| Thu 26 May 2005, 17:04 | | Abridged revised listing statement |
|
Afgem - Announcement regarding:
- abridged revised listing statement;
- the proposed acquisition of diamond-mining businesses;
- the specific issue of shares for cash and grant of option to an
existing shareholder;
- the introduction of black economic empowerment shareholders;
- the increase in authorised share capital; and
- change of name.
African Gem Resources Limited
(Incorporated in the Republic of South Africa)
(Registration number 1998/007292/06)
JSE code: AFG ISIN: ZAE 000025540
(`Afgem` or `the Company`)
to be renamed Afgem Limited
Announcement regarding:
- abridged revised listing statement;
- the proposed acquisition of diamond-mining businesses;
- the specific issue of shares for cash and grant of option to an existing
shareholder;
- the introduction of black economic empowerment shareholders;
- the increase in authorised share capital; and
- change of name.
1. INTRODUCTION
1.1 African Gem Resources (Proprietary) Limited was incorporated in South
Africa as a private company on 17 April 1998. On 14 September 1998 it was
converted into a public company. Its name was changed to African Gem Resources
Limited and its registration number was changed from 1998/007292/07 to
1998/007292/06. In December 1998, Afgem was successful in bidding for the
assets and mining rights of the Merelani Tanzanite Mine, representing
approximately two-thirds of the world`s known resource of tanzanite. In August
2000, the entire issued share capital of Afgem was listed on the JSE
Securities Exchange South Africa (`the JSE`). At an Afgem shareholders`
meeting held on Friday, 21 May 2004, shareholders approved the disposal by
Afgem of its tanzanite business, resulting in Afgem becoming a cash shell.
Management has been actively pursuing alternative investment opportunities for
the Company in the diamond-mining industry. The acquisition, described below,
provides the Company with a suitable opportunity to enter the diamond-mining
sector and to apply its expertise and experience gained during the period the
Company owned and managed its tanzanite business.
1.2 It was announced on SENS on Friday, 6 August 2004 that Afgem had,
subject to the fulfilment of certain conditions precedent, entered into an
agreement with Rex Corporation, Rex Mining, Multi Diamond Mine, Cyrus Diamond
Mine and Carbon Leader (`the Sellers`) in respect of the acquisition (`the
acquisition`) by Afgem of the entire issued share capital of and claims on
loan accounts against Bellsbank Consolidated Diamond Mine (Proprietary)
Limited (`Bellsbank Diamond Mine`), Loxton Exploration (Proprietary) Limited
(`Loxton Diamond Mine`) and Rex Diamond Corporation (Proprietary) Limited
(`Rex Diamond Mine`) (collectively referred to as `the Mining Companies`), as
well as entering into the management agreement and the loan agreement, as
described below.
1.3 Furthermore, the Company announced on Thursday, 31 March 2005 on SENS
and on Friday, 1 April 2005 in the press that it was in negotiations with
certain black economic empowerment parties to acquire a significant stake in
the Company. This announcement sets out the details of the acquisition, an
empowerment agreement entered into by Afgem, an `equity line of credit`
provided by an existing shareholder to Afgem and the proposed change of the
Company`s name from African Gem Resources Limited to Afgem Limited (`the
transactions`).
2. ABRIDGED REVISED LISTING STATEMENT AND GENERAL MEETING
This announcement is a summary of the full revised listing particulars and has
been prepared and issued pursuant to the listing of Afgem Limited on the JSE.
It contains the salient features of the revised listing particulars, forming
part of the circular to ordinary shareholders, dated 26 May 2005 (`the
circular`), which should be read in its entirety for a full appreciation
thereof. Copies of the circular may be obtained during normal business hours
from the offices of the Company, 3rd floor, 10 Melrose Boulevard, Melrose
Arch, Melrose North, Johannesburg, 2196. This abridged revised listing
statement is not an invitation to the public to subscribe for securities, but
is issued in compliance with the Listings Requirements of the JSE, for the
purpose of providing information to the public with regard to the Company.
The circular will be mailed to shareholders today, containing a notice
convening a general meeting of shareholders to be held at the offices of the
Company, at 10:00 on Friday, 17 June 2005, at which meeting the special and
ordinary resolutions required to implement the acquisition, the equity line of
credit, the BEE transaction and the change of name will be proposed for
consideration and, if deemed fit, approved with or without modification.
