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SIM
SIIF
Simmer - Abridged consolidated interim results for the six months ended 30
September 2006
Incorporated in the Republic of South Africa
(Registration number 1924/007778/06)
Share code SIM
ISIN ZAE000006722
("Simmers" or "the Company" or "the Group")
Abridged consolidated interim results for the six months ended 30 September
2006
- Year on year share price increase of 320%
- Turnover increased by 2 285%
- Profit from mining activities increased by 348,9%
- Net asset value increased by 346,4%
- Prospecting permits granted by DME
Comments
The excellent return for investors in Simmer & Jack Mines Limited
("Simmers") continued with the upward momentum in the share price. The year
on year movement in share price increased by a staggering 320% and the
increase to the financial year end was 109%.
We are pleased to report a 2 285% increase in turnover as well as a 348,9%
increase in profit from mining activities following the acquisition of
Buffelsfontein Gold Mines Limited ("Buffelsfontein") in October 2005. This
also resulted in an increase of 346,4% in net asset value.
The loss from operations is mainly the result of R11,2 million pumping
costs relating to Ezulwini Mining Company (Proprietary) Limited
("Ezulwini") and R44,9 million share option costs. R36,4 million of the
share option costs relate to the August 2005 allocation that was approved
at the annual general meeting on 29 September 2006. Finance charges
increased significantly as a result of the interest, royalties and foreign
exchange differences, on the dollar-based Aberdeen loan, due to the
weakening of the rand.
In October 2006, additional shares were issued in First Uranium
(Proprietary) Limited ("First Uranium"), changing the current shareholding
of Simmers and First Uranium Corporation to 80% and 20% respectively.
On 19 October 2006, Simmers concluded an agreement with Harmony Gold Mining
Company Limited ("Harmony") to acquire the entire infrastructure relative
to Ezulwini Mine, formerly Randfontein Estates Number Four Shaft, for a
consideration of R55 million.
OPERATIONS REVIEW
Buffelsfontein
Buffelsfontein"s total production increased from 1 782,47 kgs to 2 222,49
kgs, an increase of 24,7%, with underground production improving from 1
316,44 kgs to 2 023,35 kgs, a 53,7% improvement. The replacement of surface
ore with underground ore to fill the plant, together with a reduction in
surface grades resulted in a drop in the surface production from 466,02 kgs
to 199,14 kgs. As previously reported, a project is under way to increase
the plant capacity from the current 125 000 tpm to 170 000 tpm to allow
optimum exploitation of the operations" vast waste rock dump source. A
pilot Dense Media Separation ("DMS") plant is under construction to test
the viability of upgrading the grade of surface ore delivered to the plant.
The biggest challenge at Buffelsfontein remains creating flexibility with
respect to mineable face length at the optimum grade mix. With this in mind
opening up operations gained impetus and for the period under review a
total of 13 039 metres was opened up, compared to 4 665 metres for the
previous six months. Development metres totalled 1 684 metres compared to 1
424 metres, with a further substantial increase to 2 500 metres forecast
for the next six months.
Transvaal Gold Mining Estates Limited ("TGME")
After constructive discussions between Simmers" BEE partners and the DME,
the granting of the new order mining rights for TGME appears to be imminent
and a further three prospecting permits have also been granted. The
development of the Frankfort mine has progressed well and has exceeded
expectations. Trial ore produced from Frankfort has been stockpiled pending
upgrading of the Metallurgical Plant to ensure optimum gold recoveries
necessitated by the results of trials done to date.
As reported previously, the depletion of reserves at Dukes Hill resulted in
limited flexibility and reduced grades. Fast tracking of development at
Dukes Hill however has made available higher grade face length, which will
result in substantial improvements in grades for the next quarter.
Simmers has progressed significantly with its project to validate surface
gold deposits amenable to open pit mining. Feasibility studies on various
target areas are under way, with the pilot project nearing completion.
First Uranium and Ezulwini
The feasibility studies for the Ezulwini shaft pillar and Middle Elsburg
uranium sections, as well as the Buffelsfontein tailings project, have been
completed and are in the process of being independently audited.
Fundraising will be initiated on completion of the independent audit. At
Ezulwini, pumping operations are continuing and capital work to stabilise
the shaft for shaft pillar extraction has commenced. At Buffelsfontein,
further metallurgical testwork for the recovery of uranium from slime is
being carried out to enable the finalisation of the detailed uranium plant
design.
