| Mon 27 Mar 2006, 12:21 | | IFA SA - Interim Results For The Six Months Ended |
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IFH
IFH
IFA SA - Interim Results For The Six Months Ended 31 December 2005
IFA Hotels & Resorts Limited
(Formerly Moribo Leisure Limited ("Moribo"))
(Registration number 1919/001318/06)
Share code: IFH & ISIN code: ZAE000075669
("IFA SA" or "the company" or "the group")
INTERIM RESULTS FOR THE SIX MONTHS ENDED 31 DECEMBER 2005
Highlights
REVENUE UP 54%*
OPERATING PROFIT UP 64%*
INCREASE IN HEADLINE EARNINGS 63%*
* compared with the consolidated results of IFA Zimbali Lodge (Pty) Limited
and IFA Hotels & Resorts (South Africa) (Pty) Limited
for the six month period ended 30 June 2005.
INTRODUCTION
The consolidated interim financial results for the period are IFA SA"s first
set of financial results published since successfully implementing the
acquisition by the company of all of the issued shares and portions of the
shareholder"s loan accounts in IFA Zimbali Lodge (Pty) Limited ("IFA Zimbali")
and all of the issued shares in IFA Hotels & Resorts (South Africa) (Pty)
Limited ("IFA Hotels") from IFA Hotels & Resorts K.S.C.C ("IFA Kuwait"), a
Kuwaiti-based real estate company, as a reverse take-over ("the reverse
take-over") on 16 January 2006.
The results referred to below as "IFA Hotels & Resorts" are the consolidated
results of IFA Hotels and IFA Zimbali and are provided as additional
information only to show the financial effects of the reverse take-over which
occurred after balance sheet date but before the interim financial statements
were issued. The results referred to as "Moribo Leisure Limited" are the
consolidated results of the cash shell which existed before the reverse
take-over.
IFA SA"s first published full set of financial statements incorporating the
results of IFA Hotels & Resorts will be for the period ending 30 June 2006 and
its first published interim results will be the interim results for the six
months ending 31 December 2006.
The directors are pleased to present these consolidated interim results which
reflect significant increases in all major key performance indicators of IFA
Hotels & Resorts.
CONSOLIDATED INCOME STATEMENTS
IFA HOTELS & RESORTS
Six months Six months Period
ended ended ended
31 December 30 June 31 December
2005 2005 2004
Audited Audited Audited
Restated
R"000 R"000 R"000
Continuing operations
Revenue 85 571 55 458 76 835
Operating profit/(loss) 28 257 17 273 13 447
Investment income 4 306 3 243 3 785
Finance costs (4 192) (4 308) (8 519)
Profit before taxation 28 371 16 208 8 713
Taxation (8 358) (3 911) (3 271)
Profit/(loss) for the period
from continuing operations 20 013 12 297 5 442
Discontinued operations
Loss from the sale of
discontinued operations - - -
Loss on discontinued operations - - -
Loss for the period from
discontinued operations - - -
Profit/(loss) for the period 20 013 12 297 5 442
Headline profit/(loss)
reconciliation
Net profit/(loss) attributable
to ordinary shareholders 20 013 12 297 5 442
Loss on sale of property, plant
and equipment - 1 -
Loss from discontinued
operations - - -
Headline profit/(loss) 20 013 12 298 5 442
Number of shares
- in issue 200 200 200
- for EPS and HEPS calculation* 212 755 413 212 755 413 212 755 413
Earnings per share (cents)
- headline earnings per share
(HEPS) 9,41 5,78 2,56
- basic earnings per share (EPS) 9,41 5,78 2,56
* The number of shares issued to IFA Kuwait in terms of the reverse take-over
were used in the calculation of EPS and HEPS for IFA Hotels & Resorts.
