| Thu 21 Oct 2010, 18:51 | | ORE - Orion Real Estate - Audited results for the |
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ORE - Orion Real Estate - Audited results for the 21 Oct 2010
ORE
ORE
ORE - Orion Real Estate - Audited results for the year ended 30 June 2010 and
notice of Annual General Meeting
Orion Real Estate Limited
(Incorporated in the Republic of South Africa)
(Registration number 1997/021085/06)
Share code: ORE ISIN: ZAE000075651
("Orion" or "the company")
Audited results for the year ended 30 June 2010 and notice of annual general
meeting
Statements of Comprehensive Income
for the year ended 30 June 2010
Group
(Restated)
Figures in Rand 2010 2009
Revenue 75 079 731 57 271 458
Other income 353 991 6 666 151
Operating costs (38 916 215) (37 255 961)
Administrative expenses (11 201 241) (7 300 378)
Accrued profit distribution from controlled trust - -
Fair value adjustments on investment properties 63 420 000 174 882 113
Operating profit 88 736 266 194 263 383
Finance income 2 558 957 895 692
Finance costs (27 291 056) (25 698 974)
Profit before taxation 64 004 167 169 460 101
Taxation (11 339 880) (44 514 201)
Profit for the year 52 664 287 124 945 900
Other comprehensive income - -
Total comprehensive income for the year 52 664 287 124 945 900
Profit and total comprehensive income for the
year attributable to:
Equity holders of the company 52 670 710 125 056 563
Non-controlling interest (6 423) (110 663)
52 664 287 124 945 900
Company
(Restated)
Figures in Rand 2010 2009
Revenue 4 229 085 -
Other income 890 -
Operating costs (5 207 881) (4 715 741)
Administrative expenses (420 272) -
Accrued profit distribution from controlled trust 19 184 504 145 213 753
Fair value adjustments on investment properties 750 000 5 750 000
Operating profit 18 536 326 146 248 012
Finance income 7 208 -
Finance costs (7 348 703) (1 885 201)
Profit before taxation 11 194 831 144 362 811
Taxation (3 042 931) (37 448 862)
Profit for the year 8 151 900 106 913 949
Other comprehensive income - -
Total comprehensive income for the year 8 151 900 106 913 949
Profit and total comprehensive income for the
year attributable to:
Equity holders of the company
Non-controlling interest
Statements of Cash Flows
for the year ended 30 June 2010
Group
(Restated)
2010 2009
Figures in Rand
Cash flows from operating activities 1 045 175 (20 980 847)
Cash generated from operations 24 610 068 2 832 926
Finance costs (22 820 343) (23 813 773)
Taxation paid (744 550) -
Cash flows from investing activities 4 612 139 (142 090 656)
Acquisition of investment properties - (131 659 606)
Proceeds on disposal of investment property - 13 993 955
Profit distribution from Orion Property
Holdings Trust - -
Loans advanced to group companies - -
Repayment of loans from group companies - -
Movement in loans to/from related parties 697 205 (6 388 006)
Proceeds from/(repayment of) loans from
shareholders 1 319 276 (18 629 251)
Proceeds from loans from directors 259 052 264 944
Finance income 2 558 957 895 692
Purchase of property, plant and equipment (222 351) (568 384)
Cash flows from financing activities (5 664 525) 163 158 970
Interest-bearing borrowings (repaid)/raised (12 705 577) 93 640 311
Short-term portion of interest-bearing
borrowings raised 7 041 052 6 254 177
Proceeds from issuance of linked units - 63 264 482
Net (decrease)/increase in cash and cash
equivalents (7 211) 87 467
Cash and cash equivalents at the beginning of
the year 95 682 8 215
Cash and cash equivalents at the end of the year 88 471 95 682
Company
(Restated)
2010 2009
Figures in Rand
Cash flows from operating activities (3 982 857) (3 924 033)
Cash generated from operations (1 104 867) (3 924 033)
Finance costs (2 877 990) -
Taxation paid - -
Cash flows from investing activities 5 391 659 (73 595 257)
