|
JSE LMID
LMID
LMID - Lereko Mobility - Unaudited interim results for the half year ended
25 December 2006
Lereko Mobility (Proprietary) Limited
Registration number: 2004/034154/07
Share code: LMID
ISIN: ZAE000067229
Unaudited interim results for the half year ended 25 December 2006
CONDENSED BALANCE SHEET
at 25 December 2006
December December June
2006 2005 2006
R`000 R`000 R`000
Assets
Non-current assets
Investments 2 393 064 2 039 585 1 865 385
Current assets
Cash and cash equivalents 8 150 6 951 5 895
Total assets 2 401 214 2 046 536 1 871 280
Equity and liabilities
Capital and reserves
Share capital 2 040 2 040 2 040
Non-distributable reserve 125 860 125 860 125 860
Distributable reserve 357 266 241 909 120 057
485 166 369 809 247 957
Non-current liabilities
Interest bearing borrowings 802 816 788 009 794 178
Financial liabilities 869 079 702 751 667 089
Deferred tax 243 231 179 640 161 116
1 915 126 1 670 400 1 622 383
Current liabilities
Taxation 797 1 734 812
Trade and other payables 125 4 593 128
922 6 327 940
Total equity and liabilities 2 401 214 2 046 536 1 871 280
CONDENSED INCOME STATEMENT
for the half year ended 25 December 2006
15 months
9 months June
2006 2005 2006
R`000 R`000 R`000
Operating expenses (159) - (380)
Net fair value adjustments 364 520 384 123 288 487
Net financing costs (43 429) (43 484) (86 205)
Profit before taxation 320 932 340 639 201 902
Taxation (83 723) (98 730) (81 845)
Profit after taxation 237 209 241 909 120 057
CONDENSED STATEMENT OF CHANGES IN EQUITY
for the half year ended 25 December 2006
Non- Distri-
distri-
Issued butable butable
capital reserve reserve
R`000 R`000 R`000
Balance at 26 June 2006 2 040 125 860 120 057
Net profit for the period - - 237 209
Issue of share capital - - -
Fair value adjustment - - -
on call option
Fair value adjustment - - -
preferred ordinary shares
2 040 125 860 357 266
CONDENSED STATEMENT OF CHANGES IN EQUITY
for the half year ended 25 December 2006
9 months 15 months
2005 2006
Total Total Total
R`000 R`000 R`000
Balance at 26 June 2006 247 957 - -
Net profit for the period 237 209 241 909 120 057
Issue of share capital - 2 040 2 040
Fair value adjustment - (361 455) (361 455)
on call option
Fair value adjustment on - 487 315 487 315
preferred ordinary shares
485 166 369 809 247 957
CONDENSED CASH FLOW STATEMENT
for the half year ended 25 December 2006
15 months
9 months June
2006 2005 2006
R`000 R`000 R`000
Cash flows from operating
activities
Cash (utilized in)/generated
by
operating activities (163) 8 140 (251)
Net financing costs (43 429) (43 484) (86 205)
Taxation paid (1 623) - (2 561)
Net cash flows from (45 215) (35 344) (89 017)
operating activities
Cash flows from investing
activities
Investments 38 832 (800 690) (754 242)
Cash flows from financing
activities
Capital raised - 2 040 2 040
Long-term debt raised 8 638 840 945 847 114
Net cash flows from 8 638 842 985 849 154
financing activities
Increase and cash and cash 2 255 6 951 5 895
equivalents
Cash and cash equivalents at 5 895 - -
the beginning of the period
Cash and cash equivalents at 8 150 6 951 5 895
the end of the period
INTRODUCTION
In June 2005 Lereko Mobility (Proprietary) Limited ("the company")
concluded a black economic empowerment transaction with Imperial Holdings
Limited ("Imperial"). Lereko Mobility is a black owned company whose
shareholders include Lereko Investments, Zonkizizwe, Malibongwe and a
community trust.
In terms of this transaction the company subscribed for 14 516 617
preferred ordinary shares in the capital of Imperial ("Imperial preferred
ordinary shares") which are unlisted and will pay a fixed annual dividend
of 535 cents per share for five years. Thereafter the Imperial preferred
ordinary shares will be treated as ordinary shares and will be listed on
the JSE Limited ("the JSE") ranking pari passu with Imperial`s existing
issued ordinary shares.
To fund the acquisition of these shares, the company raised senior funding
by issuing to financial institutions preference shares for R377 million and
14 533 096 debentures for R458 million. The debentures are unsecured,
subordinated to the claims of the preference shares and linked to the
Imperial preferred ordinary shares. The debentures are listed on the JSE
under the Asset-Backed Securities: Other Securities sub-sector of the JSE
list.
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 being 25% of the extent to which Imperial`s share
price exceeds R145.25 on that date.
Imperial facilitated the transaction with vendor finance by issuing the
Imperial preferred ordinary shares at their par value of 4 cents. This
discount had a value of R598 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 R1 945 million and a maximum of R2 291 million.
RESULTS
The unaudited interim results have been prepared in accordance with IAS 34
- Interim Financial Reporting.
The company has posted a net profit after tax amounting to R237 million.
This takes into account the increase in value of the Imperial preferred
ordinary 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 R485 million and the Imperial
preferred ordinary shares have a market value at the reporting date of R2
393 million. The investments are fair valued using the price of an Imperial
share as quoted on the JSE Limited being the ruling bid price at the close
of business on the last trading day on or before the balance sheet date.
There have been no facts or circumstances of a material nature that have
occurred between the accounting date and the date of this report.
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, 30 March 2007.
The company has determined the following salient dates for the payment of
the interest:
2007
Last day to trade
cum-interest payment Friday, 23 March
Debentures commence
trading ex-interest payment Monday, 26 March
Record date Friday, 30 March
Payment date Monday, 2 April
Debenture certificates may not be dematerialised/ rematerialised between
Monday, 26 March 2007 and Friday, 30 March 2007, both days inclusive.
On Monday, 2 April 2007, 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 2
April 2007 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, 2 April 2007.
Company secretary
RA Venter
By order of the board
27 February 2007
Bedfordview
Directors
N Gwagwa, WG Lynch (Irish), AH Mahomed,
PS Molefe, MV Moosa
Company secretary
RA Venter
Business address and registered office
1st Floor, 3 Commerce Square
39 Rivonia Road, Sandhurst, 2196
Share transfer secretaries
Computershare Investor Services 2004 (Proprietary) Limited
70 Marshall Street, Johannesburg, 2001
Sponsor
Merrill Lynch SA (Pty) Limited
138 West Street, Sandown, Sandton, 2196
Date: 28/02/2007 07:10:01 Produced by the JSE SENS Department.
| Profile Group (Pty) Ltd. has taken care in preparing all information on this website, but does not accept any liability for errors or out-of-date information. | |||||||||||||
| Other Profile Group sites: FundsData Online (unit trust data) | Profile Group corporate site | |||||||||||||
| [ Terms of Use | Privacy Policy | PAIA manual | FAQs/Help | Site Map | © Copyright Reserved 2026 ] | |||||||||||||
|
|||||||||||||
