| Wed 6 Oct 2010, 16:24 | | AGI - AG Industries Limited - Reviewed results for the year ended 30 June 2010 |
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AGI
AGI
AGI - AG Industries Limited - Reviewed results for the year ended 30 June 2010
AG Industries Limited
Registration number: 1980/004051/06
Share code: AGI
ISIN: ZAE000039467
("AGI" or "the Company" or "the Group")
Reviewed results for the year ended 30 June 2010
Salient features
The financial restructuring was completed during the financial year
Successful rationalisation and consolidation of the main manufacturing
facilities
Market conditions worsen
- Construction sector declines further in 2010
- Residential sector most adversely affected (Residential building plans
completed down a further 29% on 2009 levels)
Performance reflected the difficult market and trading conditions
- Revenue from continuing operations decreased by 14% to R652 million (2009:
R761 million)
- Loss for the year from continuing operations of R192 million (2009: loss of
R235 million)
Condensed consolidated income statement
for the year ended 30 June 2010
Restated
Reviewed audited
year year
ended ended
30 June 30 June
2010 2009 Change
R`000 R`000 %
Continuing operations
Revenue 652 416 760 774 (14)
Cost of sales (486 142) (505 255) (4)
Gross profit 166 274 255 519 (35)
Gross profit (%) 25,5% 33,6% (8)
Other income 5 145 5 916 (13)
Impairment of goodwill - (82 760) (100)
Other impairments (5 349) (26 763) (80)
Restructuring costs (43 060) -
Other expenses (277 179) (326 867) (15)
Loss before net financing costs and
associate income (154 169) (174 955) (12)
Net financing costs (30 853) (36 486) (15)
Share of profits of associates 860 1 110 (23)
Loss before taxation (184 162) (210 331) (12)
Taxation (7 966) (24 742) (68)
Loss for the year from continuing
operations (192 128) (235 073) (18)
Discontinued operations
Loss for the year from discontinued
operations (16 238) (61 430) (74)
Loss for the year from continuing and
discontinued operations (208 366) (296 503) (30)
Attributable to:
Equity holders of the holding company (208 968) (297 386) (30)
Non-controlling interest 602 883 (32)
(208 366) (296 503) (30)
Condensed consolidated statement of comprehensive income
for the year ended 30 June 2010
Reviewed Audited
year year
ended ended
30 June 30 June
2010 2009 Change
R`000 R`000 %
Loss for the year from continuing and
discontinued operations (208 366) (296 503) (30)
Movement in foreign currency
translation reserve 4 643 (4 934)
Income from associate transferred from
retained earnings 746 588
Goodwill on non-controlling interest
acquired in subsidiary - (1 041)
Movement in fair value on available-
for-sale financial instrument 6 (9)
Total comprehensive loss for the year (202 971) (301 899) (33)
Attributable to:
Equity holders of the holding company (203 573) (302 782) (33)
Non-controlling interest 602 883
Total comprehensive loss for the year (202 971) (301 899)
Loss per share
Number of ordinary shares in issue
(`000) 4 318 147 205 626
Weighted average number of ordinary
shares in issue (`000) 1 026 765 204 261
Diluted number of ordinary shares in
issue (`000) 1 026 765 204 261
Basic and diluted loss per ordinary
share (cents) (20,4) (145,6) (86)
- Continuing operations (18,8) (115,5)
- Discontinued operations (1,6) (30,1)
Headline loss per share from
continuing and discontinued operations
Reconciliation:
Loss for the year attributable to
equity holders of the holding company (208 968) (297 386)
Loss/(profit) on disposal of
investment 5 905 (5 556)
Loss on disposal of property, plant
and equipment 3 392 2 655
(Reversal of impairment)/impairment of
property, plant and equipment* (1 440) 55 696
Impairment of goodwill - 82 760
Other impairments 6 789 -
Fair value adjustment on assets held-
for-sale - 12 467
Tax effect of headline adjustments - 722
Headline loss from continuing and
discontinued operations (194 322) (148 642) 31
Basic and diluted headline loss per
ordinary share from continuing
and discontinued operations (cents) (18,9) (72,8) (74)
*Includes continuing and discontinued operations.
