| Tue 23 Feb 2010, 7:05 | | NHM - Northam Platinum - Reviewed interim results and dividend declaration for |
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NHM
NHM
NHM - Northam Platinum - Reviewed interim results and dividend declaration for
the six months ended 31 December 2009
NORTHAM PLATINUM LIMITED
(Incorporated in the Republic of South Africa)
(Registration number 1977/003282/06)
Share code: NHM ISIN: ZAE000030912
("Northam Platinum" or "the company")
Key features
Sales revenue 8% higher at R1.7 billion
Decrease of 21% in rand basket price
Earnings 42% lower at R216 million
Initial capex of R340 million approved for Booysendal
Dividend of 20 cents per share declared
Reviewed interim results and dividend declaration for the six months ended
31 December 2009
*Six months
ended
Change 31 Dec 2009
% R000
Interim consolidated statement of comprehensive
income
Sales revenue 7.7 1 736 599
Cost of sales 1 502 517
Operating costs 12.8 1 094 088
Concentrates purchased 304 772
Refining and other costs (35.7) 50 045
Depreciation (21.9) 83 482
Change in metal inventories (29 870)
Operating profit (61.1) 234 082
Share of earnings from associate 5 174
Financial income 108 034
Sundry expenditure (1 831)
Profit before tax (47.3) 345 459
Tax 129 877
Profit and comprehensive income
for the period attributable to shareholders (41.9) 215 582
Reconciliation of headline earnings 215 582
Profit attributable to shareholders
Loss on sale of property, plant and equipment 105
Share of earnings from associate relating to prior
periods/negative goodwill -
Impairment -
Tax effect (29)
Headline earnings (41.9) 215 658
Earnings per share - cents (47.2) 59.9
Fully diluted earnings per share - cents (47.4) 59.7
Headline earnings per share - cents (47.2) 59.9
Fully diluted headline earnings per share - cents (47.3) 59.8
Dividend declared per share - cents 20.0
Weighted average number of shares in issue 360 130 630
Fully diluted number of shares in issue 360 880 248
Number of shares in issue 360 394 000
Interim consolidated statement of cash flows
Cash flow from operations 344 492
Profit before tax 345 459
Depreciation 83 482
Change in working capital (28 538)
Change in short-term provisions 6 169
Tax paid (95 613)
Other 33 533
Cash utilised in investing activities (154 195)
Property, plant and equipment
Additions to maintain operations (98 722)
Additions to expand operations (43 256)
Disposal proceeds 2 318
Investment in associate
Acquisition of participation interest -
Cash distribution received 8 572
Additions to township development (10 760)
Increase in unlisted investments
Increase in investments held by Northam Platinum
Restoration Trust Fund (1 063)
Increase in investments held by Environmental
Contingency Fund (4 004)
Increase in investments held by Toro Employee
Empowerment Trust (7 280)
Cash utilised in financing activities (136 321)
Proceeds from issue of shares 7 754
Dividends paid (144 075)
Net increase/(decrease) in cash and cash equivalents 53 976
Cash and cash equivalents at beginning of period 920 903
Cash and cash equivalents at end of period 974 879
Interim consolidated statement
of financial position
Non-current assets
Property, plant and equipment 1 793 369
Mining properties and mineral reserves 5 718 200
Interest in associate 126 708
Unlisted investments 6
Township development 70 105
Investments held by Northam Platinum Restoration
Trust Fund 25 956
Environmental Guarantee Investment 19 899
Toro Employee Empowerment Trust 53 882
7 808 125
Current assets 1 745 780
Inventories 490 841
Trade and other receivables 207 817
Investment in escrow 72 243
Cash and cash equivalents 974 879
Total assets 9 553 905
Share capital and share premium 7 630 722
Equity compensation reserve 82 899
Retained earnings 725 548
Shareholders` equity 8 439 169
Non-current liabilities 549 471
Deferred tax 438 151
Long-term provisions 111 320
Current liabilities 565 265
Trade and other payables 464 908
South African Revenue Service 25 366
Short-term provisions 74 991
Total equity and liabilities 9 553 905
Net asset value - cents per share 2 342
*Six months **Year
ended ended
31 Dec 2008 30 Jun 2009
R000 R000
Interim consolidated statement of comprehensive
income
