| Wed 15 May 2002, 0:00 | | Otk - Audited Results For The Year Ended 28 Februa |
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OTK - AUDITED RESULTS for the year ended 28 February 2002
OTK Holdings Limited
(Incorporated in the Republic of South Africa)
(Registration number 1995/004030/06)
ISIN number: ZAE 000029690
Share code: OTK
AUDITED RESULTS for the year ended 28 February 2002
Revenue from continuing operations increases by 18,6%
Headline earnings per share increases by 25,1%
Net tangible asset value per share increases by 19% a year of incredible
growth
OTK is a leading South African business offering a wide range of inputs and
services to farmers, processors and users of agricultural products
Group balance sheet
Actual Pro forma Actual
At 28 February 2002 2001 2001
R`000 R`000 R`000
ASSETS
Non-current assets 683 575 576 753 645 125
Property, plant and equipment 409 882 405 480 405 480
Intangible assets 39 245 19 746 19 746
Investments 15 233 24 821 24 821
OTK Holdings Trust 49 462 37 554 105 926
Other financial assets 86 723 38 326 38 326
Deferred tax assets 83 030 50 826 50 826
Current assets 1 826 739 1 629 592 2 459 904
Inventory 370 381 465 496 465 496
Trade and other receivables 1 057 314 792 654 1 713 753
Cash and cash equivalents 399 044 371 442 280 655
Total assets 2 510 314 2 206 345 3 105 029
EQUITY AND LIABILITIES
Capital and reserves 1 385 820 1 128 034 2 075 225
Share capital 3 3 6 794
Share premium 25 726 - 666 250
Reserves 458 905 458 905 458 905
Accumulated profits 901 186 669 126 943 276
Non-current liabilities 81 772 56 176 56 176
Long-term liabilities 26 870 9 689 9 689
Deferred tax liabilities 54 704 46 487 46 487
Outside shareholders` interest 198 - -
Current liabilities 1 042 722 1 022 135 973 628
Trade and other payables 891 847 727 745 715 924
Shareholders for distribution - 36 686 -
Short-term borrowings 150 875 257 704 257 704
Total equity and liabilities 2 510 314 2 206 345 3 105 029
Net tangible asset value
per share (cents) 388 326 611
Group income statement
Actual Pro forma Actual
For the 12 months ended 28 February 2002 2001 2001
R`000 R`000 R`000
Revenue 4 472 796 4 201 298 4 296 199
Operating profit from continuing
operations 334 366 245 773 340 672
Loss from discontinued operations (9 986) (28 204) (28 204)
Profit before tax 324 380 217 569 312 468
Tax (95 149) (92 748) (109 397)
Net profit 229 231 124 821 203 071
Weighted average number of
shares issued (`000) 337 549 323 517 323 517
Earnings per share (cents) (note 3) 67,9 38,6 62,8
Headline earnings per
share (cents) (note 3) 75,0 60,0 80,5
Group cash flow statement
For the 12 months ended 28 February 2002 2001
R`000 R`000
Operating activities
Net operating profit 352 252 326 001
Changes in working capital (9 085) (206 169)
Sale of debtors` book 916 239 -
Adjustment for non-cash flow items 48 111 80 528
Dividends on investments 4 360 6 362
Interest received 8 858 7 407
Interest paid (41 090) (27 302)
Dividends paid (228 546) -
Tax paid (104 595) (118 394)
Net cash generated from operating activities 946 504 68 433
Investing activities
Purchase of property, plant and equipment (108 920) (81 016)
Purchase of trademarks and goodwill (16 014) -
Proceeds on disposal of property,
plant and equipment 62 883 54 465
Proceeds on disposal of trademarks - 2 271
Acquisition of investments and
loans granted (54 936) (27 592)
Disposal of investments and loans repaid 107 595 4 986
Acquisition of shares in
subsidiaries and joint ventures (10 138) (670)
Net cash utilised in investing activities (19 530) (47 556)
Financing activities
Share repurchase (42 776) (6 155)
Capital distribution (673 040) (61 013)
Proceeds from long-term borrowings 14 060 (233)
Net cash utilised in financing activities (701 756) (67 401)
Increase/(decrease) in cash
and cash equivalents 225 218 (46 524)
Movement in cash and cash equivalents
Beginning of year 22 951 69 475
Increase/(decrease) 225 218 (46 524)
End of year 248 169 22 951
NOTES TO THE ANNUAL FINANCIAL STATEMENTS
1. The pro forma balance sheet is based on the assumption that the sale of
debtors and the distribution to shareholders of 245 cents per share that
took place on 28 February 2001 and 12 April 2001, respectively, had taken
place on 1 March 2000.
