| Fri 30 Mar 2012, 8:00 | | PGL - Pallinghurst Resources Limited - Annual results for the year ended |
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PGL
PGL
PGL - Pallinghurst Resources Limited - Annual results for the year ended
31 December 2011
Pallinghurst Resources Limited
(Previously Pallinghurst Resources (Guernsey) Limited)
(Incorporated in Guernsey)
(Guernsey registration number: 47656)
(South African external company registration number 2009/012636/10)
Share code on the BSX: PALLRES
ISIN: GG00B27Y8Z93
Share code on the JSE: PGL
("Pallinghurst" or the "Company")
NAV per share: ZAR 6.25 up 3%
Condensed consolidated income statement
31 December 31 December
2011 2010
(audited) (audited)
US$`000 US$`000
Income
Investment Portfolio
Unrealised fair value gains 14,533 158,296
Unrealised fair value losses (150,362) (22,465)
Unrealised foreign exchange gains - 11,167
Unrealised foreign exchange losses (1,395) (396)
Net (loss)/gain on Platmin Note (180) 47
Realised foreign exchange gain on 429 -
Jupiter forward contract
Realised fair value loss on acquisition (1,478) -
of Jupiter shares
Net realised gain on Tshipi Jupiter - 46,005
transaction
Net realised gain on POSCO transaction - 7
(138,453) 192,660
Investment Portfolio revenue
Loan interest income 893 1,704
Structuring fee and other income - 1,549
893 3,253
Net (losses)/gains on investments and (137,560) 195,913
income from operations
Expenses
Investment Manager`s Benefit (4,628) (4,626)
Performance incentive accrual 32,512 (32,512)
reversal/(accrual)
Operating expenses (773) (909)
Net foreign exchange (losses)/gains (4) 76
27,108 (37,971)
(Loss)/profit from operations (110,453) 157,942
Finance income 136 494
Finance costs - -
Net finance income 136 494
(Loss)/profit before share in loss of (110,316) 158,436
associates
Share in loss of associates (4,106) (292)
(Loss)/profit before tax (114,422) 158,144
Tax credit/(expense) 42,114 (42,114)
Net (loss)/profit for the year (72,309) 116,030
Basic and diluted (loss)/earnings per (0.15) 0.24
ordinary share*
*?Headline earnings per share is equal to earnings per share
Condensed consolidated statement of comprehensive income
31 December 31 December
2011 2010
(audited) (audited)
US$`000 US$`000
Net (loss)/profit for the year (72,309) 116,030
Other comprehensive income - -
Total comprehensive (loss)/income for (72,309) 116,030
the year
Condensed consolidated statement of cash flows
31 December 31 December
2011 2010
(audited) (audited)
US$`000 US$`000
Cash outflows from operations (5,458) (5,643)
Additions to investments (5,569) (14,731)
Loans extended to investments (18,500) (28,845)
Acquisition of Platmin Note - (9,136)
Loan repayments from investments 28,822 -
Proceeds from disposal of investment - 6,868
Finance income received 136 494
Net cash used in operating activities (568) (50,993)
Cash flows from investing activities
Investments in associates (23,559) (30)
Net cash used in investing activities (23,559) (30)
Cash flows from financing activities
Cash flows from financing activities - -
Net cash from financing activities - -
Net decrease in cash and cash (24,128) (51,023)
equivalents
Cash and cash equivalents at the 29,405 80,406
beginning of the year
Exchange (loss)/gain on cash (4) 22
Cash and cash equivalents at the end of 5,274 29,405
the year
Condensed consolidated balance sheet
31 December 31 December
2011 2010
(audited) (audited)
US$`000 US$`000
Non-current assets
Investments in associates 21,068 1,614
Investment Portfolio
Listed investments 125,192 302,349
Unlisted investments 190,457 137,001
Loans and receivables 22,436 31,865
Platmin Note - 9,183
338,084 480,397
Total non-current assets 359,152 482,012
Current assets
Trade and other receivables 1,180 1,213
Cash and cash equivalents 5,274 29,405
Total current assets 6,454 30,618
Total assets 365,606 512,630
Non-current liabilities
