| Fri 3 Oct 2008, 13:13 | | RBX - Raubex Group Limited - Results of Annual General Meeting |
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RBX
RBX
RBX - Raubex Group Limited - Results of Annual General Meeting
RAUBEX GROUP LIMITED
(Previously Lexpub 49 Investments Limited)
(Incorporated in the Republic of South Africa)
(Registration number 2006/023666/06)
JSE Share code: RBX
ISIN: ZAE000093183
Results of Annual General Meeting
Raubex shareholders are advised that at the Annual General Meeting of members
held on Friday 3 October 2008, all resolutions as proposed in the Notice of the
Annual General Meeting were approved by the requisite majority of members. 86%
of the issued share capital was represented. The special resolution will be
lodged with the registrar for registration in due course.
At the Annual General Meeting, the chairman, Collin Matjila, made the following
address:
Raubex has had yet another very successful year marked by significant increases
in revenues and earnings supported by strong organic growth and the conclusion
of five major value-enhancing acquisitions.
Since becoming a public company, we have showed our ability to deliver good
organic growth across our divisions and enter into significant M&A activities to
acquire businesses that are financially and operationally enhancing whilst
providing the required cultural fit. It`s also worth noting that the share
incentive scheme put in place for key staff, excluding executive directors, is
proving to be an effective tool to address staff retention and enhance
motivation levels.
At last year`s annual general meeting, the shareholders authorised the directors
to issue shares for cash. Earlier this year, the company successfully placed 10
396 829 ordinary shares equating to 6.41% of the Company`s issued share capital
with institutional investors raising R405.5 million, before expenses, in the
process. The proceeds of this placement were utilised to fund the following
acquisitions which have now been successfully integrated and performing in-line
with expectations.
Space Construction (R50 million)
Thaba Bosiu & Zamori Construction (R100 million)
B & E International (R513 million)
Queenstown & Aliwal Quarries (R34 million)
Bonn Plant Hire & Akasia Road Surfacing (R117 million)
The addition of these businesses has increased our capacity, geographical
footprint and demonstrated our determination to position ourselves as a sizeable
industry player with the skills to continue taking full advantage of the growing
demand for our line of work nationwide. The directors will continue to
proactively identify opportunities within our prescribed criteria for the
various divisions of the Group.
In August, we announced that the South African National Roads Agency Limited
(SANRAL) awarded Raubex three major contracts for a combined value of R1.147bn
which will see the Raubex Construction and Roadmac divisions carry out the work
in Gauteng, Western Cape and Mpumalanga. The largest contract, with a value of
R719 million, involves the upgrading of the R21 between the Olifantsfontein and
Hans Strydom interchanges. This contract forms part of SANRAL`s Gauteng Freeway
Improvement Project which is aimed at improving the freeway network ahead of and
beyond 2010.
As demonstrated by our trading statement published on 25 September 2008,
business prospects remain strong and we will continue to grow our order book
with attractive and lucrative projects. This is supported by the Government`s
commitment to large capital expenditure programmes over the medium term. More
specifically, improvement projects on major roads, plans to upgrade various
airports around the country and Public Private Partnership opportunities have
added to the strong basic maintenance and rehabilitation pipeline already
present.
Internationally, Raubex`s activities remain small and we continue to focus on
Zambia. The pipeline in Zambia and neighbouring countries is good and Raubex
will maintain a cautious growth approach whilst we gain valuable experience.
Finally, I would like to thank our investors for their support over the past
year and look forward to another exciting year ahead both financially and
operationally."
ENQUIRIES
Raubex Group Limited +27 12 665 3226
Francois Diedrechsen, Commercial and Financial Director
College Hill +27 11 447 3030
Fred Cornet +27 83 307 8286
Hayley Crane +27 72 758 1677
www.raubex.co.za
Johannesburg
3 October 2008
Investment Bank and Sponsor
Investec Bank Limited
Date: 03/10/2008 13:13:02 Produced by the JSE SENS Department.
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