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JDH
JDH
JDH - John Daniel Holdings Limited - Abridged audited financial statements for
the 15 months ended 30 September 2011
JOHN DANIEL HOLDINGS LIMITED
Incorporated in the Republic of South Africa
Registration number: 1998/013215/06
JSE Code: JDH - ISIN: ZAE000136677
("the Company" or "JDH" or "the Group")
ABRIDGED AUDITED FINANCIAL STATEMENTS FOR THE 15 MONTHS ENDED 30 SEPTEMBER 2011
The Directors are pleased to inform the shareholders of the improved financial
results of the group as reflected herein.
Audited Statement of Financial Position as at 30 September 2011
30 September 2011 30 June 2010
Audited Group Audited Group
R`000 R`000
ASSETS
Non-current assets
Property, plant and equipment 4 572 3 204
Intangible assets 1 555 936
Other financial assets 2 323 -
Deferred tax 11 404 3 365
Total current assets 6 293 1 270
TOTAL ASSETS 26 147 8 775
EQUITY AND LIABILITIES
Equity 2 729 1 170
Non-controlling interest 1 118 (433)
Non-current liabilities
Interest bearing borrowings 13 477 121
Deferred tax 495 182
Total current liabilities, short
term interest bearing borrowings 8 328 7 735
and shareholders` loans
TOTAL EQUITY AND LIABILITIES 26 147 8 775
Net asset value 2 729 1 170
Net tangible asset value 1 173 234
Net asset value per share (cents) 1.73 0.78
Net tangible asset value per share 0.75 0.16
(cents)
Audited Statement of Comprehensive Income for the period ended 30 September 2011
15 months ended 12 months ended
30 September 30 June
2011Audited 2010Audited
Group Group
R`000 R`000
REVENUE 6 464 5 714
COST OF SALES (2 484) (4 093)
GROSS PROFIT 3 980 1 621
Other income 2 260 125
Selling, distribution and administration (12 396) (10 811)
expenses
LOSS BEFORE NET FINANCE COSTS AND (6 156) (9 065)
TAXATION
Net Finance costs (999) (1 046)
Taxation income 7 435 1 027
PROFIT / (LOSS) FOR THE PERIOD 280 (9 084)
Attributable to non-controlling interest 426 2 439
NET PROFIT / (LOSS) ATTRIBUTABLE TO 706 (6 645)
ORDINARY SHAREHOLDERS
BASIC AND HEADLINE EARNINGS/(LOSS)
Basic profit / (loss) 706 (6 645)
Headline earnings / (loss) 204 (5 503)
Basic earnings / (loss) per share (cents) 0.47 (8.13)
attributable to equity holders of the
parent
Headline earnings / (loss) per share 0.14 (6.74)
(cents) attributable to equity holders of
the parent
Number of shares in issue 157 652 363 150 500 000
Weighted average number of shares 150 970 550 81 703 640
RECONCILIATION BETWEEN BASIC PROFIT /
(LOSS) AND HEADLINE EARNINGS / (LOSS)
IAS 33 Basic profit / (loss) 706 (6 645)
IAS 16 Loss disposal of property plant -
and equipment 30
IAS 36 Impairment of property, plant and 516
equipment
IAS 36 (Reversal of impairment) / (532) 626
impairment of intangible assets
Headline Earnings / (Loss) 204 (5 503)
Audited Segmental Information for the period ended 30 September 2011
The Group has adopted IFRS 8 Operating Segments as its segmental reporting
standard which requires an entity to report financial and descriptive
information about its reportable segments, which are operating segments or the
aggregation of operating segments that meet specified criteria. Operating
segments are components of an entity in respect of which separate financial
information is available and is evaluated regularly by management.
