TIDMCZA
RNS Number : 3398H
Coal of Africa Limited
13 March 2015
ABN 98 008 905 388
FINANCIAL REPORT
FOR THE HALF YEAR ENDED
31 DECEMBER 2014
COAL OF AFRICA LIMITED
FINANCIAL REPORT FOR THE HALF-YEAR ENDED 31 DECEMBER 2014
CORPORATE DIRECTORY
REGISTERED OFFICE Suite 8, 7 The Esplanade
Mt Pleasant, Perth, WA
6153
Telephone: +61 8 9316 9100
Facsimile: +61 8 9316 5475
Email: perth@coalofafrica.com
SOUTH AFRICAN OFFICE South Block
Summercon Office Park
Cnr Rockery Lane and Sunset
Avenue
Lonehill
Telephone: +27 10 003 8000
Facsimile: +27 11 388 8333
BOARD OF DIRECTORS Non-executive
Bernard Pryor (Chairman)
Andrew Mifflin (appointed
12 December 2014)
David Murray (resigned
12 December 2014)
Khomotso Mosehla
Peter Cordin
Rudolph Torlage
Thabo Mosololi (appointed
12 December 2014)
Executive
David Brown
Michael Meeser
COMPANY SECRETARY Tony Bevan
AUSTRALIA UNITED KINGDOM SOUTH AFRICA
AUDITORS Deloitte Touche N/A Deloitte &
Tohmatsu Touche
240 St Georges Deloitte Place
Terrace Building 1
Perth WA 6000 The Woodlands
Australia 20 Woodlands
Drive
Woodmead 2052
South Africa
BANKERS National Australia Investec Bank ABSA Bank
Bank Limited plc The Podium
Level 1, 1238 2 Gresham Street Norton Rose
Hay Street London EC2V Building
West Perth WA 7QP 15 Alice Lane
6005 United Kingdom Sandton South
Australia Africa
COAL OF AFRICA LIMITED
FINANCIAL REPORT FOR
THE HALF-YEAR ENDED 31
DECEMBER 2014
CORPORATE DIRECTORY (CONTINUED)
----------------------------------------
AUSTRALIA UNITED KINGDOM SOUTH AFRICA
BROKERS Euroz Securities Investec Bank N/A
Limited plc
Level 18, Alluvion 2 Gresham Street
58 Mounts Bay London EC2V
Road 7QP
Perth WA 6000 United Kingdom
Australia
Mirabaud
21 St James'
Street
London SW1Y
4JP
United Kingdom
LAWYERS Squire Patton Squire Patton Edward Nathan
Boggs (AU) Boggs (UK) Sonnenbergs
Level 21 LLP 150 West Street
300 Murray 2 Park Lane Sandton
Street Leeds Johannesburg
Perth WA 6000 LS3 1 ES 2196
Australia United Kingdom South Africa
NOMAD/ CORPORATE N/A Investec Bank Investec Bank
SPONSOR plc Limited
2 Gresham Street 100 Grayston
London EC2V Drive
7QP Sandown 2196
United Kingdom Johannesburg
South Africa
COAL OF AFRICA LIMITED
DIRECTORS' REPORT FOR THE HALF-YEAR ENDED 31 DECEMBER 2014
Index
The reports and statements set out below comprise the half-year
report presented to shareholders:
Contents Page
Directors' Report 4
Condensed Consolidated Statement of Profit
or Loss and Other Comprehensive Income 8
Condensed Consolidated Statement of Financial
Position 9
Condensed Consolidated Statement of Changes
in Equity 10
Condensed Consolidated Statement of Cash
Flows 11
Notes to the Condensed Consolidated Half-year
Report 12
Directors' Declaration 25
Auditor's Independence Declaration 26
Independent Auditor's Review Report 27
The Directors of Coal of Africa Limited ("CoAL" or "the
Company") submit herewith the financial report of Coal of Africa
Limited and its subsidiaries ("the Group") for the half-year ended
31 December 2014. All amounts expressed in US Dollars unless stated
otherwise.
In order to comply with the provision of the Corporations Act
2001, the directors report as follows:
Directors
The names of the directors of the company during or since the
end of the half-year are:
Bernard Pryor* (Chairman) Rudolph Torlage*
Andrew Mifflin* Thabo Mosololi*
David Murray* David Brown**
Peter Cordin* Michael Meeser**
Khomotso Mosehla*
* - Non-executive director
** - Executive director
The above named directors held office during and since the end
of the half-year except for:
David Murray - resigned 12 December 2014
Andrew Mifflin - appointed 12 December 2014
Thabo Mosololi - appointed 12 December 2014
Michael Meeser - resigned 13 February 2015 ***
*** - Mr Meeser will remain with the Company for a period of
three months until the end of April 2015
Review of Operations
Principal activity and nature of operations
The principal activity of the Company and its subsidiaries is
the exploration and development of coking and thermal coal
properties in South Africa.
The Company's principal coking and thermal coal assets and
projects include:
-- The development phase Vele Colliery, a coking and thermal coal project;
-- The Makhado Project, a coking and thermal coal project, which
is awaiting the granting of a New Order Mining Right ("NOMR");
-- Three exploration stage coking and thermal coal projects,
namely Chapudi, Generaal and Mopane, in the Soutpansberg Coalfield
(the GSP project); and
-- The Mooiplaats Colliery currently on care and maintenance and
subject to a formal sale process.
The Company's focus on safety continued and no lost time
incidents ("LTIs") were recorded during the six months (FY2014 H2:
1 LTI).
COAL OF AFRICA LIMITED
DIRECTORS' REPORT FOR THE HALF-YEAR ENDED 31 DECEMBER 2014
Vele Colliery
During the period an historic Biodiversity Offset Agreement
("BOA") was signed by the Department of Environmental Affairs
("DEA"), South African National Parks Board ("SANparks") and CoAL
to the value of R55 million ($4.7 million) over a 25 year period.
The BOA is intended to promote the development of Mapungubwe so
that it benefits the environment, the local economy and resident
communities and provides an appropriate framework to manage the
interface between mining operations and the Mapungubwe World
Heritage Site, located approximately 30 km from the mine.
The BOA is based on the ecosystem approach to biodiversity
management, promoting the integrated management of land, water and
natural capital and enhance co-operation between the three parties
towards the conservation and sustainable development of the
Mapungubwe World Heritage Site, safeguarding its integrity and
ensuring that the negative impacts of development are avoided or
minimised. It is the first of its kind in the mining industry.