3.THE ACQUISITION
3.1 Details and terms
The Company has entered into a sale of shares agreement, subject to the
conditions precedent set out below in paragraph 3.2, with the Sellers to
acquire the entire issued share capital of and claims on loan accounts against
the Mining Companies for a consideration of approximately R60 million. The
purchase consideration shall be discharged as follows:
- R2,5 million thereof in cash which shall be set-off against R2,5 million of
the amount that is owed to the Company by Rex Mining in terms of the loan
agreement detailed in paragraph 3.4 below;
- R25 million thereof through the issue of 50 million ordinary shares in the
Company at 50 cents each; and
- the balance by paying Rex Mining four percent of the gross revenue on rough
diamond sales of the Mining Companies for the period commencing on 1 January
2006 and ending on 31 December 2021, to which a net present value of
approximately R32,5 million has been attributed using a discount rate of
12,5%.
3.2 Conditions precedent
The implementation of the sale of shares agreement is subject to the approval
by the shareholders of Afgem in general meeting and the approval of the
continued listing of Afgem on the JSE. The approval of the continued listing
of Afgem is, in turn, subject to Afgem furnishing to the JSE the following
documents before the date of the general meeting (after which submission Afgem
will release an announcement on SENS and publish an announcement by Wednesday,
15 June 2005):
- unqualified audit reports in respect of the balance sheets of the Mining
Companies as at 31 March 2005;
- an unqualified audit report in respect of Afgem for the 15 months ended 31
March 2005; and
- a report of the revised pro forma financial information of the combined
entities of Afgem and the Mining Companies based on the aforementioned
audited results of Afgem and the Mining Companies.
3.3 The Mining Companies
The Mining Companies comprise of the following:
- Loxton Diamond Mine, located 80km north-northwest of Kimberley in the
Northern Cape Province in South Africa;
- Bellsbank Diamond Mine, located 100km north-northwest of Kimberley in the
Northern Cape Province in South Africa; and
- Rex Diamond Mine, located 40km south of Welkom and 14km north of Theunissen
in the Free State Province in South Africa.
Full details of the Mining Companies are set out in the circular. New articles
of association in respect of the Mining Companies, conforming to Schedule 10
of the Listings Requirements of the JSE, will be adopted and submitted to the
JSE.
3.4 Loan Agreement
The Company has entered into an agreement with, inter alia, the Sellers to
lend R5 million to Rex Mining. The key terms of the loan agreement include:
- the loan bears no interest;
- save in certain specified circumstances, the loan is repayable to the
Company within five business days` written notice, which notice may be given
only after the first anniversary of the signing of the loan agreement,
namely 5 August 2005; and
- Rex Corporation stands as surety for the loan amount and security has been
furnished in the form of the pledge of the entire issued share capital of
Loxton Diamond Mine, Rex Diamond Mine and Bellsbank Diamond Mine, as well as
the cession of the loan accounts in the Mining Companies. In addition, Rex
Corporation will pledge all of the 50 000 000 shares that it receives
pursuant to the implementation of the acquisition as security for its
obligation under the loan agreement.
3.5 Management agreement
The Company has entered into an agreement with, inter alia, Rex Corporation
and Loxton Diamond Mine to act as manager of Loxton Diamond Mine. The key
terms of the management agreement are that:
- the Company is to second such employees of Afgem to Loxton Diamond Mine
which will enable the Company to fulfil its obligations under the management
agreement;
- Loxton is to pay Afgem a monthly fee of R1 million for the management
services rendered by the Company in terms of the management agreement;
- the management agreement shall continue until 20 June 2005 whereafter it may
be terminated by any party giving not less than five business days` written
notice; and
- the management agreement is conditional upon the sale of shares agreement
being entered into, which condition has been met.
3.6 Commission
Upon fulfilment of the conditions precedent set out in paragraph 3.2 above,
the Company will issue 10 800 000 ordinary shares to Lodestar (Proprietary)
Limited (an independent business broker unrelated to Afgem, the Sellers and
the Mining Companies) at an issue price of 50 cents each as payment of
commission in respect of the introduction of the acquisition to Afgem.
