Namibian Stock Exchange
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Market & Value Traded
Local Index
155.96
at : 2009-10-28
Overall Index
713.96
at : 2009-10-28
JSE All Share Index
26,056.48
at : 2009-10-28
Value Traded Today
39,181,065.92
at : 2009-10-28
Value Traded Month to Date
1,571,005,196.51
at : 2009-10-28
Value Traded Year To Date
7,386,821,931.48
at : 2009-10-28
News & Events
BANNERMAN RESOURCES LIMITED - [29 October 2009]
Bannerman Resources Limited Annual Report 2009 Bannerman has published its annual report for the year ending 30 June 2009. The results can be found on Bannerman\'s website http://www.bannermanresources.com.au On behalf of the Board of Directors, Len Jubber Chief Executive Officer 28-Oct-09 Registered Office Bannerman Minig Resources Namibia (Pty) Ltd Registration no. 2005/115 71 Seeadler Street, Vineta Swakopmund Namibia Sponsor IJG Securities (Pty) Ltd Member of the NSX 100 Robert Mugabe Avenue P O Box 186, Windhoek, Namibia Registration No. 95/505 Date: 28/10/2009 11:02:00 Produced by the JSE SENS Department. Notice of Annual General Meeting Notice is hereby given of the Annual General Meeting with the following details: Date of Meeting Wednesday, 24 November 2009 Time of Meeting 10:30am Perth time Place of Meeting Duxton Hotel Perth, Lower Lobby 1 St George\'s Terrace Perth, Australia For further details of above meeting, please refer to company website http://www.bannermanresources.com.au. On behalf of the Board of Directors, Len Jubber Chief Executive Officer 28-Oct-09 Registered Office Bannerman Minig Resources Namibia (Pty) Ltd Registration no. 2005/115 71 Seeadler Street, Vineta Swakopmund Namibia Sponsor Member of the NSX 100 Robert Mugabe Avenue P O Box 186, Windhoek, Namibia Registration No. 95/505 Date: 28/10/2009 11:06:01 Produced by the JSE SENS Department. - By: IJG Securities (Pty) Ltd
DEEP YELLOW LIMITED - [29 October 2009]
QUARTERLY REPORT - FOR THE PERIOD ENDING 30 SEPTEMBER 2009 Deep Yellow has published its quarterly report for the period ending 30 September 2009. The report can be found on Deep Yellow\'s website (www.deepyellow.com.au). On behalf of the Board of Directors, Dr Leon Pretorius Managing Director Windhoek, 28 October 2009 Registered Office Reptile Uranium Namibia (Pty) Ltd Registration no. 2004/511 48 Hidipo Hamutenya Street Swakopmund Namibia Sponsor Member of the NSX 100 Robert Mugabe Avenue P O Box 186, Windhoek, Namibia Registration No. 95/505 Date: 28/10/2009 11:12:01 Produced by the JSE SENS Department. - By: IJG Securities (Pty) Ltd
OLD MUTUAL PLC - [29 October 2009]
TR-1: NOTIFICATION OF MAJOR INTEREST IN SHARES 1. Identity of the issuer or the underlying issuer of existing OLD MUTUAL PLC shares to which voting rights are attached: 2 Reason for the notification (please tick the appropriate box or boxes): An acquisition or disposal of voting rights X An acquisition or disposal of qualifying financial instruments which may result in the acquisition of shares already issued to which voting rights are attached An acquisition or disposal of instruments with similar economic effect to qualifying financial instruments An event changing the breakdown of voting rights Other (please specify): 3. Full name of person(s) subject AXA S.A, 25 Avenue to the notification obligation: Matignon, 75008 Paris and its group of companies 4. Full name of shareholder(s) (if different from 3.): 5. Date of the transaction and 26/10/2009 date on which the threshold is crossed or reached: 6. Date on which issuer notified: 27/10/2009 7. Threshold(s) that is/are INCREASE IN TOTAL HOLDINGS crossed or reached: FROM 4.49% TO 5.19% 8. Notified details: A: Voting rights attached to shares Class/type Situation Resulting situation after the triggering of previous transaction shares to the triggering if transaction possible using the ISIN CODE Number Number Number Number of voting % of voting Of Of of rights rights Shares Voting shares Rights Direct Direct Indirect Direct Indirect 0738992 237,12 237,12 35,050 35,050 238,890, 0.66 4.53 3,733 3,733 ,581 ,581 274 B: Qualifying Financial Instruments Resulting situation after the triggering transaction Type of Expira Exercise/ Number of voting % of voting financial tion Conversion rights that may be rights instrument date Period acquired if the instrument is exercised/ converted. C: Financial Instruments with similar economic effect to Qualifying Financial Instruments Resulting situation after the triggering transaction Type of Exerc Expira Exercise Number of % of voting rights financial ise tion / voting instrument price date Conversi rights on instrument period refers to Nominal Delta Total (A+B+C) Number of voting rights Percentage of voting rights 549,220,020 5.19% 9. Chain of controlled undertakings through which the voting rights and/or the financial instruments are effectively held, if applicable: Name of the Company / Fund Number of Shares % of issued share capital Alliance Capital Management 3,552,300.00 0.03365 Direct AXA 10,367,638.00 0.09822 Direct AXA Australia 271,655.00 0.00257 Indirect AXA Colonia Konzern 996,000.00 0.00944 Direct AXA Colonia Konzern 519,603.00 0.0049224 Indirect AXA Financial, Inc 235,887,868.00 2.23 Indirect AXA France 18,703.00 0.000177181 Indirect AXA IM UK 8,139,643.00 0.077109988 Direct AXA IM UK 686,670.00 0.006505091 Indirect AXA Rosenberg 11,995,000.00 0.113633277 Direct AXA Rosenberg 1,505,775.00 0.014264789 Indirect Total Direct 35,050,581 0.66410 Total Indirect 238,890,274 4.52620 TOTAL 273,940,855 5.19030 Proxy Voting: 10. Name of the proxy holder: 11. Number of voting rights proxy holder will cease to hold: 12. Date on which proxy holder will cease to hold voting rights: 13. Additional information: 14. Contact name: Patrick Bowes 15. Contact telephone number: 020 7002 7440 27-Oct-09 Sponsor - By: Merrill Lynch South Africa (Pty) Limited
OLD MUTUAL PLC - [29 October 2009]
TR-1: NOTIFICATION OF MAJOR INTEREST IN SHARES 1. Identity of the issuer or the underlying issuer of existing OLD MUTUAL PLC shares to which voting rights are attached: 2 Reason for the notification (please tick the appropriate box or boxes): An acquisition or disposal of voting rights X An acquisition or disposal of qualifying financial instruments which may result in the acquisition of shares already issued to which voting rights are attached An acquisition or disposal of instruments with similar economic effect to qualifying financial instruments An event changing the breakdown of voting rights Other (please specify): 3. Full name of person(s) subject AXA S.A, 25 Avenue to the notification obligation: Matignon, 75008 Paris and its group of companies 4. Full name of shareholder(s) (if different from 3.): 5. Date of the transaction and 26/10/2009 date on which the threshold is crossed or reached: 6. Date on which issuer notified: 27/10/2009 7. Threshold(s) that is/are INCREASE IN TOTAL HOLDINGS crossed or reached: FROM 4.49% TO 5.19% 8. Notified details: A: Voting rights attached to shares Class/type Situation Resulting situation after the triggering of previous transaction shares to the triggering if transaction possible using the ISIN CODE Number Number Number Number of voting % of voting Of Of of rights rights Shares Voting shares Rights Direct Direct Indirect Direct Indirect 0738992 237,12 237,12 35,050 35,050 238,890, 0.66 4.53 3,733 3,733 ,581 ,581 274 B: Qualifying Financial Instruments Resulting situation after the triggering transaction Type of Expira Exercise/ Number of voting % of voting financial tion Conversion rights that may be rights instrument date Period acquired if the instrument is exercised/ converted. C: Financial Instruments with similar economic effect to Qualifying Financial Instruments Resulting situation after the triggering transaction Type of Exerc Expira Exercise Number of % of voting rights financial ise tion / voting instrument price date Conversi rights on instrument period refers to Nominal Delta Total (A+B+C) Number of voting rights Percentage of voting rights 549,220,020 5.19% 9. Chain of controlled undertakings through which the voting rights and/or the financial instruments are effectively held, if applicable: Name of the Company / Fund Number of Shares % of issued share capital Alliance Capital Management 3,552,300.00 0.03365 Direct AXA 10,367,638.00 0.09822 Direct AXA Australia 271,655.00 0.00257 Indirect AXA Colonia Konzern 996,000.00 0.00944 Direct AXA Colonia Konzern 519,603.00 0.0049224 Indirect AXA Financial, Inc 235,887,868.00 2.23 Indirect AXA France 18,703.00 0.000177181 Indirect AXA IM UK 8,139,643.00 0.077109988 Direct AXA IM UK 686,670.00 0.006505091 Indirect AXA Rosenberg 11,995,000.00 0.113633277 Direct AXA Rosenberg 1,505,775.00 0.014264789 Indirect Total Direct 35,050,581 0.66410 Total Indirect 238,890,274 4.52620 TOTAL 273,940,855 5.19030 Proxy Voting: 10. Name of the proxy holder: 11. Number of voting rights proxy holder will cease to hold: 12. Date on which proxy holder will cease to hold voting rights: 13. Additional information: 14. Contact name: Patrick Bowes 15. Contact telephone number: 020 7002 7440 27-Oct-09 Sponsor - By: Merrill Lynch South Africa (Pty) Limited
SHOPRITE HOLDINGS LIMITED - [29 October 2009]
DEALING IN SECURITIES BY A DIRECTOR In compliance with rule 3.63 of the JSE Listings Requirements, the following information is disclosed: Chairman Dr C H Wiese Date transaction effected 26 October 2009 Number and Price of options 833 333 at R47 833 333 at R49 833 334 at R51 Nature of transaction Purchase of put options on ordinary shares expiring on 31 August 2012 Number and Price of options 833 333 at R49 833 333 at R51 833 334 at R53 Nature of transaction Purchase of put options on ordinary shares expiring on 07 December 2012 Number and Price of options 833 333 at R51 833 333 at R53 833 334 at R55 Nature of transaction Purchase of put options on ordinary shares expiring on 22 February 2013 Number and Price of options 833 333 at R81 833 333 at R83 833 334 at R85 Nature of transaction Sale of call options on ordinary shares expiring on 31 August 2012 Number and Price of options 833 333 at R82 833 333 at R84 833 334 at R86 Nature of transaction Sale of call options on ordinary shares expiring on 07 December 2012 Number and Price of options 833 333 at R83 833 333 at R85 833 334 at R87 Nature of transaction Sale of call options on ordinary shares expiring on 22 February 2013 Nature of interest Indirect beneficial Written clearance to deal received Yes Cape Town Date 28 October 2009 Sponsor Date: 28/10/2009 16:33:02 Produced by the JSE SENS Department. - By: Nedbank Capital
SHOPRITE HOLDINGS LIMITED - [29 October 2009]
DEALING IN SECURITIES BY A DIRECTOR In compliance with rule 3.63 of the JSE Listings Requirements, the following information is disclosed: Chairman Dr C H Wiese Date transaction effected 26 October 2009 Number and Price of options 833 333 at R47 833 333 at R49 833 334 at R51 Nature of transaction Purchase of put options on ordinary shares expiring on 31 August 2012 Number and Price of options 833 333 at R49 833 333 at R51 833 334 at R53 Nature of transaction Purchase of put options on ordinary shares expiring on 07 December 2012 Number and Price of options 833 333 at R51 833 333 at R53 833 334 at R55 Nature of transaction Purchase of put options on ordinary shares expiring on 22 February 2013 Number and Price of options 833 333 at R81 833 333 at R83 833 334 at R85 Nature of transaction Sale of call options on ordinary shares expiring on 31 August 2012 Number and Price of options 833 333 at R82 833 333 at R84 833 334 at R86 Nature of transaction Sale of call options on ordinary shares expiring on 07 December 2012 Number and Price of options 833 333 at R83 833 333 at R85 833 334 at R87 Nature of transaction Sale of call options on ordinary shares expiring on 22 February 2013 Nature of interest Indirect beneficial Written clearance to deal received Yes Cape Town Date 28 October 2009 Sponsor Date: 28/10/2009 16:33:02 Produced by the JSE SENS Department. - By: Nedbank Capital
WEST AUSTRALIA METALS LIMITED - [29 October 2009]
Notice of Annual General Meeting Notice is hereby given of the Annual General Meeting with the following details: Date of Meeting Wednesday, 25 November 2009 Time of Meeting 10:00am (WST) Place of Meeting 20 Nicholson Road, Subiaco Western Australia For further details of above meeting, please refer to company website http://www.wametals.com.au/. On behalf of Board of Directors John Young CEO 28-Oct-09 Registered Office Post Strasse Hof West Australian Metals Namibia Commercial unit 3 Second Floor 35 Daniel Tjongarero Avenue Swakopmund Namibia Sponsor Member of the NSX 100 Robert Mugabe Street P O Box 186, Windhoek, Namibia Registration No. 95/505 Date: 28/10/2009 10:58:01 Produced by the JSE SENS Department. - By: IJG Securities (Pty) Ltd
ANGLO AMERICAN PLC - [16 October 2009]
News Release: Anglo American notes announcement by Xstrata The Board of Anglo American plc (\"Anglo American\" or \"the Group\") notes the statement made by Xstrata plc (\"Xstrata\") that it has withdrawn its proposal for a combination of the two companies. Anglo American Chairman, Sir John Parker, said: \"The Board continues to have full confidence in the value inherent within the Group\'s unique asset base and the additional value that we can drive from it. I look forward to working with the management team to deliver this value for our shareholders.\" For further information, please contact: Anglo American Nick Von Schirnding, Head of Investor and Corporate Affairs Tel: +44 (0)20 7968 8540 James Wyatt-Tilby, Media Relations Tel: +44 (0)20 7968 8759 About Anglo American Anglo American plc is one of the world\'s largest mining groups. With its subsidiaries, joint ventures and associates, it is a global leader in platinum group metals and diamonds, with significant interests in coal, base and ferrous metals, as well as an industrial minerals business. The Group is geographically diverse, with operations in Africa, Europe, South and North America, Australia and Asia. (www.angloamerican.co.uk) 15-Oct-09 Sponsor: - By: UBS South Africa (Pty) Ltd
NEDBANK GROUP - [16 October 2009]
ANNOUNCEMENT OF A FIRM INTENTION BY NEDBANK TO MAKE A VOLUNTARY UNCONDITIONAL OFFER TO THE HOLDERS (OTHER THAN NEDBANK) OF IMPERIAL BANK PERPETUAL, NON- REDEEMABLE, NON-PARTICIPATING, NON-CUMULATIVE PREFERENCE SHARES (\"IMPERIAL BANK PREFERENCE SHARES\") (\"THE OFFER\") AND WITHDRAWAL OF IMPERIAL BANK CAUTIONARY ANNOUNCEMENT 1. Introduction 1.1 On 16 September 2009 Nedbank announced that agreement had been reached with Imperial Financial Holdings Limited (\"IFH\"), a 100% held subsidiary of Imperial Holdings Limited, in terms of which Nedbank will, subject to the fulfilment of certain conditions, acquire IFH\'s shareholding of 49,9% of the ordinary shares in Imperial Bank (the \"Acquisition\"), thereby constituting Imperial Bank as a wholly owned subsidiary of Nedbank. 1.2 It is the intention that following the Acquisition (which is anticipated to be finalised between the first and second quarter of 2010), Nedbank will, subject to South African Reserve Bank (\"SARB\") approval, amalgamate the businesses of Imperial Bank with its relevant existing businesses (\"the amalgamation\") in terms of section 54 of the Banks Act, 1990 (the \"Banks Act\"). 1.3 Imperial Bank will make an application to the SARB to have its banking licence cancelled pursuant to the amalgamation being implemented. 1.4 It is anticipated that the amalgamation will be completed between the fourth quarter of 2010 and the first quarter of 2011. 1.5 Thereafter, steps will be taken to dissolve, wind-up or deregister Imperial Bank (the \"dissolution\"). It is anticipated that it will take approximately 6 to 12 months after the completion of the amalgamation to dissolve Imperial Bank. However, the timing of the intended dissolution is uncertain. 1.6 In terms of the articles of association of Imperial Bank, Imperial Bank Preference Shares will be redeemed upon the dissolution of Imperial Bank at a price equal to R100 per share (the \"Redemption Amount\") together with any accrued and unpaid dividends. 1.7 Holders of Imperial Bank Preference Shares are referred to the initial cautionary announcement released on the Securities Exchange News Service (\"SENS\") on 29 May 2009, and further cautionary announcements released subsequently on SENS. 1.8 The Securities Regulation Panel has ruled that based on information provided in submissions received, Nedbank is not required to make a mandatory offer to the holders of the Imperial Bank Preference Shares pursuant to the Acquisition. 1.9 Nedbank has, despite not being obliged to do so, submitted to the board of directors of Imperial Bank (the \"Board\") a notice of its firm intention to make a voluntary unconditional offer to acquire the remaining Imperial Bank Preference Shares which Nedbank does not already own so as to enable the holders of the remaining Imperial Bank Preference Shares to achieve more certainty in relation to the value and tenure of their holdings. 2. Reason for the amalgamation The amalgamation will result in more efficient structures being established in the Nedbank group since the Nedbank group has been required, inter alia, to duplicate governance structures, risk management systems and infrastructures (e.g. properties, computer systems etc) in respect of similar businesses conducted by Imperial Bank and Nedbank. 3. The Offer 3.1 Terms and mechanism of the Offer Nedbank, which currently holds 50,1% of Imperial Bank\'s ordinary shares and approximately 35% of Imperial Bank Preference Shares, is offering to acquire all of the Imperial Bank Preference Shares which Nedbank does not already own. In the event that 90% or more, but less than 100%, of the holders of the Imperial Bank Preference Shares (other than Nedbank) accept the Offer, Nedbank will invoke the provisions of section 440K of the Companies Act, 1973, (the \"Companies Act\") to compel acceptance of the Offer by the remaining holders of the Imperial Bank Preference Shares which did not accept the Offer. 3.2 Offer Consideration Nedbank offers to exchange the holdings of the registered holders of Imperial Bank Preference Shares for perpetual, non-redeemable, non- cumulative, non-participating preference shares in the share capital of Nedbank (\"Nedbank Preference Shares\") in the ratio of 10 Nedbank Preference Shares for each Imperial Bank Preference Share held (\"Exchange Ratio\"). The rights and privileges attaching to the Nedbank Preference Shares will be set out in the offer document referred to in paragraph 8 below. 3.3 No Increase Statement Nedbank will not increase the offer consideration. 3.4 Basis of determination of Exchange Ratio The Exchange Ratio is equal to the ratio of the nominal value of an Imperial Bank Preference Share (R100) to the nominal value of a Nedbank Preference Share and is consistent with Nedbank\'s assessment of: 3.4.1 an exchange basis that will result in the holders of Imperial Bank Preference Shares improving their income earnings position in comparison to their income earnings position had they continued to own Imperial Bank Preference Shares; 3.4.2 the yields on similar or better rated preference shares listed on the securities exchange operated by JSE Limited (\"JSE\") (including Nedbank Preference Shares); 3.4.3 the present value of future dividends and the redemption proceeds of the Imperial Bank Preference Shares upon the dissolution of Imperial Bank at an uncertain time in the future on an unconditional basis. 3.5 Opinions The Board of Imperial Bank has appointed Ernst & Young Advisory Services Limited (\"Ernst & Young\") as an independent expert to provide an opinion on the terms and conditions of the Offer to ensure that they are fair and reasonable to Imperial Bank Preference Shareholders. Imperial Bank will appoint a sub-committee of independent directors to consider the findings of the independent expert. Preference Shareholders will be informed in due course of the outcome of this review and of the opinion of the aforesaid sub-committee. 3.6 Offer Dates 3.6.1 The Offer opens on Thursday, 12 November 2009, or such earlier date as Nedbank may in its discretion elect, subject to regulatory approval, and closes on the first Friday, at least 21 days thereafter (the \"Offer Period\"). 3.6.2 The Securities Regulation Panel requires that the Offer is open for a period of at least 21 days. Subject to approval by the Securities Regulation Panel, Nedbank reserves the right to extend the Offer Period. An announcement regarding any such extension will be published in the press and will be released on the SENS. 3.7 Acceptance or rejection of the Offer This Offer will be open to all registered holders of Imperial Bank Preference Shares (other than Nedbank) who have legal title thereto and are able to effect unencumbered transfer of their Imperial Bank Preference Shares to Nedbank during the Offer Period. 3.7.1 Nedbank will issue new Nedbank Preference Shares to registered holders of Imperial Bank Preference Shares which elect to accept the Offer as and when such acceptances are received during the Offer Period. 3.7.2 Registered holders of Imperial Bank Preference Shares which wish to accept the Offer should follow the instructions in the offer document that will be sent to them by mail or contact their financial advisors or stockbrokers in this regard. 3.7.3 Holders of Imperial Bank Preference Shares which do not wish to accept the Offer do not have to respond to the invitation by Nedbank to exchange their Imperial Bank Preference Shares. 3.7.4 If Nedbank invokes the provisions of section 440K of the Companies Act, it will give written notice thereof to the holders of the Imperial Bank Preference Shares which did not accept the Offer. 3.8 Special arrangements No arrangements exist between Nedbank, Imperial Bank, or any other parties acting in concert with Nedbank or Imperial Bank in relation to the Offer. This is an unconditional Offer and is not subject to the Acquisition becoming unconditional or the implementation of the amalgamation. Imperial Holdings Limited and IFH are not holders of Imperial Bank Preference Shares and are not acting in concert with Nedbank or Imperial Bank in relation to the Offer. 