Acquisition of investment properties - (30 000 000)
Proceeds on disposal of investment property - -
Profit distribution from Orion Property
Holdings Trust 19 184 504 145 213 753
Loans advanced to group companies (50 435 036) (203 613 754)
Repayment of loans from group companies (5 888 301) (1 623 996)
Movement in loans to/from related parties 41 166 040 3 928 740
Proceeds from/(repayment of) loans from
shareholders 1 359 771 12 500 000
Proceeds from loans from directors - -
Finance income 7 208 -
Purchase of property, plant and equipment (2 527) -
Cash flows from financing activities (1 180 130) 77 523 994
Interest-bearing borrowings (repaid)/raised (2 099 245) 16 520 114
Short-term portion of interest-bearing
borrowings raised 919 115 979 886
Proceeds from issuance of linked units - 60 023 994
Net increase in cash and cash
equivalents 228 672 4 704
Cash and cash equivalents at the beginning of
the year 4 704 -
Cash and cash equivalents at the end of the year 233 376 4 704
Statements of Financial Position
as at 30 June 2010
Group
(Restated) (Restated)
2010 2009 2008
Figures in Rand
ASSETS
Non-current assets 639 747 239 573 627 306 273 954 575
Investment properties 631 900 000 568 480 000 271 128 511
Property, plant and equipment 607 888 625 701 131 640
Investments in subsidiaries and
controlled trusts - - -
Other receivables 7 239 351 4 521 605 2 694 424
Current assets 20 603 642 15 138 026 7 664 911
Loans to related parties 88 487 49 919 -
Loans to group companies - - -
Trade and other receivables 20 426 684 14 992 425 7 656 696
Cash and cash equivalents 88 471 95 682 8 215
Assets of disposal group
classified as held for sale - - 39 303 857
Total assets 660 350 881 588 765 332 320 923 343
EQUITY AND LIABILITIES
Capital and reserves
Share capital and premium 74 235 526 62 288 101 5 695 799
Debenture reserve 10 675 886 15 018 472 30 397 932
Retained earnings 222 420 419 169 749 709 42 498 075
Total equity attributable to
equity holders 307 331 831 247 056 282 78 591 806
Non-controlling interest (177 608) (171 185) (60 522)
Total equity 307 154 223 246 885 097 78 531 284
Non-current liabilities 314 337 256 308 732 327 148 946 844
Linked debentures 49 343 086 38 328 919 10 606 246
Borrowings 185 272 159 197 977 736 104 337 425
Deferred tax liabilities 79 722 011 72 425 672 34 003 173
Current liabilities 38 859 402 33 147 908 50 708 247
Current income tax liabilities 2 616 731 1 006 523 895 724
Loans from shareholders 1 359 768 12 500 000 31 129 251
Loans from directors 2 898 435 2 639 383 2 374 439
Loans from related parties 777 707 41 934 6 380 021
Loans from group companies - - -
Trade and other payables 15 306 337 8 100 696 7 323 617
Borrowings 15 900 424 8 859 372 2 605 195
Liabilities of disposal group - - 42 736 968
Total liabilities 353 196 658 341 880 235 242 392 059
Total equity and liabilities 660 350 881 588 765 332 320 923 343
Company
(Restated) (Restated)
2010 2009 2008
Figures in Rand
ASSETS
Non-current assets 57 565 576 56 781 695 21 032 964
Investment properties 36 500 000 35 750 000 -
Property, plant and equipment 3 959 2 731 3 999
Investments in subsidiaries and
controlled trusts 21 028 964 21 028 964 21 028 965
Other receivables 32 653 - -
Current assets 272 804 124 262 420 018 63 509 572
Loans to related parties 88 487 40 517 834 44 446 574
Loans to group companies 272 262 158 221 827 122 18 213 368
Trade and other receivables 220 103 70 358 849 630
Cash and cash equivalents 233 376 4 704 -
Assets of disposal group classified
as held for sale - - -
Total assets 330 369 700 319 201 713 84 542 536
EQUITY AND LIABILITIES
Capital and reserves
Share capital and premium 74 272 415 62 284 501 5 786 021
Debenture reserve 10 675 886 15 018 472 30 397 932
Retained earnings 121 910 968 113 759 064 6 845 120
Total equity attributable to equity
