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JCD
JCD
JCD - JCI Limited - Voluntary announcement - unaudited NAV statement and renewal
of cautionary
JCI LIMITED
(Incorporated in the Republic of South Africa)
Registration number 1894/00854/06
Share code: JCD ISIN: ZAE000039681 (Suspended)
("JCI" or "the company")
VOLUNTARY ANNOUNCEMENT - UNAUDITED NAV STATEMENT AND RENEWAL OF CAUTIONARY
Shareholders are aware that JCI concluded Settlement Agreements in January 2010
in terms of which it finally settled claims against it by Randgold & Exploration
Company Limited ("Randgold"), Letseng and Investec, which claims arose in 2005
or earlier.
A Circular to shareholders was distributed in May 2010 and a General Meeting of
shareholders was held on 4 June 2010 to approve those Agreements.
The suspensive conditions of those Agreements have been fulfilled and have
become unconditional, thereby allowing JCI to complete and publish Annual
Financial Statements for the period 2005 to 2010.
The company anticipates completing and distributing such Annual Financial
Statements and an Interim Report for the 6 months to 30 September 2010 to
shareholders by the end of January 2011 and holding an Annual General Meeting of
shareholders to approve such Annual Financial Statements in February 2011.
Unaudited net asset value statement
An unaudited Net Asset Value ("NAV") Statement of the JCI Group at 30 September
2010 has been prepared and presented below which provides shareholders with the
unaudited financial position of JCI at that date.
The said NAV Statement compares the NAV of JCI at 31 December 2009 and the
projected post settlement NAV of JCI at 31 December 2009 with the actual
unaudited NAV at 30 September 2010.
JCI`s NAV at 30 September 2010 is approximately R71 million less than projected
principally due to the reduced market prices realised for its investments in
Goldfields and Randgold and the ongoing running costs of JCI for 9 months.
The Board of Directors is assessing the future of JCI and will advise
shareholders of any developments in this regard. In any event, this topic will
be addressed at the Annual General Meeting in February 2011.
JCI LIMITED
30 SEPTEMBER 2010
GROUP UNAUDITED NET ASSET VALUE STATEMENT
30 SEPTEMBER 31 DECEMBER 31 DECEMBER
2010 2009 * 2009*
Post Pre
Settlement Settlement
ASSETS (R000`s) (R000`s) (R000`s)
Notes
Listed Investments 1 - 335,900 910,852
Goldfields - 275,552 843,446
Randgold - 60,348 67,406
Unlisted Investments 544,554 625,261 787,221
Boschendal 2 402,132 397,190 397,190
Xelewa (Pty) Ltd 3 136,822 140,984 140,984
Free State Development 4 5,600 79,587 241,547
and Investment
Corporation Ltd
Loan receivable - 7,500 7,500
Other 73,937 81,445 92,070
assets
Properties 47,526 40,519 40,519
Cash and cash 5 13,362 40,926 51,551
equivalents
Taxation recoverable 13,049 - -
TOTAL
ASSETS 618,491 1,042,606 1,790,143
LIABILITIES
Other liabilities (30,784) (383,957) (545,917)
Litigation settlements 6 - (307,500) (307,500)
Short term loan (14,633) - -
Income tax/VAT/CGT (4,990) - -
payable
Deferred taxation - (22,674) (22,674)
Trade and other payables 7 (11,161) (53,783) (215,743)
TOTAL LIABILITIES (30,784) (383,957) (545,917)
NET ASSETS 587,707 658,649 1,244,226
ISSUED
SHARES
Number of shares 3,780,509,213 3,780,509,213 2,224,798,993
Treasury shares (424,244,548) (432,875,027)
(217,656,187)
3,356,264,665 3,347,634,186 2,007,142,806
Value per share - RandS R0.1751 R0.1968 R0.6199
*Per circular to shareholders dated 13 May 2010
JCI LIMITED
30 SEPTEMBER 2010
NOTES TO UNAUDITED NET ASSET STATEMENT
1LISTED
INVESTMENTS
30 SEPTEMBER 2010 31 DECEMBER 2009*
No of VWAP Value No of VWAP Value
Shares Shares (Rands) (R000`s)
(000`s)
Goldfields - - - 2,597 106.113 275,552
Randgold - - - 7,436 8.1160 60,348
- 335,900
The Goldfields shares and the Randgold shares were sold primarily in order
to settle the Investec fee - refer note 6.
2BOSCHENDAL INVESTMENT
No of Price/ Value
shares share (R000`s
(000`s) )
VALUATION AT 31 DECEMBER 2009 589 397,190
Additional loan to Boschendal from 1 January 4,942
2010 to 30 September 2010
VALUATION AT 30 SEPTEMBER 2010 402,132
3XELEWA (PTY) LTD (formerly JAGANDA TRADING (PTY) LTD)
30 31 DECEMBER
SEPTEMBER 2009
2010
Preference shares 357,374,0 357,374,000
issued - A 00
Price per Preference R0.25 R0.25
share - C
Face Value of 89,344 89,344
Preference share
(R000`S) - E
Link to price of 20.00% 20.00%
Simmers shares - D
Price of Simmers shares R0.9143 R1.6950
(Rands) - B
Upside on the face 47,478 103,281
value (R000`s) (A x (B-
C) x D + E)
Total see through value 136,822 192,625
(R000`s)
31 December 2009: A conservative midpoint 136,822 140,984
was reported (R000`s)
4FREE STATE DEVELOPMENT AND INVESTMENTCORPORATION LTD
("FREDEV")
30 31
SEPTEMBER DECEMBER
2010 2009*
No of Value Value per No of Value Value per
shares per share shares per share
share (R000`s) (000`s) share (R000`s)
(Rands) (Rands)
JCI Gold 3,287,740 1.7033 5,600 3 287 740 24.2071 79 587
The value per share reduced as dividends were distributed by FREDEV to its
shareholders - refer note 7.
5CASH AND CASH 30 31
EQUIVALENTS SEPTEMBER DECEMBER
2010 2009*
(R000`s) (R000`s)
TOTAL CASH ON HAND AND 13,362 40,926
ON DEPOSIT
The major reduction was in respect of the R40m paid to Letseng in terms of
the Litigation Settlements - refer note 6, which was offset to some extent
by proceeds from the sale of listed shares - refer note 1.
6 LITIGATION SETTLEMENTS
30 SEPTEMBER 31 DECEMBER
2010 2009*
(R000`s) (R000`s)
Investec fee - (267,500)
Letseng legal / indemnity costs - (40,000)
- (307,500)
Refer to notes 1 and 5
7 TRADE AND OTHER PAYABLES
Randgold - (46,829)
Trade and other payables (11,161) (6,954)
(11,161) (53,783)
The loan due to Randgold was settled from the proceeds of dividends declared
by FREDEV - refer to note 4
Renewal Of Cautionary Announcement
Further to the cautionary announcement released by JCI on 13 September 2010,
shareholders of JCI are advised to continue to exercise caution until such time
as the audited annual financial statements of the company for the financial
years ended 31 March 2005 to 31 March 2010 are released. The company expects to
release these results before the end of January 2011.
This cautionary will not be renewed every 6 weeks. A withdrawal of cautionary
announcement will be released together with the audited annual financial
statements.
Sandton
26 October 2010
Sponsor: Investec Bank Limited
Date: 26/10/2010 17:47:01 Produced by the JSE SENS Department.
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