| Wed 15 Jun 2011, 7:05 | | SNU - Sentula Mining - Audited provisional results for the year ended 31 March |
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SNU
SNU
SNU - Sentula Mining - Audited provisional results for the year ended 31 March
2011
Sentula Mining
Incorporated in the Republic of South Africa
(Registration number 1992/001973/06)
Share code: SNU
ISIN: ZAE000107223
("Sentula" or "the Company" or "the Group")
Audited provisional results for the year ended 31 March 2011
Revenue increased by 10% to R2 402 million (2010: R2 179 million)
Results from operating activities up 43% to R185 million(2010: R129 million)
HEPS increased to 16,06 cents (2010: 0,6 cents)
"As the global resource and energy sectors sustained growth during the past
year, trading conditions in the South African context are showing signs of
further recovery. Having established the turnaround of Megacube as a key
objective for the year under review, I am satisfied that the results from this
business, have shown a positive operating profit trend, and a firm base to build
on. The diverse nature of the Group`s earnings should continue to ensure that
the underlying fundamentals support the Group`s revenue base, should further
volatility in global resource markets be experienced. The recently announced
Shanduka Resources transaction, will contribute to preserving and unlocking the
value creating opportunities within the current coal mining business, and
provide further leverage to our mining services businesses, while enhancing our
overall strategy of unlocking the synergies between the complementary business
units. " - Robin Berry, CEO - Sentula Mining Limited
*The provisional financial statements are presented on a summarised consolidated
basis
Statement of financial position
Audited Audited
year ended year ended
31 March 31 March
R`000 2011 2010
ASSETS
Property, plant and equipment 2 595 426 2 641 957
Intangible assets 23 347 17 621
Goodwill 408 338 411 148
Restricted investment 8 693 4 322
Mineral rights 410 761 412 183
Deferred tax 17 008 21 625
Total non-current assets 3 463 573 3 508 856
Inventories 361 827 328 267
Trade and other receivables 446 446 1 118 174
Cash and cash equivalents 88 380 80 435
Assets classified as held for sale 37 779 15 559
Current tax receivable 14 016 -
Total current assets 948 448 1 542 435
TOTAL ASSETS 4 412 021 5 051 291
EQUITY AND LIABILITIES
Equity
Share capital and premium 1 994 406 1 994 823
Reserves 863 128 840 435
Total equity attributable to equity holders of 2 857 534 2 835 258
the Company
Non-controlling interest 75 301 79 356
Total equity 2 932 835 2 914 614
Liabilities
Loans and borrowings 560 000 544 860
Rehabilitation provision 65 004 56 292
Deferred tax 243 631 226 672
Total non-current liabilities 868 635 827 824
Trade and other payables 435 490 419 923
Loans and borrowings 144 415 613 970
Bank overdraft 148 184 008
Taxation 30 498 90 952
Total current liabilities 610 551 1 308 853
TOTAL LIABILITIES 1 479 186 2 136 677
TOTAL EQUITY AND LIABILITIES 4 412 021 5 051 291
Net asset value per share (cents) 505 502
Tangible net asset value per share (excluding 430 428
goodwill) (cents)
Income statement
Audited Audited
year ended year ended
31 March 31 March
R`000 2011 2010
Revenue 2 402 375 2 178 601
Results from operating activities 184 903 128 986
Net finance charges (111 051) (221 330)
Fair value adjustment - 6 920
Profit on disposal of equity-accounted - 329 300
associate
Income from investment in equity-accounted - 31 331
associate (net of tax)
Profit before taxation 73 852 275 207
Taxation (42 780) (44 164)
Profit for the year 31 072 231 043
Attributable to:
- Equity holders of the Company 35 127 239 138
- Non-controlling interest (4 055) (8 095)
Basic and diluted earnings per share (cents) 6,0 55,8
Headline and diluted headline earnings per 16,1 0,6
share (cents)
Weighted average number of shares at the end of
the year (`000)
(2010 - weighted for rights issue) 581 005 428 185
Shares in issue at the end of the year
