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PNG - Pinnacle Point Group Limited - Unaudited condensed consolidated interim
results For the six months ended 31 August 2009
PINNACLE POINT GROUP LIMITED
(Registration Number: 2000/000059/06)
Share code: PNG ISIN code: ZAE000127122
("Pinnacle Point" or "the Company")
Unaudited condensed consolidated interim results
For the six months ended 31 August 2009
Condensed Consolidated Statement of Financial Position at 31 August 2009
Unaudited Audited Unaudited
6 Months 12 months 6 Months
31 August 28 February 31 August
2009 2009 2008
R`000 R`000 R`000
ASSETS
Non-current assets 1 139 754 1 052 004 170 068
Property, plant and equipment 23 829 27 863
6 360
Investment property 6 075 6 075 -
Inventory/Freehold land and stands 896 332 854 160
132 311
Goodwill 17 504 17 504 17 504
Other intangible assets 1 379 1 621 -
Loans and receivables at amortised cost 84 083 59 520
-
Deferred tax assets 110 552 85 261 13 893
Current assets 544 894 630 382 315 027
Inventory/Freehold land and stands 380 371 398 569
163 042
Loans and receivables at amortised cost 152 019 154 248
149 609
Trade and other receivables 5 891 21 347
1 732
Current tax receivable 1 461 1 532 -
Cash and cash equivalents 5 152 54 686
644
Total Assets 1 684 648 1 682 386 485 095
EQUITY AND LIABILITIES
Equity and reserves
Issued capital1 813 866 813 866 250 001
Foreign currency translation reserve (18 614) (11 615)
-
Accumulated loss (114 854) (50 738) (44 818)
Equity attributable to owners of the
parent 680 398 751 513 205 183
Non-controlling interests
34 096 16 100 27
Total equity 714 494 767 613 205 210
Non-current liabilities 424 702 419 148 46 493
Borrowings 172 195 165 473 40 038
Finance leases and other arrangements 17 311 15 983
2 979
Platinum Club obligations - 2 500
-
Deferred tax liabilities 235 196 235 192
3 476
Current liabilities 545 452 495 625 233 392
Trade and other payables 94 170 137 009
46 493
Borrowings 221 057 247 000 88 515
Finance leases and other arrangements 7 419 7 344
660
Platinum Club obligations 16 000 40 625
-
Loans payable 48 672 - 66 570
Provisions 12 958 14 073 -
Operating lease liability 224 107
83
Current tax payable 6 749 8 730 67
Bank overdraft 138 203 40 737 31 004
Total Equity and Liabilities
1 684 648 1 682 386 485 095
Calculated shares in issue at year end
(`000)
4 599 738 4 599 738 22
Net asset value per share issued
(cents) 15.60 16.76 932 773
Net tangible asset value per share
(cents) 28.64 29.29 1 374 350
Actual shares in issue at year end
(`000) 4 579 783 4 579 783 22
Condensed Consolidated Statement of Comprehensive Income for the six months
ended 31 August 2009
Unaudited Audited Unaudited
6 Months 12 months 6 Months
31 August 28 February 31 August
2009 2009 2008
R`000 R`000 R`000
Revenue 9 248 102 713 80 129
Cost of sales (18 197) (66 254) (52 419)
Gross (loss) / profit (8 949) 36 459 27 710
Other gains and losses 18 591 36 165 9 075
Marketing and sales expenses (7 943)
(15 948) (13 273)
Other expenses (79 427) (60 643) (22 070)
Operating (loss) / profit (77 728)
(3 967) 1 442
Investment revenue 13 965 37 079 9 538
Finance costs (25 649) (35 344) (8 797)
(Loss) / profit before tax (89 412)
(2 232) 2 183
Tax income / (expense) 25 292 (844) 1 003
(Loss) / profit for the period (64 120)
(3 076) 3 186
Other comprehensive income:
Exchange differences arising on
translation of foreign operations
(6 999) (11 615) -
Fair value adjustments on acquisition -
2 765 -
Tax relating to components of other -
comprehensive income
(774) -
Other comprehensive income for the (6 999)
period (9 624) -
(71 119)
Total comprehensive income for the
period (12 700) 3 186
(Loss) / profit attributable to:
Owners of the parent (64 116) (2 734) 3 186
Non-controlling interests
(4) (342) -
Total comprehensive income attributable
to:
Owners of the parent (71 115) (14 349) 3 186
Non-controlling interests (4)
1 649 -
(Loss) / earnings per share
Basic (loss) / earnings per share (1.40)
