| Thu 1 Apr 2010, 16:19 | | GDF - Gold Reef - Further announcement regarding the proposed merger of Gold |
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GDF
GDF
GDF - Gold Reef - Further announcement regarding the proposed merger of Gold
Reef And Tsogo
Gold Reef Resorts Limited
(Incorporated in the Republic of South Africa)
Registration number 1989/002108/06
Share code: GDF
ISIN: ZAE000028338
("Gold Reef") or (the "Company")
FURTHER ANNOUNCEMENT REGARDING THE PROPOSED MERGER OF GOLD REEF AND TSOGO SUN
HOLDINGS (PROPRIETARY) LIMITED ("TSOGO") THROUGH THE ACQUISITION BY GOLD REEF
OF THE ENTIRE ISSUED SHARE CAPITAL OF TSOGO
1. Introduction
Shareholders of Gold Reef ("Gold Reef Shareholders") are referred to the
announcement released on SENS on 18 February 2010 relating to the proposed
merger of Gold Reef`s and Tsogo`s respective gaming and hotel businesses (the
"Merged Entity") through the acquisition by Gold Reef of the entire issued
share capital of Tsogo (the "Tsogo Shares") from Tsogo Investment Holding
Company (Proprietary) Limited ("TIH") and SABSA Holdings (Proprietary) Limited
("SABSA") (collectively the "Tsogo Shareholders") (the "Proposed
Transaction").
Gold Reef Shareholders are advised that a circular (the "Circular") will be
posted on Saturday, 3 April 2010 containing full details of the Proposed
Transaction which incorporates a notice of general meeting of Gold Reef
Shareholders (the "General Meeting"). The Circular will be available on the
Company`s website (wwww.goldreefresorts.com) from Tuesday, 6 April 2010.
The Circular also includes revised listing particulars in terms of the JSE
Limited ("JSE") Listings Requirements ("Listings Requirements") as the
proposed allotment and issue of the Gold Reef Consideration Shares (as
detailed in paragraph 2 below) to the Tsogo Shareholders as consideration for
their Tsogo Shares will result in the issued ordinary share capital of Gold
Reef being increased in excess of 100% of the existing issued ordinary share
capital with the consequence of a change of control of the Company and the
proposed reconstitution of the board of directors of Gold Reef (the "Gold Reef
Board").
2. Summary of the Proposed Transaction
In terms of an agreement entered into between, inter alia, Gold Reef and Tsogo
(the "Exchange Agreement") and subject to the fulfilment or waiver (where
appropriate) of certain conditions precedent ("Conditions Precedent"), as
detailed in the Circular:
* the Proposed Transaction will be effected through the
allotment and issue of a minimum of 888 261 028 Gold Reef
ordinary shares (the "Gold Reef Consideration Shares")
(subject to the Gold Reef Consideration Shares Formula as
detailed in the Circular), to the Tsogo Shareholders as
consideration for the acquisition of the Tsogo Shares; and
* Gold Reef will also, pursuant to the Proposed Transaction,
through a specific buyback, acquire the 69 205 093 Gold Reef
Shares (representing a 24.99% economic interest in Gold Reef,
excluding treasury shares) currently held by Tsogo Sun
Expansion No 1 (Proprietary) Limited (the "Tsogo Sun
Expansion Shares"). The purchase consideration for the Tsogo
Sun Expansion Shares is included in the aggregate number of
Gold Reef Consideration Shares to be allotted and issued
pursuant to the Proposed Transaction.
3. Salient details of the Proposed Transaction
The acquisition by Gold Reef of the entire issued ordinary share capital of
Tsogo is a category 1 and a related party transaction in terms of the Listings
Requirements and an affected transaction in terms of the Securities Regulation
Panel ("SRP") Code ("SRP Code"). Gold Reef is, accordingly, required to seek
Gold Reef Shareholder approval and issue a circular (containing revised
listing particulars) to Gold Reef Shareholders containing full details of the
Proposed Transaction and the ordinary and special resolutions required to be
approved by the Gold Reef Shareholders at the General Meeting in order to
implement the Proposed Transaction.
