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ARQ
ARQ
ANO - Anooraq announces unaudited condensed consolidated interim financial
statements for the six months ended 30 June 2010
Anooraq Resources Corporation
(Incorporated in British Columbia, Canada)
(Registration number 10022-2033)
TSXV/JSE share code: ARQ)
NYSE Amex share code: ANO
ISIN: CA03633E1088
("Anooraq" or the"Company")
ANOORAQ ANNOUNCES UNAUDITED CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS
FOR THE SIX MONTHS ENDED 30 JUNE 2010
Anooraq announces its unaudited condensed consolidated interim financial results
for the six months ended 30 June 2010. This announcement should be read with the
Company`s Financial Statements and Management Discussion & Analysis, available
at www.anooraqresources.com and filed on www.sedar.com
CONDENSED CONSOLIDATED INTERIM STATEMENTS OF FINANCIAL POSITION
AS AT 30 JUNE 2010
(Unaudited - Expressed in Canadian Dollars, unless otherwise stated)
Audited
Note 30 June 2010 31 December
2009
Assets
Non-current assets
Property, plant and equipment 5 907,387,297 693,393,736
Capital work-in-progress 6 8,975,176 235,838,915
Mineral property interests 13,072,908 13,223,703
Goodwill 12,138,061 12,382,569
Platinum producers` environmental 2,596,267 2,578,131
trust (restricted cash)
Other non-current assets 714 729
Total non-current assets 944,170,423 957,417,783
Current assets
Inventories 403,078 1,091,860
Trade and other receivables 28,988,051 23,466,503
Cash and cash equivalents 30,692,492 30,947,511
Restricted cash 1,262,450 1,291,348
Total current assets 61,346,071 56,797,222
Total assets 1,005,516,494 1,014,215,005
Equity and Liabilities
Equity
Share capital 229,694,788 229,631,388
Foreign currency translation reserve (11,925,477) (9,390,899)
Hedging reserve (2,652,675) (731,293)
Share-based payment reserve 20,696,823 19,770,786
Accumulated loss (129,621,636) (111,798,092)
Total equity attributable to equity 106,191,823 127,481,890
holders of the Group
Non-controlling interest 64,925,780 82,025,730
Total equity 171,117,603 209,507,620
Liabilities
Non-current liabilities
Loans and borrowings 7 596,659,999 555,509,417
Deferred taxation 203,053,464 213,484,109
Provisions 7,011,396 7,021,038
Derivative liability 3,420,150 1,590,945
Total non-current liabilities 810,145,009 777,605,509
Current liabilities
Trade and other payables 24,253,882 26,948,647
Current tax payable - 153,229
Total current liabilities 24,253,882 27,101,876
Total liabilities 834,398,891 804,707,385
Total equity and liabilities 1,005,516,494 1,014,215,005
CONDENSED CONSOLIDATED INTERIM STATEMENTS OF COMPREHENSIVE LOSS FOR THE PERIOD
ENDED 30 JUNE 2010
(Unaudited - Expressed in Canadian Dollars)
Note Three months ended 30 June Six months ended 30 June
2010 2009 2010 2009
Restated Restated
(Note 4) (Note 4)
Revenue 38,354,910 -
70,561,013 -
Cost of sales (40,919,441) - (76,551,589) -
Gross loss (2,564,531) - (5,990,576) -
Administrativ (3,273,206) (4,563,995) (5,944,844) (5,985,331)
e expenses
Other (336,306) - (336,306) -
operating
expenses
Transaction (51,030) (5,551,586) (51,030) (7,222,137)
costs
Other income (2,806) 12,037 82,617 26,307
Operating (6,227,879) (10,103,544) (12,240,139) (13,181,161)
loss
Finance 283,078 18,317 583,015 68,594
income
Finance (17,336,496) (590,446) (27,596,502) (1,191,312)
expense
Net finance (17,053,418) (572,129) (27,013,487) (1,122,718)
expense
Share of loss - (106,064)
of equity - (212,423)
accounted
investees
(net of
income tax)
Loss before (23,281,297) (10,781,737) (39,253,626) (14,516,302)
income tax
Income tax 3,357,844 - 6,139,149 -
Loss for the (19,923,453) (10,781,737) (33,114,477) (14,516,302)
period
Other
comprehensive
income/(loss)
Foreign 314,175 (2,150,388)
currency (4,329,154) (2,307,933)
translation
differences
for foreign
operations
Effective (444,297) -
portion of (1,935,823) -
changes in
fair value of
cash flow
hedges
Other (130,122) (2,150,388)
comprehensive (6,264,977) (2,307,933)
loss for the
period, net
of income tax
Total (20,053,575) (12,932,125)
