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Petra Mining Limited - Unaudited Interim Results For The Six Months Ended
Release Date: 19/02/2004 12:23:06 Code(s): PET
PETRA MINING LIMITED - UNAUDITED INTERIM RESULTS FOR THE SIX MONTHS ENDED
31 DECEMBER 2003, SPECIFIC ISSUE OF SHARES FOR CASH
AND FURTHER CAUTIONARY ANNOUNCEMENT
Petra Mining Limited
(Registration number 1972/001062/06)
(Incorporated in the Republic of South Africa)
JSE share code: PET
ISIN: ZAE000010237
("Petmin" or "the company")
UNAUDITED INTERIM RESULTS FOR THE SIX MONTHS ENDED 31 DECEMBER 2003, SPECIFIC
ISSUE OF SHARES FOR CASH AND FURTHER CAUTIONARY ANNOUNCEMENT
Abridged Income Statement
Unaudited Audited
Six months year
ended ended
31/12/03 31/12/02 30/06/03
R"000 R"000 R"000
Turnover 1 617 10 942 14 966
Net operating profit 727 400 11 416
Exceptional item - 517 709 514 271
Net profit before taxation 727 518 109 525 687
Taxation (note ) 218 64 238 67 499
Net profit after taxation 509 453 871 458 188
Earnings and dividend per
ordinary share
Shares in issue (millions) 80 80 80
Earnings per share
Net profit attributable to 509 453 871 458 188
ordinary shareholders (R"000)
Earnings per share (cents) 0.6 567.3 572.7
Headline earnings per share
Net profit attributable to 509 453 871 458 188
ordinary shareholders (R"000)
Exceptional item (R"000) - (517 709) (514 271)
Capital gains taxation (R"000) - 6 471 6 428
Secondary taxation on companies - 57 647 57 647
(R"000)
509 280 7 992
Headline earnings per share 0.6 0.36 9.99
(cents)
Dividends paid per share
Dividends paid (R"000) - 472 000 472 000
Dividends paid per share - 590 590
(cents)
Abridged Balance Sheet
Unaudited Audited
31/12/03 31/12/02 30/06/03
R"000 R"000 R"000
Assets
Non-current assets
Investments 0 0 0
Current assets 27 640 194 952 37 478
Trade and other receivables 672 972 673
Cash resources 26 968 193 980 36 805
Total assets 27 640 194 952 37 478
Equity and liabilities
Capital and reserves 26 901 123 275 26 392
Issued share capital 20 000 20 000 20 000
Share premium 87 101 287 87
Non-distributable reserve 6 000 6 000 6 000
Retained earnings 814 (4 012) 305
Current Liabilities 739 71 677 11 086
Trade and other payables 520 7 439 1 233
Taxation (note 3) 219 64 238 9 853
Total equity and liabilities 27 640 194 952 37 478
Abridged Cash Flow Statement
Unaudited Audited
Six months year
ended ended
31/12/03 31/12/02 30/06/03
R"000 R"000 R"000
Net cash flows from operating (9 837) (458 662) (612 442)
activities
Net cash flows from investing 0 652 642 649 247
activities
Net movement in cash (9 837) 193 980 36 805
Cash at beginning of 36 805 0 0
period/year
Cash at end of period/year 26 968 193 980 36 805
Abridged Statement of Changes in Equity
Share Share Retained
capital premium Reserves earnings Total
Balance at 31 20 000 101 287 6 000 (4 012) 123 275
December 2002
Balance at 30 20 000 87 6 000 305 26 392
June 2003
Balance at 20 000 87 6 000 305 26 392
1 July 2003
- Net profit for - - - 509 509
the period
- Dividends paid - - - - -
Balance at 20 000 87 6 000 814 26 901
31 December 2003
COMMENTS
Outlook
Following the offer to shareholders and the annual general meeting where four
new directors were appointed to the board of Petmin, Midnight Storm Investments
34 (Pty) Ltd has become the new controlling shareholder of Petmin together with
PSG Capital Limited, who will have a 20% strategic interest in the company.
As stated in the announcement to shareholders on 18 November 2003, the company
intends to refocus its business and to create shareholder value by pursuing
mining exploration and development projects in which:
* Emerging previously disadvantaged entrepreneurs, including woman,
participate in a substantial and meaningful way;
* The full set of criteria contained in the Mining Charter Scorecard are
pursued progressively; and
* Access to international equity capital is optimally leveraged to enhance
project economics.