(cents) (0.09) 21 335.84
Diluted basic (loss) / earnings per (1.40)
share (cents)
(0.09) 21 335.84
(64 116)
Headline (loss) / earnings
reconciliation
(Loss) / profit attributable to owners
of the parent
(2 734) 3 186
Adjusted for:
Profit on disposal of property, plant -
and equipment
(95) -
Profit on disposal of investment -
property (3 081) -
Headline (loss) / earnings for the (64 116)
period (5 910) 3 186
Headline (loss) / earnings per share
Headline (loss) / earnings per share (1.40)
(cents)
(0.20) 21 335.84
Diluted headline (loss) / earnings per (1.40)
share (cents)
(0.20) 21 335.84
Core headline (loss) / earnings
reconciliation
Headline (loss) / earnings attributable (64 116)
to owners of the parent
(5 910) 3 186
Adjusted for;
Nigerian listing expenses
28 759 - -
Capital restructuring costs
6 000
Core headline (loss) / earnings (29 357)
(5 910) 3 186
Core headline (loss) / earnings per
share
Core headline (loss) / earnings per
share (cents)
(0.64) (0.20) 21 335.84
Diluted core headline (loss) / earnings
per share (cents)
(0.64) (0.20) 21 335.84
Weighted average shares in issue
(`000)2 4 579 783 2 987 903 15
Weighted average shares in issue (`000)
2 4 579 783 2 987 903 15
Condensed Consolidated Statement of Cash flows for the six months ending 31
August 2009
Unaudited Audited Unaudited
6 Months 12 months 6 Months
31 August 28 February 31 August
2009 2009 2008
R`000 R`000 R`000
Net cash outflow from operating (163 484)
activities (64 705) (52 863)
Net cash (outflow) inflow from
investing activities
(22 556) 49 428 (50 994)
Net cash inflow from financing
activities 136 506 100 916 135 454
Net (decrease) increase in cash and (49 534)
cash equivalents
85 639 31 597
Cash and cash equivalents at beginning 54 686
of the year
(30 953) (30 953)
Cash and cash equivalents at end of the
year
5 152 54 686 644
Consolidated Statement of Changes in Equity for the six months ending 31 August
2009
Issued Foreign Accumulated
Capital 1 Currency loss
Translation
reserve
R`000 R`000 R`000
Balance at 1 March 2008 1 - (48 004)
Profit for the period - - 3 186
Total comprehensive income for - - 3 186
the period
Issue of shares for cash 250 000 - -
Balance at 31 August 2008 250 001 - (44 818)
Loss for the period - - (5 920)
Fair value adjustments on - - -
acquisition
Foreign exchange movement - (11 615) -
Total comprehensive income for - (11 615) (5 920)
the period
Acquisition of subsidiaries - - -
Platinum Club - - -
Issue of ordinary shares to 364 034 - -
acquire assets
Issue of ordinary shares for 200 000 - -
cash
Share issue costs (169) - -
Balance at 28 February 2009 813 866 (11 615) (50 738)
Loss for the period - - (64 116)
Foreign exchange movement - (6 999) -
Total comprehensive income for - (6 999) (64 116)
the period
Platinum Club - - -
Balance at 31 August 2009 813 866 (18 614) (114 854)
Attributable Non- Total
to owners of Controlling
the parent interests
R`000 R`000 R`000
Balance at 1 March 2008 (48 003) 27 (47 976)
Profit for the period 3 186 - 3 186
Total comprehensive income for 3 186 - 3 186
the period
Issue of shares for cash 250 000 - 250 000
Balance at 31 August 2008 205 183 27 205 210
Loss for the period (5 920) (342) (6 262)
Fair value adjustments on - 1 991 1 991
acquisition
Foreign exchange movement (11 615) - (11 615)
Total comprehensive income for (17 535) 1 649 (15 886)
the period
Acquisition of subsidiaries - 854 854
Platinum Club - 13 570 13 570
Issue of ordinary shares to 364 034 - 364 034
acquire assets
Issue of ordinary shares for 200 000 - 200 000
cash
Share issue costs (169) - (169)
Balance at 28 February 2009 751 513 16 100 767 613
Loss for the period (64 116) (4) (64 120)
Foreign exchange movement (6 999) - (6 999)
Total comprehensive income for (71 115) (4) (71 119)
the period
Platinum Club - 18 000 18 000
Balance at 31 August 2009 680 398 34,096 714 494
1 Includes share capital, share premium, share based payment reserve and equity
reserve arising from the reverse acquisition consolidation.