Gold Reef Shareholders will be required to approve the Whitewash Resolution
(as detailed in the Circular) regarding the approval of a waiver of a
mandatory offer at an assumed price per Gold Reef Share of R19.25, based on
the Gold Reef pre-cautionary share price (as detailed in the Circular), of
each of the Tsogo Shareholders` obligations to make a mandatory offer as a
consequence of the implementation of the Proposed Transaction and as a result
of TIH and SABSA entering into the Shareholders` Agreement (as detailed in the
Circular). Provisional application has been made to the SRP for dispensation
in this regard. Further details of the SRP waiver procedure are set out in
paragraph 7 below.
In terms of paragraph 9.24 of the Listings Requirements, and subject to
certain conditions, the JSE has confirmed that it will continue to grant a
listing of Gold Reef and that Gold Reef`s listing on the JSE will be amended
to reflect the enlarged issued ordinary share capital upon implementation of
the Proposed Transaction.
The listing of the Gold Reef Consideration Shares on the JSE is subject to:
- the JSE obtaining working capital sign off in respect of a period of not
less than 18 months, in the manner stipulated by the Listings
Requirements from the proposed Merged Entity Board;
- confirmation by the proposed audit committee of the Merged Entity as to
its approval of the expertise and experience of Mr MN von Aulock in
respect of his proposed appointment as the Chief Financial Officer of the
Merged Entity;
- the Merged Entity`s compliance with paragraph 3.84 of the Listings
Requirements regarding its corporate governance;
- publication of the Tsogo unqualified, audited financial results for the
year ended 31 March 2010; and
- the JSE approving the articles of association of Tsogo, in accordance
with Schedule 10 of the Listings Requirements.
Should the Proposed Transaction be implemented, the respective Gold Reef and
Tsogo businesses will be strategically repositioned as a combined hotel and
gaming company with a new set of majority shareholders, collectively holding a
majority of the Gold Reef Shares. Consequently, it is proposed that upon
implementation of the Proposed Transaction (or as soon as possible thereafter)
processes will be put in place to change the name of the Company to "Tsogo Sun
Holdings Limited". Further details of the proposed change of name will be
provided to Gold Reef Shareholders after the Closing Date of the Proposed
Transaction (as detailed in the Circular).
4. Merged Entity Board and executive management
The Exchange Agreement provides that the Gold Reef Board shall have been
restructured following implementation of the Proposed Transaction on the
Closing Date to comprise only those persons who shall have been notified in
writing to Gold Reef by TIH and SABSA (prior to the Closing Date); however as
at the last practicable date of finalisation of the Circular, Gold Reef had
not been made aware of the proposed composition of the reconstituted Gold Reef
Board, other than in respect of certain executive directors as set out below.
Pursuant to the Shareholders` Agreement (as detailed in the Circular) entered
into between TIH and SABSA in relation to the appointment, removal and
replacement of executive and non-executive directors of Gold Reef following
implementation of the Proposed Transaction on the Closing Date, the Merged
Entity Board will comprise appointees of TIH and SABSA. Although the Merged
Entity Board will consist of a majority of non-executive directors, the Merged
Entity Board will not be compliant with the requirements of the King Code as
the majority of the non-executive directors will not be independent.
Further details of the reconstitution of the Gold Reef Board will be provided
to Gold Reef Shareholders once this information is available.
4.1 Executive management of the Merged Entity
It is proposed that, following implementation of the Proposed Transaction on
the Closing Date, Mr JA Mabuza, who currently serves as Chief Executive
Officer of Tsogo, will be appointed as Chief Executive Officer of the Merged
Entity and Mr MN von Aulock, who currently serves as Chief Financial Officer
of Tsogo, will be appointed as Chief Financial Officer of the Merged Entity.
The JSE has also required that the appointment of Mr MN von Aulock, as Chief
Financial Officer of the Merged Entity, be confirmed by the audit committee of
the Merged Entity in compliance with paragraphs 3.84(h) and 4.8(b) of the
Listings Requirements prior to the Closing Date.
Messrs SB Joffe, JS Friedman, C Neuberger and TM Sadiki (the "Executives")
have met with Tsogo regarding their proposed roles in the executive management
team of the Merged Entity. After discussions, the Executives have decided not
to accept Tsogo`s proposals or the alternative positions they were offered as
such proposals or alternatives constitute a material change to their existing
duties and responsibilities. Accordingly, the Executives will not be employed
in the executive management team of the Merged Entity post implementation of
the Proposed Transaction.
