| Thu 27 Aug 2009, 17:03 | | BSR - Basil Read Holdings Limited - Unaudited Results for the Six Months Ended |
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BSR
BSR
BSR - Basil Read Holdings Limited - Unaudited Results for the Six Months Ended
30 June 2009
BASIL READ HOLDINGS LIMITED
Incorporated in the Republic of South Africa
(Registration number 1984/007758/06) ("Basil Read" or "the group")
ISIN: ZAE000029781 & Share code: BSR
www.basilread.co.za
Unaudited results for the six months ended 30 June 2009
REVENUE UP 47%
OPERATING PROFIT UP 43%
HEADLINE EARNINGS PER SHARE UP 35%
ORDER BOOK OF R6,2 BILLION
SUMMARISED CONSOLIDATED INCOME STATEMENT
Unaudited Unaudited Audited
6 months 6 months 12 months
30 June 30 June 31 December
2009 2008 2008
R`000 R`000 R`000
Revenue 2 073 897 1 411 455 3 474 831
Operating profit for the period 181 808 126 893 308 390
Net finance income/(costs) 36 (8 893) (12 314)
Share of profits from associates 25 57 85
Profit for the period before 181 869 118 057 296 161
taxation
Taxation (59 277) (32 123) (90 319)
Profit for the period after 122 592 85 934 205 842
taxation
Profit for the period
attributable to the following:
Equity shareholders of the 122 116 85 552 204 516
company
Minority interest 476 382 1 326
Net profit for the period 122 592 85 934 205 842
Earnings per share (cents) 141,21 113,14 265,44
Diluted earnings per share 141,21 111,46 262,12
(cents)
Ordinary dividend per share 58,00 50,00 50,00
(cents)
SUMMARISED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
Unaudited Unaudited Audited
6 months 6 months 12 months
30 June 30 June 31 December
2009 2008 2008
R`000 R`000 R`000
Net profit for the period 122 592 85 934 205 842
Other comprehensive income for (11) 16 159 34 736
the period, net of tax
Share based payment - equity 5 043 15 437 30 933
settled
Movement in foreign currency (5 054) 722 3 792
translation reserve
Disposal of available-for-sale - - 66
financial asset
Movement in fair value adjustment - - (55)
reserve
Total comprehensive income for 122 581 102 093 240 578
the period
Total comprehensive income for
the period attributable to
the following:
Equity shareholders of the 122 105 101 711 238 812
company
Minority interest 476 382 1 766
Total comprehensive income for 122 581 102 093 240 578
the period
SUMMARISED CONSOLIDATED STATEMENT OF FINANCIAL POSITION
Unaudited Unaudited Audited
6 months 6 months 12 months
30 June 30 June 31 December
2009 2008 2008
R`000 R`000 R`000
ASSETS
Non-current assets 912 807 694 141 960 792
Property, plant and equipment 726 302 589 462 761 470
Intangible assets 145 813 41 252 143 907
Investments in jointly controlled 12 001 11 949 12 001
entities
Investments in associates 171 21 638 21 579
Available-for-sale financial 2 208 2
assets
Deferred income tax asset 28 518 29 632 21 833
Current assets 1 789 506 1 117 121 1 515 927
Inventories 220 847 19 798 80 674
Trade and other receivables 633 639 499 990 411 804
Work in progress 118 957 120 434 73 902
Investments in jointly controlled 1 351 - 705
entities
Current income tax asset 9 823 9 280 5 085
Cash and cash equivalents 804 889 467 619 943 757
Non-current assets held-for-sale 48 055 - -
2 750 368 1 811 262 2 476 719
EQUITY AND LIABILITIES
Capital and reserves 864 042 421 450 792 073
Stated capital 466 138 233 996 466 134
Retained income 392 600 181 070 315 607
Other reserves 2 757 4 730 7 811
Minority interests 2 547 1 654 2 521
Non-current liabilities 255 192 201 337 348 150
Interest-bearing borrowings 180 900 163 555 264 249
Other borrowings 39 378 20 705 38 811
Provisions for other liabilities - 3 846 5 405
and charges
Deferred income tax liability 34 914 13 231 39 685
Current liabilities 1 609 961 1 188 475 1 336 496
Trade and other payables 855 193 763 264 688 906
Amounts due to customers 395 867 202 396 335 894
Current portion of borrowings 254 873 99 689 155 646
Provisions for other liabilities 64 828 75 814 69 805
and charges
Current income tax liability 39 200 47 312 86 245
Liabilities directly associated 21 173 - -
with non-current assets
classified as held-for-sale
2 750 368 1 811 262 2 476 719
STATEMENT OF CHANGES IN EQUITY