Deferred tax liability - 42,114
Current liabilities
Performance Incentive accrual - 32,512
Trade and other payables 204 294
Total current liabilities 204 32,806
Total liabilities 204 74,919
Net assets 365,402 437,711,111
Share capital 5 5
Share premium 300,226 300,226
Retained earnings 65,171 137,480
Equity 365,402 437,711
NAV and tangible NAV per share 0.77 0.92
Condensed consolidated statement of changes in equity
Share Share Retained Total
capital premium earnings equity
(audited) (audited) (audited) (audited)
US$`000 US$`000 US$`000 US$`000
Balance at 1 January 2010 5 300,226 21,450 321,681
Total Comprehensive Income for the - - 116,030 116,030
year
Balance at 31 December 2010 5 300,226 137,480 437,711
Total Comprehensive Loss for the - - (72,309) (72,309)
year
Balance at 31 December 2011 5 300,226 65,171 365,402
Segmental information
PGMs Steel Coloured Faberge Total
US$`000 Making gemstones US$`000 US$`000
Materials US$`000
US$`000
31 December 2011
Investment Portfolio
Listed investments - 85,756 39,436 - 125,192
Unlisted investments 103,450 - - 87,006 190,457
Loans and receivables - - - 22,436 22,436
Total segmental assets 103,450 85,756 39,436 109,442 338,084
Investments in associates, 27,318
current assets and
liabilities
Net assets 365,402
31 December 2010
Investment Portfolio
Listed investments 50,982 226,436 24,931 - 302,349
Unlisted investments 49,995 - - 87,006 137,001
Loans and receivables 28,478 - - 3,387 31,865
Platmin Note 9,183 - - - 9,183
Total segmental assets 138,637 226,436 24,931 90,393 480,397
Investments in associates, (42,686)
current assets and
liabilities
Net assets 437,711
Investments
Investme Unrea Unrea Unrea Reali Net Addit Accru Platm Closi
nt Openi lised lised lised sed reali ions ed in ng at
ng at fair fair forei forei sed and inter recla 31
1 value value gn gn loss dispo est ssify Decem
Janua gains losse excha excha on sals and catio ber
ry US$ s nge nge acqui US$ struc n 2011
2011 US$ losse gain sitio turin US$ US$
US$ s on n of g fee
US$ Jupit Jupit US$
er er
forwa share
rd s and
contr loss
act on
US$ Platm
in
Note
US$
Listed
equity
investme
nts
Platmin 50,98 - (5,21 (1,31 - - 9,003 - (53,4 -
Ltd 2 1) 7) 56)
Gemfield 24,93 14,53 - (29) - - - - 39,43
s plc 1 3 - 6
Jupiter 226,4 - (145, (49) 429 (1,47 5,569 - - 85,75
Mines 36 151) 8) 6
Ltd
302,3 14,53 (150, (1,39 429 (1,47 14,57 -
49 3 363) 5) 8) 2 (53,4 125,1
56) 92
Unlisted
equity
investme
nts
Faberge 87,00 - - - - - - - - 87,00
Ltd 6 6
Moepi 13,37 - - - - - - - 13,37
Group 3 - 3
(Boynton
)
Richtrau 36,62 - - - - - - - - 36,62
No 123 1 1
Ltd
(Magazyn
skraal)
Platmin - - - - - - - - 53,45 53,45
Ltd 6 6
137,0 - - - - - - - 53,45
01 6 190,4
57
Loans
and
receivab
les
Faberge 3,387 - - - - - 18,50 550 - 22,43
Ltd 0 6
Platmin 28,47 - - - - - (28,8 344 - -
Ltd 8 22)
31,86 - - - - - (10,3 893
5 22) - 22,43
6
Platmin
Note
Platmin 9,183 - - - - (180) (9,00 - - -
Note 3)
9,183 - - - - (180) (9,00 - - -
3)
Total 480,3 14,53 (150, (1,39 429 (1,65 (4,75 893 -
Investme 97 3 363) 5) 8) 3) 338,0
nt 84
Portfoli
o
Investme Unrea Unrea Unrea Unrea Net Addit Accru Closi
nt Openi lised lised lised lised reali ions ed ng at
ng at fair fair forei forei sed and inter 31
1 value value gn gn gains dispo est Decem
Janua gains losse excha excha on sals and ber
ry US$ s nge nge Tship US$ struc 2010
2010 US$ gains losse i turin US$
US$ US$ s Jupit g fee
US$ er US$
and
POSCO
trans
actio
ns
US$
Listed
equity
investme
nts
Platmin 58,77 - (22,4 3,156 - - 11,51 - 50,98
Ltd 6 65) 4 2
Gemfield 8,330 16,62 - - (349) - 329 - 24,93
s plc 1 1
Jupiter 15,84 129,1 - 8,011 - 74,88 (1,48 - 226,4
Mines 5 77 6 3) 36
Ltd
82,95 145,7 (22,4 11,16 (349) 74,88 10,36 - 302,3
2 98 65) 7 6 0 49
Unlisted
equity
investme
nts
Faberge 86,63 - - - - - 373 - 87,00
Ltd 3 6
Moepi 10,03 3,343 - - - - - - 13,37
Group 0 3
(Boynton
)
Richtrau 27,46 9,155 - - - - - - 36,62
No 123 6 1
Ltd