Condensed consolidated statement of financial position
at 30 June 2010
Reviewed Audited
year year
ended ended
30 June 30 June
2010 2009
R`000 R`000
Assets
Non-current assets
Property, plant and equipment 95 437 111 755
Goodwill 38 425 38 425
Investments and loans 5 351 11 385
Deferred taxation assets 147 6 410
139 360 167 975
Current assets
Inventories 87 542 126 550
Trade and other receivables 131 831 142 851
Taxation 1 932 6 145
Cash and cash equivalents 5 783 7 634
Assets held-for-sale 12 612 110 413
239 700 393 593
Total assets 379 060 561 568
Equity and liabilities
Total equity
Equity attributable to equity holders of the
parent company 76 982 83 702
Non-controlling interest 1 839 1 667
Non-current liabilities
Deferred taxation liabilities 2 437 3 377
Long-term interest-bearing debt 31 761 41 332
Long-term lease accrual 33 776 24 486
67 974 69 195
Current liabilities
Trade, other payables and provisions 119 055 112 427
Other current liabilities 1 580 2 137
Short-term interest-bearing debt 108 808 255 802
Liabilities held-for-sale 2 822 36 638
232 265 407 004
Total equity and liabilities 379 060 561 568
Net asset value per ordinary share (cents) 2 42
Net tangible asset value per ordinary share
(cents) 1 22
Additional information
Capital expenditure for the year 5 221 22 653
Capital expenditure committed or authorised 4 800 7 603
Directors` valuation of investments and loans 5 351 11 385
Finance and operating lease commitments 334 423 405 457
Contingent liabilities 1 014 7 396
Staff costs - continuing and discontinued 241 729 296 696
Depreciation - continuing and discontinued 17 401 30 172
Condensed consolidated statement of cash flows
for the year ended 30 June 2010
Reviewed Audited
year year
ended ended
30 June 30 June
2010 2009
R`000 R`000
Cash flows from operations (128 708) (42 575)
Working capital changes 68 156 75 594
Net financing costs and taxation paid (30 958) (40 665)
Net cash outflow from operating activities (91 510) (7 646)
Additions to property, plant and equipment (5 221) (19 569)
Proceeds on disposal of property, plant and
equipment 5 755 1 673
Proceeds on disposal of investment in
subsidiary and business 47 662 -
Dividend received from associate - 191
Decrease in investments and loans - 5 608
Non-controlling interest acquired in
subsidiary - (2 004)
Net cash inflow/(outflow) from investing
activities 48 196 (14 101)
Equity from rights issue 197 259 -
Other financing activities (23 886) (23 356)
Net cash inflow/(outflow) from financing
activities 173 373 (23 356)
Net increase/(decrease) in cash equivalents 130 059 (45 103)
Cash equivalents and bank borrowings at
beginning of the year (211 415) (161 901)
Movements resulting from FCTR (347) (4 411)
Cash equivalents and bank borrowings at end of
the year (81 703) (211 415)
Cash and cash equivalents* 9 134 17 972
Bank borrowings* (90 837) (229 387)
Cash equivalents and bank borrowings at end of
the year (81 703) (211 415)
* Includes cash and cash equivalents and bank borrowings of disposal group
included in assets and liabilities held-for-sale.
Condensed consolidated statement of changes in equity
for the year ended 30 June 2010
Share
capital
and Other Accumulated
premium reserves losses
R`000 R`000 R`000
Balance at 1 July 2008 82 395 11 704 294 438
Total comprehensive loss for the year - (5 396) (297 386)
Movement in reserves - - (775)
Transfer from share-based
compensation reserve - (1 278) -
Non-controlling interest acquired - - -
Investment by non-controlling
interest - - -
Dividend paid - - -
Non-controlling interest transferred
to liabilities held-for-sale - - -
Balance at 30 June 2009 82 395 5 030 (3 723)
Total comprehensive loss for the year - 5 395 (208 968)
Movement in reserves - - (746)
Shares issued 205 626 - -
Share issue costs (8 367) - -
Transfer from share-based
compensation reserve - 340 -
Dividend paid - - -
Balance at 30 June 2010 279 654 10 765 (213 437)
Attributable
to equity Non-
holders of the controlling Total
parent company interest equity
R`000 R`000 R`000
Balance at 1 July 2008 388 537 3 145 391 682
Total comprehensive loss for
the year (302 782) 883 (301 899)
Movement in reserves (775) - (775)
Transfer from share-based
compensation reserve (1 278) - (1 278)
Non-controlling interest
acquired - 1 1
Investment by non-controlling
interest - (2 048) (2 048)
Dividend paid - (279) (279)
Non-controlling interest
transferred to liabilities
held-for-sale - (35) (35)
Balance at 30 June 2009 83 702 1 667 85 369
Total comprehensive loss for
the year (203 573) 602 (202 971)
