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NCS
NCS
NCS - Nictus Limited - Abridged report relating to the audited financial
results for the year ended 31 March 2012 and details of the notice of Annual
General Meeting
NICTUS LIMITED
(Incorporated in the Republic of South Africa)
(Registration number 1981/001858/06)
JSE Share code: NCS
NSX Share code: NCT
ISIN Code NA0009123481
("Nictus" or "the company")
ABRIDGED REPORT RELATING TO THE AUDITED FINANCIAL RESULTS FOR THE YEAR ENDED
31 MARCH 2012 AND DETAILS OF THE NOTICE OF ANNUAL GENERAL MEETING
ABRIDGED SUMMARISED GROUP STATEMENT OF COMPREHENSIVE INCOME FOR THE
YEAR ENDED 31 MARCH 2012
Audited Audited
2012 2011
R`000 R`000
Revenue 568 823 494 109
Cost of sales (448 502) (401 407)
Gross profit 120 321 92 702
Other income 11 056 10 793
Administrative expenses (58 102) (46 502)
Operating expenses (88 902) (66 979)
Investment income from operations 34 380 27 828
Results from operating activities 18 753 17 842
Investment income 7 737 6 722
Finance expenses (4 406) (5 090)
Profit before taxation 22 048 19 474
Taxation 944 (3 991)
Profit for the year 23 028 15 483
Other comprehensive income:
Net gains on property revaluation 44 932 -
Taxation related to components of other (5 750) -
comprehensive income
Other comprehensive income for the year net of 39 182 -
taxation
Total comprehensive income 62 210 15 483
Profit attributable to:
Owners of the parent 23 028 15 483
Non-controlling interest - -
Total comprehensive income attributable to:
Owners of the parent 62 210 15 483
Non-controlling interest - -
Profit for the year 23 028 15 483
Basic earnings per share (cents) 43.09 28.97
Diluted earnings per share (cents) 43.09 28.97
ABRIDGED SUMMARISED GROUP STATEMENT OF FINANCIAL POSITION AS AT 31
MARCH 2012
Audited Audited
2012 2011
R`000 R`000
Assets
Non-current assets
Investment property - 17 840
Property, plant and equipment 138 474 89 378
Goodwill - 1 647
Intangible assets 380 544
Investments 29 629 38 296
Loans and receivables 300 614 252 184
Deferred tax asset 7 924 13 391
Current assets
Inventories 79 548 64 088
Trade and other receivables 235 527 178 164
Cash and cash equivalents 303 324 280 522
Current tax receivable 84 4
Total assets 1 095 504 936 058
Equity
Share capital 26 722 26 722
Reserve 63 114 47 514
Retained earnings 78 731 37 198
Non-current liabilities
Interest bearing loans and borrowings 4 819 11 748
Deferred tax liability 11 570 14 131
Current liabilities
Bank overdraft 5 490 7 189
Interest bearing loans and borrowings 54 646 42 835
Insurance contract liabilities 788 052 690 216
Trade and other payables 58 842 58 189
Provisions 3 062 -
Current tax liabilities 456 316
Total equity and liabilities 1 095 504 936 058
ABRIDGED SUMMARISED CASH FLOW STATEMENT FOR THE YEAR ENDED 31 MARCH
2012
Audited Audited
2012 2011
R`000 R`000
CASH FLOWS FROM OPERATING ACTIVITIES
Profit before taxation 22 084 19 474
Adjustment for:
Investment income from operations (16 530) (10 516)
Dividend income (17 850) (17 312)
Investment income (7 737) (6 722)
Finance costs 4 406 5 090
Depreciation of property, plant and equipment 2 325 1 949
Amortisation of computer software 262 354
Loss on disposal of property, plant and -
equipment 81
Fair value adjustment on property, plant and -
equipment (138)
Revaluation of investment property (7 025) (1 623)
Profit on transfer of property, plant and -
equipment -
Movement in provisions 3 062 -
Profit on disposal of subsidiary (3 802) -
Impairment loss on goodwill 1 647 -
Working capital changes:
Increase in inventories (15 460)
(18 201)
Decrease /(Increase) in trade and other (57 363) (49 965)
receivables
Increase in insurance contract liabilities 97 836 116 068
Increase in trade and other payables 864 9 171
Cash generated by operations 6 719 47 710
Investment income from operations received 16 530 10 516
Finance expenses (4 406) (5 090)