Unaudited Unaudited Audited
6 months 6 months 12 months
30 June 30 June 31 December
2009 2008 2008
R`000 R`000 R`000
Issued capital
Ordinary share capital
Balance at the beginning of the 466 134 233 954 233 954
period
Issued to share incentive scheme 4 42 42
(net of treasury shares)
Acquisition of subsidiary - - 52 581
Private placement - - 179 557
Balance at the end of the period 466 138 233 996 466 134
Retained income
Balance at the beginning of the 315 607 117 901 117 901
period
Total comprehensive income for 127 159 100 989 235 009
the period
Transactions with minorities - - 517
Dividend declared (50 166) (37 820) (37 820)
Balance at the end of the period 392 600 181 070 315 607
Other reserves
Balance at the beginning of the 7 811 4 008 4 008
period
Total comprehensive income for (5 054) 722 3 803
the period
Balance at the end of the period 2 757 4 730 7 811
Minority interests 2 547 1 654 2 521
SUMMARISED CONSOLIDATED STATEMENT OF CASH FLOWS
Unaudited Unaudited Audited
6 months 6 months 12 months
30 June 30 June 31 December
2009 2008 2008
R`000 R`000 R`000
Operating cash flow 277 125 213 233 490 382
Movements in working capital (110 827) 56 813 211 708
Net cash generated by operations 166 298 270 046 702 090
Net finance costs 36 (8 893) (12 314)
Dividends paid (50 616) (38 608) (38 423)
Taxation paid (126 642) (41 702) (52 159)
Cash flow from operating (10 924) 180 843 599 194
activities
Cash flow from investing (48 044) (80 198) (171 681)
activities
Cash flow from financing (74 681) (67 797) 81 473
activities
Movement in cash and cash (133 649) 32 848 508 986
equivalents
Cash and cash equivalents at the 943 757 434 771 434 771
beginning of the period
Cash and cash equivalents at the 810 108 467 619 943 757
end of the period
Included in cash and cash 804 889 467 619 943 757
equivalents as per the balance
sheet
Included in the assets of the 5 219 - -
disposal group
810 108 467 619 943 757
SUMMARISED CONSOLIDATED SEGMENT REPORT
Operating Operating Operating Operating
Revenue profit margin margin margin
30 June 30 June 30 June 30 June 31 December
2009 2009 2009 2008 2008
R`000 R`000 % % %
Construction 1 703 085 128 275 7,53 8,07 6,36
Mining 339 706 51 031 15,02 11,54 17,30
Developments 31 106 2 502 8,04 16,76 17,48
Total 2 073 897 181 808 8,77 8,99 8,87
ADDITIONAL INFORMATION TO THE ANNUAL FINANCIAL STATEMENTS
Unaudited Unaudited Audited
6 months 6 months 12 months
30 June 30 June 31 December
2009 2008 2008
Number of shares in issue (`000) 86 476 75 619 86 472
Headline earnings per share 153,66 113,98 267,04
(cents)
Diluted headline earnings per 153,66 112,29 263,71
share (cents)
Reconciliation of basic earnings R `000 R `000 R `000
to headline earnings
Basic earnings 122 116 85 552 204 516
Adjusted by:
- Loss on sale of available-for- - - 48
sale financial asset
- Loss on sale of subsidiary 130 - -
-(Profit)/loss on sale of (1 102) 638 (1 115)
property, plant and equipment
- Impairment of goodwill - - 2 304
- Impairment of assets in 11 737 - -
disposal group
Headline earnings 132 881 86 190 205 753
Reconciliation between weighted `000 `000 `000
average number of shares and
diluted average number of shares
Weighted average number of shares 86 476 75 619 77 049
Adjusted by - Share Incentive - 1 135 974
Scheme
Diluted average number of shares 86 476 76 754 78 023
Net asset value per share (cents) 999,17 557,34 915,99
Net tangible asset value per 830,55 502,78 749,57
share (cents)
Capital expenditure for the 80 941 178 339 388 128
period (R`000)
Depreciation (R`000) 86 922 69 927 145 038
Amortisation of intangible asset 4 502 234 4 947
(R`000)
COMMENTARY
These condensed consolidated interim financial statements have been prepared
in accordance with International Financial Reporting Standards ("IFRS"),
IAS34: "Interim Financial Reporting", the South African Companies Act, as
amended, and the JSE Listings Requirements. The principal accounting policies
used in the preparation of the unaudited results for the period ended 30 June
2009 are consistent with those applied for the year ended 31 December 2008 and
for the unaudited results for the six months ended 30 June 2008 in terms of
IFRS.