PROSPECTS
The future success of Simmers is linked to gold and uranium, which follow
distinctly different commodity cycles. For that reason the Company has
embarked on a strategy to operate the two products as distinctly separate
businesses with their own directions and strategies.
On the gold front our major operation at Buffelsfontein is focused on
securing a 20-year life for the mine. To that end the mine needs to ensure
that it has fully recapitalised its underground operations and has
sufficient face length available to it to give it the flexibility which a
deep operation requires. Opening up is progressing well, and should
continue in the future to ensure the right flexibility and mix of ore.
In Mpumalanga, an aggressive prospecting and mining programme has been
prepared and the Company is awaiting the awarding of further prospecting
and mining rights in order to ensure a fully optimised regional approach.
Rights have been applied for in the name of subsidiary companies, being
TGME and Sabie Mines (Pty) Limited, both historical producers in the
Pilgrim"s Rest/Sabie goldfield. It is anticipated that by applying modern
exploration techniques and technology, the area will reveal some
interesting new gold mining opportunities with possible opencast potential.
The Company is on track to turn its uranium assets to account and to that
end it is investigating the raising of capital abroad to fund the
development of its projects. Regulatory prohibitions prevent further
disclosures at this stage, but the Company will keep shareholders apprised
as matters progress.
By order of the Board
A Townsend
Secretary
27 October 2006
Consolidated balance sheet
Unaudited Unaudited Audited
six months six months 12 months
at 30 Sep at 30 Sep at 31 March
2006 2005 2006
Notes R"000 R"000 R"000
ASSETS
Non-current assets 492 133 57 147 437 542
Property, plant and
equipment 2 371 978 56 804 317 398
Other financial assets 3 10 458 - 10 458
Environmental
rehabilitation trust fund 4 109 697 343 109 686
Current assets 191 943 50 861 75 668
Loan receivable 5 - 38 128 -
Inventories 6 16 430 1 942 11 539
Trade and other 68 184 8 691 41 079
receivables
Cash and cash equivalents 107 329 2 100 23 050
Non-current assets held
for sale 7 6 733 - 25 402
Total assets 690 809 108 008 538 612
EQUITY AND LIABILITIES
Equity capital and
accumulated loss 271 559 60 830 177 217
Share capital 457 054 237 230 308 873
Non-distributable reserves 71 254 (9 051) 26 361
Accumulated loss (259 063) (163 889) (160 331)
Minority interest 2 314 (3 460) 2 314
Non-current liabilities 348 556 25 334 312 971
Loans payable 8 165 062 24 085 129 565
Other liabilities 499 249 411
Environmental
rehabilitation provision 9 182 995 1 000 182 995
Current liabilities 70 694 21 844 48 424
Trade and other payables 70 463 21 619 48 193
Short-term loan payable 231 225 231
Total equity and
liabilities 690 809 108 008 538 612
Reconciliation of number
of shares issued "000 "000 "000
Reported at 1 April 872 652 224 942 224 942
Shares issued to Simmers
Share Trust 16 085 - 20 290
Shares issued in terms of
rights issue - 516 242 516 242
Shares issued for cash 102 350 - 111 178
Shares in issue at 30
Sep/31 March 991 087 741 184 872 652
Weighted average number of
shares in issue 891 119 370 063 678 514
CONSOLIDATED INCOME STATEMENTS
Unaudited Unaudited Audited
six months six months 12 months
to 30 Sep to 30 Sep to 31 March
2006 2005 2006
Notes R"000 R"000 R"000
Turnover 316 970 13 291 200 348
Cost of production (301 038) (19 692) (226 937)
Profit/(loss) from mining
activities 15 932 (6 401) (26 589)
Amortisation and
depreciation 2 (18 385) (5 405) (14 680)
Management fee received in
respect
of surface operations 12 - 14 789 14 044
Share option cost (44 893) (502) (8 010)
Exploration and other
operating expenditure (20 909) (7 824) (39 136)
Loss from operations 13 (68 255) (5 343) (74 371)
Unrealised gain on
acquisition of
subsidiary 14 - - 1 203 554
Goodwill arising on
acquisition
written off 15 - - (1 066 787)
Fair value adjustment on
loan 8 (5 367) - (63 260)
Profit on disposal of
shares in subsidiaries 16 - 3 086 3 522
Interest received 2 442 301 4 787
Finance charges 17 (27 552) (333) (5 793)
Loss on ordinary
activities before taxes
and minority interest (98 732) (2 289) 1 652
Taxation - - -
Minority interest - 374 -
(Loss)/profit for the
period/year (98 732) (1 915) 1 652
Reconciliation between