(Magazyn
skraal)
Tshipi 29,94 - - - - (28,9 (7) - -
0 33)
154,0 12,49 - - - (28,9 366 - 137,0
69 9 33) 01
Loans
and
receivab
les
Faberge - - - - - - 3,000 387 3,387
Ltd
Tshipi 1,321 - - - (48) 1,058 (2,43 100 -
1)
Platmin - - - - - - 25,84 2,633 28,47
Ltd 5 8
1,321 - - - (48) 1,058 26,41 3,119 31,86
5 5
Platmin
Note
Platmin - 47 - - - - 9,136 - 9,183
Note
- 47 - - - - 9,136 - 9,183
Total 238,3 158,3 (22,4 11,16 (396) 46,01 46,27 3,119 480,3
Investme 42 43 65) 7 2 6 97
nt
Portfoli
o
All figures in the above tables are rounded to US$000s, meaning some casting
differences may be in evidence.
Chairman`s statement
Few could have predicted the turbulence of 2011. Extraordinary events affecting
global markets included the devastating tsunami in Japan and the political and
military uprisings across much of North Africa and the Middle East. The period
also saw further crises in the banking sector, sovereign debt default and
downgrades in the credit ratings of many countries. These events had a
significantly negative impact on equity market performance and business
confidence in general. Pallinghurst and its portfolio companies have not been
immune to these events, with the reversal of a substantial portion of the gains
in Jupiter`s valuation achieved during 2010.
However, I am pleased to report that significant progress has been made in each
of the four investment platforms during the past year. Most recently, agreement
was reached for the regional consolidation of the three contiguous PGM
properties acquired over the past few years. We also welcomed the Industrial
Development Corporation as a key partner in the consolidated PGM initiative,
with the IDC agreeing to make an equity investment of ZAR3.24 billion. These are
important steps in the creation and crystallisation of value for the Company`s
single largest investment.
Jupiter successfully raised AUD150 million and approved its portion of the
funding required to build South Africa`s newest open pit manganese mine at
Tshipi Borwa. With construction well underway, Tshipi Borwa is on track to
commence production by the end of 2012, with a sizeable resource capable of
sustaining more than 60 years of production.
Gemfields has again delivered record breaking auction results, earning higher
revenues and prices per carat than previously seen. A significant milestone on
the road to becoming the world`s leading coloured gemstones producer was reached
with the acquisition of a controlling interest in a large ruby deposit in
Mozambique. Since the year end, Gemfields` share price has climbed significantly
as the market has begun to recognise its potential.
For the first time in almost a century, Faberge has returned to London, with the
opening of its Mayfair boutique. New collections were launched successfully,
putting Faberge in a position to unlock the significant value inherent in its
name.
It has given me pride to witness the transformation of our portfolio companies
from what we identified as "unloved assets" upon acquisition, into what is now a
portfolio of attractive and valuable investments, well positioned to realise
superior investment returns.
The Company has achieved a modest increase in its Rand denominated net asset
value, but in US dollar terms, due to the significant drop in the Jupiter share
price, the Company recorded a loss for the year. Also, there has been a further
widening of the gap between the Company`s net asset value and its market
capitalisation. To address this, the Board is continuing to explore a number of
initiatives, including an additional listing. However, our key focus is on
assisting our portfolio companies in making the right decisions in order to
maximise their inherent value.
Despite the volatile economic situation, I am confident that each investment
platform will grow, develop and generate significant value for the Company.
