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VOX
VOX
VOX - Vox Telecom - Unaudited Results For The Six Months Ended
28 February 2009
VOX TELECOM LIMITED
(Registration number 1998/016433/06)
("Vox Telecom" or "the Company" or "the Group")
JSE Code: VOX
ISIN Code: ZAE000097234
UNAUDITED RESULTS FOR THE SIX MONTHS ENDED 28 FEBRUARY 2009
- Revenue up 22% to R1 059 billion
- Gross profit up 20% to R235 million
- EBITDA up 11% to R94 million
- Cash generated from operations of R80 million up from -R10 million
- Profit after taxation of R31 million
- Earnings per share and headline earnings per share down to 2.81 cps
Condensed Consolidated Balance Sheet
Unaudited Unaudited Audited
as at as at as at
28-Feb-09 29-Feb-08 31-Aug-08
R`000 R`000 R`000
Assets
Non-current assets 1,456,759 1,507,256 1,459,272
Plant and equipment 120,295 114,917 104,524
Goodwill 597,296 443,273 597,296
Other intangibles 708,738 907,986 733,766
Other financial assets 2,650 26,846 2,902
Deferred taxation 27,780 14,234 20,784
Current assets 401,790 387,179 449,143
Inventories 50,493 22,483 52,859
Trade receivables and 275,026 274,227 306,566
prepayments
Current tax receivable 3,193 1,128 1,441
Cash and bank balances 73,080 89,341 88,277
Total assets 1,858,549 1,894,435 1,908,415
Equity and liabilities
Capital and reserves 1,134,424 1,107,436 1,085,270
Share capital 1,108 1,075 1,101
Share premium 1,018,877 1,020,037 1,002,384
Reserves 7,027 4,794 5,428
Retained earnings 107,411 81,530 76,357
Total equity 1,134,424 1,107,436 1,085,270
Non-current liabilities 295,221 465,595 296,934
- Interest-bearing 121,513 232,103 123,550
- Interest-free 2,210 397 502
Deferred taxation 171,498 233,095 172,882
Current liabilities 428,904 321,404 526,211
Trade and other payables 310,070 231,485 363,090
Provisions 5,522 5,412 2,342
Taxation 10,356 47,538 15,107
Current borrowings 102,956 36,969 145,672
Total equity and liabilities 1,858,549 1,894,435 1,908,415
Ordinary shares in issue at 1,108,502 1,075,076 1,101,327
period end (`000)
Net asset value per share 102 103 98.5
(cents)
Condensed Consolidated Income Statement
Unaudited Unaudited Audited
28-Feb-09 29-Feb-08 31-Aug-08
R`000 R`000 R`000
Revenue 1,059,396 868,745 1,846,749
Cost of sales (824,709) (672,648) (1,392,909)
Gross profit 234,687 196,097 453,840
Other income 3,033 691 1,523
Depreciation and amortisation (37,800) (17,757) (44,474)
Employment costs (84,860) (66,830) (144,460)
Occupancy costs (8,817) (6,407) (14,087)
Other operating costs (49,608) (38,235) (115,581)
Operating profit 56,635 67,547 136,761
Finance costs (17,297) (12,508) (33,955)
Finance income 4,196 5,908 10,185
Net finance costs (13,101) (6,600) (23,770)
Profit before taxation and 43,533 60,947 112,991
exceptional item
Exceptional item - - (60,841)
Profit before taxation 43,533 60,947 52,150
Taxation (12,479) (17,759) (14,135)
Profit for the year 31,055 43,188 38,015
Attributable to equity 31,055 43,188 38,015
holders of the parent
Earnings per share (cents)
Basic EPS 2.81 4.72 3.78
Diluted basic EPS 2.79 4.61 3.70
Additional information:
Reconciliation of profit for
the period to headline
earnings
Profit for the period 31,055 43,188 38,015
Adjustments for:
Impairment of assets - 9 2,631
Loss on sale of assets - - 48
Headline earnings 31,055 43,197 40,694
Headline EPS (cents) 2.81 4.72 4.04
Diluted headline EPS (cents) 2.79 4.62 3.95
Number of shares `000 `000 `000
- In issue 1,108,502 1,075,076 1,101,327
- Weighted-average 1,105,965 915,071 1,004,899
- Share options granted 7,394 18,349 22,011
- Contingent shares issuable - 2,409 -
Diluted weighted-average 1,113,359 935,829 1,026,910
Consolidated Cash Flow Statement
Unaudited Unaudited Audited
28-Feb-08 29-Feb-08 31-Aug-08
R`000 R`000 R`000
Cash flow from operating