MORIBO LEISURE LIMITED
Six months Twelve months Six months Twelve months
ended ended ended ended
31 December 31 December 31 December 31 December
2005 2005 2004 2004
Unaudited Unaudited Unaudited Audited
Restated Restated
R"000 R"000 R"000 R"000
Continuing
operations
Revenue - - 293 1 505
Operating
profit/(loss) - - (2 255) (4 870)
Investment income - - - -
Finance costs - - (66) (66)
Profit/(loss) before
taxation - - (2 321) (4 936)
Taxation - - - -
Profit/(loss) for
the period from
continuing
operations - - (2 321) (4 936)
Discontinued
operations
Loss from the sale
of discontinued
operations - - (936) (936)
Loss on
discontinued
operations (1 088) (4 708) - -
Loss for the period
from discontinued
operations (1 088) (4 708) (936) (936)
Profit/(loss) for
the period (1 088) (4 708) (3 257) (5 872)
Headline
profit/(loss)
reconciliation
Net profit/(loss)
attributable to
ordinary
shareholders (1 088) (4 708) (3 257) (5 872)
Loss on sale of
property, plant and
equipment - - - -
Loss from
discontinued
operations 1 088 4 708 936 936
Headline
profit/(loss) - - (2 321) (4 936)
Number of shares
- in issue 55 230 513 55 230 513 55 230 513 55 230 513
- for EPS and HEPS
calculation 55 230 513 55 230 513 55 230 513 55 230 513
Earnings per share
(cents)
- headline earnings
per share (HEPS) - - (4,20) (8,94)
- basic earnings
per share (EPS) (1,97) (8,52) (5,90) (10,63)
SEGMENTAL ANALYSIS
Six months Six months Period
ended ended ended
31 December 30 June 31 December
2005 2005 2004
Audited Audited Audited
R"000 R"000 R"000
Revenue
- IFA Hotels 68 492 38 940 64 783
- IFA Zimbali 17 079 16 518 12 052
85 571 55 458 76 835
EBITDA
- IFA Hotels 28 355 17 536 14 317
- IFA Zimbali 2 115 2 348 1 348
30 470 19 884 15 665
Operating profit
- IFA Hotels 28 322 17 506 14 298
- IFA Zimbali (65) (233) (851)
28 257 17 273 13 447
Refer to the group profile for details of the segments disclosed above.
CONSOLIDATED CASH FLOW STATEMENTS
IFA HOTELS & RESORTS
Six months Six months Period
ended ended ended
31 December 30 June 31 December
2005 2005 2004
Audited Audited Audited
R"000 R"000 R"000
Cash flows from operating activities 18 839 11 923 (57 858)
Cash generated by/(utilised in) operating
activities 19 144 13 056 (53 038)
Interest received 4 306 3 243 3 785
Interest paid (4 192) (4 308) (8 519)
Taxation paid (419) (68) (86)
Expenditure to maintain operating capacity (711) (408) (74 342)
Property, plant and equipment acquired (711) (408) (377)
Proceeds on disposal of property, plant
and equipment - - -
Proceeds on disposal of investments - - -
Repayment of investment loans - - 2 817
Purchase of Zimbali Lodge business - - (76 782)
Cash flows from financing activities 4 991 4 293 167 376
Loans raised 6 325 5 641 192 581
Loans repaid (1 334) (1 348) (25 205)
Increase/(decrease) in cash and cash
equivalents 23 119 15 808 35 176
Cash and cash equivalents at beginning of
the year 52 688 36 880 1 704
Cash and cash equivalents at end of the
year 75 807 52 688 36 880
MORIBO LEISURE LIMITED
Six Twelve Six Twelve
months months months months
ended ended ended ended
31 December 31 December 31 December 31 December
2005 2005 2004 2004
Unaudited Unaudited Unaudited Audited
R"000 R"000 R"000 R"000
Cash flows from operating
activities (1 540) (2 042) (564) (1 717)
Cash generated by/(utilised in)
operating activities (1 583) (2 338) (1 044) (2 197)
Interest received 44 298 546 546
Interest paid (1) (2) (66) (66)
Taxation paid - - - -
Expenditure to maintain
operating capacity - 117 319 5 012
Property, plant and equipment
acquired - - (9) (9)
Proceeds on disposal of
property, plant and equipment - 117 - -
Proceeds on disposal of
investments - - 328 5 021
Repayment of investment loans - - - -
Purchase of Zimbali Lodge
business - - - -
Cash flows from financing
activities 274 233 234 234
Loans raised 274 274 234 234
Loans repaid - (41) - -
Increase/(decrease) in cash and
cash equivalents (1 266) (1 692) (11) 3 529
Cash and cash equivalents at
beginning of the year 4 032 4 458 4 469 929
Cash and cash equivalents at
end of the year 2 766 2 766 4 458 4 458
CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY
IFA HOTELS & RESORTS
Non-distributable
Share capital Share premium reserves