4. THE BEE TRANSACTION
4.1 Background
For companies mining and/or exploring in South Africa, it is a business
imperative, and indeed a social imperative, to embrace the Mining Charter and
create an enabling environment for the empowerment of Historically
Disadvantaged South Africans (`HDSAs`). Ownership of mining industry assets by
HDSAs is one of the objectives of the Mining Charter, and to this end the
Company has entered into the proposed BEE transaction.
4.2 Details and terms
The Company has reached agreement (`the BEE agreement`) with the trustees of
the BEE Trust to conclude an empowerment transaction that will result in the
BEE Consortium acquiring for cash, through Newco, redeemable preference shares
which, after the BEE issue and the acquisition but before the possible
implementation of the equity line of credit, will represent 26,0% of the total
(ordinary and preference) issued share capital of the Company.
Newco will subscribe for 72 307 306 redeemable preference shares at 0,001 cent
per share, in cash (`the BEE specific issue`). The salient features of the
redeemable preference shares are:
Issue price 0,001 cent per redeemable preference share in cash.
Dividend Non-cumulative preferential cash dividend ranking in
priority to any dividend declared in respect of any
Afgem ordinary shares.
The dividend is calculated on the subscription price of the
redeemable preference shares at a rate of 1% per annum (a
total dividend of R7,23 per annum).
Options
- Option Each redeemable preference share confers on its holder
the right and option to subscribe for one new ordinary
share at the option strike price(`the option`).
- Option period Options may be exercised in lots of 1000 only at certain
and option specified times during the option period namely in the
exercise dates 15 business days before each of 1 March, 1 June,
1 September or 1 December of each year of the option
period or if that day is not a business day, the
immediately succeeding business day, which day immediately
follows the receipt of the notice in terms of which the
options are exercised or by the board; or if that day
falls within an Afgem `closed period` defined as such in the
Listings Requirements of the JSE, the first business day
immediately following expiry of the relevant closed period.
- Option strike The option strike price is 50 cents per redeemable
price preference share payable in cash.
- Lapse of Options not exercised by the fifth anniversary of the
options date of issue will lapse and the underlying preference
shares will be redeemed in cash at their issue price.
- Listing of The Company will apply for the listing on the JSE of the
shares issued ordinary shares issued pursuant to the exercise of the
pursuant to options
the exercise
of the options.
Redemption
- Redemption The redeemable preference shares shall be automatically
dates redeemed subject to compliance with the requirements of the
Companies Act, on the date in respect of the options which
have been exercised or at the expiry of the option period
on the fifth anniversary of the date of issue when the
options lapse on the basis that:
- if an option is exercised, then the underlying redeemable
preference share shall be automatically redeemable on the
date upon which the relevant ordinary shares are issued
to the holder of the relevant redeemable preference
shares;or
- if the option lapses, the underlying redeemable
preference share shall be automatically redeemed on the
date the option lapses which shall occur at the
expiry of the option period.
- Redemption Redeemable by the Company at 0,001 cent per redeemable
price preference share in cash.
Transfer of The redeemable preference shares can only be
redeemable transferred to HDSAs with the prior approval of the board.
preference The board shall only be entitled to refuse to approve the
shares transfer of a redeemable preference share if the board is
not satisfied that the transferee is a person who is an HDSA
and reasonably acceptable to the board.
Ranking pari Save for the special rights attaching to the preference
passu with shares (as regards redemption and the options), each
redeemable redeemable preference share shall rank pari passu
Afgem ordinary with each ordinary share in all respects and in particular
shares holders shall have the same rights as the holders of Afgem
ordinary shares as regards voting, notices, rights issues,
capital distributions and any restructuring of the
Company and/or its capital. For the avoidance of doubt,
the redeemable preference shares:
- shall participate in capital distributions of the Company,
but limited to their par value; and
- shall not participate in any ordinary dividends of
the Company.
4.3 The BEE Consortium and BEE Trust
Newco will be wholly-owned by the BEE Trust, which is in the process of being
registered. The initial beneficiaries of the BEE Trust will be the HDSA
employees of Afgem and its subsidiaries, comprising 250 HDSA staff members
currently working at the Loxton Diamond Mine. To broaden the participation by
HDSA`s in the equity of Afgem, the BEE Trust will in turn sell certain of its
shares in Newco to members of the BEE Consortium. The BEE Consortium is in the
process of being assembled, will be broad-based and presently consists of
Simeka Mining Consortium, which has been mandated by Afgem to procure the
establishment of the BEE Consortium. Following the establishment of the BEE
Consortium, the beneficiaries of BEE Trust will be the HDSA staff members of
Afgem and its subsidiaries, and the members of the BEE Consortium.
