TIDMBRR
RNS Number : 8397P
Braemore Resources PLC
31 March 2009
A non-material typographical change has been made to
the 'Interim Results for the six months to 31 December 2008' announcement
released on 31 March 2009 at 07.00 under RNS No. 7544P
The change made relates to the last sentence of Note 1 to the accounts,
replacing 'XX March 2009' with '30 March 2009' to read; "This interim financial
report was approved by the Board of Directors on 30 March 2009." This change is
identified below with an asterisk (*).
All other details remain unchanged.
The full amended text is shown below.
31 March 2009
Braemore Resources Plc
("Braemore" or "the Company")
Interim Results for the six months to 31 December 2008
Braemore Resources plc (AIM: BRR, JSE: BRE), the international group currently
focussed on mid-stream processing of platinum group metals (PGMs) and nickel,
announces its unaudited results for the six months to 31 December 2008.
HIGHLIGHTS:
Corporate
* July 2008 - Successful placing of 100,008,000 new ordinary shares at a price of
6.5 pence raising approximately GBP6,500,000
* July 2008 - Braemore commenced trading on the JSE Ltd in the Platinum and
Precious Metals sector
* September 2008 - Leon Coetzer appointed full time to the board as CEO
* October 2008 - Dr Mathews Phosa appointed to the Board of Directors as
Non-Executive Chairman, with responsibility for steering the selection of a
suitable BEE partner
* October 2008 - Braemore completed a relationship agreement between the Company
and its major shareholder Atomaer Holdings Pty Ltd
* October 2008 - Appointment of WH Ireland as Nominated Adviser and joint broker
to the company
Operations
* August 2008 - Braemore commenced expansion of the Mintek ConRoast smelting
facility in Johannesburg
* September 2008 - Successful installation of the new 3.2MW smelter at the Mintek
facility, with smelting capacity of 2,000 tonnes of concentrate per month. This
has been operating at 99.52% recovery of PGMs from high-chrome content PGM
concentrate feed and produced 6,892 PGM ounces during the period.
* October 2008 - Braemore announced significant progress towards establishing
itself as a mid-tier metal producer and achieving key milestones in its
"mine-to-metal" strategy. Discussions held with BHP Billiton ("BHPB") regarding
the way forward on the Leinster nickel project resulted in a decision to proceed
with detailed scoping studies over all aspects of the project for presentation
to BHPB.
* November 2008 - Two key off-take agreements secured guaranteeing PGM concentrate
feed supply from Northam Platinum Limited ("Northam) and Anglo Platinum Limited
("Anglo Platinum"), the world's leading primary producer of PGMs
The Company has made sustained progress on its projects and production from its
newly-expanded ConRoast smelter in South Africa totalled 6,892 PGM ounces for
the period.
Investor relations
During the period Braemore continued its practice of pro-active communication
with the market and its shareholders, presenting at the following conferences:
* BAC Platinum Day Conference, Switzerland
* JSE Ltd Showcase, South Africa
* Australian Nickel Conference, Perth
* Nickel 20:20 Day, London
POST REPORTING PERIOD HIGHLIGHTS:
* January 2009 - Braemore announced PGM production for the initial start up period
from its new 3.2MW smelter.
* January 2009 - Braemore announced that it had concluded its research on the
establishment of an intermediate refining process to further refine the PGM iron
alloy produced from its smelting process. The design of a demonstration plant
began immediately. Once constructed and commissioned, the refinery process will
assist in increasing the margins of the PGM processing business.
* January 2009 - Braemore announced further progress on the Leinster Nickel
project following the completion of the Leinster Nickel scoping study and its
delivery to BHPB.
* March 2009 - Braemore confirmed an operational incident at Mintek's ConRoast
smelting facility in Johannesburg, South Africa on Friday, 27 March.
Preliminary investigations suggested superficial damage to the plant and minimal
impact on production. Safety procedures were strictly adhered to and no
personnel were injured in the incident.
Leon Coetzer, Chief Executive Officer and Managing Director of Braemore
Resources commented:
"In a difficult global market with share prices and metal prices retracting
sharply, the Company is pleased to be able to report strong progress on several
fronts.
On the corporate front, the Company completed a successful fundraising,
commenced trading on the Johannesburg Stock Exchange and further strengthened
its Board.
The unaudited financial results for the six months ended 31 December 2008
show revenue of GBP1,988,000 from its smelting activities. However extraordinary
items, including the smelter shutdown and installation of the new smelter
reduced PGM production for nearly three months whilst overheads were still
incurred, resulted in an after-tax loss for this period of GBP4,400,000 (loss
per share: 0.56p). Specific events that contributed to the increased expenditure
and losses are:
* About 50% of the after-tax loss can be attributed to the recent settlement of a
single old-order contract that may have exposed the Company to market volatility
around PGM prices and unfavourable processing terms. This contract has been
concluded and replaced by new contracts from both Anglo Platinum Limited ("Anglo
Platinum") and Northam Platinum Limited ("Northam"). The new contracts in place
are cash positive, with significantly reduced price exposure.
* The JSE listing completed in July 2008 with the associated legal and compliance
expense at a cost of GBP351,000
* The decommissioning of the 1.5MW smelter and the subsequent construction and
commissioning of the larger 3.2MW ConRoast smelter expansion, as part of the
commercialisation of the technology. During this period there was reduced
production as the previous smelter was taken offline to replace it with the new
smelter. Consequently no production resulted in September 2008 and extraordinary
unit costs were incurred during this phase.
* The commitments for the Leinster Nickel Project testwork and reports required by
BHP Billiton (BHPB) to conclude the scoping study.
* The acceleration of the research programme to conclude the process flow sheet
for the hydrometallurgical refining of the PGM iron alloy.
Operationally, Braemore Platinum completed the successful installation of its
3.2MW ConRoast smelter in Johannesburg and secured two new off-take agreements
from well-established PGM producers, Northam and Anglo Platinum, thereby
guaranteeing PGM concentrate feed supply for its proven smelting technology.
These new off-take agreements allowed the company to replace older contracts
that have been completed. These older contracts may have exposed the company to
PGM market volatility, at a time when decreasing prices are sharply reducing
margins.
Braemore Nickel continued to engineer the design of a cost effective processing
solution for the Leinster Tailings Project. The quality of this work assisted in
strengthening the relationship between BHPB and Braemore.
