| Tue 1 Jun 2010, 10:00 | | KEH - Keaton Energy Holdings Limited - Summarised consolidated statement of |
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KEH
KEH
KEH - Keaton Energy Holdings Limited - Summarised consolidated statement of
comprehensive income for the year ended 31 March 2010
Keaton Energy Holdings Limited
Preliminary summarised audited group results
for the year ended 31 March 2010
Keaton Energy Holdings Limited
(Incorporated in the Republic of South Africa)
(Registration number: 2006/011090/06)
JES share code: KEH ISIN: ZAE000117420
(Keaton Energy) or (the company) or (the group)
Summarised Consolidated Statement of Comprehensive Income
for the year ended 31 March 2010
R`000 Note Year to Year to
31 March 31 March
2010 2009
Revenue 3 21 957 5 424
Cost of sales (21 191) (1 874)
Gross profit 766 3 550
Other income 4 2 023 677
Administrative and other operating expenses 5 (13 219) (13 623)
Mining and related expenses 5 (11 453) (10 078)
Share appreciation rights income / (expense) 6 4 346 (4 126)
Impairment and net realisable value losses 7 (7 813) (4 214)
Operating loss before net finance income (25 350) (27 814)
Net finance income 8 29 107 44 509
Net profit before taxation 3 757 16 695
Income taxation expense 9 (7 279) (11 853)
(Loss) / Profit for the year (3 522) 4 842
Total comprehensive income for the year (3 522) 4 842
(Loss) / Profit and total comprehensive income
attributable to:
Owners of the company 5 974 4 842
Non-controlling interest (9 496) -
(Loss) / Profit for the year (3 522) 4 842
Weighted average number of shares (`000)
Basic 144 173 142 248
Diluted 144 173 145 783
Earnings per share (cents)
Basic 10 4.1 3.4
Headline 10 5.6 6.4
Diluted 10 4.1 3.3
Headline diluted 10 5.6 6.2
Summarised Consolidated Statement of Financial Position
at 31 March 2010
Not 31 March 31 March
R`000 e 2010 2009
Assets
Non-current assets 11 129 698 59 112
Current assets 12 343 710 386 237
Total assets 473 408 445 349
Equity and liabilities
Shareholder`s equity 456 117 437 189
Non-controlling interest (1 768) -
Total equity 454 349 437 189
Current liabilities 13 19 059 8 160
Total equity and liabilities 473 408 445 349
Summarised Consolidated Statement of Cash Flows
for the year ended 31 March 2010
R`000 Year to Year to
31 March 31 March
2010 2009
Cash flows from operating activities 9 916 7 390
Cash flows from investing activities (48 533) (31 411)
Cash flows from financing activities - 90 483
Net (decrease) / increase in cash and (38 617) 66 462
cash equivalents
Cash and cash equivalents at the 373 698 307 236
beginning of the year
Cash and cash equivalents at the end of 335 081 373 698
the year
Summarised Consolidated Statement of Changes in Equity
for the year ended 31 March 2010
R`000 Share Share- Retaine Total Non- Total
capital based d control equity
and payment earning ling
premium reserve s / interes
(Accumu- t
lated
loss)
Balance at 341 297 424 (4 982) 336 739 - 336 739
31 March
2008
Total - - 4 841 4 841 - 4 841
comprehensi
ve income
for the
year
Issue of 100 000 - - 100 000 - 100 000
ordinary
shares
Share-based 1 000 4 126 - 5 126 - 5 126
payments
Share issue (9 517) - - (9 517) - (9 517)
expenses
Balance at 432 780 4 550 (141) 437 189 - 437 189
31 March
2009
Total - - 5 974 5 974 (9 496) (3 522)
comprehensi
ve income
for the
year
Share-based 17 300 (4 346) - 12 954 - 12 954
payments
Non- - - - - 7 728 7 728
controlling
interest
resulting
from
acquisition
of a
subsidiary
Balance at 450 080 204 5 833 456 117 (1 768) 454 349
31 March
2010
Notes
1 The financial results are presented for the year ended 31 March 2010. Prior
period figures represent the year ended 31 March 2009.