activities
Operating cash before working 96,039 86,910 187,828
capital movements
Working capital movements (15,680) (96,788) (39,277)
Cash generated from 80,359 (9,878) 148,551
operations
Net interest paid (13,101) (6,600) (23,770)
Taxation paid (27,360) (6,965) (49,313)
Net cash inflow from 39,898 (23,445) 75,468
operating activities before
exceptional item
Loss on collapse of - - (60,841)
Dealstream
Net cash inflow from 39,898 (23,445) 14,627
operating activities
Cash flow from investing
activities
Additions to plant and (28 543) (44,296) (71,018)
equipment to expand
operations
Additions to other - (14 117) (18 822)
intangibles to expand
operations
Proceeds on disposal of - - 2,249
property, plant and equipment
Proceeds from finance lease - - 711
receivables
Employee loans granted - (26,846) -
Acquisition of subsidiaries - (472,141) (472,141)
and business units
Additional vendor payments (9,753) (12,004) (12,004)
Net cash outflow from (38,296) (569,404) (571,025)
investing activities
Cash flow from financing
activities
Proceeds from shares issued - 405,491 390,506
(net of costs)
Proceeds from long and short- (16,799) 82,433 62,547
term borrowings
Net cash outflow from share - - (2,642)
buy back
Proceeds from share options - 1,549 1,549
exercised
Net cash inflow from (16,799) 489,473 451,960
financing activities
Net (decrease)/increase in (15,197) (103,374) (104,438)
cash and cash equivalents
Bank balance at beginning of 88,277 192,715 192,715
year
Cash and cash equivalents at 73,080 89,341 88,277
end of year
Consolidated Statement of Changes in
Equity
Share Share Reserves Retained Equity
capital premium profits attributable
(Accumu- to equity
lated holders of
losses) the parent
R`000 R`000 R`000 R`000 R`000
Balance as at 884 599,688 3,198 38,342 642,112
31 August 2007
Profit for the - - - 38,015 38,015
year
Total recognised - - - 38,015 38,015
income and
expenses
Shares issued 190 403,816 - - 404,006
(net of costs)
Treasury shares 27 17,991 - - 18,018
issued
Shares bought (33) (64,921) - - (64,954)
back
Shares re-issued 33 62,279 - - 62,312
Misappropriation - (16,469) - - (16,469)
of treasury
shares
Movement in FCTR - - (968) - (968)
Share-based - - 3,198 - 3,198
payment expense
Consolidated Share Share Reserves Retained Equity
Statement of capital premium profits attributable
Changes in (Accumu- to equity
Equity lated holders of
losses) the parent
R`000 R`000 R`000 R`000 R`000
Balance as at 1,101 1,002,384 5,428 76,357 1,085,270
31 August 2008
Profit for the - - - 31,055 31,055
year
Total recognised - - - 31,055 31,055
income and
expense
Shares issued 7 16,493 - - 16,500
(net of costs)
Share-based - - 1,599 - 1,599
payment expense
Balance as at 1,108 1,108,877 7,027 107,412 1,134,424
28 February 2009
COMMENTARY
The condensed annual financial statements
for the six months ended 28 February 2009
for Vox Telecom, are presented below.
These condensed unaudited financial
statements have been prepared in
accordance with accounting policies and
methods of computation that are
consistent with those of the prior year,
except for the adoption of International
Financial Reporting Standards ("IFRS") 7,
Financial Instruments: Disclosures, and
with IFRS. This announcement has been
prepared in accordance with IAS 34
Interim Financial Reporting and JSE
listings requirements.
COMPANY PROFILE
Vox Telecom Limited, headquartered in
Johannesburg, is a leading alternative,
independent telecom operator, providing
voice and data services to the Southern
African market. The Group employs more
than 730 people and competes through its
primary brands Vox Telecom, Vox DataPro,
@lantic, Vox Exchange, Vox Orion, Vox
Amvia and Vox Telepreneur and has offices
in Johannesburg, Durban, Cape Town and
Pretoria as well as in Windhoek, Namibia.