Braemore has continued to accelerate towards the completion of its research and
development phase
for both its nickel and platinum projects. It attained this
critical goal for the platinum division in March 2009 with the completion of its
refining strategy, allowing the Company to now focus on the full
commercialisation of the smelting and refining process."
The Company's interim financial results are appended, and are also available on
the Company's website; www.braemoreresources.com
Enquiries:
+----------------------------------------------+----------------------------+
| Braemore Resources Plc | |
+----------------------------------------------+----------------------------+
| Leon Coetzer, Chief Executive Officer | +27 11 557 6413 |
+----------------------------------------------+----------------------------+
| | |
+----------------------------------------------+----------------------------+
| WH Ireland: (Nomad and Joint Broker) | |
+----------------------------------------------+----------------------------+
| James Joyce | +44 207 220 1666 |
+----------------------------------------------+----------------------------+
| | |
+----------------------------------------------+----------------------------+
| Mirabaud Securities: (Joint Broker) | |
+----------------------------------------------+----------------------------+
| Rory Scott | +44 207 878 3360 |
+----------------------------------------------+----------------------------+
| | |
+----------------------------------------------+----------------------------+
| Qinisele Resources: (RSA Corporate Advisers) | |
+----------------------------------------------+----------------------------+
| Dennis Tucker | +27 82 492 4957 |
+----------------------------------------------+----------------------------+
| | |
+----------------------------------------------+----------------------------+
| Russell and Associates: (RSA Public | |
| Relations) | |
+----------------------------------------------+----------------------------+
| Nicola Taylor or Charmane Russell | +27 11 880 3924 |
+----------------------------------------------+----------------------------+
| | |
+----------------------------------------------+----------------------------+
| Parkgreen Communications: (UK Public | |
| Relations) | |
+----------------------------------------------+----------------------------+
| Louise Goodeve/Leah Kramer | +44 207 933 8780 |
+----------------------------------------------+----------------------------+
| | |
+----------------------------------------------+----------------------------+
| Sasfin: (RSA Corporate Sponsor) | |
+----------------------------------------------+----------------------------+
| Sharon Owens | +27 11 809 7762 |
+----------------------------------------------+----------------------------+
Statement from Non-Executive Chairman, Dr Mathews Phosa
It is on reflection that we see the great strides made by Braemore in the past
months. It has not been an easy period to be an emerging platinum group and
nickel metal company, as share prices have fallen across the board and many
institutional investors have left the junior end of the market. However,
Braemore has continued with its operational focus to advance both its platinum
and nickel projects during the period.
As previously announced, the proceeds of the placement during this period were
applied to both corporate and operational goals. On a corporate level, the
company achieved its listing on the Johannesburg Stock Exchange and
operationally expanded the smelting capacity at Mintek to a commercial scale.
This included developing the hydrometallurgical refinery process and funding the
various studies necessary to advance the Leinster nickel project. In both
instances, the enhanced recovery processes that we have developed offer
potential partners access to fully vertically integrated operations.
This use of the placing proceeds highlights the commitment to expenditure
necessary to advance these projects. Whilst the stockmarket appears not to have
priced in the progress made to date, the Company is confident that its value
will prevail and be duly recognised in time. Indeed, this is already evidenced
by approaches made by existing PGM producers as well as new developers of
projects seeking access to our unique assets and smelting technology, endorsing
our view as to the exciting potential for Braemore in the consolidation of the
PGM sector.
The financial results from smelting operations at Mintek reflect in part, the
decommissioning of the original 1.5MW furnace operations in order to install and
commission the new, expanded 3.2MW, commercial-scale smelter, over a three month
period. Two new off-take agreements were secured from well-established PGM
producers, Northam and Anglo Platinum, thereby guaranteeing PGM concentrate feed
supply for our proven smelting technology. These new off-take agreements allowed
the company to replace older contracts that may have exposed the company
to, market volatility around PGM prices and unfavourable processing terms.These
contributed to approximately 50% of the loss for the period. These old order
contracts are now completed.
Smelting operations were ramping up and conducted over less than half of the
reporting period (from October to December 2008). The ramp-up period was used to
resolve early and not-unusual teething operational problems associated with the
commissioning of a new facility. The first PGM alloy tap from the new furnace
took place on 21 October 2008. The first shipment of alloy produced from the new
furnace was exported to Europe shortly thereafter in December 2008.
The reduced smelter throughput during shutdown and commissioning was in line
with expectations and during the period to 31 December 2008, 6,892 PGM ounces
were produced with excellent recoveries of around 99.5%.
Increased pressure on profit margins was experienced as the downturn in the
global economy affected our end clients' refining margins and in turn, the
Company's own margins. This margin squeeze is beyond the Company's control
though Braemore has reacted decisively by accelerating its move into downstream
hydrometallurgical refining of the smelted PGM alloy. The refined product from
the hydrometallurgical refining of the PGM alloy offers significant increases in
operating margins. Braemore has achieved a critical milestone by concluding the
required hydrometallurgical process flowsheet from its research programmes and
has committed to the accelerated construction of the refining facility.
As indicated to the market, the smelter is now approaching a position from which
it can generate positive cash flow, dependant on feed grade and margins.
Braemore has additional expenditure requirements in South Africa over and above
its smelting operations, including final payments for the expansion of the
smelter and funding the hydrometallurgical refining component. Smelter output
revenues from toll processing alone will not fund our progress hence the
decision to accelerate the hydrometallurgical refinery development with a view
to improving our production margins and becoming self-funding. This development
programme includes studies to engineer the full commercialisation of the
processes.
Our relationship with BHPB continues and we look forward to their response to
our positive findings on the Leinster nickel tailings project. As previously
announced, we anticipate receiving their feedback towards the middle of 2009.
The Company has reported a pre-tax loss for the period ended 31 December 2008 of
GBP4,400,000 (2007: loss of GBP1,015,000). Specific events that contributed to
the increased loss, as discussed above, include:
* the recent settlement of a single old-order contract at a cost of GBP2,044,000
that may have exposed the Company to market volatility around PGM prices and
unfavourable processing terms;
* the JSE listing completed in July 2008 with the associated legal and compliance
expense at a cost of GBP351,000; and
* the period of decommissioning of the 1.5MW smelter and the subsequent
construction and commissioning of the larger 3.2MW ConRoast smelter expansion,
during which there was reduced or no production.
Braemore's cash position at 31 December 2008 was GBP2,538,000 (2007:
GBP3,358,000).