4. Undertaking by Nedbank Nedbank has irrevocably undertaken to the Board that it will ensure that from the date of completion of the amalgamation until such time as the Imperial Bank Preference Shares are redeemed, Imperial Bank shall remain in a position to pay any preference share dividends due on Imperial Bank Preference Shares and a return of capital on dissolution of Imperial Bank. In addition, Nedbank will procure that, from the date of completion of the amalgamation until such time as the resolution for the dissolution of Imperial Bank is passed, a preference dividend will be declared and paid to the holders of the Imperial Bank Preference Shares on the preference dividend payment dates as defined in the articles of association of Imperial Bank, notwithstanding that, in terms of the rights attaching to the Imperial Bank Preference Shares, the holders of the Imperial Bank Preference Shares are not, entitled to same. 5. Financial effects The table below sets out the financial impact on the holder of 1 Imperial Bank Preference Share which accepts the Offer (\"financial effects\"). Effect on market Market data (clean Market value value of share closing price) (4) exchange Imperial Nedbank 1 10 Nedbank % Bank Preference Imperial Preference change Preference Shares Bank Shares Shares Preference Share Holding of 1 Imperial R69.52 R10.09 R69.52 R100.85 45.1% Bank Preference Share pre-announcement converted into 10 Nedbank Preference Shares (28 May 2009) Holding of 1 Imperial R79.59 R10.08 R79.59 R100.83 26.7% Bank Preference Share post-announcement converted into 10 Nedbank Preference Shares (29 May 2009) Current holding of 1 R90.77 R9.75 R90.77 R97.46 7.4% Imperial Bank Preference Share converted into 10 Nedbank Preference Shares (14 October 2009) Effect on dividend of Dividend rate Notional dividend (2), (3) share exchange (% of prime) Imperial Nedbank 1 10 Nedbank % Bank Preference Imperial Preference change Preference Shares Bank Shares Shares Preference Shares Dividend of 1 Imperial 70% 75% R7.35 R7.88 7.2% Bank Preference Share converted into 10 Nedbank Preference Shares Effect on nominal Nominal value Nominal value (2) value of share (R per share) exchange Imperial Nedbank 1 10 % Bank Preference Imperial Nedbank change Preference Shares Bank Preference Shares Preference Shares Shares Nominal value of 1 R100.00 R10.00 R100.00 R100.00 - Imperial Bank Preference Share converted into 10 Nedbank Preference Shares (2) Notes: 1. Announcement of the Acquisition was released on SENS on 29 May 2009. 2. Based on a par value for Imperial Bank Preference Shares of R100.00 per preference share and a par value for Nedbank Preference Shares of R10.00 per preference share. 3. The notional dividend assumes a prevailing prime overdraft rate of 10.5%. 4. Clean closing prices are calculated by removing both notionally accrued dividends and declared but unpaid dividends from the closing listed market price on the JSE. 6. Taxation The effect of taxation on the holders of Imperial Bank Preference Shares which accept the Offer will vary, depending on the circumstances of each shareholder. In considering the Offer, holders of Imperial Bank Preference Shares should take their own tax advice. 7. Advantages of the Offer In Nedbank\'s view, the Offer presents, inter alia, the following advantages to the holders of Imperial Bank Preference Shares: 7.1 the ability to lock in the gain in the market price of an Imperial Bank Preference Share since 29 May 2009, being the date on which Imperial Bank issued a cautionary announcement in regard to the Acquisition; 7.2 Holders of Imperial Bank Preference Shares accepting the Offer will receive an increase in the total dividends received compared to their equivalent current holding of Imperial Bank Preference Shares as shown under the financial effects in paragraph 5 above. 7.3 the Offer is unconditional and provides holders of Imperial Bank Preference Shares who accept the Offer, with the opportunity to remain invested in preference shares of a similar type. Holders of Imperial Bank Preference Shares who do not accept the Offer will, upon the dissolution of Imperial Bank, be entitled to the Redemption Amount as well as any accrued and unpaid dividends. The timing of the dissolution is however dependent on a number of conditions being fulfilled, some of which are outside Nedbank\'s control; and 7.4 increased security, as Nedbank has a larger balance sheet and more diversified earnings, relative to that of Imperial Bank. 8. Offer document and withdrawal of cautionary announcement An offer document, which is subject to regulatory approval, providing full details of the Offer will be posted in due course to holders of Imperial Bank Preference Shares. The holders of Imperial Bank Preference Shares are referred to the cautionary announcement dated Monday, 28 September 2009 and are advised that they are no longer required to exercise caution when dealing in Imperial Bank Preference Shares. Sandton 15-Oct-09 Investment bank, corporate Independent lead sponsor to adviser and sponsors to Nedbank Group Nedbank Group and Nedbank -Merrill Lynch South Africa Limited and sponsor to (Pty) Ltd- Imperial Bank Nedbank Capital, a division of Nedbank Limited - Independent lead sponsor to Attorneys Nedbank Limited -ENS- -Investec Bank Limited- Sponsoring broker in Namibia Independent professional to Nedbank Group expert Old Mutual Investment -Ernst & Young Advisory Services (Namibia) (Pty) Ltd Services Limited- - Independent sponsor to Imperial Bank (Proprietary) Limited- - By: Deloitte & Touche Sponsor
TRUWORTHS - [16 October 2009]
DIRECTOR\'S DEALINGS Notice is hereby given, in terms of paragraphs 3.63 to 3.65 of the Listings Requirements of the JSE Limited, of the following transactions in respect of the company\'s shares by a director of a subsidiary of the company: Name of director : Johannes Andreas Holtzhausen Executive director of : Truworths Limited Date of transaction : 13 October 2009 Selling price per share : R 45.3233 (vwap) Class of shares : Ordinary Extent and interest : 100% direct and beneficial interest Prescribed clearance given : Yes Number of shares : 43 100 Total value : R 1 953 433 Nature of transaction : The exercise of options granted on 27 November 2000 in terms of and subject to the rules of the company\'s share scheme, the resulting purchase of 43 100 of the company\'s shares at a strike price of R 3.66 per share, and the simultaneous sale of such shares on the open market as to: 931 at R45.25; 10,100 at R45.26; 1,869 at R45.27 and 30,200 at R45.35. Sponsor: 15-Oct-09 - By: Barnard Jacobs Mellet Corporate Finance (Pty) Ltd
MUTUAL & FEDERAL - [15 October 2009]
ANNOUNCEMENT OF A FIRM INTENTION BY OLD MUTUAL PLC (\"OLD MUTUAL\") TO MAKE AN OFFER TO ACQUIRE THOSE MUTUAL & FEDERAL ORDINARY SHARES NOT CURRENTLY BENEFICIALLY OWNED BY OLD MUTUAL AND/OR ITS SUBSIDIARIES (\"OLD MUTUAL GROUP\") 1 Introduction Mutual & Federal shareholders are advised that Old Mutual, which currently holds, directly and indirectly, approximately 73.5% of Mutual & Federal ordinary shares, has submitted to the board of directors of Mutual & Federal (\"the Board\") a notice of its firm intention to make an offer to Mutual & Federal shareholders to acquire the remaining shares in Mutual & Federal\'s ordinary share capital not currently beneficially owned by the Old Mutual Group (\"Minority Shareholding\") (\"the Offer\"). 2 Terms and mechanism of the Offer Old Mutual is proposing to acquire the Minority Shareholding, by way of a scheme of arrangement (\"Scheme\") in terms of section 311 of the Companies Act, No. 61 of 1973, as amended (\"the Companies Act\"), subject to the fulfillment of the conditions precedent in paragraphs 7 and 8 below. The Offer has been based on an offer price of R21.25 per Mutual & Federal ordinary share (\"Take-Out Price\") which Old Mutual intends to settle by way of an issue of new Old Mutual ordinary shares (\"Scheme Consideration\"). The number of new Old Mutual ordinary shares which will constitute the Scheme Consideration will be based on the Take-Out Price and the 30-day volume weighted average price (\"VWAP\") of Old Mutual\'s ordinary shares traded on the JSE Limited (\"JSE\"), at the last practicable date prior to the printing of the Scheme document to be posted to Mutual & Federal shareholders. Based on the Take-Out Price of R21.25 per Mutual & Federal ordinary share and the 30-day VWAP of Old Mutual ordinary shares as at the close of business on 13 October 2009 (being the last practicable date prior to the date of this announcement), of R11.87 per Old Mutual ordinary share, the Scheme Consideration translates into an indicative exchange ratio of 1.79 Old Mutual ordinary shares per Mutual & Federal ordinary share. Mutual & Federal\'s various broad-based black economic empowerment entities and its management and staff share scheme trusts (\"Staff Trusts\"), (jointly \"Trusts\"), will form part of the Scheme and will therefore also receive Old Mutual ordinary shares as Scheme Consideration. The documentation relating to the Trusts will be amended as may be required, and in the case of some of the Staff Trusts, with, inter alia, the approval in a general meeting of Mutual & Federal shareholders (\"General Meeting\"), in order to allow them to participate in the Scheme, to allow them to exercise their voting rights in whatever manner they deem fit and for them to be able to hold Old Mutual ordinary shares in substitution for Mutual & Federal ordinary shares in the event that the Scheme is sanctioned and implemented (\"the Trust Amendments\"). The Scheme Consideration results in the following premiums being paid to Mutual & Federal\'s shareholders: Mutual & Federal\'s share price as at 13 Premium based on October 2009: the Take-Out Price Based on closing price of R17.75 19.7% Based on 30-day VWAP of R17.54 21.1% The Offer is made on the basis that Mutual & Federal shall be entitled to make dividend payments to Mutual & Federal shareholders in the normal course on the same basis as dividends have been calculated and paid historically (\"Normal Dividends\"). Should Mutual & Federal declare Normal Dividends after the date of the Offer but before the actual date on which payment is made of the Scheme Consideration in terms of the Scheme (\"the Actual Payment Date\"), the aggregate Scheme Consideration will be adjusted downwards by an amount equal to the total amount of such dividends to be paid to the Mutual & Federal shareholders on the date of the declaration of the dividend plus the total amount of the Secondary Tax on Companies payable by Mutual & Federal on the total amount of the relevant Normal Dividends. 3 Old Mutual\'s rationale for the Offer 3.1 The Offer is part of Old Mutual\'s focus on driving value creation and optimising internal efficiencies throughout the Old Mutual Group; and 3.2 The Offer will unlock capital synergies and leverage additional capabilities throughout the Old Mutual Group. 4 Fairness opinion JPMorgan Chase Bank N.A., Johannesburg Branch (\"JP Morgan\") has been appointed by the Board in terms of Rule 3.1 of the Securities Regulation Code on Takeovers and Mergers and Rules of the Securities Regulation Panel (\"SRP\") (\"SRP Code\") to advise the Board on the financial terms of the Offer. JP Morgan\'s opinion will be made known to shareholders in due course. 5 Shareholder support Old Mutual has received irrevocable undertakings from Mutual & Federal ordinary shareholders holding, in aggregate, 22.5% of the Minority Shareholding, whereby they have undertaken to vote in favour of the Offer at the Scheme meeting and all resolutions to be proposed at the General Meeting, subject to the Trust Amendments being made. Further details of these Mutual & Federal shareholders with regards to their shareholding in Mutual & Federal are disclosed below: Number of As % As % Mutual & shareholding shareholding Federal in Mutual & in the ordinary Federal Minority shares held ordinary Shareholding share capital WIPHOLD Financial 16 690 569 5.23% 19.71% Services Number Three Trust Mtha Financial 2 364 195 0.74% 2.79% Services Trust Total 19 054 764 5.97% 22.50% 6 Special arrangements No arrangements exist between Old Mutual, Mutual & Federal, or any parties acting in concert with Old Mutual or with Mutual & Federal in relation to the Offer. Similarly, there have been no dealings in relation to the Offer between Old Mutual, Mutual & Federal, or any parties acting in concert with Old Mutual or with Mutual & Federal. 7 The Offer Conditions The Offer is subject to the fulfilment or waiver (where appropriate) of, inter alia, the following conditions (\"the Offer Conditions\") - 7.1 by no later than the date of the issue of the Scheme circular, a statement is made by the majority of the directors of Mutual & Federal,entitled to vote and who are not conflicted,that, given the circumstances and market conditions prevailing at the date of the Offer - 7.1.1 they have considered the terms and conditions of the Offer and at the time of such statements they are, given the circumstances and market conditions at the time and the opinion by JP Morgan, satisfied with the terms and conditions of the Offer; 7.1.2 they intend to support the Offer and to facilitate the Scheme to the extend that a board of directors will normally be required for purposes of the implementation of a scheme;and 7.1.3 they intend to recommend that Scheme members vote in favour of the Scheme; 7.2 no dividend or similar payment other than the Normal Dividends will be declared between the date of the Offer and the Actual Payment Date; 7.3 the approval, in general meeting of Mutual & Federal shareholders, of the Trust Amendments and the Trust Amendments have been made and have become unconditional; and 7.4 the terms and conditions of the unexercised Mutual & Federal share options and unvested Mutual & Federal Restricted Share Plan (\"RSP\") share awards issued under the Staff Trusts are amended such that the vesting dates, exercise dates, delivery dates and/or restricted periods of these share options and RSP share awards are not affected by the Scheme and are not exercisable or deliverable, or cease to have restricted periods applying to them, on the operative date of the Scheme, but that their present vesting dates, exercise dates, delivery dates and/or restricted periods will continue to apply, as if the Scheme was not proposed or implemented. Old Mutual will be entitled to waive any one or more of the Offer Conditions or part thereof upon written notice to that effect to Mutual & Federal prior to the date of the fulfilment of the relevant Offer Condition. The date for fulfilment is based on the Scheme meeting being held by no later than 23 November 2009. Old Mutual will be entitled to extend the date of the fulfilment of any of the Offer Conditions, by 30 days in its own discretion upon written notice to that effect to Mutual & Federal, but shall not be entitled to extend the date to a date later than the aforesaid 30 day period, without the written consent of Mutual & Federal. 8 The Scheme Conditions The Scheme will be subject to, and will become operative on the relevant operative date upon, the fulfilment or waiver (where appropriate) of the following conditions (\"Scheme Conditions\"), inter alia: 8.1 the Scheme having been approved, sanctioned and registered as provided in the Companies Act; 8.2 no dividend or similar payment other than the Normal Dividends having been declared between the date of the Offer and the Actual Payment Date; 8.3 an independent party appointed by Old Mutual certifying on or before the last date for the lodgement of the forms of proxy in respect of the Scheme meeting (\"the Proxy Date\") that, as at the date of such statement (which shall be dated the date before the Proxy Date) there have not - 8.3.1 occurred any suspension or limitation of trading in securities generally (for reasons other than information technology or administrative disruptions) on the JSE; 8.3.2 been declared any banking moratorium by the relevant authority in the Republic of South Africa; 8.3.3. occurred any change in the South African financial or economic conditions or currency exchange rates or exchange controls as would absolutely preclude the implementation of the Scheme; or 8.3.4 occurred any declaration by the Republic of South Africa of a national emergency or war or other calamity or crisis the effect of which would absolutely preclude the implementation of the Scheme; 8.4 prior to the date on which the Scheme is sanctioned, Mutual & Federal has not, except in pursuance of a contract entered into earlier, undertaken any of the actions referred to in Rule 19 of the SRP Code, without the prior written consent of the SRP and of Old Mutual, which consent shall not unreasonably be withheld or delayed; and 8.5 the receipt of, inter alia, all the necessary regulatory approvals in respect of the implementation of the Scheme (either unconditionally or subject to conditions acceptable to the party on whom the condition will be enforceable). Having taken legal advice, Mutual & Federal is of the view that the approval of the competition authorities in South Africa is not required. Old Mutual will be entitled to waive the Scheme Conditions set out in paragraphs 8.3 and 8.4 upon written notice to that effect to Mutual & Federal prior to the date of the fulfilment of the relevant Scheme Condition. Old Mutual will be entitled to extend the date of the fulfilment of any of the Scheme Conditions, by 30 days in its own discretion upon written notice to that effect to Mutual & Federal, but shall not be entitled to extend the date to a date later than the aforesaid 30 day period, without the prior written consent of Mutual & Federal. 9 Board of directors of Mutual & Federal The Board has convened a sub-committee of independent directors to consider the Offer. The Board, after considering the opinion of JP Morgan and the recommendations of the sub-committee, will advise shareholders of their recommendation in due course. Johannesburg 14-Oct-09 Investment bank, transaction Corporate law Independent Expert advisor and transaction advisors sponsor (logo) (logo) (logo) Nedbank Capital, a division of Edward Nathan JP Morgan Sonnenbergs - By: Nedbank Limited
OLD MUTUAL PLC - [15 October 2009]
PROPOSED ACQUISITION OF THE REMAINING MINORITY SHAREHOLDING IN MUTUAL & FEDERAL Old Mutual plc (\"Old Mutual\" or the \"Group\") is pleased to announce that it has notified the board of directors of Mutual & Federal Insurance Company Limited (\"Mutual & Federal\") of its firm intention to make an offer, in terms of the South African Securities Regulation Code on Takeovers and Mergers, to acquire all the ordinary shares in Mutual & Federal that it or its subsidiaries do not currently beneficially own (the \"Shares\"), to be implemented by way of a scheme of arrangement in terms of section 311 of the South African Companies Act, 1973 (the \"Scheme\" or \"Offer\"). Old Mutual and its subsidiaries currently beneficially own approximately 73.5 per cent. of Mutual & Federal\'s issued ordinary share capital. Old Mutual has received irrevocable undertakings from shareholders of Mutual & Federal representing, in the aggregate, 22.5 per cent. of the shares to which the Offer relates, whereby they have undertaken to vote in favour of the Offer at the Scheme meeting to be held to approve the Scheme. Old Mutual is offering to acquire the Shares at a price of R21.25 per Share (the Offer Price), equivalent to a 21.2 per cent. premium to the 30 day volume- weighted average price (\"VWAP\") up to 13 October 2009 of R17.54 per Mutual & Federal share listed on the JSE Limited (\"JSE\"), for a total consideration of approximately R1,811 million or GBP155 million, (the \"Offer Consideration\"). Old Mutual intends to settle the Offer Consideration by way of an issue of new Old Mutual ordinary shares, with the number of shares being calculated based on the 30 day VWAP of Old Mutual\'s shares traded on the JSE up to the last practicable date prior to the posting of the Scheme circular to be issued by Mutual & Federal. Based on Old Mutual\'s 30 day VWAP up to 13 October 2009 of R11.87 per Old Mutual share, the indicative exchange ratio would be 1.79 Old Mutual shares per Mutual & Federal share. Settlement of the Offer Consideration is expected by the end of 2009. The Offer is part of Old Mutual\'s continuing focus on driving value creation and optimising internal efficiencies. The acquisition will unlock capital synergies and leverage additional capabilities across the Group\'s African operations. On completion, Old Mutual expects to hold 100% of Mutual & Federal in line with its strategic objective of simplifying the structure of the Group. Mutual & Federal is an authorised financial services provider which operates primarily in South Africa. Its principal market is the short-term insurance sector, which offers insurance-related services to brokers, agents and their clients. For the 12 month period ended 31 December 2008, Mutual & Federal generated gross premiums of R9.16 billion and a loss before tax of R55 million. As at 30 June 2009, Mutual & Federal\'s shareholder equity (net of minorities) was R3.20 billion or R11.44 per Mutual & Federal share. Commenting on the transaction, Julian Roberts, Group Chief Executive of Old Mutual, said: \"This is a major step towards driving value creation between our South African businesses which is one of our key strategic priorities. We have identified specific business development opportunities and our increased ownership will enhance our ability to improve Mutual & Federal\'s operational performance. It also removes any remaining uncertainty about the future of the business for staff and customers. \" A separate announcement regarding the Offer has been released today on the JSE by Mutual & Federal and can be found on Mutual & Federal\'s website at www.mf.co.za. For further information on Old Mutual plc, please visit the corporate website at www.oldmutual.com Enquiries Old Mutual plc Investor Relations Patrick Bowes UK +44 (0) 20 7002 7440 Deward Serfontein SA +27 (0) 82 810 5672 Old Mutual plc Media Matthew Gregorowski UK / SA +44 (0) 20 7002 7133 +44 (0) 7748 183 834 Don Hunter (Finsbury) UK +44 (0) 20 7251 3801 Bank of America Merrill Lynch Marcus Heilner SA +27 (0) 11 305 5873 Julia Benadie SA +27 (0) 11 305 5825 14-Oct-09 Sponsor Notes 1. Exchange rate of ZAR 11.6802 = GBP1 (Source: Bloomberg currency fix as at 18:00 (London time) on the date prior to this announcement) 2. The Offer Consideration of approximately R1,811 million or GBP155 million is based on Mutual & Federal ordinary shares in issue and to be issued of 319,900,015, less the 234,679,392 Mutual & Federal ordinary shares currently beneficially held by Old Mutual and its subsidiaries. Old Mutual Old Mutual plc is a leading international long-term savings Group. Originating in South Africa in 1845, the Group provides life assurance, asset management, banking and general insurance in Europe, the Americas, Africa and Asia. Old Mutual plc is listed on the London Stock Exchange and the JSE, among others. In the year ended 31 December 2008, the Group reported adjusted operating profit of GBP1.0 billion (on an IFRS basis) and had GBP265 billion of funds under management at the year end. The Group has approximately 57,000 employees. Date: 14/10/2009 09:21:16 Produced by the JSE SENS Department. - By: Merrill Lynch South Africa (Pty) Limited
