| Wed 30 Sep 2009, 11:00 | | BRE - Braemore Resources Plc - Preliminary audited results for the year |
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BRE
BRE
BRE - Braemore Resources Plc - Preliminary audited results for the year
ended 30 June 2009 Posting of annual report and notice of annual general
meeting
BRAEMORE RESOURCES PLC
(A company incorporated in England and Wales with Registration Number
5350550)
(South African registration number: 2008/013973/10)
Share code on the JSE Limited: BRE
Share code on AIM:BRR ISIN:GB00B06GJQ01
("Braemore" or "the Company")
PRELIMINARY AUDITED RESULTS FOR THE YEAR ENDED 30 JUNE 2009 POSTING OF
ANNUAL REPORT AND NOTICE OF ANNUAL GENERAL MEETING
Braemore Resources plc ("Braemore" or "the Company"; JSE: BRE; AIM: BRR),
the international group focused on mid-stream processing of platinum and
nickel, announces its audited results for the year ended 30 June 2009.
- The processing technologies employed, particularly ConRoast, address key
challenges in the metals processing stream and provide cost-effective,
environmentally-friendly, and independent solutions to processing nickel
and PGM ores, particularly high chrome ores.
- Braemore is working towards establishing the first, independent, black-
empowered PGM smelting operation in South Africa, and is in discussions
with various black empowerment groups to facilitate this process.
- The ConRoast technology has been developed by Mintek, a South African
government-funded institution and it is an integral part of the agreement
that the technology does not only benefit the corporate landscape but the
wider community through partnership with a broad-based empowerment entity.
- Braemore has a highly skilled and entrepreneurial team, focused on
delivery and operating. Technical and metallurgical studies have been
conducted in South Africa and Australia and delivery on the key milestones
will be reported on in due course.
- Braemore is a geographically and metallurgically diversified emerging
precious and base metals company that has made significant progress
towards achieving its key objectives in the year under review.
Highlights:
- Braemore and Jubilee Platinum propose to enter into a Scheme of
Arrangement that will result in the merging of the two companies, creating
a new force in the South African PGM sector.
- Successfully renegotiated the ConRoast Agreement with Mintek, ensuring
its sole, global exclusive licence for the technology over the life of the
patent.
- Braemore completed a successful placement for GBP6.5m in a difficult
market.
- The inward dual listing of the Company on the JSE (Code: BRE) was
completed.
- Expanded the ConRoast demonstration smelter capacity.
- Completed various smelter trials demonstrating to industry the safety
and robustness of the process
- Completed Research programme on hydrometallurgical refining of the
smelted alloy.
- Entered into agreement with Jubilee Platinum over chrome tailings with
PGMs.
- Completed and formally presented detailed studies as requested by BHP
Billiton on the Leinster and Kambalda Nickel Tailings projects.
- Restructuring of the Company ahead of the merger with Jubilee Platinum
plc ("Jubilee") to realise a significant reduction in overhead costs which
will flow through into the next reporting period.
- An implementation agreement with Jubilee on 3 July 2009, whereby Jubilee
made available to Braemore a working capital facility whilst the offer is
being implemented.
Challenges impacting the financial results:
- Endured a small smelter break out which was safely contained and
importantly resulted in no injuries to any of our personnel.
- Encountered sharply decreasing smelter margins as a result of declining
PGM prices resulting from the fast appreciating South African Rand.
- Negotiating the conclusion of non-profitable smelting contracts due to
the depressed metal prices and appreciating South African Rand.
- Extended shutdown of smelter at year end to review process options to
address operating margins and facilitate completion of hydrometallurgical
refining process reviews.
-
The Annual Report for the year ended 30 June 2009 is expected to be posted
to shareholders by 30 September 2009. A Copy will be available on the same
date on the Company`s website: www.braemoreresources.com
CHAIRMAN`S STATEMENT
As anticipated in last year`s review, the resources sector has experienced
a period of uncertainty as the global economic crisis unfolds, negatively
affecting commodities, equity markets and financial markets alike.
The recession arrived with a vengeance that resulted in, amongst other
things, significant drops in demand for nickel and platinum group metals
(`PGM`). With the major demand sector for PGMs in autocatalysts in
decline, the PGM prices retracted sharply. Demand for steel produced in
China contracted sharply as did the associated demand for nickel, with
record price falls.
In this climate Braemore has proceeded to advance its projects with
determination, applying improved metallurgical alternatives to both nickel
and PGM processing. I will briefly summarise progress made in both the
PGM and nickel projects during the year.