R`000 R`000 R`000 R`000 R`000 R`000
15 months ended 30
September 2011
Biotech- Packag-ing Financial Corpo-rate Elimin- Consoli-
nology services ations dated
Revenues 5 797 368 126 1 549 (1 376) 6 464
TOTAL 6 464
EXTERNAL
REVENUE
Operating (2 944) (361) (49) (2 802) - (6 156)
loss
12 months ended 30
June 2010
Biotech- Packag-ing Corpo-rate Elimin- Consoli-
nology ations dated
Revenues 1 937 3 777 1 353 (1 353) 5 714
TOTAL 5 714
EXTERNAL
REVENUE
Operating (992) (6 369) (11 102) 9 398 (9 065)
loss
Audited Statement of Changes in Equity for the period ended 30 September 2011
Share Non Accumul- Non- Total
capital distribute- ated loss controllin equity
able g interest
reserves
R`000 R`000 R`000 R`000 R`000
Balance at 1 24 415 7 729 (35 580) 2 007 (1 429)
July 2009
Total - - (6 645) (2 439) (9 084)
comprehensive
loss for the 12
months
Issue of shares 11 893 - - - 11 893
Share issue (643) - - - (643)
expenses
Balance at 30 35 665 7 729 (42 225) (433) 736
June 2010
Total - - 706 (426) 280
comprehensive
profit for the
15 months
Issue of shares 831 - - - 831
Change in - 23 - (23) -
ownership
Business - - - 2 000 2 000
combinations
Balance at 30 36 496 7 752 (41 519) 1 118 3 847
September 2011
Audited Cash Flow Statement for the period ended 30 September 2011
15 months ended 12 months
30 September ended 30 June
2011Audited Group 2010Audited
R`000 Group
R`000
NET CASH (OUTFLOW)/INFLOW FROM OPERATING (8 406) 21
ACTIVITIES
NET CASH OUTFLOW FROM INVESTING (582) (200)
ACTIVITIES
NET CASH INFLOW/(OUTFLOW) FROM FINANCING 9 263 (129)
ACTIVITIES
Increase / (Decrease) in cash and cash 275 (308)
equivalents
Cash and cash equivalents at the 34 342
beginning of the year
Cash and cash equivalents at the end of 309 34
the year
COMMENTARY
OPERATIONAL REVIEW
Group Overview
JDH continued to conduct business as a venture capital investment holding
company, and will continue to do so, focusing on investing in companies which
are niche players and strategic in nature. Preference is given to companies
which have clear African and Global markets. In particular, these companies are
required to produce products or provide services with high barriers to entry and
high gross profit margins.
At the beginning of the 15 month period under review JDH held two trading
subsidiaries:
Vinguard Limited ("Vinguard"); and
Lazaron Biotechnologies (SA) Limited ("Lazaron").
These subsidiaries contained significant intrinsic value but consistently
produced disappointing results. In order to unlock the potential the JDH Group
entered into a finance restructure agreement ("Escalator loan") with Escalator
Capital Limited ("Escalator").
The Group restructure process initiated at the end of September 2010 resulted in
material changes during the subsequent six month to end March 2011. These
changes included, inter alia, the re-constitution of the board of directors of
JDH and all relevant governance mechanisms in the Group, repositioning the
strategic direction of the Group and the trading subsidiaries, development of
appropriate corporate actions to recapitalise the Group, material reductions in
the overhead structure of Vinguard, establishment of a marketing channel and
sales force in Lazaron, and relocation of the corporate head office including
the restructuring of the Group`s financial and administration staff.
Significantly during the period under review Vinguard did not manufacture
product and the results produced are therefore without the contribution which
will in future be provided by what was historically the group`s primary asset.
The state of the subsidiaries at the end of the 2009/2010 financial period
compelled the directors to adopt an extremely conservative view of the potential
of the businesses future profit projections. As a result thereof all intangible
assets were impaired in the previous audited financial statements. The
turnaround of the business prospects, including the establishment of sound order
pipelines and the intrinsic value of the businesses has resulted in the
directors reviewing the impairments and writing back those which are deemed to
be appropriate.
The benefits of the measures implemented during the first nine months of the
restructure process resulted in improved trading results during the last six
months of the 15 month period under review (April to September 2011). In
addition, the Group announced rights offers for JDH and Lazaron as well as two
acquisitions. The acquisitions comprised of:
Viscacom (Pty) Limited trading as JDH Credit Services ("JDH CS"), a wholly owned
subsidiary acquired on 1 September 2011; and
Rexisource (Pty) Limited trading as Cryo-Save SA ("Cryo-Save SA"), 50% stake
acquired on 1 July 2011.
The turnaround of subsidiaries through product and market extension, aggressive
trading and cost reduction continues.
This includes the evaluation of product range extension, development of new
markets and rationalization of administration and support structures. Ongoing
shareholders` support is required to continue to develop the current Group
companies and to seek new opportunities.
The board of directors is actively investigating further acquisition
opportunities that will improve earnings and cash generation for the group. It
is the intention of the board to develop a robust and complementary Group of
companies which provide sustainable returns.