Movement in reserves (746) - (746)
Shares issued 205 626 - 205 626
Share issue costs (8 367) - (8 367)
Transfer from share-based
compensation reserve 340 - 340
Dividend paid - (430) (430)
Balance at 30 June 2010 76 982 1 839 78 821
Consolidated segmental analysis
for the year ended 30 June 2010
Discontinued
Continuing operations operations
Aluminium Inter-
finished national
Business segments Glass Extrusions goods glass Sheerline
R`000 R`000 R`000 R`000 R`000
Revenue:
Reviewed year
ended 30 June 2010 447 156 131 779 210 859 56 441 94 158
% of subtotal
excluding
intercompany
eliminations 48% 14% 22% 6% 10%
Audited year ended
30 June 2009 551 431 232 068 319 105 165 295 202 594
% of subtotal
excluding
intercompany
eliminations 37% 16% 22% 11% 14%
Result:
Loss from
operations
Reviewed year
ended 30 June 2010 (103 638) (14 748) (73 742) (7 919) (8 319)
% to total 50% 7% 35% 4% 4%
Audited year ended
30 June 2009 (60 566) (77 332) (97 175) (18 036) (43 394)
% to total 20% 26% 33% 6% 15%
Subtotal
excluding
intercompany Intercompany
Business segments eliminations eliminations Total
R`000 R`000 R`000
Revenue:
Reviewed year ended 30 June 2010 940 393 (159 179) 781 214
% of subtotal excluding
intercompany eliminations
Audited year ended 30 June 2009 1 470 493 (341 830) 1 128 663
% of subtotal excluding
intercompany eliminations
Result:
Loss from operations
Reviewed year ended 30 June 2010 (208 366)
% to total
Audited year ended 30 June 2009 (296 503)
% to total
The continuing operations are all located in Southern Africa. The discontinued
glass operations are located abroad.
On adoption of IFRS 8 and in terms of the new restructured business, the new
operating segments are Glass, Extrusions and Aluminium finished goods.
Commentary
Introduction
During the first half of 2010 the Group implemented a restructuring plan
including a rights offer and rationalisation of key manufacturing facilities.
Delays in the implementation of the plan and a deterioration in market
conditions impacted on the results achieved. The radical action taken has
substantially reduced the cost base and the Group has repositioned the business
with a more appropriate organisational structure which will enable it to compete
in a more efficient and effective manner than before.
Status of restructuring
The Group previously announced a program of restructuring in the interim report
for the period ended December 2009. To date the following has been implemented:
1. A rights offer was completed in April 2010. This occurred three months later
than originally planned.
2. A new working capital facility was negotiated and was effective from April
2010.
3. The disposals of the International and Sheerline businesses were concluded in
December 2009 and March 2010 respectively.
4. The consolidation of the Gauteng based manufacturing facilities was completed
in January 2010. This could only be effected during the December 2009 shut down
period.
5. The number of employees in continuing operations has been reduced by 26% from
June 2009 to August 2010 with further reductions being implemented.
Financial review
The disposal of the International and Sheerline businesses were concluded in the
year and they are reported as discontinued operations. Subsequent to the
disposal of the International business, all the Group`s operations are located
in Southern Africa.
At a shareholders meeting held on 5 January 2010 shareholders approved the
recapitalisation of the company. A rights offer was finalised on 19 April 2010
resulting in 4 112 520 940 shares being issued at five cents per share. This
increased the shares in issue from 205 626 047 shares to 4 318 146 987 shares.
Income statement
Continuing Operations
Group revenue from continuing operations decreased by 14% to R652 million (2009:
R761 million). Sales revenue has been under pressure since January 2009 and no
recovery has yet been experienced.
Gross profit percentages have dropped by 8%. 3% can be ascribed to a significant
provision against stock, based on an analysis of rate of movement. The remaining
5% is due to market pressures on margins and under recoveries in the factories
due to lower production volumes.
Operating expenses declined by 15% to R277 million (2009: R327 million). Such
expenses excluded non-recurring costs of restructuring of R43 million, which
were largely incurred between January and May 2010. As a result the cost base at
year end is lower than the average cost per month indicated by the total
expenses for the year.