Dividends received 17 850 17 312
Taxation paid 1 785 (86)
Net cash flow from operating activities 38 478 70 362
CASH FLOWS FROM INVESTING ACTIVITIES
Acquisition of property, plant and equipment (13 259) (18 767)
Proceeds from disposal of property, plant and 4 401 606
equipment
Acquisition of investment property - -
Acquisition of intangible assets (98) (463)
Borrowings repaid on disposal of subsidiary 5 000 -
Cash inflow on disposal of subsidiaries 22 200 -
Investment income received 7 737 6 722
Proceeds from disposal of investments 8 667 -
Acquisition of investments - (7 260)
Loans and receivables advanced (48 430) (10 147)
Net cash flow from investing activities (13 782) (29 309)
CASH FLOWS FROM FINANCING ACTIVITIES
Decrease in interest bearing loans and 4 882
borrowings (2 495)
Movement in treasury shares - 133
Dividends paid (5 077) (3 340)
Net cash flow utilised by financing activities (195) (5 702)
Net movement in cash and cash equivalents 24 501 35 351
Cash and cash equivalents at beginning of year 273 333 237 982
Cash and cash equivalents at end of year 297 834 273 333
ABRIDGED SUMMARISED STATEMENT OF CHANGES IN EQUITY FOR THE YEAR ENDED 31 MARCH
2012
Audited Share Revalu- Con- Retaine Total
capita ation tingenc d equity
l reserve y earning
reserve s
R`000 R`000 R`000 R`000 R`000
Balance at 1 26 589 30 431 21 282 20 856 99 158
April 2010
Total
comprehensive
income for the
year
Profit for the 15 483 15 483
year
Total
comprehensive
income 15 483 15 483
Transactions with
owners of the
Group recognised
directly in
equity
Contributions by
and distributions
to the owners of
the Group
Transfer from 133 133
treasury shares
Dividends to (3 340) (3 340)
equity holders
Total
contributions by
and distributions
to the owners of
the Group 133 (3 340) (3 207)
Transfers to
retained earnings
Transfer to (4 199) 4 199
contingency
reserve
Balance at 1 26 722 30 431 17 083 37 198 111 434
April 2011
Total
comprehensive
income for the
year
Profit for the 23 028 23 028
year
Total 23 028 23 028
comprehensive
income
Other
comprehensive
income
Revaluation of 44 932 44 932
land and
buildings
Deferred tax on (5 750) (5 750)
the revaluation
of land and
buildings
Total 39 182 23 028 62 210
comprehensive
income for the
year
Transactions with
owners of the
Group recognised
directly in
equity
Contributions by
and distributions
to the owners of
the Group
Dividend to (5 077) (5 077)
equity holders
Total
contributions by
and distributions
to the owners of
the Group (5 077) (5 077)
Transfers to
retained earnings
Transfer to (7 887) 7 887
contingency
reserve
Revaluation of (19
land and 320)
buildings sold (19 320)
during the year
Deferred tax on 3 265 3 265
the revaluation
of lands and
building`s sold
Total transfers (15 695) (7 887) 23 582
to retained
earnings
Balance at 31 26 722 53 918 9 196 78 731
March 2012 168 576
ABRIDGED SUMMARISED SEGMENTAL ANALYSIS FOR THE YEAR ENDED 31 MARCH 2012
Business segment Motor Furniture Insurance & Head
retail retail Finance Office
2011 2011 2011 2011
Segment revenue
Sales of goods 357 623 72 684 - -
Rental income 56 793 1 063 -
Finance income 969 6 626 28 837 -
Management fees - - - 4 357
Insurance premium income - - 30 399 -
Total revenue from 358 648 80 103 60 299 4 357
external customers
Inter-segment revenue 2 834 1 639 905 -
Total segment revenue 361 482 81 742 61 204 4 357
Segment result
Operating profit before 6 342 8 215 19 533 18 811
financing costs
Financing costs (2 489) (4 415) (485) (8 270)
Profit before taxation 3 853 3 800 19 048 10 541
Taxation (1 361) (2 020) (2 854) -
Net profit/(loss) for the 2 492 1 780 16 194 10 541
year
Segment assets 161 575 111 225 819 544 110 511
Segment liabilities 122 876 66 505 750 396 65 004
Cash flows from operating (30 579) (11 360) 177 993 21 016
activities
Cash flows from investing 30 971 22 881 (201 597) (9 807)
activities
Cash flows from financing 5 234 (4 900) 46 839 (12 840)