2. The pro forma income statement illustrates the effect of note 1 and the
net interest lost on the debtors sold had the transaction taken effect on 1
March 2000.
3. Reconciliation of headline earnings
Actual Pro forma Actual
Cents per share 2002 2001 2001
Earnings 67,9 38,6 62,8
Loss from discontinued
operations 1,7 9,1 9,1
Personnel restructuring costs 1,8 7,1 7,1
Tax on special distribution 3,5 3,7 -
Cost on sale of debtors - 1,7 1,7
Loss/(profit) on disposal
of assets 0,1 (0,2) (0,2)
Headline earnings 75,0 60,0 80,5
4. Accounting policies
The consolidated annual financial statements are prepared in accordance with
and comply with South African Statements of General Accepted Accounting
Practice and with the requirements of the South African Companies Act. The
consolidated annual financial statements are prepared under the historical
cost convention. The principal accounting policies which were adopted in the
preparation of these consolidated annual financial statements correspond
with those applied in the previous annual financial statements, except for
the change in the accounting policy with regard to the accounting of accrued
dividends. The profit for the year decreased by R11,8 million, due to STC on
the special distribution. There is no effect on the headline earnings for
the current and previous years. The balance sheet items for the prior year,
accumulated profit and shareholders for distri-bution, were adjusted
accordingly.
5. Comparative numbers
Where necessary, comparative figures have been adjusted to conform with
changes in presentation in the current year. In particular, the comparatives
have been adjusted or extended to take into account the revised requirements
of AC 107 (Statement of GAAP).
6. Corporate governance and JSE Securities Exchange SA compliance
The principles of corporate governance were adhered to in all material
instances. The group and the company complied with the regulations of the
JSE Securities Exchange SA regarding the content of the annual financial
results.
7. Share capital
7.1 Number in issue (ordinary shares)
Beginning of year 339 695 567
Issued to share incentive scheme 7 304 433
End of year 347 000 000
7.2 Other changes during the year (number)
Shares repurchased by a subsidiary in
terms of a general authorisation at an
average price of R3,86 11 085 158
8. Share premium R`000
Balance beginning of year 666 250
Special distribution (666 250)
Premium on shares issued to share
incentive scheme 25 726
Balance end of year 25 726
GROUP STATEMENT OF CHANGES IN EQUITY
Share Share Accumulated
capital premium Reserves profits Total
R`000 R`000 R`000 R`000 R`000
Balance
29 February 2000 6 491 665 388 458 905 746 360 1 877 144
As previously
reported 6 491 639 430 458 905 746 360 1 851 186
Change in
accounting policy - 25 958 - - 25 958
Net profit - - - 203 071 203 071
Issue of shares to
OTK incentive
scheme 303 61 875 - - 62 178
Capital
distribution - (61 013) - - (61 013)
Share repurchase - - - (6 155) (6 155)
Balance
28 February 2001 6 794 666 250 458 905 943 276 2 075 225
As previously
reported 3 - 458 905 735 556 1 194 464
Change in
accounting policy 6 791 666 250 - 207 720 880 761
Net profit - - - 229 231 229 231
Issue of shares to
OTK incentive
scheme - 25 726 - - 25 726
Dividends on
shares - - - (69 332) (69 332)
Share repurchase - - - (42 776) (42 776)
Special
distribution (6 791) (666 250) - (159 213) (832 254)
Balance
28 February 2002 3 25 726 458 905 901 186 1 385 820
AUDIT REPORT OF THE INDEPENDENT AUDITORS WHICH SHOULD BE READ IN CONJUNCTION
WITH THE AUDITED FINANCIAL STATEMENTS
We have audited the Group annual financial statements of OTK Holdings
Limited for the year ended 28 February 2002. These financial statements are
the responsibility of the company`s directors.
Our responsibility is to express an opinion on these financial statements
based on our audit.
Scope
We conducted our audit in accordance with statements of South African
Auditing Standards. Those standards require that we plan and perform the
audit to obtain reasonable assurance that the financial statements are free
of material misstatement. An audit includes:
examining, on a test basis, evidence supporting the amounts and disclosures
in the financial statements;
assessing the accounting principles used and significant estimates made by
management; and
evaluating the overall financial statement presentation.
