takes action
where required to protect its investments. Equity instruments, where the
Company has a right to participate in equity upsides, are conservatively
valued. Despite overall challenging market conditions, there are no assets in
the portfolio where a counterparty has failed to make a payment when
contractually due.
Operating expenses were R30 million (2007: R25 million), of which R23,9
million is the management fee relating to the management agreement between
the Company and Makalani Manco. The balance of the operating expenses of R6,1
million relates to unclaimable VAT, audit fees, directors` fees and other
sundry expenses.
Makalani Manco sources and manages investments on behalf of the Company and,
despite the departure of two senior members of the team, has made significant
progress in furthering the success of the Company. These include growing the
portfolio of the Company by rebalancing the portfolio and leveraging the
capital structure to make further investments. The board commends the team
for their performance during the past financial year.
The management fee includes a R0,2 million provision for a performance fee
payable to Makalani Manco. The fee will only be paid when the pre-tax cash
yield on invested assets exceeds the benchmark. The management fee is
calculated as follows: a base fee of 1% on invested assets and 0,15% on cash.
In addition, Makalani Manco is entitled to a performance fee of 20% of the
excess of the pre-tax cash yield on invested assets above the benchmark of
JIBAR plus 450 basis points (after taking account of the base fee).
Interest on current borrowings, being the bridging facility, was charged at
three month JIBAR plus 185 basis points from the date of the first drawdown
on the loan being 28 March 2008.
The diagram below depicts the make-up of the yield of the Company`s
portfolio: (Refer to press for the diagram)
The above graph has been prepared on the following basis:
- various income and cost items are divided by average assets;
- average assets are calculated as average of quarterly balances;
- average assets are also based on the invested portfolio (including roll
ups), fair valuations and cash; and
- current portfolio annualised assumes 30 June 2008 was on the Company`s
books for the full year.
2.2 Distributions
The board of directors has declared a final distribution per linked unit of
309 cents. Together with the interim distribution, the Company`s total
distribution is 819 cents per linked unit, comprising 450 cents of dividend
and 369 cents of interest. The total distribution represents a yield of 9,1%
based on a closing linked unit price of R90,00 at 30 June 2008 (2007: 9,5%).
The distribution per linked unit of 819 cents is less than the headline
earnings per linked unit of 1 086 cents as income on certain invested assets
is accrued but not necessarily paid prior to maturity.
3. Portfolio update
The Company`s portfolio as at 30 June 2008 is summarised in the table below.
Underlying Empowered
company company Sector Amount
Loans
Brait Brait Financial services 26 551
Emira Broad-based BEE
parties Real estate 157 650
Exxaro Eyesizwe and Mining 151 479
others
Fuel Various BEE Transport and 194 542
parties logistics
Gautrain Bombela Construction 135 169
Life Brimstone and
Healthcare
Mvelaphanda Healthcare 43 185
Mondi
Shanduka
Newsprint Shanduka Paper and 29 985
packaging
Servest Safika Services 190 000
FirstRand WDB Banks 11 074
Ufhata Ufhata Various 1 653
Lereko Lereko Various 46 143
Sasol Ufhata Oil and chemicals 7 406
Preference
shares
Brait Brait Financial services 106 257
Convergence Convergence IT and
Partners Partners telecommunications 45 407
Eyesizwe Eyesizwe and Mining 47 582
others
FirstRand Kagiso, MIT and Banks 173 306
WDB
Fuel Various BEE Transport and 33 865
parties logistics
Gold Fields Mvelephanda Mining 73 873
Gold Reef Platoon and
Saddle Gaming 305 744
Inyanga Shanduka Resources Engineering 18 075
Kreditinform Shanduka Group Financial services 66 815
Metropolitan Kagiso Insurance 116 715
Mvelaphanda Mvelaphanda Group Services 25 000
Group
Nampak Aka Capital Paper and 45 692
packaging
Prostart Izingwe Speciality 20 174
chemicals
Sandown True Class Motor retail 354 380
Motors
Tongaat Various BEE Food and beverage 104 167
parties
Ordinary
shares
Fuel Various BEE Transport and 28 547
parties logistics
Carrying 2 560 436
value
Aggregate fair value adjustments for prior 12 843
periods
Fair value adjustments for current year (24 031)
Hedged fair value of portfolio (including 2 549 248
derivatives)
Assets are shown at accrued book value, before taking into account any fair
value adjustments.
Subsequent to year-end, the Company provided R117 million to Balella to
acquire a stake in Midas Group, as detailed in post-balance sheet events
reported. The analysis of the portfolio that follows excludes this asset.
The Company concluded investment transactions worth in excess of R480 million
during the current financial period, whilst disposing of assets worth R248
million at carrying value. The disposals included the Company`s credit linked
exposure in respect of the Unitrans BEE transaction of R200 million, and the
full settlement of the Company`s exposure to the Aberdare BEE transaction.