Towards year end our competitive advantage has been confirmed. At the
time of writing Braemore had been approached by two parties regarding the
potential for corporate activity. This led to a formal offer received
from Jubilee Platinum to merge the two entities Braemore and Jubilee into
an enlarged Platinum and Nickel Group comprising of both short term
cashflow potential and world class medium term assets.
The proposed merger of Jubilee`s PGM and nickel exploration assets with
the smelting technology package and nickel assets of Braemore presents a
compelling investment opportunity that should appeal to investors in the
metals community. The skills of the combined management team and the
enhanced ability to fully fund and relaunch smelting operations will
create an enlarged and liquid South African mining group.
This fits directly with Braemore`s stated `mine to metal` strategy. The
significant PGM processing ability, with its patented technology is
bolstered by the as yet unrealised nickel potential of Braemore in
Australia, and Jubilee in Madagascar.
The new entity has the potential to become a sustainable force in the
South African platinum industry, which will be well positioned to
participate in any further consolidation in the platinum industry.
FINANCING AND CORPORATE ACTIVITIES
The highlight of the year was the announcement of the proposed transaction
between Braemore and Jubilee Platinum that will lead to a merger of the
two companies.
The start of the financial year was heralded by a placement that raised
GBP6.5m (before expenses). The extremely difficult market conditions made
this fund raising challenging and it was led by the strong support of
major shareholders Atomaer and Best Asset Class (BAC), which both followed
their rights. Completion was important at this time as the full impact of
the global financial crisis started to become evident across equity and
commodity markets alike.
In July 2008, Braemore completed its pre-listing statement to meet JSE
listing requirements and subsequently listed, on 16 July 2008, on the main
board of the JSE, in the Platinum Sector. This listing was conducted to
fulfil terms in our ConRoast Agreement with Mintek.
Pan Palladium vote against JV with Braemore
In late July 2008, Braemore was advised by Pan Palladium Limited that its
shareholders had voted against proceeding in a venture with Braemore over
its Platreef Project in South Africa.
Corporate Activity
Braemore completed the research program of the PGM refining process during
the third Quarter of the financial year which enabled the marketing of
this significant component of its technology offering to the Platinum
Industry. The PGM industry acknowledged this significant achievement
which led to an increased interest and to the potential for important
strategic and corporate initiatives. The proposed merger with Jubilee
Platinum confirms this interest.
CONROAST PGM CONCENTRATE SMELTING OPERATIONS
During the year we continued to produce under our unique ConRoast process,
PGMs in alloy that was sold to refiners in Japan, Europe and South Africa.
However, this material proved problematic to sell given few refiners were
geared to accept an iron alloy containing PGM, and consequently less
attractive PGM price terms were on offer. Initially some positive cash
flow was generated from this activity but as metal prices fell sharply and
the South African Rand appreciated strongly, margins were constrained.
We were pleased to be able to announce specific off-take agreements with
Northam Platinum and Anglo Platinum, the world`s largest producer,
relating to processing high chrome concentrates and other difficult to
smelt material. This certainly added credibility to ConRoast as a
commercial smelting technology able to process material on behalf of
global PGM producers.
In August 2008, we announced that the planned smelter expansion programme
had commenced at Mintek. This was to replace the existing 1.5MW smelter
with a new 3.2MW smelter and associated concentrate handling
infrastructure. This expansion of smelting capacity was completed by
early September 2008 and the commissioning programme commenced without any
problems.
In March 2009 we had an operational incident when molten matte came into
contact with water. The resulting instant vaporisation of water created a
loud explosion but little real damage. Our safety procedures were
immediately implemented, worked seamlessly and an evacuation of the
facility was successfully undertaken. The smelter was repaired at nominal
cost and back on line after a few weeks, in April 2009.
The limited cash flow generated earlier from smelting materials declined
sharply as PGM prices fell, and the decision was taken, in May 2009, to
temporarily halt smelting operations.
The smelter operations have been an unqualified success in terms of
physically proving and commercialising the ConRoast smelting process. We
have demonstrated its ability to process a range of difficult to process
high chrome concentrates, revert tailings and other materials.
As discussed, the margins in the demonstration smelter operation have been
under increasing pressure during the course of the financial year from
escalating costs and declining metal prices. In the run up to the 2010
World Cup the South African Rand has become one of the strongest
performing currencies in the world, appreciating 24% against the US$ from
its lows during the year, adversely affecting an already lower US$
platinum price. The platinum price fell 40% from highs of US$2000/oz to
US$1200/oz (after touching US$780/oz).
