| Thu 25 Sep 2008, 7:05 | | DRC - DNR Capital Limited - Audited results for the year ended 30 June 2008 |
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DRC
DRC
DRC - DNR Capital Limited - Audited results for the year ended 30 June 2008
DNR CAPITAL LIMITED
(Formerly Independent Financial Services Limited)
(Incorporated in the Republic of South Africa)
(Registration number: 1950/037061/06)
Share code: DRC ISIN code: ZAE000110375
AUDITED RESULTS FOR THE YEAR ENDED 30 JUNE 2008
BALANCE SHEET
Audited Audited
12 months 12 months
30 June 30 June
2008 2007
(R"000) (R"000)
Assets
Non-current assets
Property, plant and equipment - 9
Current assets
Deposit on acquisition of investment 85,000 104
Cash resources 10,193 104
Total assets 95,193 113
Equity and liabilities
Capital and reserves 94,588 (1,313)
Share capital 1,340 340
Share premium 97,781 1
Accumulated loss (4,533) (1,654)
Non-current liabilities
Loan from directors - 1,058
Current liabilities 605 368
Payables 586 349
Taxation 19 19
Total equity and liabilities 95,193 113
Net asset value per share (cents) 70.6 (3,9)
Net tangible asset value per share (cents) 70.6 (3,9)
INCOME STATEMENT
Audited Audited
12 months 12 months
30 June 30 June
2008 2007
(R"000) (R"000)
Gross revenue - -
Operating loss (5,957) (3,070)
Investment income 3,078 -
Net loss for the year (2,879) (3,070)
Share in issue (millions) 134 34
Weighted average loss per share (cents) (2.12) (9.0)
Weighted average headline loss per share (2.12) (9.0)
(cents)
Dividends per share (cents) - -
CASH FLOW STATEMENT
Audited Audited
12 months 12 months
30 June 30 June
2008 2007
(R"000) (R"000)
Cash flows from:
Operating activities (2,599) (2,905)
Investing activities (85,034) -
Financing activities 97,722 1,058
Change in cash and equivalents 10,089 (1,847)
Opening cash and equivalents 104 1,951
Closing cash and equivalents 10,193 104
STATEMENT OF CHANGES IN EQUITY
Audited Audited
12 months 12 months
30 June 30 June
2008 2007
(R"000) (R"000)
Opening balances (1,313) 1,757
Net loss for the year (2,879) (3,070)
Share Issue 98,780
Closing balances 95,901 (1,313)
ACCOUNTING POLICIES
The company has complied with International Financial Reporting Standards
("IFRS") for the year ended 30 June 2008. The financial statements have been
prepared in accordance with the requirements of the Listings Requirements of the
JSE Limited ("JSE") with regard to abridged results reports including those
relating to IAS34, Interim Financial Reporting and the Companies Act, 1973 (Act
61 of 1973) as amended.
The accounting policies are consistent with those of the prior year.
INDEPENDENT AUDIT OPINION
These results have been audited by the company`s auditors PKF (JHB) INC., whose
unmodified report is available for inspection at the company`s registered
office.
NATURE OF THE BUSINESS
The company is presently a listed investment holding company.
GOING CONCERN
The financial statements have been prepared on a going concern basis.
DIRECTORATE
The following changes have taken place during the year:
Appointments
G M Geva Executive Director 12 October 2007
V D Rubin Independent Non-Executive Director 12 September 2007
Resignations
J H Goldberg Non Executive Director 22 August 2008
COMMENTS
The year under review saw the company transfer its listing from the "Development
Capital Market" sector to the "Equity Investment Instruments sector of the Main
Board of the JSE. The change was intended to reflect the changed nature of the
company`s business, being that of an investment company. The company issued 100
million new ordinary shares and raised R100 million of capital from a range of
institutional shareholders and high net worth individuals during the year under
review.
EVENTS SUBSEQUENT TO THE YEAR END
On 25 March 2008 and 14 July 2008 the company announced that it had concluded an
agreement to acquire an effective 41,8% shareholding in Kilken Platinum
(Proprietary) Limited. On 1 September 2008 a circular was issued to shareholders
setting out the details of the transaction. In summary, the total cost of the
investment will be R450 million which will be settled by the issue of 285
million ordinary shares at a price of R1 per share, the issue of 75 million
cumulative, compulsory redeemable preference shares at R1 per share and R90
million in cash. There are put and call options to acquire a further 41,8% in
Kilken Platinum, which through its joint venture with Imabani Minerals
(Proprietary) Limited is engaged in the busienss of metallurgy, the processing
of tailings concentrate and the related mining of platinum group metals being
platinum, palladium, rhodium and gold. The Kilken Platinum joint venture
operates from leased premises owned by Rustenburg Platinum Mines Ltd
("Rusplats") at the platinum mine known as Amandelbult, near Rustenburg in the
North-West Province of South Africa. The joint venture processes tailings and
sells the resultant concentrate and platinum group metals back to Rusplats.
This operation is expected to endure for the life of the mine which is
anticipated to be for a minimum of 50 years.
The company has been repositioned, its strategy is to focus on investments in
mining and mining related companies.
Subject to the passing of the special resolutions contained in the circular to
shareholders referred to above, the name of the company will be changed to
Andulela Investment Holdings Limited. The board of directors will be
reconstituted to include Sir Sam Jonah as Chairman, Ian Stalker as Chief
Executive Officer and Pieter de Jager as Chief Financial Officer. Neil Herbert
and Dudley Rubin will serve as independent non-executive directors and Phillip
Vallet, Des Rosen, John Barton-Bridges and Richard Jonah will be non-executive
directors.
APPRECIATION
The company wishes to thank the outgoing directors Stan Medalie, Gur Geva and
Jonathan Goldberg for their valuable contribution.
For and on behalf of the board.
P Vallet D N Rosen
Non-executive Chairman Chief Executive Officer
Rosebank
22 September 2008
Directors
G M Geva, S Medalie*, V D Rubin**, D N Rosen, P Vallet*
* Non-executive
** Independent Non-executive
Registered Office
1 Glenhove Square, 71 4th Street, Houghton Estate, 2198
Company Secretary
J R Jones (Mrs)
Transfer Secretaries
Link Market Services South Africa (Proprietary) Ltd
Sponsor
PSG Capital (Proprietary) Limited
Date: 25/09/2008 07:05:02 Produced by the JSE SENS Department.
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