2 The preliminary summarised consolidated results for the year ended 31 March
2010 incorporate extracts of the group`s unqualified audited financial
statements. The group`s financial statements are prepared in accordance
with International Financial Reporting Standards (IFRS), AC500 Standards,
the Listings Requirements of the JSE Limited (JSE) and the South African
Companies Act, 61 of 1973 (as amended). These summarised consolidated
financial statements are prepared in accordance with IAS 34: Interim
Financial Reporting. The accounting policies applied are consistent with
those applied in the annual financial statements for the year ended 31
March 2009, except for :
* early adoption of IAS 27: Consolidated and Separate Financial
Statements (revised);
* early adoption of IFRS 3: Business Combinations (2008) and IAS 27
Consolidated and Separate Financial Statements (2008); and
* applying IAS 1: Presentation of Financial Statements (revised).
For a better understanding of the group`s financial position and results of
operations, these summarised consolidated results are to be read in
conjunction with the group`s audited annual financial statements for the
year ended 31 March 2010, which include all disclosures required by IFRS,
and which are expected to be posted on or about 18 June 2010.
3 During the year the group`s Klip Colliery generated mining revenue of R21.8
million (2009 : R5.4 million), resulting in a gross profit of R0.8 million
(2009 : R3.6 million). The Colliery sold all its coal during the year and
rehabilitation of the Colliery is nearing completion. Included in cost of
sales is an accrual for Royalty Tax as a result of new legislation which
became effective on 1 March 2010.
4 Other income includes an amount of R1.6 million representing a damages
claim in terms of the default by the original coal buyer at Klip Colliery.
5 The total administration, other operational, mining and related expenses
amounted to R24.7 million (2009: R23.7 million) and include (prior year
figures in brackets):
* employee benefit costs (excluding the share appreciation rights
income) of R9.8 million (R9.0 million). As at 31 March 2010, the group
had nine (10) permanent employees/contractors;
* consulting, legal, audit and professional fees of R4.2 million (R5.6
million);
* non-executive directors` fees of the company of R2.0 million (R1.6
million);
* listing and investor relations costs of R1.6 million (R2.0 million);
head office lease costs of R0.7 million (R0.7 million); and
* depreciation charges not included in cost of sales of R0.7 million
(R0.7 million).
Note: Mining and related expenses mainly include that portion of management
and employees` time spent directly on exploration and production
subsidiaries, direct consulting fees by mining and exploration contractors
and compensation paid to surface right holders. Administration and other
operating expenses mainly include the remainder of the employee benefit
costs, non-executive directors` fees, listing and investor relations costs.
6 Share appreciation rights income - one of the main participants of the
share incentive scheme resigned during the year. The net positive
adjustment of R4.3 million is as a result of the reversal of a majority of
the share appreciation right expenses recognised in previous periods.
7 Impairment and net realisable value losses - operations at Klip Colliery
have been downscaled during the period (refer to commentary) resulting in a
sharp decrease in the remaining life of mine tonnages. This decrease
resulted in the weighted average cost per ton increasing significantly, and
low quality stockpiles having to be written down by R4.9 million to their
net realisable value. An additional impairment of R1.1 million resulted
from capitalised mine development cost at Klip Colliery. As a result of the
regulatory uncertainty regarding the two remaining prospects in Amalahle
Exploration (Pty) Limited (74% subsidiary of Keaton Energy), an impairment
loss of R1.8 million was raised during the year to fully impair the
associated exploration and evaluation expenditure.
8 The income for the year from the group`s externally invested funds was
R29.1 million (2009: R44.5 million). The decrease is mainly as a result of
the drop in interest rates during the year.
9 Income taxation expense mainly comprises current taxation expense of R5.7
million (2009: R10.2 million) and a secondary tax on companies (STC) of
R1.6 million (2009: R1.1 million). It should be noted that the total STC
accrual to date of R2.9 million will be reassessed in future years pending
new taxation legislation.
10 Earnings per share - the calculation of basic earnings per share is based
on the profit for the year (attributable to owners of the company) of R6.0
million (2009: profit of R4.8 million) and a weighted average number of 144
172 800 (2009: 142 248 143) ordinary shares in issue during the year.
The reconciliation to headline earnings is as follows:
R`000 Year to Year to
31 March 31 March
2010 2009
Gross / Gross /
Net Net
Profit for the year (attributable to owners 5 974 4 842
of the company)
- Add back : Impairment losses attributable 2 163 4 213
to owners of the company
Headline earnings for the year 8 137 9 055
The calculation of diluted earnings per share is based on the same profit
of R6.0 million and headline earnings of R8.1 million, with the weighted
average number of ordinary shares not being adjusted as the granted
notional shares are anti-dilutive.
