|
ACT ACTP
ACT
ACT/ACTP - AfroCentric - Unaudited Interim Results for the six months ended 31
December 2006
Afrocentric Investment Corporation Limited
(Formerly WB Holdings Limited)
(Incorporated in the Republic of South Africa)
(Registration number 1988/000570/06)
JSE code: ACT, ACTP
ISIN: ZAE000078416, ZAE000082269
("AfroCentric" or "the company")
UNAUDITED INTERIM RESULTS FOR THE SIX MONTHS ENDED 31 DECEMBER 2006
INCOME STATEMENT
6 Months Audited
Ended Year Ended
31-Dec-06 31-Dec-05 30-Jun-06
R`000 R`000 R`000
(Note 1)
Revenue
Interest earned 3 203 2 26
Expenditure 551 4 541 5 668
Administrative 551 - 758
Other - 4 541 4 910
Earnings/(Loss) before taxation
for the period 2 652 (4 539) (5 642)
Taxation 769 428 428
Earnings and headline
earnings (loss) after taxation
for the period 1 883 (4 967) (6 070)
BALANCE SHEET
6 Months Audited
Ended Year Ended
31-Dec-06 31-Dec-05 30-Jun-06
R`000 R`000 R`000
ASSETS
Current assets 101 347 1 325 568
Cash and cash equivalents 101 347 1 325 265
Other - - 303
Total assets 101 347 1 325 568
EQUITY 100 337 954 239
Share capital 1 106 94 94
Share premium 97 203 - -
Retained earnings 2 028 860 145
Liabilities 1 010 371 329
Trade and other payables 241 371 329
Taxation 769 - -
Total equity and liabilities 101 347 1 325 568
STATEMENT OF CHANGES IN EQUITY
6 Months Audited
Ended Year Ended
31-Dec-06 31-Dec-05 30-Jun-06
R`000 R`000 R`000
Opening balance 239 23 029 23 417
Rights offer - ordinary shares
issued 84 600 - -
Rights offer - preference shares
issued 15 140 - -
Profit/(Loss) for the period 1 883 (4 539) (6 070)
Restructure and rights offer
costs (1 525) - -
Dividend paid - (17 108) (17 108)
Secondary tax on dividend paid - (428) -
Closing balance 100 337 954 239
CASH FLOW STATEMENT
6 Months Audited
Ended Year Ended
31-Dec-06 31-Dec-05 30-Jun-06
R`000 R`000 R`000
Cash and cash equivalents -
opening balance 265 -
Proceeds rights offer -
Ordinary shares 84 600 -
Proceeds rights offer -
preference shares 15 140 -
Cash proceeds operating
activities 1 342 (739)
Disposal of subsidiary - 18 540
Dividend paid - (17 108)
Secondary tax on dividend paid - (428)
Cash and cash equivalents -
closing balance 101 347 (Note 1) 265
EARNINGS ATTRIBUTABLE
TO EQUITY HOLDERS
Profit/(Loss) attributable to
ordinary shareholders 1 883 (4 967) (6 070)
Number of ordinary shares
in issue 94 000 000 9 400 000 9 400 000
Number of preference shares
in issue 16 638 000 - -
Weighted average number of
ordinary and preference
shares in issue for the
period 85 328 000 9 400 000 9 400 000
Earnings and headline
earnings/(loss) per
ordinary share (cents)
attributable to ordinary
and preference shares:
(Note 2)
- Basic 2.21 (52.8) (64.5)
- Fully Diluted 2.21 (52.8) (64.5)
Notes:
1.Given the disposal of the company`s prior operating subsidiary with effect
from 1 July 2005, a detailed income statement and cash flow statement for this
comparative period has not been provided as it would be of no value to
shareholders.
2.With the current ordinary shares and preference shares in issue, both
classes of shares rank pari passu in all respects. Accordingly, the basic and
fully diluted earnings per share for the period under review are the same.
Accounting policies and basis of preparation
The financial statements have been prepared in accordance with International
Financial Reporting Standards ("IFRS"). No reconciliation between the
previously reported SA GAAP financial information and restated IFRS financial
information has been prepared as the transition to IFRS has had no impact on
the company.
In terms of section 291 of the Companies Act, 1973, and with the requisite
approval of the Registrar of Companies, the Directors exercised their
discretion not to present consolidated financial statements for the year ended
30 June 2006. The comparative figures for both 31 December 2005 and 30 June
2006 are again presented on this basis as the adjustments necessary would be
of no value to shareholders.
Business activities and company results
During the period under review, the Board of Directors implemented the
recapitalisation of the company by means of a rights offer. The rights offer
raised approximately R100 million before expenses in order to provide the
company with capital for investment. 84 600 000 new ordinary shares were
subscribed for in cash at 100 cents per share and 16 638 000 new redeemable
preference shares were subscribed for at 91 cents per share. The rights offer
was fully subscribed and an amount of R99 740 580 was received on 11 August
2006. At the same time, The AfroCentric Empowerment Trust, a trust with
leading black organisations and institutions as its beneficiaries, acquired a
50,1% shareholding in the company. The company`s funds are presently invested
in short term interest bearing deposit accounts.
On 26 September 2006, AfroCentric and Rio Tinto Plc. jointly announced the
completion of a broad mutual cooperation agreement ("Strategic Agreement")
covering exploration and mining related opportunities locally and elsewhere in
Southern Africa. Under the terms of the Strategic Agreement, Rio Tinto and
AfroCentric will jointly pursue selected new exploration and mining
initiatives in South Africa and the rest of the African continent. During the
period under review, several mining opportunities presented themselves for
consideration and progress has been made in the surveys, the exploration and
the early stage processes required to be followed in such matters.
Prospects
The business community continues to focus on Black Economic Empowerment as an
imperative for South Africa`s transformation. Given AfroCentric`s status and
shareholding as a listed Black controlled company, several investment
opportunities and potential acquisitions have been presented and considered
since the company`s successful listing in August 2006. The Board remains
committed to pursuing only those transactions that are commercially sound and
satisfy the selective criteria specified by the company`s Investment
Committee. Suitable transaction(s) will be concluded at an appropriate time on
terms which are considered to be in the best interest of shareholders. In the
meantime, the Strategic Agreement with Rio Tinto Plc is working well and the
Board remains optimistic about the potential results which could evolve
through this relationship.
By Order of the Board
M I Sacks, CA(SA), AICPA (ISR)
Company Secretary
Johannesburg
28 March 2007
Directors
N B Bam* (Chairperson) N M J Canca* M S V Gantsho* J M Kahn** M I Sacks**
Prof. D I Swartz* B Joffe**
* Independent non-executive ** Non-executive Company Secretary
Registered Office
FHS House
15 Girton Road
Parktown
2193
Date: 27/03/2007 13:54:51 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 ] | |||||||||||||
|
|||||||||||||