We believe that our audit provides a reasonable basis for our opinion.
Audit opinion
In our opinion, the Group annual financial statements fairly present, in
all material respects, the financial position of the Group at 28 February
2002 and the results of its operations and cash flows for the year then
ended, in accordance with South African Statements of Generally Accepted
Accounting Practice, and in the manner required by the Companies Act in
South Africa.
Registered Accountants and Auditors 14 May 2002
Chartered Accountants (SA) Johannesburg
SEGMENTAL ANALYSIS
Revenue Operating profit* Net assets
Rm Rm Rm Rm Rm Rm
2002 2001 2002 2001 2002 2001
Agri Products 2 473 2 086 265 221 811 498
Agri Requisites 1 856 1 613 41 26 103 126
Agri Finance 115 62 37 29 447 397
Agri Services 17 - (1) - 8 -
Other 12 440 1 9 17 107
Total 4 473 4 201 343 285 1 386 1 128
Increase (%) 6,4 20,3 22,9
*The operating profit is shown after taking into account the pre-tax
headline earnings adjustments. The reason for this is to make the segmental
profit more comparable after the restructuring of the Group, which includes
the sale of certain businesses.
REVENUE FROM CONTINUING OPERATIONS
2002 2001
Rm Rm
Revenue per segmental analysis 4 473 4 201
Less revenue from discontinued operations (9) (437)
Revenue from continuing operations 4 464 3 764
Increase (%) 18,6
COMMENTS
PROFILE
OTK is South Africa`s leading agri-services business with activities
situated mainly in South Africa`s eastern, northern and central provinces as
well as in Zambia, Malawi, Swaziland and Uganda.
It is the Group`s strategic intent to become the leading agri-services
business in sub-Saharan Africa.
The Group`s core business is identified as the provision of services to
customers through its three pillars of operation which are underpinned by
its fourth business operation, Agri Services.
OTK`s three pillars of operation and Agri Services can be briefly described
as:
- Agri Products, handling, grading, storage, marketing, trading of
agricultural products and logistic solutions for producers and processors of
agri products. OTK`s cotton, animal feed and broiler interests are included
in this pillar.
- Agri Requisites, providing farming inputs to primary agricultural
producers through a network of distributors and strategically placed retail
outlets.
- Agri Finance, providing innovative business and insurance solutions to
participants in the agri value chain.
- Agri Services, providing profit-enhancing technical, marketing and
business expertise to primary agricultural producers and processors of
agricultural products.
BUSINESS RESTRUCTURING
The new business vision and business model of OTK developed at the end of
the 2000/2001 financial year were implemented during the financial year
under review. Those investments that destroyed shareholder value were sold.
The restructuring of the balance sheet through the sale of the interest-
bearing debtors to Wesbank and the Land Bank was finalised. The funds
realised on this sale were repaid to shareholders during the financial year
under review by means of a special dividend of R2,45 per share.
A significant reduction in staff numbers has been achieved and non-critical
functions have been outsourced. There has also been an infusion of
worldclass management and, where appropriate leading edge technology, into
each pillar of the business and Agri Services.
OTK has during the financial year significantly improved and expanded the
business model of managing agri debtors and commodities on behalf of third
parties. At year end OTK managed debtors of R1,3 billion on behalf of
financial institutions on which it earned an administration fee, it also
handled and stored significant volumes of agri commodities on behalf of
third parties (including financial institutions). OTK received a fee for the
handling, grading, storing and administration of these commodities. The
group also traded and hedged significant quantities of agricultural
commodities on behalf of third parties.
A new Agri Services division was introduced to the business model during
2001/2002 to help maximise the potential of the three existing pillars. Agri
Services has introduced to the group precision farming techniques,
laboratory services and the intellectual capital required for exporting
niche agricultural products to hard-currency markets.
GROUP COMMENTARY
The positive impact of the changes to OTK through the sale of
underperforming assets, the restructuring of the balance sheet and business,
as well as the refocusing of its core businesses and expansion of its
current activities and infusion of new management is clearly reflected in
the increase in comparable earnings.
As a result revenue from continuing operations increased by 18,6%.
Operating profit (after adjusting for non-trading items) increased by 20,3%.
Headline earnings per share increased by 25,1% to 75 cents per share
compared to previous years pro forma, taking into account the increased
weighted number of shares in issue.