Despite the challenging world we find ourselves operating in, Braemore is
committed to the continued implementation of its mine-to-metals strategy. We are
confident that the coming months will realise benefits of the hard work and
foundations laid at a corporate level through black economic empowerment,
operational progress and commercial transactions.
Dr Mathews Phosa
Non-Executive Chairman
Braemore Resources
31 March 2009
Notes to Editors:
Braemore Resources offers investors an attractive opportunity to enter into the
PGMs and nickel business, initially through the mid-stream processing of these
metals and, in time, through mine-to-market production opportunities.
Braemore Resources is principally involved in evaluating, establishing and
operating independent facilities for the roasting, smelting and refining of
concentrates containing PGM and associated base metals and for the reclamation
and processing of sulphide nickel tailings. Diversified both geographically and
in terms of product, the company is located in two key mining regions - Braemore
Nickel in Western Australia and Braemore Platinum in South Africa. Braemore's
access to proprietary technology, and in particular the Mintek ConRoast
technology, which has successfully operated at test plant level, makes the
company well-positioned to become a significant player in the burgeoning South
African PGMs sector, offering a more cost-effective, environmentally friendly
and accessible smelting option to many junior mining companies. Unlike
conventional smelters, ConRoast is unaffected by the high-chrome content ores,
which are increasingly being mined.
Braemore's management team, in South Africa and Australia, bring with them
impressive credentials in their respective sectors, combined with a Board that
has experience in metals processing, financial and commodities markets.
Consolidated Income Statement
For the six months to 31st December 2008
+----------------------------------+-------+---------------+---------------+------------+
| | Notes | Unaudited | Unaudited | Audited |
| | | Half-year | Half-year | Year ended |
| | | ended | ended | 30 June |
| | | 31 Dec 2008 | 31 Dec 2007 | 2008 |
+----------------------------------+-------+---------------+---------------+------------+
| | | GBP'000 | GBP'000 | GBP'000 |
+----------------------------------+-------+---------------+---------------+------------+
| | | | | |
+----------------------------------+-------+---------------+---------------+------------+
| Revenue | | 1,988 | - | 8,963 |
+----------------------------------+-------+---------------+---------------+------------+
| Cost of sales | 2 | (4,181) | - | (7,451) |
+----------------------------------+-------+---------------+---------------+------------+
| Gross profit / (loss) | | (2,193) | - | 1,512 |
+----------------------------------+-------+---------------+---------------+------------+
| | | | | |
+----------------------------------+-------+---------------+---------------+------------+
| Administration expenses | | (1,850) | (1,197) | (2,896) |
+----------------------------------+-------+---------------+---------------+------------+
| Finance costs | | - | - | (261) |
+----------------------------------+-------+---------------+---------------+------------+
| JSE listing costs | | (351) | - | - |
+----------------------------------+-------+---------------+---------------+------------+
| Share based payments expense | | (81) | - | - |
+----------------------------------+-------+---------------+---------------+------------+
| Operating loss | | (4,475) | (1,197) | (1,645) |
+----------------------------------+-------+---------------+---------------+------------+
| | | | | |
+----------------------------------+-------+---------------+---------------+------------+
| Interest income | | 75 | 182 | 236 |
+----------------------------------+-------+---------------+---------------+------------+
| | | | | |
+----------------------------------+-------+---------------+---------------+------------+
| Loss before taxation | | (4,400) | (1,015) | (1,409) |
+----------------------------------+-------+---------------+---------------+------------+
| | | | | |
+----------------------------------+-------+---------------+---------------+------------+
| Income tax expense | 3 | - | - | - |
+----------------------------------+-------+---------------+---------------+------------+
| | | | | |
+----------------------------------+-------+---------------+---------------+------------+
| Loss for the financial period | | (4,400) | (1,015) | (1,409) |
+----------------------------------+-------+---------------+---------------+------------+
| | | | | |
+----------------------------------+-------+---------------+---------------+------------+
| Loss per share : | 5 | | | |
+----------------------------------+-------+---------------+---------------+------------+
| Basic - expressed in pence | | (0.56p) | (0.15p) | (0.21p) |
+----------------------------------+-------+---------------+---------------+------------+
| | | | | |
+----------------------------------+-------+---------------+---------------+------------+
+----------------------------------+------+---------------+---------------+------------+
| Reconciliation of headline | | | | |
| earnings: | | | | |
+----------------------------------+------+---------------+---------------+------------+
| Loss for the year attributable | | (4,400) | (1,015) | (1,409) |
| to equity holders | | | | |
+----------------------------------+------+---------------+---------------+------------+
| Adjustment to loss | | - | - | - |
+----------------------------------+------+---------------+---------------+------------+
| Headline loss | | (4,400) | (1,015) | (1,409) |
+----------------------------------+------+---------------+---------------+------------+
| | | | | |
+----------------------------------+------+---------------+---------------+------------+
| Headline loss per share | | | | |
| expressed in pence | | | | |
+----------------------------------+------+---------------+---------------+------------+
| * Basic | | (0.56p) | (0.15p) | (0.21p) |
+----------------------------------+------+---------------+---------------+------------+
| | | | | |
+----------------------------------+------+---------------+---------------+------------+
All of the operations are considered to be continuing
Consolidated Balance Sheet
At 31st December 2008
+----------------------------------+-------+---------------+---------------+------------+
| | Notes | Unaudited | As restated | As |
| | | 31 Dec 2008 | 31 Dec 2007 | restated |
| | | GBP'000 | GBP'000 | 30 June |
| | | | | 2008 |
| | | | | GBP'000 |
+----------------------------------+-------+---------------+---------------+------------+
| | | | | |
+----------------------------------+-------+---------------+---------------+------------+
| ASSETS | | | | |
+----------------------------------+-------+---------------+---------------+------------+
| Non-current assets | | | | |
+----------------------------------+-------+---------------+---------------+------------+
| Intangible assets | 6 | 44,762 | 39,719 | 43,077 |
+----------------------------------+-------+---------------+---------------+------------+
| Plant and equipment | 7 | 2,881 | 103 | 91 |
+----------------------------------+-------+---------------+---------------+------------+