Vox Telecom is a listed company trading
on the Alternative Exchange (AltX), a
division of the JSE Limited. Investor
and shareholder information is available
at
www.voxtelecom.co.za
BUSINESS REVIEW FOR THE PERIOD
For the period under review revenues grew by 22% over the same period to R1
059 million. Gross profit increased by 20% to R235 million while gross margins
reduced to 22% from 23% for the same period last year. In addition, at the end
of 2008 the company prospectively assessed the useful lives of the acquired
customer bases to better align the accounting treatment with industry best-
practice by applying a useful life of 25 years. This was disclosed in the
annual report for the year ended 31 August 2008. This has meant an increase in
the amortisation rate of existing and acquired customer bases from 2% to 4%.
This increased amortisation rate caused an increase in amortisation charge of
approximately R13 million before taxation. Worse than expected seasonality
over December and January, higher finance charges and the comparative weighted
average number of shares in issue are the primary reasons that operating
profits and earnings per share are lower than the same period last year.
Earnings per share ("eps") and headline earnings per share ("heps") are down
40%. Cash generated from operations has improved significantly to R80 million
from the negative outflow of R10 million in the prior period.
For the period under review the key highlights were as follows:
- Continued organic growth across all business units, with particular
emphasis on margin enhancement which in certain cases has meant the
termination of low margin business;
- Vox Telepreneur growing to over 7000 customers with 6300 Vox ADSL phones
in use and 3100 dealers. Average Revenue per user has increased to R276
from R262 reported in November 2008. New products are being added to
enhance the Telepreneur offering, such as PBX and ADSL offerings and the
renewal rate of dealers after one year is in excess of 70%;
- the successful launch of the "Fishbone" LINEBONDER broadband solution
allowing customers to combine multiple access lines for increased speed
and efficiency. Vox Datapro, in partnership with an international
partner, has negotiated the exclusive distribution rights for this
product in the South African market. The uptake of this product has been
better than expected;
- the number of business customers has remained in excess of 18 000 with a
contraction in the @lantic consumer base to just over 150 000 customers,
primarily caused by churn and non payment from a weakening economy;
- Vox Amvia is in the final stages of launching its corporate faxing
solution and services in the UK called `Faxster International` with
further progress also being made in India and China;
- the Company`s BEE shareholding is now computed at 47.6%, with Vox Telecom
remaining as the largest black owned telecommunications company in South
Africa;
- the monthly contracted annuity revenue across the Group remained
relatively stable at R172 million per month as at 28 February 2009 (R175
million at August 2008) with growth expected in the remainder of the
fiscal year;
- increase in our staff complement from 698 employees as at 31 August 2008
to 737 employees to support growth;
- the strategic agreement with Neotel to supply Neotel products to the Vox
customer base is working well and we anticipate higher growth from this
in the future as Neotel becomes more proficient in delivering its
products and services;
- the successful procurement of bandwidth on the Seacom undersea cable
which will enable Vox Telecom to provide products and services to its
customer base at a lower price;
- Vox continues to be recognised as a leading aggregator of alternative
voice traffic and continues to dominate interconnect traffic passed
between the Vox network and the incumbent operators with voice minutes
growing to over 26 million at the end of March 2009;
- Vox Orion`s gross margins are expected to improve over the months ahead
from less seasonality, greater usage and strategies enacted to enhance
margin.
Management focus over the last 6 months has been on the improvement and
refinement of the internal aspects of the business which has included:
- improving internal controls and processes;
- increasing Average Revenue Per User ("ARPU") across customer bases;
- eliminating low margin business;
- improvement in operational management and processes;
- enhancing and redefining business unit strategies where necessary; and
- the optimisation of cashflow management and collection.
FUTURE PROSPECTS
Vox Telecom is continually striving to be the leading independent, alternative
provider of voice and data solutions to the southern African market with our
key goals and objectives remaining unchanged.
This strategy includes, but is not limited to:
- the continued organic growth of all the core business divisions to
maximize ARPU`s across all customer bases;
- growth in the volume of incoming voice traffic, terminating on the Vox
Telecom network primarily by Vox`s positioning as a wholesale Telco
operator and secondly by the growth of Vox Telepreneur, the Vox ADSL
consumer product offering;
- maximizing synergies and economies of scale on Vox`s established voice
and data platforms;
- the ongoing provision of comprehensive and innovative telecommunications
solutions such as `Fishbone`, that deliver on the promise of convergence
and that provide customers with an economic benefit and strategic
advantage;
- maximizing the benefit of strategic relationships with key players in the
South African market, such as Neotel; and
- strategic acquisitions of businesses that allow Vox to further scale its
voice and data business or that enable the expansion into complementary
markets that improve Vox`s strategic positioning including further
expansion into Africa where it makes sense.