OVERALL REVIEW
In a period characterised by global financial turmoil and discouraging local
economic data confirming that South Africa is in a recession, Basil Read has
produced a sound set of results in the six months to June 2009. Continuing in
an expansionary phase, the group has maintained a steady trajectory of organic
growth and is in the process of acquiring a strategically important investment
confirming its goal of becoming a R10 billion turnover group by 2013.
The board is proud to report sustained growth, with operating profit of R181,8
million (June 2008: R126,9 million), a notable increase of 43%. This
translated into an operating margin of 8,8% (June 2008: 9,0%). Turnover
increased by 47% to R2,1 billion (June 2008: R1,4 billion) with net profit
attributable to ordinary shareholders increasing by 43% to R122,1 million
(June 2008: R85,6 million). Net margin was unchanged from December 2008 at
5,9% (June 2008: 6,1%).
Operating cash flow was satisfactory at R277,1 million (June 2008: R213,2
million) and was utilised to fund working capital, for investing activities
and to reduce debt levels. Working capital requirements increased in the
period under review as debtors terms extended due to the prevailing economic
environment and money was invested in property developments, classified as
development land held for sale as part of inventory. Development land
comprises land held for the purposes of property development and subsequent
resale.
A sizeable amount of taxation was paid in the six months to June 2009 as the
group`s assessed losses of prior years were completely used. The group tax
rate is an effective 32,6% due to share based payment expenses disallowed for
tax purposes and the effects of secondary taxation on companies relating to
the dividend paid. The group expects the effective tax rate to remain high for
the remainder of the year where after it should normalise to approximate the
current promulgated company tax rate of 28%.
Cash on hand now stands at R810,1 million (June 2008: R467,6 million) with the
debt equity ratio at a modest 25,5% (June 2008: 43,7%).
The group experienced significant balance sheet growth, with total assets at a
level of R2,8 billion (June 2008: R1,8 billion), and considers the balance
sheet to be appropriately structured to enable further growth.
The group secured new contracts in the period under review in the amount of
R2,0 billion (June 2008: R2,8 billion) and the order book is a healthy R6,2
billion (June 2008: R5,4 billion). Commensurate with the growth of the group,
and in line with its strategic intentions, Basil Read has successfully
targeted large scale contracts, with several under negotiation.
International opportunities abound and while the group has yet to make an
international acquisition, several expansionary activities are being explored
across Africa, the Middle East and Australia. While the global outlook for
growth remains slow, opportunities for infrastructural development exist in
various countries and Basil Read will look to join forces with international
partners to obtain a share of the work on offer.
Locally, the group is in the process of acquiring the Gerolemou/Mvela group
for a total purchase consideration of R360 million. The current order book of
the targeted group is R1,2 billion. Competition Commission approval for the
transaction was granted in early August with the general meeting to obtain
shareholder approval scheduled for 8 September 2009.
The performance of Stone and Allied Industries Limited, an operator in the
aggregate business with static crushers erected on mine dumps mainly in the
Free State and North West provinces, remained disappointing and the company
continued to be a loss-making operation. Given the rapid expansion of the
group, Stone and Allied is no longer considered of strategic importance and
was effectively disposed of in July 2009. Impairments relating to the disposal
amount to R11,7 million in the period under review and no further losses are
anticipated in the second half of the year.
Following on from recent years, which have been characterised by significant
investment in new plant to revitalise the group`s fixed asset base,
substantially less plant was invested in, in the six months under review. New
plant worth R80,9 million (June 2008: R178,3 million) was acquired. Total
capital expenditure budgeted for in the 2009 financial year is R150 million.
At the reporting date, the group had issued guarantees in the amount of R1,4
billion (June 2008: R1,2 billion). These guarantees have arisen in the
ordinary course of business and it is not expected that any loss will arise
out of the issue of these guarantees.