Brian Gilbertson
Chairman
Chief executive`s statement
Dear fellow shareholders,
On the road-show for the Company`s IPO in September 2007, we told all
prospective shareholders that, for that the first round of capital, we should
allow for a ten year realisation period. Simply put, during the first five years
we would plough the fields, sow the grain and attend to the green shoots. During
the following five years we would aim at timing the harvest in a way which would
maximise the returns to shareholders. We are now in the fifth year and I am
pleased to report that, as per the initial plan, our first four investment
platforms are indeed entering the predicted "harvesting period".
We set ambitious targets for our investments from the outset, and the ten year
horizon enables us to be patient in the realisation, so to secure the maximum
return to all shareholders. As an example, in 2007 the strategy for Gemfields to
emulate the De Beers diamond industry model in the fragmented coloured gemstone
industry was met with some scepticism. However, Gemfields has now achieved its
market leading position in the emerald sector. It is about to apply the same
business model to rubies, having recently acquired a world-class deposit in
Mozambique. In only a few years, what was once an ambitious plan is now close to
becoming reality.
When we made the first investment into the PGM sector, we did so with the aim of
creating a major new industry player, which would benefit from a long life and
low cost production. On 29 March 2012, an important announcement confirmed the
consolidation of the four PGM assets in which Pallinghurst has invested. It also
reported the acquisition of a 16% stake in the consolidated vehicle for an
investment of ZAR3.24 billion by the IDC, the South African Sovereign investor.
This is a tangible confirmation of the realisation of our PGM vision and
strategy.
Since its re-launch less than 30 months ago, Faberge has achieved a remarkable
repositioning at the top of the luxury goods sector. Its fine craftsmanship and
design have received widespread acclaim. Innovative initiatives (such as the
Faberge Big Egg Hunt which has generated more than a million articles and
references) have greatly increased public awareness of the brand. Faberge is now
a high profile business with a distribution network which includes London, Hong
Kong, Geneva and soon New York, and of course also the industry leading "Global
Flagship" for an online "Shop Window". The achievements of the Faberge team
validate our strategy for the brand, and position the investment attractively
for further value creation.
As the original portfolio now enters the mature stage, the management time
required to drive the strategies forward has been reduced. We therefore intend
to pursue a number of attractive new investments opportunities, both within the
current portfolio as well as in developing investment platforms. Also, it is
likely that Faberge will seek a further capital injection to enable them to
complete their strategy. In such situations, your Company must avoid value
destructive dilution at this late stage of their development, and follow our
rights in such capital raisings.
As your management team has stressed, we will only raise capital when we have
specific use for the funds, and in our best judgement, now is the right time to
raise incremental equity capital for the Company. The Board has therefore
approved a renounceable rights offer of up to ZAR800 million at ZAR2.24 per
share. I intend to follow my rights in full, as will my fellow partners of the
Investment Manager. Further information will be made available to shareholders
in due course.
The Company is entering an exciting new phase with the strategies of the
original Investment Portfolio being largely achieved. I am confident that the
value of each will substantially increase as they move towards fulfilment. The
raising of new funds will also enable participation in new opportunities,
positioning the Company well for long-term growth and value creation.
Arne H. Frandsen
Chief Executive
Notes to the condensed financial statements
Basis of preparation
The Directors are responsible for preparing the Annual Report and Financial
Statements (the "Financial Statements") in accordance with International
Financial Reporting Standards ("IFRS"), the Companies (Guernsey) Law, 2008, the
JSE Listing Requirements and the AC500 Standards issued by the Accounting
Practices Board of the South African Institute of Chartered Accountants.
The Group has prepared IFRS-compliant Financial Statements for the year ending
31 December 2011. The Financial Statements have been audited by the Company`s
auditors, Saffery Champness; their audit opinion was unqualified, and did not
draw attention to any emphases of matter. The audit opinion is available for
inspection at the Company`s registered office. The Financial Statements will be
mailed to shareholders during April 2012, and made available on the Company`s
website, www.pallinghurst.com.
This preliminary announcement, which includes condensed financial statements
(the "Condensed Financial Statements") does not contain sufficient information
to fully comply with IFRS. The Condensed Financial Statements have been prepared
in accordance with IAS34 Interim Financial Reporting, the Companies (Guernsey)
Law, 2008 and the JSE Listing Requirements.