comprehensive (39,379,454) (16,824,235)
loss for the
period
Loss
attributable
to:
Owners of the (10,825,637) (10,781,737) (17,823,544) (14,516,302)
Company
Non- (9,097,816) - (15,290,933) -
controlling
interest
Loss for the (19,923,453) (10,781,737) (33,114,477) (14,516,302)
period
Total
comprehensive
loss
attributable
to:
Owners of the (11,055,662) (12,932,125) (22,279,504) (14,824,235)
Company
Non- (8,997,913) - (17,099,950) -
controlling
interest
Total (20,053,575) (12,932,125)
comprehensive (39,379,454) (14,824,235)
loss for the
period
Earnings per
share
Basic and (0.03) (0.06) (0.04) (0.08)
diluted loss
per share
CONDENSED CONSOLIDATED INTERIM STATEMENT OF CHANGES IN EQUITY FOR THE PERIOD
ENDED 30 JUNE 2010
(Unaudited - Expressed in Canadian Dollars)
Attributable to equity holders of the
Company
Share Capital Treasury Convertible
Shares preference
shares
For the period ended 30
June 2009 (Restated)
Balance at 1 January 2009 54,948,340 - -
Total comprehensive
income/(loss) for the
period
Loss for the period - - -
Other comprehensive
income/(loss)
Foreign currency - - -
translation differences
Total other - - -
comprehensive loss
Total comprehensive loss - - -
for the period
Transactions with owners,
recorded directly in equity
Contributions by and
distributions to owners
Share-based payment - - -
transactions
Share issue 895,657 - -
Total contributions by 895,657 - -
and distributions to owners
Balance at 30 June 2009 55,843,997 - -
For the period ended 30
June 2010
Balance at 1 January 2010 71,713,114 (4,991,726) 162,910,000
Total comprehensive
income/(loss) for the
period
Loss for the period - - -
Other comprehensive
income/(loss)
Foreign currency - - -
translation differences
Effective portion of - - -
changes in fair value of
cash flow hedges, net
of tax
Total other - - -
comprehensive loss
Total comprehensive loss - - -
for the period
Transactions with owners,
recorded directly in equity
Contributions by and
distributions to owners
Share-based payment - - -
transactions
Share issue 63,400 - -
Total contributions by 63,400 - -
and distributions to owners
Balance at 30 June 2010 71,776,514 (4,991,726) 162,910,000
CONDENSED CONSOLIDATED INTERIM STATEMENT OF CHANGES IN EQUITY FOR THE PERIOD
ENDED 30 JUNE 2010 (CONTINUED)
(Unaudited - Expressed in Canadian Dollars
Attributable to equity holders of the
Company
Foreign Share-based Hedging
currency payment reserve
translation reserve
reserve
For the period ended 30
June 2009 (Restated)
Balance at 1 January 2009 129,684 17,584,974 -
Total comprehensive
income/(loss) for the
period
Loss for the period - - -
Other comprehensive
income/(loss)
Foreign currency (2,307,933) - -
translation differences
Total other (2,307,933) - -
comprehensive loss
Total comprehensive loss (2,307,933) - -
for the period
Transactions with owners,
recorded directly in equity
Contributions by and
distributions to owners
Share-based payment - 1,875,536 -
transactions
Share issue - - -
Total contributions by - 1,875,536 -
and distributions to owners
Balance at 30 June 2009 (2,178,249) 19,460,510 -
For the period ended 30
June 2010
Balance at 1 January 2010 (9,390,899) 19,770,786 (731,293)
Total comprehensive
income/(loss) for the
period
Loss for the period - - -
Other comprehensive
income/(loss)
Foreign currency (2,534,578) - 14,441
translation differences
Effective portion of - - (1,935,823)
changes in fair value of
cash flow hedges, net
of tax
Total other (2,534,578) - (1,921,382)
comprehensive loss
Total comprehensive loss (2,534,578) - (1,921,382)
for the period
Transactions with owners,
recorded directly in equity
Contributions by and
distributions to owners
Share-based payment - 926,037 -
transactions
Share issue - - -
Total contributions by - 926,037 -
and distributions to owners
Balance at 30 June 2010 (11,925,477) 20,696,823 (2,652,675)
CONDENSED CONSOLIDATED INTERIM STATEMENT OF CHANGES IN EQUITY FOR THE PERIOD
ENDED 30 JUNE 2010 (CONTINUED)
(Unaudited - Expressed in Canadian Dollars
Attributable to equity holders of the Company
Accumulated Total Non- Total
loss controlling
