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PHM
PHM
PHM - Phumelela - The Group`s summarised provisional consolidated financial
statements for the year ended 31 July 2010
Phumelela Gaming and Leisure Limited
(Incorporated in the Republic of South Africa)
(Registration number 1997/016610/06)
Share code: PHM
ISIN: ZAE000039269
("Phumelela" or "the Company")
* R163 million cash generated from operating activities
* PBITDA up 3%
* HEPS down 16%
* Distribution to shareholders maintained
SUMMARISED CONSOLIDATED STATEMENT OF FINANCIAL POSITION
Audited Audited
31 July 31 July
2010 2009
R`000 R`000
ASSETS
Non-current assets 378 558 320 806
Property, plant and equipment 325 340 288 505
Intangible assets 44 717 3 812
Interest in equity accounted investees 4 266 22 985
Investments 891 891
Deferred tax asset 3 344 4 613
Current assets 198 438 179 565
Inventories 5 738 5 823
Trade and other receivables 66 644 67 872
Income tax receivable 6 943 5 689
Pension fund surplus 1 568
Cash and cash equivalents 117 545 100 181
Total assets 576 996 500 371
EQUITY AND LIABILITIES
Total equity 394 682 363 980
Share capital and premium 1 890 1 890
Retained earnings 375 199 362 103
Non-distributable reserves (1 030) (13)
Equity attributable to ordinary 376 059 363 980
shareholders
Non-controlling interest 18 623
Non-current liabilities 5 670 5 779
Deferred tax liability 3 851 4 413
Retirement benefit obligations 1 819 1 366
Current liabilities 176 644 130 612
Finance lease liabilities 41
Trade and other payables 164 480 130 594
Short term loans from non-controlling 8 968
interest
Provisions 3 000
Income tax payable 155 18
Total equity and liabilities 576 996 500 371
SUMMARISED CONSOLIDATED STATEMENT OF COMPREHENSIVE
INCOME
Audited Audited
12 months 12 months
31 July 31 July
% 2010 2009
change R`000 R`000
Revenue (including Gross
Betting Income)
- Local operations
Excluding Betting World (3) 672 689 693 615
Betting World* 81 580
- International operations (14) 95 274 110 730
6 849 543 804 345
Net betting income
- Local operations
Excluding Betting World (3) 525 124 538 719
Betting World* 71 369
- International operations 24 29 375 23 616
11 625 868 562 335
Other operating income
- Local operations
Excluding Betting World 10 136 875 124 838
Betting World* 8 007
- International operations (24) 65 707 87 000
Net income 8 836 457 774 173
Operating expenses and
overheads
- Stakes 1 (157 986) (156 982)
- Local operations
Excluding Betting World 3 (426 363) (412 558)
Betting World* (59 434)
- International operations (19) (68 923) (84 593)
Profit before interest, income 3 123 751 120 040
tax, depreciation and
amortisation
Depreciation and amortisation 32 (32 804) (24 831)
Profit before interest and (4) 90 947 95 209
income tax
Investment income (70) 2 916 9 651
Finance costs
Excluding Betting World (27) (77)
Betting World* (754)
Profit before share of profit (11) 93 082 104 783
of equity accounted investees
Profit on remeasurement of 4 443
Betting World becoming a
subsidiary
Share of profit of equity
accounted investees
Automatic Systems Limited 1 028 1 031
Betting World* 2 359
Profit before income tax (9) 98 553 108 173
Income tax expense (30 485) (37 508)
Profit for the year (4) 68 068 70 665
Other comprehensive
income/(loss) net of taxation
- Exchange differences on (1 017) (172)
translating foreign operations
Total comprehensive income for 67 051 70 493
the year
Profit attributable to:
Equity holders of the parent (10) 63 338 70 665
Non-controlling interest 4 730
Profit for the year 68 068 70 665
Total comprehensive income
attributable to:
Equity holders of the parent (12) 62 321 70 493
Non-controlling interest 4 730
Total comprehensive income for 67 051 70 493
the year
* The results of Betting World
have been consolidated into
those of the Group during the
year following the increase in
the shareholding to 59%. In
prior periods Betting World was
accounted for as an equity
accounted investee.