Below is an overview of the JDH subsidiaries at 30 September 2011.
JDH Credit Services
The conditions precedent contained in the acquisition agreement of Viscacom
(Pty) Limited trading as JDH Credit Services ("JDH CS") were met by end August
2011. JDH acquired, with effect from 1 September 2011, 100% of the shares in JDH
CS for a cash consideration of R100, through its wholly owned subsidiary
Restibyte (Pty) Limited.
JDH CS is a micro finance organisation providing financial services to third
party company employees and is the first acquisition by JDH in its new JDH
Financial Services Division (Restibyte (Pty) Ltd).
JDH CS was established in 2010 and has shown exponential growth since its
incorporation.
Cryo-Save SA
On 2 June 2011, the board announced that JDH and Cryo-Save Group N.V. ("Cryo-
Save") a leading international family stem cell bank, signed a memorandum of
understanding, to establish a new stem cell bank in South Africa.
The agreement combined Cryo-Save`s leading expertise in stem cell processing and
storage with JDH`s local and African market expertise. Cryo-Save SA offers
customers the option of storing cord tissue and stem cells from cord blood in
South Africa or off shore in Belgium.
The Lazaron laboratory located in Cape Town has been upgraded to cater for the
increase in volumes and will meet the highest quality standards applied by Cryo-
Save around the world.
Vinguard
The company`s operations involve a relatively extended production and working
capital cycle. The company was not able to fund the working capital required for
the 2010/2011 South African table grape season. The working capital investment
was required prior to the establishment of the finance restructure agreement
with Escalator, and the resultant lack of production funding led to reduced
market share for the 2010/2011 SA table grape season.
The 90% reduction in turnover to R370 000 was off-set to an extent by the
reduction in operating expenses resulting from the rationalization of the
company`s operations.
Vinguard`s cost structure and processes have been rationalized through the
restructuring efforts ensuring that the breakeven point is achieved at a 33%
reduced turnover value than in the comparative period.
The business is poised to take advantage of its reduced overhead structure in
the upcoming 2011/2012 SA table grape season.
The Vinguard product has proved its efficacy and table grape farmers reported
excellent results with exports in the past. The product is well placed to
penetrate the significant SA and international export table grape industries.
Substantial orders have been obtained for the product early in the new season.
In addition, the board continues to drive efforts to diversify the Vinguard
product offering into other produce markets as well as Northern Hemisphere
production areas.
Lazaron
The establishment of a dedicated sales division in Lazaron as part of the group
restructure resulted in material sales growth for the business during the period
under review. The 32% increase in the company`s revenue was generated in the
last six months of the 15 month period under review.
The accompanying cost involved in repositioning the strategic direction of the
business, investing in marketing collateral, strategic initiatives and the
development of the sales force increased the operating expense base.
The encouraging sales performance and the healthy gross profit percentages,
however, resulted in the business approaching breakeven performance on a month
to month basis by the end of the period under review.
The Lazaron restructure efforts and the resultant improved performance brought
about the negotiations with Cryo-Save NV and the subsequent investment in the
Cryo-Save SA subsidiary.
Lazaron will continue to provide the current services and will also focus on
stem cell therapies in the future. In addition, the company will also pursue
equine therapy development. The reduced cost base will result in the Lazaron
business being profitable whilst the therapy and equine opportunities provide
potential wealth generation.
REVIEW OF RESULTS AND FINANCIAL POSITION
The financial year end for the Group was changed to 30 September resulting in
the financial year comprising a 15 month period.
The consolidated financial results for the 15 months ended 30 September 2011
represents income and expenses from the JDH corporate head office and its
trading subsidiaries, active in the financial services, biotechnology and
agricultural packaging markets.
The operating results for the 15 months reflected a material turnaround in the
performance of the group and the results were further enhanced by the
recognition of certain assets which had been impaired in the previous period.
Revenue for the group increased from R 5 714 233 in 2010 to R 6 463 609 for the
2011 period, this is notwithstanding the limited trading in Vinguard. The profit
after taxation reflected a profit of R 279 388 compared to a loss of R 9 084 125
recorded in the previous period.
