Minaco Granite & Marble Limited
The announcement below was published in the press today for RRM Investments
Holdings Limited.
This name change has not yet been approved by the JSE Securities Exchange South
Africa and shareholders will be advised of any further developments in due
course.
We apologise for any confusion that might have arisen as a result of the
publication of the results under the proposed new name.
Minaco Granite & Marble Limited
(Registration number 1987/004368/06)
("the company")
Audited results for the year ended 31 December 2000
Balance sheet
Audited Audited
31 Dec 31 Dec
2000 1999
R000's R000's
Shareholders' funds 3 637 29 735
Non-current liabilities - 500
Total capital employed 3 637 30 235
Non-current assets - 41 667
Current assets 3 637 6
Accounts receivable - 3
Cash and deposits 3 637 3
Total assets 3 637 41 673
Less: Current liabilities - 11 438
Accounts payable - 10 938
Short-term borrowings - 500
Employment of capital 3 637 30 235
Income statement
Audited Audited
31 Dec 31 Dec
2000 1999
R000's R000's
Operating loss (149) (11 639)
Net interest received 622 345
Exceptional item (non-recurring) (21 115) -
Net loss for the year (20 642) (11 294)
Comments
The company is a cash shell listed under the "Cash Companies" section of the
JSE Securities Exchange South Africa. As more fully set out in the circular to
shareholders dated 22 November 2000, the company disposed of substantially all
of its assets and liabilities to the holding company, Marlin Corporation
Limited, with effect from 27 December 2000 for R9 093 540. Subsequent to this a
cash distribution of R5 456 124 (3 cents per share) was made to shareholders in
terms of section 90 of the Companies Act, by way of a reduction of the share
premium account.
Prior to it becoming a cash shell, the company was an investment holding
company with interests in subsidiaries engaged in the processing of
dimen-sional stone into finished products.
The company incurred a loss of R20,6 million for the year, mainly as a result
of the loss of R21,1 million on the disposal of the company's assets and
liabilities in terms of the circular to shareholders mentioned above.
For and on behalf of the Board
GR Treagus JW Houghton
Director Director
29 March 2001
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