| Trade and other receivables | | 36 | 37 | 36 |
+----------------------------------+-------+---------------+---------------+------------+
| | | 47,679 | 39,859 | 43,204 |
+----------------------------------+-------+---------------+---------------+------------+
| Current assets | | | | |
+----------------------------------+-------+---------------+---------------+------------+
| Trade and other receivables | | 736 | 679 | 1,776 |
+----------------------------------+-------+---------------+---------------+------------+
| Cash and cash equivalents | | 2,538 | 3,358 | 974 |
+----------------------------------+-------+---------------+---------------+------------+
| Inventory | | 1,681 | 4,387 | 4,257 |
+----------------------------------+-------+---------------+---------------+------------+
| | | 4,955 | 8,424 | 7,007 |
+----------------------------------+-------+---------------+---------------+------------+
| TOTAL ASSETS | | 52,634 | 48,283 | 50,211 |
+----------------------------------+-------+---------------+---------------+------------+
| | | | | |
+----------------------------------+-------+---------------+---------------+------------+
| LIABILITIES | | | | |
+----------------------------------+-------+---------------+---------------+------------+
| Current liabilities | | | | |
+----------------------------------+-------+---------------+---------------+------------+
| Trade and other payable | | 4,764 | 2,547 | 5,527 |
+----------------------------------+-------+---------------+---------------+------------+
| | | | | |
+----------------------------------+-------+---------------+---------------+------------+
| NET ASSETS | | 47,870 | 45,736 | 44,684 |
+----------------------------------+-------+---------------+---------------+------------+
| | | | | |
+----------------------------------+-------+---------------+---------------+------------+
| EQUITY | | | | |
+----------------------------------+-------+---------------+---------------+------------+
| Share capital | 8 | 1,094 | 993 | 994 |
+----------------------------------+-------+---------------+---------------+------------+
| Share premium | | 18,248 | 11,995 | 12,164 |
+----------------------------------+-------+---------------+---------------+------------+
| Merger reserve | | 34,580 | 34,580 | 34,580 |
+----------------------------------+-------+---------------+---------------+------------+
| Share-based payment reserve | | 636 | 812 | 717 |
+----------------------------------+-------+---------------+---------------+------------+
| Foreign exchange reserve | | 938 | 188 | (545) |
+----------------------------------+-------+---------------+---------------+------------+
| Retained losses | | (7,626) | (2,832) | (3,226) |
+----------------------------------+-------+---------------+---------------+------------+
| TOTAL EQUITY | | 47,870 | 45,736 | 44,684 |
+----------------------------------+-------+---------------+---------------+------------+
| | | | | |
+----------------------------------+-------+---------------+---------------+------------+
Consolidated Cash Flow Statement
For the six months to 31st December 2008
+-----------------------------------------+---------------+---------------+------------+
| | Unaudited | Unaudited | Audited |
| | Half-year | Half-year | Year ended |
| | ended | ended | 30 June |
| | 31 Dec 2008 | 31 Dec 2007 | 2008 |
| | | | |
+-----------------------------------------+---------------+---------------+------------+
| | GBP'000 | GBP'000 | GBP'000 |
+-----------------------------------------+---------------+---------------+------------+
| | | | |
+-----------------------------------------+---------------+---------------+------------+
| OPERATING ACTIVITIES | | | |
+-----------------------------------------+---------------+---------------+------------+
| Operating loss | (4,475) | (1,197) | (1,645) |
+-----------------------------------------+---------------+---------------+------------+
| Adjustment to reconcile profit before | | | |
| tax to net cash flows | | | |
+-----------------------------------------+---------------+---------------+------------+
| Non-cash: | | | |
+-----------------------------------------+---------------+---------------+------------+
| Depreciation | 174 | 5 | 31 |
+-----------------------------------------+---------------+---------------+------------+
| Foreign exchange | 647 | 87 | (103) |
| adjustment | | | |
+-----------------------------------------+---------------+---------------+------------+
| Share based payment | 81 | - | - |
+-----------------------------------------+---------------+---------------+------------+
| Working capital adjustments | | | |
+-----------------------------------------+---------------+---------------+------------+
| (Increase) / decrease in | 1,040 | (351) | (1,447) |
| debtors | | | |
+-----------------------------------------+---------------+---------------+------------+
| Increase / (decrease) in | (208) | 1,771 | 3,781 |
| creditors | | | |
+-----------------------------------------+---------------+---------------+------------+
| (Increase) / decrease in | 2,576 | (4,387) | (4,257) |
| inventory | | | |
+-----------------------------------------+---------------+---------------+------------+
| Net cash inflows used in operating | (165) | (4,072) | (3,640) |
| activities | | | |
+-----------------------------------------+---------------+---------------+------------+
| | | | |
+-----------------------------------------+---------------+---------------+------------+
| INVESTING ACTIVITIES | | | |
+-----------------------------------------+---------------+---------------+------------+
| Payments to acquire plant and equipment | (1,675) | (72) | (86) |
+-----------------------------------------+---------------+---------------+------------+
| Payments to acquire intangible assets | (2,693) | (1,253) | (4,183) |
+-----------------------------------------+---------------+---------------+------------+
| Interest received | 75 | 182 | 236 |
+-----------------------------------------+---------------+---------------+------------+
| Net cash outflow from investing | (4,293) | (1,143) | (4,033) |
| activities | | | |
+-----------------------------------------+---------------+---------------+------------+
| | | | |
+-----------------------------------------+---------------+---------------+------------+
| FINANCING ACTIVITIES | | | |
+-----------------------------------------+---------------+---------------+------------+
| Net proceeds from issue of shares | 6,022 | 3 | 77 |
+-----------------------------------------+---------------+---------------+------------+
| Net cash inflow from financing | 6,022 | 3 | 77 |
+-----------------------------------------+---------------+---------------+------------+
| | | | |
+-----------------------------------------+---------------+---------------+------------+
| Net increase / (decrease) in cash and | 1,564 | (5,212) | (7,596) |
| cash equivalents | | | |
+-----------------------------------------+---------------+---------------+------------+
| Cash and cash equivalents at beginning | 974 | 8,570 | 8,570 |
| of period | | | |
+-----------------------------------------+---------------+---------------+------------+
| Cash and cash equivalents at end of | 2,538 | 3,358 | 974 |
| period | | | |