IAS 27: Consolidated and Separate Financial Statements (revised) prohibits
the retrospective adjustment of losses attributable to non-controlling
interests. The loss/total comprehensive income attributable to owners of
the company would have been R3 521 661 million had IAS 27 revised not been
applied for the year ended 31 March 2010, resulting in the basic and
diluted loss per share being 2.4 cents.
11 The increase in non-current assets includes the fair value of R30.1 million
relating to the acquisition of prospecting rights. The acquisition of this
right co-incided with the acquisition of a 74% interest in Labohlano
Trading 46 (Pty) Limited. The 74% Labohlano acquisition involved a cash
payment (R5.0 million) and a share-based payment of 2 000 000 ordinary
shares of the company (valued at R17.3 million) to the existing shareholder
of Labohlano, the same day that Labohlano acquired the prospecting right
(its only asset) at a significant discount. The final recognition of the
fair value of the prospecting right was determined by grossing up the 74%
acquisition price of Labohlano (R22.3 million) to 100% (R30.1 million),
with the difference being attributed to the non-controlling shareholder
(Money Box Investments 156 (Pty) Limited). The group will consolidate the
contiguous prospecting rights at its Sterkfontein Project as soon as
sufficient geological data are available.
12 Current assets include:
* cash of R335.1 million;
* trade receivables (March 2010 coal sales) of R2.2 million;
* interest receivable R3.5 million; and
* value-added tax recoverable of R2.3 million.
13 Current liabilities include:
* amounts payable to exploration service vendors of R1.3 million;
* amounts payable to plant and equipment vendors of R10.2 million;
* other trade payables of R3.8 million; and
* taxation of R3.4 million.
14 Issues of equity during the year:
31 March 31 March
2010 2009
Number of shares
(000)
Issued share capital
At beginning of year 142 841 132 741
Issued for cash during the year - 10 000
Share-based payments (refer note 11 above) 2 000 100
At end of year 144 841 142 841
15 No dividends for the year ended 31 March 2010 (year ended 31 March 2009:
Rnil) have been declared nor are any proposed.
16 The group`s net asset value per share is R3.14 (2009: R3.06).
17 Segment information
Refer to the commentary below for a description of the projects (segments)
of the group. The group is segmented as follows:
R`000 31 March 31 March
2010 2009
Total segment assets
Keaton Mining (Pty) Limited - 63 472 22 672
Vanggatfontein Project
Keaton Mining (Pty) Limited / Labohlano 62 374 23 288
Trading 46 (Pty) Limited - Sterkfontein
Project
Keaton Mining (Pty) Limited - Klip 3 286 16 653
Colliery
Amalahle Exploration (Pty) Limited - - 1 379
Projects
Keaton Energy Holdings Limited - 474 773 450
Investments and cash resources 277(1)
Total operating segments` assets 603 905 514 269
Assets not allocated to segments 5 172 5 538
Consolidation adjustments - investments (135 669) (74 458)
in subsidiaries
Total assets 473 408 445 349
(1) Restated to conform with current
year`s amount which includes
investments in subsidiaries.
R`000 Year to Year to
31 March 31 March
2010 2009
Segment revenue
Keaton Mining (Pty) Limited - Klip 23 401 5 424
Colliery (all external coal sales) (1)
Keaton Administrative and Technical 10 639 10 033
Services (Pty) Limited (intersegment
revenues)
Total operating segments` revenue 34 040 15 457
Klip Colliery - damages claim disclosed (1 594) -
under other income
Consolidation adjustments (10 489) (10 033)
Revenue 21 957 5 424
(1) Coal sales to major customer as 89% 100%
percentage of total sales
Segment profit or loss
Keaton Energy Holdings Limited (1) (9 302) (26 005)
Keaton Administrative and Technical (118) (6 452)
Services (Pty) Limited
Keaton Mining (Pty) Limited (2) (14 704) (4 859)
Amalahle Exploration (Pty) Limited (3) (3 231) (4 217)
Labohlano Trading 46 (Pty) Limited (1 159) -
Other subsidiaries (335) (3 946)
Total operating segments` loss (28 849) (45 479)
Non-cash flow items (179) -
Consolidation adjustments 3 679 17 665
Operating loss before net finance (25 349) (27 814)
income and taxation
(1) Excludes finance income of R28.9
million (2009: R44.7 million)
(2) Includes depreciation of R12.1 million (2009: R0.8
million) and an impairment loss / net realisable value loss
of R6.0 million (2009: Rnil)
(3) Includes an impairment loss of R1.8
million (2009: R2.5 million)
18 The group`s capital commitments are:
R`000 31 March 31 March
2010 2009
Guarantees issued to the DMR 19 592 1 260
Guarantees issued in terms of farm 50 000 -
acquisitions
Authorised but not contracted 58 829 38 155
Authorised and contracted 31 539 2 263
All contracted amounts will be funded through the existing
funding mechanisms between the company and its subsidiaries.