(excluding treasury shares) (`000) 581 005 581 005
Statement of cash flows
Audited Audited
year ended year ended
31 March 31 March
R`000 2011 2010
Profit after tax 31 072 231 043
Non-cash flow items 518 637 135 889
Cash generated from operations before working 549 709 366 932
capital adjustments
Changes in working capital (134 398) 13 154
Cash generated from operations 415 311 380 086
Interest paid (80 360) (218 900)
Taxation paid (95 674) (52 121)
Cash flows from operating activities 239 277 109 065
Cash flows from/(utilised in) investing 399 110 (139 523)
activities
Purchase of property, plant and equipment (318 618) (261 064)
Proceeds from disposal of property, plant and 55 962 102 822
equipment
Capitalised exploration expenditure (7 074) (8 959)
Proceeds from sale of investment in equity- 670 000 -
accounted associate
Cash received from investment in associate - 23 856
Increase in restricted investment (4 371) -
Interest received 3 211 3 822
Cash flows from financing activities (449 337) (110 563)
Proceeds from rights issue - 501 920
Proceeds from sale of rights in treasury shares - 6 734
Payment of transaction costs related to rights - (39 769)
issue
Purchase of own shares (417) -
Repayment in borrowings (1 148 920) (579 448)
Increase in borrowings 700 000 -
Net increase/(decrease) in cash and cash 189 050 (141 021)
equivalents
Cash and cash equivalents at beginning of the (103 573) 37 448
year
Exchange gains on cash and cash equivalents 2 755 -
Cash and cash equivalents at end of the year 88 232 (103 573)
Reconciliation of headline earnings
Audited Audited
year ended year ended
31 March 31 March
R`000 2011 2010
Net profit for the year attributable to owners 35 127 239 138
of the Company
Adjusted for:
Profit on sale of plant and equipment (37) (5 242)
Loss on sale of plant and equipment 9 400 16 900
Impairment of plant and equipment 71 476 7 315
Scrapping of assets - 2 257
Tax effect of above adjustments (22 635) (5 944)
93 331 254 424
Profit on disposal of equity-accounted - (329 300)
associate
Tax effect on the above adjustment - 77 620
Headline earnings attributable to ordinary 93 331 2 744
shareholders
Statement of comprehensive income
Audited Audited
year ended year ended
31 March 31 March
R`000 2011 2010
Profit for the year 31 072 231 043
Other comprehensive loss
Foreign currency translation differences for (19 350) (56 598)
foreign operations
Other comprehensive loss for the year, net of (19 350) (56 598)
tax
Total comprehensive income for the year 11 722 174 445
Attributable to:
- Equity holders of the Company 15 777 182 540
- Non-controlling interest (4 055) (8 095)
Operational segment reporting
The Group is organised into five major operating segments, namely opencast
mining and earthmoving, exploration drilling, overburden drilling and blasting,
crane hire, and coal mining. Equipment trading, spares and engineering is
included in corporate services. Inter-segment revenue is priced on an arms
length basis. These segments are the basis on which the Group reports its
primary segment information. Financial information about business segments is
presented as follows:
Business segments
Overburden
Opencast drilling
mining and Exploration and Crane
2011 (R`000) earthmoving drilling blasting hire
Total segment 1 501 489 678 269 262 397 53 352
revenue
Inter-segment (67 251) (932) (142 190) (256)
revenue
External revenues 1 434 238 677 337 120 207 53 096
Segment result 66 986 71 600 42 745 28 970
Segment assets 2 051 337 860 629 187 337 101 191
Unallocated assets
2010 (R`000)
Total segment 1 439 074 505 753 204 046 55 852
revenue
Inter-segment (25 645) (2 125) (87 288) (830)
revenue
External revenues 1 413 429 503 628 116 758 55 022
Segment result 64 033 66 233 31 018 30 571
Segment assets 2 367 249 666 820 204 915 97 809
Unallocated assets
Operational segment reporting (continued)
Business segments
Corporate
2011 (R`000) Coal mining services Consolidated
Total segment revenue 107 298 69 867 2 672 672
Inter-segment revenue (2 841) (56 827) (270 297)