2 Excluding treasury shares and including shares contracted for but not yet
issued. In line with the requirements of IFRS3 Business Combinations for the
calculation of the weighted average shares in issue, calculated shares in issue
at 31 August 2008 has been calculated as the number of shares issued to the
owners of Pinnacle Point Investments (Pty) Ltd ("PPI Group").
COMMENTARY
BASIS OF PREPARATION
The Group`s consolidated interim financial information for the six months ended
31 August 2009 have been prepared in accordance with IAS 34 - Interim Financial
Reporting. The accounting policies, which comply with International Financial
Reporting Standards ("IFRS"), have been applied consistently in all material
aspects in the current and comparative periods.
The ability of the Group to continue as a going concern is dependent on the
successful conclusion of the Rights Offer and more particularly resolving the
dispute with Absa Bank Limited (Absa) in relation the underwriting agreement
which is set out below. The board advises that on this basis the preparation of
the financial statements on a going concern basis is appropriate.
The condensed consolidated interim financial information should be read in
conjunction with the audited annual financial statements for the year ended 29
February 2009, which have been prepared in accordance with IFRS. The interim
results have not been reviewed or reported on by the auditors.
BUSINESS AND MARKET OVERVIEW
The period under review saw the residential building sector in a deep decline
and the global real economy in recession. The wide ranging stimulating policy
measures introduced by global policy makers are now starting to take effect.
Pinnacle Point has during this period gone through a period of stagnation not
only due to the poor state of the property sector, but also due to the financial
restructuring programme it has gone through with its major shareholders. This
has however given Pinnacle Point the opportunity to realign its business model,
stream line the business and introduce a new management team to take up the
opportunities that lie ahead.
Confidence levels in the residential building sector has started improving
albeit slowly and at a level still below the same period a year ago. Investors
in this sector are starting to return as the destocking cycle has normalised and
there is plenty of value in the market at present.
In conclusion the residential property market is showing early signs of a
recovery and Pinnacle Point is well positioned to take advantage of that growth.
FINANCIAL REVIEW
Results for the period ended 31 August 2008 only comprise of the Pinnacle Point
Investments Group (PPI) and exclude the Acc-Ross Holdings Group which PPI merged
with on 31 October 2008.
The loss for the period amounts to R64 million. This loss includes non-recurring
listing and capital restructuring costs amounting to R34.8 million resulting in
a core loss for the period of R29,4 million. Revenue was sharply down on the
same period for 2008 at R9.2 million as selling virtually came to a standstill
while the capital restructuring process was taking place. This was exacerbated
by the poor market conditions.
A negative gross profit was recorded due to the high standing costs which could
no longer be capitalised on the completed developments such as Gardener Ross,
Clarens and Pinnacle Point. The related finance costs on these developments were
also expensed resulting in the finance costs increasing significantly to R25.6
million from R8.8 million for the comparative period.
Other expenses include the cost of operating the various golf operations which
are still high in relation to the income being generated by these operations.
This will normalise once these courses reach full membership capacity.
Interest bearing debt increased by R146 million over the six month period ending
31 August 2009 which is discussed in more detail in the Statement of Cash flows
Review.
STATEMENT OF CASH FLOWS REVIEW
The net cash outflow from operations amounted to R163 million for the period.
This was mainly funded out of a bridging funding facility granted by Absa
amounting to R98 million, a $5 million shareholder`s loan and cash surpluses.
Both these facilities have subsequently been capitalised. This is covered in
more detail in the subsequent events review below.
Cash utilised in the operating activities include the following significant
items;
* An increase in inventory of R31 million. This consists of mainly
capitalised expenditure for the Lagos and Wedgewood projects.
* Repayment of trade and other creditors amounting to R42.3 million.
* Finance costs increased due to finance costs relating to standing projects
not being capitalised. Finance cost for the 6 months ending 31 August 2009
recognised in the income statement is R25.6 million.
SEGMENTAL REPORTING
For management purposes, the Group is organised into the following segments
based on the products and services it renders:
Sale of freehold land and stands
The Group develops leisure resorts and residential lifestyle estates, whereby
land is acquired, rezoned, developed and sold. In the sale of freehold property
and serviced vacant land segment, revenue is derived from the sale of this
property.
