| Mon 27 Feb 2006, 7:00 | | Petmin - Condensed consolidated interim financial |
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PET
PET
Petmin - Condensed consolidated interim financial statements for the six months
ended 31 December 2005
PETMIN LIMITED
(Formerly Petra Mining Limited)
(Incorporated in the Republic of South Africa)
(Registration number 1972/001062/06)
Share code: PET & ISIN: ZAE000076014
("Petmin" or "the Company" or "the Group")
CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS FOR THE SIX MONTHS ENDED
31 DECEMBER 2005
* Headline EPS increases by 109%
* NAV increases by 45%
* Petmin concludes Springlake transaction
* Increase in Somkhele reserves of 9.3 million proven ROM tonnes
Condensed Consolidated Interim Income Statements
for the six months ended 31 December 2005
GROUP
Reviewed Reviewed Audited
Six months Six months Year
ended ended ended
31 December 31 December 30 June
2005 2004 2005
Note R"000 R"000 R"000
Revenue 57 661 20 608 58 737
Cost of sales (46 430) (18 604) (41 597)
Gross profit 11 231 2 004 17 140
Profit on
acquisition of
subsidiary 33 822 22 829 22 829
Operating and
administration
expenses (4 195) - (8 623)
Operating profit
before financing
costs 40 858 24 833 31 346
Net finance income 57 373 224
- Financial income
- interest received 387 577 769
- Financial
expenses - interest
expense (330) (204) (545)
Profit before tax 40 915 25 206 31 570
Income tax expense (1 916) (521) (3 257)
Profit for the
period 38 999 24 685 28 313
Basic earnings per
ordinary share
(cents) 11 17.64 14.90 16.74
Diluted earnings
per ordinary share
(cents) 11 16.60 12.24 16.36
Condensed Consolidated Interim Balance Sheets
at 31 December 2005
GROUP
Reviewed Reviewed Audited
ended ended ended
31 December 31 December 30 June
2005 2004 2005
Note R"000 R"000 R"000
ASSETS
Non-current assets 310 072 110 569 106 125
Property, plant and equipment 295 065 110 569 106 125
Intangible assets 6 913 - -
Investments 8 094 - -
Current assets 115 270 47 149 33 560
Inventories 28 760 4 918 8 511
Trade and other receivables 36 603 16 436 15 966
Cash and cash equivalents 49 907 25 795 9 083
Total assets 425 342 157 718 139 685
EQUITY AND LIABILITIES
Ordinary share capital and reserves 265 073 97 745 104 373
Share capital 87 139 46 578 48 750
Share premium 74 812 18 575 19 767
Share option reserve 2 191 - 1 476
Contingent consideration 27 552 - -
Retained earnings 73 379 32 592 34 380
Non-current liabilities 112 332 39 346 20 419
Preference share liability - 13 000 13 000
Shareholder"s loan 40 000 - -
Non-current liabilities 17 740 23 109 -
Deferred taxation 41 293 3 237 3 143
Environmental rehabilitation
provision 13 299 - 4 276
Current liabilities 47 937 20 627 14 893
Trade and other payables 31 900 19 984 12 596
Short-term borrowing 3 000 - 1 667
Current portion of non-current
liabilities 7 800 - -
Taxation payable 5 237 643 630
Total equity and liabilities 425 342 157 718 139 685
Net asset value ("NAV") per share
(cents) 12 76.05 52.46 53.52
Condensed Consolidated Interim Cash Flow Statements
for the six months ended 31 December 2005
GROUP
Reviewed Reviewed Audited
Six months Six months Year
ended ended ended
31 December 31 December 30 June
2005 2004 2005
R"000 R"000 R"000
Net cash flow from operating activities 14 014 5 294 9 457
Cash flows from investing activities:
Acquisition of subsidiary, net of cash
acquired (4 850) (14 665) (14 551)
Acquisition of property, plant and
equipment (8 318) (1 379) (4 291)
Net cash flow from investing activities (13 168) (16 044) (18 842)
Net cash flows from financing activities 39 978 5 074 (13 003)
Net increase/(decrease) in cash and cash
equivalents 40 824 (5 676) (22 388)
Cash and cash equivalents at beginning
of period 9 083 31 471 31 471
Cash and cash equivalents at end of
period 49 907 25 795 9 083
Segment Reporting
Segment information is presented in the condensed consolidated interim
financial statements in respect of the Group"s business segments, which are the
primary basis of segment reporting. The business segment reporting format
reflects the Group"s management and internal reporting structure. Inter-segment
pricing is determined on an arm"s length basis. Segment results include items
directly attributable to a segment as well as those that can be allocated on a
reasonable basis.