The company is currently reviewing certain specific projects that might meet
these criteria, and appropriate announcements will be made in due course.
Specific Issue Of Shares For Cash
At the annual general meeting of the company held on 30 January 2004, the
requisite majority of shareholders approved an ordinary resolution authorising
the directors to issue up to 20,0 million shares to PSG Capital Limited in
accordance with the Listings Requirements of the JSE Securities Exchange South
Africa. ("the JSE").
The directors have now resolved to issue 17,0 million par value ordinary shares
at 30 cents each to PSG Capital Limited, thereby raising R 5,1 million. The
price of 30 cents per share is equivalent to the price offered to shareholders
in terms of the offer to shareholders dated 12 December 2003. The 17,0 million
new shares represents a 21,25 percent increase in the issued share capital of
the company, and accordingly the following disclosure is made in terms of
section 11.20 of the JSE Listings Requirements.
Authorised And Issued Share Capital
Authorised R 000"s
120 000 000 ordinary shares with a par value of 25 cents 30 000
each
Issued before this issue
80 000 000 ordinary shares with a par value of 25 cents 20 000
per share
In issue after this issue
97 000 000 ordinary shares with a par value of 25 cents 4 250
per share
Share premium account
Before the issue 87
Share premium raised on this issue 850
Total issued share capital and share premium after the 25 187
issue
Financial Effects
The table below sets out the unaudited pro forma financial effects on earnings,
headline earnings, net tangible asset value and net asset value per share of
Petmin after the share issue on the interim results for the six months ended 31
December 2003. The unaudited pro forma financial effects are provided for
illustrative purposes only. Because of their nature, the unaudited pro forma
financial effects may not give a fair reflection of Petmin"s financial position
at 31 December 2003 after the proposed transaction, or the effect on future
income.
Pro forma
Actual "after the Percentage
"before" share issue" Change
Per share (cents) (1) (cents) (2) (%)
Earnings basic (3) 0,64 0,67 4,7
Headline earnings basic (3) 0,64 0,67 4,7
Net tangible asset value (4) 33,63 32,99 (1,9)
Net asset value (4) 33,63 32,99 (1,9)
Number of shares in issue 80,000 97,000
Notes:
1. Extracted from the unaudited interim financial statements of Petmin for the
six months ended 31 December 2003.
2. Unaudited pro forma financial effects of the issue of 17 million shares at
30 cents each.
3. In relation to the the pro forma earnings and headline earnings per share,
it is assumed that:
(a) the proposed transaction was effective 1 July 2003; and
(b) the interest was earned on the proceeds from the share issue at an
after tax rate of 7,5%.
4. In relation to the net tangible asset value and net asset value per share,
it is assumed that the proposed transaction was effective on 31 December
2003.
Listing Of The New Shares
The JSE has granted a listing of the new shares with effect from the
commencement of business on Monday, 23 February 2004.
Comparative Figures
The comparative figures show the sale of Petmin"s operating subsidiary, which
was sold effective 30 September 2002, as an exceptional item. The current period
results disclose the results of the operations of Petmin as a cash company with
only interest earned, and which has resulted in the large decrease in earnings
per share between the current period and the comparative period.
Accounting Policies
These results have been prepared according to the historical cost accounting
convention and have been prepared in accordance with South African Statements of
Generally Accepted Accounting Practice. The methods of computations and
accounting policies are consistent with those applied in previous periods.
Further Cautionary
Petmin currently remains a cash company in terms of the JSE Listings
Requirements. Shareholders are therefore advised to exercise caution in dealing
in their securities until a further announcement is made.
On behalf of the board
P J NelD H Warmenhoven
Non-Executive Chairman Chief Executive Officer
18 February 2004
Directors:
PJ Nel (Non-executive chairman), D H Warmenhoven (Chief executive officer),
JA Strijdom, JPMabena, L Mogotse, E de VGreyling.
Registered Office:
Parc Nouveaux,
First Floor, Block C,
225 Veale Street,
Brooklyn, Pretoria.
(POBox 9446, Pretoria, 001)
Secretary and sponsor:
River Sponsors (Pty)Limited
Transfer Secretaries:
Computershare Limited,
70 Marshall Street,
Marshalltown
PO Box 1053,Johannesburg 2000
Auditors:
PriceWaterhouseCoopers Inc,
32 Ida Street,
Menlo Park, Pretoria
P.O. Box 35296,
Menlo Park, 0120
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