| Wed 30 Sep 2009, 17:45 | | YRK - York Timber Holdings - Reviewed Condensed Consolidated Provisional |
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YRK
YRK
YRK - York Timber Holdings - Reviewed Condensed Consolidated Provisional
Financial Statements and Renewal of Cautionary Announcement for the Year
Ended 30 June 2009
YORK TIMBER HOLDINGS LIMITED
Formerly The York Timber Organisation Limited
Reg. No. 1916/004890/06 Share code: YRK & ISIN: ZAE000133450
("York" or "the Company")
REVIEWED CONDENSED CONSOLIDATED PROVISIONAL FINANCIAL STATEMENTS AND RENEWAL OF
CAUTIONARY ANNOUNCEMENT for the year ended 30 June 2009
Salient features
* Net asset value per share - 1 722 cents
* Tangible net asset value per share - 939 cents
* Debt and capital restructuring finalised
* R500 million capital injection recommended by Board
Calculation of headline earnings
Group
12 months 18 months
ended ended
30 June 2009 30 June 2008
R`000 R`000
(Reviewed) (Audited)
Nett of tax Nett of tax
Basic earnings attributable to ordinary
shareholders (231 920) 538 750
- Loss on disposal of equipment and vehicles 1 130 288
- Fair value adjustment on investment property (72) -
- Loss on sale of non-current assets held for
sale 269 244
- Impairment of plant, equipment and vehicles 31 241 -
Headline earnings for the year (199 352) 539 282
Basic headline earnings per share (cents) (254) 1 019
Diluted headline earnings per share (cents) (254) 973
Condensed consolidated provisional balance sheet
Group
30 June 2009 30 June 2008
R`000 R`000
(Reviewed) (Audited)
ASSETS
Non-current assets
Property, plant, equipment, investment
property and intangible assets 437 460 368 431
Biological assets 1 492 002 1 718 407
Goodwill 610 352 610 352
Other non-current financial assets 3 911 81 674
2 543 725 2 778 864
Current assets
Biological assets 246 369 264 663
Inventories 226 467 197 908
Trade and other receivables 117 999 192 108
Cash and cash equivalents 124 422 222 538
Other current financial assets including
assets held for sale 1 854 3 136
717 111 880 353
Total assets 3 260 836 3 659 217
EQUITY AND LIABILITIES
Equity
Ordinary share capital and reserves 1 349 606 1 655 668
1 349 606 1 655 668
Liabilities
Non-current liabilities
Interest bearing long-term liabilities 1 087 702 1 128 545
Other non-current liabilities and provisions 74 893 72,807
Deferred tax 414 974 498 615
1 577 569 1 699 967
Current liabilities
Interest bearing short-term liabilities 103 038 64 109
Trade and other payables 225 199 233 984
Current tax payable 5 424 5 489
333 661 303 582
Total liabilities 1 911 230 2 003 549
Total equity and liabilities 3 260 836 3 659 217
Condensed consolidated provisional income statement
Group
12 months 18 months
ended ended
30 June 2009 30 June 2008
R`000 R`000
(Reviewed) (Audited)
Revenue 1 095 290 1 520 043
Cost of sales (762 223) (819 452)
Gross profit 333 067 700 591
Other operating income 168 295 38 706
Selling, general and administration expenses (365 522) (501 514)
Operating profit 135 840 237 783
Restructuring costs (18 735) (8 355)
Fair value adjustments (244 598) 607 308
Loss on non-current assets held for sale (373) -
(Loss)/profit before finance costs (127 866) 836 736
Finance income 13 133 110 421
Finance expense (197 894) (209 062)
(Loss)/profit before taxation (312 627) 738 095
Taxation 80 707 (199 345)
(Loss)/profit for the period (231 920) 538 750
Attributable to:
Equity holders of the parent (231 920) 538 750
Minority Interest - -
Basic earnings per share (cents) (296) 1 018
Diluted earnings per share (cents) (296) 981
Condensed consolidated provisional cash flow statement
Group
12 months 18 months
ended ended
30 June 2009 30 June 2008
R`000 R`000
(Reviewed) (Audited)
Cash flows from operating activities
Cash generated/(utilised) by operating
activities 220 947 224 372
Interest income 13 133 31 561
Income from investments - 52
Finance expense (168 549) (163 279)
Tax paid (2 999) (5 704)
Net cash from operating activities 62 532 87 002
Cash flows from investing activities
Acquisition of subsidiaries, net of cash - (1 684 520)
Net cash utilised from other investing
activities (133 638) (86 379)
Net cash from investing activities (133 638) (1 770 899)
Cash flows from financing activities
Net cash utilised from other financing