activities
Capital expenditure (1 727) (1 083) (1 219) (41)
Business segment Eliminations Consolidated
2011 2011
Segment revenue
Sales of goods 969 431 276
Rental income - 1 912
Finance income (5 910) 30 522
Management fees (4 357) -
Insurance premium income - 30 399
Total revenue from (9 298) 494 109
external customers
Inter-segment revenue (5 378) -
Total segment revenue (14 676) 494 109
Segment result
Operating profit before (28 337) 24 564
financing costs
Financing costs 10 569 (5 090)
Profit before taxation (17 768) 19 474
Taxation 2 244 (3 991)
Net profit/(loss) for the (15 524) 15 483
year
Segment assets (266 797) 936 058
Segment liabilities (180 157) 824 624
Cash flows from operating (86 708) 70 362
activities
Cash flows from investing 128 243 (29 309)
activities
Cash flows from financing (40 035) (5 702)
activities
Capital expenditure (15 160) (19 230)
Business segment Motor Furniture Insurance Head Office
retail retail & Finance
2012 2012 2012 2012
Segment revenue
Sales of goods 410 671 88 936 - -
Rental income 10 242 608 -
Finance income 239 8 682 34 556 -
Management fees - - - 5 034
Insurance premium income - - 32 929 -
Total revenue from 410 920 97 860 68 093 5 034
external customers
Inter-segment revenue 3 897 3 227 1 794 -
Total segment revenue 414 817 100 187 69 887 5 034
Segment result
Operating profit before 7 912 7 988 23 034 58 063
financing costs
Financing costs (4 702) (5 436) 313 (6 296)
Profit before taxation 3 210 2 552 23 347 51 767
Taxation (549) (1 532) (717) 1 900
Net profit/(loss) for the 2 661 1 020 22 630 53 667
year
Segment assets 245 546 186 636 869 749 162 044
Segment liabilities 186 067 141 043 837 834 63 811
Cash flows from operating (19 (15 552) 159 773 49 165
activities 862)
Cash flows from investing 22 957 19 435 (176 684) (35 742)
activities
Cash flows from financing (6 517) (2 876) 44 184 (11 646)
activities
Capital expenditure (1 246) (1 045) (813) (43)
Business segment Eliminations Consolidated
2012 2012
Segment revenue
Sales of goods 650 500 259
Rental income - 860
Finance income (8 702) 34 775
Management fees (5 034) -
Insurance premium income - 32 929
Total revenue from (13 086) 568 823
external customers
Inter-segment revenue (8 018) -
Total segment revenue (21 104) 568 823
Segment result
Operating profit before (70 507) 26 490
financing costs
Financing costs 11 715 (4 406)
Profit before taxation (58 792) 22 084
Taxation 1 842 944
Net profit/(loss) for the (56 950) 23 028
year
Segment assets (368 470) 1 095 504
Segment liabilities (301 818) 926 937
Cash flows from operating (135 046) 38 478
activities
Cash flows from investing 156 252 (13 782)
activities
Cash flows from financing (23 340) (195)
activities
Capital expenditure (10 210) (13 357)
ACCOUNTING POLICIES
Basis of preparation
The abridged summarised consolidated annual financial statements have been
prepared in accordance with the recognition and measurement requirements of
International Financial Reporting Standards (IFRS), the AC 500 standards
issued by the Accounting Policies Board and in compliance with IAS34: Interim
Financial Reporting and the manner as required by the Companies Act of South
Africa, 2008 and the Listing Requirements of the JSE Limited. The accounting
policies are consistent with those applied in the consolidated financial
statements for the year ended 31 March 2012, other than the new standards and
interpretations adopted, being IFRIC19 (AC 452) Extinguishing Financial
Liabilities with Equity Instruments, and IFRIC 14 (AC447) - IFRS 19 (AC116)
The Limit on a Defined Benefit Asset, Minimum Funding Requirements and Their
Interaction. The impact of these adopted standards and interpretations are not
material on the Group.
RELATED PARTIES
The company has related party relationships with its subsidiaries, fellow
subsidiaries, associates and with its directors and executive officers.