Accounting policies
The Group`s accounting policies were last disclosed in full in the Group`s
financial statements for the year ended 31 December 2010. A number of amendments
have been made to the Group`s accounting policies for the year ended 31 December
2011. The accounting policies were updated for the early adoption of IFRS13 Fair
Value Measurement in the Group`s financial statements for the six months ended
30 June 2011. This had a minor impact on the Group. Secondly, in previous
reporting periods, fair value gains or losses on investments in the Investment
Portfolio were presented as a single net number on the face of the Income
Statement. Foreign exchange gains or losses on investments were also presented
net on the face of the Income Statement. The fair value gain or loss and the
foreign exchange gain or loss on each investment was included in the segmental
reporting and investment notes. The Directors have chosen to amend this
presentation in the current year. Gross fair value gains, gross fair value
losses, gross foreign exchange gains and gross foreign exchange losses are each
now presented on the face of the Income Statement. The Financial Statements
contain the same information, presented slightly differently. The change does
not impact on the balance sheet or any component of equity in the current or any
prior periods. The Directors therefore believe that the inclusion of a restated
balance sheet at 31 December 2009 (the beginning of the earliest prior period
presented) would not be helpful to users and a third balance sheet has not been
presented. There have also been various new and revised accounting standards,
amendments to standards and new interpretations issued by the International
Accounting Standards Board which have become effective during the year. Various
other standards, amendments and new interpretations have come into issue but are
not yet effective. Other than as disclosed above, the Directors have not yet
fully determined what the impact of each new standard, amendments and
interpretation will be.The accounting policies applied are consistent with those
adopted and disclosed in the Group`s financial statements for the year ended 31
December 2010, other than in respect of these changes.
Financial instruments
IFRS7 Financial Instruments: Disclosures ("IFRS7") requires the Group to
allocate investments into Levels 1, 2 or 3 based on the degree to which fair
value is observable, with fair value measurement being most easy for Level 1 and
more difficult for level 2 and 3. Platmin delisted from the JSE on 23 December
2011. The investment in Platmin has been reclassified from listed to unlisted
investments in the balance sheet at 31 December 2011. For the purposes of the
Group`s IFRS7 disclosure, the investment in Platmin has been reclassified from
Level 1 to Level 3 during the year. During 2010, equity investments of
US$137,000,863 were restated and included as Level 3 rather than Level 2 assets.
This balance includes investments in Faberge, Moepi and Magazynskraal. These
were initially categorised as Level 2 investments at 31 December 2009, however,
these investments should have been classified as Level 3. The underlying
valuation methodologies for these investments have not changed, and there have
been no relevant amendments to IFRS7. The investment valuations and impairment
reviews for these assets are indirectly based on market inputs, such as PGM
prices. However, there is no direct link between this input and the valuation of
the investment in the balance sheet. The Directors have therefore agreed that a
Level 3 categorisation is more prudent and better represents the nature of these
unlisted investments.
Contingent liabilities and contingent assets
On 31 August 2011, the Company agreed to act as a limited guarantor for the
lease of Faberge`s New York retail outlet at 694 Madison Avenue. The limited
guarantee extends to the Company being liable for the payment of rent for the
outlet if the landlord takes legal action to evict Faberge for non-payment of
rent or other charges, and only to the extent of the rent and charges from the
date that legal action commences to the date that Faberge moves out of the
premises. The Directors believe that there is a very low likelihood that this
guarantee will be called upon. Their assessment of the maximum amount of the
Group`s contingent liability is US$219,000. There is a degree of uncertainty
over this amount regarding the length of time Faberge might take to vacate the
premises in the event of legal action on the part of the landlord and,
therefore, how much rent might become due. However, the Directors believe that
it is highly unlikely that the Group will become liable for any amounts under
this guarantee. The Group has not become liable for any amounts under this
guarantee to date. The Group had no other significant contingent liabilities or
contingent assets at 31 December 2011, nor any significant contingent
liabilities or contingent assets at 31 December 2010.
Commitments
The Group has a commitment to take up its share of the investment in Sedibelo.
Sedibelo is located on the Western Limb of the Bushveld Complex and is
contiguous to both the Pilanesberg Platinum Mine ("PPM") and Magazynskraal. The
Bakgatla now holds 100% of Sedibelo, having acquired the final 10% interest in
the first half of 2011, which was previously held by Barrick Platinum South
Africa (Pty) Limited. During March 2011, a suite of transactions was announced
that provides the platform for the consolidation of PPM, Sedibelo and
Magazynskraal. In particular, the Pallinghurst Co-Investors will acquire a 49.9%
stake in Sedibelo, and interests in certain other assets. Funds were contributed
to Ivy Lane, one of the Group`s associates, during the year, for the
satisfaction of these commitments. It is anticipated that the cash outflows will
be material to the Group. Completion of the suite of transactions is subject to
approval from the Department of Mineral Resources.