holders 206 859 269 191 062 037 43 029 073
Non-controlling interest - - -
Total equity 206 859 269 191 062 037 43 029 073
Non-current liabilities 116 466 205 108 179 923 33 420 768
Linked debentures 50 001 269 38 987 102 12 216 024
Borrowings 14 420 869 16 520 114 -
Deferred tax liabilities 52 044 067 52 672 707 21 204 744
Current liabilities 7 044 226 19 959 753 8 092 695
Current income tax liabilities 1 982 788 - -
Loans from shareholders 1 359 768 12 500 000 -
Loans from directors - - -
Loans from related parties 778 627 41 934 41 934
Loans from group companies - 5 888 301 7 512 297
Trade and other payables 1 024 042 549 632 538 464
Borrowings 1 899 001 979 886 -
Liabilities of disposal group - - -
Total liabilities 123 510 431 128 139 676 41 513 463
Total equity and liabilities 330 369 700 319 201 713 84 542 536
Statements of Changes in Equity
for the year ended 30 June 2010
GROUP
Total
Share Share share capital Debenture
Figures in Rand capital premium and premium reserve
Opening balance
previously
reported - 1
July 2008 2 179 164 3 516 635 5 695 799 49 939 573
Prior period
adjustments - - - (19 541 641)
Balance at 30 June
2008 (restated) 2 179 164 3 516 635 5 695 799 30 397 932
Issue of linked
units 3 578 849 53 013 453 56 592 302 -
Profit on sale of
treasury shares restated - - - -
Debenture reserve restated - - - (15 379 460)
Issue of linked debenture
amortisation prior
period restatement - - - (21 360 361)
Deferred taxation
on linked debenture
amortisation prior
period restatement - - - 5 980 901
Total comprehensive
income for the
year (restated) - - - -
Total comprehensive
income previously reported - - - -
Deferred taxation
prior period restatement - - - -
Amortisation of
linked debentures`
prior period restatement - - - -
Profit on treasury
shares sold prior
period restatement - - - -
Consolidation
prior period restatement - - - -
Balance at 30 June
2009 (restated) 5 758 013 56 530 088 62 288 101 15 018 472
Issue of linked
units 512 085 11 435 340 11 947 425 -
Issue of linked
debentures - - - (4 342 586)
Issue of linked
debenture amortisation - - - (6 031 369)
Deferred taxation
on linked debenture
amortisation - - - 1 688 783
Total comprehensive
income for the year - - - -
Balance at 30 June
2010 6 270 098 67 965 428 74 235 526 10 675 886
Non-
Retained controlling
Figures in Rand earnings Total interest Total equity
Opening balance
previously
reported - 1
July 2008 53 825 701 109 461 073 - 109 461 073
Prior period
adjustments (11 327 626) (30 869 267) (60 522) (30 929 789)
Balance at 30
June 2008
(restated) 42 498 075 78 591 806 (60 522) 78 531 284
Issue of linked
units - 56 592 302 - 56 592 302
Profit on sale
of treasury
shares restated 2 195 071 2 195 071 - 2 195 071
Debenture reserve
restated - (15 379 460) - (15 379 460)
Issue of linked debenture
amortisation prior period
restatement - (21 360 361) - (21 360 361)
Deferred taxation on
linked debenture
amortisation
prior period restatement - 5 980 901 - 5 980 901
Total comprehensive
income for the
year (restated) 125 056 563 125 056 563 (110 663) 124 945 900
Total comprehensive
income previously
reported 155 120 700 155 120 700 (110 663) 155 010 037
Deferred taxation
prior period
restatement (26 613 498) (26 613 498) - (26 613 498)
Amortisation of
linked debentures`
prior period
restatement (1 357 345) (1 357 345) - (1 357 345)
Profit on
treasury shares
sold prior period
restatement (2 195 071) (2 195 071) - (2 195 071)
Consolidation
prior period
restatement 101 777 101 777 - 101 777
Balance at 30
June 2009
(restated) 169 749 709 247 056 282 (171 185) 246 885 097
Issue of linked units - 11 947 425 - 11 947 425
Issue of linked
debentures - (4 342 586) - (4 342 586)
Issue of linked
debenture amortisation - (6 031 369) - (6 031 369)
Deferred taxation on
linked debenture
