| Tue 22 Jun 2010, 12:56 | | RACP - Recm & Calibre Limited - Provisional results reviewed condensed financial |
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JSE RACP
REC
RACP - Recm & Calibre Limited - Provisional results reviewed condensed financial
results for the nine months ended 31 March 2010 condensed statement of financial
position as at 31 March 2010
RECM & CALIBRE LIMITED
(Formerly Velvospec Limited)
(Incorporated in the Republic of South Africa)
(Registration number 2009/012403/06)
Preference share code: RACP
ISIN: ZAE000145041
("RAC" or "the Company")
Provisional results Reviewed condensed financial results for the nine months
ended 31 March 2010 Condensed Statement of FINANCIAL POSITION as at 31 March
2010
31 March 2010
Reviewed
R
ASSETS
Current assets
Cash and cash equivalents 70
Total assets 70
EQUITY AND LIABILITIES
Equity (344 198)
Share capital 70
Accumulated loss (344 268)
Current liabilities 344 268
Loans from shareholders 338 693
Trade and other payables 5 575
Total equity and liabilities 70
Condensed Statement of COMPREHENSIVE INCOME
for the period ended 31 March 2010
9 months
31 March 2010
Reviewed
R
Operating expenses (344 268)
Loss for the period (344 268)
Condensed Statement of CHANGES IN EQUITY
for the period ended 31 March 2010
Accumu-
Share lated Total
capital loss equity
R R R
Balance as at 24 June 2009
Changes in equity
Issue of shares 70 - 70
Total comprehensive loss
for the period - (344 268) (344 268)
Balance as at 31 March 2010 70 (344 268) (344 198)
Condensed Statement of CASH FLOWS
for the period ended 31 March 2010
9 months
31 March 2010
Reviewed
R
Cash flows from operating activities
Cash utilised in operations (338 693)
Cash flows from financing activities 338 763
Proceeds on shares issued 70
Proceeds from shareholders` loan 338 693
Net change in cash and cash equivalents -
Cash and cash equivalents at beginning of period 70
Cash and cash equivalents at end of period 70
COMMENTARY
Nature of business
Recm & Calibre Limited is an investment holding company, which was incorporated
on 24 June 2009.
Financial review
At year-end the Company had not commenced business. Expenses incurred relate to
the listing process.
Basis of preparation and presentation of provisional results
The reviewed condensed financial results of the Company for the nine months
ended 31 March 2010 are provisional results and have been prepared in terms of
the JSE Listings Requirements. The provisional results have been prepared in
accordance with framework concepts and measurement and recognition requirements
of International Financial Reporting Standards ("IFRS") and the AC500 standards
as issued by the Accounting Standards Board or its successor, the information
required by IAS 34: Interim Financial Reporting and the Companies Act (Act 61 of
1973), as amended.
The provisional results have been prepared in accordance with the accounting
policies of the Company and comply with IFRS and the Listings Requirements of
the JSE and have been consistently applied to all periods presented.
Subsequent events
After the date of the financial statements, the directors resolved to:
increase the authorised share capital from 100 000 ordinary shares of R0,01
each to 5 000 000 ordinary shares of R0,01 each;
increase the issued share capital from 7 000 ordinary shares of R0,01 each to
5 000 000 ordinary shares of R0,01 each with a total share premium of R49 950
000; and
create, issue and list 45 000 000 preference shares of R0,01 each and a share
premium of R9,99 each.
The Company listed the preference shares on 8 June 2010 on the JSE Limited as
debt securities in terms of Section 20 of the Listings Requirements.
Future outlook
In general, asset prices are discounting a favourable outcome to the recent
global financial crisis. As such, sensible investment opportunities are few and
far between. However, there are still some pockets of inefficient pricing which
RAC hopes to take advantage of, once the capital raising process has been
finalised. Subsequent to the date of these financials, the preference shares
have been fully subscribed for, and the full R500 million the Company intended
to raise on listing has been raised. RAC now looks forward to allocating the
capital into sensible opportunities. Given the abovementioned pricing in asset
markets, the Company expects this process to take some time.
Auditors` review opinion
The reviewed condensed financial results of the Company for the period ended 31
March 2010 have been reviewed by Grant Thornton, who has issued an unmodified
review report on the results. A copy of this report is available for inspection
at the Company`s registered office.
22 June 2010
Cape Town
Directors: T de Bruyn* (Financial); G Pretorius#; W Stals#; PG Viljoen*
(Executive chairman) *Executive #Non-executive
Registered office: 7th Floor, Claremont Central, 8 Vineyard Road, Claremont,
Cape Town, 7700
Sponsor: Deloitte & Touche Sponsor Services (Pty) Limited
Transfer secretaries: Link Market Services South Africa (Pty) Limited
Auditors: Grant Thornton
Date: 22/06/2010 12:56:01 Produced by the JSE SENS Department.
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