SHOPRITE - [15 October 2009]
DEALING IN SECURITIES BY A DIRECTOR In compliance with rule 3.63 of the JSE Listings Requirements, the following information is disclosed: Director Johan Gerhard van Deventer Office Held Director of Main Subsidiary, Shoprite Checkers (Pty) Ltd Date transaction effected 13 October 2009 Number of shares 125,000 Sale price per share 6351 cents Value of the transaction R7,938,750 Class of shares Ordinary Interest Direct beneficial Nature of transaction Cash settlement of share options at a strike price of 622.5 cents per share Written clearance to deal received Yes Cape Town Date 14 October 2009 Sponsor - By: Nedbank Capital
DEEP YELLOW LTD - [14 October 2009]
Appointment of Resource Estimation Consultants Deep Yellow LTD (DYL) has now appointed consultants to complete the JORC Code resource estimates for three of its Namibian and five of its Mount Isa projects. Timetables have not yet been assigned for the deliverables, but the market will be informed as the respective consultants provide estimates of timetables to fit with their workloads and as the data is supplied to them. In Namibia, MSA Consulting of South Africa (Website: www.msagroupservices.com), who have visited the Swakopmund operations, has been selected for the INCA uraniferous magnetite (INCA), Tubas Red Sand (TRS) and Aussinanis sheetwash projects. TRS is a new discovery and will be the first data package to be handed over and will be completed first. This project consists of secondary uranium mineralisation in the form of carnotite which occurs in (mostly) uncemented aeolian (windblown) sand. The sand occurs immediately south of the Tubas palaeochannel and although it has been intersected in a number of the reconnaissance palaeochannel holes over a distance of approximately 20 kilometre, it remains to be grid drilled. However, an area of approximately 1,500 by 1,000 metre surrounding the trial mining trench excavated during 2008 was drilled in detail and it is this data that will be processed by MSA. The discovery hole in this area returned 1,638 ppm U3O8 over 10 metre from surface. Some 4,300 samples were collected from the trench and chemically assayed. Metallurgical bulk samples were retained and preliminary tests on this material indicates excellent leachability of uranium in both acid and alkali mediums. The mineralised sand contains minor carbonate and is amenable to acid or alkali leach methods. It is anticipated that the resources within this initial grid area will be small but the main aim was to better understand the style and distribution of the mineralisation with a view to transporting it to a processing plant at INCA should that eventuate. The other option would be to transport the material to a third party processing plant in the area for toll treatment. The sand is not only free digging but will require minimal if any physical breaking before it can be leached as it breaks down when placed in liquid. INCA is a new discovery and will be the second data package to be handed over. The mineralisation is predominantly primary and associated with metasomatic alteration and is mostly in the form of uraninite with minor coffinite with or without magnetite. However, there are also secondary uranium minerals present and the geology and structure is extremely complicated hence the detail drilling pattern on 25 or 50 metre centres and the amount of diamond drilling being undertaken. RC drilling within the detail grid (a roughly 500 by 300 metre area) is due to be completed during October. Diamond drilling of the INCA Deeps area will continue and the data added to the initial package as and when available, but is not expected to cause any undue delays. The aim is for 7,000 to 9,000 tonne of contained U3O8 at a grade of at least 400 ppm U3O8 which will be augmented by feed from TRS to underpin the planned production profile of 1,000 to 1,500 tonne of U3O8 per year. Aussinanis is an Elf Aquitaine project from the 1970/1980s era and will be the last data package to be handed over. It consists of calcrete hosted mineralisation associated with a broad sheetwash sediment package and weathered bedrock, rather than a well developed palaeochannel system as at the Company\'s Tubas, Tumas and Oryx projects. The mineralisation occurs over a wide area measuring in excess of 30 by 10 kilometre but rarely thicker than 10 metre and is low grade (estimated at = 200 ppm U3O8). There are however discrete areas where higher grade mineralisation occurs. Although more than 4,500 RC holes were completed during 2008 already, offset inconsistencies with the downhole logging equipment identified internally by DYL personnel delayed conversion to equivalent uranium values from the raw counts per second as it has been necessary to reconvert all the raw files to meet our own internal verifications which have also been scrutinised by external consultants and signed off. Whilst it has taken a significant amount of time to authenticate the data it is anticipated that process will now be complete before year end. Between 12,000 and 15,000 metre of new data is generated by drilling every month and the technical services personnel have prioritised the ongoing work so as to allow a continuous flow of information and data to management to allow the continuous advances on the other Namibian projects. Significant progress has been made whilst maintaining the strict quality assurance standards. In Australia, Coffey Mining Pty Ltd (Website: www.coffey.com) has been retained to carry out JORC Code resource estimates for five prospects within the Mount Isa District. In all cases the uranium mineralisation is hosted by Proterozoic basement rocks of the Haslingden Group. The mineralisation is classed as metasomatic and is characterised by albitite and hematite alteration assemblages emplaced into structurally prepared sites. As previously announced, the 2009 RC and diamond drill programmes have primarily been focussed on proving to depth (~ 200 metre) shallow intersections of + 400 ppm U3O8 which DYL believe will sustain future open pit mining operations. The various prospects comprise: Isa West Project (earning 100% uranium rights from Xstrata) where the Thanksgiving and Bambino Prospects have been targeted. Diamond drilling has been completed and there remain four RC drill holes to be completed at the Bambino Prospect. Prospector EPM 15070 - At the Queens Gift Prospect there remain five RC holes to be completed in the planned programme. This will be followed by three diamond drill holes for 600 metre to supplement the 2008 core drilling programme. Ewen EPM 14916 - Slance NW and NE Prospects where the RC rig from the Queens Gift programme is scheduled to commence drilling a 30 hole - 3,700 metre drill programme over the two prospects in the next 6-7 days. Diamond drilling comprising three holes for 350 metre is also planned on the two prospects. The current schedule will see the Ewen drilling completed in mid-November. Coffey Mining have visited Mount Isa and carried out an audit of the drill rigs, the sampling procedures, the in-house QA/QC programme and DYL\'s contract laboratory. In addition, each prospect has been visited and available drill core inspected in order to characterise the geology, alteration and structural setting of the uranium mineralisation. Database interrogation has also commenced for the Bambino and Thanksgiving Prospects with preliminary mineralisation envelopes being generated. On behalf of the Board of Directors, Dr Leon Pretorius Managing Director 13-Oct-09 Registered Office Reptile Uranium Namibia (Pty) Ltd Registration no. 2004/511 48 Hidipo Hamutenya Street Swakopmund Namibia Sponsor Member of the NSX 100 Robert Mugabe Avenue P O Box 186, Windhoek, Namibia Registration No. 95/505 - By: IJG Securities (Pty) Ltd
OCEANA GROUP LTD - [14 October 2009]
13-Oct-09 TRADING STATEMENT In accordance with paragraph 3.4(b) of the Listings Requirements of the JSE Limited, shareholders are advised that earnings per share and headline earnings per share for the year ended 30 September 2009 are expected to be between 15% and 20% higher than the comparative figures for the year ended 30 September 2008 The financial information on which this trading statement is based has not been reviewed and/or reported on by the Company\'s auditors. The Company is expecting its results for the year ended 30 September 2009 to be released on SENS on or about 12 November 2009. Cape Town 13-Oct-09 Sponsor Date: 13/10/2009 16:42:02 Produced by the JSE SENS Department. - By: Standard Bank
OLD MUTUAL PLC - [14 October 2009]
Old Mutual plc announces that it has launched and priced a GBP500m fixed rate senior Bond Details of the Bond are as follows: Due 19 October 2016, coupon 7.125% (semi-annual). Reoffer price 99.323 Lead managers are Barclays Capital, Deutsche Bank and Royal Bank of Scotland and co-leads are Calyon, RBC Capital Markets and Societe Generale. The settlement date for the issue is 19 October 2009. The issue is being made under the Company\'s GBP3.5 billion Euro Note Programme and will be listed in London in denominations of GBP50,000 and GBP1,000. The bond is senior and unsecured and is rated Baa1/BBB by Moody\'s and Fitch. FSA stabilisation. Use of proceeds - General corporate purposes For further information on Old Mutual plc, please visit the corporate website at www.oldmutual.com Enquiries Investor Relations Patrick Bowes UK +44 (0)20 7002 7440 Deward Serfontein SA +27 (0)82 810 5672 Media Matthew UK / SA +44 (0)20 7002 7133 Gregorowski +44 (0)7748 183 834 Don Hunter UK +44 (0)20 7251 3801 (Finsbury) 12-Oct-09 Sponsor Notes to Editors Old Mutual Old Mutual plc is a leading international long-term savings Group. Originating in South Africa in 1845, the Group provides life assurance, asset management, banking and general insurance in Europe, the Americas, Africa and Asia. Old Mutual plc is listed on the London Stock Exchange and the JSE, among others. In the year ended 31 December 2008, the Group reported adjusted operating profit of GBP1.0 billion (on an IFRS basis) and had GBP265 billion of funds under management at the year end. The Group has approximately 57,000 employees. Date: 13/10/2009 07:10:03 Produced by the JSE SENS Department. - By: Merrill Lynch South Africa (Pty) Limited
ANGLO AMERICAN PLC - [12 October 2009]
Anglo American Share Incentive Plan - SIP The SIP is an Inland Revenue approved trust arrangement, operated through Halifax plc, under which employees are able to buy ordinary shares in the Company of US$0.54945 each (\"ordinary shares\"), using monthly deductions from salary, and are allocated an equivalent number of free ordinary shares (\"matching shares\"). Both the purchased shares and the matching shares are held in the SIP trust. The matching shares are acquired by the SIP Trust and allocated to the relevant employees. During the short period of time between acquisition and allocation, the executive directors of the Company are deemed to be interested in those shares. The Company announces that the following transactions took place in relation to the SIP on Wednesday 7 October 2009: 1. 8,529 were allocated to employee participants as matching shares. 2. The following executive directors / persons discharging managerial responsibility (\"PDMR\") of the Company each acquired the undernoted ordinary shares at a price of GBP21.2478 and were allocated an equal number of matching shares, free of charge: B R Beamish (PDMR) 5 ordinary shares C B Carroll (director) 6 ordinary shares R J King (PDMR) 5 ordinary shares R Medori (director) 5 ordinary shares D Weston (PDMR) 6 ordinary shares The notification of these transactions is to satisfy the Company\'s obligations under the Financial Services Authority Disclosure and Transparency Rules 3.1.2 to 3.1.4. Catherine Marshall Companies Secretary 9-Oct-09 Sponsor: - By: UBS South Africa (Pty) Ltd
OLD MUTUAL PLC - [12 October 2009]
NOTIFICATION OF TRANSACTIONS OF DIRECTORS, PERSONS DISCHARGING MANAGERIAL RESPONSIBILITY OR CONNECTED PERSONS This form is intended for use by an issuer to make a RIS notification required by DR 3.1.4R(1). An issuer making a notification in respect of a transaction relating to the shares or debentures of the issuer should complete boxes 1 to 16, 23 and 24. An issuer making a notification in respect of a derivative relating the shares of the issuer should complete boxes 1 to 4, 6, 8,13, 14, 16, 23 and 24. An issuer making a notification in respect of options granted to a director/person discharging managerial responsibilities should complete boxes 1 to 3 and 17 to 24. An issuer making a notification in respect of a financial instrument relating to the shares of the issuer (other than a debenture) should complete boxes 1 to 4, 6, 8, 9, 11, 13, 14, 16, 23 and 24. Please complete all relevant boxes should in block capital letters. 1. Name of the issuer OLD MUTUAL PLC 2. State whether the notification relates to (i) a transaction notified in accordance with DR 3.1.4R(1)(a) Yes 3. Name of person discharging managerial responsibilities/director PAUL HANRATTY 4. State whether notification relates to a person connected with a person discharging managerial responsibilities/director named in 3 and identify the connected person N/A 5. Indicate whether the notification is in respect of a holding of the person referred to in 3 or 4 above or in respect of a non-beneficial interest BENEFICIAL INTEREST 6. Description of shares (including class), debentures or derivatives or financial instruments relating to shares RESTRICTED SHARES UNDER THE OLD MUTUAL RESTRICTED SHARE PLAN (RSP) 7. Name of registered shareholders(s) and, if more than one, the number of shares held by each of them. PAUL HANRATTY 8. State the nature of the transaction. SALE OF 47,845 RESTRICTED SHARES 9. Number of shares, debentures or financial instruments relating to shares acquired NONE 10. Percentage of issued class acquired (treasury shares of that class should not be taken into account when calculating percentage) N/A 11. Number of shares, debentures or financial instruments relating to shares disposed 47,845 12. Percentage of issued class disposed (treasury shares of that class should not be taken into account when calculating percentage) 0.00% 13. Price per share or value of transaction R12.11 14. Date and place of transaction 7-Oct-09 15. Total holding following notification and total percentage holding following notification (any treasury shares should not be taken into account when calculating percentage) THE TOTAL NUMBER OF SHARES IN THE COMPANY CONTINGENTLY HELD BY MR HANRATTY AS RESTRICTED SHARE AWARDS UNDER THE RSP, THE OMSA MANAGEMENT INCENTIVE SHARE PLAN, THE OLD MUTUAL PLC SHARE REWARD PLAN AND THE OLD MUTUAL PLC PERFORMANCE SHARE PLAN IS NOW 1,232,308, NONE OF WHICH HAVE VESTED. 16. Date issuer informed of transaction 7-Oct-09 If a person discharging managerial responsibilities has been granted options by the issuer complete the following boxes 17. Date of grant 18. Period during which or date on which it can be exercised 19. Total amount paid (if any) for grant of the option 20. Description of shares or debentures involved (class and number) 21. Exercise price (if fixed at time of grant) or indication that price is to be fixed at the time of exercise 22. Total number of shares or debentures over which options held following notification 23. Any additional information 24. Name of contact and telephone number for queries Name and signature of duly authorised officer of issuer responsible for making notification Martin C Murray Company Secretary Date of notification 9 October 2009 Sponsor - By: Merlyn Lynch PTY LTD
PALADIN ENERGY LIMITED - [9 October 2009]
Kayelekera Fatality Paladin Energy Ltd regretfully advises that a fatality has occurred as a result of a motor vehicle incident at the Kayelekera Uranium Mine in Malawi on Wednesday, 7th October. A contracted mini-bus conveying 19 national workers overturned on a site access road and rolled down an embankment. One employee died and 19 people (including the driver) were injured. Those injured were immediately attended by the site doctor and transported to hospitals in Karonga and Mzuzu. Four were treated and allowed to leave and 15 people were admitted to hospital. Three are reported to be in serious but stable condition and others are in stable condition. Police and relevant Government officials have been informed and investigations are continuing. Assistance is being provided to the bereaved family. On behalf of the Board of Directors, John Borshoff Managing Director Windhoek, 08 October 2009 Registered Office Erf 3981B Extension 10 New Industrial Area Swakopmund Namibia Sponsor Member of the NSX 100 Robert Mugabe Avenue P O Box 186, Windhoek, Namibia Registration No. 95/505 - By: IJG Securities (Pty) Ltd
ANGLO AMERICAN PLC - [5 October 2009]
Directors\' Interests The Company announces that on 1 October 2009 the following non-executive directors of the Company (\"NEDs\") subscribed for ordinary shares of US$0.54945 in the capital of the Company (\"Shares\") pursuant to a scheme compliant with Paragraph 17 of the Model Code as follows: Director Number of Shares Price GBP Sir Rob Margetts 322 20.573 Sir John Parker 777 20.573 M A Ramphele 243 20.573 The Shares are being allotted by subscription of their after-tax directors\' fees in respect of their services to the Company during the period 1 July - 30 September 2009, except Sir John Parker\'s subscription which is in respect of the period 1 August - 30 September 2009. Applications have been made to the UK Listing Authority and the London Stock Exchange for 1,342 ordinary shares of US$0.54945 each (the \"Shares\") to be admitted to the Official List and to be admitted to trading respectively. In addition, applications will be made to the Johannesburg, Swiss, Botswana and Namibian Stock Exchanges for the Shares to be listed. The Shares will rank pari passu with the existing issued ordinary shares of the Company. Following the admission of these Shares the Company\'s issued share capital will be 1,316,493,628 Shares (excluding those held in treasury). The notification of these transactions is intended to satisfy the Company\'s obligations under both the Companies Act and the Listing and Disclosure and Transparency Rules. Andy Hodges Deputy Secretary 1-Oct-09 Date: 02/10/2009 07:05:02 Produced by the JSE SENS Department. Anglo American notes Takeover Panel deadline Anglo American plc (\"Anglo American\" or \"the Group\") notes today\'s announcement by the Takeover Panel Executive that it has imposed a deadline of 5.00pm on 20 October 2009, by which time Xstrata plc (\"Xstrata\") must, unless the Takeover Panel Executive consents otherwise, either announce a firm intention to make an offer for Anglo American under Rule 2.5 of the UK Takeover Code (the \"Code\") or announce that it does not intend to make an offer for Anglo American. If Xstrata announces that it does not intend to make an offer for Anglo American, Xstrata and any person acting in concert with it will, except with the consent of the Takeover Panel Executive, be bound by the restrictions contained in Rule 2.8 of the Code for six months from the date of such announcement. On 22 June, the Board of Anglo American unanimously rejected Xstrata\'s proposal as not being in the best interests of its shareholders. The Board stated that it considered the strategic case for the combination to be unattractive for Anglo American and, furthermore, the terms proposed by Xstrata to be totally unacceptable. Nothing since then has changed the Board\'s view and the Board reiterates its emphatic rejection of Xstrata\'s approach. By 20 October, Xstrata will have had four months to either announce a formal offer or withdraw and Anglo American believes it is in the interests of the Group and its shareholders that this period of uncertainty is brought to an end. Sir John Parker, Chairman of Anglo American said: \"Having reviewed with management and advisors the value creation potential at Anglo American relative to Xstrata\'s merger proposal and having met our shareholders in the UK, South Africa and USA, we have reaffirmed our conclusion that Xstrata\'s proposal is not in the interests of our shareholders. We have made our position on Xstrata\'s proposal very clear and we welcome the Panel\'s decision today.\" As required by the Code, Anglo American confirms that this announcement is not being made with the agreement or approval of Xstrata. A further announcement will be made in due course. For further information, please contact: Anglo American Nick Von Schirnding, Head of Investor and Corporate Affairs Tel: +44 (0)20 7968 8540 James Wyatt-Tilby, Media Relations Tel: +44 (0)20 7968 8759 About Anglo American Anglo American plc is one of the world\'s largest mining groups. With its subsidiaries, joint ventures and associates, it is a global leader in platinum group metals and diamonds, with significant interests in coal, base and ferrous metals, as well as an industrial minerals business. The Group is geographically diverse, with operations in Africa, Europe, South and North America, Australia and Asia. (www.angloamerican.co.uk) UBS Limited (\"UBS Investment Bank\") is acting exclusively for Anglo American and no one else in connection with the proposal from Xstrata and will not be responsible to anyone other than Anglo American for providing the protections afforded to clients of UBS Investment Bank, or for providing advice in connection with the proposal or any matter referred to herein. Goldman Sachs International is acting exclusively for Anglo American and no one else in connection with the proposal from Xstrata and will not be responsible to anyone other than Anglo American for providing the protections afforded to clients of Goldman Sachs International, or for providing advice in connection with the proposal or any matter referred to herein. Nomura International plc (\"Nomura\"), which is authorised and regulated in the United Kingdom by the Financial Services Authority, is acting exclusively for Anglo American and no one else in connection with the proposal from Xstrata and will not be responsible to anyone other than Anglo American for providing the protections afforded to clients of Nomura, or in relation to the contents of this announcement, or for providing advice in connection with the proposal or any matter referred to herein. Dealing Disclosure Requirements Under the provisions of Rule 8.3 of the Takeover Code (the \"Code\"), if any person is, or becomes, \"interested\" (directly or indirectly) in 1% or more of any class of \"relevant securities\" of Anglo American or Xstrata plc (\"Xstrata\"), all \"dealings\" in any \"relevant securities\" of that company (including by means of an option in respect of, or a derivative referenced to, any such \"relevant securities\") must be publicly disclosed by no later than 3.30 pm (London time) on the London business day following the date of the relevant transaction. This requirement will continue until the date on which the offer becomes, or is declared, unconditional as to acceptances, lapses or is otherwise withdrawn or on which the \"offer period\" otherwise ends. If two or more persons act together pursuant to an agreement or understanding, whether formal or informal, to acquire an \"interest\" in \"relevant securities\" of Anglo American or Xstrata, they will be deemed to be a single person for the purpose of Rule 8.3. Under the provisions of Rule 8.1 of the Code, all \"dealings\" in \"relevant securities\" of either Anglo American or Xstrata by Anglo American or Xstrata, or by any of their respective \"associates\", must be disclosed by no later than 12.00 noon (London time) on the London business day following the date of the relevant transaction. A disclosure table, giving details of the companies in whose \"relevant securities\" \"dealings\" should be disclosed, and the number of such securities in issue, can be found on the Takeover Panel\'s website at www.thetakeoverpanel.org.uk. Interests in securities arise, in summary, when a person has long economic exposure, whether absolute or conditional, to changes in the price of securities. In particular, a person will be treated as having an \"interest\" by virtue of the ownership or control of securities, or by virtue of any option in respect of, or derivative referenced to, securities. Terms in quotation marks are defined in the Code, which can also be found on the Takeover Panel\'s website. If you are in any doubt as to whether or not you are required to disclose a \"dealing\" under Rule 8, you should consult the Panel. 2-Oct-09 Sponsor: - By: UBS South Africa (Pty) Ltd