Earnings per share (cents)
- Basic (10) 83,79 93,35
- Diluted basic (11) 83,43 93,35
SUMMARISED CONSOLIDATED STATEMENT OF
CASH FLOWS
Audited Audited
31 July 31 July
2010 2009
R`000 R`000
Net cash inflow/(outflow) from 82 153 (3 626)
operating activities
Cash generated from operations 123 279 123 143
Movements in working capital 39 905 (21 607)
Cash generated from operating 163 184 101 536
activities
Taxation paid (32 034) (63 151)
Investment income 2 916 9 651
Finance costs (511) (77)
Distributions to shareholders (51 402) (51 585)
Net cash outflow from investing (64 930) (35 305)
activities
Acquisition of investments (442)
Acquisition of Betting World (9 507)
Associated companies investment and (1 500)
loan
Acquisition of property, plant and (58 408) (33 467)
equipment
Proceeds on disposal of property, 2 985 104
plant and equipment
Net cash inflow/(outflow) from 141 (5 086)
financing activities
Issue of share capital 14 969
Share re-purchases (89) (6 055)
Finance lease repaid (39)
Net decrease in short term loans (441)
Dividend received from equity 696
accounted investee
Net increase/(decrease) in cash and 17 364 (44 017)
cash equivalents
Cash and cash equivalents at beginning 100 181 144 198
of year
Cash and cash equivalents at end of 117 545 100 181
year
Foreign currency denominated monetary 27 008 9 722
assets
CONDENSED CONSOLIDATED STATEMENT OF
CHANGES IN EQUITY
Share Share Non-
distributable
capital premium reserves
R`000 R`000 R`000
Balance at 31 July 2008 1 897 159
Issue of share capital - 6 963
options exercised
Total comprehensive income (172)
for the period
- Profit for the period
- Foreign currency (172)
translation reserve
Share based payment
Share re-purchases (13) (963)
Dividends paid to equity
holders of parent
Balance at 31 July 2009 1 890 (13)
Issue of share capital - 14
options exercised
Non-controlling interest
on equity accounted
investees becoming a
subsidiary
Total comprehensive income (1 017)
for the year
- Profit for the year
- Exchange differences on (1 017)
translation of foreign
operations
Share based payment
Share re-purchases (14)
Distributions paid to
equity holders of parent
Balance at 31 July 2010 1 890 (1 030)
CONDENSED CONSOLIDATED STATEMENT OF
CHANGES IN EQUITY (cont)
Equity
Retained attributable Non- Total
to ordinary controlling
earnings shareholders interest equity
R`000 R`000 R`000 R`000
Balance at 31 July 345 054 347 110 347 110
2008
Issue of share capital 969 969
- options exercised
Total comprehensive 70 665 70 493 70 493
income for the period
- Profit for the year 70 665 70 665 70 665
- Exchange differences (172) (172)
on translation of
foreign operations
Share based payment 3 048 3 048 3 048
Share re-purchases (5 079) (6 055) (6 055)
Dividends paid to (51 585) (51 585) (51 585)
equity holders of
parent
Balance at 31 July 362 103 363 980 363 980
2010
Issue of share capital 14 14
- options exercised
Non-controlling 13 893 13 893
interest on equity
accounted investees
becoming a subsidiary
Total comprehensive 63 338 62 321 4 730 67 051
income for the year
- Profit for the year 63 338 63 338 4 730 68 068
- Exchange differences (1 017) (1 017)
on translation of
foreign operations
Share-based payment 1 235 1 235 1 235
Share re-purchase (75) (89) (89)
Distributions paid to (51 402) (51 402) (51 402)
equity holders of
parent
Balance at 31 July 375 199 376 059 18 623 394 682
2010
REVIEW OF RESULTS
GROUP RESULTS
Trading conditions remained challenging in the second half of the year. This
was further compounded by strong competition for the leisure Rand,
particularly during South Africa`s successful hosting of the 2010 Soccer
World Cup.
On 1 August 2009 Betting World (Pty) Limited "Betting World" (a fixed odds
bookmaking concern) became a subsidiary company of the Group, previously an
equity accounted investee.
The consolidation of Betting World in the current year enhanced net betting
income, which increased by 11% to R625,9 million (2009: R562,3 million) with
the Group`s Isle of Man totalisator operation up a pleasing 24% to R29,4
million (2009: R23,6 million). Excluding Betting World net betting income
decreased by 1% to R554,5 million (2009: R562,3 million).
Other operating income that comprises, inter alia, bookmakers` levies,
unclaimed dividends and breakages, stable rentals and local and international
broadcasting levies/fees decreased by 1% to R210,6 million (2009: R211,8
million).
