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WEZ
WEZ
Wesizwe - Abridged Audited Annual Financial Statements
Wesizwe Platinum Limited
(Incorporated in the Republic of South Africa)
(Registration number 2003/020161/06)
JSE code: WEZ & ISIN: ZAE000075859
(the "Company" or "Wesizwe")
WESIZWE PLATINUM - ABRIDGED AUDITED ANNUAL FINANCIAL STATEMENTS FOR THE YEAR
ENDED 31 DECEMBER 2005
Wesizwe Platinum Limited published its provisional reviewed results for the year
ended 31 December 2005 on SENS on 29 March 2006 and in the press on 30 March
2006. The financial statements have been audited by KPMG Inc., and the Annual
Report is to be mailed to shareholders today, 29 June 2006. The electronic
version will also be posted on the website today - www.wesizwe.com.
Shareholders attention is drawn to a change in the Income Statement where the
weighted and diluted average number of shares in issue has been adjusted from
345 464 647 to 345 468 748. The change resulted from the use of a more refined
method of calculation. There is negligible impact on headline loss per share
which remains at 9,27 cents.
Shareholders are advised that the statement on going concern has been updated in
the three month period since the provisional results were released. At its
current rate of operation, Wesizwe can continue operating until the end of the
third quarter 2006. The reason is that the Company has accelerated its drilling
programme to faster upgrade the mineral resource category to an Indicated
Mineral Resource.
The Company can adjust the scale of its expenditure flexibly and at short
notice. The directors are confident that the planned capital raising will be
successful and that there will be no major concerns over the Company"s financial
liquidity and going concern over the next 12 months. The annual financial
statements have accordingly been prepared on this basis.
Annual general meeting
The annual general meeting will be held on Friday, 8 September 2006 at 11h00 in
the Lower Glenhove Room, Glenhove Conference Centre, 52 Glenhove Road, Melrose
Estate, Houghton, Johannesburg. The notice of the forthcoming annual general
meeting will be dispatched to shareholders in due course.
Directors:
TE Skweyiya#, (Mrs) (Chairperson), MH Solomon (Chief Executive Officer), DN
Campbell*, WM Eksteen*, L Maloney# (Mrs), ME Monnakgotla#, DJ Phologane#, JC
Williams#
# Non-executive * Independent non-executive
Company secretary:
RH Phillips
Registered office:
Second floor, AMB Capital, 18 Fricker Road, Illovo 2196.
Investor relations enquiries to:
College Hill
Fred Cornet : Telephone + 27 11 447 3030
Wesizwe
Melanie Low : Telephone + 27 11 215 2375
Web site : http://www.wesizwe.com
Date: 29/06/2006 11:00:09 AM Produced by the JSE SENS Department
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