During 2008, the group registered a R1 billion medium-term note programme on
the Bond Exchange of South Africa. Although this programme had not been
utilised at the reporting date, Basil Read has subsequently raised R225
million against this facility during the month of August to fund the
acquisition of the Gerolemou/Mvela group. If the transaction is approved, the
Basil Read group will have a combined order book of R7,4 billion.
The group continued with its commitment to transformation and the main
operating company, Basil Read (Pty) Limited, was re-certified as a level 4 B-
BBEE contributor in terms of the Construction Sector Charter, which means that
our clients can accumulate 100% of their expenditure with us towards their own
scorecard. Attention remains focused on improving our scores in all areas,
particularly management control, employment equity and skills development, in
order for us to achieve our stated target of achieving level 3 status in 2010.
To aid with our transformation goals, particularly relating to enterprise
development, Basil Read restructured the shareholding of BR-Tsima Construction
(Pty) Limited to incorporate two BEE partners. Basil Read will continue to
assist and support BR-Tsima, managed by Bafana Ndendwa, to ensure that the
black-owned entity will be successful.
Basil Read is also monitoring the progress of middle to senior black
management within the group and continues to provide support and mentoring to
all previously disadvantaged individuals in the group`s employ.
OPERATIONAL REVIEW
SAFETY, HEALTH, ENVIRONMENTAL, RISK MANAGEMENT AND QUALITY
As part of our commitment to safety, health, the environment, risk management
and quality ("SHERQ"), Basil Read is in the process of attaining ISO14000
certification. A stage one assessment was successfully concluded in June 2009
and the group was commended for the progress made towards the certification.
The stage two final assessment will take place in November 2009.
To reinforce our commitment towards reducing our environmental footprint and
in support of the group`s other efforts, solar panels are in the process of
being installed at our head office to supplement our daily electricity usage.
It is envisaged that the solar panels will contribute 50 kwH towards our daily
usage of 250 kwH (20%) affording a monthly saving in electricity costs.
Safety is a key focus area for the group. The disabling injury frequency rate
("DIFR") was a low 0,58 for the period under review. Unfortunately, we
suffered three fatalities at our roads sites which emphasises the need to
continually train and teach staff regarding the various hazards associated
with construction sites. A comprehensive industrial theatre road show was
launched in the second quarter, performed in three of the country`s official
languages, to remind staff that Basil Read considers the safety and well-being
of all staff as paramount to its success and to highlight the need for workers
to stay alert and attentive to what is going on around them.
CONSTRUCTION
Basil Read`s largest division continued to perform well in the review period
and reported revenue of R1,7 billion (June 2008: R1,1 billion) with operating
profit of R128,3 million (June 2008: R86,8 million). The order book remains
robust at a level of R5,0 billion (June 2008: 4,2 billion).
The group successfully secured numerous contracts including further roads
contracts valued at R1 billion. Established as a market leader in the local
economy, the roads division is set to use its expertise in the international
market as it seeks to secure contracts outside of South Africa`s borders,
partnering with local contractors.
Roadcrete Africa (Pty) Limited, acquired during the 2008 financial year, has
been successfully integrated into the Basil Read stable of companies and
continues to perform well. Focusing on township infrastructure and related
bulk services, Roadcrete was awarded two new contracts in excess of R675
million in the period under review.
One of these projects is the upgrading of Malibongwe Drive between the N14 and
Lanseria. The project involves the expansion of the road into a dual
carriageway and should be substantially completed by 2011. The other project
is a 22 month contract to reconstruct and rehabilitate the R30 between Glen
Lyon and Brandfort.
Further contracts were secured by the group`s subsidiary, Newport
Construction, in the Coega Development Zone in Port Elizabeth. Projects
include the construction of the Brickmakerskloof Bridge.
The pending acquisition of the Gerolemou/Mvela group is set to further bolster
the construction division. Significant synergies are expected to be realised
through the considerable experience of the management team and their 27 year
established reputation in the buildings industry. The pro-forma earnings
enhancement of the acquisition is 28,21 cents and the soon to be acquired
group is cash generative and debt-free.
The Regent in Morningside, an upmarket apartment block, is expected to be
completed in September 2009. The building consists of two parking basements,
eight floors consisting of apartments and a multi-storey ninth floor
comprising high-end penthouses.
Weskus Mall, situated on Saldanha Road, between Vredenburg and Saldanha was
completed in only 17 months, despite being faced with extreme weather
conditions. The mall was completed in March 2009, and is the largest shopping
centre in the area.