FNB NAMIBIA HOLDINGS LIMITED - [5 October 2009]
ACQUISITION OF AN ADDITIONAL 14% OF THE ORDINARY SHARES IN MOMENTUM LIFE ASSURANCE NAMIBIA LIMITED (\"MOMENTUM NAMIBIA\") BY MOMENTUM GROUP LIMITED (\"MOMENTUM SA\") FROM FNB NAMIBIA HOLDINGS LIMITED (\"FNB\") FNB and Momentum SA are shareholders in Momentum Namibia (previously Swabou Life Assurance Company Limited) in the ratios 65% and 35%. Momentum Namibia utilises certain intellectual property of Momentum SA, including the Momentum brand. Momentum SA wishes to protect its interest in Momentum Namibia by increasing its shareholding in the company. This will increase synergies between Momentum SA and Momentum Namibia. Consequently, the shareholders have concluded a transaction with an effective date of 1 October 2009 to sell 14% of FNB\'s shareholding in Momentum Namibia to Momentum SA for a cash consideration of N$ 76 338 640. As a result of the transaction FNB will own 51% and Momentum SA 49% of the issued share capital of Momentum Namibia. FNB and Momentum SA agreed that the market value of Momentum Namibia\'s ordinary shares is equal to the embedded value of the business as determined by Jacques Malan Consultants and Actuaries. Pointbreak Capital (Proprietary) Limited was appointed by FNB to provide an opinion as to whether the consideration paid to FNB for the 14% of the ordinary shares of Momentum Namibia is fair and reasonable to FNB outside shareholders with reference to the Namibian Stock Exchange (\"NSX\") Listing Requirements. Pointbreak concluded in their independent report that the transaction price was considered fair and reasonable. The fair and reasonable opinion statement is available for inspection at the registered offices of FNB for a period of 28 days following the release of the announcement. It is FNB Directors\' and Management\'s considered view that the economic value and benefits associated with this name change and sale of shares will benefit the Momentum Namibia and the FNB Group tremendously over the long run. Having complied with all the relevant NSX Listing Requirements and other legislative requirements the transaction was concluded on this day 2 October 2009 By order of the Board Yamillah Katjirua Company secretary Windhoek 2-Oct-09 Sponsor: Member of the NSX 100 Robert Mugabe Avenue P O Box 186, Windhoek, Namibia Registration No. 95/505 - By: IJG Securities (Pty) Ltd
BANNERMAN RESOURCES LIMITED - [28 September 2009]
BANNERMAN RESOURCES LIMITED Annual Financial Report and Management\'s Discussion and Analysis for the year ended 30 June 2009 Bannerman Resources Limited (ASX: BMN, TSX: BAN, NSX: BMN) is pleased advise that a copy of its Annual Financial Report and Management\'s Discussion and Analysis for the year ended June 30, 2009, is available on the Company\'s website at http://www.bannermanresources.com/s/AnnualReports.asp. On behalf of the Board of Directors, Len Jubber Chief Executive Officer 24-Sep-09 Registered Office Bannerman Minig Resources Namibia (Pty) Ltd Registration no. 2005/115 71 Seeadler Street, Vineta Swakopmund Namibia Sponsor IJG Securities (Pty) Ltd Member of the NSX 100 Robert Mugabe Avenue - By: IJG Securities (Pty) Ltd
NICTUS LIMITED - [28 September 2009]
DEALING IN SECURITIES BY A DIRECTOR In compliance with paragraphs 3.63 - 3.74 of the Listings Requirements of the JSE Limited (\"JSE\"), the following information is disclosed: Director : FR van Staden Company : Nictus Limited Nature of transactions : Ultra Investments (Proprietary) Limited, an entity in which Mr. van Staden has an effective 8.33% interest, purchased 47 375 Nictus Limited shares (Mr. van Staden\'s effective indirect beneficial interest being 3 946 Nictus Limited shares) Class of security : Ordinary shares Date of transactions : 21 September 2009 Number of shares : 3 946 Purchase price : 85c Total value of the transactions : R 40 268.75 Nature of interest : Indirect beneficial Clearance received : Yes Director : JJ Retief Company : Nictus Limited Nature of transactions : Ultra Investments (Proprietary) Limited, an entity in which Mr. Retief has an effective 8.33% interest, purchased 47 375 Nictus Limited shares (Mr. Retief\'s effective indirect beneficial interest being 3 946 Nictus Limited shares) Class of security : Ordinary shares Date of transactions : 21 September 2009 Number of shares : 3 946 Purchase price : 85c Total value of the transactions : R 40 268.75 Nature of interest : Indirect beneficial Clearance received : Yes Director : G Swart Company : Corporate Guarantee (South Africa) Limited, a subsidiary of Nictus Limited Nature of transactions : Ultra Investments (Proprietary) Limited, an entity in which Mr. Swart has an effective 8.33% interest, purchased 47 375 Nictus Limited shares (Mr. Swart\'s effective indirect beneficial interest being 3 946 Nictus Limited shares) Class of security : Ordinary shares Date of transactions : 21 September 2009 Number of shares : 3 946 Purchase price : 85c Total value of the transactions : R 40 268.75 Nature of interest : Indirect beneficial Clearance received : Yes Director : G Koekemoer Company : Auas Motors (Proprietary) Limited, a subsidiary of Nictus Limited Nature of transactions : Ultra Investments (Proprietary) Limited, an entity in which Mr. Koekemoer has an effective 8.33% interest, purchased 47 375 Nictus Limited shares (Mr. Koekemoer\'s effective indirect beneficial interest being 3 946 Nictus Limited shares) Class of security : Ordinary shares Date of transactions : 21 September 2009 Number of shares : 3 946 Purchase price : 85c Total value of the transactions : R 40 268.75 Nature of interest : Indirect beneficial Clearance received : Yes Director : PJ de W Tromp Company : Corporate Guarantee Insurance Company of Namibia Limited, a subsidiary of Nictus Limited Nature of transactions : Ultra Investments (Proprietary) Limited, an entity in which Mr. Tromp has an effective 16.66% interest, purchased 47 375 Nictus Limited shares (Mr. Tromp\'s effective indirect beneficial interest being 7 893 Nictus Limited shares) Class of security : Ordinary shares Date of transactions : 21 September 2009 Number of shares : 7 893 Purchase price : 85c Total value of the transactions : R 40 268.75 Nature of interest : Indirect beneficial Clearance received : Yes Pretoria 25-Sep-09 Sponsor on the JSE: KPMG Services(Pty) Limited Sponsor on the NSX: Namibia Equity Brokers - By: Namibia Equity Brokers
NAMIBIA BREWERIES LIMITED - [25 September 2009]
Reviewed Financial results for the twelve months ended 30 June 2009 HIGHLIGHTS Turnover + 18% Operating profit + 41% Earnings per share +20% Full dividend per ordinary share 44 cents Consolidated Condensed Income Statement Year ended Year ended 30.Jun.09 30.Jun.08 N$\'000 N$\'000 Reviewed Audited Revenue 1,566,545 1,331,396 Operating profit before depreciation 303,601 217,768 Depreciation (Note 4) (36,133) (36,184) Operating profit 267,468 181,584 Finance costs (3,426) (4,581) Finance income 11,729 13,109 Equity loss from joint venture (35,630) (6,266) Profit before taxation 240,141 183,846 Taxation (Note 6) (70,918) (42,446) Profit attributable to ordinary shareholders 169,223 141,400 Ordinary shares in issue (thousands) 206,529 206,529 Basic earnings per share (cents) 81.9 68.5 Dividend per ordinary share (cents) 39.2 32.3 Consolidated Condensed Balance Sheet 30 Jun 09 30 Jun 08 N$\'000 N$\'000 Reviewed Audited ASSETS Property, plant and equipment (Note 4) 421,769 348,954 Intangible assets (Note 5) 623 3,870 Investments and loans 502,474 476,204 Deferred taxation asset 0 7,331 924,866 836,359 Current assets 578,247 520,2776 Total assets 1,503,113 1,356,636 EQUITY AND LIABILITIES Ordinary shareholders\' equity 619,607 531,315 Deferred income 245,012 239,596 Interest-bearing loans and borrowings 4,469 4,348 Non-interest bearing loans and payables 188,258 220,270 Deferred taxation liability 111,935 94,129 Post employment medical aid benefit plan and severance pay provision 13,193 6,647 1,182,474 1,096,305 Current liabilities 320,639 260,331 Total equity and liabilities 1,503,113 1,356,636 Consolidated Condensed Cash Flow Statement Year ended Year ended 30.Jun.09 30.Jun.08 N$\'000 N$\'000 Reviewed Audited Cash generated before working capital changes 328,594 228,537 Working capital changes (96,279) (42,926) Cash generated by operations 232,315 185,611 Net finance income 5,295 8,528 Dividends paid (80,931) (66,768) Taxation paid (51,915) (48,959) Net cash flow from operating activities 104,764 78,411 Net cash flow from investing activities (135,588) (60,302) Net cash flow from financing activities (55,466) (14,800) Net movement in cash and cash equivalents (86,290) 3,310 Consolidated Condensed Statement of Changes in Year ended Year ended Equity 30.Jun.09 30.Jun.08 N$\'000 N$\'000 Reviewed Audited Ordinary shareholders\' equity Balance at beginning of year 531,315 456,683 Profit attributable to ordinary shareholders 169,223 141,400 Dividends on ordinary shares (80,931) (66,768) Ordinary shareholders\' equity at end of the 619,607 531,315 year Consolidated Condensed Segmental Analysis 30 Jun 09 30 Jun 08 N$\'000 N$\'000 Reviewed Audited Business segmentation Segment revenue Beer 1,416,418 1,199,557 Softs 140,396 126,058 Other 9,731 5,781 Total 1,566,545 1,331,396 Geographical segmentation Segment revenue Local 682,228 526,360 Export 884,317 805,036 Total 1,566,545 1,331,396 NOTES TO THE CONDENSED FINANCIAL STATEMENTS Note 1 Reporting entity Namibia Breweries Limited is a company domiciled in the Republic of Namibia. The condensed consolidated financial statements of the Group as at and for the year ended 30 June 2009 comprise the Company and its subsidiaries (together referred to as the \"Group\"). The consolidated financial statements of the Group as at and for the year ended 30 June 2008 are available upon request from the Company\'s registered office. Note 2 Statement of compliance These condensed consolidated financial statements have been prepared in accordance with International Financial Reporting Standard (IFRS) IAS 34, Interim Financial Reporting. They do not include all of the information required for full annual financial statements, and should be read in conjunction with the consolidated financial statements, once issued, of the Group as at and for the year ended 30 June 2009. Note 3 Significant accounting policies The accounting policies applied by the Group in these condensed consolidated financial statements are substantially the same as those applied by the Group in its consolidated financial statements as at and for the year ended 30 June 2008. 30 Jun 09 30 Jun 08 N$\'000 N$\'000 Reviewed Audited Note 4 Movement of property, plant and equipment Net book value at beginning of the year 348,954 324,338 Capital expenditure 110,756 67,398 Disposals (1,808) (6,598) Depreciation (36,133) (36,184) Net book value at end of the year 421,769 348,954 Note 5 Movement of intangible assets Net book value at beginning of the year 3,870 14,764 Capital expenditure 659 0 Amortisation (3,906) (10,894) Net book value at end of the year 623 3,870 30 Jun 09 30 Jun 08 N$\'000 N$\'000 Reviewed Audited Note 6 Taxation Namibian Normal Taxation: Current Year (43,976) (33,464) Normal Taxation: Prior Year 289 0 Deferred Taxation: Current Year (17,806) (1,365) Deferred Taxation: Prior Year 0 (4,536) South Africa Normal Taxation: Current Year (2,094) 0 Deferred Taxation: Current Year (7,331) (3,081) Total (70,918) (42,446) Note 7 Reconciliation between earnings and headline earnings Earnings (used for basic EPS) 169,223 141,400 Net profit on sale of property, plant and (814) (256) equipment (after tax) 168,409 141,144 Headline earnings per ordinary share (cents) 81.5 68.3 Note 8 Related parties During the year, the group sold products and services to companies within the Ohlthaver & List Group to the value of N$8,523,000 (2008: N$9,741,000). Outstanding debtor balances at the reporting date amounted to N$2,034,000 (2008: N$4,909,000). Intercompany interest paid amounted to N$1,014,000 (2008: N$2,796,000). The outstanding loan balance at 30 June 2009 amounted to N$ Nil (2008: N$16,000,000). The Group sold goods to and received royalties from its joint venture, DHN Drinks (Proprietary) Limited (DHN) to the value of N$874,384,000 (2008 : N$98,181,000). Outstanding debtor balance at reporting date amounted to N$178,592,000 (2008 : N$98,181,000). Interest received from DHN amounted to N$3,008,000 (2008: N$ Nil). Outstanding receivable loan balance from DHN at 30 June 2009 amounted to N$ 34,483,000 (2008: N$ Nil). Management fees paid to Diageo plc, Heineken International B.V. and Ohlthaver & List Finance and Trading Corporation Limited for the year ended 30 June 2009 amounted to N$9,355,000 (2008: N$10,095,000). Note 9 Capital commitments Authorised capital expenditure at 30 June 2009 amounted to N$27,208,000 (2008: N$29,203,000) of which N$10,615,000 (2008: N$12,032,000) is contractually committed. These capital commitments will be financed from own funds. GROUP OPERATIONAL AND FINANCIAL REVIEW The Board is pleased to report on the Group\'s Financial Results for the year ended 30 June 2009. Financial performance The Group\'s Operating Profit for the year ended 30 June 2009 showed a 41% increase over the previous period. The increase was driven by continued overall sales volume growth and pricing as well as a continued focus on operational efficiencies and cost control. Namibia The home market of the Group remains a significant contributor to total volumes and profits and our continued focus on this market is of paramount importance. Volumes achieved 10% growth, year on year. In the Namibian market, growth in the North of the country was particularly strong at 15%, with the rest of the country growing at 5%. Windhoek continues to be the lead brand in Namibia. Tafel, the number two beer brand in Namibia has seen strengthening brand equity resulting from refocusing the brand strategy with the new \'Guys will be Guys\' campaign, aligning the brand with its consumers. Overall domestic volumes grew by 10% year on year. South Africa Volumes of the NBL\'s brands grew 3% year on year in the South African market despite a significant downturn in the economy which adversely affected the beer market as a whole. The Windhoek trademark was particularly strengthened by the performance of Windhoek Draught and also benefited from the new campaign \'Keep it Real\', launched late in 2008. The other main beer brands in DHN\'s portfolio, Heineken and Amstel also enjoyed significant growth over the previous year, increasing overall market share in the RSA premium beer category. The South African Joint Venture was cemented in May 2008 as the JV moved from a cost to a profit sharing venture, with the partnership continuing to strengthen. Current year financials represent the first full year of DHN and the financial performance of the venture is in line with our start up forecasts. Exports (Excluding South Africa) NBL grew volumes in its remaining export markets, achieving double digit growth. The Windhoek trade mark continued to out-perform the market in Botswana, even with the introduction of a 30% duty tax on alcoholic beverages in November 2008. This in itself has had a negative impact on the overall Botswana beer market. Windhoek Lager growth has also remained firm in the remaining export markets particularly SADC countries, including Angola, another significant NBL market. Growth in export markets remains critical to NBL\'s strategy and the Group has entered a new and exciting phase with the global licensing of the Windhoek Lager trademark to Diageo. Except for a few African countries, this will allow Diageo to produce and distribute Windhoek worldwide for the next ten years. NBL will retain brand ownership and receive a royalty income stream on global sales. This licensing deal is progressing well. Profit Attributable to Shareholders Profit Attributable to Shareholders increased by 20% over the corresponding period, based on an effective tax rate of 30%. The effective tax rate has increased from prior year due to the impact of the shared losses from the South African joint venture. The group benefits from allowances on profits derived from exports. Significant Balance Sheet Changes Inventory levels and trade receivables increased over the prior year, driven by a combined increase in volumes and price. Cash was utilised in the current year, partially offsetting the increase in inventory and receivables. Interest- bearing loans and borrowings continue to decrease as the debt is repaid. The increase in non-current assets is the result of our continued investing in plant and equipment. The main contributors to the increase in current liabilities were accounts payable and fair value adjustments on derivative financial instruments. Prospects During the year the Group increased its growth in shareholders returns to 20% (2008: 17%). This was primarily driven by volume growth, early pricing in the home market, increased volumes sold to DHN and high focus on cost management and efficiency improvements. We expect volumes to grow in the next financial year, albeit at lower growth levels. Investment and innovation behind our brands will remain a high priority. We are excited with the recent successful launch of Windhoek Draught in a bottle (440ml). Challenges remain however, particularly with increasing competition in the home and export markets. We remain positive with regard to NBL\'s future and with our great brands and great people, we expect to continue to grow our position in the markets we operate in. That said, with increased focus on our competition at home and in the region, as well as continuously supporting the DHN joint venture in its early start-up years, the Group maintains a very cautious outlook with regards to profit growth in the 2010 financial year. The Board would like to thank all stakeholders for their continued support which has ensured that NBL can continue to grow. Dividend Declaration In addition to the interim dividend paid in May 2009, the Board of Directors have declared a final dividend of 22 cents per ordinary share, resulting in a total dividend of 44 cents per ordinary share for the year under review. Payment will be effected to the holders of ordinary shares in the shareholders\' register of the company registered at the close of business on 16 October 2009 and will be paid on 16 November 2009. Auditors Review Opinion The condensed results for the year ended 30 June 2009 have been reviewed by KPMG (Namibia). The auditor\'s unqualified opinion is available for inspection at the company\'s registered office. Directors S Thieme (Chairman), D van Jaarsveld+ (Managing Director), B Kidner+ **, BHW Masche, C-L List, E Ender*, H-B Gerdes, TA de Man****, TZM Hijarunguru, P Gruttemeyer, J Fitzgerald******+, G Mahinda*****, NB Blazquez**, Z Mina***, JJ Campbell** (alternative) *German **British ***Cypriot ****Dutch ***** Kenyan ****** South African +Executive Secretaries Ohlthaver & List Centre (Pty) Limited P O Box 16 Windhoek Auditors KPMG Chartered Accountants (Namibia) PO Box 30 Windhoek Attorneys Engling Stritter & Partners P O Box 43 Windhoek Windhoek, 23 September 2009 Sponsor to Namibia Breweries Limited Member of the Namibian Stock Exchange - By: Investment House Namibia (Pty) Limited
FIRSTRAND LIMITED - [23 September 2009]