The participation of HDSA employees of Afgem and its subsidiaries is subject
to a minimum of 3% of Newco. Simeka Mining Consortium will own 54% of the
shares in Newco. Accordingly, Newco will be under the control of Simeka Mining
Consortium.
The trustees of the BEE Trust will be Mr Robinson Ramaite (representing Simeka
Mining Consortium), Mr Chris Boulle (non-executive director of Afgem) and Mr
Lemo Pitsoe (Afgem`s general manager of the Loxton Diamond Mine). The trustees
of the BEE Trust will vote the Newco shares owned by the HDSA employees of
Afgem and its subsidiaries, as well as any Newco shares that have not yet been
sold to members of the BEE Consortium. Because the redeemable preference
shares in Afgem are held by Newco, Simeka Mining Consortium will effectively
control the voting of the redeemable preference shares, representing 26% of
the enlarged share capital of Afgem after the BEE specific issue.
4.4 Conditions precedent
The implementation of the BEE transaction is subject to the fulfilment of the
following suspensive conditions:
- that the signed BEE agreement become unconditional in accordance with their
terms; and
- that the special and ordinary resolutions are passed by the requisite
majority of Afgem shareholders in general meeting to approve the BEE
transaction.
5. INCREASE IN AUTHORISED SHARE CAPITAL
In order to issue ordinary shares pursuant to the redemption of the redeemable
preference shares, as contemplated in paragraph 4.2 above, to facilitate the
implementation of the equity line of credit, as described below, and to enable
the Company to acquire new assets or raise new capital in future, it is
proposed that the authorised share capital of the Company is increased from
250 000 000 ordinary shares of 0,001 cent each to 500 000 000 ordinary shares
of 0,001 cent each by the creation of 250 000 000 new ordinary shares of 0,001
cent each to rank pari passu in all respects with all existing ordinary shares
in the share capital of the company.
6. THE EQUITY LINE OF CREDIT
Afgem may require funding in order to develop and conduct its mining
operations. Firebird Asset Management LLC, a shareholder that held 12,4% of
the issued share capital of Afgem at the last practicable date before posting
the circular (`the last practicable date`), agreed to provide such funding by
way of an `equity line of credit` in the amount of approximately USD1 million
by way of subscription for shares in Afgem. In this regard, the directors
propose the following as part of the equity line of credit:
- a specific issue of a maximum of 6 000 000 ordinary shares for cash within
three months from the date of approval of the acquisition by shareholders at
the general meeting at an issue price of 46 cents per Afgem share
(representing a premium of 50,4% to the 30-day volume-weighted trading price
of Afgem shares on the JSE at the last practicable date) at the election of
the directors of Afgem (i.e. Afgem has a put option); and
- the grant of an option to Firebird to subscribe for a maximum of 6 000 000
ordinary shares for cash at an issue price of 47,5 cents per Afgem share
(representing a premium of 55,3% to the 30-day volume-weighted trading price
of Afgem shares on the JSE at the last practicable date), which option shall
expire on the date of the annual general meeting of Afgem in respect of the
year ending 31 March 2006 (i.e. Firebird has a call option).
7. EFFECT ON CONTROL
The transactions will have no effect on the direct or indirect control of
Afgem.
8. CHANGE OF NAME
It is proposed to change the name of the Company to Afgem Limited. If approved
by shareholders, the change of name will be effective on the JSE with effect
from the commencement of trade on Monday, 4 July 2005 under the abbreviated
name `Afgem` and share code AFG in the `Mining - Diamond` sector of the JSE
and the ISIN will be changed to ZAE000067757. The rationale for this name
change is that the Company has become better known in the market by its short
name, namely Afgem.
9.UNAUDITED PRO FORMA FINANCIAL EFFECTS
Set out in the tables below are the un-audited pro forma net asset value and
net tangible asset value per share of the various transactions. The unaudited
pro forma net asset value and net tangible asset value per share are presented
for illustrative purposes only and, because of their nature, may not give a
fair reflection of the Company`s financial position after the transactions.