Business segments
The Group comprises the following main business segments:
Silica mining and marketing.
Anthracite mining and marketing.
Reviewed Reviewed Audited
Six months Six months Year
ended ended ended
31 December 31 December 30 June
2005 2004 2005
R"000 R"000 R"000
Segment revenue
- Silica 41 711 20 608 58 737
- Anthracite 15 950 - -
57 661 20 608 58 737
Segment result
- Silica 4 591 1 856 5 484
- Anthracite 1 355 - -
- Other operations (769) - -
- Negative goodwill 33 822 22 829 22 829
38 999 24 685 28 313
Condensed Consolidated Interim Statements of Changes in Equity
for the six months ended 31 December 2005
GROUP Contin-
Share gent
Share Share option consider-
capital premium reserve ation
R"000 R"000 R"000 R"000
Balance at
1 July 2004 24 250 937 - -
Shares issued during
the year 24 500 18 830 - -
- To acquire Samquarz 21 111 16 889 - -
- General issue
for cash 1 217 749 - -
- Specific issue
for cash 2 172 1 192 - -
- Fair value of
management share
options - - 1 476 -
- Fair value of
cash flow hedge - - - -
Profit for the year - - - -
Balance at
30 June 2005 48 750 19 767 1 476 -
Shares issued
during the period 38 389 55 045 - -
- To acquire
Springlake 32 472 45 462 - -
- To acquire
Samquarz preference
shares 4 875 8 125 - -
- Specific issue
for cash 1 042 1 458 - -
- Contingent
consideration to
acquire Springlake - - - 27 552
- Fair value of
share options granted - - 715 -
Profit for the period - - - -
Balance at
31 December 2005 87 139 74 812 2 191 27 552
GROUP Cash
flow
hedging Retained
reserve earnings Total
R"000 R"000 R"000
Balance at
1 July 2004 (6 150) 6 067 25 104
Shares issued during
the year - - 43 330
- To acquire Samquarz - - 38 000
- General issue
for cash - - 1 966
- Specific issue
for cash - - 3 364
- Fair value of
management share
options - - 1 476
- Fair value of
cash flow hedge 6 150 - 6 150
Profit for the year - 28 313 28 313
Balance at
30 June 2005 - 34 380 104 373
Shares issued
during the period - - 93 434
- To acquire
Springlake - - 77 934
- To acquire
Samquarz preference
shares - - 13 000
- Specific issue
for cash - - 2 500
- Contingent
consideration to
acquire Springlake - - 27 552
- Fair value of
share options granted - - 715
Profit for the period - 38 999 38 999
Balance at
31 December 2005 - 73 379 265 073
SIGNIFICANT ACCOUNTING POLICIES
for the six months ended 31 December 2005
Petmin is a company domiciled in South Africa. The condensed consolidated
interim financial statements of the Company for the six months ended 31
December 2005 comprise the Company and its subsidiaries (together referred to
as the Group").
The condensed consolidated financial statements were authorised for issue by
the directors on 22 February 2006.
1. STATEMENT OF COMPLIANCE
The condensed consolidated interim financial statements have been
prepared in accordance with International Financial Reporting Standards
("IFRS") for interim financial statements. These are the Group"s first
IFRS condensed consolidated interim financial statements for part of
the period covered by the first IFRS annual financial statements and IFRS
1 - First-time Adoption of International Financial Reporting Standards,
has been applied. The condensed consolidated interim financial
statements do not include all of the information required for full annual
financial statements.
The transition to IFRS has had no effect on the reported financial
position, financial performance and cash flows of the Group as the Group
chose to early adopt IFRS 2 - Share-based Payment, in its annual
financial statements for the year ended 30 June 2005.
1.1 Basis of preparation
The financial statements are prepared on the historical cost basis,
except for financial instruments which are stated at fair value,
where applicable, in terms of IAS 32 -Financial instruments:
Disclosure and Presentation and IAS 39 - Financial instruments:
Recognition and Measurement.