R"000 R"000 R"000
Balance at 1 January
2004 1 - -
Profit for the period - - -
Balance at 1 January
2005 1 - -
Profit for the period - - -
Balance at 30 June
2005 1 - -
Profit for the period - - -
Balance at 31
December 2005 1 - -
Distributable
reserves Total
R"000 R"000
Balance at 1 January 2004 - 1
Profit for the period 5 442 5 442
Balance at 1 January 2005 5 442 5 443
Profit for the period 12 297 12 297
Balance at 30 June 2005 17 739 17 740
Profit for the period 20 013 20 013
Balance at 31 December 2005 37 752 37 753
MORIBO LEISURE LIMITED
Non-distributable
Share capital Share premium reserves
R"000 R"000 R"000
Balance at 1 January
2004 55 82 978 7 276
Loss for the period - - -
Balance at 1 January
2005 55 82 978 7 276
Transfer to
accumulated
loss - - (7 276)
Loss for the period - - -
Balance at 30 June
2005 55 82 978 -
Loss for the period -
Balance at 31 - -
December 2005 55 82 978 -
Accumulated
loss Total
R"000 R"000
Balance at 1 January 2004 (78 721) 11 588
Loss for the period (5 872) (5 872)
Balance at 1 January 2005 (84 593) 5 716
Transfer to accumulated loss 7 276 -
Loss for the period (3 620) (3 620)
Balance at 30 June 2005 (80 937) 2 096
Loss for the period (1 088) (1 088)
Balance at 31 December 2005 (82 025) 1 008
CONSOLIDATED BALANCE SHEETS
IFA HOTELS & RESORTS
31 December 30 June 31 December
2005 2005 2004
Audited Audited Audited
Restated
Note R"000 R"000 R"000
ASSETS
Non-current assets 65 527 67 054 69 256
Property, plant and
equipment 55 929 57 456 59 658
Intangible assets 2 298 2 298 2 298
Investments 7 300 7 300 7 300
Loans receivable - - -
Current assets 245 137 191 351 165 622
Inventory 67 383 79 784 80 778
Trade and other
receivables 101 700 57 895 46 149
Loans receivable 247 984 1 815
Cash and cash
equivalents 75 807 52 688 36 880
Current and
non-current assets
included in disposal
group
held for sale - - -
Total assets 310 664 258 405 234 878
EQUITY AND LIABILITIES
Capital and reserves 37 753 17 740 5 443
Share capital 1 1 1
Share premium - - -
Non-distributable
reserves - - -
Distributable reserves 37 752 17 739 5 442
Non-current
liabilities 184 740 176 999 170 494
Borrowings 175 093 170 805 167 377
Deferred tax 9 647 6 194 3 117
Current liabilities 88 171 63 666 58 941
Trade and other
payables 26 012 18 381 20 638
Taxation 5 320 834 68
Advance deposits 887 302 470
Deferred revenue 1 55 433 43 540 37 325
Loan payable - 33 -
Provisions 519 576 440
Liabilities directly
associated
with disposal group
held for sale - - -
Total equity and
liabilities 310 664 258 405 234 878
Number of shares
- in issue 200 200 200
- for NAV and NTAV*
calculation 218 210 680 218 210 680 218 210 680
Net asset value per
share (cents) (NAV) 17.30 8.13 2.49
Net tangible asset
value
per share (cents)
(NTAV) 16.25 7.08 1.44
*The total number of shares in issue following the reverse take-over was
used for the calculation of NAV and NTAV per share.
MORIBO LEISURE LIMITED
31 December 31 December
2005 2004
Unaudited Audited
Restated
R"000 R"000
ASSETS
Non-current assets - 554
Property, plant and equipment - 156
Intangible assets - -
Investments - -
Loans receivable - 398
Current assets 3 233 5 809
Inventory - -
Trade and other receivables - 1 351
Loans receivable - -
Cash and cash equivalents - 4 458
Current and non-current assets
included in disposal group
held for sale 3 233 -
Total assets 3 233 6 363
EQUITY AND LIABILITIES
Capital and reserves 1 008 5 716
Share capital 55 55
Share premium 82 978 82 978
Non-distributable reserves - 7 276
Accumulated loss (82 025) (84 593)
Non-current liabilities - -
Borrowings - -
Deferred tax - -
Current liabilities 2 225 647
Trade and other payables - 595
Taxation - -
Advance deposits - -
Deferred revenue - -
Loan payable - -
Provisions - 52
Liabilities directly associated
with disposal group
held for sale 2 225 -
Total equity and liabilities 3 233 6 363
Number of shares
- in issue 55 230 513 55 230 513
- for NAV and NTAV calculation 55 230 513 55 230 513
Net asset value per
share (cents) (NAV) 1.83 10.35
Net tangible asset value
per share (cents) (NTAV) 1.83 10.35
EFFECT OF THE REVERSE TAKE-OVER AND A CHANGE IN ACCOUNTING POLICY AT REVERSE
TAKE-OVER DATE (16 JANUARY 2006).
