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AEA
AEA
AEA - African Eagle Resources plc - Review of progress and results for the six
months ended 30 June 2010
African Eagle Resources plc
Incorporated in England and Wales
(Registration number 3912362)
(AIM share code: AFE AIM ISIN: GB0003394813)
(JSE share code: AEA JSE ISIN: GB0003394813)
REVIEW OF PROGRESS AND RESULTS FOR THE SIX MONTHS ENDED 30 JUNE 2010
African Eagle Resources plc ("African Eagle" or the "Company", ticker AIM: AFE,
AltX: AEA) announces progress made so far in 2010 together with its financial
results for the half year to 30 June 2010.
African Eagle`s Half Year Report for the period ended 30 June 2010 can be viewed
at:
http://www.africaneagle.co.uk/downloads/InterimFinancialStatements30June2010.pdf
Highlights - six months to 30 June 2010
Operations
* Successful drill campaign at Dutwa throughout Q1 and Q2 2010
* 59 out of the 66 holes at Ngasamo deposit intersected mineralisation
* Major increase of the JORC resource at Dutwa to 845,000 tonnes of contained
nickel equivalent, from 345,000 tonnes
* Excellent Phase 2 acid leach results from the Dutwa ore reported in May,
with column tests showing:
* Nickel extraction of 73-82% within 30 days and 86-92% after 100 days
* Cobalt extraction up to 60% within 30 days and 80-85% after 100 days
Financials
* Reduced loss for the first half of 2010 to GBP387,831 against GBP613,974
for the six months to 30 June 2009. This is primarily due to lower
impairment charges and other income arising on the recognition of shares in
Kibo Mining Plc (Ticker: AIM: KIBO)
* GBP1.7 million cash in hand at 30 June 2010
Corporate
* Merchantec Capital appointed as new sponsor in South Africa
* Australian explorer Peak Resources acquired 75% of the Igurubi gold project
in return for Peak shares, cash and royalties based on agreed milestones
* Letter of Intent signed with Australian explorer Macquarie Harbour Mining
for a joint venture to develop a gold mine at its Miyabi project
* Transaction provides a quick and effective route to take Miyabi into
production and gives the Company a free-carry
Since 30 June
* Ocean Equities appointed as joint broker
* Successful and oversubscribed capital raising for GBP3.3M
* Zanzui drilling programme returns encouraging nickel and cobalt results
including
* 33m at 1.5% nickel from 18m including 6m at 3.1% nickel
* 42m at 1.1% nickel from 12m including 6m at 2.8% nickel
* 27m at 0.30% cobalt from 12m including 15m at 0.49% cobalt
CHAIRMAN`S STATEMENT
Dear Shareholder,
I am delighted to report the significant steps we have taken to date during
2010.
Dutwa Nickel Project
We are making excellent progress on the pre-feasibility stage of our Dutwa
project evaluation. Following the huge increase in the resource, we are
currently drilling to obtain a 40 tonne bulk ore sample which will be used for
pilot plant and other process design tests.
On June 15, we made the exciting announcement that Snowden Mining Industry
Consultants had completed deposit modelling of the Wamangola and Ngasamo
deposits which showed JORC inferred figures of:
Tonnage (Mt) Nickel Grade Cobalt Grade
(%) (%)
Ngasamo 35.3 0.90 0.036
Wamangola 56.8 0.86 0.030
Total 92.1 0.88 0.032
These results exceeded expectations and represent an increase of 500,000 tonnes
of contained nickel equivalent over the previously reported figure of 345,000
tonnes. At current nickel prices of US$10.50/lb, the in-ground value of this
resource is close to US$ 20 billion.
The formal resource evaluation confirmed the very low average iron, aluminium
and magnesium contents, which help to explain the excellent leach
characteristics for the Dutwa ore.
We also received results of the second phase of metallurgical test work which
was carried out by Mintek Laboratories in South Africa on a representative
composite sample made up with drill cores from the Wamangola deposit. Column and
tank leach tests showed very rapid leaching rates with good nickel and cobalt
recoveries at low acid consumption. Column test recoveries were:
* Nickel extraction of 73-82% within 30 days and 86-92% after 100 days
* Cobalt extraction of up to 60% within 30 days and 80-85% after 100 days
In the tank leach tests nickel extraction of up to 70% occurred in the first
hour, with up to 85% after 8hrs and the final nickel extractions averaging 94%
over the full 24hr test.