The preparation of interim financial statements in conformity with
IAS 34 - Interim Financial Reporting, requires management to make
judgements, estimates and assumptions that affect the application of
policies and reported amounts of assets and liabilities, income and
expenses. The estimates and associated assumptions are based on
historical experience and various other factors that are believed to
be reasonable under the circumstances, the results of which form the
basis of making the judgements about carrying values of assets and
liabilities that are not readily apparent from other sources. Actual
results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing
basis. Revisions to accounting estimates are recognised in the period
in which the estimate is revised if the revision affects only that
period, or in the period of the revision and future periods if the
revision affects both current and future periods.
These condensed consolidated interim financial statements have been
prepared on the basis of IFRS in issue that are effective or
available for early adoption at the Group"s first IFRS annual
reporting date, 31 December 2005. Based on these IFRSs, the Board of
directors have made assumptions about the accounting policies
expected to be adopted when the first IFRS annual financial
statements are prepared for the year ended 30 June 2006.
The IFRS that will be effective or available for voluntary early
adoption in the annual financial statements for the year ending 30
June 2006 are still subject to change and to the issue of additional
interpretations and therefore can- not be determined with certainty.
Accordingly, the accounting policies for that period that are
relevant to this interim financial information will be determined
only when the first IFRS financial statements are prepared on 30 June
2006.
The accounting policies set out below have been applied consistently
to all periods presented in these consolidated financial statements
and, as management decided to early adopt IFRS 2 - Share-based
Payment, there has been no impact on the change to IFRSs. Management
has decided to early adopt IFRIC 8 - Scope of IFRS 2.
The accounting policies have been applied consistently by Group
entities and have been applied consistently to all periods presented
in these condensed consolidated interim financial statements.
2. REVIEW OF RESULTS
The interim results of the Group as set out above have been reviewed by
the Group"s auditors, KPMG Inc., as required by the JSE Limited ("JSE").
The review report is available for inspection at the Group"s registered
office.
3. REVISION OF COMPARATIVE NUMBERS
The income statement for the comparative period ended 31 December 2004
has been adjusted from the numbers previously reported. The previous
year"s interim income statement did not reflect the R22.829 million
profit realised on the acquisition of Samquarz (Pty) Limited ("Samquarz")
on the face of the income statement, but took this directly to equity as
a reserve. The effect of this restatement is to increase the reported
profit for the six months ended 31 December 2004 by R22.829 million. This
was the only impact on the previously reported interim results for the
six months to 31 December 2004.
4. MANAGEMENT COMMENTARY
Acquisition of Springlake Holdings (Pty) Limited ("Springlake")
Petmin"s acquisition of Springlake, in progress at the the time of
previous public announcements and the publication of the 2005 Annual
Report, has now been completed. Springlake brings to Petmin a strong cash
generative asset from Springlake Colliery, a development asset in
Somkhele and an exploration JV in Baobab.
Change in roles of Executive Committee ("Exco") members
In the six months under review, the Group has made further progress in
redefining Petmin as an operating mining company with the conclusion of
the Springlake acquisition. The increased corporate activity has
necessitated the formalisation of roles of the executives who have all
been involved throughout the process of Petmin"s conversion from a cash
shell in February 2004 to an operating mining company.
Jan du Preez has been appointed as an Executive Director of Petmin and
succeeds Dawie Warmenhoven as CEO with effect from 1 February 2006. Jan
du Preez has 15 years" experience in the mining sector and is an indirect
shareholder of Midnight Storm (Pty) Limited that has been instrumental
in the change of control and the repositioning of Petmin since February
2004. Jan du Preez was formerly the Chairman of the Exco and he retains
this position. Dawie Warmenhoven remains an executive director and an
active member of the Exco. The Board offers Dawie Warmenhoven its
appreciation for his role in guiding the Company in its transition from a
cash shell to a mining group.
Bradley Doig, appointed as a non-executive director of Petmin and a
member of Exco at the 30 November 2005 Board meeting, has been appointed
as an Executive director and assumed the role of Chief Operating Officer
with effect from 1 February 2006.
Operations
Revenue for the six months ended 31 December 2005 increased by R37.0
million to R57.6 million, compared to the same period in 2004. This
reflects:
the inclusion of the results of Samquarz for the full six months under
review. The comparable period in 2004 included Samquarz"s results for
only three months, from acquisition on 24 September of that year.
Samquarz contributed a profit of R4.591 million for the period under
review, compared to R1.856 million for the three months in the comparable
period in 2004;
the inclusion of the results of Springlake for one month since
acquisition on 30 November 2005. Springlake contributed revenue of
R15.950 million in the month of December 2005. Springlake generated a
profit of R1.355 million for the month of December.