The Company previously submitted applications to amend the
colliery's Environmental Authorisation ("EA") to include the
proposed plant modifications. These applications were approved by
the DEA in early CY2015. Subsequent to the receipt of the amended
approval, an intention to object was lodged with the regulatory
authority. The Company has also submitted applications to amend and
renew Vele's Integrated Water Use Licence ("IWUL") and CoAL is
confident these will be received during H1 CY2015. The current Vele
Colliery IWUL is valid until March 2016. Further approvals will be
required with respect to a stream diversion, a process which the
company envisages commencing shortly. The Company has delayed the
commencement of the plant modification construction pending the
receipt of these approvals, which also gives the Company further
time to assess the outlook for coal prices.
The Front-End Engineering Design ("FEED")process for the Vele
Colliery plant modification project undertaken by Sedgman South
Africa wascompleted during the period. Changes to the plant
modification design have resulted in a shortened construction
period with the improvements resulting in the simultaneous
production of semi-soft coking coal and thermal coal and the next
stage of detailed design will commence upon project go ahead which
is envisaged to be shortly after the receipt of the approvals
applied for.
Makhado Coking Coal Project
As required under South African mining legislation, a minimum
26% black economic empowerment ("BEE") shareholding is required for
mining and exploration projects. CoAL previously signed a
Memorandum of Agreement to enable a Broad Based Black Economic
Empowerment consortium comprising seven local communities to
acquire a 20% interest in the Makhado Project and during the period
the Company continued the process of identifying suitable BEE
shareholders to acquire a further 6% interest in the project. These
transactions were formalised subsequent to 31 December 2014 and
will ensure that the Makhado Project has the requisite ownership
structure.
During the December 2014 period an interim court interdict was
issued against the Makhado Project seeking to halt any mining or
construction activity on the site. The Company as one of the
respondents has commenced work with the other respondents to set
aside the interim interdict. CoAL does not anticipate that this
process will impede on the delivery timetable for the mine to come
into commercial production during CY2019 as no construction or
mining activities are anticipated during CY2015.
Greater Soutpansberg Project (MbeuYashu)
During the reporting period the Company continued to engage with
stakeholders, in particular communities, in relation to the Greater
Soutpansberg Project which comprises the Generaal, Chapudi and
Mopane projects.
Current and future funding
During the reporting period CoAL shareholders approved a two
stage equity placement of up to 695 million shares for GBP0.055
raising approximately $64.9 million. The amount was calculated
using an indicative exchange rate of GBP1:$1.70 which had weakened
8.6% to GBP1:$1.55 at the end of the half year, resulting in the
revised expected proceeds of $60 million. The 8.4% weakening of the
ZAR:$ exchange rate between August and December 2014 offsets the
decline in the GBP:$ exchange rate as the Company's future expenses
are predominantly Rand denominated. The required regulatory
approvals for stage 1 were received during November 2014 resulting
in the issue of 295 million CoAL shares to select book-build
participants.
Current and future funding (continued)
During December 2014 the Company announced that it had agreed
with all selected participants to split the second stage of the
placement into two parts. This stage was previously conditional on
receipt from a South African participant, TMM Holdings (Pty) Ltd,
of confirmation that it had received sufficient funding to fulfil
its second stage funding commitment. The second stage of the equity
placement was completed during December 2014 with the issue of 300
million ordinary shares and the third stage will result in a
further 144 million shares being issued, anticipated to be
completed by April 2015.
Financial review
The loss for the six months under review amounted to $0.8
million, or 0.07 cents per share compared to a loss of $46.3
million, or 4.42 cents per share for the prior corresponding
period.
The loss for the period under review of $0.8 million (H1 2013:
$46.3 million) includes non-cash credits of $16.9 million (H1 2013:
charges of $30.2 million) as follows:
-- Mooiplaats impairment loss of nil ($16.5 million in the six months ended 31 December 2013);
-- net foreign exchange profit of $17.7 million (2013: loss of
$12.5 million) arising from the translation of inter-group loan
balances, borrowings and cash due to changes in the ZAR:AUD
exchange rate during the period;
-- depreciation of $0.3 million (2013: $0.7 million) and
amortisation of $0.5 million (2013: $0.5 million) contributed
further to the non-cash charges.
As at 31 December 2014, the Company had cash and cash
equivalents of $20.6 million compared to cash and cash equivalents
of $2.1 million at 30 June 2014.
Authorised and issued share capital
CoAL had 1,599,368,613 fully paid ordinary shares in issue as at
31 December 2014. The holders of ordinary shares are entitled to
one vote per share and are entitled to receive dividends when
declared.
Dividends
No dividends were declared or paid during the six months.
Highlights and events after the reporting period
-- The Company received the amended and updated Environmental
Authorisation for the Vele Colliery. The application for the
amendment and extension of the Integrated Water Use License for the
colliery is still to be received, following which the Company will
make a decision as to the timing of the start of the plant
modification at the colliery.
-- Subsequent to 31 December 2014, the Company extended the date
on an non-exclusive basis for which Blackspear Capital
("Blackspear"), a wholly owned subsidiary of Blackspear Holdings
(Pty) Ltd are required to fulfil the conditions precedent for the
sale of Mooiplaats until April 2015, and while the delay is
unwelcome it will not impact on the ability of the Company to
continue with the finalisation of its turnaround strategy.
-- On 13 February 2015 Michael Meeser, Executive Director and
Chief Financial Officer, resigned but will remain with the Company
until the end of April 2015.
-- Subsequent to 31 December 2014, the Company formalised the
Makhado Project BEE structuring ensuring that the project complies
with South African mining legislation.
Rounding off of amounts
The Company is a company of the kind referred to in ASIC Class
Order 98/100, date 10 July 1998, and in accordance with that Class
Order amounts in the directors' report and the half-year financial
report are rounded off to the nearest thousand dollars, unless
otherwise indicated.
Auditor's Independence Declaration
The auditor's independence declaration is included on page 26 of
the half-year report.
The half-year report set out on pages 8 to 26, which has been
approved on the going concern basis, was approved by the board on
12 March 2015 and was signed on its behalf by:
________________________________
________________________________
Bernard Robert Pryor David Hugh Brown
Chairman Chief Executive Officer
12 March 2015 12 March 2015
Dated at Johannesburg, South Africa, this 12(th) day of March
2015.
