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JSE SIM
LMID
Lereko - Unaudited interim results for the period ended 25 December 2005
Lereko Mobility (Proprietary) Limited
Registration number: 2004/034154/07
Share code: LMID
ISIN: ZAE0000067229
Unaudited interim results for the period ended 25 December 2005
BALANCE SHEET
at 25 December 2005
2005
R"000
Assets
Non-current assets
Investments 2 039 585
Current assets
Bank 6 951
Total assets 2 046 536
Equity and liabilities
Capital and reserves
Share capital 2 040
Non-distributable reserve 125 860
Distributable reserve 241 909
369 809
Non-current liabilities
Interest bearing borrowings 788 009
Financial liabilities 702 751
Deferred tax 179 640
1 670 400
Current liabilities
Taxation 1 734
Accounts payable 4 593
6 327
Total equity and liabilities 2 046 536
INCOME STATEMENT
for the period ended 25 December 2005
2005
R"000
Net fair value adjustments 384 123
Interest (43 484)
Profit before taxation 340 639
Taxation (98 730)
Profit after taxation 241 909
CASH FLOW STATEMENT
for the period ended 25 December 2005
2005
R"000
Cash flows from operating activities
Cash generated by operating activities 8 140
Interest paid (43 484)
Net cash from operating activities (35 344)
Cash flows from investing activities
Investments (800 690)
Cash flows from financing activities
Capital raised 2 040
Long-term debt raised 840 945
Net cash generated by financing activities 842 985
Increase in cash and cash equivalents 6 951
Cash and cash equivalents at beginning of
the period -
Cash and cash equivalents at end of the period 6 951
Notes to the financial statements
for the period ended 25 December 2005
1. Notes to the cash flow statement
1.1 Cash generated by operating activities
Net profit before taxation 340 639
Adjustments for:
Finance costs 43 484
Net fair value adjustments (380 576)
3 547
Movements in working capital
Increase in accounts payable 4 593
8 140
STATEMENT OF CHANGES IN EQUITY
for the period ended 25 December 2005
Non-
Issued distributable Distributable
capital reserve reserve Total
R"000 R"000 R"000 R"000
Net profit for the
period 241 909 241 909
Issue of share
capital 2 040 2 040
Fair value
adjustment on
call option (361 455) (361 455)
Fair value
adjustment on
preferred ordinary
shares 487 315 487 315
Balance at
25 December 2005 2 040 125 860 241 909 369 809
INTRODUCTION
In June 2005 Lereko Mobility (Proprietary) Limited ("the company") concluded a
black economic empowerment transaction with Imperial Holdings Limited
("Imperial").
In terms of this transaction the company acquired 14 516 617 preferred ordinary
shares in Imperial which are unlisted and will pay a fixed annual dividend of
535 cents per share for five years. Thereafter they will be treated as ordinary
shares and will be listed ranking pari passu with Imperial"s ordinary shares.
To fund the acquisition of these shares the company raised senior funding by
issuing preference shares for R377 million to financial institutions and
14533096 debentures for R458 million. The debentures are unsecured, subordinated
to the claims of the preference shares and listed on the JSE Limited ("the JSE")
under Specialist Securities: Other Securities sub-sector.
The debenture holders are entitled to a coupon of 5% per annum. The debentures
will be redeemed on 1 October 2010 at R41.50 per debenture plus an equity linked
bonus determined by the extent to which the Imperial"s share price exceeds
R145.25 on that date.
Imperial facilitated the transaction with vendor finance by issuing preferred
ordinary shares at their par value of 4 cents, this discount had a value of R600
million. This will entitle Imperial to a call option from the company for
sufficient of Imperial"s ordinary shares to be delivered on 15 June 2015 to
settle this amount plus a return which will amount to a minimum of R1945 million
and a maximum of R2 291 million.
RESULTS
These are the first unaudited interim results for the period ended 25 December
2005.
The company has posted a net profit after tax amounting to R242 million. This
takes into account the increase in value of the Imperial shares during the
period reduced by the financial liabilities which have been fair valued and
expensed. The financial liabilities are payable to the debenture holders for the
equity linked bonus and to Imperial for the vendor finance. The funding costs
payable to the preference shareholders and the debenture holders are included in
the interest expense.
The equity of the company now stands at R370 million and the preferred ordinary
shares have a market value at the reporting date of R2 039 million.
INTEREST ON DEBENTURES
Notice is hereby given that an interest payment of 103.75 cents per debenture is
payable to debenture holders recorded in the registers of the company at the
close of business on Friday, 31 March 2006. In compliance with the requirements
of STRATE, the electronic settlement and custody system used by the JSE, the
company has determined the following salient dates for the payment of the
interest:
2006
Last day to trade cum-interest payment Friday, 24 March
Debentures commence trading ex-interest payment Monday 27 March
Record date Friday, 31 March
Payment date Monday, 3 April
Debenture certificates may not be dematerialised/rematerialised between Monday,
27 March 2006 and Friday, 31 March 2006, both days inclusive.
On Monday, 3 April 2006, the interest payment will be electronically transferred
to the bank accounts of certificated debenture holders that utilise this
facility. In respect of those who do not, cheques dated 3 April 2006 will be
posted on or about that date. Debenture holders who have dematerialised their
shares will have their accounts, held at their CSDP or Broker, credited on
Monday, 3 April 2006.
Company secretary
RA Venter
By order of the board
6 March 2006
Bedfordview
Directors
MV Moosa B.Sc. (Chairman), N Gwagwa, Phd, WG Lynch (Irish), AH Mahomed, B.Compt
(Hons) CA (SA) H.Dip Tax, PS Molefe Phd (Hon)
Secretary
RA Venter
Business address and registered office
18 Fricker Road, Illovo Boulevard, Illovo
Share transfer secretaries
Computershare Investor Services 2004 (Proprietary) Limited
70 Marshall Street
Johannesburg, 2001
Sponsor
Merrill Lynch SA (Proprietary) Limited
138 West Street, Sandown, Sandton, 2196
Lereko Mobility (Proprietary) Limited
Registration number: 2004/034154/07
Share code: LMID
ISIN: ZAE0000067229
Date: 08/03/2006 08:38:20 AM Produced by the JSE SENS Department
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