Samquarz silica mine
Samquarz continued to deliver consistent production results in the period
to 31 December 2005 and revenues generated were in line with those for
the comparative period. The slow-down of the ferrochrome market and
resultant smelter shut-downs in South Africa has impacted on the revenue
of Samquarz but this has largely been offset by mine management focusing
on cost reduction and efficiencies. The Samquarz operation is well-placed
to take advantage of any ferrochrome market improvements and flat glass
growth opportunities such as the installation of a second float-line at
PFG, a major producer and exporter of flat glass in South Africa and a
key customer of Samquarz.
Springlake Colliery
Petmin"s consolidated results for the six months ended 31 December 2005
reflect one month"s operational results from Springlake, since its
acquisition on 30 November 2005.
The continued strength of the Rand against the US Dollar remains a
negative factor on those export revenues denominated in US Dollars, but
demand for anthracite remains firm. Development to the Northern Section
of the underground operations is progressing well and the colliery
expects improved production levels in the forthcoming year as mining
efforts will be concentrated in the Northern reserve block.
Somkhele anthracite project
The Somkhele anthracite project is progressing rapidly and Petmin is
pleased to announce that the successful drilling campaign has yielded the
expected additional proven reserves in Area 1. The updated reserve and
resource statement as reported by Snowden Mining Industry Consultants
("Snowden") on 12 December 2005 is compliant with the SAMREC Code and is
as follows:
Anthracite Reserves for Somkhele Area 1
Reserve Mining Mineable
classification method in situ tonnes Extraction
(Mt) (%)
Proved Opencast 9.820 95
Probable Opencast 13.254 95
Opencast 23.074 95
Reserve ROM Practical Sales
classification tonnes yield tonnes
(Mt) (%) (Mt)
Proved 9.329 68.6 6.400
Probable 12.591 68.6 8.638
21.920 68.6 15.037
The above reserves, together with the previously reported proven reserves
for Area 2 of 2.349 million ROM tonnes, now give a total of 11.678
million ROM tonnes, which is sufficient for more than 12 years of
production at a full production capacity of 950 000 ROM tonnes per
annum.
Snowden further reported that it has "identified significant improvements
in phosphorous in coal from 225ppm (Snowden, 2005) to 140ppm within the
measured resources".
With the certainty provided by the additional proven reserve, the Group
has authorised the development of the project and a contract to build a
coal beneficiation plant for R56.7 million was signed in December 2005.
Earthworks for the plant site and access roads are more than 50% complete
and the project is on target for its planned commissioning in November
2006.
Anchor Black Economic Empowerment ("BEE") Consortium
The Anchor BEE Consortium is now well-established, consisting of Dark
Capital (Pty) Limited, Lebone Resources (Pty) Limited, Zondwa Resources,
Popcru Mining Investments (Pty) Limited and Umsobomvu Coal (Pty) Limited.
The Anchor BEE Consortium represents in excess of 40% of shareholders and
the total equity controlled by BEE groups is in excess of 50%.
5. ACQUISITION OF SUBSIDIARY
On 30 November 2005, the Group acquired the entire issued capital of and
all claims on loan account against Springlake for an acquisition cost of
R116.735 million.
In the one month to 31 December 2005, Springlake contributed profit of
R1.355 million to the consolidated profit for the interim period.
6. PREFERENCE SHARE LIABILITY
When Samquarz was acquired in September 2004, New Africa Mining Fund
Nominees (Pty) Limited ("NAMF Nominees") and Dark Capital (Pty) Limited
("Dark Capital") funded R13 million in junior loans to Samquarz, being R11
million and R2 million, respectively. These loans were subsequently
converted into redeemable, convertible preference shares.
On 30 November 2005, the Group acquired these preference shares from NAMF
Nominees and Dark Capital through the issue of 19.5 million Petmin shares
at 66.67 cents per share.
7. SPECIFIC ISSUE OF SHARE OPTIONS TO DARK CAPITAL
In order to advance Petmin"s BEE status, and in compliance with its stated
goals, Petmin granted Dark Capital an option to acquire 7 million Petmin
shares at 65 cents per share. This option is valid for a three-year period
ending 31 October 2008.