COAL OF AFRICA LIMITED
CONDENSED CONSOLIDATED STATEMENT OF PROFIT OR LOSS AND OTHER
COMPREHENSIVE INCOME
FOR THE HALF-YEAR ENDED 31 DECEMBER 2014
Six months Six months
ended ended
31 Dec 31 Dec
2014 2013
Note $'000 $'000
---------------------------------- ----- ----------- -----------
Continuing operations
Revenue 2 60
Cost of sales - (76)
----------- -----------
Gross loss 2 (16)
Depreciation and amortisation (790) (1,286)
Foreign exchange profit
/ (loss) 4 14,292 (12,564)
Employee benefits expense (2,532) (4,116)
Other expenses 4 (10,761) (5,759)
Take or pay port obligation - (1,549)
Operating lease expenses (114) (174)
Other income 249 388
Operating profit / (loss
) 346 (25,076)
Interest income 250 371
Finance costs (716) (285)
----------- -----------
Loss before tax (120) (24,990)
Income tax credit / (charge) - -
----------- -----------
Net loss for the period
from continuing operations (120) (24,990)
Operations held for sale
Loss for the period from
operations held for sale 8 (707) (21,306)
----------- -----------
LOSS FOR THE PERIOD (827) (46,296)
----------- -----------
Other comprehensive loss,
net of income tax
Items that may be reclassified
subsequently to profit or
loss
Exchange differences on
translating foreign operations (42,665) (3,672)
----------- -----------
Total comprehensive loss
for the period (43,492) (49,968)
----------- -----------
Loss for the period attributable
to:
Owners of the parent (827) (46,296)
Non-controlling interests - -
----------- -----------
(827) (46,296)
----------- -----------
Total comprehensive loss
attributable to:
Owners of the parent (43,492) (49,968)
Non-controlling interests - -
----------- -----------
(43,492) (49,968)
----------- -----------
Loss per share 11
From continuing operations
and operations held for
sale
Basic and diluted (cents
per share) 0.07 4.42
From continuing operations
Basic and diluted (cents
per share) 0.01 2.38
The accompanying notes are an integral
part of these condensed consolidated
financial statements
COAL OF AFRICA LIMITED
CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2014
31 Dec 30 June
2014 2014
Note $'000 $'000
------------------------------------- ----- ---------- ----------
ASSETS
Non-current assets
Development, exploration
and evaluation assets 7 245,060 271,711
Property, plant and equipment 15,639 17,413
Intangible assets 12,919 15,488
Other receivables 1,963 2,245
Other financial assets 1,448 1,607
Restricted cash 12 1,888 5,153
Deferred tax assets 2,454 2,694
---------- ----------
Total non-current assets 281,371 316,311
---------- ----------
Current assets
Inventories 251 528
Trade and other receivables 924 1,902
Other financial assets 673 610
Cash and cash equivalents 12 20,417 2,017
---------- ----------
22,265 5,057
Assets associated with discontinued
operations 8 21,300 23,030
Total current assets 43,565 28,087
---------- ----------
Total assets 324,936 344,398
---------- ----------
LIABILITIES
Non-current liabilities
Deferred consideration - -
Provisions 7,113 4,643
Total non-current liabilities 7,113 4,643
---------- ----------
Current liabilities
Deferred consideration 9 24,266 29,800
Trade and other payables 4,175 15,083
Borrowings 10 - 6,372
Provisions 176 2,447
Current tax liabilities 1,369 1,583
---------- ----------
29,986 55,285
Liabilities associated with
discontinued operations 8 4,024 4,150
---------- ----------
Total current liabilities 34,010 59,435
---------- ----------
Total liabilities 41,123 64,078
---------- ----------
NET ASSETS 283,813 280,320
---------- ----------
EQUITY
Issued capital 6 981,395 935,891
Accumulated deficit (712,340) (790,964)
Reserves 14,183 134,818
---------- ----------
Equity attributable to owners
of the parent 283,238 279,745
Non-controlling interests 575 575
---------- ----------
TOTAL EQUITY 283,813 280,320
---------- ----------
The accompanying notes are an integral part of
these condensed consolidated financial statements
COAL OF AFRICA LIMITED
CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE HALF-YEAR ENDED 31 DECEMBER 2014
Issued Accumulated Share Capital Foreign Attributable Non-controlling Total
capital deficit based profits currency to owners interests equity
payment reserve translation of the
reserve reserve parent
$'000 $'000 $'000 $'000 $'000 $'000 $'000 $'000
--------------- -------- ------------ --------- -------- ------------ ------------- ---------------- ---------
Balance at 1
July 2014 935,891 (790,964) 82,464 91 52,263 279,745 575 280,320
Total
comprehensive
loss for the
period - (827) - - (42,665) (43,492) - (43,492)
-------- ------------ --------- -------- ------------ ------------- ---------------- ---------
Loss for the
period
- continuing
operations - (120) - - - (120) - (120)
Loss for the
period
- operations
held for
sale - (707) - - - (707) - (707)
Other
comprehensive
loss, net of
tax - - - - (42,665) (42,665) - (42,665)
-------- ------------ --------- -------- ------------ ------------- ---------------- ---------
935,891 (791,791) 82,464 91 9,598 236,253 575 236,828
Shares issued
for capital
raising 47,811 - - - - 47,811 - 47,811
Share issue
costs (2,307) - - - - (2,307) - (2,307)
Share based
payments - - 1,481 - - 1,481 - 1,481
Share options
expired - 79,451 (79,451) - - - - -
-------- ------------ --------- -------- ------------ ------------- ---------------- ---------
Balance at 31
December
2014 981,395 (712,340) 4,494 91 9,598 283,238 575 283,813
-------- ------------ --------- -------- ------------ ------------- ---------------- ---------
Balance at 1
July 2013 935,891 (707,535) 82,438 91 31,008 341,893 575 342,468
Total
comprehensive
loss for the
period - (46,296) - - (3,672) (49,968) - (49,968)
-------- ------------ --------- -------- ------------ ------------- ---------------- ---------
Loss for the
period
- continuing
operations - (24,990) - - - (24,990) - (24,990)
Loss for the
period
- operations
held for
sale - (21,306) - - - (21,306) - (21,306)
Other
comprehensive
loss, net of
tax - - - - (3,672) (3,672) - (3,672)
-------- ------------ --------- -------- ------------ ------------- ---------------- ---------
935,891 (753,831) 82,438 91 27,336 291,925 575 292,500
Share based
payments - - 2,028 - - 2,028 - 2,028
Balance at 31
December
2013 935,891 (753,831) 84,466 91 27,336 293,953 575 294,528
-------- ------------ --------- -------- ------------ ------------- ---------------- ---------
The accompanying notes are an integral part
of these condensed consolidated financial statements
COAL OF AFRICA LIMITED
CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE HALF-YEAR ENDED 31 DECEMBER 2014
Six months Six months
ended ended
31 Dec2014 31 Dec2013
$'000 $'000