19 Significant events after 31 March 2010 up to the date of this report:
On 6 April 2010 Keaton Energy announced that it had doubled the total Coal
Resource at its Sterkfontein Project in South Africa`s Mpumalanga Province
to 69 million mineable tonnes in situ, following the conclusion of the
first phase of its current drilling campaign. On 4 May 2010 Keaton Mining
(Pty) Limited (Keaton Mining), reached an amicable settlement with local
landowners, in terms of which Keaton Mining will acquire four properties
totalling 850 hectares relating to its Vanggatfontein Project, in the
Delmas district of Mpumalanga.
20 KPMG Inc`s unqualified auditors` reports included in the annual financial
statements and in the summarised financial statements contained in this
summarised report are available for inspection at the company`s registered
office.
21 Coal Reserve and Resource Statements
The group released an updated Coal Resource Statement for its Sterkfontein
Project during April 2010. This is available for inspection on the group`s
website www.keatonenergy.co.za. There was no change to the Coal Reserve and
Resource Statements at the group`s Vanggatfontein and Leeuwfontein Projects
(released May 2009).
Commentary
The 2010 results are being issued at a very important time in Keaton Energy`s
development. Klip Colliery, our small, `starter` operation, reached the end of
its economic life during the period under review. It weathered an extremely
volatile time in the domestic coal market, opening just months before the crash
of October 2008. The lessons learned with this operation are being put to good
effect in the development of our second, much larger, longer-life Vanggatfontein
Project. The construction of this mine started in earnest after the close of the
review period, following amicable settlement of a land access dispute between
ourselves and the landowners concerned.
Safety, health and the environment
The safety, health and environmental performance of the group in the period
under review has been acceptable, with 81 749 hours worked on-site with no lost
time injuries recorded. We continue to work to implement fully the safety and
health statement and policy adopted in 2009. The closure phase of Klip Colliery
will be monitored carefully to ensure that there is no complacency regarding
safety, health and the environment. The codes of practice developed for Klip
Colliery will be revised and supplemented for the Vanggatfontein Project, and
significant effort will be made to ensure that safety, health and environmental
policies and procedures are properly developed and implemented at the new
operations.
Corporate governance
The Board and its committees have continued to function well during the period.
During the year, our technical director Dr. Steven Rupprecht resigned from the
Board to pursue other opportunities, and we were very pleased that Mr. Peet
Snyders, a 29-year veteran of the South African mining industry - many of those
years spent in coal mining - accepted an appointment to the Board in the
executive role of operations director. Mr. John Wallington resigned from the
Board with effect from 1 June 2010 and the Board acknowledges with thanks his
contribution to the group.
We acknowledge the company`s responsibility to report timeously and meaningfully
to all of its stakeholders - shareholders, employees, communities in which it
operates, and the country`s citizens as a whole - on its activities. As a
consequence, we embarked on a process to adopt sustainable development reporting
in 2009. The 2010 Annual Report is the company`s second to include this
important element, and it takes us closer to applying the recommendations of
King III. We expect to apply all recommendations (and seek external assurance)
with our 2011 Annual Report. Keaton Energy has self-certified its
Sustainability Report, which is included in the Annual Report.
Cash position and forecast
The group`s available cash as at 31 March 2010 amounted to R335 million with a
further R20 million pledged against the group`s future environmental
liabilities. R158 million of the available cash is committed towards the first
phase of the group`s Vanggatfontein Project development and surface right
acquisitions. The remaining cash of R177 million is set aside to fund the
development of Phase 2 of the Vanggatfontein Project and further resource
exploration/evaluation on existing and new prospecting rights. It is the group`s
intention to explore raising project finance for the second phase of the
Vanggatfontein Project, with a view to, in part, reducing the overall cost of
capital for the project.