External revenues 104 457 13 040 2 402 375
Segment result 11 439 (36 837) 184 903
Segment assets 634 740 545 763 4 380 997
Unallocated assets 31 024
4 412 021
2010 (R`000)
Total segment revenue 72 141 63 702 2 340 568
Inter-segment revenue (1 248) (44 831) (161 967)
External revenues 70 893 18 871 2 178 601
Segment result (8 165) (54 704) 128 986
Segment assets 522 098 1 170 775 5 029 666
Unallocated assets 21 625
5 051 291
Statement of changes in equity
Employee
share
Share Share incentive
R`000 capital premium reserve
Balance at 31 March 2009 2 356 1 557 680 33 878
Profit for the year
Foreign currency translation differences
for foreign operations
Total comprehensive (loss)/income for the - - -
year
Transactions with owners, recorded
directly in equity:
- Shares issued for cash 3 510 498 410
- Sale of treasury share rights
- Rights issue transaction costs (39 769)
- Share-based payments 9 218
- Share options exercised (1 883)
- Share options forfeited (5 394)
Total contributions by and distributions 3 510 456 758 3 824
to owners
Balance at 31 March 2010 5 866 2 014 438 37 702
Profit for the year
Foreign currency translation differences
for foreign operations
Total comprehensive (loss)/income for the - - -
year
Transactions with owners, recorded
directly in equity:
- Own shares acquired
- Share-based payments 5 117
- Share options forfeited (393)
Total contributions by and distributions - - 4 724
to owners
Balance at 31 March 2011 5 866 2 014 438 42 426
Statement of changes in equity (continued)
Foreign
exchange
Treasury translation Retained
R`000 shares reserve earnings
Balance at 31 March 2009 (25 666) 22 545 585 777
Profit for the year 239 138
Foreign currency translation differences (56 598)
for foreign operations
Total comprehensive (loss)/income for the - (56 598) 239 138
year
Transactions with owners, recorded
directly in equity:
- Shares issued for cash
- Sale of treasury share rights 6 734
- Rights issue transaction costs
- Share-based payments
- Share options exercised 185 1 628
- Share options forfeited 3 509
Total contributions by and distributions 185 - 11 871
to owners
Balance at 31 March 2010 (25 481) (34 053) 836 786
Profit for the year 35 127
Foreign currency translation differences (19 350)
for foreign operations
Total comprehensive (loss)/income for the - (19 350) 35 127
year
Transactions with owners, recorded
directly in equity:
- Own shares acquired (417)
- Share-based payments 1 799
- Share options forfeited 393
Total contributions by and distributions (417) - 2 192
to owners
Balance at 31 March 2011 (25 898) (53 403) 874 105
Statement of changes in equity (continued)
Non-
controlling Total
R`000 Total interest equity
Balance at 31 March 2009 2 176 570 87 451 2 264 021
Profit for the year 239 138 (8 095) 231 043
Foreign currency translation differences (56 598) (56 598)
for foreign operations
Total comprehensive (loss)/income for the 182 540 (8 095) 174 445
year
Transactions with owners, recorded
directly in equity:
- Shares issued for cash 501 920 501 920
- Sale of treasury share rights 6 734 6 734
- Rights issue transaction costs (39 769) (39 769)
- Share-based payments 9 218 9 218
- Share options exercised (70) (70)
- Share options forfeited (1 885) (1 885)
Total contributions by and distributions 476 148 - 476 148
to owners
Balance at 31 March 2010 2 835 258 79 356 2 914 614
Profit for the year 35 127 (4 055) 31 072
Foreign currency translation differences (19 350) (19 350)
for foreign operations
Total comprehensive (loss)/income for the 15 777 (4 055) 11 722
year
Transactions with owners recorded
directly in equity:
- Own shares acquired (417) (417)
- Share-based payments 6 916 6 916
- Share options forfeited - -
Total contributions by and distributions 6 499 - 6 499
to owners
Balance at 31 March 2011 2 857 534 75 301 2 932 835
FINANCIAL OVERVIEW
- Revenue increased by 10% to R2 402 million (2010: R2 179 million)
- Results from operating activities increased by 43% to R185 million (2010: R129