activities (27 010) 1 864 704
Net cash from financing activities (27 010) 1 864 704
Net (decrease)/increase in cash and cash
equivalents (98 116) 180 807
Cash and cash equivalents at the at the
beginning of the period 222 538 41 731
Cash and cash equivalents at the end of the
period 124 422 222 538
Condensed consolidated provisional statement of equity
Total
Share Share share
capital premium capital
R`000 R`000 R`000
Group
Balance at 1 January 2007 552 3 061 3 613
Change in fair value of
available-for-sale financial assets - - -
Issue of shares 3 511 1 049 490 1 053 001
Buy-back of own shares (144) (28 074) (28 218)
Share issue expense - (21 855) (21 855)
Share based payment - - -
Profit for the period - - -
Balance at 1 July 2008 3 919 1 002 622 1 006 541
Change in fair value of
available-for-sale financial assets - - -
Movement in fair value of hedge - - -
Dividends declared and not claimed - - -
Share premium on rights issued - 24 266 24 266
Reversal of share based payment reserve - - -
(Loss) for the period - - -
Balance at 30 June 2009 as reviewed 3 919 1 026 888 1 030 807
Fair value Share-
adjustment assets - based
Hedging available-for- payment
reserve sale reserve reserve
R`000 R`000 R`000
Group
Balance at 1 January 2007 - 144 -
Change in fair value of
available-for-sale financial assets - (363) -
Issue of shares - - -
Buy-back of own shares - - -
Share issue expense - - -
Share based payment - - 10 446
Profit for the period - - -
Balance at 1 July 2008 - (219) 10 446
Change in fair value of
available-for-sale financial assets - 40 -
Movement in fair
value of hedge (89 545) - -
Dividends declared and not claimed - - -
Share premium on rights issued - - -
Reversal of share based
payment reserve - - (9 160)
(Loss) for the period - - -
Balance at 30 June 2009 as
reviewed (89 545) (179) 1 286
Total Retained
reserves income Total equity
R`000 R`000 R`000
Group
Balance at 1 January 2007 144 100 150 103 907
Change in fair value of
available-for-sale financial assets (363) - (363)
Issue of shares - - 1 053 001
Buy-back of own shares - - (28 218)
Share issue expense - - (21 855)
Share based payment 10 446 - 10 446
Profit for the period - 538 750 538 750
Balance at 1 July 2008 10 227 638 900 1 655 668
Change in fair value of
available-for-sale financial assets 40 - 40
Movement in fair value of hedge (89 545) - (89 545)
Dividends declared and not claimed - 257 257
Share premium on rights issued - - 24 266
Reversal of share based payment
reserve (9 160) - (9 160)
(Loss) for the period - (231 920) (231 920)
Balance at 30 June 2009 as reviewed (88 438) 407 237 1 349 606
Condensed consolidated provisional segment analysis
Sawmilling Plywood
12 months 18 months 12 months 18 months
2009 2008 2009 2008
R`000 R`000 R`000 R`000
Revenue
External sales 670 035 914 703 188 954 180 064
Inter-segment sales 13 633 45 710 6 386 -
Total revenue 683 668 960 413 195 340 180 064
Result
Fair value adjustment
biological assets - - - -
Trading 112 244 110 927 (895) (5 860)
Segment result 112 244 110 927 (895) (5 860)
Unallocated expenses
Profit from operations
Net finance costs
Income tax expense
Profit for the year
Segment assets 441 497 409 471 59 407 98 397
Unallocated corporate assets - - - -
Consolidated total assets
Segment liabilities 47 148 176 150 11 186 15 970
Unallocated corporate
liabilities - - - -
Non-current and current
loans and borrowings - - - -
Taxation and deferred
taxation - - - -
Consolidated total
liabilities
Additions to biological
assets - - - -
Capital expenditure 125 380 22 299 590 469
Depreciation and
amortisation (20 012) (20 653) (793) (1 754)
Impairment of tangible
assets (42 409) - (981) -
Warehousing Forestry
12 months 18 months 12 months 18 months
2009 2008 2009 2008
R`000 R`000 R`000 R`000
Revenue
External sales 171 414 368 941 64 887 56 335
Inter-segment sales 21 919 34 483 445 227 461 618
Total revenue 193 333 403 424 510 114 517 953
Result
Fair value adjustment
biological assets - - (244 698) 607 308
Trading (4 970) 10 147 77 393 172 318
Segment result (4 970) 10 147 (167 305) 779 626
Unallocated expenses
Profit from operations
Net finance costs
Income tax expense
Profit for the year
Segment assets 47 790 83 118 1 876 764 2 153 193
Unallocated corporate assets - - - -
