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VIL
VIL
VIL - Village - Unaudited Interim Results For The Six Months Ended
31 December 2009
Village Main Reef Gold Mining Company (1934) Limited
("Village" or "the Company")
(Incorporated in the Republic of South Africa)
(Registration Number 1934/005703/06)
JSE Code VIL & ISIN: ZAE000007720
UNAUDITED INTERIM RESULTS FOR THE SIX MONTHS ENDED 31 DECEMBER 2009
The unaudited interim results of Village for the six months ended 31 December
2009 are set out below:
CONDENSED STATEMENT OF
COMPREHENSIVE INCOME
6 months 6 months Audited
ended ended 12 months
31 December 31 December 30 June 2009
2009 2008
R`000 R`000 R`000
Revenue - - -
Profit/(loss) for the (201) (1,180) (1,166)
period
Finance Income 4 293 78
Other income - - -
Profit on sale of assets - - -
Finance costs - - -
Change in estimate of - - (347)
provision for
rehabilitation cost
Loss before taxation (197) (887) (1,435)
Taxation - - (71)
Net loss for the period (197) (887) (1 506)
Basic loss per share (3.06) (14.62) (24.81)
(cents)
Headline loss per share (3.06) (14.62) (24.47)
(cents)
CONDENSED STATEMENT OF
FINANCIAL POSITION AS AT
31 December 31 December 30 June 2009
2009 2008
Unaudited Unaudited Audited
R`000 R`000 R`000
ASSETS
Non-current assets
Environmental 4 322 4 052
rehabilitation trust 4 194
Current assets
Cash and cash equivalents 816 517 294
Trade and other - 20 -
receivables
Total assets 5 138 4 589 4 488
Net asset value per share (4.05) (9.21) (19.41)
(cents)
EQUITY AND LIABILITIES
Share capital 1 851 758 758
Accumulated profits (2 133) (1 317) (1 936)
(282) (559) (1 178)
Non-Current Liabilities 5 366 5 020 5 367
Provision for 5 366 5 020 5 367
rehabilitation
Current Liabilities 54 128 299
Trade and other payables 54 128 228
- - 71
Total equity and 5 138 4 589 4 488
liabilities
CONDENSED STATEMENT OF
CHANGES IN EQUITY FOR THE
SIX MONTHS ENDED
31 December 31 December 30 June
2009 2008 2009
R`000 R`000 R`000
Balance at beginning of (1 178) 328 328
period
Ordinary shares issued 1 093 - -
Net loss for period (197) (887) (1 506)
Balance at end of period (282) (559) (1 178)
Loss per income statement (197) (887) (1 506)
Adjustments - - 21
Headline loss (197) (887) (1 485)
CONDENSED STATEMENT OF
CASH FLOWS
6 months 6 months Audited
ended ended 12 months
31 December 31 December 30 June
2009 2008 2009
R`000 R`000 R`000
Cash utilised by current (503) (1 088) (1 332)
activities, net of changes
in working capital
Interest received 4 293 78
Increase in investment in - (236) -
rehabilitation trust fund
Net cash inflow from 1 092 - -
financing activities
Taxation paid 71 - -
Cash and cash equivalents
Increase/(Decrease) for 522 (1 031) (1 254)
period
Beginning of period 294 1 548 1 548
End of period 816 517 294
ACCOUNTING POLICIES AND NOTES TO THE FINANCIAL STATEMENTS
These condensed financial statements of Village Main Reef Mining Company
(1934) Limited have been prepared in accordance with IAS 34, `Interim
Financial Reporting.` and the South African Companies Act of 1973. The
condensed consolidated interim financial information should be read in
conjunction with the annual financial statements for the year ended 30 June
2009, which have been prepared in accordance with International Financial
Reporting Standards (IFRS).
The preparation of financial statements in conformity with IFRS requires the
use of certain critical accounting estimates. It also requires management to
exercise its judgment in the process of applying the company`s accounting
policies.
Basic and Headline earnings per share
The calculation of basic loss per share is based on basic loss of R197 000
(2008: R887 000) and a weighted average of 6 421 506 (2008:6 068 446) shares
in issue during the period.
The calculation of headline loss per share is based on headline loss of R197
000 (2008: R887 000) and a weighted average of 6 421 506 (2008: 6 068 446)
shares in issue during the period.
Headline loss: 31 December 31 December
2009 2008
Loss per income statement (197) (887)
Adjustments - -
Headline loss for the year (197) (887)
Headline loss per share (3.06) (14.62)
Weighted average number of 6 421 506 6 068 446
shares
Issue of Shares
On 21 October 2009, the Company announced that it had issued 910,000 ordinary
shares, equating to 15% of Villages issued share capital, to Umbono Capital
Partners, a broad based black economic empowerment investment company. The
shares were issued under the directors general authority to issue shares for
cash, and were issued at R1.20 per share, raising R1 million for the company.
Going concern
As at 31 December 2009, the company`s liabilities, fairly valued, exceeded its
assets fairly valued, due to the operating loss incurred during the 6 months
ended 31 December 2009. The major portion of the liabilities relates to the
provision for environmental rehabilitation liability of R5.4 million. The
balance of the Environmental Rehabilitation Trust Fund was R4.3 million as at
31 December 2009.
The directors believe that the company will continue to receive the support of
its shareholders. To The Point Growth Specialists (Pty) Ltd, a majority
shareholder in the company, has provided the company with a letter of
financial support to enable it to pay its ongoing obligations, other than
expenditure relating to the environmental rehabilitation, incurred in the
normal course of business until 30 September 2010.
Subsequent Events
On 29 January 2010 the Company announced the proposed acquisition by the
Company of a controlling interest in Lesego Platinum Limited and the Phosiri
Platinum Project. The transaction is subject to the fulfilment of certain
conditions precedent, including shareholder approval. The total purchase
consideration of R411 million will be settled through the issue of 205,740,671
ordinary shares in the Company at a share price of R2 per share. The Company
is in ongoing discussions with certain other minority shareholders in the
Project, and these discussions may lead to the further acquisition of equity
in the project via the issue of shares in the Company.
Review Report
The condensed consolidated financial statements for the six months ended 31
December 2009 have been reviewed in accordance with International Standards on
Review Engagements 2410 - "Review of interim financial information performed
by the Independent Auditors of the entity" by PricewaterhouseCoopers Inc. The
independent auditors have issued a modified opinion. The modification is as a
result of an emphasis of matter paragraph included in the audit report,
pertaining to the uncertainty surrounding the Company`s environmental
rehabilitation liability. Their review report is available for inspection at
the Company`s registered office.
Johannesburg
04 March 2010
Sponsor
Investec Bank
Date: 04/03/2010 12:37:02 Produced by the JSE SENS Department.
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