Vox Telecom continues to offer essential services to the corporate, business
and consumer sectors providing competitive voice and data offerings at a
reasonable price. This will be enhanced with further legislative
liberalisation and continued innovation. We continue to make significant
investments in infrastructure, people and products and expect to achieve
strong organic growth over the next 5 years.
FINANCIAL OVERVIEW
Revenues have grown by 22% or R191 million to R 1059 million. All the
acquisitions made in previous periods are now included for the full period
under review. Monthly contracted revenue has remained constant at R172
million from the R170 million at 28 February 2008 and the R175 million at 31
August 2008, primarily from greater seasonality and less voice usage than
expected, particularly over December and January as businesses recorded less
voice traffic in a declining economy. We expect less seasonality and greater
usage in the remaining part of the financial year which should result in an
improvement in monthly contracted revenue. Encouraging growth in revenue in
Vox Telepreneur and Vox Core, the wholesale Telco arm of the Company will
enhance this growth as it has in the last 6 months.
Group gross profit margins have reduced to 22% from the 23% in February 2008.
This is mainly from less usage experienced in voice, particularly in Vox Orion
but February has started to see margins returning to levels that were
previously anticipated. The strategy to increase ARPU`s and terminating low
margin business across all customer bases will assist in returning to gross
profit percentages of 25% achieved for the 2008 financial year. Gross profit
margins in @lantic have remained constant at 36%. Vox Orion has decreased to
14% from less usage and a higher level of churn than anticipated, some of this
at Vox Orion`s instance to terminate low margin business. In addition fewer
network incentive bonuses have been received in the current period. With the
cancellation of approximately 3000 sims, mainly arising from the Storm
acquisition will see an enhancement to gross profit margins in the coming
months. Vox Datapro has also experienced gross margin contraction to 24%
largely from greater bad debts experienced and as well as the termination of
low margin business. We anticipate that Vox Datapro will return to the
targeted gross profit margins of 30% for the full year.
Operating profit has reduced by 28% to R57 million from R67 million as at
February 2008. The major impact on this was the R13 million additional charge
in amortisation arising from change in the amortisation rate to 4% from 2%.
The reduced gross margins also added to this. This has resulted in operating
profits reducing to 5.3% versus 7.7% as a percentage of revenue in the prior
period. Operating costs are in line with February 2008 at 4.6% of revenue and
down on the 6.3% for the full 2008 year. We will be striving to maintain this
lower percentage for the remaining part of the financial year. Employment
costs as a percentage of revenue are expected to remain constant at
approximately 8% for the remaining part of the year. The number of employees
has also increased to 737 from 698 at 31 August 2008 to support growth in the
underlying business units. The Group will continue to reduce costs where
possible at the centre and the underlying business units. Increased finance
costs of approximately R5 million over the prior period are expected to
decrease over the remaining part of the year. All of these factors
collectively, contributed to the reduction in earnings to R31 million and the
corresponding decrease in EPS and HEPS by 40% to 2.81 cents per share
respectively.
Vox Datapro`s revenue has grown by 114% on the comparative previous period
with the annuity revenue up 50% through a combination of voice and data to
R198 million. ARPU increased from R3 772 per month as at end of August 2008 to
R4 310 per month, derived from a base of over 8 017 corporate customers. The
successful launch of Fishbone LINEBONDER is expected to enhance revenue,
margins and ARPU`s in a meaningful way over the forthcoming months with the
uptake of the product better than all previously launched products in the
Company`s history.
@lantic`s revenue grew to R97 million from R74 million in the previous period.
ARPU across the base has grown to R113 per month from R99 per month as at 31
August 2008. The strategy remains to restore ARPU across the entire @lantic
base to levels of approximately R150 per month. Bad debt in the current
economy and the termination of unwanted business has resulted in some churn in
the base to approximately 150 0000 customers. @lantic continues to be a
leading reseller of iBurst and Vodacom 3G solutions with encouraging sales
growth in Vox ADSL phones.
Vox Telepreneur ARPU has increased to R276 per month from R262 per month as at
31 August 2008. Vox Telepreneur continues to empower entrepreneurs with a
growth in dealers to 3100, representing 7000 customers and 6300 Vox ADSL
phones. New products are being added to this offering, such as PBX, ADSL and
Fishbone which will further enhance and strengthen Vox Telepreneurs` growing
position in the market. Revenue has been increasing at approximately 8% per
month with gross margins of approximately 33% and which are expected to
increase for the remaining part of the year, as seasonality impacted margins
over December and January.
