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NPK
NPK
NPK - Nampak Limited - Results of the 42nd Annual General Meeting and Business
Update for the First Quarter
NAMPAK LIMITED
(Incorporated in the Republic of South Africa)
(Registration number 1968/008070/06)
ISIN: ZAE000071676
Share code: NPK
("Nampak")
Results of the 42nd Annual General Meeting and Business Update for the first
quarter
Annual General Meeting Results
Nampak is pleased to announce that all the resolutions set out in the Notice of
the Annual General Meeting dated 11 December 2009 were passed by the requisite
number of shareholders at the 42nd Annual General Meeting held on Wednesday 3
February 2010. The special resolution will be submitted for registration at the
Companies and Intellectual Property Registration Office in due course.
Business Update
Sales volumes in South Africa in the first quarter of the financial year were
similar to last year. In Europe, demand in October and November 2009 was good
but declined in December due in part to the very severe winter weather. In
Africa, volumes were lower due mainly to destocking and lower demand in Nigeria.
Significant progress has been made in the turnaround or exit of non-profit
performing operations:
- Corrugated has made a small profit for the quarter as against a significant
reported loss in the previous financial year. The new Rosslyn paper mill has
improved significantly and achieved 81% of the benchmark-rated output in
December;
- Leeds UK made a small profit as against a significant loss in the prior
financial year;
- The Foam business has been closed down and some of the assets have been
sold;
- The Redibox Durban and Cape Town operations have been sold and the
Johannesburg operation is being closed;
- Disaki Cores and Tubes has been sold subject to regulatory approval; and
The Corrugated operation in Mocambique has been sold.
The construction of the Angolan beverage can plant is progressing well and the
regulatory requirements are being finalised.
Although markets remain difficult, the group`s core operations are expected to
perform in line with last year while improvements are expected from previously
loss-making businesses.
Sandton
3 February 2010
Sponsor:
UBS South Africa (Pty) Limited
Date: 03/02/2010 14:42:02 Produced by the JSE SENS Department.
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