------------------------------------------------------------- --- ------------ ------------
Cash Flows from Operating Activities
Receipts from customers 883 23,490
Payments to employees and suppliers (18,856) (45,573)
------------ ------------
Cash used in operations (17,973) (22,083)
Interest received 191 495
Interest paid (656) (177)
Income taxes paid - -
------------ ------------
Net cash used in operating activities (18,438) (21,765)
------------ ------------
Cash Flows from Investing Activities
Purchase of property, plant and equipment (20) -
Decrease in restricted cash 4,073 -
Payments for exploration and evaluation assets (72) (1,624)
Increase in other financial assets (985) 3,428
Payments for development assets (692) (4,038)
Net cash generated from / (used in) investing activities 2,304 (2,234)
------------ ------------
Cash Flows from Financing Activities
Proceeds from the issue of shares and options, net of costs 47,811 -
Share issuance costs (2,307) -
Repayment of borrowings (6,124) (12,355)
Repayment of deferred consideration (6,590) -
Proceeds from borrowings - 10,664
Finance lease repayments - (54)
------------ ------------
Net cash generated by / (used in) financing activities 32,790 (1,745)
------------ ------------
NET INCREASE / (DECREASE) IN CASH AND CASH EQUIVALENTS 16,656 (25,744)
Cash and cash equivalents at the beginning of the half-year 2,099 29,938
Foreign exchange differences 1,796 30
------------ ------------
Cash and cash equivalents at the end of the half-year 12 20,551 4,224
============ ============
The accompanying notes are an integral part of these condensed
consolidated financial statements
COAL OF AFRICA LIMITED
NOTES TO THE CONDENSED CONSOLIDATED HALF-YEAR REPORT
FOR THE HALF-YEAR ENDED 31 DECEMBER 2014
1. significant accounting policies
Statement of compliance
The half-year financial report is a general purpose financial
report prepared in accordance with the Corporations Act 2001 and
AASB 134: 'Interim Financial Reporting'. Compliance with AASB 134
ensures compliance with International Financial Reporting Standard
IAS 34 'Interim Financial Reporting'. The half-year report does not
include notes of the type normally included in an annual financial
report and should be read in conjunction with the most recent
annual financial report.
Basis of preparation
The condensed consolidated financial statements have been
prepared on the basis of historical cost, except for the
revaluation of financial instruments. Cost is based on the fair
values of the consideration given in exchange for assets.
All amounts are presented in United States dollars, unless
otherwise noted.
The company is a company of the kind referred to in ASIC Class
Order 98/100, dated 10 July 1998, and in accordance with that Class
Order amounts in the directors' report and the half-year financial
report are rounded off to the nearest thousand dollars, unless
otherwise indicated.
The accounting policies and methods of computation adopted in
the preparation of the half-year financial report are consistent
with those adopted and disclosed in the company's 2014 annual
financial report for the financial year ended 30 June 2014, except
for the impact of the Standard and Interpretations described below.
These accounting policies are consistent with the Australian
Accounting Standards and with International Financial Reporting
Standards ("IFRS").
The Group has adopted all of the new and revised Standards and
Interpretations issued by the Australian Accounting Standards Board
("the AASB") that are relevant to their operations and effective
for the current reporting period.
New and revised Standards and amendments thereof and
Interpretations effective for the current half-year that are
relevant to the Group include:
-- AASB 1031 'Materiality' (2013)
-- AASB 2012-3 'Amendments to Australian Accounting Standards -
Offsetting Financial Assets and Financial Liabilities'
-- AASB 2013-3 'Amendments to AASB 136 - Recoverable Amount
Disclosures for Non-Financial Assets"
-- AASB 2013-9 'Amendments to Australian Accounting Standards' - Part B: 'Materiality'
-- AASB 2014-1 'Amendments to Australian Accounting Standards'
- Part A: 'Annual Improvements 2010-2012 and 2011-2013 Cycles'
- Part C: 'Materiality'
Impact of the application of AASB 1031 'Materiality' (2013)
The revised AASB 1031 is an interim standard that
cross-references to other Standards and the Framework for the
Preparation and Presentation of Financial Statements (issued
December 2013) that contain guidance on materiality. The AASB is
progressively removing references to AASB1031 in all Standards and
Interpretations, and once all these references have been removed,
AASB 1031 will be withdrawn. The adoption of AASB 1031 does not
have any material impact on the disclosures or the amounts
recognised in the Group's condensed consolidated financial
statements.
1. significant accounting policies (continued)
Impact of the application of AASB 2012-3 'Amendments to
Australian Accounting Standards - Offsetting Financial Assets and
Financial Liabilities'
The Group has applied the amendments to AASB 132 for the first
time in the current year. The amendments to AASB 132 clarify the
requirements relating to the offset of financial assets and
financial liabilities. Specifically, the amendments clarify the
meaning of 'currently has a legally enforceable right of set-off'
and 'simultaneous realisation and settlement'.
As the Group does not have any financial assets and financial
liabilities that qualify for offset, the application of the
amendments has had no impact on the disclosures or on the amounts
recognised in the Group's condensed consolidated financial
statements.
Impact of the application of AASB 2013-3 'Amendments to AASB 136
- Recoverable Amount Disclosures for Non-Financial Assets'
The Group has applied the amendments to AASB 136 for the first
time in the current year. The amendments to AASB 136 remove the
requirement to disclose the recoverable amount of a cash-generating
unit ("CGU") to which goodwill or other intangible assets with
indefinite useful lives had been allocated when there has been no
impairment or reversal of impairment of the related CGU.
Furthermore, the amendments introduce additional disclosure
requirements applicable to when the recoverable amount of an asset
or a CGU is measured at fair value less costs of disposal. These
new disclosures include the fair value hierarchy, key assumptions
and valuation techniques used which are in line with the disclosure
required by AASB 13 'Fair Value Measurements'.
The application of these amendments does not have any material
impact on the disclosures in the Group's condensed consolidated
financial statements.
