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Market & Value Traded |
Local Index |
155.96 |
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Overall Index |
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Value Traded Today |
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Value Traded Month to Date |
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Value Traded Year To Date |
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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 | |