+-----------------------------------------+---------------+---------------+------------+
| | | | |
+-----------------------------------------+---------------+---------------+------------+
Consolidated Statement of Changes in Equity
For the six months to 31st December 2008
+--------------------+---------+---------+---------+---------+----------+----------+----------+--------------+
| | Issued | Share | Merger | Share | Foreign |Minority |Retained | Total |
| |capital |premium |reserve | based |exchange |interest |earnings |shareholders |
| | |reserve | |payment | reserve | | | equity |
| | | | |reserve | | | | |
+--------------------+---------+---------+---------+---------+----------+----------+----------+--------------+
| | GBP'000 | GBP'000 | GBP'000 | GBP'000 | | GBP'000 | GBP'000 | GBP'000 |
+--------------------+---------+---------+---------+---------+----------+----------+----------+--------------+
| As at 1 July 2007 | | | | | | | | |
+--------------------+---------+---------+---------+---------+----------+----------+----------+--------------+
| Balance as | 977 | 11,990 | 29,395 | 814 | (6) | 17 | (1,817) | 41,370 |
| previously | | | | | | | | |
| reported | | | | | | | | |
+--------------------+---------+---------+---------+---------+----------+----------+----------+--------------+
| Correction of | - | - | 2,745 | - | - | - | - | 2,745 |
| prior period | | | | | | | | |
| adjustment (Note | | | | | | | | |
| 8) | | | | | | | | |
+--------------------+---------+---------+---------+---------+----------+----------+----------+--------------+
| | 977 | 11,990 | 32,140 | 814 | (6) | 17 | (1,817) | 44,115 |
+--------------------+---------+---------+---------+---------+----------+----------+----------+--------------+
| Share capital | 16 | 3 | 2,440 | - | - | - | - | 2,459 |
| issued | | | | | | | | |
+--------------------+---------+---------+---------+---------+----------+----------+----------+--------------+
| Exercise of | - | 2 | - | (2) | - | - | - | - |
| options | | | | | | | | |
+--------------------+---------+---------+---------+---------+----------+----------+----------+--------------+
| Purchase of | - | - | - | - | - | (17) | - | (17) |
| minority interests | | | | | | | | |
+--------------------+---------+---------+---------+---------+----------+----------+----------+--------------+
| Currency | - | - | - | - | 194 | - | - | 194 |
| translation | | | | | | | | |
| differences | | | | | | | | |
+--------------------+---------+---------+---------+---------+----------+----------+----------+--------------+
| Loss for the | - | - | - | - | - | - | (1,015) | (1,015) |
| period | | | | | | | | |
+--------------------+---------+---------+---------+---------+----------+----------+----------+--------------+
| Balance at 31 | 993 | 11,995 | 34,580 | 812 | 188 | - | (2,832) | 45,736 |
| December 2007 | | | | | | | | |
+--------------------+---------+---------+---------+---------+----------+----------+----------+--------------+
| | | | | | | | | |
+--------------------+---------+---------+---------+---------+----------+----------+----------+--------------+
| Exercise of | 1 | 86 | - | (10) | - | - | - | 77 |
| options | | | | | | | | |
+--------------------+---------+---------+---------+---------+----------+----------+----------+--------------+
| Cancellation of | - | 83 | - | (85) | - | - | - | (2) |
| options | | | | | | | | |
+--------------------+---------+---------+---------+---------+----------+----------+----------+--------------+
| Currency | - | - | - | - | (733) | - | - | (733) |
| translation | | | | | | | | |
| differences | | | | | | | | |
+--------------------+---------+---------+---------+---------+----------+----------+----------+--------------+
| Loss for the | - | - | - | - | - | - | (394) | (394) |
| period | | | | | | | | |
+--------------------+---------+---------+---------+---------+----------+----------+----------+--------------+
| Balance at 30 June | 994 | 12,164 | 34,580 | 717 | (545) | - | (3,226) | 44,684 |
| 2008 | | | | | | | | |
+--------------------+---------+---------+---------+---------+----------+----------+----------+--------------+
| | | | | | | | | |
+--------------------+---------+---------+---------+---------+----------+----------+----------+--------------+
| Share capital | 100 | 6,401 | - | - | - | - | - | 6,501 |
| issued | | | | | | | | |
+--------------------+---------+---------+---------+---------+----------+----------+----------+--------------+
| Share issue | - | (479) | - | - | - | - | - | (479) |
| expenses | | | | | | | | |
+--------------------+---------+---------+---------+---------+----------+----------+----------+--------------+
| Cancellation of | - | 162 | - | (162) | - | - | - | - |
| options | | | | | | | | |
+--------------------+---------+---------+---------+---------+----------+----------+----------+--------------+
| Share based | - | - | - | 81 | - | - | - | 81 |
| payments | | | | | | | | |
+--------------------+---------+---------+---------+---------+----------+----------+----------+--------------+
| Currency | - | - | - | - | 1,483 | - | - | 1,483 |
| translation | | | | | | | | |
| reserve | | | | | | | | |
+--------------------+---------+---------+---------+---------+----------+----------+----------+--------------+
| Loss for the | - | - | - | - | - | - | (4,400) | (4,400) |
| period | | | | | | | | |
+--------------------+---------+---------+---------+---------+----------+----------+----------+--------------+
| Balance at 31 | 1,094 | 18,248 | 34,580 | 636 | 938 | - | (7,626) | 47,870 |
| December 2008 | | | | | | | | |
+--------------------+---------+---------+---------+---------+----------+----------+----------+--------------+
| | | | | | | | | |
+--------------------+---------+---------+---------+---------+----------+----------+----------+--------------+
Notes to the Interim Report
For the six months to 31st December 2008
1.PRESENTATION OF INTERIM RESULTS
The unaudited condensed consolidated interim financial statements have been
prepared using the recognition and measurement principles of International
Accounting Standards, International Reporting Standards and Interpretations
adopted for use in the European Union (collectively EU IFRSs), including IAS 34
'Interim Financial Reporting'. In addition, the Group also complied with IFRS as
issued by the International Accounting Standards Board (IASB). The principal
accounting policies used in preparing the interim results are unchanged from
those disclosed in the Group's Annual Report for the year ended 30 June 2008 and
are expected to be consistent with those policies that will be in effect at the
year end.
The condensed financial statements for the six months ended 31 December 2008 and
31 December 2007 are unreviewed and unaudited, and do not constitute statutory
financial statements as defined by Section 240 of the Companies Act 1985. The
comparative financial information for the year ended 30 June 2008 is not the
company's full statutory accounts for that period. A copy of those statutory
financial statements has been delivered to the Registrar of Companies. The
auditors' report on those accounts was unqualified, did not include references
to any matters to which the auditors drew attention by way of emphasis without
qualifying their report and did not contain a statement under section 237(2)-(3)
of the Companies Act 1985.