We are currently carrying out a wide diameter diamond drilling programme to
provide a 40 tonne bulk ore sample from both deposits for mineralogical tests,
which will help us chose between heap or atmospheric agitated tank leaching as
the optimum processing route for the Dutwa ore. The work will include continuous
tank leaching tests and large scale tests using columns 6 to 8m high to
replicate heap leach behaviour.
Our consultants are working on upgrades to the resource calculations and
categories at Wamangola and Ngasamo which, together with pit optimisation plans
and mine scheduling, will be used to update the project economics in the coming
months.
Zanzui Nickel Project
Our primary focus remains the Dutwa project, but we recently followed up
previous positive scout drilling results at Zanzui, 50km to the south, with a
further 49 reverse circulation drill holes. The results, announced earlier this
month were very favourable, showing good nickel and cobalt grades over wide
thicknesses. So far, our drilling has only covered part of this potentially very
large deposit.
Non-core Projects
With Dutwa reaching potentially world-class status, nickel now dominates our
efforts and we are determined to spin out our legacy copper, gold and other
assets to focus on de-risking and unlocking the value at Dutwa.
In April, we agreed terms with Australian explorer Peak Resources to acquire our
75% of the Igurubi gold project in Tanzania in return for Peak shares, cash and
royalties based on agreed milestones. In May, the Company signed a Letter of
Intent with another Australian company, Macquarie Harbour Mining ("MHM"), to
develop a gold mine at our Miyabi project. MHM is now carrying out technical and
legal due diligence as per the agreement before reaching a decision to mine. We
are in discussions with a third Australian group to acquire or take a stake in
our uranium projects.
Aside from our nickel projects, we believe that the Company`s most valuable
asset is its copper project portfolio and exploration infrastructure in Zambia.
The board`s view is that the greatest value will be gained from maintaining all
these holdings in one company and we have therefore avoided selling or joint
venturing individual projects. Consequently, we have been in discussion with
various investment groups about creating a new structure for the Zambian assets,
including a possible public listing to realise value for AFE shareholders.
Financing
We recently announced the placing of 88 million new shares which raised GBP3.3
million before expenses. The placing, which was well oversubscribed will
introduce a number of major new shareholders to the register and followed a very
successful road show led by our new joint broker Ocean Equities together with
Seymour Pierce. The proceeds of the placing, to be approved by shareholders at a
General Meeting on Thursday 30 September, will be used primarily to finance the
next stages of the pre-feasibility study ("PFS") on the Dutwa project.
Plans
With the arrival of Dr Chad Czerny as Dutwa`s Project Manager (Metallurgy) in
March, the scope and extent of detailed test work which will be required before
completing the PFS has become apparent. It is of greatest importance to have the
best information possible to select the optimum process route for this major
development. Consequently, our revised target date for completion of the PFS is
now Q3 2011.
In the coming months we expect to report on updated resource figures, ongoing
metallurgical test work and revised project economics. After increasing the
total resource by nearly 150%, we are confident that the Dutwa project has taken
a further step towards becoming a world class nickel laterite mine.
Euan Worthington
Chairman
23 September 2010
Sponsor
Merchantec Capital
For further information, see the Company`s web site www.africaneagle.co.uk or
contact one of the following:
Mark Parker
Managing Director
African Eagle
+ 44 20 7248 6059
+ 44 77 5640 6899
Nicola Marrin
Seymour Pierce Limited, London
Nominated Adviser
+ 44 20 7107 8000
David Banks
Seymour Pierce Limited, London
Corporate Broking
+ 44 20 7107 8000
Guy Wilkes
Ocean Equities Limited
+44 20 7786 4370
Charmane Russell
Russell & Associates, Johannesburg
+ 27 11 8803924
+ 27 82 8928052
Ed Portman / Leesa Peters
Conduit PR, London
+ 44 20 7429 6607
+ 44 77 3336 3501
African Eagle Resources plc
Condensed Consolidated Statement of Comprehensive Income
For the six months ended 30 June 2010
6 months 6 months to Year to
to
30 June 30 June 31 December
2010 2009 2009
Note Unaudited Unaudited Audited
GBP GBP GBP
Depreciation expense (21,062) (30,461) (60,659)
Employee benefits expense (211,274) (205,723) (500,305)
Impairment of deferred (14,337) (145,071) (221,169)
exploration expenditure
Share of loss in associate (4,920) (7,634) (7,476)
Other expenses (256,822) (223,515) (453,200)
Other income 5 120,000 - -
Operating loss (388,415) (612,404) (1,242,809)
Finance income:
Bank interest receivable 19,217 12,467 29,887
Foreign exchange (loss)/gain (18,633) (14,037) 23,328
Loss before tax (387,831) (613,974) (1,189,594)
Income tax expense - - -
Loss attributable to equity (387,831) (613,974) (1,189,594)
owners for the period
Other comprehensive
income/(loss):
Exchange differences on 198,393 (1,751,419) (857,040)
translation of foreign
operations
Available for sale 20,000 617 13,694
investments
Other comprehensive 218,393 (1,750,802) (843,346)
income/(loss) for the period
Total comprehensive loss (169,438) (2,364,776) (2,032,940)
attributable to equity owners
for the period
Loss per share:
Basic/diluted loss per share 3 (0.1p) (0.3p) (0.5p)
from total and continuing
operations
Headline/diluted loss per 3 (0.2p) (0.2p) (0.4p)
share from total and
continuing operations
All operations are continuing.