The segment is further divided into geographical regions, namely South Africa,
Nigeria and Seychelles. Whilst the South African segment comprise a number of
projects, the various projects are exposed to similar risks and possess similar
characteristics and accordingly, are aggregated into one segment for financial
statement and other reporting purposes. The developments in the countries other
than South Africa are still in its initial phases and no revenue has been
derived from these segments yet.
Real estate agency services
Real estate agency services comprise commission earned on the sale of property
developed by the Group in South Africa. The service extends to include
subsequent resale of such properties.
Golf course operations
Revenue in this segment is derived principally from membership and green fees
received from golf operations in South Africa.
The operating segments which conduct real estate agency services and golf
operations are immaterial to the Group and accordingly, the Group`s consolidated
results materially reflect the results relating to sale of freehold property and
serviced vacant land.
31 August 2009
Freehold
Property
and serviced
vacant land
South Africa Sub
R`000 Nigeria Seychelles Total
R`000 R`000 R`000
Segment revenue
5 011 - - 5 011
Segment interest
income
7 269 - - 7 269
Segment finance
cost 25 251 - - 25 251
Segment
depreciation and
amortisation
3 658 - - 3 658
Segment loss before
taxation
(74 583) (414) (1 395) (76 393)
Segment tax
(income) / expense
(23 149) (3 016) (692) (26 857)
Segment Inventory
694 886 564 024 10 395 1 269 305
Segment total
assets
1 003 563 573 590 25 160 1 602 313
Segment borrowings
393 252 - - 393 252
Group
Other
R`000 R`000
Segment revenue
4 237 9 248
Segment interest income
6 696 13 965
Segment finance cost
397 25 648
Segment depreciation and amortisation
603 4 261
Segment loss before taxation
(13 019) (89 412)
Segment tax (income) / expense
1 566 (25 292)
Segment Inventory
- 1 269 305
Segment total assets
82 335 1 684 648
Segment borrowings
- 393 252
28 February 2009
Freehold property and
serviced vacant land
South Sub
Africa Nigeria Seychelles Total
R`000 R`000 R`000 R`000
Segment revenue
102 873 - - 102 873
Segment interest income
6 272 - - 6 272
Segment finance cost
12 527 - - 12 527
Segment de-
preciation and amorti-
sation
2 228 - - 2 228
Segment profit (loss)
before taxation
(11 484) (3 885) 5 195 (10 174)
Segment tax (income) /
expense
(4) - 791 787
Segment inventory
672 791 569 689 10 248 1 252 728
Segment total assets
963 765 578 055 72 347 1 614 167
Segment borrowings
407 957 - - 407 957
Group
Other
R`000 R`000
Segment revenue
(160) 102 713
Segment interest income
30 807 37 079
Segment finance cost
22 817 35 344
Segment de-
preciation and amorti-
sation
1 515 3 743
Segment profit (loss)
before taxation
7 944 (2 230)
Segment tax (income) /
expense
2 538 3 325
Segment inventory
- 1 252 728
Segment total assets
68 220 1 682 387
Segment borrowings
20 267 428 224
The group has one main operating segment, namely the development and sale of
freehold property. During the period under review, this segment included the
following active projects;
Pinnacle Point Beach and Golf Resort
Gardiner Ross Golf and Country Estate
Clarens Golf and Trout Estate
Wedgewood Village Golf and Country Estate
Romansbaai Beach and Fynbos Estate
Lagos Keys
Ile Aurore Nouvelle Seychelles
A number of other projects exist which have been put on hold until the
improvement in market conditions gains more momentum.
DETAILS OF ACTIVE PROJECTS:
Pinnacle Point Beach and Golf Resort (PPR)
PPR is a 324 hectare resort development built on the sandstone cliffs
overlooking the Indian Ocean, renowned for its natural beauty, near Mossel Bay,
South Africa. The golf course which forms part of this development was rated one
of the 10 best new courses in the world in 2006.
The development has been virtually completed and is largely sold out. The sale
and marketing of these properties have recently been outsourced to a reputable
agency in the area.
Gardener Ross Golf and Country Estate (Gardener Ross)
Gardener Ross comprises an Ernie Els signature golf course (rated as the top new
course in Gauteng for 2008), and a housing development comprising 1 131 full
title vacant properties. It is situated in Centurion, Gauteng within range of
major developing business areas.