Consolidated total assets
Segment liabilities 7 935 34 621 78 487 45 042
Unallocated corporate
liabilities - - - -
Non-current and current
loans and borrowings - - - -
Taxation and deferred
taxation - - - -
Consolidated total
liabilities
Additions to biological assets - - - 45 725
Capital expenditure - - 4 634 14 321
Depreciation and
amortisation (413) (514) (4 336) (3 286)
Impairment of tangible assets - - - -
Elimination Consolidated
12 months 18 months 12 months 18 months
2009 2008 2009 2008
R`000 R`000 R`000 R`00
(Reviewed) (Audited)
Revenue
External sales - - 1 095 290 1 520 043
Inter-segment sales (487 165) (541 811) - -
Total revenue (487 165) (541 811) 1 095 290 1 520 043
Result
Fair value adjustment
biological assets - - (244 698) 607 308
Trading - - 183 772 287 532
Segment result - - (60 926) 894 840
Unallocated expenses (66 940) (58 104)
Profit from operations (127 866) 836 736
Net finance costs (184 761) (98 641)
Income tax expense 80 707 (199 345)
Profit for the year (231 920) 538 750
Segment assets - - 2 425 458 2 744 179
Unallocated corporate assets - - 835 378 915 038
Consolidated total assets 3 260 836 3 659 217
Segment liabilities - - 144 756 271 783
Unallocated corporate
liabilities - - 155 336 35 008
Non-current and
current loans and
borrowings - - 1 190 740 1 192 654
Taxation and deferred
taxation - - 420 398 504 104
Consolidated total
liabilities 1 911 230 2 003 549
Additions to
biological assets - - - 45 725
Capital expenditure - - 130 604 37 089
Depreciation and
amortisation 6 165 - (19 389) (26 207)
Impairment of tangible assets - - (43 390) -
Business segments
The segmented trading results is reported as the operating profits by divisions
before depreciation, tax and interest and excluding fair value adjustments. The
Company and its subsidiaries (collectively, "the Group") is organised into four
major operating divisions - Sawn Timber Products, Plywood, Warehousing and
Forestry. The divisions are the basis on which the Group reports its primary
segment information. The Sawn Timber Products segment produces and sells a
broad range of structural and industrial sawn timber products. The Plywood
division manufactures and sells plywood products. The Warehousing division buys
and sells timber related products on a wholesale basis. The Forestry division
owns plantations on which it grows pine and eucalyptus trees that are felled on
a rotational basis and then sold.
Geographical segments
The Group regards its business as a single geographical segment.
Segment assets and liabilities
Segment assets include all operating assets used by a segment and consist
principally of operating cash, receivables, inventories and property, plant and
equipment, net of allowances and provisions for impairment. While most such
assets can be directly attributed to individual segments, the carrying amount
of certain assets used jointly by two or more segments is allocated to the
segments on a reasonable basis. Segment liabilities include all operating
liabilities and consist principally of accounts payable, wages and accrued
liabilities. Segment assets and liabilities do not include deferred income
taxes and taxes currently payable.
Inter-segment transfers
Segment revenue, segment expenses and segment results include transfers between
business segments. Such transfers are accounted for at competitive market
prices charged to unaffiliated customers for similar goods. Those transfers are
eliminated on consolidation. There were no changes in segment accounting
policy.
NOTES TO THE CONDENSED CONSOLIDATED PROVISIONAL FINANCIAL STATEMENTS
The Group is domiciled and incorporated in The Republic of South Africa. The
condensed consolidated provisional Group financial results for the year ended
30 June 2009 comprise the Company and its subsidiaries.
The condensed consolidated provisional financial results were authorised for
issue on 29 September 2009.
Based on KPMG`s review, nothing has come to their attention that causes them to
believe that the condensed consolidated provisional financial statements are
not prepared, in all material respects, in accordance with International
Financial Reporting Standards, which include IAS 34, Interim Financial
Reporting, and in a manner required by the Companies Act of South Africa.