The Group committed to loan Faberge up to US$25 million on 24 May 2010. This was
subsequently amended on 27 July 2011 and the commitment can now be drawn upon by
Faberge between 1 October 2010 and 31 July 2012. Faberge had drawn down
US$21,500,000 by 31 December 2011.
A further US$3,000,000 has been drawn down since 31 December 2011 as described
in the Events occurring after the end of the year note. The Group`s outstanding
commitment, which excludes the US$375,000 structuring fee, is US$125,000. The
terms of the loan agreement are that any amount drawn down is due for repayment
by 31 August 2012. No further commitments have been entered into at the date of
signature of the Financial Statements.
Events occurring after the end of the year
As described in the Commitments note, a series of transactions was announced
during March 2011 that provides the platform for the Consolidation (of PPM,
Sedibelo and Magazynskraal). During March 2012, the IDC has agreed to invest,
upon the Consolidation, ZAR3.24 billion, in return for 16.2% of the consolidated
entity. The IDC investment is expected to complete during 2012. The Directors
believe that the completion of the IDC`s investment into the consolidated entity
may have a positive effect on the Group`s NAV, which it is not yet possible to
quantify. Completion of the Consolidation and the IDC investment are subject to
various conditions including approvals from the South African Reserve Bank.
The Group has provided a commitment to loan Faberge up to US$25 million, which
can be drawn down at any point up until 31 July 2012. The amount drawn down at
31 December 2011 was US$21.5 million. Faberge has drawn down a further US$3
million subsequent to the year end; the outstanding balance has therefore
increased to US$24.5 million (excluding interest and structuring fee).
The Jupiter share price has fallen since 31 December 2011. The estimated impact
of this non-adjusting event is as follows: The Jupiter share price on 26 March
2012 was AUD0.2350 and the exchange rate was US$1:AUD0.9558. The fair value of
the Group`s investment was US$74,008,079, US$11,747,699 lower than the valuation
of US$85,755,778 included in the Balance Sheet.
The Gemfields share price has increased since 31 December 2011. The estimated
impact of this non-adjusting event is as follows: The Gemfields share price on
26 March 2012 was GBP0.3875 and the exchange rate was US$1:GBP0.6303. The fair
value of the Group`s investment was US$66,046,562, US$26,610,749 higher than the
valuation of US$39,435,813 included in the Balance Sheet.
On behalf of the Board
Brian Gilbertson Arne H. Frandsen
Chairman Chief Executive
Pallinghurst Resources Limited
(Previously Pallinghurst Resources (Guernsey) Limited)
(Incorporated in Guernsey)
(Guernsey registration number: 47656)
(South African external company registration number 2009/012636/10)
Share code on the JSE: PGL
Share code on the BSX: PALLRES ISIN: GG00B27Y8Z93
("Pallinghurst" or the "Company")
Executive directors: Brian Gilbertson, Arne H. Frandsen, Andrew Willis
Independent non-executive directors: Stuart Platt-Ransom, Clive Harris, Martin
Tolcher, Patricia White 1
Permanent alternate: Brian O`Mahoney 2
Administrator and secretary: Legis Fund Services Limited
Registered office: 11 New Street, St Peter Port, Guernsey, GY1 3EG, Channel
Islands
Transfer secretaries: Computershare Investor Services (Proprietary) Limited,
70 Marshall Street, Johannesburg, 2001
Auditor: Saffery Champness, PO Box 141, La Tonnelle House, Les Banques,
St Sampson, Guernsey, GY1 3HS, Channel Islands
JSE sponsor: Investec Bank Limited, 100 Grayston Drive, Sandown, Sandton,
2196, South Africa
BSX sponsor: Capital G BSX Services Limited, 25 Reid Street, 4th Floor, Hamilton
HM 11, Bermuda
1 Appointed as Director on 29 February 2012
2 Appointed as Permanent Alternate to Stuart Platt-Ransom and Patricia White on
29 February 2012
Date: 30/03/2012 08:00:15 Produced by the JSE SENS Department.
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