The assets acquired improved the Company`s portfolio diversification, with
new exposure to sectors such as infrastructure (the Gautrain transaction) and
food and beverages (the Tongaat transaction). The Company`s portfolio is well
diversified across various industries as is shown in the diagram below:
(Refer to press for diagram)
The Company`s invested assets by exposure to various credit rating buckets is
shown in the diagram below: (Refer to press for diagram)
Ratings for exposures are determined by reference to FirstRand Bank`s rating
methodologies.
4. Strategic and operational update
Group strategy and operational structure
As indicated in the interim results, the Company and Makalani Manco evaluated
the strategic direction of and the appropriate structure for the Company.
During the evaluation, the Company concluded that the future of the Company
is best served by:
- remaining a mezzanine fund focusing on BEE and infrastructure transactions.
The pursuance of equity opportunities will remain within the current scope of
the Company`s activities;
- being a strongly empowered management company, which will allow Makalani to
be more competitive in funding empowerment transactions, without changing the
focus of the Company away from mezzanine funding; and
- remaining a strategic partner of the FirstRand group.
The Company believes that remaining a mezzanine fund is the correct strategy,
as mezzanine financing opportunities are currently showing significant
upside. This strategic focus has been successful with a HEPLU compound
average growth rate of 17% since the 2006 financial year. FirstRand Bank
Limited and RMB as shareholders will continue to support the Company and
Makalani Manco to optimise unitholder value.
As part of the Company`s evaluation over the last few months, the board
considered the discount to which the Company`s linked unit price ("the linked
unit price") has traded to the underlying net asset value ("NAV") of the
Company.
Although the linked unit price is not within the control of the Company,
actions have been and will continue to be taken to further improve the
performance of the Company and to narrow the discount at which the Company`s
linked units trade. These activities include:
- during March 2008, the Company accessed bridging facilities to the value of
R750 million. The bridging facilities were mainly utilised to fund
investments made by the Company. The positive impact of this gearing is
already starting to become apparent in the results of the Company, despite
the entire amount not being deployed for the full year. The Company intends
to replace the bridging facilities with preference shares to reduce the cost
of funding and enhance unitholder value;
- the directors of the Company continue to consider as to whether the JSE
listing is the most appropriate platform for the Company. The Company intends
to consult with unitholders in this regard. Any change to the platform for
trading the Company`s units will be taken within the context of the nature of
the Company and its underlying business; and
- during April 2008, the Company repurchased R100,1 million of units
(representing 4,32% of the capital of the Company). Those linked units were
repurchased at a significant discount to NAV and resulted in the yield on
remaining linked units improving commensurately. The ability to enter into
further repurchases is however limited by the ability to fund such
repurchases and will only be undertaken prudently after due and careful
consideration.
Changes at Makalani Manco
Shareholding
RMB currently owns 100% of Makalani Manco and approximately 26% of the
Company.
In order to continue with the goal of creating an independently black managed
company, RMB has taken the decision to decrease its shareholding in Makalani
Manco to below 50% to facilitate the increase of black ownership of Makalani
Manco to above 50%. This will include a significant shareholding for senior
management and employees of Makalani Manco. This will allow the Company to be
more competitive in the BEE funding space. RMB will retain a minority
interest in Makalani Manco and FirstRand Bank Limited a significant invested
interest in the Company.
RMB currently also plays a significant role in the Company`s investment
process. To pursue the creation of an independently black managed management
company, it is the intention of Makalani Manco and the Company to set up an
investment committee process that is not driven by RMB. This committee will
include representation from the directors of the Company, the Makalani Manco
shareholders and other suitably qualified individuals. Until an appropriate
handover has been implemented, the RMB investment committee process will
continue to be in place. The handover process will be effected in a
disciplined manner and over an appropriate period.
CEO and management
The Company is also pleased to announce the appointment of Mr Keshan Pillay
as the new Chief Executive Officer of Makalani Manco and the Company with
effect from 3 September 2008. Keshan has a BCom and is a senior transactor
with significant experience in the structuring and financing of BEE
transactions. He was previously the Executive Director responsible for
finance and strategy of the Mineworkers Investment Company ("MIC") where he
was a driving force in growing MIC`s asset base strongly in the 10 years he
was there, especially in the last two years where he led transactions that
grew the assets under management from just over R2 billion to around R10
billion. Significant MIC transactions led by Keshan included that of BP,
FirstRand, Metrofile and Tracker, as well as the very successful R15 billion
public to private transactions of Peermont Global and Primedia for the group.
These transactions assisted MIC to make the largest single South African
distribution ever made by an empowerment investment company to a beneficiary
trust.