A loss before financing costs and profits of associates from continuing
operations of R154 million (2009: loss of R175 million) was incurred. The loss
was incurred due to the difficult trading environment resulting in a lower level
of sales and compressed margins as well as the costs incurred as a result of
implementation of the restructuring.
Finance costs declined to R31 million (2009: R36 million) due mainly to the
implementation of the restructuring in April 2010 which reduced the Group`s debt
by R197 million.
A tax charge of R8 million was incurred primarily due to the reversal of a
deferred tax asset of R7 million in a subsidiary company but also due to tax
being payable in profitable subsidiaries. No deferred tax assets were raised
during the year under review. As at June 2010 the Group has approximately R308
million (2009: R110 million) of tax losses in subsidiaries that continue to
trade as part of current continuing operations.
The loss for the year from continuing operations was R192 million (2009: loss of
R235 million).
Discontinued Operations
Discontinued operations incurred a loss of R16 million (2009: loss of R61
million), mainly arising from a poor performance by Sheerline prior to its
disposal.
Consolidated
All of the above factors resulted in a loss attributable to ordinary
shareholders of R209 million (2009: loss of R297 million). The weighted average
number of shares in issue increased from 204,3 million in 2009 to 1 026,8
million in 2010 after the rights issue undertaken. The basic and headline losses
per share were 20,4 cents (2009: loss of 145,6 cents) and 18,9 cents (2009: loss
of 72,8 cents). The basic loss per share for continuing operations is 18,8 cents
(2009: loss of 115,5 cents).
Balance sheet and cash flow
The working capital to revenue ratio improved to 13% (2009: 21%) as a result of
improved working capital management. Factors affecting working capital
performance were lower levels of stock and reduced receivables resulting from
lower sales.
Key cash flows impacting the Group are summarised in the table below:
2010 2009
(R mil) (R mil)
Cash flows from operations before working capital
changes, operating losses and costs of
restructuring (128) (43)
Working capital reduction - improved working
capital management 68 76
Net financing costs and taxation paid (31) (41)
Net cash outflow from operating activities (91) (8)
Cash inflow/(outflow) from investing activities,
sale of International and Sheerline in 2010 48 (14)
Cash inflow from rights issue 197 -
Overall increase/(decrease) in cash generated 154 (22)
The effect of the above is that net interest bearing debt has reduced to R135
million (2009: R289 million).
Gearing (net interest bearing debt as a percentage of equity) improved to 175%
(2009: 346%) after the restructuring.
Total capital expenditure for the year under review was R5 million (2009: R23
million) with the existing asset base being sufficient to sustain the level of
operations currently conducted.
Operational review
The consolidation of the four Gauteng based factories on to a single site at
Roodekop was a major achievement and is critical to the Group`s restructuring
plan. This could only take place during the December shut-down. The move has
enabled the business to not only reduce overheads and stockholding but also to
achieve significant productivity improvements. This fully integrated factory
forms the manufacturing base for the Group and due to the success of the start-
up is providing opportunities for further Group manufacturing rationalisation
and consolidation.
The Group now has two fully integrated facilities which are delivering value to
the organisation, Roodekop in Gauteng and Riverhorse in KwaZulu-Natal. This is
the business model the Group intends to follow. Both of these are state of the
art facilities and have significant capacity potential for when the markets
improve.
In developing the restructuring plan it was always understood that the Cape
operations would have to be rationalised to align the overhead cost to the
depressed market conditions. However, unlike Gauteng or KwaZulu-Natal, where the
business had suitable premises onto which it could consolidate, there was no
suitable site available amongst the existing locations of the Western Cape based
operations.
Following the final phases of the Gauteng consolidation, further plans at
restructuring in the Western Cape have been implemented. These include exiting
manufacturing premises in Epping and the consolidation of all standard
manufacture items to the Roodekop facility. Branch structures on a national
basis are being aggressively reviewed.
In addition to these structural changes the business refocused its marketing
efforts. It is apparent that in the period of strong growth when demand
outstripped capacity, the company neglected a number of traditional market
channels in both its aluminium finished goods and glass businesses. A revised
strategy to regain market share in these markets is being implemented and there
is positive feedback from the trade about the company`s product quality and
pricing position.
