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PSC
PSC
Pasdec Resources SA Limited - No Change Statement and Cautionary
Pasdec Resources SA Limited(Incorporated in the Republic of South
Africa)Registration number 1987/004942/06Share code: PSC & ISIN:
ZAE000023552("Pasdec" or the "company")
No Change Statement
The Company wishes to announce that the reviewed interim results contain no
modifications to the unaudited interim results which were published on the
Securities Exchange News Service of the JSE Limited on 3 October 2006, and
accordingly the company is not publishing an abridged report.
The independent auditor"s unqualified review opinion, dated 8 November
2006, on the condensed consolidated interim financial statements, which
includes an emphasis of matter related to the preparation of the condensed
consolidated interim financial statements on the going concern basis, is
available at the company"s offices for inspection. A copy of this report is
also presented below:
"Review report of the independent auditor to the members of Pasdec
Resources SA Limited
We have reviewed the accompanying condensed consolidated balance sheet of
Pasdec Resources SA Limited (the company) and its subsidiaries at 30 June
2006 and the related condensed consolidated statements of income and cash
flows and changes in equity for the six months then ended. The condensed
consolidated interim financial statements are the responsibility of the
company"s directors. Our responsibility is to issue a report on the
condensed consolidated interim financial statements based on our review.
We conducted our review in accordance with the International Standard on
Review Engagements 2400, Engagements to review financial statements. This
standard requires that we plan and perform the review to obtain moderate
assurance that the condensed consolidated interim financial statements are
free of material misstatement. A review is limited primarily to enquiries
of company personnel and analytical procedures applied to financial data
and thus provides less assurance than an audit. We have not performed an
audit and, accordingly, we do not express an audit opinion.
Based on our review, nothing has come to our attention that causes us to
believe that the accompanying condensed consolidated interim financial
statements are not presented fairly, in all material respects, in
accordance with International Financial Reporting Standards applicable to
Interim Financial Reporting, and in the manner required by the Companies
Act in South Africa.
Without qualifying our review opinion above, we draw attention to the
accompanying condensed consolidated interim income statement and condensed
consolidated interim balance sheet which indicate that the Group incurred a
net loss of R15 153 000 for the half year ended 30 June 2006 and, as of
that date, the Group"s total liabilities exceeded its total assets by R66
260 000. We also draw attention to the "Going concern" note in the comments
section which explains why, in these circumstances, the financial
statements have been prepared in accordance with accounting policies
applicable to a going concern. In the event of one or more of the principal
assumptions referred to not being achieved or sustained this would give
rise to a material uncertainty which may cast significant doubt on the
ability of the Group to continue as a going concern.
KPMG Inc.
Per MCA Hoffman
Chartered Accountant (SA)
Registered auditor
Director
8 November 2006"
CAUTIONARY ANNOUNCEMENT
With reference to the cautionary announcement dated 3 October 2006,
shareholders are advised that the company is still involved in various
negotiations and, accordingly, should continue to exercise caution when
dealing in their securities until a further announcement is made.
Brits
10 November 2006
Sponsor
KPMG Services (Proprietary) Limited
Date: 10/11/2006 05:34:13 PM Produced by the JSE SENS Department
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