amortisation - 1 688 783 - 1 688 783
Total comprehensive
income for the
year 52 670 710 52 670 710 (6 423) 52 664 287
Balance at 30
June 2010 222 420 419 307 331 831 (177 608) 307 154 223
COMPANY
Total
Share Share share capital
Figures in Rand capital premium and premium
Opening balance previously reported
- 1 July 2008 2 269 386 3 516 635 5 786 021
Prior period adjustments - - -
Deferred taxation prior period
restatement - - -
Issue of linked debenture
amortisation prior period
restatement - - -
Deferred taxation on linked
debenture amortisation prior period
restatement - - -
Balance at 30 June 2008 (restated) 2 269 386 3 516 635 5 786 021
Issue of linked units 3 525 516 52 972 964 56 498 480
Debenture reserve restated - - -
Issue of linked debenture
amortisation prior period
restatement - - -
Deferred taxation on linked
debenture amortisation prior period
restatement - - -
Total comprehensive income for the
year (restated) - - -
Total comprehensive income
previously reported - - -
Linked debenture fair value
restatement - - -
Deferred taxation restatement - - -
Balance at 30 June 2009 (restated) 5 794 902 56 489 599 62 284 501
Issue of linked units 512 085 11 475 829 11 987 914
Issue of linked debentures - - -
Issue of linked debenture
amortisation - - -
Deferred taxation on linked
debenture amortisation - - -
Total comprehensive income for the
year - - -
Balance at 30 June 2010 6 306 987 67 965 428 74 272 415
Debenture Retained Total
Figures in Rand reserve earnings equity
Opening balance previously
reported - 1 July 2008 51 549 351 9 267 268 66 602 640
Prior period adjustments (21 151 419) (2 422 148) (23 573 567)
Deferred taxation prior period
restatement - (344 211) (344 211)
Issue of linked debenture
amortisation prior period
restatement (9 330 001) (2 077 937) (11 407 938)
Deferred taxation on linked
debenture amortisation prior
period restatement (11 821 418) - (11 821 418)
Balance at 30 June 2008
(restated) 30 397 932 6 845 120 43 029 073
Issue of linked units - - 56 498 480
Debenture reserve restated (15 379 460) - (15 379 460)
Issue of linked debenture
amortisation prior period
restatement (21 360 361) - (21 360 361)
Deferred taxation on linked
debenture amortisation prior
period restatement 5 980 901 - 5 980 901
Total comprehensive income for
the year (restated) - 106 913 948 106 913 948
Total comprehensive income
previously reported - 127 625 880 127 625 880
Linked debenture fair value restatement - (1 357 345) (1 357 345)
Deferred taxation restatement - (19 354 587) (19 354 587)
Balance at 30 June 2009
(restated) 15 018 472 113 759 068 191 062 041
Issue of linked units - - 11 987 914
Issue of linked debentures (4 342 586) - (4 342 586)
Issue of linked debenture
amortisation (6 031 369) - (6 031 369)
Deferred taxation on linked
debenture amortisation 1 688 783 - 1 688 783
Total comprehensive income for
the year - 8 151 900 8 151 900
Balance at 30 June 2010 10 675 886 121 910 968 206 859 269
Segment Report
Business segments are reported in a manner consistent with the internal
reporting provided to the chief operating decision-maker. The chief operating
decision-maker, who is responsible for allocating resources and assessing
performance of the business segments, has been identified as the managing
director in consultation with the board of directors. The chief operating
decision-maker evaluates and reports on the Group results per individual
property trial balance on a monthly basis.
It was decided not to list all buildings separately but based on the specific
industry due to practicality.
The risks and rewards faced by the entity relate primarily to the business
segments being retail, commercial, industrial and hospitality. Lettable space is
classified as retail, commercial, industrial or hospitality according to the
nature of the tenants.