The accounts have been prepared on a going concern basis. As is common with many
junior mining companies, the company raises money for exploration and capital
projects as and when required. There can be no assurance that the Group's
projects will be fully developed in accordance with current plans or completed
on time or to budget. Future work on the development of these projects, the
levels of production and financial returns arising there from may be adversely
affected by factors outside the control of the Group.
This interim financial report was approved by the Board of Directors on 30 March
2009 (*).
2. COST OF SALES
Included in the cost of sales is the final settlement of the old order contracts
to the value of GBP2,044,000, and the metal price volatility and foreign
exchange costs incurred on all metal sales in the period.
3. TAXATION
No taxation has been provided due to losses in the period.
4. DIVIDENDS
The Directors do not recommend the payment of a dividend.
5. LOSS PER SHARE
The basic loss per share is derived by dividing the loss for the period
attributable to ordinary shareholders by the weighted average number of shares
in issue.
+-------------------------------------------------+------------------+------------------+-------------------+
| | Unaudited | Unaudited | Audited |
| | 31 Dec 2008 | 31 Dec 2007 | 30 June 2008 |
| | GBP'000 | GBP'000 | GBP'000 |
+-------------------------------------------------+------------------+------------------+-------------------+
| Loss for the period | (4,400) | (1,015) | (1,409) |
+-------------------------------------------------+------------------+------------------+-------------------+
| | | | |
+-------------------------------------------------+------------------+------------------+-------------------+
| Basic loss per share - expressed in pence | (0.56p) | (0.15p) | (0.21p) |
+-------------------------------------------------+------------------+------------------+-------------------+
| Weighted average number of shares - expressed | 788.2m | 672.5m | 680.8m |
| in millions | | | |
+-------------------------------------------------+------------------+------------------+-------------------+
As the inclusion of the potential ordinary shares would result in a decrease in
the loss per share they are considered anti-dilutive and, as such, the diluted
loss per share calculation is the same as the basic loss per share.
6. INTANGIBLE ASSET
+-------------------------------------------------+--------------------+--------------------+------------------+
| | Unaudited | As restated | As restated |
| | 31 Dec 2008 | 31 Dec 2007 | 30 June 2008 |
| | GBP'000 | GBP'000 | GBP'000 |
+-------------------------------------------------+--------------------+--------------------+------------------+
| Exploration and evaluation | | | |
+-------------------------------------------------+--------------------+--------------------+------------------+
| Cost | | | |
+-------------------------------------------------+--------------------+--------------------+------------------+
| Opening carrying value | 35,197 | 34,051 | 34,051 |
+-------------------------------------------------+--------------------+--------------------+------------------+
| Additions | 381 | 229 | 984 |
+-------------------------------------------------+--------------------+--------------------+------------------+
| Currency translation adjustment | (21) | 42 | 162 |
+-------------------------------------------------+--------------------+--------------------+------------------+
| | 35,557 | 34,322 | 35,197 |
+-------------------------------------------------+--------------------+--------------------+------------------+
| Amortisation | - | - | - |
+-------------------------------------------------+--------------------+--------------------+------------------+
| Net book value | 35,557 | 34,322 | 35,197 |
+-------------------------------------------------+--------------------+--------------------+------------------+
+-------------------------------------------------+--------------------+--------------------+------------------+
| Development costs | | | |
+-------------------------------------------------+--------------------+--------------------+------------------+
| Cost | | | |
+-------------------------------------------------+--------------------+--------------------+------------------+
| Opening carrying value | 7,880 | 1,885 | 1,885 |
+-------------------------------------------------+--------------------+--------------------+------------------+
| Arising on acquisition of shares in subsidiary | - | 2,438 | 2,438 |
+-------------------------------------------------+--------------------+--------------------+------------------+
| Costs of acquisition of subsidiaries | - | 37 | 37 |
+-------------------------------------------------+--------------------+--------------------+------------------+
| Additions | 1,246 | 972 | 3,718 |
+-------------------------------------------------+--------------------+--------------------+------------------+
| Transfer to plant and equipment | (778) | - | - |
+-------------------------------------------------+--------------------+--------------------+------------------+
| Currency translation adjustment | 857 | 65 | (198) |
+-------------------------------------------------+--------------------+--------------------+------------------+
| | 9,205 | 5,397 | 7,880 |
+-------------------------------------------------+--------------------+--------------------+------------------+
| Amortisation | - | - | - |
+-------------------------------------------------+--------------------+--------------------+------------------+
| Net book value | 9,205 | 5,397 | 7,880 |
+-------------------------------------------------+--------------------+--------------------+------------------+
+-------------------------------------------------+--------------------+--------------------+------------------+
| Total cost | 44,762 | 39,719 | 43,077 |
+-------------------------------------------------+--------------------+--------------------+------------------+
| Total amortisation | - | - | - |
+-------------------------------------------------+--------------------+--------------------+------------------+
| Net book value | 44,762 | 39,719 | 43,077 |
+-------------------------------------------------+--------------------+--------------------+------------------+
Exploration and evaluation relates to the Australian project and development
costs relate to the South African project. The directors undertook an impairment
review as at 31 December 2008 and as a result of this review no provision was
required.
Refer to Note 8 for further explanation regarding the restatement of the
intangible assets in the comparative period.
7. PLANT AND EQUIPMENT
+-------------------------------------------------+--------------------+--------------------+------------------+
| Cost | | | |
+-------------------------------------------------+--------------------+--------------------+------------------+
| Opening carrying value | 91 | 36 | 36 |
+-------------------------------------------------+--------------------+--------------------+------------------+
| Additions | 2,186 | 72 | 86 |
+-------------------------------------------------+--------------------+--------------------+------------------+
| Transfers from intangible assets | 778 | - | - |
+-------------------------------------------------+--------------------+--------------------+------------------+
| Disposals | - | - | - |
+-------------------------------------------------+--------------------+--------------------+------------------+
| Depreciation | (174) | (5) | (31) |
+-------------------------------------------------+--------------------+--------------------+------------------+
| | 2,881 | 103 | 91 |
+-------------------------------------------------+--------------------+--------------------+------------------+
Notes to the Interim Report
For the six months to 31st December 2008
8. CALLED UP SHARE CAPITAL
Authorised
+--------------------------------------------------+--------------------+--------------------+------------------+
| | GBP'000 | | |
+--------------------------------------------------+--------------------+--------------------+------------------+
| 1,695,000,000 Ordinary shares of 0.1p each | 1,695 | | |
+--------------------------------------------------+--------------------+--------------------+------------------+
| 305,000,000 Performance shares of 0.1p each | 305 | | |
+--------------------------------------------------+--------------------+--------------------+------------------+
| Total | 2,000 | | |
+--------------------------------------------------+--------------------+--------------------+------------------+
The Performance shares do not entitle the holder to vote, receive dividends
declared by the Company, or receive any distribution on liquidation or
otherwise, and are not transferable. The 305 million Performance shares will
convert into 305 million Ordinary shares when the following occurs:
- Braemore enters into an agreement with BHP Billiton Nickel West Pty
Limited for the exploitation of the Leinster Nickel Sulphide Tailings Project.