The JSE has agreed for the Company to not include pro forma earnings and
headline earnings per share of the transactions due to the incompleteness of
the historical financial records of the Mining Companies, as described in the
circular.
9.1 The table below illustrates the unaudited pro forma effects of the
acquisition (including the payment of the commission to Lodestar) on the
reviewed financial statements of Afgem for the twelve months ended 31 December
2004 (after the sale of the tanzanite business). The unaudited pro forma net
asset value and net tangible asset value per share have been calculated
assuming that the acquisition took place at 31 December 2004.
Before the After the
acquisition acquisition %
(cents)(1) (cents)(2) change
Net asset value and net
tangible asset value per share 16.94 23.41 38.2
Number of shares in issue (`000) 143 798 204 598 42.3
Notes:
1. The `Before the acquisition` net asset value and net tangible asset value
per share have been calculated based on the reviewed financial statements of
Afgem at 31 December 2004.
2. The `After the acquisition` net asset value and net tangible asset value
per share have been adjusted to include the at acquisition unaudited pro forma
consolidated balance sheet of the Mining Companies adjusted for certain
revaluations and consolidation entries.
9.2 The table below illustrates the unaudited pro forma effects of the BEE
specific issue and exercise of the option on the reviewed financial statements
of Afgem for the twelve months ended 31 December 2004 (after the sale of the
tanzanite business). The pro forma net asset value and net tangible asset
value per share have been calculated assuming that the BEE specific issue and
exercise of the option took place at 31 December 2004.
Before the After the
BEE specific BEE specific
issue and the issue and the
exercise of exercise of
the options the options %
(cents)(1) (cents)(2) change
Net asset value and net tangible
asset value per share 16.94 28.00 65.3
Number of shares in issue (`000) 143 798 216 105 50.3
Notes:
1. The `Before the BEE specific issue and the exercise of the options` net
asset value and net tangible asset value per share have been calculated based
on the reviewed financial statement of Afgem at 31 December 2004.
2. The `After the BEE specific issue and the exercise of the options` net
asset value and net tangible asset value per share have been adjusted to
include the increase in cash received and shareholders` interest as a result
of the BEE specific issue and the exercise of the options.
9.3 The table below illustrates the unaudited pro forma effects of the
equity line of credit on the reviewed financial statements of Afgem for the
twelve months ended 31 December 2004 (after the sale of the tanzanite
business). The pro forma net asset value and net tangible asset value per
share have been calculated assuming that the equity line of credit took place
at 31 December 2004.
Before the After the
equity line equity line
of credit of credit %
(cents)(1) (cents)(2) change
Net asset value and net
tangible asset value per share 16.94 19.24 13.6
Number of shares in issue (`000) 143 798 155 798 8.3
Notes:
1. The `Before the equity line of credit` net asset value and net tangible
asset value per share have been calculated based on the reviewed financial
statement of Afgem at 31 December 2004.
2. The `After the equity line of credit` net asset value and net tangible
asset value per share have been adjusted to include the increase in cash
received and shareholders` interest as a result of the equity line of credit.
(for details of the adjustments, please refer to Annexure 6 of the circular.
9.4 The table below illustrates the unaudited pro forma effects of the
transactions on the reviewed financial statements of Afgem for the twelve
months ended 31 December 2004 (after the sale of the tanzanite business). The
pro forma net asset value and net tangible asset value per share have been
calculated assuming that the transactions took place at 31 December 2004.
Before the After the
transactions transactions %
(cents)(1) (cents)(2) change
Net asset value and net
tangible asset value per share 16.94 31.03 83.2
Number of shares in issue (`000) 143 798 288 905 100.9
Notes:
1. The `Before the transactions` net asset value and net tangible asset value
per share have been calculated based on the reviewed financial statement of
Afgem at 31 December 2004.