Revenue (excluding operating lease
adjustment and recoveries) R % R %
Commercial 29 995 583 50 13 710 147 30
Industrial 8 201 324 14 10 054 108 22
Retail 15 312 762 25 15 538 167 34
Hospitality 6 717 475 11 5 941 063 13
Residential 279 999 - 457 005 1
60 507 142 100 45 700 490 100
Profit before taxation
Commercial 11 619 314 18 73 439 325 43
Industrial 6 139 108 10 24 467 661 14
Retail (16 003 971) (25) 31 414 053 19
Hospitality 473 398 7 13 939 397 8
Residential (2 469 306) (4) (793 094) -
Land 59 985 104 94 26 992 758 16
64 004 167 100 169 460 101 100
Property values
Commercial 253 028 923 40 222 386 228 39
Industrial 80 200 000 13 74 400 000 13
Retail 141 145 038 22 180 682 400 32
Hospitality 53 615 167 8 51 622 063 9
Residential 43 910 872 7 14 993 309 3
Land 60 000 000 9 24 396 000 4
631 900 000 100 568 480 000 100
Borrowings
(excluding instalment sales)
Commercial 88 747 346 44 115 513 769 56
Industrial 35 750 179 18 22 904 150 11
Retail 58 025 817 29 61 085 371 30
Hospitality 18 019 296 9 6 849 909 3
200 542 638 100 206 353 199 100
Rating of tenants
(rental income)
Commercial A 4 605 712 9 1 816 551 5
B 6 818 008 14 654 119 2
C 11 828 239 24 9 210 805 25
Industrial A - - - -
B 1 017 454 2 299 031 1
C 6 079 547 13 7 796 171 21
Retail A 1 959 368 4 1 803 980 5
B 3 897 462 8 3 501 756 9
C 7 027 655 14 7 340 213 20
Hospitality A - - - -
B 3 424 326 7 2 296 098 6
C 1 658 023 3 2 396 840 6
Residential A - - - -
B - - - -
C 279 999 1 255 745 1
48 595 793 100 37 371 309 100
A: Represents major listed companies
B: Represents smaller listed companies and big unlisted companies
C: Represents smaller unlisted companies and private businesses
1. Commentary
The Board of Directors presents the Group`s audited results for the year ended
30 June 2010. The results have been prepared in accordance with International
Financial Reporting Standards ("IFRS"), the JSE Limited Listings Requirements
and the requirements of the South African Companies Act, 1973, as amended.
The accounting policies have been consistently applied to all the years
presented and to years prior to transition to IFRS, unless stated otherwise. The
results have been audited by the company`s auditors, PricewaterhouseCoopers
Incorporated, whose unmodified audited report is available for inspection at the
registered office of the company.
The annual financial statements confirm to International Accounting Standard: 34
: Interim Financial Reporting, the listing Requirements of the JSE Limited, and
the Companies Act of South Africa (Act 61 of 1973) as amended.
2. Financial and operational overview
Trading conditions have remained tight during the current financial period.
Despite the external challenges the Group has increased its revenue from R57.3
million in the previous year to R75.1 million in the current financial year.
This movement represents an increase of 31.1%. The profit for the same period
has decreased from R124.9 million to R52.7 million. In the previous period a
fair value adjustment on properties of R174.9 million was made while the
adjustment for the current period was only R63.4 million. The reduction in
profit was therefore significantly less than the substantial reduction in the
growth of property values. The considerable increase in property values during
the previous period was a direct result of the revaluation of the Gmeiner
Portfolio that was transferred in the previous reporting period at 2006
determined values when the Alpina transaction was finalised. During the current
financial period minor valuation adjustments were made due to tight trading
conditions and conservative income discounting percentages. The only property
that has shown a substantial increase in value is the vacant stand at Elma Park
where the rezoning for a 32-storey hotel development was approved.
The portfolio is maintaining its position in the tight market and only a limited
number of tenants failed to meet their obligations. The average vacancy factor
of the portfolio is 14.55%. The property management team is leaving no stone
unturned to maintain current tenants and to find new tenants to fill vacant
space.
The Group is also proud to announce that for the first time a positive headline
earnings position has been achieved and linked unitholders will receive an
interest payment on the debentures that form part of the linked units.
The earnings can be summarized as follows:
Group
(Restated)
Figures in Rand 2010 2009
Earnings per share
Basic earnings per share (cents) 8.40 53.59
Diluted earnings per share (cents) 8.40 53.59
Headline earnings per share (cents) 0.03 (3.45)
Diluted headline earnings per share (cents) 0.03 (3.45)
Net asset value per share (cents) 56.89 49.56
Reconciliation of basic earnings and headline earnings:
Profit attributable to equity holders 52 670 710 125 056
563
Less: Fair value adjustment to investment
properties (63 420 000) (174 882 113)
Plus: Deferred tax raised on fair value
adjustment to investment properties 10 908 451 45 222 487
Less: Gains on disposal of investment property - (4 803 725)
Plus: Tax on gain on disposal of investment property - 1 054 986
Plus: Tax on gain on re-issue of treasury shares - 307 310
Headline earnings 159 161 (8 044 492)
The Group has developed a comprehensive strategic plan and progress regarding
the implementation thereof is monitored on a monthly basis to ensure that goals
are met and progress monitored. This ensures that not only key strategic goals
are pursued, but also that operational targets are met in line with set
timelines.
No immediate easing of the market is envisaged and executive management
therefore stays committed to tight control of the portfolio to maximise income
in a well controlled cost environment.