million)
- Headline EPS increased to 16,06 cents (2010: 0,6 cents)
- Net asset value per share : 505 cents (2010: 502 cents)
- Tangible net asset value per share : 430 cents (2010: 428 cents)
- Net debt to equity gearing ratio improved to 21% (2010: 43%)
Notwithstanding the substantially improved results for the full year reporting
period ending 31 March 2011, the Group`s earnings for the 2011 financial year
were adversely impacted by the following:
- With the Group`s new debt facility becoming effective in February 2011,
unamortised pre-tax fees of R28 million had to be expensed during the year under
review. These fees were incurred in September 2009 when the Group`s senior debt
facility of R1,5 billion was rescheduled;
- The persistently strong exchange rate impacted Geosearch`s foreign operations
and pre-tax foreign currency losses of R17 million were recognised of which R14
million remained unrealised at year end;
-Political unrest in the Ivory Coast, which resulted in Geosearch suspending
mobilisation on a substantial drilling contract;
- Operating losses still being incurred by Megacube during the first half of the
financial year as this business terminated loss making contracts;
- The suspension of opencast mining operations at Nkomati Anthracite in March
2011 due to regulatory and environmental issues;
- Forensic and legal fees of R7 million, pre-tax, associated with the civil and
criminal actions instituted against members of previous management; and
- An impairment charge, primarily relating to the Group`s fleet of CAT 785 dump
trucks of R71 million, pre-tax, as a consequence of the large variance between
the carrying value of these items and their independently assessed market value
and limited opportunities for their short-term deployment.
Group cash flows for the period under review improved dramatically following
receipt of the Koornfontein sale proceeds of R670 million in April 2010. This
has contributed to the Group reducing its senior debt levels to R700 million at
year end, resulting in a net debt to equity ratio of 21% at 31 March 2011.
The Group negotiated a new senior debt facility with a Standard Bank led
consortium, which will provide the Group with a capital financing facility of up
to R800 million over the next four years for the acquisition of new equipment.
Peak debt levels will however not exceed R800 million at any point in time
during the term of the facility. The new facility also provides for a principal
debt redemption moratorium for two quarters which will enable the Group to
utilise approximately R120 million of internally generated cash flow for ongoing
refurbishment of the Group`s existing fleet.
The new facility provides the Group with the capital funding to grow the
businesses organically in a sustainable manner for the foreseeable future.
OPERATIONAL REVIEW
Safety track record
The Group`s Classified Injury Frequency Rate of 1,21 per million man hours
worked is an 18,2% improvement on the comparative prior period. Tragically, and
in spite of ongoing efforts to identify hazards and reduce risks on our
operations Mr Glence Mohlala, a front end loader operator with several years of
experience at CCT, died of injuries sustained in an incident which occurred on a
managed site in February 2011. Sentula remains proactive in establishing systems
and structures to align its efforts in the area of safety, with those of its
clients and best practice. Sentula has identified the health and safety of its
employees as one of its core values.
Mining services
The provision of mining services remains the core of Sentula`s business, with
the four operating divisions and the six underlying subsidiaries continuing to
trade satisfactorily, despite improving but continuing volatile conditions being
experienced in the sector.
Opencast mining operations
The year under review was characterised by growing demand, but exacting trading
conditions, as margins remained under pressure across the open cast contracting
sector.
