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Short Form: Condensed Consolidated Unaudited Results for the six month period ended 31 August 2019
MINE RESTORATION INVESTMENTS LIMITED
Incorporated in the Republic of South Africa
(Registration number: 1987/004821/06)
Share code: MRI
ISIN: ZAE000164562
(“MRI” or “the Company”)
SHORT FORM: CONDENSED CONSOLIDATED UNAUDITED RESULTS
For the six month period ended 31 August 2019
FINANCIAL HIGHLIGHTS
Six months ended 31 August 2019 Vs
Six months ended 31 August 2018
Operating loss 48.57% to R1.92 million
Finance Cost 93.79% to R1.34 million
Loss for the period 44.13% to R2.86 million
Basic loss per share 43.47% to 33 cents
Headline loss per share 43.47% to 33 cents
COMMENTARY
Financial and operational review
After closing down the coal operation, the Company has focused on eliminating all corporate costs
and maintaining the Company as a cash shell. Throughout this period, the Board has continued
discussions with various stakeholders regarding the proposed re-capitalisation of the Company.
The Company has entered into a share purchase agreement with the shareholders of Langpan Mining
Co Proprietary Limited (“Langpan”) (“the Vendors”) in terms of which the Vendors would dispose of
their entire shareholding (100%) in Langpan for an aggregate purchase consideration of R550 million,
to be settled through the issue by MRI of 137 500 000 000 shares to the Vendors. Langpan is a chrome
mining company.
The Company also intends to raise additional capital in order to repay existing debt through the
proceeds of a partially underwritten rights offer. Creditors have subordinated their claims and
provided support in order to maintain the Company's solvency and liquidity and going concern.
Outlook
The market outlook is difficult to predict due to the uncertainties created by the impact of COVID-19,
but the medium- to long-term fundamentals for chrome ore remain strong and prices must increase
significantly for the market to stabilise over this period.
Changes to the Board
Quinton George, Richard Tait, Chris Roed and Syd Caddy resigned as directors during the period under
review. Mahlatsi Movundlela was appointed as an Independent non-executive Chairman and Thato
Makgolane as an Independent non-executive director.
SHORT FORM ANNOUNCEMENT
The content of this short form announcement is the responsibility of the directors. Shareholders are
advised that this short form announcement represents a summary of the information contained in the
full long form announcement which is available at
https://senspdf.jse.co.za/documents/2020/jse/isse/mri/interim19.pdf and also published on the
Company’s website at http://www.minerestoration.co.za. Any investment decisions by investors
and/or shareholders should be based on a consideration of the full announcement as a whole and
investors and shareholders are encouraged to review the full announcement, which is available as
detailed herein.
Copies of the full announcement may also be requested from the Company or from the designated
adviser at sponsorteam@merchantec.co.za, at no charge. Any investment decision should be based
on the full announcement released on SENS and published on the Company’s website.
Johannesburg
29 October 2020
Designated Adviser
Merchantec Capital
Date: 29-10-2020 05:28:00
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