(loss)/profit and headline
loss:
Basic (loss)/profit for
the period/year (98 732) (1 915) 1 652
Add back:
Unrealised gain on
acquisition of subsidiary - - (1 203 554)
Goodwill arising on
acquisition written off - - 1 066 787
Fair value adjustment on
loan 5 367 - 63 260
Profit on disposal of
shares in subsidiaries - (3 086) (3 522)
Headline loss for the
period/year (93 365) (5 001) (75 377)
(Loss)/profit per share
(cents)* (11,08) (0,52) 0,24
Diluted (loss)/profit per
share (cents)* (10,68) (0,50) 0,24
Headline loss per share
(cents)* (10,48) (1,35) (11,11)
Diluted headline loss per
share (cents)* (10,10) (1,41) (11,02)
Net asset value per share
(cents)* 30,47 16,44 26,12
*Based on weighted average
number of shares in issue
CONSOLIDATED CASH FLOW STATEMENTS
Unaudited Unaudited Audited
six months six months 12 months
to 30 Sep to 30 Sep to 31 March
2006 2005 2006
R"000 R"000 R"000
Cash (absorbed by)/generated from
operations (14 702) 7 959 (122 064)
Interest received 2 442 301 1 879
Finance charges (9 423) (35) (2 044)
Cash flows (to)/from operating
activities (21 683) 8 225 (122 229)
Cash flows to investing activities (53 457) (68 294) (60 647)
Cash flows from financing
activities 159 419 61 648 205 405
Net increase in cash and cash
equivalents 84 279 1 579 22 529
Cash and cash equivalents at
beginning of period/year 23 050 521 521
Cash and cash equivalents at end
of period/year 107 329 2 100 23 050
CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY
Shares in
Share Share Simmers"
capital premium Share Trust
R"000 R"000 R"000
Balance at 1 April 2005 4 499 108 729 (3 577)
Loss for the six months
Movement in respect of fair
valuation of loan
Shares issued in terms of
rights offer 10 325 118 735
Share issue costs written off
against share premium (1 481)
Minority interest movement
Treasury shares movement 196 4 998 (5 194)
Share-based payments
Balance at 30 September 2005 15 020 230 981 (8 771)
Profit for the six months
Issue of shares for cash 2 224 70 531
Share issue costs written off
against share premium (1 311)
Share options to be allocated 4 134 (4 134)
Share premium as a result of
shares issued in subsidiary company
Minority interest movement
Treasury shares movement 209 26 636 (26 646)
Movement in respect of fair
valuation of loan
Share-based payments
Balance at 31 March 2006 17 453 330 971 (39 551)
Loss for the six months
Issue of shares for cash 2 047 150 723
Share issue costs written off
against share premium (5 439)
Share options to be allocated 3 232 (3 232)
Treasury shares movement 322 32 332 (31 804)
Share-based payments
Balance at
30 September 2006 19 822 511 819 (74 587)
Non-
distri- Accu-
butable mulated Minority
reserve loss interest Total
R"000 R"000 R"000 R"000
Balance at 1 April 2005 4 233 (161 983) 1 (48 098)
Loss for the six months (1 915) (1 915)
Movement in respect of fair
valuation of loan (13 (13 786)
786)
Shares issued in terms of
rights offer 129 060
Share issue costs written off
against share premium (1 481)
Minority interest movement 3 461 3 461
Treasury shares movement -
Share-based payments 502 502
Balance at 30
September 2005 (9 051) (163 898) 3 462 67 743
Profit for the six months 3 567 3 567
Issue of shares for cash 72 755
Share issue costs written off
against share premium (1 311)
Share options to be allocated -
Share premium as a result
of shares issued in
subsidiary company 13 616 5 835 19 451
Minority interest movement (6 983) (6 983)
Treasury shares movement 199
Movement in respect of fair
valuation of loan 13 786 13 786
Share-based payments 8 010 8 010
Balance at 31 March 2006 26 361 (160 331) 2 314 177 217
Loss for the six months (98 732) (98 732)
Issue of shares for cash 152 770
Share issue costs written off
against share premium (5 439)
Share options to be allocated -
Treasury shares movement 850
Share-based payments 44 893 44 893
Balance at 30 September 2006 71 254 (259 063) 2 314 271 559
NOTES TO THE INTERIM FINANCIAL STATEMENTS
1 ACCOUNTING POLICIES
The Interim Financial Statements have been prepared in accordance with
International Financial Reporting Standards ("IFRS"), IAS 34 and the
Companies Act of South Africa. The Interim Financial Statements have been
prepared on the historical cost basis, except for the measurement of non-
current assets held for sale and certain financial instruments stated at
fair value. The accounting policies are consistent with the previous year.
