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WEZ
WEZ
WEZ - Wesizwe Platinum Limited - Notice of Annual General Meeting and Change
Statement
WESIZWE PLATINUM LIMITED
(Incorporated in the Republic of South Africa)
(Registration number: 2003/020161/06)
JSE code: WEZ ISIN: ZAE000075859
(the "Company" or "Wesizwe")
NOTICE OF ANNUAL GENERAL MEETING AND CHANGE STATEMENT
NOTICE OF ANNUAL GENERAL MEETING
Shareholders are hereby advised that the annual integrated report was posted
today, which incorporates the notice of annual general meeting to be held at
Glenhove Conference Centre, 52, Glenhove Road, Melrose Estate, Houghton,
Johannesburg on Thursday, 19 July 2012 at 10h00. The date on which shareholders
must be recorded as such in the share register to be eligible to vote at the
annual general meeting is Friday, 13 July 2012 with the last day to trade being
Friday, 6 July 2012.
CHANGE STATEMENT
Shareholders are referred to the release on SENS of Wesizwe`s reviewed,
condensed consolidated financial results for the year ended 31 December 2011 on
2 April 2012 ("the provisional results").
This announcement details the following changes to the provisional results:
- The "Share of profit/(loss)of associate" previously shown under "Finance"
is now shown under "Operations" in the "Condensed consolidated statement of
comprehensive income";
- The "Loan advanced" shown separately in the "Condensed consolidated
statement of cash flows" has been included in "Cash flow from operating
activities" and further disclosed as part of current assets; and
- The "Impairment of loan to Bakubung community" has been removed from the
adjustments for the calculation of the headline loss. Consequently the
headline loss and diluted headline loss per share for 2011 is now reflected
as 25.90 cents per share compared to the previously reported 25.28 cents
per share; and
The aforementioned changes are set out below as follows:
Condensed consolidated statement of comprehensive income
for the year ended 31 December 2011
Group Group
Audited Reviewed R change
2011 2011
Notes R`000 R`000
Operations
Administration expenses (51 895) (51 895) -
Advisors` fees and - - -
commissions
Exploration and evaluation - - -
expenditure
Impairment of loan to 8 (8 257) (8 257) -
Bakubung community
Impairment of mineral - - -
rights
Loss on dilution of 7 (9 187) (9 187) -
interest in equity
accounted investee
Share of profit/(loss) of 7 3 515 3 515 -
associate
Net operating costs (65 824) (69 339) 3 515
Financial
Interest income 46 255 46 255 -
Gain on purchase of - -
investment in WBJV -
Drawdown facility charges - - -
Foreign exchange 16 (4 666) (4 666) -
(loss)/gain
Interest expense (486) (486) -
Net financial income 41 103 44 618 (3 515)
(Loss)/profit from (24 721) (24 721) -
operations
Equity financing
Share-based payment expense 12 (408 002) (408 002) -
Foreign exchange gain on 17 60 585 60 585 -
proceeds
Net equity financing costs (347 417) (347 417) -
(Loss)/profit before tax (372 138) (372 138) -
Income tax expense 13.2 13 811 13 811 -
(Loss)/profit for the year (358 327) (358 327) -
Increase in fair value of 517 517 -
available-for-sale asset
Total comprehensive (357 810) (357 810) -
(loss)/income for the year
(Loss)/earnings per share
Basic (loss)/earnings per 22 (26,58) (26,58) -
share (cents)
Diluted (loss)/earnings per 22 (26,58) (26,58) -
share (cents)
Condensed consolidated statement of cash flows
for the year ended 31 December 2011
Group Group
Audited Reviewed R change
2011 2011
Notes R`000 R`000 R`000
Cash flows from operating 21 (61 548) (1 439)
activities (60 109)
Finance income received 26 068 26 068 -
Finance cost paid (156) (156) -
Taxation paid (15 791) (15 791) -
Cash utilised in operations (51 427) (1 439)
(49 988)
Cash flows utilised by
investing activities
Acquisition of property, plant (139 571) (139 571) -
and equipment as a result of
increasing operations
Loan advanced to associate - - -
Recovery of intangible - -
exploration and evaluation -
expenditure
Purchase of available-for-sale (2 960) (2 960)
financial asset
Loan advanced - (1 439) 1 439
Proceeds on disposal of - -