KPMG Inc.`s unmodified auditor`s review report is available for inspection at
the company`s registered office.
(a) Basis of preparation
The provisional financial results of York Timber Holdings Limited and its
subsidiaries for the year ended 30 June 2009 constitute a summary, prepared in
terms of International Accounting Standard ("IAS") 34, of the Group`s financial
statements. They have been prepared in accordance with International Financial
Reporting Standards ("IFRS") and the South African Companies Act 1973, as
amended.
(b) Basis of measurement
The financial statements have been prepared on the historical cost basis except
for the following:
? financial instruments held for trading and financial instruments classified
as available for sale are measured at fair value;
? liabilities relating to the share based payment reserve is measured at fair
value;
? investment property is measured at fair value; and
? biological assets are measured at fair value less estimated point of sale
costs.
(c) Functional and presentation currency
The financial statements are presented in Rand, which is the Group`s functional
currency. All financial information presented in Rand has been rounded to the
nearest thousand.
(d) Use of estimates and judgements
The preparation of financial statements in conformity with IFRS requires
management to make judgements, estimates and assumptions that affect the
application of accounting policies and the reported amounts of assets,
liabilities, income and expenses. Actual results may differ from these
estimates. These judgements and estimates are reviewed annually by management.
Revisions to accounting estimates are recognised in the period in which the
estimate is revised and in any future periods affected. Judgements and
estimates that have a significant effect on the financial statements are:
? Biological assets;
? Contingencies;
? Goodwill;
? Investment property;
? Measurements of share based payments;
? Other financial assets;
? Provisions;
? Special purpose entities; and
? Trade and other receivables.
(e) Basic and headline earnings per share
Basic earnings per share is calculated by dividing the (loss)/profit
attributable to ordinary shareholders of (R231.92) million (2008: R538.75
million) by the weighted average number of ordinary shares of 78.37 million
(2008: 52.93 million).
Headline earnings per share is calculated by dividing the (loss)/profit
attributable to ordinary shareholders after adjustment of items not part of
headline earnings of (R199.35) million (2008: R539.28 million) by the weighted
average number of shares of 78.37 million (2008: 52.93 million).
(f) Diluted earnings per ordinary share
The calculation of diluted earnings per share is based on the profit
attributable to ordinary shareholders of (R231.92) million (2008: R543.37
million) and a weighted average number of ordinary shares of 78.37 million
(2008: 55.41 million). There were no instruments in the current year that had a
dilutive effect.
(g) Dividends
Dividends on preference shares amounting to R8.19 million were accrued in 2009
(2008: R4.61 million). The preference shares issued are classified as a
liability in accordance with the classification requirements of IAS 32.
Accordingly, the preference dividends are included in finance expense.
(h) Net asset value per share
Net asset value per share is calculated by dividing the net asset value as at
30 June 2009 of R1.35 billion (2008: R1.66 billion) by 78.37 million ordinary
shares in issue as at the end of the period (2008: 78.37 million).
(i) Significant accounting policies
The accounting policies applied by the Group in these condensed consolidated
provisional financial results are the same as those applied by the Group in the
most recent annual financial statements as at and for the year ended 30 June
2008.
(j) Special purpose entities
The Group has established Special Purpose Entities ("SPE") in establishing its
Broad Based Black Economic Empowerment ("BEE") structures. A SPE is
consolidated if, based on an evaluation of the substance of its relationship
with the Group and the SPE`s risks and rewards, the Group controls the SPE. The
SPE controlled by the Group were established on the terms that impose strict
limitation on the decision-making powers of the SPE`s management resulting in
the Group retaining the residual risks and rewards related to the SPE.
During the previous financial reporting period the SPE and Trusts were not
consolidated as it was the view of the Group that the Group did not control
these SPE and Trusts. During the current financial reporting period certain SPE
and trusts have been consolidated. The effect on this consolidation is not
material to the prior year financial statements and therefore no adjustments to
prior year financial statements were made. The remaining SPE and trust
structures will be amended to correctly reflect the economic substance of their
original intention.
(k) Restructuring of operations
Certain sawmills were still operational at 30 June 2009 and the prospective
closure of these operations will occur in the 2010 financial year. Information
regarding these sawmilling operations as disclosed below excludes any
inter-group transactions:
2009 2008
R`000 R`000
Income statement summary
Revenue 97 170 122 711
Gross profit 11 782 26 263
Net (loss)/profit (45 968) 10 387
Balance sheet summary
Total assets 20 830 51 364
Total liabilities 56 411 40 977
Commentary
Background
York has had an extremely challenging year characterised by softening demand
for its products and lower prices which have resulted in a loss for the year.