Operating expenses and overheads increased by 9% to R712,7 million (2009:
R654,1 million). Excluding Betting World operating expenses and overheads
decreased marginally to R653,3 million (2009: R654,1 million).
Profit before interest, income tax, depreciation and amortisation (PBITDA)
increased by 3% to R123,7 million (2009: R120 million).
Mainly as a result of the R45 million capital expenditure spent on the
Turffontein illumination project and the inclusion of Betting World, the
depreciation charge increased by 32% to R32,8 million (2009: R24,8 million).
Profit before interest and income tax (PBIT) decreased by 4% to R90, 9
million (2009: R95,2 million).
As a result of the R58,4 million invested in property, plant and equipment
(which included R27 million on the Turffontein illumination project and R5,8
million to upgrade the training/racing facilities at Turffontein and the
Vaal), R9,5 million spent on acquiring control of Betting World, increased
cash reserves generated offshore and a decrease in interest rates, investment
income decreased by 70% to R2,9 million (2009: R9,6 million).
Profit before income tax (PBT) decreased by 9% to R98,5 million (2009: R108,2
million) and the profit for the year by 4% to R68,1 million (2009: R70,7
million) benefitting from a reduction in tax on dividends following the
interim distribution to shareholders out of capital.
Headline earnings and headline earnings per share (HEPS) decreased by 16% to
R59,7 million (2009: R70,9 million) and 78,96 cents per share (2009: 93,67
cents per share) respectively. Diluted HEPS also decreased by 16% to 78,62
cents per share (2009: 93,67 cents per share).
LOCAL OPERATIONS
Revenue from local operations decrease by 3% to R672,7 million (2009: R693,6
million).
The Soccer World Cup provided for increased betting opportunities with the
Group`s sports bet offerings, in particular Betting World`s fixed odds
offering on soccer, garnering favourable betting interest. Competition for
the gaming Rand was particularly fierce during the event with a number of
internationally recognised bookmaking concerns entering the local market to
capitalise on it.
Betting World`s net betting income from fixed odds betting increased by a
very pleasing 47% to R71,4 million (2009: R48,5 million) benefitting from an
increased retail footprint and betting volumes boosted by the World Cup.
Totalisator handle generated on local and imported international horseracing
declined by 5% whilst the Group`s pari-mutuel soccer sports bet benefitted
from the Soccer World Cup increasing by a pleasing 11%.
Operating expenses and overheads increased by 13% to R643,8 million (2009:
R569,5 million). Excluding stakes (which increased by 1% to R158 million
(2009: R157 million)) and Betting World, operating expenses and overheads
were well contained, increasing by 3% to R426,4 million (2009: R412,6
million).
Betting World`s PBT increased by a very pleasing 101% to R16,4 million (R15,2
million after elimination of intra-Group related party transactions). In
addition a profit of R4,4 million on re-measurement of the fair value of the
net assets of the company was realised on acquisition of the further 16,5%
shareholding in the company.
PBT from local operations decreased by 12% to R71,9 million (2009: R81,6
million).
INTERNATIONAL OPERATIONS
Revenue from international operations was negatively impacted by the strength
of the Rand and the loss of the Racing UK (RUK) rights from 1 March 2010 and
decreased by 14% to R95,3 million (2009: R110,7 million). At constant
currencies, revenue decreased by 1%.
The Group`s Isle of Man totalisator operation continued to perform strongly
with net betting income increasing by 24% to R29,4 million (2009: R23,6
million) whilst income generated from other international initiatives was
negatively impacted by the loss of the RUK rights and decreased by 24% to
R65,7 million (2009: R87 million).
Operating expenses and overheads decreased by 19% to R68,9 million (2009:
R84,6 million) primarily due to the loss of the RUK rights, Rand strength and
the variable nature of operating expenses linked to income streams.
The Group`s share of profit from its equity accounted investee, Automatic
Systems Limited (a company listed on the Mauritius Stock Exchange and one of
two licensed totalisator operators on the island) was unchanged year on year
at R1 million.
PBT increased by 1% to R26,7 million (2009: R26,5 million) and equates to 27%
(2009: 25%) of the Group`s PBT. At constant currencies PBT increased by 22%.
FINANCIAL POSITION
The Group has total assets of R577 million (2009: R500,4 million) including
cash resources of R117,5 million (2009: R100,2 million) and insignificant
gearing.