5. Pro forma financial effects on Gold Reef
The unaudited pro forma financial effects have been prepared for illustrative
purposes only, in order to provide information about how the Proposed
Transaction might have affected Gold Reef Shareholders had the Proposed
Transaction been implemented on the dates indicated in the notes below.
Due to their nature, the unaudited pro forma financial effects may not fairly
present the financial position or the effect of future earnings on the Merged
Entity after the Proposed Transaction. The historical unaudited pro forma
financial effects reflect difficult economic and trading conditions for the
hotel and gaming sector in 2009. Furthermore, they do not take into account,
inter alia, the impact of seasonality of the Southern Sun hotel portfolio and
the addition of seven hotels to the portfolio, including the mixed use
development at Montecasino, now officially named "The Pivot", which is under
construction and includes offices, parking and a Southern Sun Hotel which is
expected to open in May 2010. They also do not take into account the full
effect of the Caledon and the Century Casino Newcastle acquisitions which
became effective 30 June 2009.
The directors of Gold Reef are responsible for the preparation of the
unaudited pro forma financial information.
5.1 Unaudited pro forma financial effects of the Proposed
Transaction on Gold Reef Shareholders for the financial
year ended 31 December 2009
The table below sets out the unaudited pro forma financial effects of the
Proposed Transaction on Gold Reef Shareholders based on the reviewed financial
results of Gold Reef for the financial year ended 31 December 2009.
Before the After the %
Proposed Proposed Change
Transaction(1 Transaction(2
) )
Attributable earnings per 131.0 102.1 (22.1)(6
Gold Reef Share (cents)(3) )
Headline earnings per Gold 131.9 111.9 (15.2)(6
Reef Share (cents)(3) )
Net asset value ("NAV") per 950.0 602.1 (36.6)
Gold Reef Share (cents)(4)
Net tangible asset value 522.1 178.5 (65.8)
("NTAV") per Gold Reef
Share (cents)(4)
Weighted average number of 275.3 1 095.7
Gold Reef Shares
(millions)(5)
Number of Gold Reef Shares 276.9 1 097.0
in issue as at 31 December
2009 (millions)(5)
Notes:
1. Gold Reef "Before the Proposed Transaction" results were
extracted from the published, reviewed annual results of Gold
Reef for the financial year ended 31 December 2009 as
released on SENS on 29 March 2010, and published in the South
African press on 30 March 2010. These results have been
reviewed by the Company`s auditors
2. Represents the pro forma financial effects of the Proposed
Transaction, which have been accounted for in terms of IFRS3
(revised): Business Combinations, using the principles of
reverse acquisition accounting.
3. Attributable earnings and headline earnings per Gold Reef
Share effects are based on the following principal
assumptions:
(i) the Proposed Transaction was effective on 1 January
2009;
(ii) Tsogo results represent the reviewed results of Tsogo
for the twelve months ended 30 September 2009;
(iii) a fair value adjustment of the current shareholding of
Tsogo in Gold Reef, based on the Gold Reef pre-
cautionary share price ( as detailed in the Circular).
This results in the fair value adjustment of the
current Tsogo shareholding in Gold Reef being a write-
down of R102.9 million (after-tax effects), which
adjustment is excluded from headline earnings;
(iv) the recognition of the tangible and identifiable
intangible assets is based on a preliminary fair value
exercise, with the carrying value of Gold Reef`s land
and buildings being estimated to be their fair value.
In terms of IFRS 3 (revised): Business Combinations, a
fair value exercise will need to be performed on the
effective date of the Proposed Transaction;
(v) costs of R42.8 million (after-tax effects), which
arise from the No Fault Termination (as defined in the
Service Agreements referred to in the Circular) of the
Executives` Service Agreements (as detailed in the
Circular), based on the assumption of the No Fault
Termination (as defined in the Service Agreements
referred to in the Circular) being on 31 December
2010, and at the Gold Reef pre-cautionary share price
(as detailed in the Circular), which are once-off in
nature; and
(vi) transaction costs of R43 million, which are once-off
in nature.
4. NAV and NTAV per Gold Reef Share effects are based on the
following principal assumptions:
(i) the Proposed Transaction was effective on 31 December
2009;
(ii) a fair value adjustment of the current shareholding of
Tsogo in Gold Reef, based on the Gold Reef pre-
cautionary share price (as detailed in the Circular).