Allotted, called up and fully paid
+--------------------------------------------------+--------------------+--------------------+------------------+
| | GBP'000 | | |
+--------------------------------------------------+--------------------+--------------------+------------------+
| 789,333,036 Ordinary shares of 0.1p each | 789 | | |
+--------------------------------------------------+--------------------+--------------------+------------------+
| 305,000,000 Performance shares of 0.1p each | 305 | | |
+--------------------------------------------------+--------------------+--------------------+------------------+
| Total | 1,094 | | |
+--------------------------------------------------+--------------------+--------------------+------------------+
Share options and warrants
+------------------------------------------------------------------------------------------------------------+
| The following equity instruments have been issued by the Company and have not been exercised at 31 |
| December 2008: |
+------------------------------------------------------------------------------------------------------------+
+--------------------------------------------------+--------------------+--------------------+------------------+
| | Number of | Exercise | |
| | ordinary shares | price | Expires |
+--------------------------------------------------+--------------------+--------------------+------------------+
| IPO options | 1,385,899 | GBP0.010 | 10/03/2010 |
+--------------------------------------------------+--------------------+--------------------+------------------+
| Director options | 9,000,000 | GBP0.150 | 08/09/2010 |
+--------------------------------------------------+--------------------+--------------------+------------------+
| Other consultant/contractor options | 8,200,000 | GBP0.150 | 08/09/2010 |
+--------------------------------------------------+--------------------+--------------------+------------------+
| Director options | 3,000,000 | GBP0.100 | 30/11/2011 |
+--------------------------------------------------+--------------------+--------------------+------------------+
| Director options | 3,000,000 | GBP0.200 | 30/11/2011 |
+--------------------------------------------------+--------------------+--------------------+------------------+
| Director options | 3,000,000 | GBP0.300 | 30/11/2011 |
+--------------------------------------------------+--------------------+--------------------+------------------+
Notes to the Interim Report
For the six months to 31st December 2008
9. SHARE BASED PAYMENTS
The accessed fair value at the grant date has been determined using the
Black-Scholes Model that takes into account the exercise price, the term of the
option, the share price at grant date, the expected price volatility of the
underlying share, the expected dividend yield and the risk free interest rate
for the term of the option.
Director Options
During the current period, the company granted options to Leon Coetzer (Managing
Director) as tabled below. Under IFRS 2 'Share Based Payments', the company
determines the fair value of options issued to Directors as remuneration and
recognises the amount as an expense in the income statement with a corresponding
increase in equity.
+--------------------+------------------+----------------+----------------+------------------+------------------+
| Date Granted | Number | Exercise Price | Expiry Date | Fair Value per | Fair Value |
| | | | | Option | GBP'000 |
+--------------------+------------------+----------------+----------------+------------------+------------------+
| 01/09/2008 | 3,000,000 | 10.0p | 30/11/2011 | 2.4p | 72 |
+--------------------+------------------+----------------+----------------+------------------+------------------+
| 01/09/2008 | 3,000,000 | 20.0p | 30/11/2011 | 1.5p | 45 |
+--------------------+------------------+----------------+----------------+------------------+------------------+
| 01/09/2008 | 3,000,000 | 30.0p | 30/11/2011 | 1.1p | 33 |
+--------------------+------------------+----------------+----------------+------------------+------------------+
| | 9,000,000 | | | | 150 |
+--------------------+------------------+----------------+----------------+------------------+------------------+
The fair value of the options granted to Directors during the period is
GBP150,000. The key inputs applied to the Black-Scholes Model included: the
closing share price on 1 September 2008 of 5.6p; risk free interest rate of
4.35%; and expected volatility of 0.80.
The above options contained a 12 month vesting period over which the option
expense will be recognised. At 31 December 2008, GBP50,000 has been recognised,
with GBP100,000 to be recognised in future periods.
Director Shares
During the current period, the company granted 1,700,000 shares to Leon Coetzer
(Managing Director), to be issued on their vesting date 1 September 2009. Under
IFRS 2 'Share Based Payments', the company determines the fair value of shares
issued to Directors as remuneration and recognises the amount as an expense in
the income statement with a corresponding increase in equity.
+--------------------+------------------+----------------+----------------+------------------+
| Date Granted | Number | Vesting Date | Fair Value per | Fair Value |
| | | | Option | GBP'000 |
+--------------------+------------------+----------------+----------------+------------------+
| 01/09/2008 | 1,700,000 | 01/09/2009 | 5.6p | 95 |
+--------------------+------------------+----------------+----------------+------------------+
The fair value of the shares granted to Directors during the period is
GBP95,000. The key inputs applied to the Black-Scholes Model included: the
closing share price on 1 September 2008 of 5.6p; risk free interest rate of
4.35%; and expected volatility of 0.80.
The above options contained a 12 month vesting period over which the option
expense will be recognised. At 31 December 2008, GBP31,000 has been recognised,
with GBP64,000 to be recognised in future periods.
Notes to the Interim Report
For the six months to 31st December 2008
10. REVENUE AND SEGMENTAL INFORMATION
The Group operates in one business segment, the evaluation of minerals
processing and production. The Group has material interests in three
geographical segments, Australia, South Africa and the United Kingdom. The Group
assets are substantially attributable to the evaluation of nickel activities in
Australia and nickel and platinum activities in South Africa. The parent Company
operates a head office based in the United Kingdom which incurred certain
administration and corporate costs.
Segment revenue and segment result
+---------------------------------------------------------------------------------------------------------+
| |
| Segment revenue Segment result |
| 31 Dec 2008 31 Dec 2008 |
| Continuing operations GBP'000 GBP'000 |
| Australia - (585) |
| South Africa 1,988 (2,851) |
| United Kingdom - (1,039) |
| 1,988 (4,475) |
| Interest revenue 75 |
| Loss before tax (4,400) |
| Income tax expense - |
| Loss after tax (4,400) |
| |
+---------------------------------------------------------------------------------------------------------+
Revenue reported above represents revenue generated from external customers.