Cash generated from operating activities increased by 61% to R163,2 million
(2009: R101,5 million) assisted by a more than satisfactory improvement in
working capital management and the Vodacom Durban July race meeting which was
held on 31 July 2010 due to the Soccer World Cup (historically the first week
in July each year). Post year-end cash reserves have normalised to R95
million.
Cash generated from operating activities was utilised to pay income tax of
R32 million and distributions to shareholders of R51,4 million. A further
R9,5 million (net of cash and cash equivalents acquired on acquisition) was
utilised to purchase an additional shareholding in Betting World, R58,4
million for capital expenditure and R0,1 million for share repurchases.
SUPPLEMENTARY STATEMENT OF
COMPREHENSIVE INCOME
Audited Audited
12 months 12 months
31 July 31 July
% 2010 2009
change R`000 R`000
Reconciliation of headline
earnings
Profit attributable to equity (10) 63 338 70 665
holders of parent
Adjusted for:
Net loss on disposal of 234 355
property, plant and equipment
Tax effect (66) (108)
Profit on remeasurement of (4 443)
Betting World becoming a
subsidiary
Tax effect 622
Headline earnings (16) 59 685 70 912
Headline earnings per share (16) 78,96 93,67
(cents)
Diluted headline earnings per (16) 78,62 93,67
share (cents)
Net asset value per share 3 497,52 481,52
(cents)
Distributions to shareholders
Interim distribution/dividend
Distribution out of share 7,50
premium (cents)
Dividend per ordinary share 17,50 25,00
(cents)
Final dividend
Dividend per ordinary share 43,00 43,00
(cents)
Number of shares in issue 75 586 838 75 590 371
Weighted average number of 75 590 417 75 700 146
shares in issue for basic and
headline earnings per share
calculation
Weighted average number of 75 917 090 75 700 146
shares in issue for diluted
earnings per share
calculation
ACQUISITION
Effective from 1 August 2009, the company acquired a further 16,5%
shareholding in Betting World for R12,9 million. This amount includes a R3
million contingent consideration payable on condition that Betting World is
granted bookmaker licences in KwaZulu-Natal which requires the relevant
gaming legislation in the Province to be amended to allow for corporate
ownership of bookmaker licences. The Group`s total shareholding in Betting
World is now 59%. Total goodwill arising on the acquisition equates to R8,9
million.
The fair value of the assets and
liabilities acquired on 1 August 2009
were:
Book Fair Value Fair
value adjustment value
R`000 R`000 R`000
Property, plant and equipment 17 044 17 044
Betting licenses and software 19 040 10 455* 29 495
Prepayments 4 760 4 760
Inventories 48 48
Trade and other receivables 9 665 9 665
Income tax receivable 19 19
Cash and cash equivalents 2 857 2 857
Finance lease liabilities (74) (74)
Deferred tax liability (956) (956)
Trade and other payables (12 471) (12 471)
Shareholder` loans (16 300) (16 300)
Income tax payable (202) (202)
Fair value of identifiable assets 23 430 10 455 33 885
Less: Non-controlling interest (13 893)
Fair value of identifiable assets 19 992
Less: Fair value of previous interest in (16 007)
the acquired
Less: Additional purchase consideration (12 900)
Goodwill (8 915)
Current period purchase consideration 12 900
Add: Shareholders loan liability 2 464
acquired
Less: Contingent consideration (3 000)
Payment effected 12 364
Less: Cash and cash equivalents acquired (2 857)
Net cash outflow on acquisition 9 507
* Adjustment to fair value of betting
licenses resulting in a gain of R4,4
million recognised in profit or loss
in the period.
SHARE CAPITAL
During the year the Group purchased a
further 8 033 of its own shares at a
total cost of R89 300 bringing the
total number of shares repurchased to
date to 1 515 047. The shares are
currently held as treasury shares and
are primarily intended to be used for
issuing shares under the Group`s share
option programme.
CAPITAL COMMITEMENTS
Commitments in respect of capital
expenditure approved by directors.
2010 2009
R`000 R`000
Contracted for 2 817 26 326*
Not contracted for 45 740 30 335
* Mainly for illumination of the
Turffontein race tracks for night
racing.
REPORTING ENTITY
Phumelela Gaming and Leisure Limited is a company domiciled in South Africa.
The consolidated financial statements as at and for the year ended 31 July
2010 comprises of the company and its subsidiaries and the Group`s interests
in equity accounted investees.