The infrastructure of this development has been virtually completed and more
than 50% of the properties available for sale have been sold. Sales have in
recent months been very slow but we expect demand for this type of residential
property in a secure golf estate to improve as the area becomes more established
and the market conditions improve.
The Clarens Golf and Trout Estate
This is a 248 hectare resort development in Clarens, Free State Province, South
Africa. The development is nestled amongst the sandstone buttresses on the edge
of the Golden Gate Nature Reserve.
This development has been completed and 70% of the available properties have
been sold. We expect the sale of these properties to continue at a steady pace.
Wedgewood Golf and Country Estate (Wedgewood)
Wedgewood is 359 hectare development situated on the former Wedgwood Park
Country Club, established in 1949. The development is situated in Port
Elizabeth, South Africa.
The 18 hole golf course has been redesigned and improved and the estate will,
once completed, also have 486 freehold properties, 307 retirement homes, a golf
clubhouse, sport facilities, and commercial and healthcare facilities.
The development infrastructure is approximately 60% complete and more than 50%
of the freehold properties have been sold. An agreement has recently been
concluded to buy out all the retirement development rights which will add
significant value to the Group. The launch of the retirement development is
planned for early 2010. The infrastructure services for the retirement
development have already been completed.
Construction activity for this development was put on hold while the Group was
going through its financial restructuring programme. Construction activity has
now recommenced and we expect all services to be completed early in 2010 and the
course to be fully operational and playable in June 2010, in time for the soccer
world cup.
Romansbaai Beach and Fynbos Estate
Set amongst the sand dunes and fynbos of the Western Cape, the Romansbaai Beach
and Fynbos Estate is a north facing seaside development which includes 380
residential erven, a group housing village and the possibility of a retirement
village on a 210 hectare piece of land.
Within a 2 hour drive from Cape Town, Romansbaai is one of the few north facing
beaches in the Western Cape and boasts unsurpassed natural beauty with views of
False Bay and Table Mountain in the distance.
Construction on phase one of this development has been suspended, pending
finalisation of funding. Selling activities will only recommence once funding
has been secured. To date more than 25% of the available freehold properties
have been presold. We expect that once construction activity recommences, the
demand for these properties will return.
Lagos Keys
Lagos Keys is a 400 ha development set in Lagos, the largest city in Nigeria and
the second largest in Africa. It has become Nigeria`s main business and
financial centre with a growing population of 18 million.
The project carries a central theme of lakes, rivers and cascades and the first
phase of this exciting project will consist of an 18 hole golf course, 430
residential properties, marina and waterfront and a luxury hotel.
The agreement with the Lagos Stage Government to develop this site has been
concluded and the government is using this development as a showcase for
development partnerships with government.
The group is in the process of securing development rights and this process is
at an advanced stage. Development funding is currently being arranged and the
sales will commence early in 2010.
Ile Aurore Nouvelle Seychelles
The development is situated in the Seychelles, adjacent to the main island of
Mahe. The acquisition of the leasehold land and Casino rights took place in July
2007 soon after the project was awarded to the Group by the Seychelles
government.
All the necessary rights in respect of the Ile Aurore Nouvelle development have
been obtained except for the approval of the reclamation environmental impact
assessment.
The site is an existing reclaimed island of approximately 60 hectares and it is
proposed to add an additional land by reclaiming land from the sea. This will
provide sufficient land to accommodate all the opportunities and facilities
required for a resort of this nature. The 18 hole golf course with lakes and a
water driving range, forms the central theme around which the resort is
designed. All 175 golf and 8 island villas are set on palm-fringed beaches, with
golf course or sea views and most have both.
The public facilities include a casino, waterfront and marina. Condominiums will
be in close proximity to the waterfront and marina and a 90 suite boutique hotel
has been strategically positioned on a northern promontory with magnificent
views of St Anne`s island (a wildlife reserve) and the open sea.
LITIGATION
Pinnacle Point and its subsidiaries are not involved in any material legal or
arbitration proceedings or legal actions.
A dispute has arisen with Absa in relation to the underwriting agreement entered
into between Pinnacle Point and Absa. This may result in litigation between the
parties should this dispute not be resolved by 31 January 2010. The directors
are not aware of any other proceedings that are pending, that may have, or have
had in the 12 month period preceding the last practicable date, a material
effect on the company`s financial position.