The accompanying notes form an integral part of these condensed consolidated
financial statements.
African Eagle Resources plc
Condensed Consolidated Statement of Financial Position
For the six months ended 30 June 2010
30 June 30 June 31 December
2010 2009 2009
Note Unaudited Unaudited Audited
GBP GBP GBP
ASSETS
Non-current assets
Property, plant and 64,753 78,538 80,706
equipment
Available for sale assets 5 1,022,148 2,583 -
Investment in associates 2,318,401 1,910,516 2,319,435
Investment in joint 35,054 34,595 34,626
ventures
Deferred exploration costs 4 10,562,228 8,868,615 10,261,104
Total non-current assets 14,002,584 10,894,847 12,695,871
Current assets
Other receivables 253,422 140,393 124,063
Cash and cash equivalents 1,726,671 1,538,250 3,293,014
Total current assets 1,980,093 1,678,643 3,417,077
Total assets 15,982,677 12,573,490 16,112,948
LIABILITIES
Current liabilities
Other payables (326,145) (350,546) (322,740)
Total liabilities (326,145) (350,546) (322,740)
Net assets 15,656,532 12,222,944 15,790,208
EQUITY
Equity attributable to
owners of the parent:
Share capital 2,967,622 2,125,402 2,967,622
Share premium account 21,678,832 19,323,784 21,678,832
Merger reserve 705,723 705,723 705,723
Available for sale 20,000 (13,077) -
revaluation reserve
Foreign currency reserve 59,103 (1,033,669) (139,290)
Retained losses (9,774,748) (8,885,219) (9,422,679)
Total equity 15,656,532 12,222,944 15,790,208
The accompanying notes form an integral part of these condensed consolidated
financial statements.
African Eagle Resources plc
Condensed Consolidated Statement of Changes in Equity
For the six months ended 30 June 2010
Share Share Merger Available
capital premium reserve for sale
account revaluation
reserve
GBP GBP GBP GBP
Balance at 31 2,125,402 19,323,784 705,723 (13,694)
December 2008
Loss for period - - - -
Other comprehensive
loss:
Exchange differences - - - -
on translation of
foreign operations
Available for sale - - - 617
investments
Total comprehensive - - - 617
loss for the period
Transactions with
equity owners for the
first half of 2009:
Issue of share - - - -
capital
Share issue costs - - - -
Share based payments - - - -
Total transactions - - - -
with equity owners
Balance at 30 June 2,125,402 19,323,784 705,723 (13,077)
2009
African Eagle Resources plc
Condensed Consolidated Statement of Changes in Equity (Continued)
For the six months ended 30 June 2010
Foreign Retained Total
currency losses attributable
reserve to
owners
Unaudited
GBP GBP GBP
Balance at 31 717,750 (8,280,445) 14,578,520
December 2008
Loss for period - (613,974) (613,974)
Other comprehensive
loss:
Exchange differences (1,751,419) - (1,751,419)
on translation of
foreign operations
Available for sale - - 617
investments
Total comprehensive (1,751,419) (613,974) (2,364,776)
loss for the period
Transactions with
equity owners for the
first half of 2009:
Issue of share - - -
capital
Share issue costs - - -
Share based payments - 9,200 9,200
Total transactions - 9,200 9,200
with equity owners
Balance at 30 June (1,033,669) (8,885,219) 12,222,944
2009
The accompanying notes form an integral part of these condensed consolidated
financial statements.