After the repurchase of shares, acquisitions, capital expenditure,
restructuring of the balance sheet and payment of dividends the Group
achieved a net increase of R225 million in cash.
The decrease in the tax charge, compared to the previous year, is mainly due
to a prior year non-deductible capital loss from the sale of certain
businesses.
OTK`s growth in new areas of agriculture has started to reduce its
dependence on grain and oilseeds. The Group continues to explore new
profitable business opportunities in sub-Saharan Africa.
OTK`s customers have experienced significantly improved service levels and a
host of innovative new value-for-money services and product offerings aimed
at value creation. The Group`s concept of partnering with customers will
lead to mutually beneficial sustainable returns.
DIVISIONAL COMMENTARY
AGRI PRODUCTS
Agri Products bridges the divide between the producers and processors of
agricultural commodities. It provides logistical services through the
Handling, Storage and Logistics businesses and trading and risk management
services through the Trading business.
In addition, OTK`s secondary agricultural processing businesses, Earlybird
Farm (broilers), Animal Feeds and Clark Cotton are included in Agri
Products.
Handling and storageDespite handling nearly 30% less grain than the previous
year due to poor growing conditions, profitability was maintained at
approximately the same level as the previous year, due mainly to reduced
expenditure and the introduction of new value-added services.
TradingIt was an exceptional year for Trading, which grew its physical
commodity business four-fold and its risk management services five-fold. The
introduction of world-class people and innovative new products was the main
reason for the growth.
LogisticsLogistics traded profitably in its inaugural year, and significant
growth is expected in the coming financial year as new products are
introduced. Logistics does not own a fleet, but provides customers with
"least cost" transport solutions through the application of leading edge
technology.
Animal FeedsVolumes grew by 22% during a difficult year, characterised by
surging raw material costs and declining demand.
This growth was achieved through the introduction of new products and
improvements in existing products which provided "least cost" solutions for
customers. These innovations were crucial in reducing the impact of rising
raw material prices.
Animal Feeds acquired the remaining 50% of the Nolko feed mill in Bethlehem
with effect from 1 March 2001.
The business entered into a technology transfer agreement with a leading
European feed milling company which will enable it to remain at the
forefront of technology and product development.
Clark CottonClark Cotton`s strategy of transferring its primary ginning base
out of South Africa has yielded the anticipated benefits. This strategy will
now be accelerated. A cotton gin in Uganda was acquired during the year. The
remaining 50% of Cotton Seed Processors was acquired with effect from 1
March 2001, and this business has been successfully returned to
profitability through restructuring, efficiency gains and improved
marketing.
Earlybird FarmEarlybird Farm (broilers) is a joint venture with Astral
Foods.
Earlybird Farm achieved excellent profits over the past year, through higher
realisations, improved production efficiencies and the introduction of new
products.
Earlybird Farm maintained its position as the second largest broiler
producer in the country, with a market share of 17%.
AGRI requisites
Agri Requisites provides a comprehensive service to customers by marketing
of input supplies and mechanisation equipment through its 54 retail outlets.
These outlets are supported by Key Account Managers and an extensive range
of products and services.
Agri Requisites had an excellent year, with sales of all main product
categories showing significant improvement over the previous year.
A store upgrade programme was launched during the year to replace older
trading stores with modern, spacious outlets, offering customers a 21st
century retail experience and an extensive range of merchandise. Some stores
are being converted into "super-stores" with a substantially enlarged range
of merchandise, catering to a much broader customer base. The upgrade
programme is progressing according to plan and converted stores are showing
healthy increases in patronage and revenue.
One of the most beneficial initiatives during the past year was the
introduction of Key Account Managers to bring OTK services direct to the
farm gate. The Key Account Manager programme is a key element in driving top-
line growth.
AGRI finance
Agri Finance provides business and risk management solutions to farmers,
traders and agricultural processors.
The past year has been one of significant growth for Agri Finance, both in
terms of earnings and growth of the debtors` book. There was also a
substantial increase in fee income (or non-interest revenue), derived
primarily from deal-making activities.
A notable achievement during the year was the substantial increase in
advances to agricultural processing customers, aided by a focus on providing
a one-stop financial service. This new strategic approach has been well
received by customers, because it offers a service not available from
traditional financial services companies.
Key to Agri Finance`s success is its relationships with its financiers,
which has grown from strength to strength.
Agri Finance has introduced new and unique financing products that will
assist the farmer in the long term. One outstanding success in this regard
is the crop insurance product provided by OTK, which has resulted in the
insurance business more than doubling its hectares insured.