Impact of the application of AASB 2013-9 'Amendments to
Australian Accounting Standards' - Part B: 'Materiality'
This amending standard makes amendments to particular Australian
Accounting Standards to delete references to AASB 1031, at the same
time it makes various editorial corrections to Australian
Accounting Standards as well. The adoption of amending standard
does not have any material impact on the disclosures or the amounts
recognised in the Group's condensed consolidated financial
statements.
Impact of the application of AASB 2014-1 'Amendments to
Australian Accounting Standards'
Part A: 'Annual Improvements 2010-2012 and 2011-2013 Cycle'
The Annual Improvements 2010-2012 Cycle include a number of
amendments to various AASBs, which are summarised below.
The amendments to AASB 2 (i) change the definitions of 'vesting
condition' and 'market condition'; and (ii) add definitions for
'performance condition' and 'service condition' which were
previously included within the definition of 'vesting condition'.
The amendments to AASB 2 are effective for share-based payment
transactions for which the grant date is on or after 1 July
2014.
The amendments to AASB 3 clarify that contingent consideration
that is classified as an asset or a liability should be measured at
fair value at each reporting date, irrespective of whether the
contingent consideration is a financial instrument within the scope
of AASB 9 or AASB 139 or a non-financial asset or liability.
Changes in fair value (other than measurement period adjustments)
should be recognised in profit and loss. The amendments to AASB 3
are effective for business combinations for which the acquisition
date is on or after 1 July 2014.
The amendments to AASB 8 (i) require an entity to disclose the
judgements made by management in applying the aggregation criteria
to operating segments, including a description of the operating
segments aggregated and the economic indicators assessed in
determining whether the operating segments have 'similar economic
characteristics'; and (ii) clarify that a reconciliation of the
total of the reportable segments' assets to the entity's assets
should only be provided if the segment assets are regularly
provided to the chief operating decision-maker.
1. significant accounting policies (continued)
Impact of the application of AASB 2014-1 'Amendments to
Australian Accounting Standards'
Part A: 'Annual Improvements 2010-2012 and 2011-2013 Cycle'
(continued)
The amendments to the basis for conclusions of AASB 13 clarify
that the issue of AASB 13 and consequential amendments to AASB 139
and AASB 9 did not remove the ability to measure short-term
receivables and payables with no stated interest rate at their
invoice amounts without discounting, if the effect of discounting
is immaterial. As the amendments do not contain any effective date,
they are considered to be immediately effective.
The amendments to AASB 116 and AASB 138 remove perceived
inconsistencies in the accounting for accumulated
depreciation/amortisation when an item of property, plant and
equipment or an intangible asset is revalued. The amended standards
clarify that the gross carrying amount is adjusted in a manner
consistent with the revaluation of the carrying amount of the asset
and that accumulated depreciation/amortisation is the difference
between the gross carrying amount and the carrying amount after
taking into account accumulated impairment losses.
The amendments to AASB 124 clarify that a management entity
providing key management personnel services to a reporting entity
is a related party of the reporting entity. Consequently, the
reporting entity should disclose as related party transactions the
amounts incurred for the service paid or payable to the management
entity for the provision of key management personnel services.
However, disclosure of the components of such compensation is not
required.
The 'Annual Improvements 2011-2013 Cycle' include a number of
amendments to various AASBs, which are summarised below.
The amendments to AASB 3 clarify that the standard does not
apply to the accounting for the formation of all types of joint
arrangement in the financial statements of the joint arrangement
itself.
The amendments to AASB 13 clarify that the scope of the
portfolio exception for measuring the fair value of a group of
financial assets and financial liabilities on a net basis includes
all contracts that are within the scope of, and accounted for in
accordance with, AASB 139 or AASB 9, even if those contracts do not
meet the definitions of financial assets or financial liabilities
within AASB 132.
The amendments to AASB 140 clarify that AASB 140 and AASB 3 are
not mutually exclusive and application of both standards may be
required. Consequently, an entity acquiring investment property
must determine whether:
a) the property meets the definition of investment property in terms of AASB 140; and
b) the transaction meets the definition of a business combination under AASB 3.
Part C - 'Materiality'
This amending standard makes amendments to particular Australian
Accounting Standards to delete their references to AASB 1031, which
historically has been referenced in each Australian Accounting
Standard. The adoption of amending standard does not have any
material impact on the disclosures or the amounts recognised in the
Group's condensed consolidated financial statements
2. GOING CONCERN
These consolidated financial statements have been prepared on
the going concern basis, which contemplates the continuity of
normal business activities and the realisation of assets and the
settlement of liabilities in the normal course of business.
The Consolidated Entity has incurred a net loss after tax for
the half year ended 31 December 2014 of $0.827 million (31 December
2013: loss of $46.2 million), including realised and unrealised
foreign exchange gains of $14.3 million (2013: losses of $12.6
million) and depreciation and amortisation charges of $0.790
million (2013: $1.2 million). During the six month period under
review net cash outflows from operating activities (including
once-off items totalling $12.5 million) were $18.4 million (31
December 2013 net outflow: $21.8 million). As at 31 December 2014
the Consolidated Entity had a net current liability position of
$7.7 million (30 June 2014: net current liabilities of $50.2
million), excluding assets and liabilities classified as held for
sale.
2. GOING CONCERN (continued)
These conditions indicate that there is a material uncertainty
relating to the ability of the Consolidated Entity to continue as a
going concern.
In the six month period under review the Consolidated Entity has
made the following areas of progress with regard to its ability to
continue as a going concern:
-- Progressed negotiations to sell the Mooiplaats and Holfontein
projects currently held for sale.
-- Progressed negotiations with Rio Tinto for the continued
deferral of the $23.5 million liability.
-- Received the first two tranches of the equity funding in November and December 2014.
The ability of the Consolidated Entity to continue as a going
concern and to pay its debts as and when they fall due is dependent
on:
i. The successful conclusion of negotiations with Rio Tinto with
respect to the continued deferral of the US$23.5 million liability
in order to match the Consolidated Entities available cash
resources.
ii. The timely receipt of the third tranche of equity funding of
$12 million anticipated in April 2015.
iii. The successful conclusion and receipt of funds from the
sale of the Mooiplaats Colliery anticipated to be received within
the next 12 months.
iv. The continual review by the Directors of the quantum and
timing of all discretionary expenditures including exploration and
development costs, and wherever necessary, these costs will be
minimised or deferred to suit the Consolidated Entity's cash flow
from operations.
At the date of this report and having considered the above
factors, the Directors are confident that the Consolidated Entity
will be able to continue as a going concern.