interest
For the period
ended 30 June
2009 (Restated)
Balance at 1 (76,266,461) (3,603,463) - (3,603,463)
January 2009
Total
comprehensive
income/(loss) for
the period
Loss for the (14,516,302) (14,516,302) - (14,516,302)
period
Other
comprehensive
income/(loss)
Foreign - (2,307,933) - (2,307,933)
currency
translation
differences
Total other - (2,307,933) - (2,307,933)
comprehensive
loss
Total (14,516,302) (16,824,235) - (16,824,235)
comprehensive
loss for the
period
Transactions with
owners, recorded
directly in
equity
Contributions by
and distributions
to owners
Share-based - 1,875,536 - 1,875,536
payment
transactions
Share issue - 895,657 - 895,657
Total - 2,771,193 - 2,771,193
contributions by
and distributions
to owners
Balance at 30 (90,782,763) (17,656,505) - (17,656,505)
June 2009
For the period
ended 30 June
2010
Balance at 1 (111,798,092) 127,481,890 82,025,730 209,507,620
January 2010
Total
comprehensive
income/(loss) for
the period
Loss for the (17,823,544) (17,823,544) (15,290,933) (33,114,477)
period
Other
comprehensive
income/(loss)
Foreign - (2,520,137) (1,809,017) (4,329,154)
currency
translation
differences
Effective - (1,935,823) - (1,935,823)
portion of
changes in fair
value of cash
flow hedges,
net of tax
Total other - (4,455,960) (1,809,017) (6,264,977)
comprehensive
loss
Total (17,823,544) (22,279,504) (17,099,950) (39,379,454)
comprehensive
loss for the
period
Transactions with
owners, recorded
directly in
equity
Contributions by
and distributions
to owners
Share-based - 926,037 - 926,037
payment
transactions
Share issue - 63,400 - 63,400
Total - 989,437 - 989,437
contributions by
and distributions
to owners
Balance at 30 (129,621,636) 106,191,823 64,925,780 171,117,603
June 2010
CONDENSED CONSOLIDATED INTERIM STATEMENTS OF CASH FLOWS FOR THE PERIOD ENDED 30
JUNE 2010
(Unaudited - Expressed in Canadian Dollars)
No Three months ended 30 June Six months ended 30 June
te
2010 2009 2010 2009
Restated Restated
Cash flows from (Note 4)
operating (Note 4)
activities
Cash (utilised 8 (2,080,046) 4,519,121 (5,592,729) 2,669,364
by)/generated
from operations
Interest received 255,232 18,317 515,482 68,594
Interest paid - - (12,754) -
Taxation paid - - (299,394) -
Cash (utilised (1,824,814) 4,537,438 (5,389,395) 2,737,958
by)/generated
from operating
activities
Cash flows from
investing
activities
Additions to (6,611,036) (89) (10,845,917) (1,829)
property, plant
and equipment
Proceeds on 47,002 - 47,002 -
disposal of
property, plant
and equipment
Deferred - (6,242,179) - (6,190,742)
acquisition costs
Investment in (668) - (668) -
environmental
trusts
Cash utilised by (6,564,702) (6,242,268) (10,799,583) (6,192,571)
investing
activities
Cash flows from
financing
activities
Long term 10,906,147 - 16,410,632 -
borrowings raised
- OCSF
Common shares - - 25,800 -
issued
Cash generated 10,906,147 - 16,436,432 -
from financing
activities
Effect of foreign 143,380 110,066 (502,473) 55,540
currency
translation
Net 2,660,011 (1,594,764) (255,019) (3,399,073)
increase/(decreas
e) in cash and
cash equivalents
Cash and cash 28,032,481 2,046,365 30,947,511 3,850,674
equivalents,
beginning of
period
Cash and cash 30,692,492 451,601 30,692,492 451,601
equivalents, end
of period
NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS FOR THE PERIOD
ENDED 30 JUNE 2010
(Unaudited - Expressed in Canadian Dollars)
1.REPORTING ENTITY
Anooraq Resources Corporation (the "Company" or "Anooraq") is incorporated in
the Province of British Columbia, Canada. The condensed consolidated interim
financial statements of the Company as at and for the three and six months ended
30 June 2010 comprise the Company and its subsidiaries (together referred to as
the "Group" and individually as "Group entities") and the Group`s interests in
associates and jointly controlled entities. The consolidated financial
statements of the Group as at and for the year ended 31 December 2009 are
available upon request from the Company`s registered office at 82 Grayston
Drive, Sandton, South Africa or at www.sedar.com.