Vox Amvia`s gross profit margins approximate 60% with annuity revenue now
compromising 70% of total revenue. A reduction in corporate capital
expenditure budgets has impacted budgeted revenues in the first half of the
year. The Faxster International initiative, whereby Vox Amvia supplies fax
services and related products to the UK market, is expected to produce
revenues over the next few months with progress being made in India and China.
Cash generated from operations has increased significantly from a cash outflow
of R10 million at 28 February 2008 to a net inflow of R80 million.
Considerable effort has been placed on the optimisation of cash collection and
the management of accounts receivable and working capital. The cash generated
from operations has been utilised towards paying taxation of R27 million,
final vendor payments of R10 million from the acquisitions made and a further
investment of R28 million in capital expenditure to enhance and improve the
network. We expect to restrict capital expenditure for the full year at R50
million. In addition, current borrowings have been reduced by a further R17
million in line with scheduled repayments.
Working capital will be further enhanced by tight inventory control and the
intention to reduce the amount of inventory on hand.
Plant and Equipment has increased as result of the capital expenditure and the
movement of the Vox ADSL phones from inventory to fixed assets as more phones
are sold and activated in Vox Telepreneur.
The adjustment in respect of share based payments, in accordance with IFRS 2,
relates to options granted to key Vox Telecom management and employees in
2007, and amounted to R1.6 million for the current period. A final amount of
R1.6 million remains after which there will be no further expense related to
this IFRS2 charge.
SEGMENTAL REPORTING
Primary business segments
The Group operates through its four main operating businesses, namely Vox
Orion, Vox DataPro, @lantic, and Vox Amvia. Other areas include corporate head
office and the other early stage businesses. The Group`s principal product
offerings are as follows:
Vox Orion - Corporate voice and data.
Vox DataPro - Corporate voice and data with the main focus on the SME market.
@lantic - Consumer data and voice services.
Vox Amvia - Fax services and related products.
Other - includes Vox Telepreneur, Vox Core, Vox Exchange and corporate head
office:
Total Orion DataPro @tlantic Amvia Head Office
and Other
2009 R`000 R`000 R`000 R`000 R`000 R`000
Revenue 1,059,396 712,599 186,008 95,330 14,777 50,682
Operating 56,635 35,548 15,808 6,469 170 (1,360)
profit
(loss)
Net finance (13,101) 6,971 (5,585) (5,121) 230 (9,596)
(costs)/
income
Profit 43,533
before
taxation
Taxation (12,479)
Profit for 31,055
the year
Inventory 50,493 10,499 3,100 388 1,203 35,303
Goodwill 597,296 480,212 40,142 48,185 28,757 -
Intangible 708,738 508,388 44,171 111,117 17,744 27,317
assets
(excluding
software)
Other 502,022 278,743 87,349 18,028 9,064 108,839
segment
assets
Total assets 1,858,549 1,277,842 174,762 177,718 56,768 171,459
Total 724,125 217,398 35,191 24,415 7,776 439,345
liabilities
Depreciation 37,800 14,665 1,097 3,197 600 18,241
and
amortisation
Total Vox Orion Vox @tlantic Amvia Head
DataPro Office
and Other
2008 R`000 R`000 R`000 R`000 R`000 R`000
Revenue 868,745 670,047 93,390 73,730 - 31,578
Operating 67,547 39,775 22,354 7,287 - (1,869)
profit (loss)
Net finance (6,600) 3,102 - 13 - (9,716)
(costs)/
income
Profit before 60,947
taxation
Taxation (17,759)
Profit for the 43,188
year
Inventory 22,484 16,165 3,035 1,721 - 1,563
Goodwill* 597,296 480,212 40,142 48,185 28,757 -
Intangible 753,963 554,717 48,197 121,243 - 29,807
assets *
(excluding
software)
Other segment 520,692 289,017 90,569 18,693 - 122,413
assets
Total assets 1,894,435 1,364,400 183,973 192,279 - 153,783
Total 786,999 431,532 251,407 33,024 - 71,036
liabilities
Depreciation 17,757 7,000 524 1,526 - 8,707
and
amortisation
* Goodwill and intangible assets were re-assessed as at 31 August 2008 and the
interim numbers as previously reported at 29 February 2008 have accordingly
been adjusted. This was stated on SENS announcement on 29 February 2008.
Secondary geographic segments
The Group`s businesses operate in two principal geographical areas - South
Africa and Namibia.