On 16 January 2006, Moribo acquired from IFA Kuwait, as an indivisible
transaction, IFA Kuwait"s entire shareholding and a portion of its loan account
(R68,657 million) in IFA Zimbali and its entire shareholding in IFA Hotels in
exchange for the issue of 212 755 413 shares (97,5% of the voting equity) in
Moribo. The purchase consideration for the IFA Zimbali shares and loan account
was R85 million and the IFA Hotels shares was R41,204 million which totalled
R126,204 million. This resulted in the reverse take-over.
Set out below are the adjustments that have been made to the balance sheet of
IFA Hotels & Resorts at the reverse take-over date as a result of the
implementation of the reverse take-over and a change in accounting policy for
land and buildings, as set out in note 1 below, and the effect that this would
have had on the NAV and NTAV per share as shown in the 31 December 2005 balance
sheet of IFA Hotels & Resorts. The 30 June 2005 comparative has been shown for
illustrative purposes only as if the reverse take-over and change in accounting
policy had been implemented at 30 June 2005.
16 January 30 June
2006 2005
Unaudited Unaudited
Notes R"000 R"000
ASSETS
Non-current assets
Property, plant and equipment 1 24 513 21 862
Intangible assets 2 3 155 2 629
Total assets 27 668 24 491
EQUITY AND LIABILITIES
Capital and reserves 92 243 90 062
Share capital 2 182 2 182
Share premium 69 629 69 188
Non-distributable reserve 20 432 18 692
Non-current liabilities (64 575) (65 571)
Shareholders loans (68 657) (68 740)
Deferred tax 4 082 3 169
Total equity and liabilities 27 668 24 491
NAV per share (cents) as per
balance sheets above 17.30 8.13
Effect due to reverse take-over and
change in accounting policy 42.27 41.27
NAV per share (cents) after
reverse take-over 59.57 49.40
NTAV per share (cents) as per
balance sheets above 16.25 7.08
Effect due to reverse take-over
and change in accounting policy 40.83 40.07
NTAV per share (cents) after
reverse take-over 57.08 47.15
Number of shares * 218 210 680 218 210 680
* The total number of shares in issue following the reverse take-over was used
for the calculation of NAV and NTAV per share.
Notes:
1. The group changed its accounting policy for land and buildings from the
historical cost model to the revaluation model on the reverse take-over
date. This change has had the effect of increasing the net asset value of
the group by R20,4 million.
2. Moribo had distributed all of the shares in its subsidiaries as a dividend
in specie. The company had no active businesses or operations and was simply
a cash shell. It is the intention of the board to distribute any excess cash
from Moribo to shareholders registered as such on the record date (17
February 2006). Accordingly, the cost of the reverse take-over was
calculated by reference to the proportional interest that the existing
Moribo shareholders retained in IFA SA (2,5% of the voting equity). This
resulted in goodwill on acquisition of R3,155 million.
3. The unaudited pro forma consolidated income statement and balance sheet of
Moribo for the period ended 30 June 2005 in the circular to shareholders of
Moribo issued on 22 December 2005 ("the circular") applied the accounting
standard for business combinations, IFRS 3 (AC 140) but did not apply
reverse acquisition accounting. Reverse acquisition accounting was
adopted on the reverse take-over date to reflect what management believes
is a more appropriate interpretation and application of IFRS 3. This change
combined with the change in accounting policy referred to in note 1 above
had no material effect on the pro-forma consolidated income statement and
balance sheet of Moribo as shown in the circular.
BASIS OF PREPARATION
The condensed consolidated interim financial results for the six months ended
31 December 2005 have been prepared in compliance with the group"s accounting
policies which fully comply with International Financial Reporting Standards
(IFRS), IAS 34: Interim Financial Reporting and the Listings Requirements of
the JSE Limited ("JSE"), and are consistent with those applied for the six
months ended 30 June 2005 and for the year ended 31 December 2004. All
accounting standards enacted have been adopted and no restatement of prior
period results is necessary.
IFA Hotels & Resorts previously reported in terms of International Accounting
Standards, therefore IFRS 1 is not applicable. Moribo adopted IFRS with effect
from 1 January 2005 and there were no effects on the results and balances
previously reported.