2.STATEMENT OF COMPLIANCE
These condensed consolidated interim financial statements have been prepared in
accordance with IAS 34 Interim Financial Reporting. They do not include all of
the information required for full annual financial statements, and should be
read in conjunction with the consolidated financial statements of the Group as
at and for the year ended 31 December 2009.
3.SIGNIFICANT ACCOUNTING POLICIES
The accounting policies applied by the Group in these condensed consolidated
interim financial statements are the same as those applied by the Group in its
consolidated financial statements as at and for the year ended 31 December 2009,
except for the following standards and interpretations adopted in the current
financial interim period:
- Amendments to IAS 39, Eligible hedged items
- Amendments to IFRS 2, Share-based payments: vesting conditions and
cancellations
- IFRIC 17, Distribution of Non-cash assets to owners
- Various improvements to IFRS 2010
There was no significant impact on these condensed consolidated interim
financial statements as a result of adopting these standards and
interpretations.
4.RESTATEMENT OF 30 JUNE 2009 RESULTS
The Group early adopted IFRS 3, Business Combinations (2008), for all business
combinations occurring in the financial year commencing 1 January 2009. As a
result of the change in accounting policy, transaction costs relating to the six
months ended 30 June 2009, amounting to $7,222,137 (for the three months ended
30 June 2009, amounting to $5,551,586), previously capitalised were expensed.
The restated loss for the six months ended 30 June 2009 is $14.5 million
compared to $7.3 million as previously reported (for the three months ended 30
June 2009, the restated loss is $10.8 million compared to the $5.2 million as
previously reported).
The restated cash generated from operations and utilised by investing activities
for the six months ended 30 June 2009 are $2,737,958 and $6,192,571
respectively, compared to $8,372,136 and $11,826,749 respectively, as previously
reported (for the three months ended 30 June 2009, the restated cash generated
from operations and utilised by investing activities are $4,537,438 and
$6,242,268 compared to $10,089,024 and $11,793,854 as previously reported).
The basic and diluted loss per share were also restated for the six months ended
30 June 2009 to $0.08 per share from $0.05 which was previously reported (for
the three months ended 30 June 2009 the basic and diluted loss per share were
restated to $0.06 from $0.04 which was previously reported).
Six months Year ended 31
ended 30 December
June
2010 2009
5.PROPERTY, PLANT AND EQUIPMENT
Summary
Cost
Balance at beginning of period 707,131,018 540,482
Arising from business combinations - 725,226,891
Additions 1,961,027 31,478
Transferred from capital work-in-progress 235,173,963 9,382,489
Disposals (132,355) (49,072)
Adjustment to rehabilitation assets - 2,691,883
Effect of translation (11,028,612) (30,693,133)
Balance at end of period 933,105,041 707,131,018
Accumulated depreciation
Balance beginning of period 13,737,282 70,847
Charge for the period 12,192,443 13,557,111
Disposals (90,430) -
Effect of translation (121,551) 109,324
Balance at end of period 25,717,744 13,737,282
Carrying value 907,387,297 693,393,736
6.CAPITAL WORK-IN-PROGRESS
Capital work-in-progress consists of mine development and infrastructure costs
relating to the Bokoni mine and will be transferred to property, plant and
equipment when the relevant projects are commissioned.
Balance at beginning of period 235,838,915 -
Arising from business combination - 216,194,965
Additions 8,884,890 24,418,832
Transfer to property, plant and equipment (235,173,963) (9,382,489)
Capitalisation of borrowing costs 7,136,183 13,580,559
Impairment (336,306) -
Effect of translation (7,374,543) (8,972,952)
Balance at end of period 8,975,176 235,838,915
Capital work-in-progress is funded through cash generated from operations and
available loan facilities.