With smelting margins contracting sharply it was concluded that there was
little more for Braemore to learn from the smelting demonstration that has
been under way since September 2007. The smelter was in the process of
being ramped up at the time of the operational incident, operating at less
than rated capacity and hence subject to higher unit costs. For all the
reasons set out above, the decision was subsequently taken to put the
smelter on temporary standby.
HYDROMETALLURGICAL REFINING OF SMELTED ALLOY
During the year Braemore was able to complete metallurgical work on the
development of the hydrometallurgical leaching of smelted alloy. This
step removes the iron, extracts base metals for sale and leaves a residual
high value PGM concentrate suitable as direct feed to a PGM refinery.
This refining step increases margins as the value of the product increases
significantly. The high grade PGMs concentrates are an internationally
sought after product
The temporary closure of the smelter gives Braemore the opportunity to
finalise its hydrometallurgical refining process with a view to installing
a commercially viable facility in the near future. The planned refining
plant will have the capacity to process smelted material from both the
existing smelter at Mintek and the new smelter under review.
The proposed merger with Jubilee will enhance the terms and availability
of funds to complete the proposed new smelter. In August 2009 Jubilee,
with support from Braemore, successfully raised GBP 13.25 million towards
funding the expansion and ongoing operations of the new enlarged merged
entity. In September 2009, Jubilee successfully raised an additional GBP
1.95 million for application to Braemore`s operations.
NICKEL TAILINGS PROJECTS
On the nickel side of Braemore`s business there has been significant
progress. Progress has been made in metallurgical testwork, scoping
studies and preparation and formal presentation of detailed reports on the
Leinster and Kambalda nickel tailings projects, as requested by BHP
Billiton.
In January 2009 we were able to update shareholders on the progress made
on the Leinster Nickel Project following on from the preliminary results
from the independent consultants who examined all aspects of the project.
This work was described in a scoping study and presented to BHP Billiton.
Given the environment of lower nickel prices and sharply higher sulphur
prices that prevailed during the course of the studies, a focus was kept
on reducing both operating and capital costs where possible. Braemore has
been complimented on the high quality of the technical work presented and
we await BHP Billiton`s final review shortly.
THE WAY FORWARD
Such innovative thinking has been at the heart of Braemore`s nickel and
PGM projects. The Company is proud of its achievements in these fields.
In conjunction with its technology partner Mintek, the Company has
achieved its stated research and development programme objectives of
developing a proven, industry leading technology for the smelting of high
chrome PGM concentrates.
In light of this Braemore has cemented its relationship with Mintek by
renegotiating and extending its global exclusive licence over the patented
ConRoast technology.
It is this technology that is now being recognised by our peers in the PGM
sector. We have received numerous advances seeking access to the ConRoast
smelting technology due to its proven ability to deal with difficult
concentrates efficiently. Off-take agreements increasingly become more
onerous and less available from traditional larger smelters. This was the
original thinking that saw Braemore enter into agreements with Tharisa
Minerals and Jubilee Resources` Maude project over PGM containing chrome
concentrates.
It did not take long for cashed up companies with synergies with Braemore
to realise the potential offered by its smelting technology to achieve
full vertical integration of similar projects. Several approaches have
been made, due diligence conducted and offers negotiated. In the closing
weeks of June 2009, Braemore announced that it was in discussions with
Jubilee which could lead to a merger proposal being undertaken of superior
long term strategic and current economic benefit to our shareholders.
We strive to attain the goal of becoming a significant mid-stream
processor of PGM and nickel and to build a vertically integrated mining
and processing company.
It has been a year of maximum effort from all concerned. I would like to
thank our Board of directors and management for all their endeavours on
behalf of Braemore shareholders.