property, plant and equipment -
Net cash outflow from investing (142 531) 1 439
activities (143 970)
Cash flows from financing
activities
Capital raised from issue of 1 565 595 1 565 595 -
shares
Share issue expenses (34 633) (34 633) -
Bridging loan raised 17 800 17 800 -
Bridging loan repaid (51 070) (51 070) -
Equalisation liability repaid (125 830) (125 830) -
Net cash inflow from financing 1 371 862 1 371 862 -
activities
Net increase/(decrease) in cash 1 177 904 1 177 904 -
and cash equivalents
Cash at the beginning of the 38 709 38 709 -
year
Cash at the end of the year 1 216 613 1 216 613 -
Cash at the end of the year
comprises:
Restricted cash 69 307 69 307 -
Bank balances 1 147 306 1 147 306 -
Cash at end of year 1 216 613 1 216 613 -
Interest accrued 20 187 20 187 -
1 236 800 1 236 800 -
Notes to the condensed consolidated financial results
for the year ended 31 December 2011
1. Reconciliation of (loss)/profit for the period to cash flows from
operating activities
Group Group
Audited 2011 Reviewed R change
2011
R`000 R`000 R`000
(Loss)/profit from (24 721) (24 721) -
operations after taking the
following into account:
Interest income* (46 255) (46 255) -
Profit/(loss) of associate (3 515) (3 515) -
Interest expense 486 486 -
(Loss)/profit from (74 005) (74 005) -
operations
Adjustments for:
-?Depreciation 1 326 1 326 -
-?Gain on bargain purchase - - -
-?Loss on dilution of 9 187 9 187 -
interest in equity
accounted investee
-?Loss/(Profit) on re- 4 666 4 666 -
measurement of liability
denominated in a foreign
currency
-?Impairment of mineral - - -
rights
-?Impairment of loan to 8 257 8 257 -
Bakubung community
-?Share-based payment (1 207) (1 207) -
expense
Operating loss before (51 776) (51 776) -
working capital changes
Changes in working capital (9 772) (8 333) (1 439)
Increase in other (20 857) (19 418) (1 439)
receivables
Increase/(decrease) in 11 085 11 085 -
trade and other payables
Cash flow from operating (61 548) (60 109) (1 439)
activities
2. (Loss)/earnings per
share
Group Group
Audited 2011 Reviewed 2011 R change
R`000 R`000 R`000
The basis of
calculation of basic
(loss)/earnings per
share is:
Attributable (358 326 233) (358 326 233) -
(loss)/profit to
ordinary shareholders
(Rand)
Weighted average 1 348 167 363 1 348 167 363 -
number of ordinary
shares in issue
(shares)
Basic (loss)/earnings (26,58) (26,58) -
per share (cents)
The basis of
calculation of
diluted
(loss)/earnings per
share is:
Attributable (358 326 233) (358 326 233) -
(loss)/profit to
ordinary shareholders
(Rand)
Adjusted weighted 1 348 167 363 1 348 167 363 -
average number of
ordinary shares in
issue (shares)
Weighted average 1 348 167 363 1 348 167 363 -
number of ordinary
shares in issue
(shares)
LTIP and SARS - - -
outstanding
Diluted (26,58) (26,58) -
(loss)/earnings per
share (cents)
The basis of
calculation of
headline loss and
diluted headline loss
per share is:
Attributable (358 326 233) (358 326 233) -
(loss)/profit to
ordinary shareholders
(Rand)
17 444 287 9 186 957 (8 257 330)
Impairment of mineral - -
rights
Gain on bargain - -
purchase
Loss on dilution of 9 186 957 -
interest in equity 9 186 957
accounted investee
Headline loss (340 881 946) (8 257 330)
(349 139 276)
Weighted average 1 348 167 363 1 348 167 363 -
number of ordinary
shares in issue
(shares)
Headline loss and (25,28) (0,62)
diluted headline loss (25,90)
per share (cents)
By order of the Board:
Dawn Mokhobo (Chairman) Jianke Gao (Chief Executive Officer)
Sponsors: PSG Capital Proprietary Limited
Directors: DNM Mokhobo (Chairman)*, D Chen (Deputy Chairman)*#, J Gao (Chief
Executive Officer)#, W Ma (Financial Director)#, WM Eksteen*, J Li#, RP
Garnett*, MG Mgudlwa*, LV Ngculu*, LW Nkuhlu*, L Teng*#, BJ van der Merwe*, Q
Zhang*#
*Non Executive #Chinese
Company secretary: S van Schalkwyk
Registered address: Unit 13, 2nd Floor, 3 Melrose Boulevard, Melrose Arch, 2076.
The financial statements have been prepared under the supervision of the Finance
Director, Mr Wenliang Ma.
11 June 2012
www.wesizwe.com
Date: 11/06/2012 17:34:01 Produced by the JSE SENS Department.
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