Project review: large, long-life projects
Vanggatfontein Project (previously the Delmas Project)
The Vanggatfontein mining right is held by Keaton Energy`s 74%-held subsidiary,
Keaton Mining (Pty) Limited (Keaton Mining). Bulk earthworks began on this
project subsequent to the end of the reporting period, with first coal from the
project expected before the end of the 2010 calendar year.
The original plan to bring the Vanggatfontein Project into operation by late
2009 was delayed in part due to market conditions and in part as a consequence
of the decision by the Department of Mineral Resources (DMR) in mid-2009 to no
longer accept rehabilitation guarantees underwritten by insurance companies.
This change increased the amount of upfront capital required for the development
of the project materially. As a consequence both of this and the general
adverse economic environment, management revised the development schedule of the
project. Working within the existing approved Mine Works Programme, a phased
approach was determined, in terms of which a stand-alone 5-Seam metallurgical
coal operation would first be developed, followed by a second phase in which a
larger (by volume) 2 and 4-Seam domestic power station coal project would be
developed. This plan reduced the upfront capital required to cover first-year
closure costs and allowed short-term development of a project to meet a physical
shortage of 5-Seam metallurgical coal in the domestic market. It also allowed
the company to participate in Eskom`s medium-term coal procurement programme,
our engagement in which has not yet concluded.
The Board approved the first phase development of the 5-Seam operation in
November 2009 and fabrication of the plant began in January 2010. The mining
right became effective on 23 February 2010. Subsequent to the afore-mentioned
amicable resolution of the dispute over land access, construction has begun in
earnest.
The Board has approved total capital expenditure of R172 million, with land
acquisition costs and the plant construction costs making up most of the early
investment. SNC Lavalin South Africa is the managing contractor on the project,
with DRA Mineral Projects responsible for plant design and construction and
Epoch Resources for residue facility design. Minopex has been selected as
preferred plant operator and Megacube Mining, a subsidiary of Sentula Mining
Limited, as the preferred opencast mining contractor.
The design of the second phase of the project is now being optimised as a
consequence of the engagement with Eskom. This may result in this phase being
larger than originally anticipated in order to further reduce the per tonne
costs of production, and provides a further motivation for the group to explore
raising project finance for the second phase of the project
Sterkfontein Project
The Sterkfontein Project prospecting rights are held by Keaton Mining and
Labohlano Trading 46 (Pty) Limited. Limited exploration was done on the project
in the 2008/09 financial year, following the declaration of a 34 million tonne
Coal Resource in May 2008. Exploration drilling resumed in earnest in mid-2009
following the successful conclusion of the transaction to acquire a 74% interest
in a 3 271 hectare prospecting right over properties intermingled with the
existing 4 009 hectares of prospecting rights. The transaction resulted in a
consolidated project area of 7 280 hectares with the potential for establishing
a large-scale underground mine.
An updated resource estimate was declared following the conclusion of a 31-hole
drilling programme and inclusion of the data from the 25 holes drilled by the
previous holder of the prospecting right. Further details are contained in the
March 2010 Coal Resource Statement (published in April 2010); however, what is
most significant is that the resource estimate has been doubled to 69 million
tonnes of coal (mineable in situ).
It was anticipated that the second phase of the drilling programme would be
completed by June 2010, although the unseasonably wet weather has negatively
affected drilling progress.
Once drilling and geological modelling has been completed over the consolidated
area, a full feasibility study is planned with the view to determining the
economics of an underground mine producing both export and domestic coal.
Project review: smaller, short-life project portfolio and the exploration
pipeline
Klip Colliery
The Klip Colliery mining permit is held by Keaton Mining. Klip Colliery has
reached the end of its economic life and the mine site will be rehabilitated
during 2010. Although opencast mining is complete, some surface operations are
still being undertaken on site. All remaining coal has been sold. Keaton Mining
intends to make application for a closure certificate prior to the end of the
2011 financial year.
Amalahle prospects
Amalahle Exploration (Pty) Limited, a 74%-held subsidiary of Keaton Energy, was
granted four separate prospecting rights by the DMR in April 2008. The
prospecting rights covered six discrete properties totalling 1 597
hectares. Only two of the properties were found to be of economic interest and
were added to the group`s small projects portfolio. There is some regulatory
uncertainty relating to both the Leeuwfontein and Braamspruit Projects and, as a
consequence, the Board felt it prudent to impair the associated exploration
expenditure.