PROPOSED RE-DESIGNATION OF THE B1 PREFERENCE SHARES AS B PREFERENCE SHARES 1. Introduction and rationale In 2004, FirstRand issued 30 000 000 (thirty million) variable rate non- cumulative non-redeemable B preference shares (\"B preference shares\"). In 2005, the Company issued a further 15 000 000 (fifteen million) variable rate non- cumulative non-redeemable B1 preference shares (\"B1 preference shares\"). Economically the B preference shares and B1 preference shares have the same rights and privileges. However, for reasons unknown to the Company, from time to time the B preference shares and B1 preference shares trade at different share prices on the JSE Limited (\"JSE\"). In order to remove any market perception that the B preference shares and B1 preference shares are economically different, the Company will propose that specific amendments be made to its Articles of Association thereby facilitating the re-designation of the B1 preference shares as B preference shares. After such re-designation, the Company will only have B preference shares in issue (\"the proposed re-designation\"). In order to give effect to the proposed re-designation, special resolutions (setting out the specific amendments to the rights and privileges attaching to the B preference shares which are contained in the Company\'s Articles of Association and re-designating the B1 preference shares as B preference shares) will need to be passed and registered. The proposed re-designation will remove any price disparity as well as any market perception that the B preference shares and B1 preference shares are economically different. In addition to the above, the proposed amendments to the Company\'s Articles of Association will enable the Company, to the extent required, to issue further B preference shares without designating such preference shares as a separate class with multiple share codes on the JSE. 2. Conditions precedent The proposed re-designation is subject to: approval by ordinary shareholders in annual general meeting and by B preference shareholders and B1 preference shareholders in separate general meetings (\"general meetings\") of the special resolutions authorising: the specific amendments to the rights and privileges attaching to the B preference shares which are contained in the Company\'s Articles of Association; and the re-designation of the B1 preference shares as B preference shares; and registration of the special resolutions by the Companies and Intellectual Property Registration Office. 3. Salient dates The salient dates for the proposed re-designation are as follows: 2009/2010 Forms of proxy to be received by the Monday, 23 November transfer secretaries by no later than 09:00 on Annual general meeting to be held at 09:00 Wednesday, 25 November on General meeting of B preference Wednesday, 25 November shareholders to be held at 09:30 on General meeting of B1 preference Wednesday, 25 November shareholders to be held at 09:45 on Results of annual general meeting and Wednesday, 25 November general meetings released on SENS on Finalisation announcement released on SENS Friday, 18 December on Last date to trade in B1 preference shares Thursday, 31 December to be eligible for the proposed re-designation on B1 preference shares suspended on the JSE Monday, 4 January from commencement of trading on Commencement of trading of the re- Monday, 4 January designated B preference shares under ISIN ZAE000060141 (Share code: FSRP) on Form of surrender to be submitted by no Friday, 8 January later than 12:00 on Record date for the proposed re- Friday, 8 January designation on B preference share certificates posted to Monday, 11 January B1 preference shareholders who hold their shares in certificated form (provided that old share certificate/s have been surrendered to the transfer secretaries by 12:00 on record date) on B preference shares credited to Monday, 11 January dematerialised B1 preference shareholders accounts held at their CSDP or broker and share balances updated on Listing of B1 preference shares on the JSE Monday, 11 January terminated at commencement of trading on B1 preference share certificates may not be dematerialised or rematerialised after Thursday, 31 December 2009 These dates are subject to amendments. Any amendments will be published on SENS. 4. Further documentation The relevant shareholder resolutions referred to in paragraph 2 above will be set out in FirstRand\'s notice of annual general meeting as well as in notices of separate general meetings of the B preference shareholders and B1 preference shareholders, all of which notices will be posted to shareholders on or about 1 November 2009. Sandton 22-Sep-09 Merchant bank and sponsor Legal Advisors Deneys Reitz Attorneys - By: RAND MERCHANT BANK (A division of FirstRand Bank L
NAMIBIA ASSET MANAGEMENT LIMITED - [23 September 2009]
Further Cautionary Announcement Further to the cautionary announcement dated 29 June 2009, shareholders are further advised that the company is still in negotiations, which if successfully concluded may have a material effect on the price of the company\'s securities. Accordingly, shareholders are advised to still exercise caution when dealing in the company\'s securities until a further announcement is made. B Bertolini Chief Executive Officer Windhoek, 22 September 2009 Directors A MUSHIMBA (CHAIRMAN) AB BERTOLINI (CHIEF EXECUTIVE OFFICER) RG YOUNG* HA NELSON* MF FEHRSEN B EIMBECK A PILLAY (* SOUTH AFRICAN) Sponsor Member of the NSX 100 Robert Mugabe Avenue PO Box 186, Windhoek, Namibia Registration No. 95/505 - By: IJG Securities (Pty) Ltd
NEDBANK GROUP LIMITED - [23 September 2009]
RESIGNATION OF NON-EXECUTIVE DIRECTOR Bob Head has advised of his intention to resign as a non-executive director of Nedbank Group and Nedbank Limited with effect from 19 February 2010. He has served as a director since January 2005 and prior to that was seconded to the group from Old Mutual plc as interim Chief Financial Officer (CFO) for the first half of 2004. Nedbank Group Chairman, Dr Reuel Khoza, said: \"Bob has made a tremendous contribution to the group over the past six years, initially working as interim CFO and then serving on the board. Owing to his new responsibilities at Old Mutual plc, Bob is stepping down as a director and we will certainly miss his active involvement at board and board committee meetings.\" Sandton 22-Sep-09 Sponsors to Nedbank Group in South Africa: Merrill Lynch South Africa (Pty) Limited Nedbank Capital Sponsor to Nedbank Group in Namibia: Old Mutual Investment Services (Namibia) (Pty) Ltd Sponsors to Nedbank Limited: Investec Bank Limited Nedbank Capital Date: 22/09/2009 15:46:02 Produced by the JSE SENS Department. DEALING IN SECURITIES BY COMPANY SECRETARY In terms of paragraph 3.63 - 3.65 of the Listings Requirements of the JSE, the following information is disclosed in respect of the exercise of share options and the dealing in Nedbank Group ordinary shares by the company secretary of Nedbank Group and Nedbank Limited: Name: GS Nienaber Capacity: Company secretary Date of transaction: 22 September 2009 Strike price: R76,79 Number of securities: 10 000 Total value: R767 900,00 Nature of transaction: Exercise of share options Extent of interest: Direct beneficial Name: GS Nienaber Capacity: Company secretary Date of transaction: 22 September 2009 Price per share: R121,20 Number of securities: 10 000 Total value: R1 212 000,00 Nature of transaction: Sale on the open market Extent of interest: Indirect beneficial The required prior written clearance for the exercise of the options and the dealing in shares has been obtained. Sandton 22-Sep-09 Sponsors to Nedbank Group in South Africa: Nedbank Capital Sponsor to Nedbank Group in Namibia: Old Mutual Investment Services (Namibia) (Pty) Ltd - By: Merrill Lynch South Africa (Pty) Limited
TRANSHEX GROUP LIMITED - [23 September 2009]
CHANGES TO THE BOARD OF DIRECTORS The board regrets to announce the resignation of Mr P Lazarus Zim as non-executive director and chairman of the board with immediate effect. Mr Zim has informed the board that due to the large and growing number of other business activities, he is no longer in a position to do justice to the role as chairman and director of Trans Hex. The deputy chairman, Mr B R van Rooyen will assume the chairmanship of the board until such time a replacement chairman is appointed. The board wishes to thank Mr Zim for his valuable contribution as chairman and director of the Company. Cape Town 22-Sep-09 Sponsor Sponsor IJG CORPORATE FINANCE (PTY) LTD - By: RAND MERCHANT BANK (A division of FirstRand Bank L
VUKILE PROPERTY FUND LIMITED - [23 September 2009]
VUKILE RAISES R250 MILLION THROUGH SECURITISATION PROGRAMME Johannesburg, 22 September 2009 - Listed property loan stock company Vukile has raised R250 million through Vukile Investment Property Securitisation (VIPS), the commercial mortgage backed securitisation programme established by the company in October 2005 to reduce the cost of funding its commercial property investment. The funds were raised through the placement of two tranches of notes in the South African debt capital markets to four investors in July and September this year. The notes were rated Aa2/AAA.za by Moody\'s and were placed at a spread of Jibar (Johannesburg Interbank Agreed Rate) plus 200 bps for an all-in cost of funding, including the note margin, of 10.42%. The interest rate on this new debt has been fixed by way of an interest rate swap. The notes have a tenor of 2.7 years and mature on 7 May 2012. This capital-raising represents the first \"tap\" by VIPS since its establishment in October 2005 and increases the total outstanding amount under the programme to R1.02 billion. Chief executive Gerhard van Zyl said that, due to the appreciation of property values within the company\'s portfolio and the escalation in rental income, no additional properties needed to be added to the portfolio to effect the transaction. \"We are particularly pleased with this result, which has allowed us to use VIPS and our existing property portfolio more effectively,\" he said. Following the transaction, the company\'s loan to value and interest cover ratio remained well within the covenant levels of 65% and 1.55x respectively. VIPS was the second commercial mortgage backed securitisation programme to be implemented in South Africa and was realised with the assistance of ABSA. These programmes have been used worldwide since the late Nineties as an alternative to conventional bank loans and are a favoured instrument for reducing the cost of funding commercial property portfolios. Mortgage backed securitisation programmes currently constitute some 15% of European securitisation issuance and has been used to fund major projects such as London\'s Canary Wharf. Vukile has a portfolio of 74 properties with a gross lettable area of 920 232mSquared. The portfolio has a gross asset value in excess of R4.53 billion. For further information contact Gerhard van Zyl, CEO Vukile Property Fund Limited, on 011 288 1002 Issued by du Plessis Associates on behalf of Vukile Property Fund Limited. dPA contact Helen McKane Tel : +27 11 728 4701, Fax: +27 11 728 2547, Mobile: 082 330 2034 or e-mail: vukile@dpapr.com www.vukileprops.co.za Sponsor - By: Barnard Jacobs Mellet Corporate Finance (Pty) Limi
INVESTEC LIMITED - [22 September 2009]
As part of the dual listed company structure, Investec plc and Investec Limited notify both the London Stock Exchange and the JSE Limited of those interests (and changes to those interests) of (i) directors of both entities and the respective company secretaries, (ii) persons discharging managerial responsibilities (PDMRs) across the group, and (iii) in certain instances the directors of major subsidiaries of Investec Limited, in the securities of Investec plc and Investec Limited which are required to be disclosed under the Disclosure and Transparency Rules of the United Kingdom Listing Authority (the \"UKLA\") and/or the JSE Listing Requirements. The Company received notification on 18 September 2009 of the following transactions in the ordinary shares of Investec plc and Investec Limited: TRANSACTIONS IN INVESTEC PLC ORDINARY SHARES OF GBP0.0002 EACH. (a) Dealings in the securities of Investec plc by a director - Mr Alan Tapnack Transaction notified in terms of: DR3.1.4R(1)(a) and DR3.1.4R(1)(c) Nature of transaction Sale of 150,000 shares following the exercise on 17 September 2009 of 150,000 options held in terms of the Investec plc Share Matching Plan 2005. The date of grant for these matching options was 14 November 2005 with an exercise price of nil. Following this notification, Mr Alan Tapnack holds options over 50,000 ordinary shares in Investec plc in terms of the above plan and options over 9,455 Investec plc shares in terms of the Investec plc Share Option Plan 2002 at a strike price of GBP1.59 per share. Number of shares 150,000 Exercise price GBP0.00 Nature of interest Direct Beneficial Transaction price GBP4.47 per share Date and place of transaction 17 September 2009, London (b) Dealings in the securities of Investec plc by a PDMR - Mr David van der Walt Transaction notified in terms of: DR3.1.4R(1)(a) and DR3.1.4R(1)(c) Nature of transaction Sale of shares pursuant to exercise of options Number of shares 118,750 Exercise price GBP0.00 Transaction price GBP4.41 Date and place of transaction 17 September 2009, London TRANSACTIONS IN INVESTEC LIMITED ORDINARY SHARES OF ZAR0.0002 EACH. (c) Dealings in the securities of Investec Limited by a PDMR - Mr Hendrik du Toit Nature of transaction Sale of shares Number of shares 240,000 Nature of interest Direct Beneficial Transaction price ZAR 55.46 per share Date and place of transaction 17 September 2009, Johannesburg Clearance was obtained for the above dealings in securities. Johannesburg and London 18-Sep-09 Sponsor: - By: Investec Bank Limited
XEMPLAR ENERGY CORPORATION - [22 September 2009]
Xemplar Reports Drill Assays from the Cape Cross Uranium Project The Board of Directors of Xemplar Energy Corp. (TSX-Venture: XE, Frankfurt: E7R, Namibia: XEM) (\"Xemplar\" or the \"Company\") are pleased to report preliminary chemical assay results from reverse circulation drilling carried out on its 100% Cape Cross Uranium project in Namibia. Simon Tam, Chief Executive Officer, comments \"Historical data has shown that uranium occurs at many localities through-out the license area, with only a few of these have been in any detail. Xemplar\'s strategy is to aggressively explore the area with a view for developing uranium deposits. The following drill results confirm intercepts on U3O8 mineralization and validate our vigorous tactic on the project. Together with the Warmbad project, we believe Xemplar is now holding two projects that have the potential to host world class uranium.\" The following table shows highlights of the initial chemical assay results received to date, from the Company\'s 2008 and 2009 drill program at Cape Cross: Drill Hole From To Width U3O8 U3O8 Hole Incli- (meters) (meters) (meters) Grade Grade nation (parts (per- per centage)* million) RCOR18 90 0 5 5 85.6 0.00856% RCOR19 90 2 6 4 160.7 0.01607% RCOR20 90 0 13 13 199.6 0.01996% RCOR21 90 2 11 9 264.0 0.02640% RCOR22 90 1 12 11 157.45 0.01575% * Rounded to the nearest 1/1000th of percentile. These five drill holes were drilled in the Oraweb paleochannel in a fence at a right angle to the channel. The holes were spaced 100 metres apart. Drill holes to the west of drill RCOR18 did not carry any significant values while the area to the east of drill hole RCOR22 has not been tested. These results show a minimum width of 500 metres for the paleochannel at this point. Geophysical surveys and geological mapping has outlined 3 prospective paleochannels, totaling 100 kilometres in length on the Cape Cross property. The northernmost paleochannel is the Oraweb. Through its wholly owned Namibian subsidiary, Namura Mineral Resources (Pty.) Ltd., the company holds three exclusive prospecting licences (EPL) at Cape Cross covering an area of 2,773 square kilometres. Cape Cross is located in northwest Namibia near the Atlantic coast, about 20 kilometres inland from Henties Bay and within the country\'s Uranium Corridor, where large uranium mines (Rossing, Langer Heinrich) and deposits (Trekkopje, Valencia, Rossing South, Idadome, Marenica, Tubas, Etango) are found. The exploration targets at Cape Cross are mineralized palaeochannels containing uranium in the form of carnotite (that is, secondary uranium mineralization associated with calcrete palaeochannels). The mineralization model would best be described as Langer Heinrich-type deposit. Langer Heinrich is a sedimentary uranium deposit located within the Namib-Naukluft Park and where Paladin Resources of Australia commenced production in March, 2007. The mineralization model at Cape Cross is also similar to that of Areva\'s (Uramin Inc.) Trekkopje deposit which is currently being developed into a mine. The exploration program at Cape Cross is running in conjunction with the Company\'s extensive drill program at its Warmbad project. Mike Magrum, P.Eng, a qualified person under National Instrument 43-101, has approved the technical content of this news release. On behalf of the Board of Directors, Xemplar Energy Corp. SimonTam, CEO and Director 18-Sep-09 Registered Office Namura Mineral Resources (Pty) Ltd 33 Schanzen Street Windhoek Namibia Sponsor Member of the NSX 100 Robert Mugabe Street P O Box 186, Windhoek, Namibia Registration No. 95/505 - By: IJG Securities (Pty) Ltd
STANDARD BANK GROUP LIMITED - [22 September 2009]
STANDARD BANK GROUP BASEL II PILLAR 3 DISCLOSURE AS AT 30 JUNE 2009 In terms of the Pillar 3 disclosure requirements under Basel II Public Disclosure Report, comprehensive semi-annual and annual risk and capital information is required to be disclosed. The semi-annual disclosure for Standard Bank Group, based on information as at 30 June 2009, will be published on 21 September 2009 on the Standard Bank website, at the following link: http://www.standardbank.co.za/site/investor/int2009_analysis.html Johannesburg 21-Sep-09 Independent sponsor Joint sponsor Standard Bank - By: Deutsche Securities (SA) (Proprietary) Limited
OCEANA GROUP LIMITED - [11 September 2009]
APPOINTMENT OF DIRECTOR In compliance with rule 3.59 (b) of the Listings Requirements of the JSE Limited, the following information is disclosed: The board of Oceana has with effect from 10 September 2009 appointed Nomahlubi Mayatula-Simamane as a non executive director of the Company. Cape Town 10-Sep-09 Sponsor - By: Standard Bank
OLD MUTUAL PLC - [11 September 2009]
NOTIFICATION OF TRANSACTIONS OF DIRECTORS, PERSONS DISCHARGING MANAGERIAL RESPONSIBILITY OR CONNECTED PERSONS This form is intended for use by an issuer to make a RIS notification required by DR 3.1.4R(1). 1. An issuer making a notification in respect of a transaction relating to the shares or debentures of the issuer should complete boxes 1 to 16, 23 and 24. 2. An issuer making a notification in respect of a derivative relating the shares of the issuer should complete boxes 1 to 4, 6, 8,13, 14, 16, 23 and 24. 3. An issuer making a notification in respect of options granted to a director/person discharging managerial responsibilities should complete boxes 1 to 3 and 17 to 24. 4. An issuer making a notification in respect of a financial instrument relating to the shares of the issuer (other than a debenture) should complete boxes 1 to 4, 6, 8, 9, 11, 13, 14, 16, 23 and 24. Please complete all relevant boxes should in block capital letters. 1. Name of the issuer OLD MUTUAL PLC 2. State whether the notification relates to (i) a transaction notified in accordance with DR 3.1.4R (1) (a) Yes 3. Name of person discharging managerial responsibilities/director DONALD SCHNEIDER 4. State whether notification relates to a person connected with a person discharging managerial responsibilities/director named in 3 and identify the connected person N/A 5. Indicate whether the notification is in respect of a holding of the person referred to in 3 or 4 above or in respect of a non-beneficial interest 6. Description of shares (including class), debentures or derivatives or financial instruments relating to shares 1. OPTIONS UNDER THE OLD MUTUAL PLC PERFORMANCE SHARE PLAN - SHARE OPTIONS - JOINING AWARDS 2. FORFEITABLE SHARE AWARD UNDER THE OLD MUTUAL PLC PERFORMANCE SHARE PLAN - RESTRICTED SHARES - JOINING AWARD 7. Name of registered shareholders(s) and, if more than one, the number of shares held by each of them. 8. State the nature of the transaction. GRANT OF SHARE OPTIONS OVER 714,286 ORDINARY 10p SHARES AND THE GRANT OF A FORFEITABLE SHARE AWARD OVER 142,857 ORDINARY 10p SHARES UNDER THE OLD MUTUAL PLC PERFORMANCE SHARE PLAN 9. Number of shares, debentures or financial instruments relating to shares acquired GRANT OF SHARE OPTIONS OVER 714,286 ORDINARY 10p SHARES AND THE GRANT OF A FORFEITABLE SHARE AWARD OVER 142,857 ORDINARY 10p SHARES UNDER THE OLD MUTUAL PLC PERFORMANCE SHARE PLAN 10. Percentage of issued class acquired (treasury shares of that class should not be taken into account when calculating percentage) N/A 11. Number of shares, debentures or financial instruments relating to shares disposed N/A 12. Percentage of issued class disposed (treasury shares of that class should not be taken into account when calculating percentage) N/A 13. Price per share or value of transaction GBP0.9250 14. Date and place of transaction 8-Sep-09 15. Total holding following notification and total percentage holding following notification (any treasury shares should not be taken into account when calculating percentage) N/A 16. Date issuer informed of transaction 8-Sep-09 If a person discharging managerial responsibilities has been granted options by the issuer complete the following boxes 17. Date of grant 8-Sep-09 18. Period during which or date on which it can be exercised 8 SEPTEMBER 2012 TO 7 SEPTEMBER 2015 19. Total amount paid (if any) for grant of the option NIL 20. Description of shares or debentures involved (class and number) OLD MUTUAL PLC ORDINARY 10P SHARES 21. Exercise price (if fixed at time of grant) or indication that price is to be fixed at the time of exercise GBP0.9250 PER SHARE 22. Total number of shares or debentures over which options held following notification DONALD SCHNEIDER - 714,286 SHARES UNDER OPTION 23. Any additional information VESTING IS SUBJECT TO CORPORATE PERFORMANCE TARGETS 24. Name of contact and telephone number for queries KEVIN STACEY - 020 7002 7158 Name and signature of duly authorised officer of issuer responsible for making notification Martin C Murray Company Secretary Date of notification 10 September 2009 10-Sep-09 Sponsor Merrill Lynch South Africa (Pty) Limited Date: 10/09/2009 16:45:20 Produced by the JSE SENS Department. TOTAL VOTING RIGHTS The Company\'s issued ordinary share capital currently comprises 5,516,398,310 ordinary shares of 10p each including 239,434,888 shares that are being held in treasury. Therefore, in accordance with Rule 5.6.1R of the Disclosure and Transparency Rules, the total number of voting rights for the purposes of calculating disclosable interests in the Company\'s ordinary share capital is 5,276,963,422 African life subsidiaries of the Company hold a total of 230,981,053 ordinary shares in the Company in their policyholders\' funds and these shares cannot be voted while they are held by subsidiaries of Old Mutual plc because of applicable provisions of UK company law. However, for the purposes of disclosure in accordance with Rule 5.6.1R of the Disclosure and Transparency Rules, the shares held by African life subsidiaries of the Company are included in the total voting rights for the purposes of calculating disclosable interests. For further information on Old Mutual plc, please visit the corporate website at www.oldmutual.com Enquiries Investor Relations Patrick Bowes UK +44 (0)20 7002 7440 Deward Serfontein SA +27 (0)82 810 5672 Media Matthew Gregorowski UK / SA +44 (0)20 7002 7133 +44 (0)7748 183 834 Don Hunter (Finsbury) UK +44 (0)20 7251 3801 Notes to Editors Old Mutual Old Mutual plc is a leading international long-term savings Group. Originating in South Africa in 1845, the Group provides life assurance, asset management, banking and general insurance in Europe, the Americas, Africa and Asia. Old Mutual plc is listed on the London Stock Exchange and the JSE, among others. In the year ended 31 December 2008, the Group reported adjusted operating profit of GBP1.0 billion (on an IFRS basis) and had GBP265 billion of funds under management at the year end. The Group has approximately 57,000 employees. 10-Sep-09 Sponsor - By: Merrill Lynch South Africa (Pty) Limited