Six months Year ended 31
ended 30 December
June 2009
2010
7.LOANS AND BORROWINGS
Non-current liabilities
Senior Term Loan Facility 75,868,751 71,506,306
Redeemable "A" preference shares (related 365,103,222 352,664,289
party)
Rustenburg Platinum Mines - Funding loans 76,692,978 72,778,897
(related party)
Rustenburg Platinum Mines - OCSF (related 73,675,445 54,050,064
party)
Rustenburg Platinum Mines - Interest free 4,581,261 4,099,586
loan (related party)
Rustenburg Platinum Mines - commitment fees 738,342 410,275
(related party)
596,659,999 555,509,417
The carrying value of the Group`s loans and borrowings changed during the period
as follows:
Balance at beginning of 555,509,417 14,703,416
the period
Senior Term Loan Facility - 74,050,000
Rustenburg Platinum Mine - 16,410,632 51,330,745
Operating Cash flow
Shortfall Facility
("OCSF")
Arising from business - 493,666,666
combination
Rustenburg Platinum Mine - 599,442 4,267,913
Interest free loan
Repaid as part of - (251,770,000)
acquisition
Redeemable "A" preference - 177,720,000
shares
Redemption of "A" - (1,066,320)
preference shares
Loans repaid - (18,049,078)
Loan costs capitalised - (4,857,128)
Commitment fee capitalised (332,073) (407,076)
Finance expenses accrued 34,485,597 33,028,228
Amortisation of loan costs 297,618 449,149
Commitment fee liability 332,073 407,076
Interest rate swap (267,273) -
adjustment
Effect of translation (10,375,434) (17,964,174)
Balance at end of period 596,659,999 555,509,417
Three months ended 30 Six months ended 30 June
June
2010 2009 2010 2009
Restated Restated
8.CASH (UTILISED BY)/GENERATED FROM OPERATIONS
Loss before (23,281,297) (10,781,737) (39,253,626) (14,516,302)
income tax
Adjustments for:
Finance expense 17,336,496 590,446 27,596,502 1,191,312
Finance income (283,078) (18,317) (583,015) (68,594)
Non-cash items:
Depreciation 6,134,925 31,350 12,192,443 59,722
Equity settled 453,497 1,824,077 963,637 1,875,536
share-based
compensation
Loss from equity - 106,064 - 212,423
accounted
investees
Acquisition - - - 1,587,959
costs previously
capitalized
Impairment of 336,306 - 336,306 -
assets
Profit on (5,077) - (5,077) -
disposal of
property, plant
and equipment
Common shares - 895,657 - 895,657
issued as
compensation
Other (50,959) 20,681 (150,540) 13,665
Cash utilised 640,813 (7,331,779) 1,096,630 (8,748,622)
before working
capital changes
Working capital
changes
Increase in (5,173,384) (118,389) (4,116,199) (86,851)
trade and other
receivables
Increase 714,277 11,969,289 (3,232,222) 11,504,837
/(Decrease) in
trade and other
payables
Increase in 1,738,248 - 659,062 -
inventories
Cash (utilised (2,080,046) 4,519,121 (5,592,729) 2,669,364
by)/generated
from operations
9.SEGMENT INFORMATION
The Group has two reportable segments as described below. These segments are
managed separately based on the nature of operations. For each of the segments,
the Group`s CEO (the Group`s chief operating decision maker) reviews internal
management reports monthly. The following summary describes the operations in
each of the Group`s reportable segments:
- Bokoni Mine - Mining of PGM`s.
- Projects - Mining exploration in Boikgantsho, Kwanda, and Ga-Phasha
exploration projects.
The majority of operations and functions are performed in South Africa. An
insignificant portion of administrative functions are performed in the Company`s
country of domicile.
During the period, the CEO considered earnings before net finance expense,
income tax, depreciation and amortisation ("EBITDA") to be a more appropriate
measure of each segment`s performance as compared to "Loss before income tax".
Accordingly, the EBITDA for each segment has been included. All external revenue
is generated by the Bokoni Mine segment.