STATEMENT OF COMPLIANCE
The summarised provisional consolidated financial statements have been
prepared in accordance with the recognition and measurement criteria of IFRS,
its interpretations adopted by the International Accounting Standards Board
(IASB), the presentation and the disclosure requirements of IAS 34 - Interim
Financial Reporting, South African Statements and Interpretations of
Statements of Generally Accepted Accounting Practice (AC 500 series), the
Listing Requirements of the JSE Limited and the requirements of the South
African Companies Act.
The Board is committed to the highest standards of corporate governance
throughout the Group, endorses the recommendations set out in King III and
supports the Code of Corporate Practices and Conduct setout therein.
BASIS OF PRESENTATION
The summarised consolidated financial statements are presented in South
African Rands rounded to the nearest thousand on the historical cost basis,
except for certain derivative financial instruments that are recognised at
fair value.
The accounting policies are those presented in the annual financial
statements for the year ended 31 July 2010 and have been applied consistently
to the periods presented in these condensed consolidated financial statements
and by all Group entities. The following new and revised accounting standards
were adopted during the year:
IAS 1: Presentation of financial statements - requires all non-owner changes
in equity to be presented in a single statement of comprehensive income and
owner changes in equity in the statement of changes in equity. The adoption
of this standard did not have a material impact on the Group`s financial
results.
IFRS 3: Business Combinations - requires, inter alia, that for successive
share purchases (step acquisitions) the identifiable assets and liabilities
are recognised at fair value when control is obtained, and the gain and loss
on acquisition is recognised in profit and loss for the difference between
the carrying value of the previously held equity interest and the fair value
thereof.
Effective from 1 August 2009 the company obtained a controlling interest in
Betting World (Pty) Ltd that resulted in a fair value adjustment gain of R4,4
million recognised in profit and loss for the period.
IFRS 8: Operating segments - requires segment reporting to be based on the
information that management uses internally for evaluating segment
performance and when deciding how to allocate resources to operating
segments. The adoption of this standard did not have a material impact on the
Group`s financial results.
SUMMARISED CONSOLIDATED SEGMENTAL ANALYSIS
The Group stages and broadcasts horseracing events and offers betting
opportunities on both South African and international product in two
geographic segments, namely South Africa and the rest of the world.
Audited Audited
31 July 31 July
% 2010 2009
Change R`000 R`000
LOCAL
Excluding Betting World
Revenue (3) 672 689 693 615
Net income 661 999 663 557
Stakes 1 (157 986) (156 982)
Other net operating 3 (426 363) (412 558)
expenses
Profit before interest, (17) 77 650 94 017
income tax, depreciation
and amortisation
Depreciation and 15 (28 064) (24 331)
amortisation
Profit before interest and (29) 49 586 69 686
income tax
Investment income (72) 2 661 9 651
Finance costs (65) (27) (77)
Profit before share of (34) 52 220 79 260
profit of equity accounted
investee
Share of profit of equity 2 359
accounted investee
Profit before income tax (36) 52 220 81 619
from ongoing operations
INTERNATIONAL
Revenue (14) 95 274 110 730
Net income (14) 95 082 110 616
Net operating expenses (19) (68 923) (84 593)
Profit before interest, 1 26 159 26 023
income tax, depreciation
and amortisation
Depreciation and 6 (532) (500)
amortisation
Profit before interest and 25 627 25 523
income tax
Investment income 36
Profit before share of 1 25 663 25 523
profit of equity accounted
investee
Share of profit of equity 1 028 1 031
accounted investee
Profit before income tax 1 26 691 26 554
from operations
GROUP
Excluding Betting World
Revenue (5) 767 963 804 345
Net income (2) 757 081 774 173
Stakes 1 (157 986) (156 982)
Other net operating (495 286) (497 151)
expenses
Profit before interest, (14) 103 809 120 040
income tax, depreciation
and amortisation
Depreciation and 15 (28 596) (24 831)
amortisation
Profit before interest and (21) 75 213 95 209
income tax
Investment income (72) 2 697 9 651
Finance costs (65) (27) (77)
Profit before share of (26) 77 883 104 783
profit of equity accounted
investees
Share of profit of equity (70) 1 028 3 390
accounted investees
Profit before income tax (27) 78 911 108 173