PALADIN ENERGY LIMITED - [11 September 2009]
The Australian Securities Exchange has lifted the trading halt on the Paladin Energy Ltd securites following the receipt and release of the following statements. Paladin Energy Ltd Prices Institutional Placement of Shares Paladin Energy Ltd (\"Paladin\" or the \"Company\") yesterday announced that it has agreed to undertake an institutional private placement of 93.45 million ordinary shares (representing 15% of Paladin\'s issued capital) to raise approximately A$419 million (approximately C$391 million) net of fees payable to the placing agents. The placement was priced at A$4.60 (approximately C$4.30) per share which represents a 6.1% discount to Paladin\'s last closing price on ASX and a 0.5% discount to Paladin\'s 5 day volume weighted average price on ASX. The new shares will rank equally with existing shares. The placement is being made pursuant to exemptions from registration and prospectus requirements under applicable securities laws and is subject to receipt of all applicableregulatory approvals, including approval of the Toronto Stock Exchange. It is anticipated that the transaction will be completed and that shares will be issued on Wednesday 16 September 2009. No adjustment will be required to the terms of either of Paladin\'s convertible bond series. Azure Capital acted as Corporate Adviser to Paladin. RBC Capital Markets and UBS AG, Australia Branch acted as Global Joint Lead Placing Agents and Cormark Securities Inc., Dundee Securities Corporation and GMP Securities L.P. were Co-Managers to the placement. Paladin intends to use the funds raised to: provide Paladin with the financial capacity to advance M&A and inorganic growth opportunities; progress the Langer Heinrich Stage 3 project (recently approved by the Board); expand exploration and pre-development programs in Australia; and enhance Paladin\'s balance sheet flexibility to ensure Paladin remains well placed to take advantage of other international nuclear industry opportunities as they arise. John Borshoff, Paladin Managing Director/CEO commented, \"The strong institutional support of today\'s transaction underlines Paladin\'s unique position as an independent and internationally diversified uranium producer. Proceeds from today\'s raising will enable Paladin to advance its existing portfolio of uranium assets. Additionally, Paladin believes that with its balance sheet strength and development expertise, the Company is well placed to partner both junior uranium companies and downstream companies seeking to commercialise uranium opportunities.\" On behalf of the Board of Directors, John Borshoff Managing Director Windhoek, 10 September 2009 Registered Office Erf 3981B Extension 10 New Industrial Area Swakopmund Namibia Sponsor Member of the NSX 100 Robert Mugabe Avenue P O Box 186, Windhoek, Namibia Registration No. 95/505 - By: IJG Securities (Pty) Ltd
INVESTEC LIMITED - [9 September 2009]
As part of the dual listed company structure, Investec plc and Investec Limited (together \"Investec\") notify both the London and Johannesburg Stock Exchanges of those interests (and changes to those interests) of (i) directors of both entities and the respective company secretaries, (ii) persons discharging managerial responsibilities (PDMRs) across the group, and (iii) in certain instances the directors of major subsidiaries of Investec Limited, in the securities of Investec plc and Investec Limited which are required to be disclosed under the Disclosure, Transparency and Listing Rules of the United Kingdom Listing Authority (the \"UKLA\") and/or the JSE Listing Requirements. Investec was notified on the 8th September 2009 of the following change to attributable interests in the ordinary shares of Investec Limited: TRANSACTION IN INVESTEC LIMITED ORDINARY SHARES OF ZAR0.0002 EACH. Dealings by a Director of Investec plc and Investec Limited - Mr. Peter Thomas In compliance with Rules 3.63 - 3.74 of the JSE Listing Requirements, we advise of the following transactions: Securities Ordinary shares of ZAR0.0002 each Nature of transaction Sale Number of shares 25,000 Nature of interest Direct beneficial Transaction price ZAR57.66 per share Date and place of transaction 4 September 2009, Johannesburg Clearance was obtained for the above dealings in securities. Johannesburg and London 8-Sep-09 Sponsor: - By: Investec Bank Limited
ORYX PROPERTIES LIMITED - [9 September 2009]
CHANGE TO THE BOARD OF DIRECTORS Shareholders are notified that: Mr Colin Young has resigned as a non-executive director of Oryx Properties Limited following his resignation from Old Mutual Investment Group Property Investments (`OMIGPI\'). OMIGPI performs the asset management, property management and group secretarial function for Oryx Properties Limited, the Fund\'s management company. The above resignation is effective from 8 September 2009 8-Sep-09 Windhoek Sponsor to Oryx Properties Limited in Namibia Member of the Namibian Stock Exchange - By: Simonis Storm Securities
PALADIN ENERGY LIMITED - [9 September 2009]
Acting CFO The Company\'s Acting CFO, Mr Mark Bolton, who has been employed under contract will leave the Company shortly to take up a permanent appointment. He will remain with Paladin until completion of the September 2009 Quarterly Financial Statements and his replacement will be announced in due course. Paladin thanks Mr Bolton for his able assistance and contribution during his time at Paladin and wishes him well in his future endeavours. On behalf of the Board of Directors, John Borshoff Managing Director Windhoek, 8 September 2009 Registered Office Erf 3981B Extension 10 New Industrial Area Swakopmund Namibia Sponsor Member of the NSX 100 Robert Mugabe Avenue P O Box 186, Windhoek, Namibia Registration No. 95/505 - By: IJG Securities (Pty) Ltd
INVESTEC LIMITED - [7 September 2009]
As part of the dual listed company structure, Investec plc and Investec Limited (together \"Investec\") notify both the London and Johannesburg Stock Exchanges of those interests (and changes to those interests) of (i) directors of both entities and the respective company secretaries, (ii) persons discharging managerial responsibilities (PDMRs) across the group, and (iii) in certain instances the directors of major subsidiaries of Investec Limited, in the securities of Investec plc and Investec Limited which are required to be disclosed under the Disclosure, Transparency and Listing Rules of the United Kingdom Listing Authority (the \"UKLA\") and/or the JSE Listing Requirements. Investec was notified on the 3rd September 2009 of the following change to attributable interests in the ordinary shares of Investec Limited: TRANSACTION IN INVESTEC LIMITED ORDINARY SHARES OF ZAR0.0002 EACH. Dealings by a Director of Investec plc and Investec Limited - Mr. Peter Thomas In compliance with Rules 3.63 - 3.74 of the JSE Listing Requirements, we advise of the following transactions: Securities Ordinary shares of ZAR0.0002 each Nature of transaction Sale Number of shares 50,000 Nature of interest Direct beneficial Transaction price ZAR55.79 per share Date and place of transaction 3 September 2009, Johannesburg Clearance was obtained for the above dealings in securities. Johannesburg and London 4-Sep-09 Sponsor: - By: Investec Bank Limited
SHOPRITE HOLDINGS LIMITED - [7 September 2009]
DEALING IN SECURITIES BY A DIRECTOR In compliance with rule 3.63 of the JSE Listings Requirements, the following information is disclosed: Director Dr C H Wiese Office Held Chairman Date transaction effected 3 September 2009 Number of shares purchased 100 contracts (representing 10,000 Shoprite Holdings Ltd ordinary shares) Purchase price 5680.0 cents per share Value of the transaction R568,000.00 Class of shares Single Stock Futures Contracts Interest Indirect beneficial Written clearance to deal received Yes Cape Town Date 4 September 2009 Sponsor - By: Nedbank Capital
TRUSTCO - [7 September 2009]
RESULTS OF ANNUAL GENERAL MEETING, DECLARATION OF DIVIDEND AND NOTICE OF GENERAL MEETING Trustco shareholders are advised that all of the resolutions, with the exception of the ordinary resolution number seven and eight (relating to the Staff Incentive Scheme), which were removed on request of the board of directors, tabled at the Annual General Meeting held on Friday, 4 September 2009 were passed by the requisite majority of shareholders. Notice of a separate general meeting to discuss the changed summary of principle terms of the Staff Share Incentive Scheme and to vote on ordinary resolutions seven and eight, will be given in due course, if the need arises. The dividend of 2 cents per share has been declared and the dates are as follows: 2009 Last day to trade cum dividend Friday, 11 September Securities trade ex-dividend Monday, 14 September Record date Friday, 18 September Payment date Friday, 2 October By order of the board PJ Miller Company Secretary 4-Sep-09 Directors: D Namwandi (Chairman), V De Klerk, M Nashandi, G Walters, AH Toivo ya Toivo, FJ Abrahams, Q Van Rooyen (Managing Director) Registered Office (Namibia) Trustco House 2 Keller Street P O Box 11363 Windhoek Namibia Registered Office (South Africa) 201 BP House 10 Junction Avenue Parktown 2193 South Africa NSX Sponsor Registration No. 95/0080 Member of the NSX 100 Robert Mugabe Avenue Windhoek Namibia (PO Box 186, Windhoek, Namibia) Telephone: +264 61 383 500 Facsimile: +264 61 304 671 JSE Sponsor QuestCo Sponsors (Pty) Ltd Registration No. 2004/018276/07 The Campus 57 Sloane Street 1st Floor, Wrigley Field Bryanston South Africa (PO Box 98956, Sloane Park, 2152, South Africa) Telephone: +27 11 575 0088 Facsimile: +27 11 576 0088 Transfer Secretaries (South Africa) Computershare Investor Services (Pty) Ltd Registration number 2004/003647/07 Ground Floor 70 Marshall Street Johannesburg, 2001 (PO Box 61051, Marshalltown, 2107) Telephone: +27 11 370 7700 Facsimile: +27 11 688 7716 Transfer Secretaries (Namibia) Transfer Secretaries (Pty) Ltd Registration number 93/713 Shop 8 Kaiser Krone Centre Post Street Mall (PO Box 2401, Windhoek, Namibia) Telephone: +264 61 22 76 47 Facsimile: +264 61 24 85 31 - By: IJG Securities (Pty) Ltd
SANLAM LIMITED - [4 September 2009]
Reviewed interim results for the six months ended 30 June 2009 Contents Overview Key features Salient results Executive review Comments on the results Interim financial statements Accounting policies and basis of presentation External audit review Shareholders\' information Group Equity Value Shareholders\' fund at fair value Shareholders\' fund income statement Notes to the shareholders\' fund information Embedded value of covered business Group financial statements Statement of financial position Statement of comprehensive income Statement of changes in equity Cash flow statement Notes to the financial statements Administration Sanlam Group Interim Results June 2009 Key features Earnings - Net result from financial services per share decreased by 4% - Core earnings per share down 2% - Normalised headline earnings per share up 34% Business volumes - New business volumes up 1% to R51 billion - Net value of new covered business down 3% to R243 million - Net new covered business margin of 2,23%, up from 2,17% - Net fund inflows of R7,7 billion, up 40% Group Equity Value - Group Equity Value per share of R21,72 - Annualised return on Group Equity Value per share of 5,2% Capital management - Discretionary capital of R2,8 billion at 30 June 2009 - Sanlam Life CAR cover of 2,5 times SALIENT RESULTS for the six months ended 30 June 2009 2009 2008 % change Sanlam Group Earnings Net result from financial services cents 60,4 62,6 -4% per share Core earnings per share(1) cents 87,5 89,7 -2% Normalised headline earnings per cents 78,5 58,8 34% share(2) Diluted headline earnings per cents 82,6 94,5 -13% share Net result from financial services R million 1 234 1 334 -7% Core earnings(1) R million 1 789 1 913 -6% Normalised headline earnings(2) R million 1 605 1 254 28% Headline earnings R million 1 664 1 955 -15% Group administration cost ratio(3) % 26,8 28,0 Group operating margin(4) % 15,1 17,8 Business volumes New business volumes R million 51 485 50 985 1% Net fund flows R million 7 677 5 470 40% Net new covered business Value of new covered business R million 243 250 -3% Covered business PVNBP(5) R million 10 906 11 501 -5% New covered business margin(6) % 2,23 2,17 Group Equity Value Group Equity Value(7) R million 44 490 45 238 -2% Group Equity Value per share(7) cents 2 172 2 213 -2% Annualised return on Group Equity % 5,2 (1,7) Value per share(7),(8) Adjusted annualised return on % 12,2 12,4 Group Equity Value per share(7) Sanlam Life Insurance Limited Shareholders\' fund(7) R million 31 620 34 419 Capital Adequacy Requirements R million 8 200 8 075 (CAR)(7) CAR covered by prudential times 2,5 2,7 capital(7) Notes 1. Core earnings = net result from financial services and net investment income (including dividends received from non-operating associates). 2. Normalised headline earnings = core earnings, net investment surpluses, secondary tax on companies and equity-accounted headline earnings less dividends received from non-operating associates, but excluding fund transfers. Headline earnings include fund transfers. 3. Administration costs as a percentage of income after sales remuneration. 4. Result from financial services as a percentage of income after sales remuneration. 5. PVNBP = present value of new business premiums and is equal to the present value of new recurring premiums plus single premiums. 6. New covered business margin = value of new covered business as a percentage of PVNBP. 7. Comparative figures are as at 31 December 2008. 8. Growth in Group Equity Value per share (with dividends paid, capital movements and cost of treasury shares acquired reversed) as a percentage of Group Equity Value per share at the beginning of the period. Executive review The Sanlam Group has shown pleasing resilience in challenging markets to record a solid operational performance for the six months ended 30 June 2009. The strategic diversification into different market segments and solution offerings, as well as the effect of prudent practices and assumptions followed in the past, shielded the Group from the most severe impact of the economic downturn. Business environment The depressing financial and economic impact of the global financial market crisis continued unabated during the first half of 2009, although there were signs of some recovery in global equity markets towards the end of the reporting period. A lower demand for resources following the slowdown in the world\'s largest economies had a negative impact on the wealth creation and growth achieved in the African commodity based economies in which the Group operates. The Group\'s key exposure remains to the performance of the South African economy, which, as no exception, followed the developed world into a recession. This is reflected in major pressure on consumers\' disposable income, in addition to the effects of the high interest rate and inflation conditions of the past two years. The result has been contracting consumer spending, in particular in the middle-income market. The interest rate cuts announced by the South African Reserve Bank over the past few months should provide some relief to consumers, but it is likely to take some time before this will be evident in increased consumer demand. The South African equity market recorded marginally positive returns for the six months ended 30 June 2009 on the back of stronger international markets and expectations that the worst of the financial market crisis may be over. Overall market levels, however, remain significantly lower than the comparative period in 2008 and continue to display high levels of volatility. Performance review In the context of the challenging environment, the Group achieved a pleasing operational performance for the first six months of the 2009 financial year. This has been aided by the diversified nature of the Group\'s operations, in respect of market segmentation, solutions offering and geographical presence, which provided a platform for ongoing growth in new business volumes and a sound level of profitability. The pressure on the middle-income retail market in South Africa is however evident in declining new business volumes at Sanlam Personal Finance and Sanlam Private Investments, but this was offset by strong performances in the institutional and entry-level markets. Operating profit also reflects a varied performance, with a solid contribution from the retail life insurance and capital markets businesses, almost offsetting the negative impact of the prevailing market conditions on the reported earnings of the short-term insurance and investment management operations. Notwithstanding the pressure on earnings, the core operations of all the major Group businesses remain sound. The primary performance target of the Group is to optimise shareholder value through maximising the return on Group Equity Value (GEV). A target has been set for the growth in GEV to exceed the Group\'s cost of capital on a sustainable basis. Cost of capital is set at the government long bond yield plus 3%. The target is to exceed this return by at least 1%. The annualised return on GEV per share of 5% for the six months ended 30 June 2009 fell short of this target, but still represents a strong performance given the relatively weak investment markets and an increase of some 2% in long-term interest rates (and commensurately risk discount rates applied) during the period. The increase in risk discount rates in particular reduced the valuation and GEV earnings of the life insurance and wealth management operations. On a normalised basis, i.e. assuming a normalised investment market performance and excluding any once-off items, the annualised return of 12,2% for the six months exceeded the target of 11,3%. Total new business volumes, excluding the volatile and low margin white label business, grew by 3%, a particularly pleasing result in the current environment. Retail business sales declined by 8%, with Sanlam Personal Finance and Sanlam Private Investments reporting declines of 7% and 22% respectively. This was to an extent offset by strong growth of 8% achieved by Sanlam Developing Markets. Institutional business sales recorded a sterling performance, increasing by 27% on 2008. Most of the institutional business units contributed to this growth. The value of new covered business (after minorities) decreased by 3% from R250 million in the first half of 2008 to R243 million in 2009, reflecting the impact of lower new life business volumes in the middle-income market. The profitability of new covered business has been maintained through continued focus on cost management and the quality of new business written, with overall margins increasing from 2,17% in 2008 to 2,23% in 2009. Core earnings of R1 789 million are 6% lower than in 2008, the combined effect of a 7% decrease in the net result from financial services and a 4% decline in net investment income earned on the capital portfolio. The relatively lower base of assets under management impacted on the growth in fee income and the profitability of especially the investment management businesses. This was further aggravated by a number of large commercial property claims at Santam Limited (Santam). Core earnings per share decreased by only 2%, supported by the effect of the share buy-back programme during 2008, which resulted in a 4% reduction in the weighted average number of shares in issue compared to the first half of 2008. The investment return earned on the Group\'s capital portfolio was marginally positive during the first six months of 2009, with positive local equity market return somewhat offset by a reduction in the valuation of interest- bearing instruments and offshore investments. The investment return, however, improved significantly compared to the negative performance in the first half of 2008. Normalised headline earnings per share benefited from the turnaround in investment return and increased by 34% on 2008. Diluted headline earnings per share, which include the International Financial Reporting Standards (IFRS) impact of Sanlam and Santam shares held by the policyholders\' fund, are 13% down on 2008. Delivering on strategy The Group\'s focused strategy continued to serve it well during the first six months of 2009, which was characterised by the prolonged impact of the most challenging environment faced by the Group in many years. The board of directors of Sanlam (the Board) and management remain committed to the Group\'s key objective of maximising shareholder value. This is underpinned by the five pillars of optimal capital utilisation, earnings growth, cost control and efficiencies, diversification and transformation. As indicated in the Group\'s 2008 annual report, a more prudent approach is required in the application of discretionary capital in the current financial and economic environment. The focus has accordingly been on further optimising the capital base of the Group, while only a few selected investments have been made in existing operations and future growth markets. No share buy-backs occurred during the first six months of 2009. A major portion of the Group\'s capital is utilised by the covered business operations. Capital management and modelling within these operations receive continuous attention to achieve an optimal capital level, taking cognisance of the impact of changes in the capital management structure on expected return on GEV. This process indicated that shareholder value can be further enhanced by implementing a more conservative asset mix for the capital backing the covered business operations, thereby reducing the level of required capital. The Board approved as a target a 10% reduction in the capital portfolio\'s exposure to both equities and fixed-interest instruments and a consequential 20% increase in the cash exposure. This will result in less volatility in the capital base and released some R900 million of capital to the Group\'s discretionary capital portfolio. The change in asset mix caused an increase in the cost of capital and consequently a once-off R313 million reduction in the value of in-force covered business (refer results commentary below). This negative impact will be more than offset through a value enhancing application of the additional discretionary capital. A total of R375 million was utilised for corporate activity during the period. The largest transactions concluded are as follows: - Some R200 million was utilised to acquire minority shareholders\' interest in Channel Life, increasing the Group\'s interest to just under 100%. This acquisition will