The improved performance is attributable to a combination of factors including:
Materialy improved gross profits as a result of increased revenue in the high
margin biotechnology operations;
A material decrease in non-revenue generating overheads;
A material increase in revenue generation in all subsidiaries excluding
Vinguard;
An increase in other income primarily being the reversal of a R1.8 million
foreign creditor and the write off of the balance of the R195 000 loan from
Golden Oak Corporate Advisors (Pty) Ltd; and
The write back of intangible assets impaired in the previous period.
Taxation income through the raising of a deferred taxation asset on assessed
losses as a result of the turnaround of the group subsidiary operations.
Group operations experienced significant working capital constraints prior to
the establishment of the Group restructure agreement, impacting on the trading
performance of the subsidiaries.
Vinguard`s turnover for the 15 months reduced to R 368 590, a 90% reduction
compared to the previous reporting period. The majority of Vinguard`s sales are
generated from mid-November during the South African table grape harvesting
season. Unfortunately the Escalator funding, released to the business at end
September 2010, was too late and was also limited, resulting in Vinguard being
unable to secure raw materials in terms of the required production timeframes.
As a result the business was unable to produce SO2 sheets for distribution
during the 2010/2011 South African table grape season as well as for the
traditional international markets.
The incoming directors, appointed in terms of the group restructure, reduced
overheads in order to limit losses. The overheads did however include all once
off restructuring expenses which were incurred of just under R280 000.00.
In comparison, Lazaron`s revenue increased by 64% to R 3.2 million as a result
of Group restructure processes. The increased sales performance was achieved
from February 2011 onwards. The cost of development of the sales channels
increased overheads during the period.
The Cryo-Save SA operations contributed 41% of the JDH Group`s total revenue for
the 15 month period despite its active trading being limited to the last three
months of the 15 month period. During this period Cryo-Save SA trading was
limited to purely export storage services. The local storage option became
available after September 2011. . The revenue generation was therefore somewhat
depressed for the three months to 30 September 2011 but none the less record
breaking sales were still achieved. The associated start-up costs resulted in a
loss for the period of R 369 000.
JDH CS was finally incorporated into the group on 1 September 2011. The company
reflected a small loss for this initial period of R 80 216 and has an accrued
debtors book of just under R 4.6 million at the end of the fifteen month period.
The primary cost in the business is interest from loan capital to fund the
growth in the interest bearing loan book. Through the JDH Rights Offer in
October 2011 the Group repaid the interest bearing loan that funded the initial
growth in the loan book. The resultant reduced cost of capital in JDH CS will
ensure it contributes to trading profit from mid-October 2011.
The Group statement of Financial Position reflects a positive net asset value
despite the history of operating losses. The Group`s on-going restructure is
being funded by Escalator through the finance restructure facility. The board
obtained a letter of continued financial support from Escalator undertaking the
continued funding of the restructuring process until Group operations become
self-sustaining.
The sustainability of the group is being addressed in the short term through
improvement in the trading results.
On 10 June 2011, the directors announced two partially underwritten rights
offers, in JDH for R15 million and in Lazaron for R 4.4 million, in order to
recapitalise the Group and return the Statement of Financial Position to
solvency. The JDH rights offer of R15 million was concluded during October 2011
and was fully subscribed. The Lazaron rights offer and subsequent general offer
by JDH are anticipated to be completed by April 2012.
The directors are confident that the combination of the corporate restructuring,
aggressive management of the existing subsidiaries and further strategic
acquisitions will ensure the future sustainability of the group.
EVENTS AFTER THE REPORTING PERIOD
Corporate actions
The board reviewed various options aimed at strengthening the Group`s Statement
of Financial Position. This process comprised continuing discussions with
Escalator to renegotiate the terms of the Escalator loan including the
possibility of Escalator underwriting a JDH Rights Offer. On 10 June 2011 the
board announced the following partially underwritten rights offers:
a R15 million JDH Rights Offer at 7 cents per share underwritten to the value of
R10 million by Escalator; and
a R4.4 million Lazaron Rights Offer underwritten to a minimum value of R1.5
million by JDH.
The main objectives of the corporate actions is to recapitalise the Group and
return the Statement of Financial Position to solvency whilst providing much
needed working capital.
The JDH Rights Offer was completed on 14 October 2011 and was successfully
subscribed for in its entirety resulting in 214 285 714 rights offer shares
being issued to existing shareholders, shareholders that applied for excess
shares and the underwriter, Escalator. By virtue of its underwriting, Escalator
became the controlling shareholder of JDH holding 52.21%. JDH minority
shareholders approved a waiver of mandatory offer from Escalator in general
meeting on 17 October 2011.