The rise in competitor activity and the increase in installed capacity that
occurred during the growth cycle have resulted in increased competition for
market share and margin compression. This was reported previously and the
situation in the market has not improved as industry players attempt to hold on
to scarce volume through pricing activity. AGI has critically examined its raw
material supply chains and implemented procurement initiatives to reduce the
overall cost of manufacture. These activities together with greater efficiencies
from manufacturing consolidation have assisted the company`s product offering to
be more competitive. However, gains in this area have not yet been fully
realised as they are dependent on establishing new sources of supply. The
directors are aware of the opportunity that exists to improve AGI`s performance
in this area and are working on removing the obstacles that will then allow the
Group to optimise its position.
Good progress has been made at improving lead times and service levels in
particular from the consolidated operation at Roodekop. Service is a critical
performance factor in the industry and it is acknowledged that, prior to the re
capitalisation, the business performance was disrupted by both the knowledge of
forthcoming plant closure and relocation and the need for strict cash
management.
Continuing operations
Glass
Revenue decreased by 19% to R447 million (2009: R551 million). The operational
result for the year under review was a loss of R104 million (2009: loss of R61
million).
Glass sales proved reasonably robust to market conditions. However there is over
capacity in the manufacturing or value-added section of the market which is
currently overtraded. As a consequence margins are under pressure and factory
utilisation lower than capacity. Utilisation of the geographic footprint in
order to establish integrated branches has commenced. Programs to reduce
overheads remain a key focus.
Aluminium finished goods
Revenue decreased by 31% to R211 million (2009: R319 million). The operational
result for the year under review was a loss of R74 million (2009: loss of R97
million).
Sales were particularly under pressure in this segment from January 2010 to
date. This is attributed to a depressed market based on the low level of
activity in residential property development. Costs were significantly reduced
but given the level of sales reduction profitability has been adversely
impacted.
Extrusions
Revenue for the year under review decreased by 43% to R132 million (2009: R232
million). The operational result was a loss of R15 million (2009: loss of R77
million).
The extrusion presses were adversely affected by interruptions in billet supply.
In November 2009 local supply of billet from BHP Billiton ceased. New imported
supplies have been developed with a requirement for increased working capital to
be invested.
Discontinued operations
Sheerline
It has previously been reported that AGI Solutions (Pty) Limited, a subsidiary
of the Group, and Wispeco Limited, a creditor of the Group, had entered into an
agreement for sale to Wispeco of the Sheerline business as a going concern on 3
September 2009. Due to competition regulations, there was a considerable delay
in meeting the conditions precedent for this sale. These were fulfilled in March
2010 and the sale became effective on 31 March 2010.
During the year under review and until the disposal became effective (nine
months after year end), revenue of the Sheerline business was R94 million (2009:
R203 million) and an operating loss of R8 million (2009: loss of R43 million)
was incurred.
International operations
It has previously been reported that an agreement for the sale of the
International business was concluded on the 29 September 2009 to a related
party. The conditions precedent to this sale were fulfilled in December 2009 and
the sale became effective and proceeds were received on 6 January 2010.
During the year under review and until disposal became effective (six months
after year end), revenue of the International business was R56 million (2009:
R165 million) and an operating loss of R8 million (2009: loss of R18 million)
was incurred.
Prospects
The process of restructuring AGI from the precarious position it found itself in
at the beginning of 2009 was always going to be a significant challenge. The
excessive levels of debt, complex organisational and legal structures and
duplication of overheads and operational resources, required radical
rationalisation. Even in a stable market the task to reorganise the business was
formidable. Given that the markets have worsened the challenge became even
greater. Despite this the progress operationally has been significant but more
has to be done before the business is fully stabilised and can begin to explore
opportunities for growth and expansion. The job at hand is to continue the
process of right sizing to current economic conditions.
The key assumption of the initial restructuring plan accepted by the directors
and the Group`s financiers was that the recessionary period, which was initially
felt by the South African construction sector early in 2009, would not result in
a lower level of activity than that witnessed in the 2009 calendar year.
Therefore although sales were not expected to recover at all during 2010, it was
anticipated that they would not be dramatically worse. In hindsight this
assumption has proved to be incorrect and construction activity, particularly in
the residential sector, has fallen further. This requires that the Group
reassess the level of cost that has to be removed from the business. As
disclosed herein, management has initiated these revised plans and is diligently
addressing the areas identified so as to stabilise the business.
The Group has been significantly burdened by entering into a number of onerous
property and asset leasing agreements when it embarked on its expansion plans in
the past. Although extensive work has been done to exit as many of these
arrangements as possible, the Group is bound by these agreements for the next
two years. Thereafter the financial commitments that these lease arrangements
represent fall away and the business will be significantly less burdened by
these fixed cost structures.