Megacube however returned to profitability in the second half of the 2011
financial year as the business terminated loss making contracts and improved
operational efficiencies. The Company`s results were adversely impacted by the
impairment charge of R71 million, primarily on its CAT 785 rigid dump trucks.
These items of plant and equipment were acquired in 2007 at the peak of the
commodity cycle and at a time when the exchange rate was materially weaker than
the prevailing rates during the period under review. The intention is to
refurbish this fleet over the next 12 to 18 months in support of Megacube and
the Group`s organic growth aspirations.
Benicon managed to negotiate improved rates for the 2012 financial year, and
should see sustained revenue, but improved overall margins during this period.
CCT is well positioned to benefit from the ongoing recovery in demand in the
ferro-chrome sector during the 2012 financial year, and is expecting real
revenue growth, while improving margins to historic levels.
Overburden drilling and blasting
JEF Drill and Blast grew its revenue and profit base substantially during the
past year and this business is now well positioned to deliver real growth, with
sustained margins, for the foreseeable future.
Exploration drilling
The persistently strong exchange rate impacted adversely on Geosearch`s revenue
and margins. Political unrest in the Ivory Coast also resulted in the suspension
of operations in that jurisdiction. With stability returning to the Ivory Coast,
drilling operations will recommence in the second quarter of the 2012 financial
year. The Company`s revenue split for the 2012 financial year is expected to be
more balanced between domestic and foreign contracts, following the award of
substantial drilling tenders in the domestic PGM sector.
The significant investment in the geographical diversification of the Company`s
offshore businesses should provide a sustainable platform for real growth and
operational efficiencies during the current financial year.
Crane hire
Ritchie continued performing well, notwithstanding a reduction in demand for
mobile craneage post the 2010 Soccer World Cup. The Company is expected to
maintain its profitability in the 2012 financial year given its mix of cranes,
strong competitive position in the Witbank/Middelburg geographical area, and
diversity of clientele in coal mining, steel and power generation industries.
Coal mining investments
In line with the strategy to develop a diversified portfolio of coal assets, the
Group has continued to operate, develop and undertake exploration activities
across its various coal projects in southern Africa. Sentula is currently
invested in six projects (three in South Africa, and one in each of Botswana,
Zambia and Mozambique). The projects can be broadly described as mining
operations, comprising an operating mine, near development properties, subject
to regulatory approval, (those projects which can be operational within 18
months) and exploration areas.
Mining operations
Nkomati Anthracite, was awarded a new order mining right during the year and the
mine commenced opencast operations in September 2010 with the Madadeni pit
achieving full production in December 2010. Flooding of the opencast operation
in December 2010, and the transport strike in early 2011 however adversely
affected production and sales from the mine. Operations at the Madadeni pit were
unfortunately suspended in March 2011 due to regulatory and environmental
issues. While these issues are being resolved, the underground operations have
been placed on care and maintenance from the end of May 2011. Subsequent to the
suspension of the opencast operation, the DMR approved the amended environmental
management programme, and it is anticipated that the mine will recommence
operations in the second half of the 2012 financial year.
Near development properties
Sentula, through its joint venture investments has been granted new order
prospecting rights over portions of the farms Bankfontein and Schoongezicht, in
Mpumalanga. Exploration has been completed and mining right applications have
been submitted for both of these properties.
Exploration drilling has been completed at the Mulungwa project in southern
Zambia. The third and final phase of the feasibility programme, which included
resource estimation, completion of the environmental impact assessment,
technical/mining investigations and financial modeling, has also been completed.
A small scale mining license has been awarded and planning is advanced to
commence development during the second half of 2012 financial year.
Exploration areas
The Asenjo joint venture with Jonah Capital and Aquilla Resources, situated in
Botswana, has continued exploration on its tenements. The value of the large
resource base is expected to be unlocked through the construction of rail
infrastructure to port facilities in Namibia or Mozambique, the provision of
which is enjoying renewed interest in the region.