The Board has proactively managed the current economic environment by engaging
new management and entering into and concluding negotiations with the
institutions ("the Lenders") that provided finance to York for the acquisition
of Global Forest Products ("GFP").
Management remains committed to the continued improvement of operating
efficiencies and product mix in order for the Group to remain cost competitive
in tough economic conditions. The Group has placed renewed focus on its supply
chain management to enhance service delivery to its customers, which includes
the expansion of all its warehousing facilities and improving and broadening
its product offering, thereby entrenching its position as the largest
softwood supplier in Southern Africa.
York`s plantation asset
The volume of logs from York`s plantations has been confirmed through a
comprehensive enumeration process. The decline in log prices negatively
impacted on this value. Despite this, the underlying value of York`s
biological asset remains intact and is one of the most pristine long-term
rotation plantation assets in the southern hemisphere. York continues to
maintain its sought after Forest Stewardship Council certified plantations
through the Group`s tree breeding facilities in its own nursery, modern
forestry management practices and sustainable long-term harvesting regime.
These measures all contribute to the continued improvement and ensure the
sustainability of the plantation asset.
During the period under review the Forestry division`s management team has been
strengthened and controls throughout all operations have been improved. An
extensive fire protection plan has been implemented which includes dedicated
aerial attack response using helicopters, increase on-site water carriers,
stringent fire protection measures such as fire breaks, a community education
program "Mlilo" to increase awareness and an integrated industry-wide rapid
response to enforce the regulations as stipulated in the Forest and Veld Fire
Act. In addition, the Group has taken out extensive fire insurance against fire
damage.
Market conditions
York has not escaped the consequences of the severe downturn in the worldwide
economy. In particular, the building sector of South Africa has seen a
slow-down over the past year. As this is York`s primary market, the Group has
experienced a decline in demand for its products.
Downward price pressure was also experienced due to excess capacity in the
sawmilling industry, a situation which has been exacerbated by the temporary
oversupply of lumber due to the salvage operations subsequent to the fires in
2007 and 2008.
The South African sawmilling industry has seen the closure of several sawmills
over the past few months and in June 2009 York also embarked on a restructuring
process to align its processing capacity with the current lower market demand.
After a consultation process , the Group since closed three of its
technologically outdated and less inefficient sawmills.
York also embarked on a cost saving exercise during the latter part of 2008. As
a result of the mill closures , the Group needed to align its overhead cost
structures with the reduced processing capacity. The project has resulted in a
strengthened and focused management team. During June 2009 all divisions within
York were restructured and costs throughout the Group were further reduced. The
financial benefit of the restructuring and cost cutting exercise will only be
realised in the 2010 financial year, even though the restructuring costs and
impairment costs have been included in the financial year ended June 2009.
Financial review
During the period under review the following material items have affected the
results:
- The downward adjustment to the fair value of biological assets of R245
million is predominantly attributable to a decline in log prices in the
Mpumalanga region. The biological asset value remains higher than at
acquisition.
- Other Operating Income includes an insurance claim settlement received by the
Group as a result of fire damage to its Driekop sawmill consisting of R54
million for loss of income and R111 million for capital expenditure incurred in
rebuilding it.
- As part of the debt funding raised for the acquisition of GFP, York entered
into an interest rate swap transaction with a nominal value of R1.15 billion to
hedge itself against the risk of interest rate increases. In terms of IFRS the
swap is fair valued at year end at a liability of R35.3 million (2008: R78.8
million asset). In line with the Group`s strategy, hedge accounting was adopted
in the financial year under review.
- As a consequence of the reorganisation of the Group, restructuring costs of
R18.7 million and impairment costs of R43.3 million have been recorded.
- The Group continues to experience the effects of the fires in the form of
additional harvesting and re-planting costs.
- The tax credit consists mainly of deferred tax on the biological asset.
Working capital
Net working capital reduced from R156 million to R119 million mainly due to a
decrease in accounts receivable resulting from reduced sales volumes. As a
consequence of the closure of certain sawmills , production has been reduced in
line with market demand, which should see inventory levels decline. Working
capital management remains a focus for management.
Dividends
Taking into consideration the debt facilities extended by York`s bankers and
other growth plans , only preference dividends were declared during the period
under review as in the previous year.