Agri Finance is well advanced in its programme to offer customers a
comprehensive and independent financial service, with the emphasis on
finding the best financial solutions for farmers. OTK intends forming a
number of strategic joint ventures with specialist service providers to
ensure all the farmer`s financial service needs are met.
AGRI services
Agri Services forms a vital bond between OTK and farmers, bringing leading
edge agricultural science and technology to customers with a view to
enhancing their business success. Its vision is to develop a centre of
agricultural excellence. The required intellectual capital will be sourced
through joint ventures or by way of technical and licence agreements.
During the year under review, Agri Services acquired 70% of Labworld (Pty)
Ltd. This company has an 80% share of the market for Near Infra Red
spectrophotometry which is used for real time analysis of the chemical
composition of organic matter. This analysis is necessary for the control of
export perishables and other agri products.
Agri Services also acquired 100% of Techniland, a business involved in
precision farming. Precision farming involves detailed soil analysis using
satellite imagery and physical sampling to determine the types of crops
farmers should be planting to maximise yields.
PROSPECTS
The Confidence Index of Agriculture in South Africa increased significantly
during the financial year under review. This is primarily driven by record
commodity prices which are predominantly dollar denominated and excellent
agricultural conditions.
This increased confidence and the utilisation by OTK of the many
opportunities presently available in the sector should ensure that the Group
achieves acceptable growth in real earnings.
The board is confident that the Group will continue to enhance EVA which
should lead to increased shareholder wealth on a sustainable basis.
ANNUAL REPORT
The annual report will be posted to shareholders and be available on OTK`s
website on 31 May 2002.
INTERIM DIVIDEND
An interim cash dividend of 9,85 cents per share was paid to shareholders on
26 November 2001.
Directors
Mr C A du Toit has resigned as director of OTK since the release of the
interim results.
For and on behalf of the Board
P F Erasmus G A L Ebedes 15 May 2002
Chairman Managing director Johannesburg
NOTICE OF FINAL DIVIDEND
Notice is hereby given that the directors of OTK have resolved to declare a
final dividend of 13,1 cents per share for the year ended 28 February 2002.
The last day to trade cum the dividend will be Friday, 31 May 2002. The
shares of OTK will commence trading ex the dividend from the commencement of
business on Monday, 3 June 2002. The record date will be Friday, 7 June
2002. Payment will be made on Monday, 10 June 2002. There will be no
dematerialisation or rematerialisation of OTK shares between Monday, 27 May
and Friday, 7 June 2002, both dates inclusive.
By order of the Board
J H Mooney 15 May 2002
Acting Group Company Secretary Johannesburg
Registered office and postal address
33 Sloane Street, Knightsbridge, Block B, Bryanston
POBox 3559, Cramerview 2060
Acting Group Company Secretary J H Mooney
Bankers ABSA Bank Limited First National Bank Limited Standard Bank
of SA Limited Nedcor Bank Limited
Land and Agricultural Bank of SA Limited
Auditors PricewaterhouseCoopers Incorporated
Transfer secretaries Computershare Services Limited,
11 Diagonal Street, Johannesburg 2001
P O Box 1053, Johannesburg 2000 Telephone (011) 370 5000
Directors: P F Erasmus* (Chairman), G A L Ebedes (Managing),
J D Wright (Deputy Managing), (J HMooney: Alternate Director),
A CBall*, JJClaassen*, NODavies*, JJFerreira*, EGGarcia*,
I de W Goosen (Financial), MEKing*, S CMarais*, BMMoshal*,
JTJvan Rensburg*, FJvan der Merwe*#
* Non-executive #Independent
THIS ANNOUNCEMENT IS AVAILABLE
ON SENS AND OTK`S WEBSITE AT
www.otk.co.za
Date: 15/05/2002 11:45:59 AM Produced by the SENS Department
OTK BEATS EARNINGS FORECAST, WITH MORE TO COME
A year after announcing its new business vision, agri-services group OTK
Limited has reported strong results for the year ended 28 February 2002,
with headline earnings per share up 25% to 75c, well ahead of expectations.
This was achieved after taking into account the increased weighted number of
shares in issue.
After the repurchase of shares, acquisitions, capital expenditure,
restructuring of the balance sheet and payment of dividends, the Group
achieved a net increase in cash of R225 million.