enable the Group to further enhance synergies between the life businesses operating in the entry-level market segment in South Africa and to more effectively manage the capital requirements of the growth achieved in this market. MiWay required additional financing of R31 million to fund the start-up losses of this business. A further R17 million has been utilised since the end of June 2009 to acquire a proportionate share of the PSG Group\'s interest in MiWay. The remainder of PSG\'s interest was acquired by existing shareholders. Sanlam UK has been further capitalised by R31 million, which includes an increase in the Group\'s interest in Principal from 86% to 89%. the Shriram Life Insurance acquisition agreement allowed for three performance payments based on the achievement of new business growth and expense targets. The third payment of R39 million became due during the six months. The release of R900 million of capital from covered business, investment return and the application of capital for corporate activity contributed to a net increase in the level of discretionary capital in the Group to R2,8 billion at the end of June 2009. The Board remains committed to the utilisation of the discretionary capital in the most efficient manner, with a preference for new value-enhancing initiatives. The buy-back of Sanlam shares is not a priority but will be considered in periods of share price weakness. Despite pressure from the economic downturn, the Group continues with initiatives to enhance its growth platform. To this end, Sanlam Developing Markets is expanding its distribution reach across all territories, with the following important milestones reached during the six months: - Advisor numbers in South Africa increased by 29% to 1 786, unprofitable business has been discontinued and the integration of the back office and administration functions of the South African businesses has been initiated; A New distribution channel has been launched by Shriram Life Insurance to cover the northern Indian territories, augmenting the focus to date on the south of India; and Bancassurance joint venture arrangements have been strengthened in Africa. Sanlam Investments\' international expansion is also progressing according to plan. The establishment of the SMC wealth and investment management joint ventures will provide Sanlam Investments with a strong entry point into the fast growing Indian market. Sanlam International Investment Partners\' operational structure has been embedded and a number of international niche acquisition opportunities are being evaluated. Cost efficiency has been a strategic focus for the past five years, but received even more intensified focus in light of the financial market crisis and subsequent recessionary environment. The investment management operations and Sanlam Personal Finance, which have been impacted most by lower assets under management and new business volumes respectively, made a concerted effort to reduce costs even further. Sanlam Investments reported a 9% reduction in expenditure, excluding the impact of a release of excess provisions. Sanlam Personal Finance initiated plans to reduce its cost base by some R100 million. Containment of cost in all other business units is also receiving appropriate attention, although not to the detriment of future growth opportunities. Efforts to increase the representation of previously disadvantaged individuals at middle and senior management level is a priority for the Group\'s transformation. It remains a challenge given Sanlam\'s traditional low staff turnover, the freezing of vacancies in the current environment and a shortage of individuals with the required specialised financial services expertise. We will, however, continue to use all available opportunities to meet our targets in the years to come. Looking ahead International sentiment has improved over the last few months, with many analysts of the opinion that the world economy is at or past its lowest point of the current recession. Risk aversion has also started to subside with a renewed interest from international investors in developing markets. This bodes well for the South African equity market, which has seen a major improvement in performance since the end of June 2009. A continuation of positive equity market returns will support improved profitability in the Group\'s investment management operations in particular and should be positive for fund flows into equity-based solutions. Investment market volatility has, however, not fully subsided and downside risk remains high. The improved sentiment has also provided some support for commodity prices, which should underpin an improvement in the real economy of many of the African countries in which the Group operates. The negative trend in the South African economy is expected to stabilise and show gradual recovery on the back of higher commodity prices and improving consumer confidence and spending power as the benefits of the recent interest rate cuts start to emerge over the next few months. Any material impact of the improvement in economic conditions is however only expected to reflect in the Group\'s operating results from 2010 onwards. Challenging trading conditions are therefore expected to persist for the remainder of the 2009 financial year, but we remain confident that our businesses are well set to continue weathering the challenges. Relative market movements during the second half of the year will impact on the level of earnings growth to be reported for the full 2009 financial year. Forward-looking statements In this report we make certain statements that are not historical facts and relate to analyses and other information based on forecasts of future results not yet determinable, relating, amongst others, to new business volumes, investment returns (including exchange rate fluctuations) and actuarial assumptions. These are forward-looking statements as defined in the United States Private Securities Litigation Reform Act of 1995. Words such as \"believe\", \"anticipate\", \"intend\", \"seek\", \"will\", \"plan\", could, \"may\", \"endeavour\" and \"project\" and similar expressions are intended to identify such forward-looking statements, but are not the exclusive means of identifying such statements. Forward- looking statements involve inherent risks and uncertainties and, if one or more of these risks materialise, or should underlying assumptions prove incorrect, actual results may be very different from those anticipated. Forward-looking statements apply only as of the date on which they are made, and Sanlam does not undertake any obligation to update or revise any of them, whether as a result of new information, future events or otherwise. Comments on the results Introduction The Sanlam Group results for the six months ended 30 June 2009 are presented based on and in compliance with International Financial Reporting Standards (IFRS), as applicable. Group Equity Value (GEV) GEV is the aggregate of the following components: the embedded value of covered business, being the Life Insurance businesses of the Group, which comprises the required capital supporting these operations and the net present value of their in-force books of business (VIF); - The fair value of other Group operations based on longer term assumptions, which includes the investment management, capital markets, credit, short-term insurance and the non-covered wealth management operations of the Group; and the fair value of Discretionary and other capital. GEV provides an indication of the value of the Group\'s operations, but without placing any value on future new covered business to be written by the Group\'s life insurance businesses. Sustainable return on GEV is the primary performance benchmark used by the Group in evaluating the success of its strategy to maximise shareholder value. Group Equity Value at 30 June 2009 June 2009 December 2008 R million Total Fair Value Total Fair Value value of in value of in of force of force assets assets Embedded value of 27 773 14 502 13 271 28 591 15 013 13 578 covered business Sanlam Personal 18 939 8 032 10 907 19 574 8 275 11 299 Finance Sanlam 3 040 1 215 1 825 2 796 1 032 1 764 Developing Markets Sanlam UK 685 238 447 680 234 446 Sanlam Employee 5 109 5 017 92 5 541 5 472 69 Benefits Other group 13 637 13 637 - 13 560 13 560 - operations Retail cluster 2 223 2 223 - 2 287 2 287 - Institutional 5 778 5 778 - 6 000 6 000 - cluster Short-term 5 636 5 636 - 5 273 5 273 - insurance Capital (1 137) (1 137) - (1 429) (1 429) - diversification Other capital and 1 432 1 432 - 2 416 2 416 - net worth adjustments 41 705 28 434 13 271 43 138 29 560 13 578 Discretionary 2 785 2 785 - 2 100 2 100 - capital Group Equity 44 490 31 219 13 271 45 238 31 660 13 578 Value Issued shares for 2 048,2 2 044,2 value per share (million) Group Equity 2 172 2 213 Value per share (cents) Share price 1 728 1 700 (cents) Discount -20% -23% The GEV as at 30 June 2009 amounted to R44,5 billion, down 2% on the R45,2 billion at the end of 2008. On a per share basis GEV decreased by 2% from 2 213 cents to 2 172 cents at 30 June 2009, including the effect of the 98 cents per share dividend paid during 2009. The Sanlam share price traded at a 20% discount to GEV by close of trading on 30 June 2009. As a financial services organisation, the Group has a major exposure to financial markets in that the shareholder capital portfolio is invested in financial instruments, a portion of the fee income base is linked to the level of assets under management, while the valuation of the in force book of covered business is impacted by changes in long-term interest rates and investment return assumptions. In addition to the subdued investment market performance in the first half of 2009, an increase of some 2% in long-term interest rates required a commensurate increase in the risk-adjusted discount rate used for the valuation of the Group\'s covered and wealth management businesses. Given these conditions, the annualised return on GEV (ROGEV) per share of 5% for the first six months of 2009 is an overall satisfactory performance. This is testimony to the defensive qualities of the Group\'s diversified portfolio of businesses. The return on the Group\'s international operations was negatively impacted by a stronger rand and the impact on the Sanlam UK operations of the recession in the United Kingdom. This was, however, compensated for by a satisfactory return achieved on the other Group operations. Return on Group Equity Value for the six months ended 30 June 2009 June 2009 June 2008 Earnings Return* Earnings Return* R million % R million % Covered business 770 5,5 998 7,1 Sanlam Personal Finance 446 4,6 490 4,9 Sanlam Developing Markets 86 6,2 180 17,4 Sanlam UK 4 1,2 139 32,5 Sanlam Employee Benefits 234 8,6 189 7,3 Other operations 790 12,0 (1 692) -20,7 Sanlam Personal Finance 133 19,6 13 2,2 Sanlam Developing Markets 2 24,9 (7) -43,8 Sanlam UK (117) -25,7 25 8,5 Institutional cluster 241 8,1 (301) -8,1 Short-term insurance 531 21,2 (1 422) -39,6 Discretionary and other (475) 119 capital Balance of portfolio (180) 240 Shares delivered to Sanlam - (26) Demutualisation Trust Shriram goodwill less (39) (43) value of in-force acquired Treasury shares and other (128) (130) Change in net worth (128) 78 adjustments Return on Group Equity 1 085 4,9 (575) -2,2 Value Return on Group Equity 5,2 0,0 Value per share * Annualised Covered business achieved a return of 6% compared to 7% in the first half of 2008. This lower level of return is mainly attributable to an increase in the cost associated with the capital required to back these operations. As indicated above, the Board approved a more conservative asset mix for the required capital, which reduced the overall capital to be held in respect of covered business by R900 million. A consequence of the more conservative asset mix is a reduction in the expected investment return to be earned on the required capital in future. This increased the opportunity cost of holding the capital, referred to as the cost of capital, by R313 million. Excluding this once-off net increase in the cost of capital, the annualised return on covered business amounted to 8%. The return on covered business includes positive operating experience variances of R289 million, of which the majority relates to underwriting experience that was better than the assumptions used in the actuarial basis. The focus on quality of business written also contributed to positive persistency experience, a particularly satisfactory result given the overall negative market experience. This was offset by negative economic assumption changes following the increase in risk discount rates. The other Group operations yielded an overall annualised return of 12%, compared to a negative return of 21% for the comparable period in 2008. Sanlam Personal Finance and Santam delivered a marked improvement on their 2008 performances. This was however offset by negative earnings of R117 million recorded by Sanlam UK. Most of Sanlam Personal Finance\'s other operations had a strong first six months of 2009, with future earnings prospects remaining positive. This supported the valuations, despite the 2% increase in the risk discount rate during the period. The return was also positively impacted by the release of some R40 million of capital from Glacier. The investment in Santam also performed well, with the Santam share price increasing by 7% after allowing for the payment of its final dividend. The Sanlam UK businesses are experiencing the aftermath of the financial market crisis more severely than the South African based operations. The level of assets under management and profitability of Principal and Buckles were in particular negatively impacted by the United Kingdom (UK) economic and financial market conditions. Under these conditions, a prudent approach was followed in valuing these businesses, which required a further write-down of R77 million in their carrying values. The stronger rand against the pound also aggravated the negative earnings. The valuation of the businesses in the Institutional cluster remained on an overall basis broadly in line with the end of 2008, with the GEV earnings for the first six months to 30 June 2009 comprising mostly of the net operating profit earned during the period. The return on discretionary and other capital was impacted by the following: Negative investment return of R181 million on the balance of the capital portfolio. This can mostly be ascribed to negative return on the offshore exposure in the portfolio due to the strengthening of the rand exchange rate, marked-to-market losses on the interest-bearing instruments held, in line with the All Bond return, as well as negative investment return on the discretionary capital invested in the Botswana equity markets; the write-off for GEV purposes of the R40 million goodwill recognised in respect of the last remaining performance payment to Shriram in terms of the acquisition agreement of Shriram Life Insurance in India; A Negative \' change \' of R129 million in the Net worth adjustments. This is largely due to an increase in the allowance for corporate costs in line with the expected inflationary increase in the annual corporate expenses; and A loss of R129 million recognised in respect of treasury shares. This loss is substantially attributable to losses recognised on the delivery of share incentive scheme shares to participants at the applicable strike prices. Earnings Summarised shareholders\' fund income statement for the six months ended 30 June 2009 R million 2009 2008 % change Net result from financial services 1 234 1 334 -7% Net investment income 555 579 -4% Core Earnings 1 789 1 913 -6% Project expenses (15) (40) 63% Net equity-accounted headline earnings 10 (4) >100% BEE transaction costs (3) (3) - Net investment surpluses 23 (447) >100% Secondary Tax on Companies (STC) (162) (99) -64% Discontinued operations - (35) - Amortisation of value of business acquired (37) (31) -19% Normalised Headline Earnings 1 605 1 254 28% Other non-headline earnings and impairments (58) (103) 44% Normalised attributable earnings 1 547 1 151 34% Core earnings Core earnings comprise the net result from financial services (operating profit) and net investment income earned on the shareholders\' fund, but exclude abnormal and non-recurring items as well as investment surpluses. Net investment income includes dividends received from non-operating associated companies and joint ventures, but excludes the equity-accounted retained earnings. Core earnings for the six months of R1 789 million are 6% down on 2008, the combined effect of a 7% reduction in the net result from financial services for the period and a 4% decline in net investment income. On a per share basis, core earnings decreased by 2%, reflecting the impact of the 4% reduction in the weighted average number of shares in issue due to the share buy-backs during 2008. The net result from financial services of R1 234 million for the first six months of 2009 is 7% lower than in 2008. As indicated before, the following items have an impact on this result: in terms of IFRS only variable costs incurred in writing New investment management policy contracts can be capitalised and expensed over the lifetime of the contract in line with fees earned. All fixed acquisition costs must be expensed at inception of investment management policies. Similarly, the Group\'s actuarial valuation basis for most insurance contracts does not allow for the capitalisation of certain upfront acquisition costs, which commensurately results in accounting losses at inception of these contracts. These losses, referred to as new business strain, have a particularly pronounced impact on earnings in strong new business growth scenarios (as reported by Sanlam Developing Markets), as well as in instances of a change in business mix (as experienced by Sanlam Personal Finance) in the first half of 2009 - The impact of MiWay only becoming operational during February 2008. On a comparable basis the net result from financial services increased by 1% on 2008, a very pleasing result in the current environment. Net result from financial services for the six months ended 30 June 2009 R million 2009 2008 % change Net result from financial services on 1 872 1 848 1% comparable basis Retail cluster 1 364 1 265 8% Institutional cluster 415 423 -2% Santam 118 188 -37% Corporate and other (25) (28) 11% MiWay (launched in February 2008) (36) (23) -57% New business strain (602) (491) -23% Net result from financial services 1 234 1 334 -7% The table below provides an analysis of the net result from financial services per individual business. Net result from financial services for the six months ended 30 June 2009 R million 2009 2008 % Retail cluster 789 793 -1% Sanlam Personal Finance 691 678 2% Sanlam Developing Markets 85 78 9% Sanlam UK 13 37 -65% Institutional cluster 388 404 -4% Sanlam Investments 264 287 -8% Sanlam Employee Benefits 65 83 -22% Sanlam Capital Markets 59 34 74% Short-term insurance cluster 82 165 -50% Santam 118 188 -37% MiWay (36) (23) -57% Corporate and other (25) (28) 11% Net result from financial services 1 234 1 334 -7% - Sanlam Personal Finance\'s net result from financial services for the six months of R691 million is 2% up on 2008. Before tax and minority interests, the gross result from financial services is marginally down on 2008. Risk underwriting profit increased by 28% to R248 million, underpinned by an improved underwriting experience. The relatively lower level of assets under management during the first half of 2009 reduced fund-based fee income, with a commensurate negative impact on administration fee income. Containment of costs, however, assisted in limiting the decline in overall administration profit to 11%. Market related profit of R514 million is also 7% lower than 2008, largely attributable to lower interest earned on working capital and a lower release of profit from the asset mismatch provision. The balance of the asset mismatch provision was some R500 million lower at the end of 2008 compared to 2007, resulting in a relatively lower base from which profit is released. the Sanlam Developing Markets Net result from financial services of R86 million is 9% up on 2008 (up 13% before tax and minority shareholders\' interest). - The South African operations more than doubled their contribution to the gross result from financial services. Sanlam Sky Solutions reported an increase in earnings, but the main contributor to the growth was Channel Life, whose 2008 earnings were impacted by expenses relating to the closure of its call centre. - Botswana Life managed to increase its gross result from financial services by 8%, with positive mortality experience on the annuity book and a reduction in the credit default provision being partially offset by the negative impacts of the weak equity markets and some mismatch losses in the annuity portfolio. - The rest of Africa operations reported lower earnings on an overall basis. Most territories experienced lower new business volumes in the current economic environment, which resulted in an under recovery of fixed costs. Also contributing to the lower earnings are additional bad debt provisions, a strengthening of persistency bases, as well as lower credit life business following a general reduction in lending activities of banks in the current environment. As indicated before, the retail market in the UK has been more severely impacted by the financial crisis than South Africa. Despite some recent improvement in sentiment and economic statistics, the first six months of 2009 has been characterised by continued economic uncertainty, rising unemployment, poor consumer confidence and depressed financial and housing markets. This had a particularly negative impact on the Punter Southall Group, Principal and Buckles, whose results are directly affected by investment market performance and business volumes. Both these indicators underperformed in the first half of the 2009 financial year, impacting negatively on the earnings reported by these operations. Merchant Investors provided some resilience and reported an improved performance. The growth in rand-based earnings was further negatively impacted by an average 9% strengthening of the rand against the British pound, which contributed to an overall 65% decline in Sanlam UK\'s net result from financial services. the Institutional cluster operations were in particular affected by A lower average level of assets under management, following the underperformance in investment markets since June 2008. - Sanlam Investments\' net result from financial services of R264 million is down 8% on the comparable period in 2008 (down 12% to R370 million before tax and minorities). Excluding the impact of a release of over