Rights offer
A major constraint in York has been the excessive level of gearing and
associated interest burden on the business.
This , combined with lower operating results , has contributed to the loss
incurred by the Group in the current financial year.
The Board has resolved to proceed with a rights offer of at least R500 million
to strengthen the equity base of the Company.
The implementation process includes the need to pass a resolution at a general
meeting of York to be convened to increase the authorised share capital of the
Company, which has the support of the necessary majority of shareholders.
Further details will be released in due course.
The equity capital raising , which is expected to be completed by December
2009, will result in reduced gearing levels placing the Group on a stable
footing to enable it to capitalise on future growth opportunities.
Revised debt terms
When the Board became aware that York may in subsequent periods breach certain
of the covenants in its debt package, the Lenders were approached prior to any
covenant breach to commence an evaluation of the situation and to determine a
sustainable debt and capital structure for York. This resulted in a successful
re-negotiation of the terms of the debt package. A portion of the proceeds of
the rights offer will be used to reduce debt. These revised terms place York on
a much sounder footing and will enable it to proactively position it well for
future growth in the timber market in South Africa.
Goodwill
The Goodwill which arose as a result of the acquisition of GFP remains intact.
Future economic benefit is expected to flow to the Group as York`s sustainable
forestry management and skilled harvesting and silviculture plans will see a
significant increase in the value of the plantations. As a result, the value of
the asset to which the Goodwill relates still supports the current balance.
Going concern
The Board has reviewed the Group`s cash flow forecast after taking all of the
above into account and is satisfied that the Group has, or has access to,
adequate resources to continue operating for the foreseeable future. As a
result, the Board is of the opinion that the going concern assumption is
appropriate and that the Group will be a going concern in the foreseeable
future.
Accordingly, the consolidated financial statements have been prepared on the
basis of accounting policies applicable to a going concern. This basis presumes
that funds will be available to finance future operations and that the
realisation of assets and settlement of liabilities , contingent obligations
and commitments will occur in the ordinary course of business.
Outlook
Cost reductions across the Group and the restructuring of all operations were a
necessary response to the current economic challenges being experienced. These
actions position York to reap the benefits once the economy recovers. The Group
remains largely self-sufficient in terms of logs supplied by its own timber
plantations and owns four modern, well-managed sawmills and a plywood plant.
The Group also plans to increase its ownership of forestry resources , should
these opportunities present themselves.
Management`s objective is to maximise the Group`s profitability through
optimisation of its processing plants , raw material utilisation and through
exploitation of its leading position in the softwood market. Management will
also continue to be cost efficient, improving operational productivity and
optimising working capital.
Management is optimistic that once the balance sheet restructure has been
successfully concluded, shareholders should see the value of the Group
significantly enhanced as York`s pre-eminent position in the industry is
cemented.
An investment in York is strongly underpinned by sustainable forestry and
processing assets with the current net asset value per share of 1 722 cents and
tangible net asset value per share of 939 cents being well in excess of the
current traded share price.
RENEWAL OF CAUTIONARY ANNOUNCEMENT
Shareholders of York are referred to the cautionary announcement dated 28
August 2009 and are advised that the Company intends raising at least R500
million by means of a rights offer. Furthermore, this process may have a
material effect on the price of the Company `s shares traded on the JSE.
Shareholders are accordingly advised to continue to exercise caution when
dealing in York shares until a further detailed announcement is made in due
course.
Piet van Zyl Duncan Erskine
Chief Executive Officer Chief Financial Officer
Sabie
30 September 2009
Executive Directors:
Piet van Zyl (CEO), Duncan Erskine (CFO), Gay Mokoena
(Director Corporate Services)
Non-Executive Directors:
Jim Myers (Chairman, USA), Andrew Bonamour, Paul Botha , Dick Claunch,
Shakeel Meer, Tlhopheho Modise, Grathel Motau, Simon Murray, Pieter Odendaal
Company Secretary:
Francois Dekker
Registered Office:
York Corporate Offices , 3 Main Road, Sabie, 1260
Tel 013 764 9200 Fax 013 764 3245
PO Box 1191, Sabie, 1260
www.york.co.za
Transfer Secretaries:
Computershare Investor Services (Proprietary) Limited
70 Marshall Street, Johannesburg , 2001
PO Box 61051, Marshalltown, 2107
Sponsor
Barnard Jacobs Mellet Corporate Finance (Pty) Limited
Date: 30/09/2009 17:45:31 Produced by the JSE SENS Department.
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