Management decided to early adopt IFRIC 8 - Scope of IFRS 2, which is only
effective for periods beginning on or after 1 May 2006. The effect on the
income statement and balance sheet for the six months ended 31 December
2005 is a charge of R0.223 million to the income statement, a liability in
equity of R4.018 million offset by a corresponding deferred share
compensation debit in equity of R3.795 million. This deferred share
compensation debit is amortised over the life of the options.
8. SHAREHOLDER"S LOAN
On 23 December 2005, the Group entered into an agreement with NAMF
Nominees whereby R40 million was advanced by NAMF Nominees to finance the
Group"s capital expenditure programme to develop the Somkhele anthracite
mine. The loan bears interest at the Daily Call Rates published by The
Standard Bank of South Africa Limited plus a margin. The margin is as
follows:
31 December 2005 to 31 January 2006 - Nil;
1 February 2006 to 30 April 2006 - 100 basis points;
1 May 2006 to 31 July 2006 - 200 basis points; and
1 August 2006 onwards - 300 basis points.
The loan was made as bridging finance until the requisite regulatory
procedures were met to allow for NAMF Nominees subscription for 44 444 444
ordinary shares at 90 cents per share. Subsequent to the reporting date,
the Group announced that agreement had been reached to convert the R40
million loan to 44 444 444 ordinary shares at 90 cents per share.
9. CORPORATE GOVERNANCE
All appointments to and removals from the Board of directors of the
Company are confirmed by the Board of directors in meeting.
The Remuneration Committee ("Remco") of the Group comprises E Greyling
(Chairman), P Nel and J Strijdom, both of whom are non-executive
directors. The Remco meets at least once per annum to determine the basis
on which the executive directors and senior officers of the Group are
remunerated. The Remco approves share incentive arrangements for the
Group"s employees and ensures adequate disclosure of directors" emoluments
are made in the annual financial statements.
The Audit Committee of the Group comprises A Martin (Chairman) and E
Greyling, both of whom are non-executive directors. J du Preez and B
Tanner (Group financial manager), both members of the Exco, attend Audit
Committee meetings as invitees. The Audit Committee is required to meet at
least twice per annum, immediately prior to the release of the interim
financial statements and the annual report, respectively. The Audit
Committee is mandated to, amongst other things, evaluate the adequacy of
internal controls, accounting practices, policies and disclosures,
information systems and auditing processes applied within the Group. The
Audit Committee facilitates the communication of the above matters between
the Board, management and the external auditors. The Audit Committee is
required to approve all material non-audit services provided by the
external auditors prior to their engagement.
The Transformation Committee of the Company is chaired by L Mogotsi
representing the anchor BEE Consortium, P J Nel, J Mabena and D H
Warmenhoven. The Transformation Committee"s role is to implement the body
and the spirit of the Mining Charter.
10. SPECIFIC ISSUE OF SHARES FOR CASH
In addition to the shares issued to acquire Springlake and to acquire
Samquarz preference shares, the Group issued 4 166 667 ordinary shares at
60 cents per share in a specific issue for cash to River Capital (Pty)
Limited. R1.042 mil- lion and R1.458 million were recorded in share capital
and share premium, respectively.
11. EARNINGS PER ORDINARY SHARE
EPS is based on the Group"s profit for the period, divided by the weighted
average number of shares in issue during the period.
Six months ended
2005
Net Number of
income shares Per share
R"000 ("000) (cents)
Basic EPS 38 999 221 084 17.64
Share options and contingent
consideration - 13 915 (1.04)
Diluted EPS 38 999 234 999 16.60
Headline earnings per share
Headline earnings per share is based
on the Group"s headline earnings
divided by the weighted average
number of shares in issue during
the period.
Reconciliation between earnings
and headline earnings
Basic EPS 38 999 221 084 17.64
Adjustments:
- negative goodwill (33 822) - (15.30)
Headline EPS 5 177 221 084 2.34
Share options and contingent
consideration - 13 915 (0.14)
Diluted headline EPS 5 177 234 999 2.20
Six months ended
2004
Net Number of
income shares Per share
R"000 ("000) (cents)
Basic EPS 24 685 165 714 14.90
Share options and contingent
consideration - 36 025 (2.66)
Diluted EPS 24 685 201 739 12.24
Headline earnings per share
Headline earnings per share is based
on the Group"s headline earnings
divided by the weighted average
number of shares in issue during
the period.
