| Thu 6 Feb 2003, 14:59 | | PRELIMINARY RESULTS FOR THE YEAR ENDED 30 JUNE 200 |
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`Mazal Exploration Limited - Financial Report
Mazal Exploration Limited
(Incorporated in the Republic of South Africa)
(Registration number 1998/013468/06)
Share code MZL ISIN ZAE000017711
("the Company" or "Mazal")
ABRIDGED INCOME STATEMENT
Reviewed Audited
30 June 2002 30 June 2001
R R
Revenue 4 479 759 6 649 245
Cost of sales (9 997 564) (5 697 942)
Operating expenses (5 706 191) (2 714 307)
Depreciation (1 828 634) (2 349 699)
Loan payable written off 2 821 209 -
Operating loss before interest (10 231 421) (4 112 703)
Net interest paid (1 870 884) (1 380 631)
Net loss for the year (12 102 305) (5 493 334)
Actual number of shares in issue 203 384 981 180 000 000
Weighted average number of
shares in issue 191 711 411 180 000 000
Headline loss per share (cents) (7,78) (3,05)
Loss per share (cents) (6,31) (3,05)
Reconciliation of headline loss:
Attributable loss (12 102 305) (5 493 334)
Loan payable written off 2 821 209 -
Headline loss (14 923 514) (5 493 334)
Abridged Statement of Changes in Equity
Balance at beginning of year 10 743 335 16 236 669
Net loss for the year (12 102 305) (5 493 334)
Issue of share capital 6 313 945 -
Balance at end of year 4 954 975 10 743 335
ABRIDGED Balance Sheet
Reviewed Audited
30 June 2002 30 June 2001
R R
ASSETS
Non-current assets 27 208 464 26 756 925
Current assets 945 977 1 544 178
Total assets 28 154 441 28 301 103
EQUITY AND LIABILITIES
Capital and reserves 4 954 975 10 743 335
Equity loans 14 316 206 5 461 179
19 271 181 16 204 514
Non-current liabilities 4 409 707 5 277 697
Current liabilities 4 473 553 6 818 892
Total equity and liabilities 28 154 441 28 301 103
Net asset value per share (cents) 2,44 5,97
Abridged Cash Flow Statement
Cash outflow from exploration activities (9 041 464) (3 429 305)
Cash outflow from investing activities (2 232 089) (4 397 921)
Cash inflow from financing activities 11 649 670 6 344 116
Increase/(Decrease) in cash and
cash equivalents 376 117 (1 483 110)
Net cash and cash equivalents
at beginning of year (1 269 192) 213 918
Net cash and cash equivalents
at end of year (893 075) (1 269 192)
STATEMENT OF CHANGES IN EQUITY
Share capital and Accumulated
share premium loss Total
R R R
Balance at 30 June 2000 28 878 523 (12 641 854) 16 236 669
Net loss for year - (5 493 334) (5 493 334)
Balance at 30 June 2001 28 878 523 (18 135 188) 10 743 335
Issue of share capital 6 313 945 - 6 313 945
Net loss for year - (12 102 305) (12 102 305)
Balance at 30 June 2002 35 192 468 (30 237 493) 4 954 975
COMMENTS
Introduction
The Company herewith publishes its Preliminary Results for the year ended 30
June 2002.
Mining operations ceased during the year under review and the Company has been
on a care and maintenance programme since.
The Transaction
Shareholders are referred to the detailed announcement by Mazal published on the
Securities Exchange News Service ("SENS") on 5 December 2002 and in the press on
6 December 2002. Shareholders were advised that an agreement had been concluded
which, inter alia, includes a name change (the "name change") and incorporates
the following:
* An issue of Mazal ordinary shares for cash to Hopkinton Capital Limited
("Hopkinton") (the "new shares");
* An issue of an option by Mazal to Hopkinton (the "option");
* The purchase by Hopkinton of Mazal ordinary shares from certain major
shareholders;
* Conversion of loans by certain major shareholders to Mazal ordinary shares
(the "loan shares"); and
* The creation and issue of preference shares to certain major shareholders
(collectively referred to as "the transaction")
Salient Dates of the transaction
2003
Last day for lodging form of proxy for the
general meeting at 09:15 on Thursday, 27 February
General meeting of Mazal shareholders at 09:15 on Friday, 28 February
Results of general meeting published on SENS on Friday, 28 February
Results of general meeting published in the press on Monday, 3 March
Last day to trade in terms of the name change Friday, 7 March
Suspension lifted and shares will trade in the
proposed new name from Monday, 10 March
Surrender circular to be posted in terms of the
name change Monday, 10 March
Record date for name change Friday, 14 March
Share certificates in the new name will be posted
to certificated shareholders who have surrendered
their documents of title together with the completed
form of surrender on Monday, 17 March
Dematerialised shareholders will have their safe
custody accounts at their CSDP or broker updated on Monday, 17 March
New shares and the loan shares to be listed on Monday, 17 March
No share certificates in the name of Mazal will be dematerialised or
rematerialised after Friday, 7 March 2003.
A circular incorporating revised listing particulars setting out full details of
the transaction is being posted to shareholders on Thursday, 6 February 2003.
Going Concern
The ability of the Group to continue as a going concern is dependent on the
successful implementation of the transaction referred to above, including the
exercise of the option afforded to Hopkinton in terms of the transaction.
Audit Review
The year end financial results have been reviewed in terms of rule 2.3 of the
JSE Securities Exchange SA Listings Requirements by the Group`s auditor Charles
Orbach & Company. In their review report they have drawn attention to the
directors` statement relating to going concern. The review report is available
for inspection at the Company`s registered office.
These preliminary results have been prepared in accordance with South African
Statements of Generally Accepted Accounting Practice. The accounting policies
applied are consistent with those applied in the annual financial statements for
the year ended 30 June 2001.
By order of the Board
C P Dollery S Nachom
Chairman Director
Johannesburg
6 February 2003
Transfer secretaries Registered office
Computershare Investor Services Limited 261 Oxford Road
70 Marshall Street Illovo, 2196
Johannesburg, 2001 (PO Box 15991
(PO Box 61051 Doornfontein, 2028)
Marshalltown, 2107)
Sponsor
Sasfin Bank Limited
(Registration number 1951/002280/06)
Attorneys
DAVID LEVITHAN
Auditors and reporting accountants
Charles Orbach & Company
Chartered Accountants (SA) Registered Accountants & Auditors
Date: 06/02/2003 02:51:07 PM Produced by the JSE SENS Department