The interim information has been prepared in accordance with the IFRS and the
International Financial Reporting Interpretations Committee ("IFRIC")
interpretations as adopted for use in South Africa at the time of the
preparation of the information. As these standards and interpretations are
subject to ongoing review, they may be amended between the date of this report
and the finalisation of the annual financial statements for the year ending 30
June 2006.
The board acknowledges its responsibility for the preparation of the condensed
consolidated interim financial statements in accordance with IFRS and the
requirements of the JSE.
NOTES TO THE INTERIM FINANCIAL RESULTS
1. Deferred revenue
The substantial acts required to complete the development of township property
are expected to be completed within the next 12 months, therefore the revenue
that has been deferred in terms of the revenue recognition policy is likely to
be recognised within the next 12 months.
IFA HOTELS & RESORTS
31 December 30 June 31 December
2005 2005 2004
R"000 R"000 R"000
2. Capital expenditure commitments
- contracted 19 256 22 130 -
- approved but not contracted 18 500 18 500 -
37 756 40 630 -
3. Operating lease commitments 218 36 -
4. Guarantees and contingent
liabilities - 9 508 14 260
5. The company changed its year-end from December to June which is the year-end
for IFA Hotels & Resorts.
6. The results of IFA Hotels & Resorts for the comparative six months ended 31
December 2004 have not been presented as the year-end has changed and the
comparable period is the six months to June 2005.
7. The consolidated income statement and cash flow statement of IFA Hotels &
Resorts for the period ended 31 December 2004 comprises the results of IFA
Hotels for the fourteen months then ended and IFA Zimbali for the five
months then ended.
8. As more fully described in the circular, the financial statements of IFA
Hotels for the period ended 31 December 2004 were restated to reflect what
management believed was a more appropriate interpretation and application of
IAS 18 (Revenue) and IAS 37 (Provisions, Contingent Liabilities and
Contingent Assets). Where there are further substantial acts to complete in
the development of a township property, revenue is now deferred and
recognised as the acts are performed. Future development costs are no longer
recognised until the related services have been performed but were
previously recognised at the same time as the related revenue. This had the
effect of decreasing net profit by R11,7 million for the year ended 31
December 2004.
GROUP PROFILE
In terms of the reverse takeover, IFA Zimbali and IFA Hotels were acquired by
the company from IFA Kuwait in exchange for the issue of 212 755 413 shares in
the company. These shares were listed on the JSE on 27 February 2006. IFA Kuwait
currently owns a majority interest in the company. The former Moribo operations
were wound-up as a pre-condition of the reverse take-over and there is no
operational or management link between the former Moribo and IFA SA.
Through its two subsidiaries, IFA SA now owns the exclusive Zimbali Lodge on
KwaZulu-Natal"s north coast, rated by Conde Nast as one of the world"s top
hotels, and is the partner in a joint venture with Moreland-Zimbali Resorts
(Pty) Limited, a subsidiary of Moreland Developments (Pty) Limited ("Moreland"),
("the joint venture"), which joint venture is responsible for the development of
the multi-million rand Zimbali Coastal Resort. The resort offers hotels, luxury
residences, golf courses and leisure facilities.
POST BALANCE SHEET EVENTS - ASSOCIATED WITH THE REVERSE TAKE-OVER
Repurchase
In terms of a shareholders" resolution passed at the general meeting held on 16
January 2006, 677 843 shares held by the Moribo Share Incentive Trust were
repurchased by the company for an aggregate purchase consideration of R1,00 and
were cancelled. The Moribo Share Incentive Scheme has been terminated.
Consolidation
With effect from 27 February 2006 the company"s shares were consolidated on a
one-for-10 basis in order to reduce the number of shares in issue after the
reverse take-over to a manageable level.
Increase in authorised share capital
In terms of a shareholders" resolution passed at the general meeting held on 16
January 2006, the company was authorised to increase its share capital to 500
000 000 consolidated shares by the creation of 461 121 152 consolidated shares.
Change of main business and trading objects
With effect from 16 January 2006, the company changed its main business and
trading objects to "invest in, as principal, develop and manage land,
apartments, hotels and timeshare resorts".