Six months ended 30 June
2010 2009
Bokoni Mine Projects Total Bokoni Projects Total
Mine Note
EBITDA 1,978,836 (20,891) 1,957,945 - (240,965) (240,965 (i)
)
Total 1,004,266,95 11,708,14 1,015,975 - 6,439,932 6,439,93 (ii)
Assets 0 0 ,090 2
Three months ended 30 June
2010 2009
Bokoni Projects Total Bokoni Projects Total
Mine Mine Note
EBITDA 1,165,505 (1,756) 1,163,749 - (134,606) (134,606) (i)
EBITDA - six months ended
EBITDA for reportable 1,957,945 (240,965)
segments
Net finance expense (27,013,487) (1,122,718)
Depreciation (12,192,443) (59,722)
Corporate and consolidation (2,005,641) (13,092,897)
adjustments
Consolidated loss before (39,253,626) (14,516,302)
income tax
EBITDA - three months ended
EBITDA for reportable 1,163,749 (134,606)
segments
Net finance expense (17,053,418) (572,129)
Depreciation (6,134,925) (31,350)
Corporate and consolidation (1,256,703) (10,043,652)
adjustments
Consolidated loss before (23,281,297) (10,781,737)
income tax
Total assets
Assets for reportable 1,015,975,090 6,439,932
segments
Corporate and consolidation (10,458,596) 7,412,490
adjustments
Consolidated total assets 1,005,516,494 13,852,422
10.RELATED PARTIES
At 31 December 2009, Hunter Dickinson Services Inc. ("HDSI") was a related party
as it was a private company owned equally by several public companies, one of
which was the Company. During the period Hunter Dickinson Inc (a corporation
incorporated under the laws of British Columbia) negotiated the repurchase of
all the outstanding shares of HDSI from other HDSI shareholders, including
Anooraq Resources Corporation. The purchase price was $1. As at 30 June 2010,
HDSI is not considered a related party.
11.SUBSEQUENT EVENTS
There have been no events that have occurred after the reporting date that would
have a material impact on the reported results.
12.HEADLINE AND DILUTED HEADLINE EARNINGS PER SHARE
Headline earnings per share is calculated by dividing headline earnings
attributable to shareholders of the Company by the weighted average number of
ordinary shares in issue during the period. Diluted headline earnings per share
is determined by adjusting the headline earnings attributable to shareholders of
the Company and the weighted average number of ordinary shares in issue during
the period, for the effects of all dilutive potential ordinary shares, which
comprise share options granted to employees.
Headline earnings per share
The calculation of headline loss per share for the three months ended 30 June
2010 of 2 cents (2009: 6 cents) is based on headline loss of $10,494,408 (2009
restated: $10,781,737) and a weighted average number of shares of 424,658,123
(2009: 186,640,007).
The calculation of headline loss per share for the six months ended 30 June 2010
of 4 cents (2009: 8 cents) is based on headline loss of $17,492,315 (2009
restated: $14,516,302) and a weighted average number of shares of 424,658,123
(2009: 186,640,007).
The following adjustments to loss attributable to shareholders of the Company
were taken into account in the calculation of headline loss per share:
Three months ended 30 June Six months ended 30 June
2010 2009 2010 2009
Restated Restated
Loss (10,825,637) (10,781,737) (17,823,544) (14,516,302)
attributable to
shareholders of
the Company
Gain on (5,077) - (5,077) -
disposal of
property, plant
and equipment
Impairment of 336,306 - 336,306 -
property, plant
and equipment
Headline loss (10,494,408) (10,781,737) (17,492,315) (14,516,302)
attributable to
shareholders of
the Company
Diluted headline earnings per share
The calculation of diluted headline loss per share for the three months ended 30
June 2010 of 2 cents (2009: 6 cents) is based on headline loss of $10,494,408
(2009 restated: $10,781,737) and a diluted weighted average number of shares of
425,896,567 (2009: 186,640,007).
The calculation of diluted headline loss per share for the six months ended 30
June 2010 of 4 cents (2009: 8 cents) is based on headline loss of $17,492,315
(2009 restated: $14,516,302) and a diluted weighted average number of shares of
425,896,567 (2009: 186,640,007).
There are no reconciling items between headline loss and diluted headline loss.
Approved by the Board of Directors on 5 August 2010
Philip Kotze (Director)
Fikile De Buck (Director)
Johannesburg
5 August 2010
JSE Sponsor
Macquarie First South Advisers (Pty) Limited
Date: 05/08/2010 14:00:01 Produced by the JSE SENS Department.
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