In the event that the Consolidated Entity does not achieve
successful outcomes in relation to the matters set out above,
significant uncertainty would exist as to the ability of the
Consolidated Entity to continue as a going concern and, therefore,
the Consolidated Entity may be unable to realise its assets and
discharge its liabilities in the normal course of business.
The financial report for the half year ended 31 December 2014
does not include adjustments relating to the recoverability and
classification of recorded asset amounts, or to the amounts and
classification of liabilities that might be necessary should the
Consolidated Entity not continue as a going concern.
3. SEGMENT INFORMATION
AASB 8 requires operating segments to be identified on the basis
of internal reports about components of the Group that are
regularly reviewed by the chief operating decision maker in order
to allocate resources to the segment and to assess its
performance.
Information reported to the Group's Chief Executive Officer for
the purposes of resource allocation and assessment of performance
is more specifically focused on the stage within the mining
pipeline that the operation finds itself in.
The Group's reportable segments under AASB 8 are therefore as
follows:
-- Exploration;
-- Development;
-- Mining (discontinued operation); and
-- Corporate.
3. SEGMENT INFORMATION (continued)
The Exploration segment is involved in the search for resources
suitable for commercial exploitation, and the determination of the
technical feasibility and commercial viability of resources. As at
31 December 2014, projects within this reportable segment
include:
-- the Makhado Project and
-- the Chapudi, Generaal and Mopane projects in the Soutpansberg
Coalfield (collectively the GSP Project).
The Development segment is engaged in establishing access to and
commissioning facilities to extract, treat and transport production
from the mineral reserve, and other preparations for commercial
production. As at 31 December 2014 projects included within this
reportable segment include one coking coal project, namely the Vele
Colliery, in the early operational and development stage.
The Mining segment was involved in day to day activities of
obtaining a saleable product from the mineral reserve on a
commercial scale and includes the Mooiplaats Colliery. As of 30
June 2013 the Mooiplaats Colliery has been classified as a
discontinued operation and is currently on care and maintenance
with the Company seeking to dispose of its thermal assets (refer
Note 8).
The Corporate segment is involved in the administrating and
managing of day to day activities throughout the group (including a
treasury function).
The following is an analysis of the Group's results by
reportable operating segment for the half-years under review:
For the six months ended 31 December 2014
Continuing operations Discontinued
operations
------------------------------------------------- -------------
Exploration Development Corporate Total Mining
------------------- ------------ ------------ ---------- --------- -------------
Revenue 2 - - 2 -
Cost of sales - - - - (248)
------------------- ------------ ------------ ---------- --------- -------------
Gross loss 2 - - 2 (248)
Depreciation
and amortisation (37) (33) (720) (790) -
Foreign exchange
profit / (loss) (3,151) - 17,443 14,292 3
Employee benefits
expense (63) (225) (2,244) (2,532) (180)
Other expenses (109) (3,396) (7,256) (10,761) (280)
Take or pay
port obligation - - - - -
Operating lease
expenses (4) - (110) (114) (9)
Other income 4 - 245 249 6
------------------- ------------ ------------ ---------- --------- -------------
Operating profit
/ (loss ) (3,358) (3,654) 7,358 346 (708)
Interest income - 31 219 250 59
Finance costs (413) (43) (260) (716) (58)
------------------- ------------ ------------ ---------- --------- -------------
Loss before
tax (3,771) (3,666) 7,317 (120) (707)
------------------- ------------ ------------ ---------- --------- -------------
3. SEGMENT INFORMATION (continued)
For the six months ended 31 December 2013
Continuing operations Discontinued
operations
------------------------------------------------- -------------
Exploration Development Corporate Total Mining
------------------- ------------ ------------ ---------- --------- -------------
Revenue - - 60 60 1,778
Cost of sales - - (76) (76) (2,817)
------------------- ------------ ------------ ---------- --------- -------------
Gross loss - - (16) (16) (1,039)
Depreciation
and amortisation (7) (33) (1,246) (1,286) -
Impairment - - - - (15,849)
Foreign exchange
profit / (loss) - (2) (12,562) (12,564) 146
Employee benefits
expense - (296) (3,820) (4,116) (2,821)
Other expenses (139) (831) (4,789) (5,759) (2,599)
Take or pay
port obligation - - (1,549) (1,549) -
Operating lease
expenses - - (174) (174) (87)
Other income - - 388 388 751
------------------- ------------ ------------ ---------- --------- -------------
Operating profit
/ (loss ) (146) (1,162) (23,768) (25,076) (21,498)
Interest income - - 371 371 192
Finance costs (3) (34) (248) (285) -
------------------- ------------ ------------ ---------- --------- -------------
Loss before
tax (149) (1,196) (23,645) (24,990) (21,306)
------------------- ------------ ------------ ---------- --------- -------------
The following is an analysis of the Group's assets by reportable
operating segment:
31 Dec 30 June
2014 2014
$'000 $'000
-------------------------------------- -------- --------
Exploration 125,656 145,995
Development 119,404 135,991
Corporate 58,576 39,382
-------- --------
Total assets - continuing operations 303,636 321,368
Mining - discontinued operation 21,300 23,030
-------- --------
Total assets 324,936 344,398
-------- --------
4. RESULTS FOR THE PERIOD
Loss for the period from continuing operations has been arrived
at after charging or (crediting):
31 Dec 31 Dec
2014 2013
$'000 $'000
-------- ---------
Foreign exchange profit / (loss)
Unrealised 16,175 (12,534)
Realised (1,883) (30)
-------- ---------
14,292 (12,564)
-------- ---------
Other expenses
Other expenses for the six months ended 31 December 2014
includes $1.4 million related to the share option expense in
connection with the Investec working capital facility as well as
$2.6 million relating to the signing of the BOA and the subsequent
recording of the liability.
5. DIVIDENDS
No dividend has been paid or is proposed in respect of the
half-year ended 31 December 2014 (2013: None).
6. ISSUED CAPITAL
During the reporting period CoAL shareholders approved a two
stage equity placement of up to 695 million shares for GBP0.055.
The required regulatory approvals for stage 1 were received during
November 2014 resulting in the issue of 295 million CoAL shares to
select book-build participants.