Sales revenue 1 612 257 3 186 042
Cost of sales 1 010 220 2 368 129
Operating costs 970 262 1 905 889
Concentrates purchased 14 029 140 192
Refining and other costs 77 878 120 917
Depreciation 106 897 160 907
Change in metal inventories (158 846) 40 224
Operating profit 602 037 817 913
Share of earnings from associate - 72 606
Income 72 434 130 417
Sundry expenditure (18 859) (6 430)
Profit before tax 655 612 1 014 506
Tax
Profit for the period attributable to 284 607 384 024
shareholders 371 005 630 482
Reconciliation of headline earnings
Profit attributable to shareholders 371 005 630 482
Loss on sale of property, plant and equipment 7 41
Share of earnings from associate relating to
prior periods/negative goodwill - (67 847)
Impairment effect - 16 711
Tax effect (2) 11 370
Headline earnings 371 010 590 757
Earnings per share - cents 113.5 183.7
Fully diluted earnings per share - cents 113.5 183.5
Headline earnings per share - cents 113.5 172.2
Fully diluted headline earnings per share -
cents 113.5 171.9
Dividend declared per share - cents 38.0 78.0
Weighted average number of shares in issue 326 813 788 343 162 299
Fully diluted number of shares in issue 327 017 786 343 579 279
Number of shares in issue 359 715 500 359 909 500
Interim consolidated statement of cash flows
Cash flow from operations 158 948 717 838
Profit before tax 655 612 1 014 506
Depreciation 106 897 160 907
Change in working capital (21 294) 357 340
Change in short-term provisions 4 503 (24 361)
Tax paid (600 457) (791 936)
Other 13 687 1 382
Cash utilised in investing activities (263 059) (498 335)
Property, plant and equipment
Additions to maintain operations (235 759) (331 267)
Additions to expand operations (36 177)
Disposal proceeds 200 1 717
Investment in associate
Acquisition of participation interest - (65 000)
Cash distribution received - 7 500
Additions to township development (16 000) (22 440)
Increase in unlisted investments - 2
Increase in investments held by Northam
Platinum Restoration Trust Fund (1 000) (3 073)
Increase in investments held by Environmental
Contingency Fund (10 500) (2 995)
Increase in investments held by Toro Employee
Empowerment Trust - (46 602)
Cash utilised in financing activities (664 946) (798 348)
Proceeds from issue of shares 476 3 774
Dividends paid (665 422) (802 122)
Net increase/(decrease) in cash and cash
equivalents (769 057) (578 845)
Cash and cash equivalents at beginning of period 1 499 748 1 499 748
Cash and cash equivalents at end of period 730 691 920 903
Interim consolidated statement
of financial position
Non-current assets
Property, plant and equipment 1 655 958 1 737 109
Mining properties and mineral reserves 5 722 598 5 718 387
Interest in associate - 130 106
Unlisted investments 8 6
Township development 52 905 59 345
Investments held by Northam Platinum
Restoration Trust Fund 22 820 24 893
Environmental Guarantee Investment 23 400 15 895
Toro Employee Empowerment Trust - 46 602
7 477 689 7 732 343
Current assets 1 591 188 1 616 007
Inventories 680 944 468 254
Trade and other receivables 179 553 226 850
Investment in escrow - -
Cash and cash equivalents 730 691 920 903
Total assets 9 068 877 9 348 350
Share capital and share premium 7 619 670 7 622 968
Equity compensation reserve 38 054 55 177
Retained earnings 528 676 654 041
Shareholders` equity 8 186 400 8 332 186
Non-current liabilities 470 776 529 261
Deferred tax 411 708 428 821
Long-term provisions 59 068 100 440
Current liabilities 411 701 486 903
Trade and other payables 204 408 417 649
South African Revenue Service 109 607 432
Short-term provisions 97 686 68 822
Total equity and liabilities 9 068 877 9 348 350
Net asset value - cents per share 2 276 2 315
*Reviewed **Audited
Equity
Share Share compensation
capital premium reserve
R000 R000 R000
Interim consolidated statement of
changes in equity
Balance at 1 July 2008 2 387 2 050 807 27 584
Credit in respect of sharebased
payments 10 470
Profit for the period attributable
to shareholders
Dividends
Issue of new shares 9 5 566 467
Balance as at 31 December 2008 2 396 7 617 274 38 054
Credit in respect of share-based
payments 19 711
Profit for the period attributable
to shareholders
Transfer of equity compensation