2 PROPERTY, PLANT AND EQUIPMENT
Additions Amortisation
Opening through and
balance Additions acquisitions depreciation Total
Reconciliation
- 30 September
2006 R"000 R"000 R"000 R"000 R"000
Land and
buildings 26 877 - - (660) 26 217
Plant and
equipment 39 800 3 942 - (1 024) 42 718
Furniture and
fixtures 2 320 2 905 - (403) 4 822
Motor vehicles 49 181 - (18) 212
Mining assets 207 394 15 187 - (7 788) 214 793
Computer
equipment and
software 1 000 516 - (441) 1 075
Development
and
infrastructure 35 029 47 168 - (8 051) 74 146
Mining rights 820 296 - - 1 116
Exploration 4 109 2 770 - - 6 879
317 398 72 965 - (18 385) 371 978
Reconciliation
- 30 September
2005 R"000 R"000 R"000 R"000 R"000
Land and
buildings 897 - - - 897
Plant and
equipment 5 048 - - (447) 4 601
Furniture and
fixtures 131 - - (25) 106
Motor vehicles 62 - - (5) 57
Mining assets 2 035 19 780 - (1 937) 19 878
Computer
equipment and
software 139 10 - (25) 124
Development
and
infrastructure 23 745 9 777 - (2 966) 30 556
Mining rights 223 362 - - 585
32 280 29 929 - (5 405) 56 804
Reconciliation
- 31 March
2006 R"000 R"000 R"000 R"000 R"000
Land and
buildings 897 - 26 188 (208) 26 877
Plant and
equipment 5 048 12 107 23 528 (883) 39 800
Furniture and
fixtures 131 785 1 633 (229) 2 320
Motor vehicles 62 - - (13) 49
Mining assets 2 035 32 444 178 783 (5 868) 207 394
Computer
equipment and
software 139 10 1 210 (359) 1 000
Development
and
infrastructure 23 745 18 175 - (6 891) 35 029
Mining rights 223 826 - (229) 820
Exploration - 4 109 - - 4 109
32 280 68 456 231 342 (14 680) 317 398
Unaudited Unaudited Audited
six six months 12 months
months
to 30 Sep to 30 Sep to 31 Mar
2006 2005 2006
R"000 R"000 R"000
3 OTHER FINANCIAL ASSETS
Investment in unlisted shares
596 shares in Rand Mutual Assurance
Company 12 - 12
24 004 shares in Rand Refinery
Limited 10 106 - 10 106
10 118 - 10 118
Loan receivable 340 - 340
10 458 - 10 458
4 ENVIRONMENTAL REHABILITATION
TRUST FUND
The use of these funds is limited
to the rehabilitation of the mines
as directed by the trustees.
5 LOAN RECEIVABLE - 38 128 -
Simmers paid Buffelsfontein"s
holding costs of more than
R38 million in terms of the interim
agreement with the provisional
liquidators. This amount was taken
into account in the acquisition
cost of Buffelsfontein at date of
acquisition.
6 INVENTORIES
Medical supplies 1 069 - 977
Consumable stores 10 440 1 274 5 995
Gold in progress 4 921 668 4 567
16 430 1 942 11 539
7 NON-CURRENT ASSETS HELD FOR SALE
The non-current assets consist of
residential houses in Stilfontein.
These houses are held at fair value
and are in the process of being
sold.
These assets were acquired through
the acquisition of Buffelsfontein.
8 LOANS PAYABLE
Loan payable to Aberdeen
International Incorporated
("Aberdeen") 152 584 24 085 129 565
Aberdeen provided a loan facility
of USD10 million to Simmers to
acquire
Buffelsfontein.
The loan has a 3% coupon up to a
gold price of USD400/oz and 2,5%
thereafter. In addition, a Net
Smelter Return ("NSR") on
Buffelsfontein"s gold production is
charged, which is linked to
the price of gold ranging from a
1,5% NSR at USD450/oz to a 4,75%
NSR at gold prices of USD750/oz or
higher.