OTK managing director Graham Ebedes and his deputy Jeff Wright say the
results reflect the positive impact of the changes implemented during the
year. These included the sale of underperforming assets, the restructuring
of the balance sheet and business, the refocusing of the business around
four pillars of operation, the expansion of OTK`s current activities and an
infusion of new management.
Ebedes adds that the group has made substantial progress in actualising its
strategic goal to become the leading agri-services business in sub-Saharan
Africa. During the year under review, OTK expanded the range of products and
services offered, as well as its geographical footprint, both in South
Africa and the broader region.
The group`s expansion into new agricultural areas has started to reduce its
dependence on grains and oilseeds and new opportunities in sub-Saharan
Africa are currently being explored.
Operating profit from continuing operations was up 36% to R334.4 million
(2001: R245.8 million) on a 6% increase in revenue to R4.47 billion (2001:
R4.2 billion).
Pre-tax profit increased 49% to R324.4 million from R217.6 million the
previous year. The tax bill was almost unchanged at R95.1 million, leaving
an after-tax profit of R229.2 million, 84% higher than the previous year.
Agri Products continues to form the backbone of the group, though Agri
Requisites and Agri Finance made impressive gains in both revenue and
profits. Agri Products provides handling, grading, storage, marketing,
trading of agricultural products and logistic solutions for producers and
processors of agri products. This division also houses OTK`s downstream
processing businesses, Earlybird Farm (broilers), Animal Feeds and Clark
Cotton.
Despite handling nearly 30% less grain, the Handling and Storage business
unit maintained profitability at about the same level as the previous year.
Trading had an exceptional year, growing its physical commodity business
four-fold and risk management business five-fold. Animal Feeds grew volumes
by 22% in a tough market by introducing new products, improving existing
ones, and offering "least cost" solutions to customers. It also acquired the
remaining 50% of the Nolko feed mill in the Free State from 1 March 2001.
Clark Cotton is accelerating plans to transfer its primary ginning base out
of South Africa to take maximum advantage of AGOA. To this end, a cotton gin
was acquired in Uganda during the year. Growing cotton in Africa through
local producers stimulates local rural economies. Inputs are paid for in
local currencies and sale are in US dollars. The remaining 50% of Cotton
Seed Processors was acquired from 1 March 2001 and returned to
profitability.
Earlybird Farm, a joint venture, had an excellent year through higher
realisations, improved production efficiencies and the introduction of new
products.
Agri Requisites, which supplies farm inputs, mechanised equipment and other
items through 54 retail outlets, also had an excellent year, with sales
improving across all product categories. The performance was lifted by the
introduction of key account managers to bring OTK products and services to
the farm gate. The store upgrade programme is well underway and will
continue during the current year. Ebedes says that improved procurement will
lead to further margin improvements.
Agri Finance provides business and risk management services to farmers,
traders and agricultural processors. It grew revenue by 85% to R115 million
and operating profit by 28% to R37 million. Agri Finance experienced sharp
growth in all activities, including the debtors book and fee income,
primarily from deal-making activities. The introduction of a unique crop
insurance product was well received by farmers, resulting in the hectarage
insured more than doubling. This pillar offers farmers a comprehensive and
independent financial service, and has formed several joint ventures with
specialist service providers.
Agri Services brings leading edge agricultural science and technology to
farmers with a view to enhancing their business success. This is the newest
of the business pillars, and concluded a number of small acquisitions during
the year, paving the way for an exciting year of expansion.
Looking ahead, Ebedes says the coming year promises to be as exciting as the
last. Confidence in the agricultural sector is rising. "This increased
confidence and the utilisation by OTK of the many opportunities currently
available in the sector should ensure that the group achieves acceptable
growth in real earnings."
Ends.
ISSUED OTK Holdings Limited
FOR :
CONTACT Graham Ebedes (011) 706 7897 Cell 083 225 1699
: De Wet Goosen (011) 706 7897 Cell 082 770 7859
Jeff Wright (011) 706 7897 Cell 082 806 1284
FAX NO: (011) 463 4139
:
E-MAIL Gebedes@otk.co.za
:
ISSUED TISH STEWART PR ASSOCIATES
BY :
CONTACT Tish Stewart (011) 325 4195 Cell: 082 443 6399
:
FAX NO (011) 325-4199
:
E-MAIL Tish@tspr.co.za
:
DATE : 15 May 2002
Date: 15/05/2002 11:47:14 AM Produced by the SENS Department