reserve to retained earnings (2 588)
Dividends
Issue of new shares 1 203 2 095
Balance at 30 June 2009 3 599 7 619 369 55 177
Credit in respect of share-based
payments 27 722
Profit for the period attributable
to shareholders
Dividends
Issue of new shares 5 7 749
Balance at 31 December 2009 3 604 7 627 118 82 899
Retained
earnings Total
R`000 R`000
Interim consolidated statement of changes in equity
Balance at 1 July 2008 823 093 2 903 871
Credit in respect of share-based payments 10 470
Profit for the period attributable to shareholders 371 005 371 005
Dividends (665 422) (665 422)
Issue of new shares 5 566 476
Balance as at 31 December 2008 528 676 8 186 400
Credit in respect of share-based payments 19 711
Profit for the period attributable to shareholders 259 477 259 477
Transfer of equity compensation reserve to retained
earnings 2 588 -
Dividends (136 700) (136 700)
Issue of new shares 3 298
Balance at 30 June 2009 654 041 8 332 186
Credit in respect of share-based payments 27 722
Profit for the period attributable to shareholders 215 582 215 582
Dividends (144 075) (144 075)
Issue of new shares 7 754
Balance at 31 December 2009 725 548 8 439 169
*Six months *Six months **Year
ended ended ended
31 Dec 2009 31 Dec 2008 30 Jun 2009
R`000 R`000 R`000
Capital commitments
Authorised but not contracted 128 028 129 862 191 504
Contracted 29 422 49 617 45 046
Other commitments
Information Technology
Outsource Service Provider 157 450 179 479 236 550
Due in one year 10 422 10 611 10 933
Due in two to five years 22 421 20 832 29 353
Operating lease rentals -
office equipment
Due in one year 244 194 300
Due in two to five years 62 135 176
Operating lease rentals -
premises
Due in one year 680 624 651
Due in two to five years
Bank guarantees issued 114 794 459
51 523 33 583 33 284
These commitments will be financed
out of operating cash flows.
*Reviewed **Audited
*Six months
ended
Change 31 Dec 2009
% R`000
Operating statistics
Merensky
Development metres 20.5 4 829
Square metres mined (8.7) 98 348
Tonnes milled (14.0) 500 957
Head grade (g/ton - 3 PGEs + Au) 1.7 5.9
Available ore reserves - months 18
UG2
Development metres (24.2) 1 717
Square metres mined 0.2 88 434
Tonnes milled (0.8) 575 244
Head grade (g/ton - 3 PGEs + Au) 4.5 4.6
Available ore reserves - months 24
Combined
Development metres 4.4 6 546
Square metres mined (4.7) 186 782
Tonnes milled (7.4) 1 076 201
Head grade (g/ton - 3 PGEs + Au) 2.0 5.2
Financial statistics
Precious metals in concentrates produced *** kg 4.3 5 415
Precious metals in concentrates purchased *** kg 1 013
Precious metals sold *** kg 33.4 6 134
Average price realised *** R/kg (21.0) 254 913
Operating costs *** R/kg 4.8 217 475
Cash costs *** R/kg 6.5 196 273
Precious metals in concentrates produced *** oz 4.3 174 096
Precious metals in concentrates purchased *** oz 32 569
Precious metals sold *** oz 33.4 197 206
Average price realised *** US$/oz (13.5) 1 035
Operating costs *** US$/oz 21.7 885
Cash costs *** US$/oz 23.5 798
Average exchange rate realised US$1.00 = R (8.8) 7.66
Operating costs per tonne milled R/tonne 17.6 1 094
Cash costs per tonne milled R/tonne 20.2 988
*Six months **Year
ended ended
31 Dec 2008 30 Jun 2009
R`000 R`000
Operating statistics
Merensky
Development metres 4 007 8 071
Square metres mined 107 752 201 014
Tonnes milled 582 740 1 050 404
Head grade (g/ton - 3 PGEs + Au) 5.8 5.8
Available ore reserves - months 22 20
UG2
Development metres 2 265 3 770
Square metres mined 88 248 160 555
Tonnes milled 579 751 1 054 687
Head grade (g/ton - 3 PGEs + Au) 4.4 4.4
Available ore reserves - months 22 19
Combined
Development metres 6 272 11 841
Square metres mined 196 000 361 569
Tonnes milled 1 162 491 2 105 091
Head grade (g/ton - 3 PGEs + Au) 5.1 5.1
Financial statistics
Precious metals in concentrates produced *** kg 5 193 9 408
Precious metals in concentrates purchased *** kg 15 487
Precious metals sold *** kg 4 599 10 362
Average price realised *** R/kg 322 814 280 609
Operating costs *** R/kg 207 433 219 691
Cash costs *** R/kg 184 213 199 680
Precious metals in concentrates produced *** oz 166 952 302 474
Precious metals in concentrates purchased *** oz 482 15 657