Contracts secured in the period under review include the OR Tambo,
Rhodesfield, Marlboro and Hatfield stations as part of the Gautrain project.
Total contract value for all four stations is R100 million. Basil Read has
already been awarded projects totalling R240 million taking the group`s awards
relating to the Gautrain project to R340 million. Work also commenced on the
Cosmo City flats. The flats comprise 281 units, split between one- and two-
bedroomed configurations, and are aimed at low- to middle-income earners.
The division is actively pursuing private-public partnerships ("PPPs") in
joint venture with various partners. This type of business model enables the
group to partner with larger teams of architects and other development
partners, in the process developing skills and creating jobs.
The recent strike action by all roads and civil engineering labour, as rates
of pay and working conditions were reviewed, was satisfactorily resolved
without significant disruption to planned work programmes. The group remains
on track with its commitments to complete the stadium and infrastructure
contracts relating to the 2010 FIFA World Cup.
MINING
The mining division performed well in the year to June 2009, contributing
revenue of R339,7 million (June 2008: R355,7 million) and operating profit of
R51,0 million (June 2008: R35,9 million). Despite pressure on commodity
prices, the division`s order book remains promising at a level of R1 billion
(June 2008: R1 billion).
Work at the Rossing Uranium mine in Namibia, for owner Rio Tinto, is ongoing.
The mine is considered one of the safest in Africa and Basil Read prides
itself on its contribution to the safety record.
The division continues to work at Venetia diamond mine, near Musina. Operated
by De Beers, the mine is South Africa`s largest diamond producer.
Debswana`s cancellation of mining activities in Botswana in the early part of
2009 resulted in the cancellation of the Damtshaa contract. Mutually
acceptable termination conditions and compensation were agreed upon.
The mining division replaced the above contract through the award of a two
year contract on a local magnetite mine valued at R180 million that commenced
during August 2009. The division is negotiating a further contract to the
value of R360 million. Negotiations are expected to be concluded during the
third quarter of 2009. This contract has been excluded from the division`s
order book.
DEVELOPMENTS
The developments division continued to be a stable performer with revenue of
R31,1 million (June 2008: R24,7 million) and operating profit of R2,5 million
(June 2008: R4,1 million). Operating margin halved from 16,8% in June 2008 to
8,0% at June 2009. This contraction of margins is largely due to professional
fees paid to technical advisors for work performed relating to existing
developments that are yet to break ground. Preliminary expenses are typical to
this type of project due to the long lead times to bring the project to
fruition.
The division continues to work on numerous projects around the country with
several expected to break ground in the coming year. The strategic importance
of this division will then be realised as secondary work is generated for the
group, particularly in the areas of roads and civil engineering. Some R3
billion worth of work, which is currently excluded from the group`s order
book, is expected to be generated over the life of current projects.
Bulk services are near completion at the Klipriver Industrial Park and
marketing of the development is well under way. Several sale agreements are in
the process of being negotiated. The site is conveniently situated in the
south of Johannesburg, next to the newly developed Heineken brewery.
The division increased its investment in Sunset Bay Trading 282 (Pty) Limited
to 100%, and the results of the company have been consolidated from 1 March
2009. A preliminary purchase price allocation exercise was undertaken which
will be finalised in the second half. Sunset Bay is responsible for the
development of the St Micheils International Leisure Estate in Mpumalanga.
The division recognises the importance of energy efficient design and the
impact that "new town" developments have on the environment. As a result,
Basil Read Green Projects was established during the 2008 financial year and
currently has in excess of 500 000 saplings, which will be used to "green" the
various projects under way.
PROSPECTS
Basil Read continues to actively pursue growth, both organic and acquisitive,
to build a company of critical mass for shareholders. Despite uncertain
economic times, the trend of development, particularly in sub-Saharan Africa
is expected to resume in the near future, even if the growth trajectory is
flatter.
Although government has committed to continued infrastructural spend, a
definite delay in the roll out of projects has been noted. Budgetary
constraints in certain municipalities create opportunities for the Basil Read
group to partner with them in creating innovative ways of financing future
projects, particularly relating to the group`s developments division.
The private-public project model continues to evolve and remains a feasible
method of undertaking larger contracts. Basil Read continues to forge long
term and robust partnerships with international construction conglomerates and
turnkey contractors, such as Bouygues, Sodexo and Alstom, which will serve us
well when bidding on this type of project.