During December 2014 the Company announced that it had agreed
with all selected participants to split the second stage of the
placement into two parts. This stage was previously conditional on
receipt from a South African participant, TMM Holdings (Pty) Ltd,
of confirmation that it had received sufficient funding to fulfil
its second stage funding commitment. The second stage of the equity
placement was completed during December 2014 with the issue of 300
million ordinary shares and the third stage will result in a
further 144 million shares being issued, anticipated to be
completed by April 2015.
31 December
2014
$'000
1,599,368,613 (2013: 1,048,368,613)
fully paid ordinary shares 981,395
============
Movements in issued capital
Opening balance 935,891
Shares issued for capital raising,
net of costs 45,504
------------
981,395
============
Fully paid ordinary shares carry one vote per share and carry
the right to dividends.
Options
Thefollowing unlisted options to subscribe for ordinary fully
paid shares are outstanding at 31 December 2014:
Number Exercise
Issued Price Expiry Date
9 November
2,500,000 A$1.20 2015
30 September
1,441,061 A$1.40 2015
30 June
2,670,000 ZAR7.60 2016
30 November
3,500,000 GBP0.25 2015
30 June
3,932,928 ZAR1.75 2017
30 June
4,125,000 ZAR2.00 2018
21 October
20,000,000* ZAR1.32 2018
* Issued to Investec as part of the short term bridging facility
and vest six months after granting.
7. DEVELOPMENT, EXPLORATION AND EVALUATION ASSETS
31 Dec
2014
$'000
----------------------------------------------- ---------
Development, exploration and evaluation
assets comprise:
Exploration and evaluation assets 125,656
Development assets 119,404
---------
Balance at end of period 245,060
---------
A reconciliation of development, exploration
and evaluation assets is presented below:
Exploration and evaluation assets
Balance at beginning of period 139,991
Additions 170
Foreign exchange differences (14,505)
---------
Balance at end of period 125,656
---------
Development assets
Balance at beginning of period 131,720
Additions 640
Foreign exchange differences (12,956)
---------
Balance at end of period 119,404
---------
Development assets have been allocated for
impairment testing purposes to the Vele Project.
The recoverable amount of this cash-generating
unit is determined based on a discounted cash
flow valuation to which a resource multiple
which ascribes value to the resources outside
of the mine plan is added.
The model, which was developed as at 30 June
2014, uses cash flow projections in nominal
ZAR terms based on management estimates and
a post-tax nominal ZAR denominated weighted
average cost of capital of 16.75% for the year
ended June 2014. The projected post-tax, nominal,
ZAR-denominated cash flows were prepared for
a period of 18 years, from 1 July 2014 to 30
June 2032.
For the purposes of assessing the impairment
of the cash generating unit as at 31 December
2014, the model originally developed at 30
June 2014 has been subjected to various sensitivity
analyses to assess the effect on the recoverable
value of reasonable changes to the macroeconomic
key assumptions and the timings of the major
cash flows.
The Directors believe that any reasonably possible
change in the key assumptions on which recoverable
amount is based would not cause the aggregate
carrying amount to exceed the aggregate recoverable
amount of the cash generating unit.
Recoverability of the carrying value of interests
in exploration and development assets is subject
to the successful development and exploitation
of the exploration and development properties
or alternatively, the sale of these tenements
at amounts at least equal to the book values.
The ability of the Consolidated Entity to fund
the successful development and exploitation
of the exploration and development properties
is dependent on the going concern assumptions
set out in Note 2 'Going Concern'.
8. DISCONTINUED OPERATIONS
31 Dec 30 June
2014 2014
$'000 $'000
-------------------------------------- ------- --------
Carrying amounts of
Holfontein Investments Proprietary - -
Limited ('Holfontein')
Langcarel Proprietary Limited
('Mooiplaats') 17,276 18,880
17,276 18,880
------- --------
Assets associated with discontinued
operations
Holfontein - -
Mooiplaats 21,300 23,030
21,300 23,030
------- --------
Liabilities associated with
discontinued operations
Holfontein - -
Mooiplaats 4,024 4,150
4,024 4,150
------- --------
17,276 18,880
------- --------
Holfontein
The Company has signed an Option Agreement
to dispose of the asset. The option grants
the holder an exclusive right to purchase
the Holfontein equity and claims for ZAR50.0
million (US$4.8 million) for one year which
can be extended on payment of further option
fees.
The option holder paid ZAR5.0 million (US$0.5
million) in December 2013 and further payment
of ZAR2.5 million (US$0.21 million) during
the six months ended December 2014 to extend
the option period until end CY2015.
Mooiplaats
The Company is seeking to dispose of its thermal
assets which include the Mooiplaats Colliery.
The Company expects to recover the carrying
value through the disposal of the project.
The major classes of assets and liabilities
of Mooiplaats at the end of the reporting
period are as follows:
Assets classified as held for
sale
Property, plant and equipment 17,310 18,229
Other financial assets 2,720 2,266
Restricted cash 279 1,474
Inventories 842 929
Trade and other receivables 15 50
Cash and cash equivalents 134 82
------- --------
21,300 23,030
------- --------
Liabilities classified as held
for sale
Provisions 2,727 2,932
Trade payables and accrued
expenses 1,297 1,218
------- --------
4,024 4,150
------- --------
Net assets of Mooiplaats 17,276 18,880
------- --------
8. DISCONTINUED OPERATIONS (continued)
The loss for the half-year from the discontinued operations is
analysed as follows:
Six months Six months
ended ended
31 Dec 31 Dec
2014 2013
$'000 $'000
----------- ------------
Revenue - 1,778
Other gains 69 1,501
----------- ------------
69 3,279
Expenses (776) (24,585)
----------- ------------
Loss before tax (707) (21,306)
Attributable income tax credit - -
----------- ------------
Loss for the period from operations
held for sale (attributable to
owners of the parent) (707) (21,306)
----------- ------------
Cash flows from discontinued
operations held for sale
Net cash outflows from operating
activities (412) (3,479)
Net cash outflows from investing
activities 436 329
Net cash outflows from financing
activities - (12,409)
--------------- ------------
Net cash outflows 24 (15,559)
--------------- ------------
These operations have been classified and accounted
for as discontinued operations since 30 June
2013.
9. DEFERRED CONSIDERATION
The liability owing to Rio Tinto was reduced during the
half-year on the payment of $6.3 million while discussions
continued on the settlement of the remaining balance of $23.5
million.
Notwithstanding that the Company is currently in negotiations
with Rio Tinto to defer the payments, the payable has been
reflected as current in the balance sheet as at 31 December 2014,
as no formal agreement to defer the payment has been reached
yet.