Precious metals sold *** oz 147 864 333 159
Average price realised *** US$/oz 1 197 1 001
Operating costs *** US$/oz 727 766
Cash costs *** US$/oz 646 696
Average exchange rate realised US$1.00 = R 8.40 8.72
Operating costs per tonne milled R/tonne 930 982
Cash costs per tonne milled R/tonne 822 892
*Reviewed **Audited *** - 3PGE + Au
Comment on results
Financial results
Sales revenues for the reporting period increased by 8% to R1 737 million
year-on-year on the back of an increase of 33% in sales volumes, thereby
offsetting a 21% decrease in the rand basket price received over the period.
The 9% strengthening of the rand against the US dollar exacerbated the 14%
decline in the average US dollar price received for Northam`s basket of metals
at US$1 035 per ounce, resulting in an average rand basket price received of
R254 913 per kilogram.
Total operating costs were 13% higher at R1 094 million reflecting the effects
of inflation on the costs of labour, consumables and services. Unit cash costs,
however, were held to R196 273/kg, an increase of 7%. This cost performance for
the reporting period was satisfactory, and was positively impacted by the
treatment of secondary materials.
The increase in the cost of sales to R1 503 million results mainly from the
purchase of concentrates to the value of R305 million during the half year.
These purchases are in line with our stated strategy of building capacity for
downstream beneficiation, and compares with the R14 million in the comparative
half year period. Costs associated with refining decreased by R28 million to
R50 million, reflecting the effect of the exclusion of toll treatment charges
incurred in the previous comparative period while the smelter was being
rebuilt. The depreciation charge decreased by 22% to R83 million as a result of
the change in the estimated life of mine from 16 years to 18 years, whilst
metal inventories increased by R30 million. The net result of the above is that
the operating profit for the period declined by 61% to R234 million.
Investment income increased by 49% owing to the inclusion of interest earned on
the investment in escrow. The investment in escrow is payable to Anglo Platinum
upon the transfer to Northam of certain new order mining licences in respect of
the Booysendal extension. The group`s share of the earnings from the Pandora
Joint Venture amounted to R5 million, whilst sundry expenditure declined from
R19 million to R2 million. The sundry expenditure in the comparative period
included an amount of R16 million incurred in respect of the unsolicited
proposed bid by Impala Platinum Holdings Limited (Implats) to acquire Northam.
Profit attributable to shareholders decreased by 42% to R216 million compared
with that for the six months ended 31 December 2008.
Cash flows reflect a net increase of R54 million. Cash flows from operations of
R344 million include an increase in working capital of R29 million and taxes
paid of R96 million. Investing cash flows absorbed R154 million, the principal
components of which were capital expenditure at the Zondereinde mine of R99
million, R43 million on the Booysendal project and R11 million on the employee
housing project. Financing cash flows absorbed R136 million including R144
million paid in respect of the final dividend for the year ended 30 June 2009.
The major items contributing to the capital expenditure of R99 million at the
Zondereinde mine were R11 million on upgrading the metallurgical plants, R6
million on development, R43 million on access infrastructure to 1 and 16 level
and R11 million on extensions to the backfill system. The balance comprised
routine expenditure.
Zondereinde mine
Safety
Safety indicators, such as lost time and reportable injury rates, showed
significant improvement of some 30% over the previous comparable period
reflecting the intensified focus on safety issues by all employees. The board
remains fully supportive of the combined efforts of management, organised
labour and the Department of Mineral Resources (DMR) in promoting a culture
which seeks to empower employees to take responsibility for their health and
safety, and so protect them from the inherent risks of mining operations.
