SAMROC - Posting Of Annual Report And No Change An
SAMROC - Posting Of Annual Report And No Change Announcement
SA MINERAL RESOURCES CORPORATION LIMITED
(INCORPORATED IN THE REPUBLIC OF SOUTH AFRICA)
(REGISTRATION NUMBER 1993/000460/06)
SHARE CODE: SAM ISIN: ZAE000012019
(`SAMROC` OR `THE COMPANY`)
POSTING OF ANNUAL REPORT AND NO CHANGE ANNOUNCEMENT
Shareholders are advised that the annual report of the company was posted to
shareholders on 24 December 2004. The annual report contains no modifications to
the reviewed results for the period ended 30 June 2004 as announced on 14
October 2004.
The financial information set out in the annual report has been audited by
Samroc`s auditors, Moore Stephens MWM who issued a modified audit opinion
relating to the going concern status of Samroc. The company experienced a cash
crisis in the latter half of the financial year, which resulted in an inability
to meet its capital commitments towards the Industrial Development Corporation
Limited (`IDC`). Golden Valley Mines Limited (`GVM`) entered into a cession and
delegation agreement with the IDC in terms of which GVM would acquire all of
Samroc`s debt from the IDC. GVM has advised the company that it intends to
propose a capital restructuring program which would recapitalise the company and
significantly reduce its debt burden.
The modified audited opinion is available for inspection at the company`s
registered office.
Notice is given that the Annual General Meeting of the company will be held in
the board room at Nimag House, Pinewood Office Park, 33 Riley Street, Woodmead
on 21 January 2004 at 10:00 to transact business as stated in the notice of
Annual General Meeting forming part of the annual report.
Irene
17 January 2005
Sponsor:
Sasfin Corporate Finance
A division of Sasfin Bank Limited
Date: 17/01/2005 12:21:04 PM
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