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Sub Nigel Gold Mining Company Limited - Reviewed Financial Results For The Year
Ended 30 June 2005
AMENDED ANNOUNCEMENT
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
Shareholders are referred to the results announcement published on SENS on
Thursday, 28 September 2005. The notes section of the announcement should have
read as follows;
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. The decision was therefore reached to write off these costs.
Going concern
The reviewed results have been prepared on the basis that funding will be made
available to further develop the Company"s mining assets.
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 shareholders of the Company will
hold 20% of the merged entity, with the remainder, being 80%, held by Aflease.
The rationale for the transaction is to create an enlarged gold entity that
incorporates 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 revised 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 05:12:27 PM Produced by the JSE SENS Department
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