2. The `After the transactions` net asset value and net tangible asset value
per share have been adjusted to include the increase in cash received and
shareholders` interest as a result of the BEE specific issue and exercise of
the options, the equity line of credit and the `at acquisition` unaudited pro
forma consolidated balance sheet of the Mining Companies
10. SHARE CAPITAL
The share capital and premium of the Company after the transactions and the
exercise of the options are summarised as follows:
R
Authorised
500 000 000 ordinary shares of 0,001 cents each 5 000
72 307 306 redeemable cumulative preference shares of
0,001 cent each 723
Issued
288 905 023 ordinary shares of 0,001 cent each 2 889
- redeemable cumulative preference shares
of 0,001 cent each -
Share premium
account 73 784 873
73 787 762
11. FAIR AND REASONABLE OPINIONS
In terms of paragraph 5.53 (b) of the Listings Requirements, a fair and
reasonable opinion from an independent expert is required, detailing whether
the terms and conditions of the BEE transaction and the equity line of credit
are fair and reasonable to Afgem`s shareholders. The Afgem board of directors
appointed PKF (Jhb) Inc. to provide such opinions on the fairness and
reasonability of the BEE transaction and the equity line of credit. PKF (Jhb)
Inc. has advised that it has considered the terms of the BEE transaction and
the equity line of credit, and that it is of the opinion that the BEE
transaction and the equity line of credit are fair and reasonable to
shareholders.
12. DIRECTORS
The full names, ages, qualifications, business addresses at which they can be
contacted and occupations of the directors of the Company are as follows:
Keith Rayner (48); CA (SA); Chairman; 3rd Floor, 10 Melrose Boulevard,
Melrose Arch, Melrose North, Johannesburg, 2196
Mike Nunn (44); Chief Executive Officer; 3rd Floor, 10 Melrose
Boulevard, Melrose Arch, Melrose North, Johannesburg, 2196
Mark Summers (34); CA (SA); Chief Financial Officer; 3rd Floor, 10
Melrose Boulevard, Melrose Arch, Melrose North, Johannesburg, 2196
Ami Mpungwe (52); Honours: International Relations and Political
Science, Diploma in International Law; Non-Executive Director; 3rd Floor, 10
Melrose Boulevard, Melrose Arch, Melrose North, Johannesburg, 2196
Chris Boulle (33); B Com, LLM, Masters in Tax Law; Non-Executive
Director; Kentgate, 64 Kent Road, Dunkeld, 2196
13. SALIENT DATES AND TIMES
2005
Circular posted to shareholders Thursday, 26 May
Last day to lodge forms of proxy for the
general meeting, by 10:00 on Wednesday, 15 June
General meeting of shareholders to be held at 10:00 on Friday, 17 June
Results of the general meeting to be
released on SENS before the close
of business on Friday, 17 June
Results of the general meeting to be published
in the South African press on Monday, 20 June
Expected date of issue of new ordinary
shares on or about Tuesday, 21 June
Last date to trade under the old name
`African Gem Resources Limited` Friday, 1 July
Change of name effective from close of business on Friday, 1 July
Trade under the new name `Afgem Limited`
from commencement of trading on Monday, 4 July
Record date Friday, 8 July
New share certificates reflecting the
change of name posted by registered
post to Afgem certificated shareholders
who have surrendered their documents
of title on or before the close of business
on the record date (see note 3 below) Monday, 11 July
Dematerialised shareholders` safe
custody accounts updated with the new
name by their CSDP or broker Monday, 11 July
NOTES:
1. The above dates and South African times are subject to change. Any
changes will be released on SENS and published in the South African press.
2. Shareholders will not be able to dematerialise or rematerialise their
securities in the old name of African Gem Resources Limited after Friday, 1
July 2005
3. Afgem shareholders who surrender their existing documents of title after
the record date, will have their new share certificates mailed within 5
business days of receipt thereof by the transfer secretaries, by registered
post in South Africa, at the risk of the shareholder concerned.
14. WITHDRAWAL OF CAUTIONARY ANNOUNCEMENT
Shareholders are referred to the previous cautionary announcements, the
last of which was dated 31 March 2005, and are advised that, because all
relevant information with regard to the transactions has now been publically
released, shareholders no longer need to exercise caution when dealing with
their shares in the Company.
By order of the board
M R Summers Melrose Arch
Company Secretary 26 May 2005
Corporate Advisor and lead sponsor
ABSA Corporate and Merchant Bank
Corporate Finance
ABSA Bank Limited
Reg No 1986/004794/06
Competent Person
SNOWDEN
Sponsor
JAVA CAPITAL
Legal advisors
H R LEVIN
Attorneys,Notaries
And Conveyancers
Independent reporting accountants
KPMG
Independent adviser to Afgem shareholders
PKF
Accountants and business advisers
Date: 26/05/2005 05:02:05 PM
Produced by the JSE SENS Department