Mathews Phosa
Non-Executive Chairman
29 September 2009
CONSOLIDATED INCOME STATEMENT
For the year ended 30 June 2009
Group Group
2009 2008
GBP`000 GBP`000
Revenue 3,558 8,963
Cost of sales (6,670) (7,451)
Gross (loss)/profit (3,112) 1,512
Administrative expenses (4,310) (2,896)
Loss from operations (7,422) (1,384)
Finance income 78 236
Finance costs (74) (261)
Loss before income tax (7,418) (1,409)
expense
Income tax expense - -
Loss for the year (7,418) (1,409)
Loss per share expressed
in pence (0.94p) (0.21p)
- Basic,diluted and
headline
All the Group`s activities are classed as continuing
BALANCE SHEETS
As at 30 June 2009
Restated
Group Group
2009 2008
GBP`000 GBP`000
ASSETS
Non-current assets
Intangible assets 46,797 43,382
Plant and equipment 2,881 91
Investment in subsidiaries - -
Other receivables 46 36
Total non-current assets 49,724 43,509
Current assets
Trade and other receivables 1,257 1,776
Inventory 907 4,257
Cash and cash equivalents 302 974
Total current assets 2,466 7,007
TOTAL ASSETS 52,190 50,516
LIABILITIES
Current liabilities
Trade and other payables 6,846 5,527
NET ASSETS 45,344 44,989
EQUITY
Share capital 1,094 994
Share premium 18,001 12,079
Merger reserve 34,885 34,885
Share based payments reserve 758 717
Foreign exchange reserve 1,003 (545)
Retained losses (10,397) (3,141)
TOTAL EQUITY 45,344 44,989
CASH FLOW STATEMENTS
For the year ended 30 June 2009
Group Group
2009 2008
GBP`000 GBP`000
Cash flows from operating activities
Loss for the period (7,418) (1,409)
Interest expense 74 261
Interest income (78) (236)
Depreciation 534 31
Share based payment 203 -
Foreign exchange on loans to - -
controlled entities
Decrease / (Increase) in inventory 3,350 (4,257)
Decrease / (Increase) in receivables 509 (1,447)
Increase/(decrease) in payables 2,990 3,678
Net cash used in operating 164 (3,379)
activities
Cash flows from investing activities
Payments to acquire plant and (2,485) (86)
equipment
Payment for investments - (37)
Loan to controlled entities - -
Payments to acquire intangible (4,377) (4,146)
assets
Interest received 78 236
Net cash used in investing (6,784) (4,033)
activities
Cash flows from Financing activities
Proceeds from issue of shares 6,501 77
Issue costs paid (479) -
Interest payable (74) (261)
Net cash generated from / (used in) 5,948 (184)
financing activities
Net increase/(decrease) in cash and (672) (7,596)
cash equivalents
Cash and cash equivalents at 974 8,570
beginning of year
Cash and cash equivalents at 30 June 302 974
STATEMENT OF CHANGES IN EQUITY
For the year ended 30 June 2009
Share Share premium Merger reserve
capital reserve
Group GBP`000 GBP`000 GBP`000
As at 1 July 2007 977 11,990 29,395
Correction of prior - - 3,050
period adjustment
(refer note 24)
977 11,990 32,445
Loss for the period - - -
Currency translation - - -
differences
Total recognised - - -
income and expense
for the year
Share capital issued 16 - 2,440
Acquisition of - - -
minority interests in
subsidiary
Exercise of options 1 89 -
Cancellation of - - -
options
Balance at 30 June 994 12,079 34,885
2008
Currency translation - - -
differences
Loss for the period - - -
Total recognised - - -
income and expense
for the year
Share capital issued 100 6,401 -
Share issue expenses - (479) -
Expiry of options - - -
Issue of options - - -
Balance at 30 June 1,094 18,001 34,885
2009
Share Foreign Minorit Retained Total
based exchang y earnings equity
payment e interes
reserve reserve t
Group GBP`000 GBP`000 GBP`000 GBP`000 GBP`000
As at 1 July 2007 814 (6) 17 (1,817) 41,370
Correction of prior - - - - 3,050
period adjustment
(refer note 24)
814 (6) 17 (1,817) 44,420
Loss for the period - - - (1,409) (1,409)
Currency translation - (539) - - (539)
differences
Total recognised - (539) - (1,409) (1,948)
income and expense
for the year
Share capital issued - - - - 2,456
Acquisition of - - (17) - (17)
minority interests in
subsidiary
Exercise of options (12) - - - 78
Cancellation of (85) - - 85 -
options
Balance at 30 June 717 (545) - (3,141) 44,989
2008
Currency translation - 1,548 - - 1,548
differences
Loss for the period - - - (7,418) (7,418)
Total recognised - 1,548 - (7,418) (5,870)
income and expense
for the year
Share capital issued - - - - 6,501
Share issue expenses - - - - (479)
Expiry of options (162) - - 162 -
Issue of options 203 - - - 203
Balance at 30 June 758 1,003 - (10,397) 45,344
2009
COMMENTARY
NOTE
These consolidated financial statements were authorised for issue by the
Board of Directors on 30 September 2009. These results are extracted from
the full annual report which include all the notes to the accounts. The
full audited accounts are available at the Company`s website
www.braemoreresources.com
1. BASIS OF PREPARATION
The financial statements are presented in pounds sterling, rounded to the
nearest thousand.