RECONCILIATION BETWEEN EARNINGS AND HEADLINE EARNINGS:
2012 2011
Profit for the year 22 084 19 474
Loss on disposal of property, plant and equipment - 81
net of insurance proceeds
Taxation 944 (3 991)
Headline earnings 17 650 15 564
Headline earnings per share (cents) 33.02 29.12
2012 2011
TRANSACTIONS WITH KEY MANAGEMENT PERSONNEL R`000 R`000
Short-term employee benefits 13 175 10 800
TRANSACTIONS WITH RELATED PARTIES
PREMIUMS RECEIVED 2 744 2 245
RESPONSIBILITY FOR CONSOLIDATED ANNUAL FINANCIAL STATEMENTS
Accounting policies have been applied consistently with those of prior year.
The annual consolidated financial statements for the year ended 31 March 2012
have been audited by KPMG Inc., and their unqualified audit opinion is
available for inspection at the registered office of the company.
SUBSEQUENT EVENTS
Nictus would like to draw the attention of Shareholders to the cautionary
announcement released on 12 June 2012 where the board of directors advised
that they have resolved to investigate a proposal in terms of which all the
shares that Nictus holds in Nictus Holdings Limited ("Nictus Nambia") be
distributed to Shareholders in the entitlement ratio of 1:1, in terms of
section 46 and section 112 read together with section 115 of the South African
Companies Act, 2008, as amended ("SA Act") and in accordance with the relevant
Namibian and South African taxation requirements("Unbundling").
CHAIRMAN`S REPORT
OVERVIEW
Overview
Nictus had the most successful year to date and it is with great thankfulness
that we report the results for the financial year 2011 / 2012.
The achievement of increasing profits before tax by approximately 14%on
previous year and increasing assets to more than R 1 billion, is the result of
careful management in the South African and Namibian business environments,
over a long period of time.
The increase in turnover and profits is the result of expansion in the motor
and furniture industries, as well as continuing good performance in financial
services.
The company operates with integrity and with careful execution of a long run
vision, to continue to build value for all stakeholders in the company.
In addition to its regular functions, the Board has occupied itself with its
capacity and is taking steps to ensure the verity of its decisions and
directions in the coming years.
Divergent legislative regimes and differing conditions in business
environments stretch the management of the businesses` capacity. In both
Namibia and South Africa, the amount of legislation and prescriptions
pertaining to business are growing. Diverging legislation between the
countries further complicates matters and requires a lot of Board
deliberation.
Several material steps have been taken, or are being implemented, to ensure
that the Board will be able to maintain clarity and give direction with
confidence under these circumstances.
Subsidiaries of the company have been empowered to elect their own boards and
take responsibility for management and performance, within agreed strategic
plans and performance guidelines, subject to approval and oversight of the
Nictus Board. This is enhanced by the drive towards establishing a progressive
board approach and the implementation and refinement of a system of integrated
reporting.
Implementation of SAM (Solvency Assessment and Management model) in the South
African insurance industry will have an impact on Corporate Guarantee South
Africa, which will differ from the Namibian subsidiary.
Divergent tax regimes and regulatory environments also have an impact on
management and administration resources. The prospect of a Free Trade Area in
the SADC remains elusive and will require careful consideration by the Board.
A blueprint for an appropriate company structure, which will decrease costs
and time required to fulfill regulatory requirements, is in development.
The dedication and exceptional performance of the Group Chief Executive,
executive directors, management and staff are summarized by the following:
* Revenue increased by 15% to R 569 million;
* Profit before taxation for the year increased by 13% to R 22.1 million;
* Return on equity of 13.7% was achieved;
* The Group`s asset base increased by 17%;
* The cash position of the Group improved by 9% to R 298 million;
* The equity of the Group grew by 51% to R169 million; and
* The net asset value per share increased by 51% to 315.41 cents.
The Future View
The company is diversified within three market segments and continues to
strive for excellence and sustainability in every aspect of the business.
Emphasis on prudent long-term strategies will remain the focus in a market
environment which continues to deliver opportunities for growth.
However risks will have to be mitigated, while focusing on an appropriate
return on equity. This requires dynamic leadership and personnel who will
conduct business with integrity.
Building a capable and dynamic workforce is a cornerstone for future growth,
which will require training and investment in human capital.
The coming year will be challenging as economic uncertainty and turmoil in
European markets will affect Southern African markets. However, the Group
continues to generate cash, which requires careful investment and which can be
channelled into expansion.
Directorate
We announced on SENS that the Board will be strengthened on 1st April 2012
with the appointment of a further executive director. We welcome Philippus
Tromp, who is the current managing director of Corporate Guarantee, Namibia.