African Eagle Resources plc
Condensed Consolidated Statement of Changes in Equity
For the six months ended 30 June 2010
Share Share Merger Available
Capital premium reserve for sale
account revaluation
reserve
GBP GBP GBP GBP
Balance at 31 2,125402 19,323,784 705,723 (13,694)
December 2008
Loss for year - - - -
Other comprehensive
loss:
Exchange differences - - - -
on translation of
foreign operations
Available for sale - - - 976
investments
Disposal of available - - - 12,718
for sale investment
Total comprehensive - - - 13,694
loss for the year
Transactions with
equity owners for
2009:
Issue of share 842,220 2,526,660 - -
capital
Share issue costs - (171,612) - -
Share-based payments - - - -
Total transactions 842,220 2,355,048 - -
with equity owners
Balance at 31 2,967,622 21,678,832 705,723 -
December 2009
African Eagle Resources plc
Condensed Consolidated Statement of Changes in Equity (Continued)
For the six months ended 30 June 2010
Foreign Retained Total
currency Losses attributable to
reserve owners
Audited
GBP GBP GBP
Balance at 31 717,750 (8,280,445) 14,578,852
December 2008
Loss for year - (1,176,876) (1,176,876)
Other comprehensive
loss:
Exchange differences (857,040) - (857,040)
on translation of
foreign operations
Available for sale - - 976
investments
Disposal of available - (12,718) -
for sale investment
Total comprehensive (857,040) (1,189,594) (2,032,940)
loss for the year
Transactions with
equity owners for
2009:
Issue of share - - 3,368,880
capital
Share issue costs - - (171,612)
Share-based payments - 47,360 47,360
Total transactions - 47,360 3,244,628
with equity owners
Balance at 31 (139,290) (9,422,679) 15,790,208
December 2009
The accompanying notes form an integral part of these condensed consolidated
financial statements.
African Eagle Resources plc
Condensed Consolidated Statement of Changes in Equity
For the six months ended 30 June 2010
Share Share Merger Available
Capital premium reserve for sale
account revaluation
reserve
GBP GBP GBP GBP
Balance at 31 2,967,622 21,678,832 705,723 -
December 2009
Loss for period - - - -
Other comprehensive
loss:
Exchange differences - - - -
on translation of
foreign operations
Available for sale - - - 20,000
investments
Total comprehensive - - - 20,000
loss for the period
Transactions with
equity owners for the
first half of 2010:
Issue of share - - - -
capital
Share issue costs - - - -
Share based payments - - - -
Total transactions - - - -
with equity owners
Balance at 30 June 2,967,622 21,678,832 705,723 20,000
2010
African Eagle Resources plc
Condensed Consolidated Statement of Changes in Equity (Continued)
For the six months ended 30 June 2010
Foreign Retained Total
currency Losses attributable to
reserve owners
Unaudited
GBP GBP GBP
Balance at 31 (139,290) (9,422,679) 15,790,208
December 2009
Loss for period - (387,831) (387,831)
Other comprehensive
loss:
Exchange differences 198,393 - 198,393
on translation of
foreign operations
Available for sale - - 20,000
investments
Total comprehensive 198,393 (387,831) (169,438)
loss for the period
Transactions with
equity owners for the
first half of 2010:
Issue of share - - -
capital
Share issue costs - - -
Share based payments - 35,762 35,762
Total transactions - 35,762 35,762
with equity owners
Balance at 30 June 59,103 (9,774,748) 15,656,532
2010
The accompanying notes form an integral part of these condensed consolidated
financial statements.