The board is pleased to advise that the Zondereinde mine achieved 2 million
fatality free shifts on 2 February 2010, and extends its congratulations to all
the employees of Northam.
Operating performance
Production of metals in concentrates during the period, which included some 480
kg from the treatment of secondary materials, increased by 4% to 5 415 kg (174
096 oz) with metals in concentrates of 1 013 kg (32 569 oz) being purchased.
Unit sales increased by 33% to 6 143 kg (197 206 oz). Tonnages milled from
both the Merensky and UG2 reefs was 7% lower at 1 076 201 tonnes while the
combined average head grade rose by some 2% to 5.2 g/t (3PGE+Au), reflecting
the improved grade of 5.9 g/t from the Merensky reef.
As a consequence of losses due to geological features, Merensky ore reserve
availability decreased from 22 months to 18 months. However, the increase of
20% in Merensky development metres is expected to result in an improved ore
reserve position during the second half of the year. The UG2 ore reserve
availability remained satisfactory at 24 months.
Booysendal project - progress report
The board has approved initial capital expenditure of R340 million to fund
an early works programme at the company`s Booysendal project on the
eastern limb of the Bushveld Complex. This will entail the construction of
roads, pipelines and other infrastructural facilities ahead of mine
construction, which is expected to start in July 2010 pending the approval of
amendments to the environmental management programme. The initial capital
expenditure will be funded from the company`s internal cash retentions.
Shareholders will be kept informed of further funding arrangements in tandem
with the unfolding of the company`s major shareholder`s unbundling strategy.
Prospects
Production of metals in concentrate is expected to be lower in the second half
of the year, whilst sales revenue is expected to be in line with that of the
first half. Although there are signs that the global economic climate is
improving, some uncertainty remains regarding the sustainability of the
recovery. Should the rand basket price remain at its current levels, earnings
in the second half of the financial year are likely to be similar to those of
the first half.
At current consensus metal prices, the group is cash positive at an operating
level, has no debt and should be able to commence with the development of
Booysendal from internal retentions.
Impairment
Previously performed impairment testing indicated a significant surplus over
the carrying value of both the Zondereinde mine and the Booysendal project.
Management believes that, subsequent to the abovementioned impairment testing,
there have been no significant changes in the assumptions used at 30 June 2009
and is of the opinion that there are no impairments.
Auditors` review report
Ernst & Young Inc., the group`s auditors, have reviewed the interim financial
results. A copy of their unmodified review report is available for inspection
at the company`s registered office.
Accounting policies - basis of preparation
The interim financial statements have been prepared on the historical cost
basis, except for financial instruments that are stated at fair value, in
accordance with IAS 34 - Interim Reporting, issued by the International
Accounting Standards Board and incorporate the accounting policies which are
consistent with those adopted in the financial year ended 30 June 2009, with
the exception of the adoption of the following amendments, standards or
interpretations with effect from 1 July 2009:
Standard Subject
IFRS 1 First-time adoption of International Financial
Reporting Standards
IFRS 1 and IAS 27 Amendments to IFRS 1 - First-time adoption of
International Financial Reporting Standards and
IAS 27 - Consolidated and separate financial
statements - Cost of an investment in a
subsidiary, jointly controlled entity or associate
IFRS 2 Amendments to IFRS 2 Share-based payments - Vesting
conditions and cancellations
IFRS 3 Business combinations
IFRS 7 Improving disclosures about financial instruments
amendments to IFRS 7 - Financial instruments:
Disclosures
IFRS 8 Operating segments
Standard Subject
IAS 1 Presentation of financial statements
IAS 23 Borrowing costs
IAS 27 Consolidated and separate financial statements
IAS 32 and IAS 1 Amendments to IAS 32 - Financial instruments:
Presentation and IAS 1 - Presentation of
financial statements - Puttable financial instruments
and obligations arising on liquidation
IAS 39 Amendment to IAS 39 Financial instruments:
Recognition and measurement - Eligible hedged items
Various * Improvements to IFRS (April 2008)
IFRIC 15 Agreements for the construction of real estate
IFRIC 16 Hedges of a net investment in a foreign operation
IFRIC 17 Distribution of non-cash assets to owners
IFRIC 18 Transfer of assets from customers
AC 504 IAS 19 - The limit on a defined benefit, minimum
funding requirements and their interaction in a South
African pension fund environment
*Through the annual improvements project, changes have been made to various
standards, without the standards being issued as `Revised`.