The Company is confident that they will be successful in
negotiating the deferment of the payment.
10. BORROWINGS
The Investec working capital facility of ZAR67.5 million ($5.8
million) was settled in full, in accordance with its terms, on 11
November 2014.
11. LOSS PER SHARE
Six months Six months
ended ended
31 Dec 31 Dec
2014 2013
------------ ------------
Cents Cents
per share per share
Basic loss per share
From continuing operations 0.01 2.38
From discontinued operations 0.06 2.04
------------ ------------
0.07 4.42
------------ ------------
11.1 Basic loss per share
$'000 $'000
------------ ------------
Loss for the period attributable
to owners of the parent (827) (46,296)
Loss for the period from operations
held for sale 707 21,306
------------ ------------
Loss used in the calculation
of basic loss per share from
continuing operations (120) (24,990)
------------ ------------
'000 shares '000 shares
------------ ------------
Weighted number of ordinary
shares
Weighted average number of
ordinary shares for the purposes
of basic loss per share 1,182,035 1,048,368
------------ ------------
11.2 Diluted loss per share
Diluted loss per share is calculated by dividing
loss attributable to owners of the Company by
the weighted average number of ordinary shares
outstanding during the period plus the weighted
average number of diluted ordinary shares that
would be issued on conversion of all the dilutive
potential ordinary shares into ordinary shares.
As at 31 December 2014, 18,168,989 options (31
December 2013 - 21,987,489 options) and the
20 million options issued to Investec were excluded
from the computation of the loss per share as
their impact is anti-dilutive.
Headline loss per share (In line with JSE listing
requirements)
The calculation of headline loss per share at 31 December 2014
was based on the headline loss attributable to ordinary equity
holders of the Company of $0.8 million (2013: $29.8 million) and a
weighted average number of ordinary shares outstanding during the
period ended 31 December 2014 of 1,182,035,280 (2013:
1,048,368,613).
The adjustments made to arrive at the headline loss are as
follows:
Six months Six months
ended ended
31 Dec 31 Dec
2014 2013
$'000 $'000
----------------------------------- ----------- -----------
Loss for the period attributable
to ordinary shareholders 827 46,296
Adjust for:
Impairment losses - (16,453)
----------- -----------
Headline earnings 827 29,843
----------- -----------
Headline loss per share
(cents per share) 0.07 2.85
12. CASH AND CASH EQUIVALENTS
31 Dec 30 Jun
2014 2014
$'000 $'000
--------------------------------- ------- -------
Bank balances 20,417 2,017
Bank balances associated with
discontinued operations (refer
Note 8) 134 82
------- -------
20,551 2,099
------- -------
Restricted cash 1,888 5,153
Restricted cash associated
with discontinued operations
(refer Note 8) 279 1,474
------- -------
2,167 6,627
------- -------
13. CONTINGENT LIABILITIES
In accordance with normal industry practice, the Company has
agreed to provide financial support to its controlled entities.
The Group has contingent liabilities as listed below:
Ferret Mining Proprietary Limited
During the period, Ferret's 26% shareholding in Mooiplaats
Mining Limited was re-instated. Although they are not entitled to
any assets or claims in the Mooiplaats group, they are entitled to
receive ZAR10.0 million (US$1.0 million) upon the successful
disposal of the Mooiplaats Colliery. This has been taken into
account in determining the fair value less costs to sell of the
Mooiplaats Colliery.
There are no other significant contingent liabilities as at 31
December 2014.
14. EVENTS SUBSEQUENT TO REPORTING DATE
-- The Company received the amended and updated Environmental
Authorisation for the Vele Colliery. The application for the
amendment and extension of the Integrated Water Use License for the
colliery is still to be received, following which the Company will
make a decision as the timing of the start of the plant
modification at the colliery.
-- Subsequent to reporting period end, the Company extended the
date on a non-exclusive basis for which Blackspear are required to
fulfil the conditions precedent for the sale of Mooiplaats until
April 2015, and while the delay is unwelcome it will not an impact
of the ability of the Company to continue with the finalisation of
its turnaround strategy.
-- On 13 February 2015 Michael Meeser, Executive Director and
Chief Financial Officer, resigned but will remain with the Company
until the end of April 2015.
-- Subsequent to 31 December 2014, the Company formalised the
Makhado Project BEE structuring ensuring that the project complies
with South African mining legislation.
15. KEY MANAGEMENT PERSONNEL
Remuneration arrangement of key management personnel are
disclosed in the annual financial report.
16. FINANCIAL INSTRUMENTS
This note provides information about how the Group determines
fair values of various financial assets and financial
liabilities.
16.1 Fair value of the Group's financial assets and financial
liabilities that are measure at fair value on a recurring basis
Some of the Group's financial assets and financial liabilities
are measured at fair value at the end of each reporting period. The
following table gives information about how the fair values of
these financial assets and financial liabilities are determined (in
particular, the valuation technique(s) and inputs used).
Relationship
Financial Valuation of unobservable
assets Fair technique(s) Significant inputs
/ financial Fair value value and key unobservable to fair
liabilities as at hierarchy input(s) input(s) value
--- ---------------- -------------------- ----------- -------------- -------------- -----------------
31 30
Dec Jun
2014 2014
--- ---------------- --------- --------- ----------- -------------- -------------- -----------------
1. Other financial Assets Assets Level Value N/A N/A
assets - $1.1m - $0.9m 2 certificate
- Unlisted obtained
Investments from
investment
institution
2. Other financial Assets Assets Level Quoted N/A N/A
assets - $0.3m - $0.7m 1 prices
- Listed in an
Investments active
market
The Directors declare that in the directors' opinion,
1. The condensed financial statements and notes of the
consolidated entity are in accordance with the following:
a. complying with accounting standards and the Corporations Act 2001; and
b. giving a true and fair view of the consolidated entity's
financial position as at 31 December 2014 and of its performance
for the half-year ended on that date.
2. There are reasonable grounds to believe that the Company will
be able to pay its debts as and when they become due and
payable.
This declaration is made in accordance with a resolution of the
Board of Directors, made pursuant to section 303(5) of the
Corporations Act 2001.
On behalf of the Directors
________________________________ ________________________________
Bernard Robert Pryor David Hugh Brown
Chairman Chief Executive Officer
12 March 2015 12 March 2015
Dated at Johannesburg, South Africa, this 12(th) day of March
2015.
This information is provided by RNS
The company news service from the London Stock Exchange
END
IR PKBDQFBKDQND
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