from ongoing operations
Acquisition of Betting
World
Gross Betting Income 81 580
Net income 79 376
Operating expenses (59 434)
Profit before interest, 19 942
income tax, depreciation
and amortisation
Depreciation and (4 208)
amortisation
Profit before interest and 15 734
income tax
Investment income 219
Finance costs (754)
Profit from operations 15 199
after finance charges
Profit on remeasurement of 4 443
equity accounted investee
Profit before income tax 19 642
from operations
TOTAL
Revenue (including Gross 6 849 543 804 345
Betting Income)
Net income 8 836 457 774 173
Stakes 1 (157 966) (156 982)
Other net operating 12 (554 720) (497 151)
expenses
Profit before interest, 3 123 751 120 040
income tax, depreciation
and amortisation
Depreciation and 32 (32 804) (24 831)
amortisation
Profit before interest and (4) 90 947 95 209
income tax
Investment income (70) 2 916 9 651
Finance costs 914 (781) (77)
Profit before share of (11) 93 082 104 783
profit of equity accounted
investees
Share of profit of equity (70) 1 082 3 390
accounted investees
Profit before income tax (13) 94 110 108 173
from operations
Profit on remeasurement of 4 443
equity accounted investee
becoming a subsidiary
Profit before income tax (9) 98 553 108 173
REPORT OF THE INDEPENDENT AUDITORS
The unmodified audit report of KPMG Inc., the independent auditors, on the
annual financial statements and the summarised financial statements contained
herein for the year ended 31 July 2010, dated 1 October 2010, is available
for inspection at the registered office of the company.
SUBSEQUENT EVENTS
There are no significant subsequent events that have a material impact on the
financial statements at 31 July 2010.
SOCIAL RESPONSIBILITY
The Group recognises that it has a responsibility to the broader community to
act in a socially responsible manner, for the benefit of all South Africans.
Contributions to selected training, sports and community service related
projects continue. The Group has adopted appropriate BEE and employment
equity, training and procurement policies.
In January 2010 the Group was awarded "A" (Level Four Contributor) status by
Empowerdex (Economic Empowerment Rating Agency) having achieved a generic
scorecard total of 73,68%.
DIRECTORS
With effect from 9 September 2009, Mr A W Heide was appointed to the Board as
an executive director. Effective from 1 April 2010 he was appointed as Group
Chief Operating Officer and will continue in his capacity as Group Finance
Director.
Mr D R H Attenborough resigned as a director on 31 March 2010 to take up a
position with Tabcorp Holdings Limited in Australia. The Board records their
appreciation for his invaluable contribution as Chief Executive Officer (SA)
and wishes him well in his new position.
With effect from 1 October 2010 Messrs VJ Moodley and JS Stuart were
appointed to the Board as Executive Directors.
PROSPECTS
Trading conditions, both locally and internationally, are expected to remain
challenging in the short to medium term. Continued emphasis will be on cost
containment, growing local revenues by expanding the retail footprint,
through the use of technology and the introduction of new bet types and
exploring additional international business opportunities.
DIVIDEND TO SHAREHOLDERS
Given the Groups strong cash generation and the Boards confidence in the
business going forward, the Board has declared a final dividend of 43 cents
per share, payable to shareholders recorded in the register on Friday 29
October 2010. Shareholders are advised that the last date to trade "cum
distribution" will be Friday 22 October 2010. As from commencement of
business on Monday 25 October 2010 all trading in Phumelela shares will be
"ex distribution". Payment will be made on Monday 1 November 2010. Share
certificates may not be dematerialised or rematerialised between Monday 25
October 2010 and Friday 29 October 2010, both days inclusive.
For and on behalf of the Board
M P MALUNGANI W A DU PLESSIS
Chairman Group Chief Executive
Johannesburg
4 October 2010
Directors: M P Malungani (Chairman), W A du Plessis* (Group Chief Executive),
A W Heide* (Finance Director), R Cooper, M J Jooste, B Kantor, S K C
Khampepe, N J Mboweni (Mrs), VJ Moodley*, Dr E Nkosi, M L Ramafalo*, JS
Stuart*, C J H Van Niekerk, J B Walters
Company Secretary: A F Wintour
(*Executive)
Registered Office: Turffontein Racecourse, 14 Turf Club Street, Turffontein
Transfer Secretaries: Computershare Investor Services (Pty) Ltd
Sponsor: Investec Bank Limited
Web site: www.phumelela.com
Date: 04/10/2010 07:50:14 Produced by the JSE SENS Department.
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