The specific issue of shares
Should any liabilities arise within three years from the effective date of the
reverse take-over (23 January 2006) that relate to any activities conducted by
Moribo prior to the effective date which, in aggregate, exceed the Moribo
group"s cash resources as determined at the effective date, IFA Kuwait will
settle the balance of any such liabilities which cannot be settled out of the
cash resources, plus any associated transaction costs. In exchange for
settlement the company will issue consolidated shares to IFA Kuwait at the
weighted average traded price of such shares over the 30 days prior to the date
that the price of issue is agreed by the directors of the company or at such
price as determined by a JSE-approved independent advisors appointed to
indicate that the issue price is fair and reasonable, subject to a maximum
total value in aggregate of all such issues of consolidated shares of R20
million.
Reconstitution of the board
With effect from 16 January 2006, the board of directors was reconstituted to
reflect the changed nature of the business and new controlling shareholder of
the company. All of the previous directors of Moribo have resigned and the
directors reflected in the corporate information below have been appointed.
FINANCIAL REVIEW
The joint venture with Moreland has shown strong growth in both volume and
value of land sales. Revenue increased to R68,5 million from R38,9 million for
the six months ended June 2005, exceeding equivalent revenue for the full 2004
calendar year. Healthy operating profit performance has followed in this
segment of the business with R28,3 million for the interim period reflecting a
62% increase from the previous six months and the full 2005 calendar year up
221% on 2004. The continuing strength of the economy and increasing awareness
of the Zimbali brand should ensure that value is achieved for land currently in
inventory.
IFA Zimbali has also shown steady improvement in revenues. While the
second half of 2005 (R17 million) showed a modest increase of 3% over the first
half (R16,5 million), the full 2005 calendar year was up 16% over 2004.
Earnings before interest, taxation, depreciation and amortisation ("EBITDA")
has shown a strong 38% improvement over 2004 as a result of securing additional
income streams in the form of ongoing service fees and rental commission. This
has flowed through to operating profit which saw the loss reduce to R65 000 for
the six months to December from R233 000 in the first six months of 2005. This
is an improvement of 72% off the back of an 85% improvement in the operating
loss position for the full 2005 calendar year over 2004. The above results have
been compared to 2004 numbers that have been extrapolated for a full 2004
calendar year for comparison purposes. The directors believe that targeted
marketing and additional services will maintain the rising occupancies and
average revenues per visit, which together with the additional income stream
will drive this portion of the business to profitability.
IFA SA has a strong balance sheet with no borrowings other than shareholder"s
loans. The board believes this positions the company well to leverage future
deals.
PROSPECTS
IFA Kuwait is well-positioned to invest capital and expertise in resort
development in South Africa. South Africa has emerged as an ideal investment
opportunity in light of positive economic factors and an untapped property
asset base. IFA Kuwait"s multi-million rand investment in South African property
development reflects its confidence in the economy given the low interest rate
regime, strict regulatory controls and economic stability.
The continued positive performances of IFA SA"s assets bode well for future
growth of the company, particularly in light of steadily increasing tourism as
South Africa"s coastline finds favour with international tourists. The high
standard of leisure and living offered by Zimbali continues to offer an
attractive proposition to residents, tourists and serious international
property investors. The prospects are further supported by the proposed King
Shaka International Airport to be located between Zimbali and Durban.
In light of the rapid take-up of properties in the Zimbali Coastal Resort, a
300ha extension - Zimbali Lakes - is planned for development by the joint
venture. Zimbali Lakes will include a Gary Player signature golf course. The
new development will be substantially complete in time for the World Cup 2010
to benefit from the expected tourism influx.
In addition IFA SA will continue to pursue new integrated resort developments
in South Africa and across Africa and the Indian Ocean region. With IFA Kuwait
an established expert in leisure developments, the global IFA Hotels & Resorts
group including IFA SA may also look to expand its portfolio strategically into
other property sectors such as retail.
DIVIDEND
In view of the need to retain capital for future developments, no dividend has
been declared and none is recommended at this time.
For and on behalf of the board
JM Al-Bahar (Chairman) TJM Al-Bahar (Chief Executive Officer)
Zimbali, Durban, KwaZulu-Natal
27 March 2006
Directors:
JM Al-Bahar (Chairman)*, GE Larson*, TJM Al-Bahar (Chief Executive Officer),
JAM Wilson, PGR de Sylva, VM Nkosi
* Non-executive
Registered office:
1 Amanbali, Zimbali Coastal Resort, KwaZulu-Natal.
Company secretary: GL Evans (B.Com(Hons))
Transfer secretaries:
Computershare Investor Services 2004 (Pty) Limited, 70 Marshall Street,
Johannesburg
Sponsor: QuestCo (Pty) Limited
Date: 27/03/2006 12:21:18 PM Produced by the JSE SENS Department