Included in the Lazaron Rights Offer circular is a Section 112 resolution, which
was approved by Lazaron shareholders on 7 December 2011, to dispose of the
Lazaron sales infrastructure and Lazaron laboratory equipment to JDH, who in
turn will on sell these assets to Cryo-Save SA. This transaction removes all
significant overheads from Lazaron whilst it retains annuity income from its
existing client base and a commission revenue on future sales.
In addition, a General Offer to Lazaron non-controlling shareholders to swap
their Lazaron shares for JDH shares (1 JDH share for every 5 Lazaron shares held
post the Lazaron rights offer) is included in the corporate action. The swap
provides Lazaron shareholders with incremental value and enhanced tradability.
ACQUISITIONS AND DISPOSALS
As noted in the operational overview above, the Group announced two acquisitions
during the last quarter of the 15 month financial period under review:
100% stake in JDH CS on 1 September 2011; and
50% stake in Cryo-Save SA effective 1 July 2011.
There were no disposals during the 15 month period under review.
GROUP RESTRUCTURE AND RECAPITALISATION
In September 2010 the Company entered into a finance restructure agreement with
Escalator in terms of which the Company secured a convertible loan facility
("Escalator loan"). The conditions of the finance restructure agreement included
the appointment of, inter alia, new executive directors, independent of
Escalator, on 22 September 2010. All previous board members resigned during the
period September 2010 to November 2010. Three new independent non-executive
directors, detailed below, were subsequently appointed to the board to complete
the composition of the board ("new board").
The new board continues to review and evaluate Group operations and Group
structures in order to direct the Group restructure with the objective of
returning Group operations to profitability, both organically and acquisitively,
thereby creating enhanced shareholder value.
In terms of the Group restructure the board of directors was re-constituted and
at the date of this announcement comprised:
Name Designation Date Appointed
TP Gregory Chief Executive Officer 22 September 2010
DP van der Merwe Financial Director 22 September 2010
B Topham Independent Non-Executive Director 24 November 2010
KA Rayner Independent Non-Executive Director 20 January 2011
RJ Connellan Independent Non-Executive Director 04 February 2011
and Chairman
The appropriate statutory documentation was submitted to both the JSE and CIPC
to formally update the company records regarding the directors` changes. At the
date of this announcement, only the appointments of TP Gregory and DP van der
Merwe have been effected on the CIPC system. The board will continue to follow
up with CIPC until the records are appropriately updated.
The final re-constitution of the board will be completed in 2012 with the
appointment of an additional independent non-executive director.
The board announced the appointment of a new company secretary, TM Jonker, on 4
October 2011.
PROSPECTS
The turnaround of current subsidiaries through product and market extension,
aggressive trading and cost reduction continues.
This includes the evaluation of product range extension in subsidiaries,
development of new markets for subsidiaries and rationalization of
administration and support structures. Ongoing shareholders support is required
to continue to develop the current Group companies and assist in seeking new
opportunities.
The new board of directors is actively investigating acquisition opportunities
that will improve earnings and cash generation for the group. It is the
intention of the board to develop a robust and complementary group of companies
which provide sustainable returns.
YEAR END CHANGE
JDH and its subsidiaries financial year ends have been changed to 30 September.
The Group will in future report its year end results as at 30 September and
interim results for the 6 months ending 31 March. The Group`s annual report for
30 September 2011 is available on the Company`s website and a hard copy is
available from the company on request. A copy will also be posted to
shareholders before 31 December 2011.
BASIS OF PREPARATION AND ACCOUNTING POLICIES
The abridged financial statements have been prepared in accordance with IAS 34 -
Interim Financial Reporting in accordance with the accounting policies that
comply with International Financial Reporting Standards and in the manner
required by the Companies Act (71 of 2008) and the JSE Listing Requirements. The
principle accounting policies adopted in preparation of these financial
statements are consistent with those of the prior period.
AUDIT REPORT
These results have been audited by AM Smith and Company Inc, whose unqualified
audit report, modified with an emphasis of matter, is available for inspection
at the registered office of the Company.
The emphasis of matter states that "without qualifying our opinion, we draw
attention to the directors report that indicates that the company had
accumulated losses of R 41 518 598 after non-controlling shareholder`s interest
for the 15 months ended 30 September 2011. The Directors` Report also indicates
that these conditions along with other matters indicate the existence of a
material uncertainty which may cast significant doubt on the company`s ability
to continue as a going concern."