African Eagle Resources plc
Condensed Consolidated Statement of Cash Flows
For the six months ended 30 June 2010
6 months 6 months to Year to 31
to 30 June 30 June December
2010 2009 2009
Unaudited Unaudited Audited
Notes GBP GBP GBP
Operating activities
Loss before taxation (387,831) (613,974) (1,189,594)
Adjustments for:
Depreciation 21,062 30,461 60,659
Exchange loss (391) (24) (3,251)
Profit on disposal of 238 150 705
property, plant and
equipment
Interest received (19,217) (12,467) (29,887)
Impairment of deferred 14,337 145,071 221,169
exploration expenditure
Share-based payments 35,762 9,200 47,360
Share of loss in 4,920 7,634 7,476
associate venture
Disposable of available - - 12,718
for sale investment
(Increase)/decrease in (128,027) (13,856) 8,544
other receivables
Increase in other 24,523 66,682 3,797
payables
Share of joint venture (460) 762 630
(gain)/loss
Recognition of 5 (120,000) - -
investment in a listed
company
Cash flows from (555,084) (380,361) (859,674)
operating activities
Investing activities
Payments to acquire (1,467) - (26,505)
property, plant and
equipment
Payments for deferred (911,600) (601,045) (1,458,630)
exploration expenditure
Interest received 19,217 12,467 29,887
Investments in (119,935) (168,379) (290,308)
associates
Proceeds from sale of - - 2,943
investments for resale
Cash flows used in (1,013,785) (756,957) (1,742,613)
investing activities
Financing activities
Proceeds from issue of - - 3,197,268
share capital
Cash flows from - - 3,197,268
financing activities
Net (decrease)/increase (1,568,869) (1,137,318) 594,981
in cash and cash
equivalents
Cash and cash 3,293,014 2,709,957 2,709,957
equivalents at beginning
of period
Exchange loss/(gain) 2,526 (34,389) (11,924)
Cash and cash 1,726,671 1,538,250 3,293,014
equivalents at end of
period
The accompanying notes form an integral part of these condensed
consolidated financial statements.
African Eagle Resources plc
Notes to the Condensed Consolidated Half Year Financial Statements
For the six months ended 30 June 2010
1 Nature of Operations and General Information
African Eagle Resources plc ("African Eagle" or the "Company") is a public
limited company incorporated and domiciled in England and is listed on the
Alternative Investment Market ("AIM") of the London Stock Exchange and the
Alternative Exchange of the Johannesburg Stock Exchange Limited (AltX), and has
consented to its shares being traded on the London PLUS Markets. African Eagle
is a holding company of a mineral exploration and development group of companies
(the "Group"). The Group is currently undertaking a pre-feasibility study on its
Dutwa Nickel project in Tanzania.
Based on the cash in hand and the commitments received to subscribe in new
Ordinary Shares as outlined in Note 6, the Directors continue to adopt the going
concern basis in preparing the financial statements.
African Eagle`s unaudited condensed consolidated half year financial statements
("Financial Statements") are presented in pounds sterling (GBP), which is also
the functional currency of the parent company. The Financial Statements were
approved for issue by the Board of Directors on 22 September 2010.
2 Statement of Compliance and basis of preparation
The Financial Statements are for the six months ended 30 June 2010. They do not
include all the information required for full annual financial statements and
should be read in conjunction with the audited consolidated financial statements
of the Group for the year ended 31 December 2009, which were prepared under
International Financial Reporting Standards ("IFRS") as adopted by the European
Union ("EU").
The financial information is prepared under the historical cost convention and
in accordance with the recognition and measurement principles contained within
IFRS as endorsed by the EU.
The comparative amounts in the Financial Statements include extracts from the
Company`s consolidated financial statements for the year ended 31 December 2009.
These extracts do not constitute statutory accounts within the meaning of
Section 435 of the Companies Act 2006 (the "Act").
3 Loss Per Share
(a) Basic loss per share
The calculation of basic loss per share is based on the loss for the period
divided by the weighted average number of shares in issue during the period. In
calculating the diluted loss per share potential ordinary shares such as share
options and warrants have not been included as they would have the effect of
decreasing the loss per share. Decreasing the loss per share would be anti-
dilutive.
Loss per share 30 June 30 June 31 December
2010 2009 2009
GBP GBP GBP
Loss for the period (387,831) (613,974) (1,189,594)
Weighted average number of 296,762,128 212,540,128 246,459,673
shares in issue
Basic & diluted headline loss (0.1p) (0.3p) (0.5p)
per share
African Eagle Resources plc
Notes to the Condensed Consolidated Half Year Financial Statements
For the six months ended 30 June 2010
(b) Headline loss per share
Headline loss per share has been calculated in accordance with the South African
Institute of Chartered Accountants Circular 3/2009 - Headline Earnings. Circular
3/2009 is effective for interim and/or annual financial periods ending on or
after 31 August 2010.
The calculation of headline loss per share is based on the headline loss for the
year divided by the weighted average number of shares in issue during the year.
No diluted headline loss per share has been calculated as it would be
antidilutive by reducing the headline loss per share.
