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BAU
BAU
BAU - Bauba Platinum Limited - Change statement and notice of Annual
General Meeting
Bauba Platinum Limited
(Formerly Absolute Holdings Limited)
Incorporated in the Republic of South Africa
(Registration number 1986/004649/06)
Share code: BAU ISIN: ZAE000145686
("Bauba" or "the Company")
CHANGE STATEMENT AND NOTICE OF ANNUAL GENERAL MEETING
CHANGE STATEMENT
Shareholders are advised that the integrated annual report for the year
ended 30 June 2011 was dispatched to shareholders on 19 December 2011 and
will be available on the Company`s website: www.bauba.co.za. The audited
consolidated financial results contains no modifications to the reviewed
consolidated financial results for the year ended 30 June 2011 as published
on SENS on 29 September 2011, other than those detailed below:
- A liability amount included in assets classified as held for sale of
R2 million has been reclassified to liabilities classified as held for
sale;
- An adjustment to the value of the reverse asset acquisition reserve of
R3.3 million, increasing the reserve to R283.0 million and a
corresponding adjustment to the comprehensive loss; and
- Headline loss increased by R3.5 million due to the reclassification of
costs between continued and discontinued operations.
The audited results reflect a loss per share of 59.9 cents and a headline
loss per share of 41.7 cents for the year ended 30 June 2011, compared to
the reviewed results for the year ended 30 June 2011 which indicated a loss
per share and a headline loss per share of 63.0 cents and 38.0 cents,
respectively.
The audited consolidated results for the year ended 30 June 2011 below are
shown after the above adjustments have been taken into account:
CONSOLIDATED STATEMENT OF FINANCIAL POSITION AT 30 JUNE 2011
30 June 30 June
2011 2011
R`000 R`000
Audited Reviewed
ASSETS
Non-current assets 7 941 7 941
Mineral rights 7 450 7 450
Property, plant and equipment 491 491
Investments in associates - -
Current assets 4 803 4 803
Trade and other receivables 633 633
Cash and cash equivalents 4 170 4 170
Assets associated with disposal group
Classified as held for sale 23 604 21 604
TOTAL ASSETS 36 348 34 348
EQUITY AND LIABILITIES
Capital and reserves 284 284
Share capital 94 065 94 065
Share premium 255 653 255 653
Reverse asset acquisition reserve (282 988) (279 665)
Accumulated (loss) / profit (65 714) (69 769)
Non-controlling interest (732) -
Current liabilities 12 460 12 459
Trade and other payables 12 460 12 459
Liabilities associated with disposal group 23 604 21 604
Classified as held for sale
TOTAL EQUITY AND LIABILITIES 36 348 34 348
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME FOR THE YEAR ENDED 30 JUNE
2011
30 June 30 June
2011 2011
R`000 R`000
Audited Reviewed
Continuing Operations
Revenue - -
Operating expenditure (29 785) (29 784)
General and administrative expenses (10 421) (10 422)
Loss from operations for the year (40 206) (40 206)
Finance charges (157) (157)
Interest 138 138
Dividend income 4 160 4 160
Loss before taxation for the year (36 065) (36 065)
Taxation (29) (29)
Loss for the year after taxation (36 094) (36 094)
At acquisition elimination - 3 465
Loss for the year from continued operations (36 094) (32 629)
Discontinued Operations
Loss for the period from discontinued operations (2 699) (2 699)
Impairment of assets of discontinued operations (16 917) (23 275)
Loss for the year from discontinued operations (19 616) (25 974)
Loss for the year (55 710) (58 603)
Other comprehensive income
Impairment of financial assets held for sale (12 417) (12 592)
Total comprehensive loss for the year (68 127) (71 195)
Headline Loss Reconciliation
Loss for the year (55 710) (58 603)