Keshan brings significant investment and management experience to the
Company. He will be assisted by the four existing transactors in Makalani
Manco and enjoy the continued support of RMB as a minority shareholder. The
four transactors are:
Tshepisho Makofane BCom (Hons), CA(SA), H Dip Tax
Tshepisho qualified as a Chartered Accountant in 2000, after completing his
articles at KPMG. Tshepisho joined the Company in November 2005 after
spending four years at Investec Bank in the Project and Infrastructure
Finance team.
Grant Minnaar BCompt (Hons), LLB, MCom, CA(SA), CFA
Grant joined the Company in January 2007 after spending two years with the
Vodacom group. Prior to that Grant spent three years as a team leader in the
financial institutions unit of the South African Revenue Service, focusing on
banking and structured finance. Grant completed his articles in the banking
division of PricewaterhouseCoopers.
Mark Pullen BCompt (Hons), CA(SA)
Mark joined the Company in April 2008 from Standard Bank where he was head of
structured lending credit in Business Banking. Prior to that, Mark spent four
years at RMB and FNB in credit and one year in RMB`s acquisition and
leveraged finance team as a transactor.
Mzoxolo Welemva B Juris, LLM
Mzo joined the Company in July 2007. Mzo was previously at Edward Nathan
Sonnenbergs, where he was an associate advising on commercial and financing
transactions.
Proposed changes to the board
The Company is currently evaluating its board complement to strengthen the
representation by independent non-executive board members. Announcements of
any proposed changes to the board will be made in the notice to the annual
general meeting.
The board has appointed Keshan Pillay to the board of the Company as the new
Chief Executive Officer of Makalani Manco and the Company with effect from 3
September 2008.
Outlook
The funds raised on listing have been fully invested and additional gearing
has been raised. In the short term, it is intended to pursue growth from the
proceeds of asset redemptions, the disposal of some of the lower yielding
assets in the portfolio and utilising the remainder of the borrowing
facilities. The Company will in due course consider the need for raising and
structuring of additional funds.
The Company`s assets are currently yielding in excess of the benchmark yield
of JIBAR + 450 basis points with a fully invested portfolio. It is
anticipated that, given current credit market conditions, the Company will
have a number of opportunities to further optimise its yield. Accordingly, as
mentioned above, the Company is actively looking to switch out of lower
yielding assets into higher yielding ones.
The directors believe that the Company has performed well under trying and
challenging circumstances and against an adverse economic climate and that
the strategy as outlined above is in the best interests of the Company.
The board is confident of the strength of the management team and welcomes
the value that Keshan Pillay will bring to the role of the Company`s CEO.
Furthermore, the board and management team are committed to further improving
communication with unitholders to ensure more effective stakeholder
engagement going forward.
5. Declaration of final dividend and interest
Notice is hereby given of a final dividend declaration number 6 of 207 cents
and debenture interest payment number 6 of 102 cents per linked unit for the
six months ended 30 June 2008. The total amount payable to unitholders is 309
cents ("the final distribution") per the Company`s linked unit and will be
paid to unitholders in accordance with the timetable set out in the table
below.
Last day to trade "cum" the final Friday, 26 September
distribution 2008
Linked units commence trading "ex" Monday, 29 September
the final distribution 2008
Record date to participate in the Friday, 3 October 2008
final distribution
Payment date of the final Monday, 6 October 2008
distribution
No dematerialisation or rematerialisation of the Company`s linked unit
certificates may take place between Monday, 29 September 2008 and Friday, 3
October 2008 (both days included).
By AH Arnott
Company Secretary
3 September 2008
For and on behalf of the board
VW Bartlett (Chairman)
Sandton
3 September 2008
Registered office: Tel +27 11 282 4555, Fax +27 11 282 4559, Email
enquiries@makalani.co.za, Web www.makalani.co.za
PO Box 781463, Sandton 2146, 1st Floor, 2 Merchant Place, corner Fredman
Drive and Rivonia Road, Sandton, 2196
Directors: VW Bartlett (Chairman), DCM Gihwala, D Konar, MS Moloko, SEN
Sebotsa, BJ van der Ross, L von Moltke (alternate RJC Hamer)
Company Secretary: AH Arnott, 4th Floor, 4 Merchant Place, corner Fredman
Drive and Rivonia Road, Sandton, 2196
Transfer secretary: Link Market Services South Africa (Proprietary) Limited,
5th Floor, 11 Diagonal Street, Johannesburg, 2001
Sponsor: Rand Merchant Bank (A division of FirstRand Bank Limited), 1
Merchant Place, corner of Fredman Drive and Rivonia Road, Sandton, 2196
Auditors: PricewaterhouseCoopers Inc, 2 Eglin Road, Sunninghill, 2157,
Private Bag X36, Sunninghill, 2157
www.makalani.co.za
Date: 03/09/2008 08:28:01 Produced by the JSE SENS Department.
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