Simmers has the option of extending
the term of the loan for an
additional two years with a minimum
repayment of 10% of the existing
principal of the loan at the time
of the extension. Aberdeen has the
option to convert the debt into
Simmers shares, subject to
Simmers shareholders" approval, at
R0,80 per share after the first
anniversary of the loan. The loan
has a three-year term.
The loan is secured by a bond over
Buffelsfontein"s North Plant.
The loan, royalties and options
have been fair valued, taking the
following assumptions into account:
- valuation date = 30 September
2006
- redemption date = 31 December
2008
- ZAR/USD = 7,73
- average forward ZAR/USD (to
maturity) = 8,20
- share price = ZAR3,13
- volatility = 100%
- dividend yield = 0%
- discount curve - USD swap rate =
5,10% (2,25 years);
ZAR swap rate = 9,09% (2,25 years)
- life time of royalties = 20 years
- gold price = remain at current
levels (such that interest is at
2,5%)
Loan payable to Lion Capital Group
AB ("Lion Capital") 12 478 - -
On 26 April 2006, Simmers entered
into a loan agreement with Lion
Capital in terms of which Simmers
borrowed R12 million from Lion
Capital. The loan bears interest at
prime rate and the capital and
interest are repayable after
12 months.
The loan may be repaid,
convertibility at Simmers" option,
by an issue of Simmers shares at a
10% discount to the 30 day
volume weighted average price of
Simmers" shares on the JSE
165 062 24 085 129 565
9 ENVIRONMENTAL REHABILITATION PROVISION
The environmental rehabilitation provision of both TGME and Buffelsfontein
have been reviewed by GCS (Proprietary) Limited, a environmental
consultancy, at 31 March 2006. The provisions were based on the estimated
net cost for the respective companies to rehabilitate their mines. On the
assumption that third parties will attend to the rehabilitation of the
mines, the cost, after deducting salvages, were estimated at R292 million.
Unaudited Unaudited Audited
six six months 12 months
months
To 30 Sep To 30 Sep To 31 Mar
2006 2005 2006
R"000 R"000 R"000
10 COMMITMENTS AND CONTINGENCIES
Contingencies
Guarantees in favour of Eskom 161 161 161
Commitments
Authorised capital expenditure
- Contracted 15 032 7 831 3 194
11 RELATED PARTIES AND RELATED
PARTY TRANSACTIONS
Related parties
Directors
JP Schumacher, BJ Njenje, AX
Sisulu, SLB Mapisa
Shareholders
C McNight
Mining Reclamation & Supports
(Proprietary) Limited ("MRS")
HJ Fourie
BJ Njenje, AX Sisulu, SLB Mapisa
Companies
Consolidated Mining Management
Services Limited ("CMMS")
Horizon Blue Resources
(Proprietary) Limited
Lion Capital
Vulisango Holdings (Proprietary
Limited ("Vulisango")
Related party transactions
MRS - management fee paid 438 876 146
Horizon Blue Resources - fees paid
for geological services rendered 5 344 717 5 941
HJ Fourie - fees paid for
environmental consulting
services rendered 258 558 643
Lion Capital - interest on loan 478 - -
Related party balances
Loan payable to MRS (499) (249) (411)
Loan payable to Lion Capital (12 478) - -
Amount payable by MRS (included in
trade and other receivables) 738 - -
MRS holds 26% of the shareholding of Sabie Mines (Proprietary) Limited
("Sabie Mines"), a subsidiary of Simmers, and is paid a monthly fee of R72
960 in terms of a management contract with Simmers.
C McNight, the owner of Horizon Blue Resources, holds 5% in Caledonian
Mining and Exploration Company (Proprietary) Limited ("Caledonian"), a
subsidiary of Simmers, and provides geological services to the Group.
HJ Fourie is a director of Ezulwini Mining Company (Proprietary) Limited
("Ezulwini"), a subsidiary of Simmers, and provides
environmental consulting services to Ezulwini.
JP Schumacher, a director of Simmers, is also a director of Lion Capital.
In September 2006, Simmers entered into a management agreement with
Vulisango in terms of which Vulisango provides consulting services
regarding transformation, human resources and occupational health and
safety for a monthly fee of R250 000. BJ Njenje, AX Sisulu and SLB Mapisa,
directors of Simmers, are also shareholders of Vulisango.
The directors (key management) of the Company and its subsidiaries are all
deemed to be related parties.