RE-APPOINTMENT OF AUDITORS
The shareholders resolved to re-appoint AM Smith and Company Inc as auditors on
28 January 2010 at the annual general meeting and will so propose in the annual
general meeting to be held on Friday, 2 March 2012 at 10:00, at 1st Floor
Bushwillow House, Green Hill Village Office Park, Cnr Botterklapper and Nentabos
Street, The Willows, Pretoria East,
INCREASE IN AUTHORISED SHARE CAPITAL AND ISSUE OF SHARES
At 30 June 2010 the issued share capital of the company was 150 500 000 ordinary
shares and the authorised share capital was 150 000 000. At the Annual General
Meeting held on 28 January 2011, a special resolution to increase the authorised
share capital to 1 000 000 000 shares was passed by the requisite majority of
shareholders. The special resolution was submitted and lodged with CIPC.
The previous board had issued 500 000 shares in excess of the authorised share
capital and also committed to the issue of 5 290 023 shares as settlement of a
current liability. Both these share issues were approved by shareholders during
previous financial periods.
The 500 000 and 5 290 023 shares were listed and issued in August 2011 to honour
the Company`s commitments.
In addition to the share issues to settle commitments made by the previous board
1 862 340 shares were issued for cash for R147 300 in total at a 10% discount to
the then prevailing 30-day VWAP price in terms of the directors general
authority. The proceeds were utilised to settle arrear creditors.
Subsequent to year end, the JSE approved the listing of 214 285 714 in relation
to the JDH Rights Offer.
DIVIDENDS
No dividends have been declared and no dividend is proposed.
CONTINGENT LIABILITIES
An unresolved dispute with an off-shore supplier exists in one of the
subsidiaries. The dispute arose in 2006 based on transactions between a JDH
subsidiary and the supplier. The supplier`s claim of USD 464 126 has not been
incorporated in the financial results as it is unlikely that a future outflow of
funds will occur.
Counter litigation has been suspended against a former employee of a JDH
subsidiary. The former employee obtained a ruling from the CCMA requiring the
JDH subsidiary to pay a cash settlement of R100 000. In addition a previous
agreement required the issue of a number of shares in the subsidiary to the
employee. The former employee has abandoned his claim in light of the counter
claim by the JDH subsidiary for the PAYE due by the former employee resulting
from the required share issue. Management consider the likelihood of the former
employee being able to successfully claim the cash settlement portion of R100
000 without settling the counter claim, as unlikely.
GOING CONCERN
The directors are of the opinion that the group will continue as a going concern
for the foreseeable future due to the continued support of certain parties to
the group and in particular by the holding company to its subsidiaries.
The corporate actions referred to under "Events after the reporting period",
will further enhance the Group`s solvency position at 30 September 2011 and
increase cash resources to support the continued turnaround of the Group
operations.
NOTICE OF ANNUAL GENERAL MEETING AND DELIVERY OF THE ANNUAL REPORT
JDH will effect delivery of its Integrated Annual Report by post to all
"certificated" and electing "dematerialized" shareholders, respectively, before
31 December 2011.
Attached to the Annual Report is the notice of Annual General Meeting which is
to be held on Friday, 2 March 2012 at 10:00, at 1st Floor Bushwillow House,
Green Hill Village Office Park, Cnr Botterklapper and Nentabos Street, The
Willows, Pretoria East.
For and on behalf of the Board
TP Gregory DP Van der Merwe (Preparer)
Pretoria
30 December 2011
Directors: RJ Connellan* (Chairman), TP Gregory (Chief Executive Officer), DP
van der Merwe (Financial Director), KA Rayner*, B Topham*. (* Independent Non-
Executives)
Company Secretary: TM Jonker
Registered Office: 1st Floor Bushwillow House, Green Hill Village Office Park,
On Lynwood Road, Cnr Botterklapper and Nentabos Street, The Willows, Pretoria
East, 0043
PO Box 39660, Garsfontein East 0060
Transfer Secretaries: Computershare Investor Services (Pty) Limited, 70 Marshall
Street, Marshalltown 2001, PO Box 61051, Marshalltown 2107
Auditors: AM Smith and Company Inc
Sponsor: Arcay Moela Sponsors (Pty) Limited
Date: 30/12/2011 12:18:01 Produced by the JSE SENS Department.
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