Exploration on the Mabapa coking coal project, remains on track to recommence
during the second half of 2011, following the securing of an option on a
neighboring property. This will enhance the critical mass of the overall
project. Ongoing recovery in steel markets, improving coke prices and the
potential extension to the project area, may result in an economically viable
project in the near future.
During 2010, Sentula acquired an option to earn an interest, through
exploration, in the Carborifera de Changara coal project, situated south of Tete
in northern Mozambique. The first phase of the exploration drilling has been
completed, and while an initial assessment of the drilling data is not
encouraging, the Group is considering its options with respect to further
exploration of the prospect.
Sustainability
During the period under review, Sentula has been independently verified as a
"level 5" contributor, in terms of the dti codes, measuring Broad-Based Black
Economic Empowerment. The Group, in its current form, has plans in place to
elevate its status to that of a "level 4" contributor by the end of the 2012
financial year.
During the period under review, the Group has established a baseline carbon
footprint for several of its activities. Targets and initiatives to reduce the
quantum and impact of emissions have been introduced across the Group.
PROGRESS ON LEGAL MATTERS
Following the announcement on 26 November 2010 of the civil judgement of R88
million against Casper Scharrighuisen, a second judgement for R171 million and
interest thereon of R124 million was obtained in a civil action against
Scharrighuisen on 6 May 2011, bringing the total civil judgements against him to
R383 million. An order for the provisional sequestration of Scharrighuisen`s
estate was granted on 20 May 2011 in the Western Cape High Court. The Company
continues to support the National Prosecuting Authority in the criminal actions
against Scharrighuisen and Jason Holland as a consequence of the
misappropriation of funds from Megacube in the 2008 financial year.
With the granting of the provisional sequestration order against Scharrighuisen,
the Company`s legal and forensic fees should reduce materially in the 2012
financial year. During the financial year under review, an interim distribution
of R5 million was received from Mr Holland`s sequestrated estate. A further
interim distribution of R5 million was received on 31 May 2011.
STRATEGIC REVIEW
The Group`s strategic vision remains one of sustainable growth by being the
mining services provider of choice across the African continent. Our strategy
will be brought to fruition through the exploitation of opportunities identified
in both mining services and proprietary mining investments in southern Africa,
and further enhanced through the proposed Shanduka Resources transaction. The
insights and experience, gleaned from Geosearch`s broad geographic footprint,
across southern, Central Africa, and more recently West Africa positions the
Group to capitalise on the mining services offerings stemming from the
development of new mineral resources in these regions.
In addition, through its access to the resources, expertise and experience base
of the collective Group, Sentula is well positioned to nurture the development,
and unlock the value inherent in a growing portfolio of coal investments.
Sentula`s foothold in the coal and energy sector, as a service provider and
proprietary investor, coupled with its diversified service offering, client
base, mineral exposure and geographical spread will continue to provide a solid
platform for developing the business into the future.
SUBSEQUENT EVENTS
- The Board granted approval for Sentula to enter into an interest rate swap
facility for R350 million of its senior facility, effective 1 April 2012. The
hedge caps the Group`s borrowing base rate (JIBAR) at 8.57% until 31 March 2015.
- Underground operations were suspended at the Nkomati mine in May 2011,
following the announcement of closure of the open cast operations on 30 March
2011 on SENS, as a consequence of the mine being marginal as a result of the
ongoing environmental and regulatory issues. The directors of Sentula are in
discussions with the regulatory authorities to resolve the outstanding issues.
- In April 2011, Sentula announced on SENS that the Board of directors of
Sentula and Shanduka Resources entered into an exchange of shares agreement
("Exchange Agreement"). The rationale for Sentula entering into the Exchange
Agreement is set out in the SENS announcement. In terms of the Exchange
Agreement and subject to the fulfilment or waiver of the conditions precedent
set out in paragraph 4.6 of the SENS announcement, Sentula will acquire from
Shanduka Resources, a wholly owned subsidiary of the Shanduka Group, a leading
black-owned and managed investment holding company:
- 29,94% of the issued share capital of Shanduka Coal (Proprietary) Limited
("Shanduka Coal"); and
- 100% of the issued share capital of Shanduka Coal Investments (Proprietary)
Limited ("Shanduka Investments`) which owns 29,93% of the issued share capital
of Kangra Coal (Proprietary) Limited ("Kangra Coal").