This results in the fair value adjustment of the
current Tsogo shareholding in Gold Reef being a write-
down of R102.9 million (after-tax effects), which
adjustment is excluded from headline earnings;
(iii) the recognition of the tangible and identifiable
intangible assets is based on a preliminary fair value
exercise, with the carrying value of Gold Reef`s land
and buildings being estimated to be their fair value.
In terms of IFRS 3 (revised): Business Combinations, a
fair value exercise will need to be performed on the
effective date of the Proposed Transaction;
(iv) costs of R42.8 million (after-tax effects), which
arise from the No Fault Termination (as defined in the
Service Agreements referred to in the Circular) of the
Executives` Service Agreements (as detailed in the
Circular), based on the assumption of the No Fault
Termination (as defined in the Service Agreements
referred to in the Circular) being on 31 December
2010, and at the Gold Reef pre-cautionary share price
(as detailed in the Circular), which are once-off in
nature;
(v) an increase of 971 014 Gold Reef Shares as a result of
the No Fault Termination (as defined in the Service
Agreements referred to in the Circular) of the
Executives` Service Agreements (as detailed in the
Circular), arising from the early exercise and vesting
of existing options in terms of the Gold Reef Share
Scheme, and the settlement of the Executive`s loan
accounts within the Gold Reef Share Scheme; and
(vi) transaction costs of R43 million, which are once-off
in nature.
5. The weighted average number of Gold Reef Shares and Gold Reef
Shares in issue "After the Proposed Transaction " are based
on the issue of the Gold Reef Consideration Shares and the
additional Gold Reef Shares (being the 383 333 unvested
and/or 971 014 unexercised share options of the Executives as
at 31 December 2009) with respect to the No Fault Termination
(as defined in the Service Agreements referred to in the
Circular) of the Executives` Service Agreements (as detailed
in the Circular), less the Tsogo Sun Expansion Shares.
6. Excluding the effects of the once-off transaction costs of
R43 million, costs relating to the fair value adjustment of
the current shareholding of Tsogo in Gold Reef of R102.9
million (after-tax effects), and costs relating to the No
Fault Termination (as defined in the Service Agreements
referred to in the Circular) of the Executives` Service
Agreements (as detailed in the Circular) of R42.8 million
(after-tax effects), the "After the Proposed Transaction"
earnings per Gold Reef Share would be 119.4 cents (8.9%
decline).
Excluding the effects of the once-off transaction costs of
R43 million and costs relating to the No Fault Termination
(as defined in the Service Agreements referred to in the
Circular) of the Executives` Service Agreements (as detailed
in the Circular) of R42.8 million (after-tax effects), the
"After the Proposed Transaction" headline earnings per Gold
Reef Share would be 119.7 cents (9.2% decline).
7. No effect has been given to the Gold Reef Final Dividend
referred to in paragraph 6 of this announcement.
5.2 Revised unaudited pro forma financial effects of the Proposed
Transaction on Gold Reef Shareholders for the six months
ended 30 June 2009
The table below sets out the unaudited pro forma financial effects of the
Proposed Transaction on Gold Reef Shareholders based on the unaudited interim
results of Gold Reef for the six months ended 30 June 2009, which differ to
those disclosed in the detailed terms announcement released on SENS on
Thursday, 18 February 2010 due to:
* an increase in the estimated Proposed Transaction costs;
* the settlement of the Executives` Service Agreements (as
detailed in the Circular); and
* the exclusion of the fair value adjustment to the carrying
value of Tsogo`s current shareholding in Gold Reef from
headline earnings per Gold Reef Share.
Before the After the %
Proposed Proposed Change
Transaction(1) Transaction(2
)
Attributable earnings per 50.9 29.5 (42.0)(6
Gold Reef Share (cents)(3) )
Headline earnings per Gold 50.9 38.9 (23.6)(6
Reef Share (cents)(3) )
NAV per Gold Reef Share 856.5 603.0 (29.6)
(cents)(4)
NTAV per Gold Reef Share 428.2 155.7 (63.6)
(cents)(4)
Weighted average number of 274.9 1 095.9
Gold Reef Shares
(millions)(5)
Number of Gold Reef Shares 276.9 1 097.0
in issue as at 30 June
2009 (millions)(5)
Notes:
1. Gold Reef "Before the Proposed Transaction" results were
extracted from the published, unaudited interim results of Gold
Reef for the six months ended 30 June 2009 as released on SENS
on 27 August 2009 and published in the South African press on
28 August 2009. These results have not been reviewed by the
Company`s auditors.