Total Six South Namibia Six Total Six South Namibia
months to Africa months to months to Africa Six Six
Feb 2009 Six Feb 2009 Feb 2008 months to months
months to Feb 2008 to
Feb 2009 Feb 2008
R`000 R`000 R`000 R`000 R`000 R`000
Sales 1,059,396 1,044,335 15,061 868,745 859,888 8,857
Segment 1,867,773 1,856,737 11,036 1,898,435 1,878,807 19,628
assets
ACQUISITIONS AND ISSUE OF SHARES FOR CASH DURING THE YEAR
A further 7 173 913 ordinary shares were issued to Amvia vendors at 230cps on
5 November 2008 based on the attainment of certain profit warranties. As a
result of these profit warranties being exceeded as at 31 August 2008, a
further cash consideration of R7.75 million has been paid to the Amvia vendors
during the course of the current financial year.
A final amount of R2 million in cash was paid to the ODS vendors in February
2009 in terms of the sale agreement with them.
The total number of shares in issue as at 28 February 2009 is 1 108 501 698
after the issue of the 7 173 913 Amvia shares on 5 November 2008. No share
options have been exercised by employees as at 28 February 2009.
The total number of shares in issue on a weighted average fully diluted basis
as at 28 February 2009 is now 1 113 358 603
SUBSEQUENT EVENTS
Update on Dealstream Events
Dealstream was placed in final liquidation on 20 February 2009. The Company
and its legal advisors continue to assist and engage with the liquidators. The
Company will continue to incur additional fees and expenses associated with
the legal and other actions being taken on behalf of the Company and its
employees against Dealstream and its associates. These costs will be expensed
as incurred.
Interrupted Transaction
As announced in the SENS of 19 November 2008, the Dealstream collapse, the
consequent effect on the Company`s traded share price and the general price
deflation in public markets caused the interruption of a certain transaction.
The Company committed to an agreement whereby a BEE investor committed to a
subscription for shares in Vox which was not completed. The matter has
proceeded to arbitration with respect to this transaction and the Company will
keep shareholders appropriately informed of further developments.
New Share Incentive Scheme
As announced in the SENS of 19 November 2008 the Company has been working on
the development of a new Share Incentive Scheme for key personnel. The Company
has constituted an independent Steering Committee comprising shareholder
representatives and has retained the services of a recognised compensation
expert to assist in the design of the new Share Incentive Scheme. The Company
expects to issue a detailed circular to shareholders, inter alia covering
these matters, before 31 May 2009.
RMB Shareholding
As per the SENS announcement by FirstRand Bank Limited on 9 October 2008 and
following the Dealstream Events, RMB holds a strategic position in Vox
Telecom. RMB previously held this position via Single Stock Futures which have
been closed out when these contracts expired in December 2008 and March 2009.
As a result RMB now holds 259,817,700 ordinary shares in Vox Telecom which is
equivalent to 23,4% of the issued share capital of the Company. These shares
are held on balance sheet within the private equity portfolio of RMB.
DIRECTOR CHANGES
Mr Pierre Joubert was appointed as a non-executive director on 27 October
2008, to represent the shareholding of RMB, following the Dealstream Events.
The board is currently in the process of finalising the appointment of two
independent non-executive directors.
DIVIDENDS
With the application of cash generated from operations being focused on the
acquisition of annuity income streams and the continued investment in our
network infrastructure and new initiatives, the directors have decided not to
declare a dividend for the period under review.
GENERAL
The board of directors would like to thank the management and all employees
for the contribution they have made to the continued growth in the Company
over the past six months.
By order of the Board
AP van Marken DG Reed
Chairman Chief Executive Officer
24 April 2009
Johannesburg
Registered Office
Block D, Rutherford Estate,1 Scott Street, Waverley, 2090
Directors
AP van Marken, DG Reed, CM von Holdt, GP Sweidan, JA du Toit, RT Dalais*, NN
Gwagwa*, T Matiwaza*,P Joubert*
* Non-executive
Designated Adviser: PSG Capital (Pty) Limited
Transfer Office:Computershare Investor Services 2004 (Pty) Ltd
Date: 24/04/2009 10:04:07 Produced by the JSE SENS Department.
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implicitly, represent, warrant or in any way guarantee the truth, accuracy or
completeness of the information published on SENS. The JSE, their officers,
employees and agents accept no liability for (or in respect of) any direct,
indirect, incidental or consequential loss or damage of any kind or nature,
howsoever arising, from the use of SENS or the use of, or reliance on,
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