provisions of some R40 million (after tax), the net result from financial services decreased by 22%, which is mainly attributable to a decline in the average level of assets under management in 2009 compared to the same period in 2008, as well as a R14 million decrease in performance fees earned. A positive development has been that both SIM Global and Octane have reached the high water mark for a number of their portfolios and have started earning performance fees again. Costs were also well managed and are 9% lower than 2008, excluding the positive impact of the release of provisions. - Sanlam Employee Benefits\' net result from financial services decreased by 22% from R83 million in 2008 to R65 million for the first half of 2009. Good growth in risk underwriting profit was more than offset by an under recovery of fixed cost at Sanlam Structured Solutions, following low new business volumes and a reduction in interest earned on working capital. - Sanlam Capital Markets made a welcome return to profitability and recorded a gross result from financial services of R61 million compared to a breakeven position in the first half of 2008. After taxation, the net result from financial services increased by 74% from R34 million in 2008 to R59 million. The equities division had a very strong six months, driven by equity-backed finance transactions. The debt division also recorded satisfactory results, despite continued pressure from credit valuations. Deal flow at the market activity division, however, remained subdued, which contributed to an underperformance by this division. Capital allocated to Sanlam Capital Markets was increased by R50 million during the period, translating into a return of 26% on the R450 million capital base, a very satisfactory result in the prevailing conditions. the underwriting results of the short-term insurance cluster were hard hit by a number of large fire-related corporate claims, in line with a general increase in these claims across the industry. This contributed to a 50% decline in the cluster\'s net result from financial services. Santam still managed to achieve an underwriting margin of 1,5%, a satisfactory result compared to the industry average. Income earned on Santam\'s float was significantly higher as a result of a higher level of float. - Corporate administration expenses are 11% lower than 2008, the combined effect of timing differences in the recognition of expenses and focussed cost management. Net investment income declined by 4%. This is mainly attributable to a lower absolute level of capital following the utilisation of discretionary capital for share buy-backs and corporate activity during 2008 and 2009. Normalised headline earnings Normalised headline earnings of R1 605 million are 28% higher than the comparable period in 2008. The increase in normalised headline earnings is in the main attributable to the following: - A reduction of 6% in core earnings as discussed above. investment Markets performed relatively better in the first six months of 2009 than the comparable period in 2008 (refer discussion of business environment above). The performance of the capital portfolio compared to mandate also improved. This resulted in a turnaround of the negative investment surpluses of R447 million recorded in 2008 to a net positive return of R23 million in 2009. - The 64% increase in the secondary tax on companies (STC) charge is mainly attributable to the utilisation of available STC credits for the dividend paid in May 2009. STC credits generated in the first half of 2009 are lower than in 2008 due to the utilisation of discretionary capital during 2008 and 2009 for share buy-backs and other corporate activity (thereby reducing the absolute level of capital on which investment income is earned), as well as a decrease in the capital portfolio\'s exposure to equities. Business volumes New business flows New business volumes, excluding white label, increased by 3% on the first six months of 2008. New business volumes for the six months ended 30 June 2009 R million 2009 2008 % change Sanlam Personal Finance 14 700 15 824 -7% South Africa 10 214 11 559 -12% Africa 4 486 4 265 5% Sanlam Developing Markets 1 316 1 214 8% South Africa 635 665 -5% Africa 605 449 35% Other international 76 100 -24% Sanlam UK 955 807 18% Institutional cluster 25 550 23 305 10% Sanlam Investments 25 408 23 035 10% Sanlam Employee Benefits 142 270 -47% Santam 6 179 6 085 2% New business excluding white label 48 700 47 235 3% White label 2 785 3 750 -26% Total new business 51 485 50 985 1% Sanlam Personal Finance new business sales slowed down as the challenging economic and business environment impacted on Topaz middle market sales in particular. The Topaz market is more sensitive to the current economic environment and investment market volatility. The combined life and non-life sales are 7% lower than the comparable period in 2008. - Total South African new business volumes decreased by 12% compared to 2008. - Recurring premium life sales are 10% lower than the same period in 2008. The high interest rate and inflation environment of 2007 and 2008 continues to negatively impact disposable income, with a commensurate negative impact on recurring premium savings and retirement solutions. Recurring risk business is less sensitive to these conditions and are 7% higher than 2008. - Single premium life sales are down 13% on 2008. The market conditions are now also impacting on Glacier\'s volumes, which are 8% lower than the comparable period in 2008. Part of the lower demand can be attributed to clients\' preference to reduce their personal debt, but alternative investment classes, for example property, has also become more attractive as an investment choice after decreasing valuations over the past two years. Single premium sales of Topaz life solutions decreased by 17% on 2008. Guaranteed plans performed strongly in 2008, but demand slowed down in the first six months of 2009 as the recent interest rate cuts reduced the attractiveness of guaranteed rates. - Investment business is also struggling with lower demand for Glacier investment solutions. The same drivers affecting Glacier life sales are also impacting on the investment solution sales. This contributed to a 10% reduction in new investment business volumes. - The Namibian operations recorded a 5% increase in volumes, which is attributable to demand for both life insurance solutions and unit trusts. The same factors impacting on the South African operations are also affecting Namibia. Sanlam Developing Markets inflows are 8% higher than 2008. Excluding the discontinued South African single premium business, new business volumes grew by 17% - a commendable result. - South African inflows are 5% lower than the comparable period in 2008, but this includes the impact of discontinued single premium business. Single premiums recorded comprise of continuations of existing business reaching maturity date and are expected to decline over time as the in-force book winds down. The core recurring premiums business is up 5% on 2008. Sanlam Sky Solutions increased its new recurring premium sales by 8%, with a strong underlying performance masked by an intentional decision to scale back on low margin broker direct business. This decision has resulted in a marked improvement in the quality and profitability (as measured by the value of new business margin) of business written. Channel Life individual life sales underperformed during the first six months of 2009, offsetting an otherwise healthy growth contribution from Safrican and group benefits business. - African inflows are 35% up on 2008, supported by a sterling performance from Botswana, the largest African operation. Recurring premiums increased by 30%, with single premiums exceeding 2008 by 37%. Both individual life and annuity sales performed strongly in Botswana with bancassurance volumes also well up on the comparable period in 2008. A weaker rand exchange rate also had a positive impact on the rand-based growth recorded by Botswana Life. Apart from Ghana, the other African operations are in general struggling to record growth on the prior year, being affected by the economic downturn caused by low commodity prices and the closure of mines. - Shriram\'s new business volumes of R76 million is 24% lower than 2008, in part due to a marked switch from single to recurring business. The latter increased by 57% on 2008. Single premiums are well down as the Indian market did not escape the impact of the tougher economic environment. The outlook for the rest of the year has improved, with the new distribution channel expected to start contributing to new business volumes. Sanlam UK started to experience a slowdown in new business volumes towards the end of 2008 as the UK economy continued to deteriorate. This trend continued into the first six months of 2009, with new life business volumes decreasing by 44% on the first half of 2008. Principal contributed new business of R504 million for the six months. The combined life and investment new business volumes are 18% up on 2008. New business volumes are only expected to improve in 2010, as the UK economy emerges from its deepest recession in years. The Institutional cluster recorded an overall 10% increase in new business volumes. Retail business volumes are reflecting a similar result to Sanlam Personal Finance, as the client bases are affected similarly by the pressure on consumer spending power and risk aversion caused by market volatility. In contrast, institutional business flows were particularly strong. - Sanlam Investments new business volumes increased by 10% compared to 2008. - The South African businesses performed strongly in the current environment, exceeding the 2008 new business sales by 9%. The biggest contributor is RSA segregated business, recording growth of 24%. Segregated business include an increase of R2,7 billion in the mandate awarded by the Public Investment Corporation (PIC). The pressure on the retail middle market is reflected in the new retail business recorded by Sanlam Collective Investments, which is 10% down on 2008. This was however offset by strong wholesale business inflows, which contributed to an overall 16% increase in Sanlam Collective Investments\' new business sales compared to 2008. Sanlam Private Investments is also experi - By: Deutsche Securities (SA) (Proprietary) Limited
SHOPRITE HOLDINGS LIMITED - [4 September 2009]
DEALING IN SECURITIES BY A DIRECTOR In compliance with rule 3.63 of the JSE Listings Requirements, the following information is disclosed: Director : Dr C H Wiese Office Held : Chairman Date transaction effected : 2 September 2009 Number of shares purchased : 500 contracts (representing 50,000 Shoprite Holdings Ltd ordinary shares) Purchase price : 5640.0 cents per share Value of the transaction : R2,820,000.00 Class of shares : Single Stock Futures Contracts Interest : Indirect beneficial Written clearance to deal received : Yes Cape Town Date: 3 September 2009 Sponsor - By: Nedbank Capital
OLD MUTUAL PLC - [2 September 2009]
PAUL HANRATTY APPOINTED AS OMLACSA BOARD CHAIRMAN Old Mutual plc (\"Old Mutual\") announces that Paul Hanratty has been appointed as executive Chairman of Old Mutual Life Assurance Company (South Africa) Limited (\"OMLACSA\") with effect from 1 September 2009. He succeeds Professor Andreas van Wyk, who has served as non-executive Chairman since 2008. Mr. Hanratty has been an executive member of the Board of OMLACSA since 2006 in his capacity as Chief Executive of Old Mutual South Africa (\"OMSA\"). As previously announced, he assumes the position of Chief Executive of Old Mutual\'s Long-Term Savings Division from 1 September 2009. Julian Roberts, Group Chief Executive of Old Mutual, commented: \"We are very pleased that Paul has agreed to take up Chairmanship of the OMLACSA Board. His extensive knowledge of the industry and of Old Mutual South Africa and his leadership skills make him ideal to take over as Chairman. I would like to express my appreciation to Professor van Wyk for his leadership of the Board. We are also delighted that he will continue to serve on the Board as an independent Director. \" For further information on Old Mutual plc, please visit the corporate website at www.oldmutual.com 1-Sep-09 Sponsor Enquiries Investor Relations Patrick Bowes UK +44 (0)20 7002 7440 Deward Serfontein SA +27 (0)82 810 5672 Media Matthew UK / SA +44 (0)20 7002 7133 Gregorowski Don Hunter UK +44 (0)20 7251 3801 (Finsbury) Notes to Editors Old Mutual Old Mutual plc is a leading international long-term savings Group. Originating in South Africa in 1845, the Group provides life assurance, asset management, banking and general insurance in Europe, the Americas, Africa and Asia. Old Mutual plc is listed on the London Stock Exchange and the JSE, among others. In the year ended 31 December 2008, the Group reported adjusted operating profit of GBP1.0 billion (on an IFRS basis) and had GBP265 billion of funds under management at the year end. The Group has approximately 57,000 employees. Paul Hanratty Paul Hanratty joined OMSA in 1984 and has served the company in a variety of roles including actuarial, employee benefits and product development. Paul was appointed as Managing Director of OMSA in 2006. - By: Merrill Lynch South Africa (Pty) Limited
FORSYS METALS CORPORATION - [1 September 2009]
TERMINATION OF GFI AGREEMENT UPDATE Forsys Metals Corp (\"Forsys\" or the \"Company\") advises that George Forrest International Afrique S.P.R.L. (\"GFI\") responded to the Company\'s termination notice referred to in the Company\'s news release of August 28, 2009. In their response, GFI has accepted that the arrangement agreement (the \"Agreement\") dated November 14, 2008, as amended, between the Company and GFI is terminated. GFI has, however, disputed the Company\'s right to claim the reverse break fee payment of CAD$20,000,000 under the terms of the Agreement and alleged certain breaches of the Agreement by Forsys. The Company strongly disagrees with GFI\'s assertions and will be vigorously pursuing the payment of the reverse break fee and any other legal remedies that it may have. On Behalf of the Board of Directors of Forsys Metals Corp Duane Parnham President and CEO Windhoek, 31 August 2009 Registered Office Valencia Uranium (Pty Ltd 30 Joule Street P.O. Box 40155 Ausspannplatz Windhoek, Southern Industrial Namibia Sponsor Member of the NSX 100 Robert Mugabe Avenue P O Box 186, Windhoek, Namibia Registration No. 95/505 Date: 31/08/2009 10:31:01 Produced by the JSE SENS Department. - By: IJG Securities (Pty) Ltd
NEDBANK GROUP LIMITED - [1 September 2009]
DEALING IN SECURITIES BY DIRECTOR In terms of paragraph 3.63 - 3.65 of the Listings Requirements of the JSE, the following information is disclosed in respect of the exercise of share options and the dealing in Nedbank Group ordinary shares by an executive director of Nedbank Group and Nedbank Limited: Name: GW Dempster Capacity: Chief Operating Officer Date of transaction: 28 August 2009 Strike price: R60,01 Number of securities: 45 000 Total value: R2 700 450,00 Nature of transaction: Exercise of share options Extent of interest: Direct beneficial Name: GW Dempster Capacity: Chief Operating Officer Date of transaction: 28 August 2009 Price per share: R114,99 Number of securities: 45 000 Total value: R5 174 419,50 Nature of transaction: Sale on the open market Extent of interest: Direct beneficial The required prior written clearance for the exercise of the options and the dealing in shares was obtained. Sandton 31-Aug-09 Sponsors to Nedbank Group in South Africa: Nedbank Capital Sponsor to Nedbank Group in Namibia: Old Mutual Investment Services (Namibia) (Pty) Ltd - By: Merrill Lynch South Africa (Pty) Limited
PALADIN ENERGY LIMITED - [1 September 2009]
Preliminary Financial Report Paladin Energy Ltd (\"Paladin\" or \"the Company\") (TSX/ASX/NSX:PDN) announces the release of its 30 June 2009 - Preliminary Financial Report. For full report, please refer to company website (http://www.paladinenergy.com.au). On behalf of the Board of Directors, John Borshoff Managing Director Windhoek, 31 August 2009 Registered Office Erf 3981B Extension 10 New Industrial Area Swakopmund Namibia Sponsor IJG Securities (Pty) Ltd Member of the NSX 12 Love Street P O Box 186, Windhoek, Namibia Registration No. 95/505 Date: 31/08/2009 15:50:02 Produced by the JSE SENS Department. Preliminary Financial Report - conference call Year End June 2009 Conference Call and Investor Update - 1st September 2009 Paladin Update Date: 1 September 2009 Time: 22:00 Perth / 10:00 Toronto / 15:00 London / 22:00 Hong Kong LIVE - Conference Call and Online Slide Show (ASX / TSX/NSX Code: PDN) Paladin Energy Ltd (\"Company\") announces that the Company will hold a telephone conference in conjunction with an Online Slide Show at 22:00 Perth / 10:00 Toronto / 15:00 London / 22:00 Hong Kong on September 1, 2009 to give an update on the Company\'s activities. The Online Slide Show will be accessible from the link at - www.paladinenergy.com.au. Questions will be taken at the briefing\'s conclusion by way of conference call - Dial in numbers for the conference call are as follows: Australia 1800 148 258 Belgium 0800 715 72 Canada 1866 837 4489 China North 1080 0611 0127 China South 1080 0361 0079 France 0800 908 221 Germany 0800 181 4827 Hong Kong 800 965 808 India 0008 00100 7048 Indonesia 0018 0306 12145 Ireland 1800 720 011 Italy 800 788 772 Japan 0044 2206 2118 Johannesburg +61 2 8524 6650 Malawi +61 2 8524 6650 Malaysia 1800 180 708 Namibia +61 2 8524 6650 Netherlands 0800 0229 451 New Zealand 0800 667 018 Norway 800 10112 Philippines 1800 1612 0005 Singapore 800 616 2170 South Korea 0079 8612 1097 Sweden 0207 99376 Switzerland 0800 561 529 Taiwan 0080 1232 398 Thailand 0018 0061 21124 United Kingdom 0800 056 9662 United States of America 1866 586 2813 International +61 2 8524 6650 CONFERENCE ID: 27163868 (This must be quoted) You are encouraged to dial in approximately 5-10 minutes prior to the commencement of the briefing. ARCHIVE - Audio/Slides Webcast The briefing will be available approximately 2-4 hours after the live event on the same link as the live online slide show. On behalf of the Board of Directors, John Borshoff Managing Director Windhoek, 31 August 2009 Registered Office Erf 3981B Extension 10 New Industrial Area Swakopmund Namibia Sponsor Member of the NSX 12 Love Street P O Box 186, Windhoek, Namibia Registration No. 95/505 Date: 31/08/2009 15:51:01 Produced by the JSE SENS Department. - By: IJG Securities (Pty) Ltd
- [15 April 2009]
FURTHER CAUTIONARY ANNOUNCEMENT Unitholders are referred to the announcements dated 4 December 2008, 15 January 2009 and 3 March 2009 and are advised that the company is still in negotiations which, if successfully concluded, may have an effect on the price of the company\'s linked units. Accordingly, unitholders are advised to continue to exercise caution when dealing in the company\'s linked units until a further announcement is made. Johannesburg 14-Apr-09 JSE Sponsor - By: BJM Corporate Finance (Pty) Limited
NAMIBIAN SCHOLARS INVESTMENT CHALLENGE 2008 - [30 March 2009]
Prize giving The Namibian Scholars Investment Challenge (NSIC 2008) closed on the 25th of September 2008. The top five schools and competition sponsors attended the NSX Gala dinner and NBL/NSX Namibian Scholars Investment prize giving Ceremony. The ceremony was held at the Windhoek Country Club on the 25th of October, 2008. The Namibian Scholars Investment Challenge is an investment competition at the beginning of which scholars are credited with a fictitious amount of N$ 200,000. Their basic task is to use the money to buy and sell shares listed on the NSX. Schools choose 4 teams of four pupils, who are assigned the task of investing the capital on the NSX. School teams are then allocated a stockbroker who acts as an agent for the duration of the competition. During the competition, progress evaluations are carried out on a monthly basis. The winner of the competition is the school that produces the highest returns or incurs the least losses in their portfolios over the duration of the competition. The competition has appreciated widespread support in the past from schools, teachers, sponsors and families from all over Namibia. The following schools and their prizes for 2008 are - Prizes Amount Winners 1st Prize N$ 20,000 Hage Geingob - Sciemerse 2nd Prize N$ 17,500 Delta – Delta force 3rd Prize N$ 15,000 Gabriel Taapopi - Brainiex 4th Prize N$ 12,500 DHPS - Valontino 5th Prize N$ 10,000 Edugate – Trooper Business solutions This year\\\'s challenge saw the total prize money increase to a whopping total of N$ 75,000.00 and this was all due to the generosity of our sponsors. Prize money is divided between the school and the team members. 1/3 goes to the school and the remaining 2/3 is divided equally amongst the team members. The Sciemerce team from Hage Geigob, with a 13.3% increase in their portfolio, walked off with the N$ 20,000 first prize sponsored by Legal Shield. Delta Force(11.5%) and Gabriel Taapopi’s Braniexes (8.4%) placed second and third respectively; both prices sponsored by IJG Securities. Forth price went to DHPS and the fifth price sponsored by Namibia Equity Brokers went to the youngest participants ever the Trooper business solutions of Edugate Academy. During the period of the competition the overall index of the shares listed on the NSX moved from 955.15 to 710.17 – decease of 25.65% - our budding investors exceptionally out performed the overall index. The local index increased with 7.24% moving from 138.88 to 148.94 while DevX stock The competition is a rewarding opportunity for scholars to learn more about the financial services industry and how to invest in equities. This experience can be used to further a career in the industry or to make wise decisions when considering future investment opportunities. Without Simonis Storm Securities, Namibia Equity Brokers, Investment House Namibia and IJG Securities, the NSX\\\'s four stock broking members (for the duration of the 2008 competition), the NSIC 2008 would never have been possible. Their willingness to give advice to the participating schools played a pivotal role in the success of the competition. The NSX commends them for their efforts in making the NSIC 2008 a great success. The NSX thanks Namibia Breweries Limited and MTC Who were, yet again, instrumental in making this year\\\'s challenge a great success? As well as; Trustco Holdings Namibia Irwin, Jacobs, Greene (IJG) Our thanks also go to NEB – Namibia Equity Brokers A welcomed addition to the above mentioned group of NSIC 2008 price sponsors. These companies played a fundamental role in driving the competition and ensuring excellent performance from the participants. - By: NAMIBIAN STOCK EXCHANGE