Impairment of assets of discontinued operations 16 917 23 275
Headline loss for the year (38 793) (35 327)
Undiluted and Diluted Loss Per Share
Loss per share (cents) (59.9) (63.0)
Loss per share from continued operations (cents) (38.8) (35.1)
Loss per share from discontinued operations (21.1) (27.9)
(cents)
Undiluted and Diluted Headline Loss Per Share
Headline loss per share (cents) (41.7) (38.0)
Headline loss per share (cents) from continued (38.8) (35.1)
operations
Headline loss per share (cents) from discontinued (2.9) (2.9)
operations
Weighted average number of shares in issue (000`s) 93 044 93 043
Number of shares in issue at the end of the period 94 065 94 065
CONSOLIDATED STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 30 JUNE 2011
30 June 30 June
2011 2011
R`000 R`000
Audited Reviewed
Net decrease from operating activities (11 083) (10 724)
Net decrease from investing activities (5 882) (6 143)
Net increase from financing activities 18 481 18 383
Total cash movement of the period 1 516 1 516
Cash and cash equivalents at beginning of period 2 654 2 654
Cash and cash equivalents at end of period 4 170 4 170
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY FOR THE YEAR ENDED 30 JUNE 2011
Share capital Share premium Retained
earnings
R`000 R`000 R`000
Audited
Balance as at 30 June 2010 - 2 500 1 718
Shares issued 94 065 255 653 -
Comprehensive loss for the year - - (67 140)
Reverse acquisition adjustment - (2 500) -
Dividends - - (292)
Balance at 30 June 2011 94 065 255 653 (65 714)
Non- Reverse Total
controlling acquisition
interest adjustment
R`000 R`000 R`000
Audited
Balance as at 30 June 2010 - - 4 218
Shares issued - - 349 718
Comprehensive loss for the year (987) - (68 127)
Reverse acquisition adjustment 255 (282 988) (285 233)
Dividends - - (292)
Balance at 30 June 2011 (732) (282 988) 284
Share Share premium Retained
capital earnings
R`000 R`000 R`000
Reviewed
Balance as at 30 June 2010 - 2 500 1 718
Shares issued 94 065 255 653 -
Comprehensive loss for the year - - (71 195)
Reverse acquisition adjustment - (2 500) -
Dividends - - (292)
Balance at 30 June 2011 94 065 255 653 (69 769)
Non- Reverse Total
controlling acquisition
interest adjustment
R`000 R`000 R`000
Reviewed
Balance as at 30 June 2010 - - 4 218
Shares issued - - 349 718
Comprehensive loss for the year - - (71 195)
Reverse acquisition adjustment - (279 665) (282 165)
Dividends - - (292)
Balance at 30 June 2011 - (279 665) 284
CONSOLIDATED SEGMENTAL ANALYSIS FOR THE YEAR ENDED 30 JUNE 2011
R`000 Assets held Corporate Exploration Total
for sale
Audited
External revenue - 138 - 138
External finance expense - (157) - (157)
Results from operating (2 699) (10 422) (3 872) (16 993)
activities
Total segment assets 23 604 4 755 7 988 34 348
Total segment (23 604) (12 459) - (34 063)
liabilities
Depreciation and - (33) (226) (259)
amortisation
Reviewed
External revenue - 138 - 138
External finance expense - (157) - (157)
Results from operating (2 699) (6 288) (3 894) (12 881)
activities
Depreciation and - (33) (226) (259)
amortisation
Total segment assets 21 604 4 755 7 988 34 348
Total segment (21 604) (12 459) - (34 063)
liabilities
NOTICE OF ANNUAL GENERAL MEETING
Notice is hereby given that the annual general meeting of shareholders of
Bauba will be held on Monday, 23 January 2012 at 10:00 at the City Lodge,
Longpoint Office Park, corner of Witkoppen and Montecasino Boulevard,
Fourways, Johannesburg, to transact the business stated in the notice of
annual general meeting, which is contained in the annual report.
Johannesburg
20 December 2011
Auditors
BDO South Africa Inc
Sponsor
Merchantec Capital
Date: 20/12/2011 12:00:02 Produced by the JSE SENS Department.
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