| Mon 15 Jun 2009, 14:17 | | GDF - Gold Reef Resorts - Posting of annual report and details of the annual |
|
GDF
GDF
GDF - Gold Reef Resorts - Posting of annual report and details of the annual
general meeting
Gold Reef Resorts Limited
Incorporated in the Republic of South Africa
(Registration number 1989/002108/06)
Share code: GDF ISIN: ZAE000028338
("Gold Reef")
Posting of annual report and details of the annual general meeting
Annual report
Further to Gold Reef`s reviewed financial results for the year ended 31 December
2008 ("Financial Results") published on the Securities Exchange News Service on
16 March 2009, shareholders are advised that the Gold Reef annual report for the
year ended 31 December 2008 ("Annual Report") was posted today. Due to
restatements and reclassifications, certain information as set out in the
Financial Results differs from that set out in the Annual Report, details of
which are presented below.
Share scheme prior year restatement
The scheme of arrangement in terms of section 311 of the Companies Act, 1973
as proposed by BidCo during the 2007 financial year, between Gold Reef and the
Gold Reef shareholders, other than Aldiss Investments (Pty) Limited ("Scheme
of Arrangement"), required the acceleration of all outstanding share options
("the Transaction"), subject to a resolutive condition. The resolutive
condition stipulated that if the Scheme of Arrangement was not completed, the
company and the share scheme participants would be returned to the position
they would have been in prior to the Scheme of Arrangement being implemented.
In 2007 the treasury shares were accounted for in accordance with the Scheme
of Arrangement and a loan account was created. In 2008, as the Scheme of
Arrangement was not completed, the resolutive condition resulted in the
Transaction being reversed as if it had never occurred.
In terms of IFRS 2 - Share-based Payment ("IFRS 2"), the Transaction should
not have been effected during 2007 and similarly, should not have been reversed
in 2008. In order to comply with the accounting treatment stipulated in IFRS 2,
the consolidated annual financial statements for 2007 have been restated. The
effect of the restatement is summarised below:
2007
Rm
Share scheme as reported on the group 80
balance sheet in the Financial Results
Share scheme as reported on the group 23
balance sheet in the Annual Report
Difference 57
Treasury shares as reported on the (42)
group balance sheet in the Financial
Results
Treasury shares as reported on the (99)
group balance sheet in the Annual
Report
Difference (57)
2008 2007
As a result of the restatement of
treasury shares, the weighted average
number of shares in issue was restated
as follows:
Weighted average number of shares in
issue as reported in the Financial 274 567 239 662
Results (000)
Weighted average number of shares in
issue as reported in the Annual Report 274 006 238 388
(000)
The restatement of the weighted average
number of shares in issue had the
following effect on earnings per share
("EPS"), diluted EPS, headline earnings
per share ("HEPS") and Adjusted HEPS:
Increase in EPS (cents) 0,3 0,4
Increase in diluted EPS (cents) 0,3 0,4
Increase in HEPS (cents) 0,2 0,4
Increase in Adjusted HEPS (cents) 0,3 0,8
Reclassification of current tax assets and liabilities
Current tax assets and current tax liabilities relating to various
group entities were set-off on the consolidated balance sheet in the
Financial Results. In preparing the Annual Report, these line items were
reported separately on the consolidated balance sheet. The effect of the
reclassification on the consolidated balance sheet in the Annual Report is
summarised below:
2008 2007
Rm Rm
Current tax assets as reported in the - -
Financial Results
Current tax assets as reported in the 7 1
Annual Report
Difference 7 1
Current tax liabilities as reported in
the Financial Results 1 41
Current tax liabilities as reported in
the Annual Report 8 42
Difference 7 1
The above restatements and reclassifications have no effect on the group`s
income statement or cash flows for the current or prior years.
Annual general meeting
Shareholders are advised that the annual general meeting of Gold Reef will be
held at 10h00 on Wednesday, 8 July 2009 in the Crystal Room at Gold Reef City
Casino, corner Northern Parkway and Data Crescent, Ormonde, Johannesburg to
transact the business as stated in the notice of the annual general meeting
forming part of the annual report.
Johannesburg
15 June 2009
Sponsor
Nedbank Capital
Date: 15/06/2009 14:17:01 Produced by the JSE SENS Department.
The SENS service is an information dissemination service administered by the
JSE Limited (`JSE`). The JSE does not, whether expressly, tacitly or
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,
information disseminated through SENS.