Corporate Governance
This report complies with the Johannesburg Securities Exchange and Namibian
Stock Exchange requirements and reflects the various International Financial
Reporting Standards. The Board remains committed to all aspects of Corporate
Governance, and to managing the Group in a transparent and accountable manner.
Appreciation
The journey during the past years was exciting, and rich in challenges and
successes. Our success would not have been achieved without the perseverance,
vision and dedication of my fellow Board members and management team.
What we achieved during this year and in the past was only through the Grace
of God Almighty.
BJ Willemse
Chairman: Nictus Group
GROUP CHIEF EXECUTIVE`S REPORT
OVERVIEW
The Eurozone is still in turmoil, and a clear recovery strategy has yet to
emerge and materialise. Africa, South Africa and Namibia will be affected.
In South Africa the authorities succeeded in creating a stable environment,
characterised by a stable interest rate and well-managed inflation. This
environment enabled the Nictus Group to post moderate growth results.
The Namibian economy performed well, mainly due to the stable political
environment and major developments in the mining sector, especially uranium.
Unemployment is still a concern, however Government and the private sector are
working together in implementing the TIPEEG (Targeted Intervention Program for
Employment and Economic Growth) to address unemployment in the medium term and
make inroads into the infrastructural requirements of the long-term plan for
Namibia`s economy.
Both economies are contracting after a five year period of strong growth. This
resulted in moderate growth in the Group results. However, as a result of this
growth, the Group attained a watershed mark when its asset base exceeded the
R1 billion mark.
Internally, the Group continues to improve its efficiency through ongoing
consolidation.
The Group has performed exceptionally well in all areas during the preceding
years, taking into account the difficult economic circumstances.
Segmental Performance
The Group strategy is closely linked to the vision of the Group. Strategically
it is important to grow the segments so that each segment contributes equally
to profitability. Where a segment is represented in both South Africa and
Namibia, the target is for both operations to contribute equally to
profitability in the segment.
I am satisfied with the performance of all the segments under the
circumstances during the year under review.
Organisational Profile
The extent of our operations is set out on the geographical spread.
Furniture Retail Segment
The segment operates in South Africa and Namibia with four outlets in each
country.
Revenue in the furniture segment increased satisfactorily by 23%. Operating
profit decreased by 3% due to the higher cost of establishing a head office in
South Africa.
We envisage sustainable growth in revenue and operating profit for the coming
year in this segment.
Motor Retail Segment
The vehicle segment operates in Namibia only, and distributes General Motors
brands Chevrolet, Opel and Isuzu. Nictus is negotiating with General Motors
South Africa ("GMSA") to optimize distribution of products in Namibia.
Revenue in the motor segment increased by 15%, mainly due to the operations of
the newly acquired dealerships. Operating profit increased by 25%, due to
higher throughput during the year, as well as additional profits from the
acquired dealerships.
I expect a more moderate performance in this segment during the coming
financial year.
Insurance and Finance Segment
The insurance and finance segment operates in South Africa and Namibia. The
Group`s insurance product is unique as it provides innovative risk management
solutions as an alternative to conventional insurance. The segment focuses on
building sound relationships with clients. Products and services are developed
and structured to meet clients` specific needs.
The optimisation process in the insurance segment developed as expected, which
created a good foundation for growth. Lower interest rates impacted
negatively, but the segment showed an increase of 14% in premium income and
18% in operating profit nonetheless.
As the customer base in South Africa and Namibia is expanding, more staff were
appointed. The South African subsidiary is still building momentum. Training
of staff is a priority in order to maintain sustainability.
We expect to maintain moderate growth in this segment during the coming year.
Growth Strategy
Strategically the Group`s objectives remain unchanged, and we will strive to
increase sales and profits from segments. The Group is driving customer
acquisition and retention, and will maintain the quality of all debtors`
books. Product sourcing will be expanded as we aim to optimise diversity of
our product offering as a competitive advantage. Gains in growth will however
be matched to our ability to develop capacity.
Human Capital
Focus on human resource management is paying off. Management monitors the
development of human capital in the Group on an ongoing basis. Competition for
skilled and experienced people is fierce in the market place, but the Group
was able to source the services of further highly skilled people within its
various segments. The Group has a policy of preserving its human capital and
growth of human resources must be matched by prudence in allocation for
remuneration.
Corporate Governance
Nictus Limited is committed to the highest standard of corporate governance.