The adoption of these amendments, standards and interpretations resulted in
changes in the way in which the interim financial results statements are
presented as well as additional disclosures in the annual financial statements.
In addition the following amendments, standards or interpretations have been
issued but are not yet effective. The effective date refers to periods
beginning on or after, unless otherwise indicated:
Standard Subject Effective date
IFRS 2 Amendments to IFRS 2 - Share-base
payments - Group cash-settled share-based
payment arrangements 1 January 2010
IAS 32 Classification of rights issues -
Amendment to IAS 32 1 February 2010
IFRS 9 Financial instruments 1 January 2013
IAS 24 Related party disclosures 1 January 2011
Improvements to IFRS (April 2008) 1 January 2010**
IFRIC 14 Prepayments of a minimum funding
requirement - Amendments to IFRIC 14 1 January 2011
IFRIC 19 Extinguishing financial liabilities with
equity instruments 1 July 2010
Standard Subject Date issued
IFRS 2 Amendments to IFRS 2 - Share-based
payments - Group cash-settled share-based
payment arrangements June 2009
IAS 32 Classification of rights issues -
Amendment to IAS 32 August 2009
IFRS 9 Financial instruments November 2009
IAS 24 Related party disclosures November 2009
Improvements to IFRS (April 2008) April 2009
IFRIC 14 Prepayments of a minimum funding
requirement - Amendments to IFRIC 14 November 2009
IFRIC 19 Extinguishing financial liabilities with
equity instruments November 2009
**Through the annual improvements project, changes have been made to various
standards, without the standards being issued as `Revised`.
The group does not intend early adopting any of the above amendments, standards
and interpretations.
Related parties
The group, in the ordinary course of business, enters into various sale,
purchase and lease transactions with a large number of entities, some of whom
are related parties. All transactions are concluded on an arm`s length basis.
Segmental reporting
The group distinguishes between two segments namely the Zondereinde mine and
the Booysendal project. As the Booysendal project is still in project phase
only capital expenditure to the value of R39 million was incurred with regards
to the project and interest to the value of R72 million was accrued on the
investment held in escrow. All other transactions during the period related to
the Zondereinde mine.
Total assets amount to R6 063 million which are allocated between property,
plant and equipment and mining properties and mineral reserves for the
Booysendal project.
Going concern
Mining entities have a finite life that depends on geological and technical
factors as well as commodity prices and other economic factors. Taking account
of the outlook for these factors as well as the group`s present financial
resources, the directors believe that the group is a going concern. The group`s
interim financial statements have accordingly been prepared on this basis.
Subsequent events
No material changes, other than those highlighted in this report, have taken
place in the affairs of the group between the end of the reporting period and
the date of this report.
Directorate
The following changes occurred during the period under review:
Mr D R Wolstenholme was appointed an executive director on 4 November 2009.
Dividend
Dividend number 22 of 20 cents per share has been declared in South African
currency, in respect of the six months ended 31 December 2009. In compliance
with the requirements of Strate Limited, the following dates are applicable:
Last day to trade (cum dividend) Thursday, 18 March 2010
Last day to trade (ex dividend) Friday, 19 March 2010
Record date Friday, 26 March 2010
Payment date Monday, 29 March 2010
No share certificates may be dematerialised or rematerialised between Friday,
19 March 2010 and Friday, 26 March 2010, both days inclusive.
On behalf of the board
P L Zim G T Lewis
Chairman Chief Executive Officer
Johannesburg
19 February 2010
Directors
P L Zim (Chairman), (Alternate: A K Gupta), G T Lewis (Chief Executive Officer)
(British), M E Beckett (British), C K Chabedi, Ms N J Dlamini (Dr),
R Havenstein, Ms E T Kgosi, A R Martin, B R van Rooyen, D R Wolstenholme
(Financial Director), M S M M Xayiya (Alternate: M J Willcox)
Company secretary: B Ngwenya
Registered office
1st Floor, Block 1A
Albury Park, Magalieszicht Avenue
Dunkeld West, Johannesburg
PO Box 412694, Craighall
2024, Republic of South Africa
Sponsor
BJM Corporate Finance (Pty) Limited
Date: 23/02/2010 07:05:37 Produced by the JSE SENS Department.
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