Reconciliation between earnings
and headline earnings
Basic EPS 24 685 165 714 14.90
Adjustments:
- negative goodwill (22 829) - (13.78)
Headline EPS 1 856 165 714 1.12
Share options and contingent
consideration - 36 025 (0.20)
Diluted headline EPS 1 856 201 739 0.92
Basic earnings per share ("EPS") were 18% higher at 17.64 cents and
headline earnings per share were 109% higher. Profit on acquisition of
subsidiaries of R33.8 million generated on the acquisition of Springlake
offset the dilutive impact on EPS of the increased number of shares in
issue.
Additional issues of shares for cash of R75 million (see Note 13.3 -
Post-balance sheet event) and increased debt funding to be obtained for
the development of the Somkhele anthracite mine, are likely to have a
dilutive effect on the future EPS of Petmin. This is expected to continue
until the Somkhele mine is in full production during the second quarter of
2007 and its marketing targets and resultant revenue streams are realised.
12. NET ASSET VALUE PER SHARE
Reviewed Reviewed Audited
Six months Six months Year
ended ended ended
31 December 31 December 30 June
2005 2004 2005
Ordinary share capital and reserves
(R"000) 265 073 97 745 104 373
Total number of shares in issue
("000) 348 557 186 311 195 000
NAV per share (cents) 76.05 52.46 53.52
13. EVENTS AFTER BALANCE SHEET DATE
13.1 Adoption of the Petmin Share Option Scheme and the formation of the
Petmin Share Option Trust
On 31 January 2006, shareholders" approval at a general meeting was
obtained for the formation of the Petmin Share Option Scheme and the
formation of the Petmin Share Option Trust. The aggregate number of
shares that may be used for the scheme is limited to 35 000 000 shares
and the strike price at which an option may be exercised in respect of
each option share is R0.65. The financial effects of the scheme were
provided in the circular to shareholders issued on 29 December 2005.
13.2 Change of name from Petra Mining Limited to Petmin Limited
On 31 January 2006, shareholders" approval was obtained at a general
meeting for the change in the name of the Company to Petmin Limited.
The change in name was made to better reflect the changed nature and
profile of the Company"s business and corporate identity and to avoid
confusion with Petra Diamonds Limited, a company listed on AIM in
London.
13.3 Specific issue of shares for cash
On 1 February 2006, the Group announced that it had secured a minimum
of R60 million equity funding in a specific issue of shares for cash
by way of issuing 66 666 666 shares at 90 cents per share. R40 million
will be received from NAMF Nominees, R10 million from PSG Capital
(Pty) Limited ("PSG") and R10 million from another institution,
respectively.
The Group is pleased to announce that it has subsequently secured an
additional R15 million equity funding, taking the total equity raised
in the specific issue of shares for cash to R75 million for 83 333
333 ordinary shares at 90 cents per share.
As both NAMF Nominees and PSG are related parties by virtue of their
material shareholding in Petmin, this transaction is subject to
Petmin shareholders" approval in general meeting.
13.4 Debt funding
At the date of this announcement the Group is in possession of a
facility letter from a major South African bank for debt funding of
R40 million for the Somkhele project and is in the process of
finalising the terms.
14. RELATED PARTIES
NAMF Nominees, Dark Capital and PSG are material shareholders in Petmin and
are therefore related parties as defined by Section 10 of the JSE Listings
Requirements. Dark Capital is the anchor entity of the BEE Consortium.
River Group is a related party by virtue of its advisory role to Petmin.
The transactions referred to in Notes 5, 6, 7, 8, 10 and 13 are related
party transactions.
DIRECTORS
P J Nel* (Chairman), J C du Preez (Chief Executive Officer)
B B Doig (Chief Operating Officer)
E de V Greyling*, J P Mabena*, A Martin*, L Mogotsi,
J A Strijdom*, D H Warmenhoven
*Non-executive
REGISTERED OFFICE
Parc Nouveaux, First Floor, Block C
225 Veale Street, Brooklyn, Pretoria, 0002
(PO Box 899, Groenkloof, 0027)
Tel: (012) 452 0815 Fax: (012) 346 8118
SECRETARY AND SPONSOR
River Sponsors (Pty) Limited
www.petmin.co.za
TRANSFER SECRETARIES
Computershare Investor Services 2004 (Proprietary) Limited
AUDITORS
KPMG Inc.
Date: 27/02/2006 07:00:19 AM Produced by the JSE SENS Department