Shareholders are referred to the Cautionary Announcement made on 1 October 2010.
In this announcement shareholders were advised that it has become apparent that
a further capital injection may be required by the Group. To this end the
Company`s controlling shareholder, Castellas Investment Holdings Limited, has
initiated a review which is anticipated will be completed during November 2010.
Going concern
At the time of approving the results for the year under review, the Group`s
situation is such that there exists a degree of uncertainty relating to future
events or conditions that might cast doubt upon the Group`s ability to continue
as a going concern. Subject to the outcome of the review process noted in
Prospects above, the directors believe the going concern assumption to be
appropriate at this time.
Changes in directorate
Mrs J Martingano did not stand for re-election at the Annual General Meeting of
the Company held on 15 January 2010. Mr MJE Geldenhuys resigned with effect from
31 January 2010. With effect from 19 May 2010, Mr AA Barrell resigned, Mr BE
Danoher retired and Mr J Fragis and Mr SR Favish were appointed.
Accounting policies and basis of preparation
The condensed financial statements have been prepared in accordance with the
framework concepts and the measurement and recognition requirements of
International Financial Reporting Standards (IFRS), the AC 500 standards as
issued by the Accounting Practices Board, the information as required by IAS 34:
Interim Financial Reporting, the Companies Act and the JSE Limited Listings
Requirements. The condensed financial statements are prepared on the historical
cost basis except for the revaluation of the financial instruments. The
principal accounting policies adopted for the year under review are consistent
with those applied for the year ended 30 June 2009. In addition, the following
new standards have been adopted, IAS 1 - Presentation of financial statements
and IFRS 8 - Operating segments, which introduced changes to the presentation of
the financial information with no impact on the Group`s accounting policies or
methods of computation. The condensed consolidated income statement has been
restated to disclose continuing and discontinuing operations in terms of IFRS 5
Non current assets held-for-sale and discontinued operations.
The income statement disclosure has been reclassified to better present expenses
based on their function as opposed to the nature thereof. The presentation has
not affected prior year reported profits/(losses).
Adverse review report
The condensed provisional financial information for the year ended 30 June 2010
has been reviewed by the group`s independent auditors, Deloitte & Touche. The
review was conducted in accordance with ISRE 2410 `Review of Interim Financial
Information performed by the Independent Auditor of the Entity`.
An adverse conclusion has been issued on the accompanying financial information
as follows:
The restructuring plan developed by the company`s directors to effect the
turnaround of the business has been implemented. The company`s trading
performance was adversely affected by the depressed market conditions. The group
continues to incur losses which have a negative impact on its cash flows. This
situation creates doubt on the group`s ability to return to profitability in the
foreseeable future. In addition, in our opinion, there is further uncertainty
relating to the group`s ability to renegotiate existing funding facilities
beyond 28 February 2011 and generate sufficient new funding to meet its
operational requirements for the foreseeable future. The group`s controlling
shareholder has also initiated a review of the business as discussed in the
directors` going concern note. These events indicate material uncertainty, which
casts doubt on the group`s ability to continue as a going concern and therefore
may be unable to realise its assets and discharge its liabilities in the normal
course of business. The consolidated financial statements are prepared on the
going concern basis which, in our judgement, may be inappropriate in the
circumstances.
A copy of their adverse review report is available for inspection at the
company`s registered office. Any reference to future financial performance
included in this announcement, has not been reviewed or reported on by the
Company`s auditors.
Subsequent events
Subsequent to the year end the Group has sold its 90% interest in Africa Glass
(Namibia) (Pty) Limited for R9,8 million to the management of that company.
Distribution to shareholders
No distribution is proposed.
For and on behalf of the Board
RJ Douglas
Group Chief Executive Officer
6 October 2010
Directors: HR Levin* (Non-executive Chairman), RJ Douglas+ (CEO),
HF Brown*+, SR Favish*+, J Fragis*+, JC Saville
*Non-executive +Independent +British
Registered office
1 Setchell Road, Roodekop, 1401. PO Box 40443, Cleveland 2022.
Transfer secretaries
Computershare Investor Services 2004 (Pty) Limited.
70 Marshall Street, Johannesburg 2001. PO Box 61051, Marshalltown 2107, South
Africa.
Sponsor
Sasfin Capital, a division of Sasfin Bank Limited
Date: 06/10/2010 16:24:00 Produced by the JSE SENS Department.
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