The accounts have been prepared on a going concern basis. On 3 July 2009
Braemore and Jubilee entered into the Scheme whereby Braemore shareholders
will receive 1 New Jubilee Share for every 15.818 Scheme Shares held. The
Scheme is subject to various conditions including, inter alia, acceptance
at a court meeting and a subsequent shareholder general meeting, currently
expected to occur on 7 October 2009. Jubilee has undertaken to fund the
operating costs of the Group whilst the Scheme is being implemented up to
ZAR 7.0 million (GBP0.58 million1), and to settle some of the Group`s
current liabilities to a maximum of ZAR 43.0 million (GBP3.58 million1).
At the date of this report, the Group has received ZAR 34.51 million
(GBP2.88 million1) in funding under this arrangement, with ZAR 15.49
million (GBP1.29 million1) in funding still available. These amounts will
be repayable by the Company if the Scheme is not completed. The Directors
are confident that the shareholders will accept their recommendation to
vote in favour of the Scheme and certain Braemore shareholders have given
irrevocable undertakings to vote in favour of the Scheme resolutions in
respect of shares representing 50.0% of the existing share capital of
Braemore. However, there can be no guarantee that the vote will result in
the acceptance of the Scheme resolutions, whereupon alternative funding
for the Group will need to be sought, and therefore there exists a
material uncertainty which may cast significant doubt on the Group`s
ability to continue as a going concern. Notwithstanding this uncertainty,
the Directors are confident that based on the irrevocable undertakings
received and enquiries with some of the Company`s other significant
shareholders, the Scheme will be approved, and therefore these financial
statements have been prepared on a going concern basis. The financial
statements do not include the adjustments that would result if the Group
was unable to continue as a going concern.
These financial statements have been prepared in accordance with IFRS as
adopted for use in the European Union (EU), IAS 34, the JSE Listings
Requirements and with those parts of the South African Companies Act 2006
applicable to companies reporting under IFRS. In addition, the Group also
complied with IFRS as issued by the International Accounting Standards
Board (IASB).
The accounting policies applied are consistent with those of the previous
financial year.
THE AUDIT REPORT
The audited results for the year ended 30 June 2009 have been audited by
BDO Spencer Steward (Johannesburg) Incorporated and their opinion is
available for inspection at the Company`s registered office Stoney Ridge
Office Park, Cnr Witkoppen and Waterford rd, Kleve Hill Park, Fourways.
Segment revenue and segment result
Segment revenue Segment result
2009 2008 2009 2008
GBP`000 GBP`000 GBP`000 GBP`000
Continuing operations
Nickel (Australia) - - (946) (1,226)
PGM Smelters (South Africa) 3,558 8,963 (4,720) 873
Administration and Corporate - - (1,756) (1,031)
(United Kingdom)
3,558 8,963 (7,422) (1,384)
Interest revenue 78 236
Finance costs (74) (261)
Loss before tax (7,418) (1,409)
Income tax expense - -
Loss after tax (7,418) (1,409)
Revenue reported above represents revenue generated from external
customers. There were no inter-segment sales in the year (2008: Nil).
The share based payment charge is included within the United Kingdom
segment result.
Segment assets and liabilities
Total Total
Assets Liabilities
Restated
2009 2008 2009 2008
GBP`000 GBP`000 GBP`000 GBP`000
Nickel (Australia) 36,035 35,596 238 544
PGM Smelters (South Africa) 16,029 14,542 6,432 4,782
Administration and Corporate 126 378 176 201
(United Kingdom)
Total of all segments 52,190 50,516 6,846 5,527
Other segment information
Depreciation and Capital
amortisation expenditure
2009 2008 2009 2008
GBP`000 GBP`000 GBP`000 GBP`000
Continuing operations
Nickel (Australia) 6 1 469 1,158
PGM Smelters (South Africa) 508 10 5,110 6,004
Administration and Corporate 20 20 - 58
(United Kingdom)
534 31 5,579 7,220
NOTES TO THE FINANCIAL STATEMENTS
1. LOSS PER SHARE
The loss for the year attributed to shareholders is GBP7,418,000 (2008:
loss GBP1,409,000). This is divided by the weighted average number of
ordinary shares in issue calculated to be 788.8 million (2008: 680.8
million) to give a basic loss per share of 0.94p (2008: loss per share of
0.21p).