In our opinion, good corporate governance cannot be dictated only by set rules
and regulation. Information, provided to management, that is relevant,
transparent, timely and accurate will serve in the best interest of the Group.
This will ultimately benefit all relevant stakeholders.
Good corporate governance is entrusted to the management in charge of each
segment.
Outlook
Trading conditions are expected to remain moderate, while external factors
such as oil prices and food inflation affect our target markets. However, we
have an experienced and focused management team that is committed to
maintaining sustainability of our whole Group.
Brand loyalty plays an important role in tough times, and the Group places
emphasis on maintaining the strength of its portfolio of well established
brands and loyal customer base in addition to deploying brand recognition as a
tool for growth.
Appreciation
I would like to express my gratitude for the dedication and contribution of
our Board, our management and staff, in achieving the excellent results. I
would like to thank our suppliers and manufacturers, our business partners,
the investment and financial community and the media for their support.
We are committed to serving our customers and thank them for the loyalty they
continue to show towards our brands.
NC Tromp
Group Chief Executive: Nictus Group
DECLARATION OF ORDINARY DIVIDEND
The board has declared a final dividend of 14.25 cents per share to ordinary
shareholders of the Company for the year ended 31 March 2012.
The salient dates of this dividend are:
Last day to trade "cum" the dividend Friday, 13 July 2012
Shares commence trading "ex" the dividend
from the commencement of business on Monday, 16 July 2012
Record date Friday, 20 July 2012
Payment date Monday, 23 July 2012
Share certificates may not be dematerialised or rematerialised between Monday
16 July 2012 and Friday 20 July 2012 both days inclusive.
Shareholders are furthermore advised that a 15% non-resident shareholder`s tax
("NRST") on the declared dividend amounting to 2.1375 cents per share will be
applicable to all shareholders with addresses outside of Namibia resulting in
a net dividend of 12.1125 cents per share. The NRST will be credited against
the Dividends Tax payable in terms of the South African Income Tax Act No. 58
of 1962 and, therefore, no Dividends Tax will be payable by Shareholders
resident in South Africa and no Dividends Tax has been withheld in this regard
by the Company.
In compliance with the Listings Requirements, the following further
information is required in with regards to the dividend declaration:
The number of shares in issue as at 28 June 2012 is 53 443 500 shares.
The SA income tax reference number for Nictus Limited is 9400084712.
By order of the board
ANNUAL REPORT AND NOTICE OF ANNUAL GENERAL MEETING
As the annual report for the year ended 31 March 2012 ("the annual report")
was posted to shareholders within 3 months of Nictus`s year end, this
announcement is not required to appear in the press and will not be sent to
shareholders.
The annual report contains a notice convening the annual general meeting of
Nictus shareholders for the year ended 31 March 2012 ("the AGM"). The AGM will
be held in the boardroom at the Nictus Building, corner of Pretoria and Dover
Street, Randburg, Gauteng on Friday 31st of August 2012 at 10h00.
The board of directors of the Company has determined that the record date in
terms of section 59(1) of the Companies Act, 2008 ("the Companies Act") for
the purpose of determining which shareholders of the Company are entitled to
receive notice of the annual general meeting is 22 June 2012 and the record
date for purposes of determining which shareholders of the Company are
entitled to participate in and vote at the annual general meeting is Friday,24
August 2012. Accordingly, only shareholders who are registered in the register
of members of the Company on Friday,24 August 2012 will be entitled to
participate in and vote at the meeting.
The Notice of Annual General Meeting and Annual Financial Statements are to be
posted to shareholders on 29 June 2012.
Accordingly, the last day to trade in order to be eligible to participate and
vote will be Friday, 17 August 2012.
B J Willemse
Chairman
28 June 2012
Sponsor on the JSE: KPMG Services Proprietary Limited
Sponsor on the NSX: Simonis Storm Securities (Member of the NSX)
Date: 28/06/2012 15:30:01 Produced by the JSE SENS Department.
The SENS service is an information dissemination service administered by the
JSE Limited (`JSE`). The JSE does not, whether expressly, tacitly or
implicitly, represent, warrant or in any way guarantee the truth, accuracy or
completeness of the information published on SENS. The JSE, their officers,
employees and agents accept no liability for (or in respect of) any direct,
indirect, incidental or consequential loss or damage of any kind or nature,
howsoever arising, from the use of SENS or the use of, or reliance on,
information disseminated through SENS.
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