DIVIDENDS
The directors have decided not to declare a dividend for the period under
review.
SUBSEQUENT EVENTS
Shareholders are referred to the announcement released on SENS on Thursday, 17
September 2009 in which shareholders were advised that the Board resolved to
raise approximately R360 million through a Rights Offer in order to raise new
cash of at least R195 million and to reduce the level of borrowings in the
business by approximately R159 million through the effective conversion of
Shareholder loans into equity.
Shareholders were further advised that if the Rights Offer was implemented, of
the R195 million cash, new investors and / or existing Shareholders would commit
to subscribe for an additional R100 million worth of Shares either in the Rights
Offer or to be issued under the general authority to issue Shares placed under
the control of the Directors.
Shareholders are also referred to the announcement released on SENS on Friday,
30 October 2009 in which Shareholders were advised, inter alia, that the
Subscription Agreement for the added R100m had been concluded.
In addition to the above and in terms of the Subscription Agreement, the
Subscriber agreed to inject R100 million into the Company through the issue of
666,666,667 shares for cash at 15 cents per share. The Subscription Agreement
was implemented on 30 October 2009. These shares have been issued and listed.
In terms of the Rights Offer, 2 400 000 000 Shares were offered for subscription
to Shareholders recorded in the South African Register and Nigerian Branch
Register at the close of trade on Friday, 13 November 2009. Qualifying
Shareholders received rights to subscribe for Rights Offer Shares on the basis
of 45.74561 new Shares for every 100 Shares held on the Record Date at the
Rights Offer Price of 15 cents per share.
The JSE (in accordance with the Company`s primary listing) and the NSE (in
accordance with the Company`s secondary listing) agreed to the listing of the
Rights Offer Shares in South Africa.
Shareholders are also referred to the announcement released by the Company on
SENS on 8 December 2009 and 30 December 2009 in which shareholders were advised,
inter alia, that Absa is alleging that the Company is in breach of the
underwriting agreement.
Absa requires that Pinnacle Point remedy the breaches by obtaining the following
by 31 January 2009:
The Certificate of Occupancy for the Lagos Keys project.
All environmental impact assessment approvals (EIAs) by the Lagos State
Government and the Nigerian Federal Government prepared in respect of the Lagos
Keys Project.
On 28 December 2009 Pinnacle Point sent a notice to Absa requiring Absa to
perform in accordance with the underwriting agreement failing which Absa will be
in breach thereof.
Notwithstanding the Boards view that there is no breach, as alleged by Absa,
Pinnacle Point shall continue the process of obtaining these documents and shall
use its best endeavours to do so on or before 31 January 2009.
FUTURE PROSPECTS
Upon the successful completion of the recapitalisation process the Group shall
be on a sound financial footing which shall enable the Group to realise the
potential of all its property assets.
The focus for the remainder of this year will be on the Nigerian development,
completing the Wedgewood development in South Africa and on the sale of the
fully serviced and completed South African based property stock. Further
infrastructure spending at Wedgewood over the next few months will release
further vacant properties for sale and generate substantial cash flow for
Pinnacle Point. Pinnacle Point is well positioned to take advantage of the
recovery in the property market.
Pinnacle Point has recently updated its forecast which was contained in the SENS
announcement published on 30 October 2009. Positive results are expected for the
full year despite the inactivity experienced in the first half of the year.
However, this is dependent on the timing of the first sales expected out of
Nigeria for the Lagos Keys development.
By order of the Board
P.L. Zim H. Pretorius
Chairman Chief Executive Officer
31 December 2009
Johannesburg
Registered Office
Arcay House Number 3 Anerley Road Parktown Johannesburg 2193
PO Box 62397 Marshalltown Johannesburg 2107
Directors
PL Zim (Chairman)*, IC Stratford (Deputy Chairman)*, H Pretorius (CEO), Dr AO
Austen-Peters (Nigerian)*, S Braun (COO), AV Fasedemi*, BA Igbinedion
(Nigerian)*, S Kruger (Group Financial Director), Dr K Massaad (Swiss)*, YT
Moerane*, R Moonsamy*, KS Mthembu*.
* Non-executive
Designated Advisor Transfer Office
Arcay Moela Sponsors Computershare Investor Services (Proprietary)
(Proprietary) Limited Limited
Date: 31/12/2009 11:10:02 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.
