| Tue 19 Mar 2002, 0:00 | | Rare Earth Extraction Co. Limited - Group Interim |
|
RARE EARTH EXTRACTION CO LIMITED
(Registration no 1989/003212/06)
JSE Code : RCO
ISIN Code : ZAE000005807
("RARECO")
GROUP INTERIM RESULTS - SIX MONTHS ENDED 31 DECEMBER 2001
Income statement Unaudited Unaudited Audited
6 months 6 months year
ended ended ended
31/12/01 31/12/00 30/06/01
(R'000) (R'000) (R'000)
Revenue
- - -
Operating profit
- - 3,302
Interest paid
- - -
Profit for period
- - 3,302
Number of shares in issue 28,852,269
28,852,269 28,852,269
Earnings per share (cents)
- - 11
Headline earnings per share
(cents) - - -
Summarised balance sheet
Assets
Non-current assets
13,949 12,539 13,101
Current assets
397 13 22
14,346 12,552 13,123
Equity and liabilities
Shareholders' funds
11,797 8,495 11,797
Non-current liabilities
1,380 3,921 1,211
Current liabilities
1,169 136 115
14,346 12,552 13,123
Note: Net income/expenses of the company is capitalised directly to
fixed assets.
Statement of changes in
equity
Shareholders
'
funds
At 1 July 2001
11,797
Net Profit
-
At 31 December 2001
11,797
Cash flow statement
Cash flows from operating
activities 246 - 5
Cash flows from investing (848) (210) (785)
activities
Cash flows from financing
activities 949 181 773
(29) (7)
Net increase/(decrease) in 347
cash
Cash at the beginning of (3)
the period 4 4
(25) (3)
Bank balance/(overdraft) at 344
the end of the period
Compliance with Statements of Generally Accepted Accounting Practice and
accounting policies
The interim results have been prepared in accordance with Statements of
Generally Accepted Accounting Practice, there have been no changes effected
to any accounting policies, and the methods of computation applied are
consistent in all respects with those in the annual financial statements for
the year ended 30 June 2001.
Comments
Following a thorough due diligence, the Industrial Development Corporation
of South Africa approved a loan of R 16 million to Rareco in November 2001,
subject to certain conditions.
At the end of December the company had raised R 779,953-00 which is
reflected in the balance sheet as a creditor. This, together with further
amounts received after December, was converted to share capital on the issue
of shares at the par value of 36 cents each in February 2002.
A further amount of R 286,392 will, subject to the approval of members in a
general meeting to be convened soon, be converted to share capital as will
the director's loan of R 1,379,644-00.
Details of the proposed rights offer, the raising of loan capital and other
funding arrangements will be conveyed to shareholders in due course.
The application by one minority shareholder to wind up the company was
withdrawn in January 2002.
TA BLENCH
Chairman
Cape Town
19 March 2002
Registered Office:
Blandford House 67 Caledon Street Somerset West, 7130
Directors:
TA Blench (Chairman) KL Bright (Managing) WN Gardyne GE Wolfe-Coote
RT Louw
Transfer Secretaries:
Mercantile Registrars Limited
Sponsor:
The Janus Corporation (Pty) Ltd