12 MANAGEMENT FEE RECEIVED
In July 2005, Simmers entered into an interim agreement with the
provisional liquidators of Buffelsfontein. In terms of the agreement,
Simmers took over the surface operations of Buffelsfontein and received a
management fee in return based on the profit made on the surface
operations. This agreement was terminated on Simmers" acquisition of
Buffelsfontein.
Unaudited Unaudited Audited
six months six months 12 months
to 30 Sep to 30 Sep to 31 Mar
2006 2005 2006
R"000 R"000 R"000
13 LOSS FROM OPERATIONS
The loss from operations is
stated after accounting
for the following:
Pumping and feasibility study
costs relating to Ezulwini 11 172 - 26 338
14 UNREALISED GAIN ON
ACQUISITION OF SUBSIDIARY
The unrealised gain is the
result of the following amounts
ceded to the Group with the
acquisition of Buffelsfontein:
Long-term loan - - 150 000
Subordinated shareholder"s loan - - 923 729
Ceded creditors, as per Section - - 129 825
311 Scheme of arrangement
- - 1 203 554
15 GOODWILL ARISING ON
ACQUISITION WRITTEN OFF
On 31 October 2005 (effective
date of acquisition), the
Group acquired 100% of the
share capital of Buffelsfontein
and its subsidiaries for R1.
Fair value of the net assets
acquired:
Property, plant and equipment - - 231 342
Non-current assets held for - - 25 402
sale
Environmental rehabilitation
trust fund - - 107 179
Other financial assets - - 11 833
Net current assets - - 7 117
Loans owing to Group companies - - (1 267 419)
Environmental rehabilitation
provision - - (180 000)
Net asset value at 31 October
2005 - - (1 064 546)
Costs directly attributable to
the acquisition - - (2 241)
Goodwill written off - - (1 066 787)
Cash consideration - - 66 106
Non-cash portion of goodwill
written off - - (1 000 681)
16 PROFIT ON DISPOSAL OF SHARES
IN SUBSIDIARIES
In April 2005, Simmers disposed
of 26% of its shareholding
in Sabie Mines to MRS, a BEE
company, which resulted in
a profit on disposal of R3,1
million.
In January 2006, Simmers
disposed of 5% of its
shareholding
in Caledonian to Chris McNight,
which resulted in a profit on
disposal of R407 813.
17 FINANCE CHARGES
Interest paid on bank accounts 48 34 169
Interest paid on Aberdeen loan 784 15 502
Interest paid on Lion Capital
loan 478 - -
Finance fees in respect of
Aberdeen loan - - 902
Royalties paid in respect of
Aberdeen loan 10 500 212 3 892
Foreign exchange differences 15 742 72 328
27 552 333 5 793
18 DIVIDENDS
The Board has resolved not to
declare any dividend to
shareholders for the period
under review.
19 SHARE PRICE
Cents per share 315 75 157
% increase 320% Base price 109%
Incorporated in the Republic of South Africa
(Registration number 1924/007778/06) Share code SIM
ISIN ZAE000006722 ("Simmers" or "the Company" or "the Group")
Transfer secretaries
South Africa Computershare Investor Services 2004 (Pty) Ltd Ground Floor,
70 Marshall Street Johannesburg, 2001 Republic of South Africa
United Kingdom Capita Registrars The Registry 34 Beckenham Road
Beckenham, Kent, BR3 4TU United Kingdom
United Kingdom office St. James"s Corporate Services Limited
6 St. James"s Place, London, SWIA INP United Kingdom
Registered office
5 Press Avenue, Selby Johannesburg, 2135 Republic of South Africa
Sponsor
Sasfin Capital A division of Sasfin Bank Limited Sasfin Place,
North Block 13 - 15 Scott Street, Waverley Johannesburg, 2090
Republic of South Africa
Directors
NRG Brunette (Non-Executive Chairman), BJ Njenje (Non-Executive Vice-
Chairperson), GT Miller (Chief Executive Officer), JdeV Berry (Executive
Director), JP Schumacher (Non-Executive Director), DH Brown (Independent
Non-Executive Director), K Wakeford (Independent Non-Executive Director),
AX Sisulu (Non-Executive Director), SLB Mapisa (Non-Executive Director), E
Oosthuizen (Alternate Director to JP Schumacher)
www.simmers.co.za
Date: 26/10/2006 05:06:04 PM Produced by the JSE SENS Department
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