The headline loss per share calculation is the same as the basic loss per
share.
As inclusion of the potential ordinary shares would result in a decrease
in the loss per share they are considered to be non-dilutive and, as such,
the effect of the dilution has not been applied in the calculation. The
potential future share issues that may dilute the loss per share relate to
305,000,000 performance shares (2008: 305,000,000) and 29,285,899 options
on issue (2008: 37,835,889)
2. POST BALANCE SHEET EVENTS
On 3 July 2009, the Group received a notice of firm intention from Jubilee
Platinum Plc (`Jubilee`) to make an Offer to acquire the entire issued and
to be issued share capital of the Company. Jubilee has undertaken to fund
the operating costs of the Group whilst the Scheme is being implemented up
to ZAR 7.0 million (GBP0.58 million1), and to settle some of the Group`s
current liabilities to a maximum of ZAR 43.0 million (GBP3.58 million1).
These amounts will be repayable by the Company if the Offer does not
proceed. Additionally, a 1% compensation fee will be payable by Braemore
to Jubilee if the Offer does not proceed for reasons relating to Braemore.
Similarly, a 1% compensation fee will be payable by Jubilee to Braemore if
the Offer does not proceed for reasons relating to Jubilee. As part of
the outcome of this transaction will be the delisting of Braemore
Resources from both the JSE and AIM.
At the date of this report, Jubilee has advanced the Group ZAR 34.51
million (GBP2.88 million1).
3. PRIOR PERIOD ADJUSTMENT - PERFORMANCE SHARES AND BUSINESS COMBINATIONS
On 28 July 2005, the Group completed the acquisition of Braemore Nickel
Pty Ltd (`Braemore Nickel`) (formerly Western Consolidated Nickel Pty Ltd)
with a component of the consideration being 305 million Performance
Shares. The Directors originally valued the Performance Shares at GBPNil,
on the grounds that it was inherently difficult to measure reliably their
fair value at the date of issue.
However, following discussion with the Financial Reporting Review Panel,
the Directors have re-visited this issue as equity instruments issued as
consideration must be measured at their fair value at the date of
acquisition and there is no exemption on the grounds that such fair value
could not be measured reliably. As such, the Directors have used the
Black-Scholes Model to value the Performance Shares.
The Directors have assessed the fair value of the Performance Shares as
GBP3,050,000, as at the date of their issue on 28 July 2005. The key
inputs applied to the Black-Scholes Model included the assessed fair value
of ordinary shares issued for the acquisition of WCN on 28 July 2005 of
10p; risk free interest rate of 4.20%; and expected volatility of 50%. In
assessing the fair value of the Performance Shares, a discount of 90% has
been applied to the theoretical value calculated by the Black-Scholes
Model to take into account the estimated probability of the Performance
Milestones being achieved of 10%. This applied estimated probability of
the Performance Milestones being achieved, took into account the level of
the scoping and desk top technical and economic studies, including
conceptual flow sheet and process, undertaken to the date of the
acquisition of WCN. This applied probability of the achievement of the
Performance Milestone is as at the 28 July 2005, and does not represent
the Director`s current assessment.
As a result of this restatement the intangible assets and merger reserve
of the Consolidated Group, and investments and merger reserve of the
Company, are increased by GBP3,050,000. The Income Statement and
Statement of Cash Flows in the current period are unaffected by this
restatement.
DIVIDEND
No dividend has been declared for the period.
BOARD CHANGES
Leon Coetzer and Dr Mathews Phosa were appointed on the 1st of July 2008
and 2nd of October 2008 respectively.
POSTING OF ANNUAL REPORT AND NOTICE OF ANNUAL GENERAL MEETING
The annual report will be posted to shareholders on 30 September 2009.
Notice is hereby given that the annual general meeting of shareholders
will be held at the offices of Braemore Resouces Plc 18-19 Pall Mall
London SW1Y5LU on the 2nd December 2009 at 11:00 Am to transact the
business as stated in the notice of annual general meeting forming part of
the annual financial statements.
1 Applying the ZAR/GBP exchange rate at 24 September 2009
30 September 2009
Sponsor
Sasfin Capital
(A division of Sasfin Bank Limited)
Date: 30/09/2009 11:00:03 Produced by the JSE SENS Department.
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