There were no inter-segment sales in the year.
Segment assets and liabilities
+-------------------------------------------------------------+--------------------+-------------------+---+
| | Assets | Liabilities | |
+-------------------------------------------------------------+--------------------+-------------------+---+
| | 31 Dec 2008 | 31 Dec 2008 | |
| | GBP'000 | GBP'000 | |
+-------------------------------------------------------------+--------------------+-------------------+---+
| Australia | 35,865 | 134 | |
+-------------------------------------------------------------+--------------------+-------------------+---+
| South Africa | 15,337 | 4,568 | |
+-------------------------------------------------------------+--------------------+-------------------+---+
| United Kingdom | 1,432 | 62 | |
+-------------------------------------------------------------+--------------------+-------------------+---+
| | 52,634 | 4,764 | |
+-------------------------------------------------------------+--------------------+-------------------+---+
Other segment information
+--------------------------------------------------------------+--------------------+-------------------+---+
| | Depreciation and | Additions to | |
| | amortisation | non-current | |
| | | assets | |
+--------------------------------------------------------------+--------------------+-------------------+---+
| | 31 Dec 2008 | 31 Dec 2008 | |
| | GBP'000 | GBP'000 | |
+--------------------------------------------------------------+--------------------+-------------------+---+
| Australia | 3 | 381 | |
+--------------------------------------------------------------+--------------------+-------------------+---+
| South Africa | 161 | 3,432 | |
+--------------------------------------------------------------+--------------------+-------------------+---+
| United Kingdom | 10 | - | |
+--------------------------------------------------------------+--------------------+-------------------+---+
| | 174 | 3,813 | |
+--------------------------------------------------------------+--------------------+-------------------+---+
Notes to the Interim Report
For the six months to 31st December 2008
11. PRIOR PERIOD ADJUSTMENT - PERFORMANCE SHARES AMD BUSINESS COMBINATIONS
On 28 July 2005, the Group completed the acquisition of Western Consolidated
Nickel Pty Ltd ("WCN") with a component of the consideration being 305 million
Performance Shares. The Directors originally valued the Performance Shares at
their par value of 0.1p, or GBP305,000, on the grounds that it was inherently
difficult to measure reliably their fair value at the date of issue.
However, in accordance with the requirements of IFRS 3 'Business Combinations',
and following discussion with the Financial Reporting Review Panel, the
Directors have re-visited this issue as IFRS 3 states that equity instruments
issued as consideration must be measured at their fair value at the date of
acquisition and there is no exemption on the grounds that such fair value could
not be measured reliably. As such, the Directors have used the Black-Scholes
Model to value the Performance Shares.
For the purposes of IFRS 3, the Directors have assessed the fair value of the
Performance Shares as GBP3,050,000, as at the date of their issue on 28 July
2005. In assessing the fair value of the Performance Shares, the Directors have
utilised the Black-Scholes Model. The key inputs applied to the Black-Scholes
Model included the assessed fair value of ordinary shares issued for the
acquisition of WCN on 28 July 2005 of 10p; risk free interest rate of 4.20%; and
expected volatility of 0.50. In assessing the fair value of the Performance
Shares, a discount of 90% has been applied to the theoretical value calculated
by the Black-Scholes Model to take into account the estimated probability of the
Performance Milestones being achieved of 10%. This applied estimated probability
of the Performance Milestones being achieved, took into account the level of the
scoping and desk top technical and economic studies, including conceptual flow
sheet and process, undertaken to the date of the acquisition of WCN. This
applied probability of the achievement of the Performance Milestone is as at the
28 July 2005, and does not represent the Director's current assessment.
As a result of this restatement the intangible assets and merger reserve of the
Consolidated Group are increased by GBP2,745,000 (GBP3,050,000 less GBP305,000
par value). The Income Statement and Statement of Cash Flows are unaffected by
this restatement.
+-----------------------------------+-----------------------------------+---------------------------------------+
| DIRECTORS | South Africa | NOMINATED ADVISOR AND JOINT BROKER |
| | Stoney Ridge Office Park | London |
| Dr Mathews Phosa (Non Executive | Cnr Witkoppen and Wateford place | WH Ireland Group Plc |
| Chairman) | Kleve Hill Park | 24 Mardin Lane |
| | Fourways | London EC4R ODR |
| Christopher Lambert (Non | Johannesburg | |
| Executive Deputy Chairman) | | JOINT BROKER |
| | AUDITORS | London |
| Leon Coetzer (Managing Director & | London | Mirabaud Securities |
| Chief Executive Officer) | Chapman Davis LLP | 21 St James Square |
| | 2 Chapel Court | London SW1Y 4JP |
| Clayton Dodd (Executive Director) | London SE1 1HH | |
| | | SPONSOR |
| Anthony Samaha (Non Executive | South Africa | South Africa |
| Finance Director) | Moore Stephens MWM Incorporated | Sasfin Capital |
| | PO Box 1574 | Sasfin Place |
| Michael Elias (Non Executive | Houghton 2041 | 13-15 Scott Street |
| Technical Director) | | Waverley 2090 |
| | SOLICITORS | |
| David Humann (Non Executive | London | REGISTRARS |
| Director) | Ronaldsons | London |
| | 55 Gower Street | Share Registrars Limited |
| SECRETARY | London WC1E 6HQ | Craven House |
| London | | West Street, Farnham |
| Stephen Ronaldson | Australia | SURREY GU9 7EN |
| | Blakiston & Crabb | |
| South Africa | 1202 Hay Street | South Africa |
| Fusion Corporate Secretarial | West Perth WA 6005 | Computershare Investor Services (Pty) |
| Services (Pty) Ltd (Represented | | Ltd |
| by Melinda van den Berg) | South Africa | Ground Floor, 70 Marshall Street |
| | Routledges Modise in association | Johannesburg 2001 |
| REGISTERED OFFICE | with Eversheds. | |
| London | 22 Fredman Drive | |
| First Floor | Sandton Johannesburg | |
| 18-19 Pall Mall | South Africa 2123 | |
| London SW1Y 5LU | | |
| | | |
| | | |
+-----------------------------------+-----------------------------------+---------------------------------------+
This information is provided by RNS
The company news service from the London Stock Exchange
END
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