Various PPP projects are in the pipeline, including government office blocks,
mixed classification correctional centres and toll roads. Basil Read has pre-
qualified for a number of these and has submitted bids, in joint venture,
where applicable. Further bids are in the process of being compiled and will
be submitted in due course. Combined construction value for the group`s
targeted PPP`s is in excess of R15 billion.
The group expects significant water supply projects to be offered for tender
in the next few years. Some R30 billion worth of work is anticipated,
specifically to supply water to the power plants that are currently under
construction. The government has also committed to upgrading the water
treatment and waste water treatment plants due to an urgent need to create
additional capacity.
Internationally, the group is re-establishing a presence in the rest of
Africa, in partnership with selected local contractors. Expansionary
opportunities continue to be explored elsewhere, particularly in the Middle
East and Australia, where Basil Read has held discussions with local partners
with established reputations in their respective construction industries.
Opportunities for acquisition will continue to be cautiously explored.
On the back of a healthy balance sheet and effective management structure,
Basil Read will adopt a prudent approach to managing the prevailing volatility
to ensure the group can continue to grow in a controlled and structured
manner.
In addition, shareholders are referred to the cautionary announcement released
on SENS on 11 August 2009, in which shareholders were advised that Basil Read
and TWP Holdings Limited were in discussions regarding a possible merger.
CORPORATE GOVERNANCE
The directors and senior management of the group endorse the Code of Corporate
Practices and Conduct as set out in the King II report on Corporate
Governance, Having regard for the size of the group, the board is of the
opinion that the group substantially complies with the Code as well as with
the Listings Requirements of the JSE Limited. The group performs regular
reviews of its corporate governance policies and practices and strives for
continuous improvement in this regard.
At the group`s annual general meeting, held on 7 May 2009, Mr Bulelani Ngcuka
resigned as chairman and non-executive director with immediate effect. Mr
Lester Peteni was appointed as the new independent non-executive chairman of
Basil Read, effective from 7 May 2009. Mr Peteni, who holds a BSc (Building
Science) degree obtained from the University of Cape Town has substantial
experience in the construction and property development industries.
In compliance with the JSE Listings Requirement section 3.84(h), the group is
pleased to welcome Mr Donny Gouveia to the board in his capacity as Financial
Director.
The board is pleased to further welcome Ms Given Refilwe Sibiya as an
independent non-executive director, who was appointed on 1 July 2009. She is a
qualified chartered accountant and in addition to her board responsibilities,
will serve on the audit/risk committee.
DIVIDENDS
The board has reviewed the current period`s results together with the
forecasts for 2009/10 and has decided not to declare an interim dividend.
POST-BALANCE SHEET REVIEW
Basil Read has a R1 billion Domestic Medium-Term Note Programme registered in
November 2008 with The Bond Exchange of South Africa.
On 6 August 2009 Basil Read raised R125 million under this programme. The note
was listed on The Bond Exchange of South Africa on 12 August 2009 and bears
interest at the 3-month ZAR-JIBAR-SAFEX rate plus 3,00%. Interest is payable
quarterly and the capital sum is payable on 6 August 2010.
On 7 August 2009 Basil Read raised R100 million under this programme. The note
was listed on The Bond Exchange of South Africa on 13 August 2009 and bears
interest at the 3-month ZAR-JIBAR-SAFEX rate plus 2,90%. Interest is payable
quarterly and the capital sum is payable on 6 August 2010.
On 7 August the 3-month ZAR-JIBAR-SAFEX was equal to 7,675%.
On behalf of the board
S L L Peteni (Chairman) M L Heyns (Chief Executive Officer)
27 August 2009
Directors: S L L Peteni*+ (Chairman), M L Heyns (Chief Executive Officer), M D
G Gouveia (Financial Director), L B Dyosi*, C P Davies*+,
S S Ntsaluba*, N Y September*+, A T Tlelai*, G R Sibiya*+
(* Non-executive, + Independent)
Group Secretary: E Kruger
Registered office: 7 Brook Road, Lilianton, Boksburg, 1459
Auditors: PricewaterhouseCoopers Inc
Transfer secretaries: Link Market Services South Africa (Pty) Limited
Sponsor: Sasfin Capital (a division of Sasfin Bank Limited)
Date: 27/08/2009 17:03:01 Produced by the JSE SENS Department.
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