Headline Loss
30 June 30 June 31 December
2010 2009 2009
GBP GBP GBP
Loss for the period (387,831) (613,974) (1,189,594)
Adjusted for:
Plus loss on sale of 238 150 705
fixed assets
Plus impairment of 14,337 145,071 221,169
deferred exploration
assets
Plus Group share of 4,920 7,634 7,476
associated loss
(Less)/plus Group (460) 762 630
share of Joint Venture
Plus impairment of - - 12,718
available for sale
financial assets
Less Recognition of (120,000) - -
investment in a listed
company
Headline loss (488,796) (460,357) (946,896)
Weighted average number 296,762,128 212,540,128 246,459,673
of shares in issue
Basic & undiluted (0.2p) (0.2p) (0.4p)
headline loss per share
4 Deferred Exploration
30 June 30 June 31 December
2010 2009 2009
GBP GBP GBP
Cost:
At 1 January 10,261,104 9,717,268 9,717,268
Foreign currency exchange 308,119 (1,326,422) (746,873)
differences
Additions 889,490 622,840 1,511,878
Transfer to available for (882,148) - -
sale assets
Impairment costs (14,337) (145,071) (221,169)
Balance at the period end 10,562,228 8,868,615 10,261,104
African Eagle Resources plc
Notes to the Condensed Consolidated Half Year Financial Statements
For the six months ended 30 June 2010
5 Available for Sale Assets
(a) Investment in listed companies
30 June 30 June 31
December
2010 2009 2009
GBP GBP GBP
Cost:
Investment in listed companies 140,000 2,583 -
Exploration assets held for 882,148 - -
sale
Balance of at the period end 1,022,148 2,583 -
Investment in listed companies at 30 June 2010 represents the Company 3.15%
interest in Kibo Mining, a AIM listed explorer (ticker: KIBO). This investment
was received in respect of compensation arising from the termination of a joint
venture between the Company and Sloane Developments Limited (a wholly owned
subsidiary of Kibo Mining).
30 June 30 June 31
December
2010 2009 2009
GBP GBP GBP
Cost:
Balance brought forward - 1,967 1,967
Investments during the period 120,000 - -
Adjustment to fair value 20,000 616 976
Sale of investments - - (2,943)
Balance at the period end 140,000 2,583 -
The recognition of the investment in Kibo Mining is treated as other income in
the condensed consolidated statement of comprehensive income.
(b) Exploration assets held for sale
This relates to African Eagle`s Igurubi gold project in Tanzania. The Company
announced on 17 April 2010 that it had agreed terms for Peak Resources to
acquire the Company`s 75% interest in Igurubi. The agreement is subject to a
number of pre-conditions which at 30 June 2010 had not yet been satisfied. It is
anticipated that these preconditions will be satisfied by the year end at which
point the Company will recognise the disposal of Igurubi in its financial
statements.
6 Events after the balance sheet date
On 15 September 2010 the Company announced that Seymour Pierce and Ocean
Equities have arranged a Placing to raise gross proceeds of approximately GBP3.3
million by way of a placing of 88,000,000 new Ordinary Shares at a price of
3.75p each (the "Placing Shares") with new and existing investors (the
"Placing"). The Placing will represent approximately 22.9% of the issued
Ordinary Share capital of the Company as enlarged by the Placing Shares.
At the end of August 2010, African Eagle held net cash of approximately GBP1.25
million. The Board has decided to raise GBP3.1 million, after expenses, through
a placing of the Placing Shares at the Placing Price to institutions and private
client brokers. The expenses of the Placing are estimated to be approximately
GBP0.2 million. Based on current forecasts, the Directors believe that the
Placing proceeds alone will be sufficient to fund the next stage of the Dutwa
project and the general working capital requirements of the Group over the next
12 months.
In connection with the Placing, the Company posted a circular (the "Circular")
to Shareholders which contains a notice of General Meeting. The purpose of the
GM is to consider and, if thought fit, to pass the resolutions necessary to
authorise and implement the Placing.
The Directors have subscribed for an aggregate of 546,667 Placing Shares.
Details of individual Directors` subscriptions and their consequent holdings and
percentages following the Placing are as follows:
Director Position Cash amount Number of Holding Percentage
subscribed Placing after after
Shares Placing Placing
Euan Non-Executive GBP5,000 133,333 1,193,333 0.31
Worthington Chairman
Mark Parker Managing GBP10,000 266,667 4,563,967 1.19
Director
Christopher Operations GBP1,000 26,667 1,047,165 0.27
Davies Director
Bevan Metcalf Finance GBP2,000 53,333 260,833 0.07
Director
Geoffrey Non-Executive GBP2,500 66,667 975,967 0.25
Cooper Director
Date: 23/09/2010 08:00:07 Produced by the JSE SENS Department.
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