|
Sub Nigel - Reviewed financial results for the year ended 30 June 2005
Sub Nigel Gold Mining Company Limited
("the Company")
(Incorporated in the Republic of South Africa)
(Reg. No. 1984/006179/06)
Share code: SBN
ISIN: ZAE000006391
REVIEWED FINANCIAL RESULTS FOR THE YEAR ENDED 30 JUNE 2005
2005 2004
INCOME STATEMENT R"000 R"000
Turnover - -
Operating loss (3 527) (2 833)
Mine development costs written (24 229) -
off
Net finance income/(cost) 8 (169)
Net loss before taxation (27 748) (3 002)
Taxation (54) -
Net loss after taxation (27 802) (3 002)
Ordinary shares in issue (000"s) 73 753 66 705
Weighted average number of
Shares in issue (000"s) 70 092 59 324
Loss per share (cents) (37.70) (4.50)
Headline loss per share (cents) (37.70) (4.50)
Weighted average loss per share (39.67) (5.06)
(cents)
2005 2004
BALANCE SHEET R"000 R"000
ASSETS
Non-current assets - 30 694
Current assets - 1 395
- 32 089
EQUITY AND LIABILITIES
Capital and reserves - 31 129
Non-current liability 0 181
Current liability - 779
- 32 089
2005 2004
CASH FLOW STATEMENT R"000 R"000
Cash flows from operating
activities (4 067) (2 445)
Cash utilised by operating
activities (4 075) (2 276)
Net financing income 8 ( 169)
Cash flows from investing
activities
Net capital expenditure ( 614) 322
Cash flows from financing
activities 4 907 3 020
Net increase in cash and
Cash equivalents 226 897
STATEMENT OF CHANGES IN EQUITY
Stated Option Accumulated
R `000 Capital Reserves Profit/ Total
(losses)
Balance at 23 453 - 3 703 27 156
01-Jul-03
Net loss for
the year - - (3 002) (3 002)
Share issues 6 975 - - 6 975
Balance at
01-Jul-04 30 428 - 701 31 129
Net loss for
the year - - (27 802) (27 802)
Share option issued - 187 - 187
Share issues 4 720 - - 4 720
Balance at
01-Jul-05 35 148 187 (27 101) 8 234
NOTES
Basis of preparation
The accounting policies are consistent with those applied in the audited
financial statements for the year ended 30 June 2004. The provisional results
have been prepared in accordance with South African Statements of Generally
Accepted Accounting Practice and in accordance with the Group"s accounting
policies.
Dividend
No dividend has been declared for the year under review.
Mine development costs written off
These costs relate to a development build up 20 years ago when the Company
carried out mining operations, and has since this time ceased to bare any
relation to the current value of the Company"s ore reserves and ability to mine
these reserves, and therefore the decision was reached to write off these costs.
Going concern
The reviewed results have been prepared on the basis that the Company has
sufficient funding facilities to operate as a going concern.
Subsequent events
As per the announcement on 23 August 2005, the Board of Directors have been
approached by Aflease Gold and Uranium Resources Limited ("Aflease"), whereby
Aflease has proposed to acquire a majority shareholding in the Company by
disposing of its entire issued share capital of its wholly-owned subsidiary, New
Kleinfontein Mining Company Limited ("NKMC") and as consideration therefore, the
Company will issue fully paid-up shares in its ordinary share capital to
Aflease. Pursuant to the above, the existing Sub-Nigel shareholders will hold
20% of the merged entity, with the remainder, being 80%, held by Aflease.
The rationale for the transaction is to create a new gold vehicle incorporating
Aflease"s East Rand gold assets, including the high quality Modder East project,
which is housed in NKMC, as well as the Company"s East Rand and Free State gold
assets.
The Company further announced on 31 August 2005, that Gold Fields Limited, a
shareholder representing 16.3% in the Company"s issued share capital has
irrevocably undertaken to vote in favour of the Aflease transaction. Therefore
the percentage of independent shareholders of the Company who have decided to
vote in favour of the transaction represents approximately 62.3%.
On 23 August 2005, the Company"s shareholders were advised to exercise caution
when dealing in their respective shares until a further announcement is made
containing full details of the transaction and the financial effects thereof.
Audit review
The Company"s auditors Grant Thornton, have reviewed the financial information
for the year ended 30 June 2005. Their report is available for inspection at the
registered office of the Company.
For and on behalf of the Board of Directors
A.C. Reynolds (Chief Executive Officer)
Registered office
Sub Nigel Head Office
No. 1 Shaft
Nigel
1490
Transfer secretaries
Computershare Investor Services 2004 (Proprietary) Limited
70 Marshall Street
Johannesburg
2001
Sponsor
Sasfin Corporate Finance
(A division of Sasfin Bank Limited)
Directors
A.C. Reynolds (CEO), H.G. Veldsman, S. Swana (Chairman)*, P. St. G. Glyn*
(*Non-executive)
Date: 29/09/2005 02:34:47 PM
Produced by the JSE SENS Department
| Profile Group (Pty) Ltd. has taken care in preparing all information on this website, but does not accept any liability for errors or out-of-date information. | |||||||||||||
| Other Profile Group sites: FundsData Online (unit trust data) | Profile Group corporate site | |||||||||||||
| [ Terms of Use | Privacy Policy | PAIA manual | FAQs/Help | Site Map | © Copyright Reserved 2026 ] | |||||||||||||
|
|||||||||||||