2. Represents the pro forma financial effects of the Proposed
Transaction, which have been accounted for in terms of IFRS3
(revised): Business Combinations, using the principles of
reverse acquisition accounting.
3. Attributable earnings and headline earnings per Gold Reef Share
effects are based on the following principal assumptions:
(i) the Proposed Transaction was effective on 1 January
2009;
(ii) Tsogo results represent the reviewed interim results of
Tsogo for the six months ended 30 September 2009;
(iii) a fair value adjustment of the current shareholding of
Tsogo in Gold Reef, based on the Gold Reef pre-
cautionary share price(as detailed in the Circular).
This results in the fair value adjustment of the current
Tsogo shareholding in Gold Reef being a write-down of
R102.9 million (after-tax effects), which adjustment is
excluded from headline earnings;
(iv) the recognition of the tangible and identifiable
intangible assets is based on a preliminary fair value
exercise, with the carrying value of Gold Reef`s land
and buildings being estimated to be their fair value. In
terms of IFRS 3 (revised): Business Combinations, a fair
value exercise will need to be performed on the
effective date of the Proposed Transaction;
(v) costs of R42.8 million (after-tax effects), which arise
from the No Fault Termination (as defined in the Service
Agreements referred to in the Circular) of the
Executives` Service Agreements (as detailed in the
Circular), based on the assumption of the No Fault
Termination (as defined in the Service Agreements
referred to in the Circular) being on 31 December 2010,
and at the Gold Reef pre-cautionary share price (as
detailed in the Circular), which are once-off in nature;
and
(vi) transaction costs of R43 million, which are once-off in
nature.
4. NAV and NTAV per Gold Reef Share effects are based on the
following principal assumptions:
(i) the Proposed Transaction was effective on 30 June 2009;
(ii) a fair value adjustment of the current Tsogo
shareholding in Gold Reef, based on the Gold Reef pre-
cautionary share price (as detailed in the Circular) .
This results in the fair value adjustment of the current
Tsogo shareholding in Gold Reef being a write down of
R102.9 million (after-tax effects), which adjustment is
excluded from headline earnings;
(iii) the recognition of the tangible and identifiable
intangible assets is based on a preliminary fair value
exercise, with the carrying value of Gold Reef`s land
and buildings being estimated to be their fair value. In
terms of IFRS 3 (revised): Business Combinations, a fair
value exercise will need to be performed on the
effective date of the Proposed Transaction;
(iv) costs of R42.8 million (after-tax effects), which arise
from the No Fault Termination (as defined in the Service
Agreements referred to in the Circular) of the
Executives` Service Agreements (as detailed in the
Circular), based on the assumption of the No Fault
Termination (as defined in the Service Agreements
referred to in the Circular) being on 31 December 2010,
and at the Gold Reef pre-cautionary share price (as
detailed in the Circular), which are once-off in nature;
(v) an increase of 971 014 Gold Reef Shares as a result of
the No Fault Termination (as defined in the Service
Agreements referred to in the Circular) of the
Executives` Service Agreements (as detailed in the
Circular), arising from the early exercise and vesting
of existing options in terms of the Gold Reef Share
Scheme, and the settlement of the Executives` loan
accounts within the Gold Reef Share Scheme; and
(vi) transaction costs of R43 million, which are once-off in
nature.
5. The weighted average number of Gold Reef Shares and Gold Reef
Shares in issue "After the Proposed Transaction" are based on
the issue of the Gold Reef Consideration Shares and the
additional Gold Reef Shares (being the 1 061 333 unvested
and/or 971 014 unexercised share options of the Executives as
at 30 June 2009) with respect to the No Fault Termination (as
defined in the Service Agreements referred to in the Circular)
of the Executives` Service Agreements (as detailed in the
Circular), less the Tsogo Sun Expansion Shares.
6. Excluding the effects of the once-off transaction costs of R43
million, costs relating to the fair value adjustment of the
current shareholding of Tsogo in Gold Reef of R102.9 million
(after-tax effects), and costs relating to the No Fault
Termination (as defined in the Service Agreements referred to
in the Circular) of the Executives` Service Agreements (as
detailed in the Circular) of R42.8 million (after-tax effects),
the "After the Proposed Transaction" earnings per Gold Reef
Share would be 46.7 cents (8.3% decline).