Other prospects
The group awaits granting and/or execution of three pending prospecting rights
for relatively small properties contiguous to both the Vanggatfontein and
Sterkfontein Projects. Once these prospecting rights have been executed,
suitable announcements will be made to shareholders.
Markets
The period under review has been characterised by the gradual recovery from the
market crash of late 2008. Keaton Energy is well positioned to benefit from this
recovery, having carefully husbanded its cash resources, which are sufficient
for the group to proceed with the development of the first phase of the
Vanggatfontein Project at a time of increasing coal demand and better pricing.
It has been said in some quarters that our conservative cash preservation plans
and the matching of our development and growth to that of the global recovery -
effectively a risk averse, "batten down the hatches" approach - was detrimental
to our share price performance during the year. This may have been so. We
believe, however, that our approach was correct as we have emerged extremely
well positioned to leverage off strengthening coal markets. Export coal prices
have recovered from their lows of 2009 and appear to have stabilised above US$80
per tonne, ex-Richards Bay Coal Terminal. Domestically, Eskom has embarked on a
programme to contract 20 million tonnes a year of medium-term supplies for its
existing power stations, and there are signs of recovery in the domestic demand
for coal by industrial consumers.
Most significantly, it appears that a genuine shortage of low-phosphorous, high
vitrinite, metallurgical coal - the product from Phase 1 of our Vanggatfontein
Project - has occurred in the local market, forcing furnace operators to turn to
more expensive substitutes such as coking coal, creating an immediate market for
our Vangattfontein 5-Seam product.
Strategy
The group`s previously-stated intention to produce two million tonnes of
saleable coal a year in the medium-term is now likely to be achieved within the
next two years from the Vanggatfontein Project alone, subject to the suitable
conclusion of contract negotiations with Eskom. In spite of the immediate
challenges of negotiating such a contract, and then building and commissioning
Phase 2 of the Vanggatfontein Project, the Board has reiterated the mandate
given to executive management to develop the strategy to grow Keaton Energy into
a mid-tier coal producer in the longer term.
The group`s two-tiered approach to pursue both a limited number of large,
longlife, resource-intensive projects and a portfolio of smaller, quick-to
cashflow projects to provide the group with operational flexibility will now
change in emphasis as the first of the larger projects comes on stream. While
we will continue to pursue smaller projects such as the Klip Colliery, the
larger projects will enjoy priority for at least the next 12 months.
The experience gained from opening, running and subsequently de-commissioning
the Klip Colliery was invaluable, Sadly, one of the most salutary lessons
learned related to security. The mine experienced no fewer than nine armed
robberies in its 20 months of operation. We recognise the priority we will have
to attach to this aspect of our business in the future.
The challenges we face now, as the group grows, are: to ensure that we remain
lean, particularly in the face of the burdens of regulatory compliance; to avoid
bureaucracy; retain quick decision-making; and to keep fixed costs to a minimum.
Outlook
Keaton Energy ended the financial year in a strong financial position, in an
excellent project development position, with a positive market outlook and with
a small, young executive team that has grown through weathering and succeeding
in difficult circumstances. We start the new year enthusiastically with the
Vanggatfontein Project in construction and with prospects for concluding an
Eskom supply contract. The outlook is very positive.
On behalf of the Board
David Salter Paul Miller
Chairman Managing Director
28 May 2010
Registered office
Ground floor, Eland House, The Braes, 3 Eaton Avenue,
Bryanston, Johannesburg, South Africa
(Postnet Suite 464, Private Bag X51, Bryanston, 2021)
Transfer secretaries
Computershare Investor Services
Registration number: 2004/003647/07
Ground floor, 70 Marshall Street
Johannesburg, South Africa, 2001
Auditors:
KPMG Inc.
1226 Schoeman Street, Hatfield, Pretoria
Directors:
Dr JD Salter (chairman)*++, PBM Miller (managing director),
AB Glad, Z Mostert++, LX Mtumtum++, P Pouroulis**+,
JG Schonfeldt, APE Sedibe+, PCCH Snyders, JN Wallington++
*British **South African / Cypriot
+non-executive, ++independent non-executive
Telephone: +27 11 317 1700
Telefax: +27 11 463 4759
Email: info@keatonenergy.co.za
Website: www.keatonenergy.co.za
Sponsor
Nedbank Capital
Date: 01/06/2010 10:00:02 Produced by the JSE SENS Department.
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