The number of new Sentula ordinary shares to be issued to Shanduka Resources of
626 905 938 in exchange for its shareholding in the assets of Shanduka Coal and
Kangra Coal, is based on a valuation of R2 066 million and following their
issue, on the effective date will constitute 51,9% of the issued share capital
of Sentula.
Sentula anticipates, that subject to the fulfilment of the conditions precedent,
the transaction will be concluded by 31 August 2011.
BASIS OF PREPARATION
The summarised consolidated audited financial results for the financial year
ended 31 March 2011 have been prepared in accordance with the recognition and
measurement requirements of International Financial Reporting Standards (IFRS),
the presentation and disclosure requirements of IAS 34 - Interim Financial
Reporting, the AC 500 series issued by the Accounting Practices Board, the South
African Companies Act,1973 (Act 61 of 1973, as amended), and the Listings
Requirements of JSE Limited.
The accounting policies applied in the preparation of these summarised
consolidated audited financial statements, which are based on reasonable
judgements and estimates, are in accordance with IFRS and are consistent with
those applied in the annual financial statements for the year ended 31 March
2010 except for those that became effective during the reporting period. The
adoption of these standards has had no effect on the results. The directors are
of the opinion that the Group has adequate resources to continue in operation
for the foreseeable future and accordingly the summarised consolidated financial
statements have been prepared on a going concern basis.
INDEPENDENT AUDIT OPINION
The provisional summarised consolidated statement of financial position at 31
March 2011 and related provisional summarised consolidated income statement,
summarised consolidated statement of comprehensive income, summarised
consolidated statement of changes in equity and summarised consolidated
statement of cash flows for the year ended 31 March 2011 have been audited by
KPMG Inc. Their unqualified audit opinion is available for inspection at the
Company`s registered office.
DIRECTORATE
The following changes took place to the board of directors during the year under
review:
Appointments
Cor van Zyl, Rain Zihlangu and Kholeka Mzondeki were appointed to the board as
independent non-executive directors on 1 July 2010.
Resignations
There were no resignations during the year under review, however Andy Kawa
tendered her resignation, effective 2 June 2011.
DIVIDEND
No dividend has been declared or paid during the year under review.
On behalf of the board
Jonathan Best Robin Berry Woodmead
Non-executive Chairman Chief Executive Officer 15 June 2011
Directors: JG Best*(Chairman), RC Berry (Chief Executive Officer),
GP Louw (Financial Director), PP Modisane, EHJ Stoyell*, C van Zyl*,
DR Zihlangu*, K Mzondeki* *Independent non-executive
Company Secretary: GM Chemaly
Transfer Secretaries: Computershare Investor Services (Pty) Ltd, Ground floor,
70 Marshall Street, Johannesburg, 2001. PO Box 61051 Marshalltown. Tel (011)
370-5000
Investor Relations Advisers: College Hill
Sponsor: Merchantec Capital
Auditor: KPMG Inc.
Registered Address: Block 14 - Ground floor, Woodlands Office Park
Woodmead, 2080. PO Box 76, Woodmead, 2080. Tel (011) 656-1303
www.sentula.co.za
Date: 15/06/2011 07:05:01 Produced by the JSE SENS Department.
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implicitly, represent, warrant or in any way guarantee the truth, accuracy or
completeness of the information published on SENS. The JSE, their officers,
employees and agents accept no liability for (or in respect of) any direct,
indirect, incidental or consequential loss or damage of any kind or nature,
howsoever arising, from the use of SENS or the use of, or reliance on,
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