Excluding the effects of the once-off transaction costs of R43
million and costs relating to the No Fault Termination (as
defined in the Service Agreements referred to in the Circular)
of the Executives` Service Agreements (as detailed in the
Circular) of R42.8 million (after-tax effects), the "After the
Proposed Transaction" headline earnings per Gold Reef Share
would be 46.7 cents (8.3% decline).
7. No effect has been given to the Gold Reef Final Dividend
referred to in paragraph 6 of this announcement.
6. Salient dates and times
2010
Circular posted to Gold Reef Shareholders Saturday, 3 April
on
Last day to trade in Gold Reef Shares on Friday, 16 April
the JSE to be eligible to participate in
the Gold Reef final dividend
Last day to lodge objections with the SRP Monday, 19 April
relating to the SRP dispensation
Gold Reef Shares trade "ex" the Gold Reef Monday, 19 April
final dividend on
Dividend Record Date on Friday, 23 April
Last day for the receipt of forms of proxy Friday, 23 April
for the General Meeting by 10:00 on
Payment of the Gold Reef final dividend on Monday, 26 April
General Meeting to be held on Monday, 26 April
Results of the General Meeting released on Monday, 26 April
SENS on
Results of the General Meeting published in Wednesday, 28 April
the South African press on
Special resolutions lodged for registration Wednesday, 28 April
with CIPRO on
Notes:
1. All times shown above are South African dates and times.
2. These salient dates and times are subject to amendments. Any
such relevant amendments will be released on SENS and
published in the South African press.
3. In relation to the final dividend, Gold Reef Shares cannot be
dematerialised or rematerialised between Monday, 19 April
2010 and Friday, 23 April 2010, both dates inclusive.
Further applicable dates will be notified to Gold Reef Shareholders once the
relevant regulatory approvals have been obtained.
7. SRP waiver procedure
The SRP has advised that it is willing to consider an application to grant
dispensation to TIH and SABSA in terms of the SRP Code, which would have the
effect of releasing TIH and SABSA from any obligation to make a mandatory
offer in terms of Rule 8.1 of the SRP Code, subject to the Independent Gold
Reef Shareholders (as detailed in the Circular) approving the Whitewash
Resolution (as detailed in the Circular) and the SRP considering
representations (if any) made by interested parties as contemplated below.
Prior to granting a dispensation in terms of the SRP Code, the SRP will
consider any objections or representations (if any) made by any interested
parties. Accordingly, any interested party who wishes to object to the
dispensation shall have 14 calendar days from the date of posting of the
Circular to raise such an objection with the SRP. Objections should be made in
writing and addressed to the "Executive Director, Securities Regulation Panel"
at any one of the following addresses:
Physical:
Ground Floor
2 Sherborne Road (off Jan Smuts Avenue)
Parktown, Johannesburg, 2193
Postal:
PO Box 91833
Auckland Park, Johannesburg, 2006
Fax: +27 11 482 5635
If any submissions are made to the SRP within the permitted timeframe, the SRP
will consider the merits thereof and, if necessary, provide the objectors with
an opportunity to make representations to the SRP. Thereafter, subject to the
waiver in the General Meeting being approved by the Independent Gold Reef
Shareholders (as detailed in the Circular), the SRP will rule on the
requirement for the mandatory offer.
8. General meeting of Gold Reef Shareholders
The General Meeting has been convened to be held at 10:00 on Monday, 26 April
2010 at the Gold Reef City Casino Conference Centre, corner Northern Parkway
and Data Crescent, Ormonde, Johannesburg, South Africa, to consider and, if
deemed fit, to pass, with or without modification, the ordinary and special
resolutions required to implement the Proposed Transaction as set out in the
notice of general meeting.
Johannesburg
1 April 2010
Advisors to Gold Reef
Financial advisor and Sponsor
Deutsche Securities (SA) (Proprietary) Limited
Legal adviser
Edward Nathan Sonnenbergs Inc
Independent expert
Grant Thornton
Independent reporting accountants and auditors
PriceWaterhouseCoopers Inc
Communications advisor
College Hill
Date: 01/04/2010 16:19:01 Produced by the JSE SENS Department.
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