Western Areas Limited - Distribution Of Annual Financial Statements
Western Areas Limited
(Incorporated in the Republic of South Africa)
(Registration Number 1959/003209/06)
Share code: WAR ISIN: ZAE000016549
(`WAL` or `the Group `)
DISTRIBUTION OF ANNUAL FINANCIAL STATEMENTS AND NON-PUBLICATION OF ABRIDGED
REPORT
Further to the publication on SENS on 22 March 2005 of WAL`s unaudited 4th
quarterly results ended 31 December 2004 (`the published results`), WAL advises
that its 2004 annual report, which incorporates its annual financial statements
and notice of annual general meeting will be posted to shareholders on or about
30 June 2005, and are also available on WAL`s website: www.westernareas.co.za.
NO CHANGE STATEMENT
KPMG Inc., WAL`s auditors, have audited the published results. Their audit
report reflects an unqualified audit opinion with an emphasis of matter drawing
attention to the going concern paragraph in the directors` report. The directors
state in their report that they are confident that the proposed rights issue
announced on 12 May 2005 (raising an estimated R730 million based on the market
price of a Western Areas share on the JSE as at the date of this Sens release),
will be satisfactorily concluded. Discussions with potential underwriters of the
rights issue are nearing completion. The directors further state that the
proposed restructuring of the derivative structure to match the forecast
production of South Deep mine (as per the 25-year mine plan expected to be
approved in July 2005) will be satisfactorily concluded. They are therefore
confident that the Company will meet its obligations as they fall due and that
the Company will be a going concern in the year ahead. The audit report is
available for inspection at WAL`s registered office, 28 Harrison Street,
Johannesburg, 2001.
As there have not been any changes to the published results, the Group is not
required to publish an abridged report as contemplated in paragraph 3.21 of the
Listings Requirements of the JSE Securities Exchange South Africa.
NOTICE OF ANNUAL GENERAL MEETING
Shareholders are advised that the WAL annual general meeting will be held in the
Auditorium, Ground Floor, 28 Harrison Street, Johannesburg, South Africa on
Wednesday, 27 July 2005 at 10:00, to transact the business set out in the notice
of annual general meeting.
Johannesburg
30 June 2005
SPONSOR
SASFIN CORPORATE FINANCE
A DIVISION OF SASFIN BANK LIMITED
Date: 30/06/2005 08:55:02 AM
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