Preparations for the developments at Wartburg and Bethlehem are making good
progress and should in the near future reach a stage where administrative
formalities could be finalised. The pace of the actual development will be
determined by economic conditions and a phased approach would be followed in
line with market needs.
3. Prior period restatements
The following prior year figures were restated on Group and company levels:
Deferred taxation - In prior periods, a blanket tax rate of 14% however, since
management intends to recover the majority of their investment properties
through use, a rate of 28%, being the income tax rate, more appropriately
reflects the expected manner of recovery of the buildings. The effect on the
above prior year profits is a decrease of R26 613 438, decrease in equity of R1
155 092 (2008: R1 155 092) and increase in non-current liabilities of
R27 768 590 (2008: R1 155 092)
Linked debentures - The group previously classified its linked units as equity
instruments in their entirety. Each linked unit comprises an ordinary share and
a debenture. The debenture is redeemable requiring the proceeds received on
issue of linked units to be separated into an equity component and a liability
component. The liability component is subsequently measured at amortized cost
whereas the equity component continues to be measured at the value allocated on
date of issue. The effect on the above prior year profits is a decrease of R1
357 345, decrease in equity of R42 134 332 (2008: R21 619 578) and increase in
non-current liabilities of R43 491 677 (2008: R21 619 578)
Treasury shares - The gain on the disposal of treasury shares was incorrectly
recognized within profit and loss for the period ended 30 June 2009. The effect
on the above prior year profits is a decrease of R2 195 071, increase in of R2
195 071.
Consolidation - The consolidation of the group was re-performed during the
current period, which results in the restatement of certain balances and
transactions. The effect on the above prior year profits is an increase of R110
777 decrease in current assets of R4,178,618, a decrease in equity of R8,155,119
(2008: R8 094 597), an increase of noncurrent liabilities of R25 935 (decrease
2008:R807 852), increase in current liabilities of R3 848 789 (2008: R8 902 449)
4. Reclassifications
The effect of the reclassification on the financial statements is summarized
below:
Loan accounts under noncurrent - Loans bearing no interest and with no fixed
terms of repayment were previously classified as non-current in 2008 and 2009,
but have been reclassified as current.
Provisions - Provision for leave pay was previously classified under provisions
in 2008 and 2009. The provision for leave pay has now been included under trade
and other payables.
Deferred tax liabilities and income tax liabilities - Current income tax
liabilities were previously classified under deferred tax liabilities in 2009.
These balances have now been included on a separate line on the face of the
statement of financial position.
Revenue and other income - The group is deemed a principal when invoicing
recoveries to tenants which means recoveries invoiced to tenants should be
classified under revenue. Recoveries were previously classified under other
income, but have been reclassified to revenue.
Impact of the reclassification - Decrease of noncurrent assets of R7 897 (2008:
nil). Increase in current assets of R49 919, decrease in non-current liabilities
of R16 145 806 (2008: R39 883 711), increase of current liabilities of R16 187
740 (2008: R39 883 711), increase in revenue of R13 088 044, decrease in other
income of R12 904 384 and increase in operating expenses of R183 660.
5. Linked units issued
For the transfer of the Kent Avenue property 51 208 521 linked units were
issued.
6. Dividends
No dividends were paid or declared during the financial period.
7. Change to Board of Directors
There were no changes to the Board of Directors.
8. Prospects
The bigger consolidated portfolio is now reaping the benefits of better
economies of scale and future results should be better than current results. The
current state of the economy might inhibit results in the short term, but
improved trading conditions would immediately benefit the portfolio.
New opportunities are evaluated on a regular basis and those with potential
would be pursued to the benefit of the Group.
9. Notice of general meeting
Shareholders are advised that the annual general meeting will be held at 10:00
on Tuesday, 29 March 2011 in the Boardroom, 16th Floor, Orion House, 49 Jorissen
Street, Braamfontein, Johannesburg.
21 October 2010
Directors
R S Wilkinson, F M Viruly, A Boessenkool, A C Gmeiner, F Gmeiner (MD),
C B Nolte (FD)
Company secretary and registered office
Corporate Governance Facilitators CC
Sponsor
Arcay Moela Sponsors (Pty) Limited
Transfer office
Computershare Investor Services (Pty) Limited
Date: 21/10/2010 17:33:18 Produced by the JSE SENS Department.
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