Simmer & Jack Mns. - Final Results
27 Oktober 1999 - 10:39AM
UK Regulatory
RNS No 6194d
SIMMER AND JACK MINES LIMITED
15 October 1999
SIMMER AND JACK MINES, LIMITED
Preliminary announcement of annual results
year ended 30 June 1999
Abridged consolidated income statements
Year
ended Year Year
30 June ended ended
1999 30 June 30 June
Pro forma 1999 1998
(Unaudited) (Unaudited) (Audited)
R'000 R'000 R'000
Turnover 3 328 5 383
Operating costs 10 735 14 732
Operating loss (7 407) (9 349)
Mine closure and
rationalisation costs (2 873) -
Profit on disposal of subsidiary - 3 200
Unrealised loss on foreign exchange
translation (915) -
Net interest paid (4 337) (5 874)
Loss before taxation (15 532) (12 023)
Taxation - 1
Loss for the year (notes 1&2) (15 532) (12 024)
Abridged consolidated balance sheets
Capital employed
Ordinary shareholders' funds 94 905 24 858 40 390
Minority shareholders' interest 1 1 1
Shareholder's loan
- interest bearing (note 4) 7 718 45 765 22 078
Long-term liability
- non-interest bearing 666 666 1 645
103 290 71 290 64 114
Employment of capital
Mining assets 103 121 103 121 64 989
Current assets 3 679 3 679 6 160
Cash at bank,
at call and on deposit 1 852 1 852 2 370
Other current assets 1 827 1 827 3 790
Current liabilities 3 510 35 510 7 035
Current liabilities
- non-interest bearing 2 653 2 653 2 553
Purchase consideration
- Transvaal Gold Mining Estates Limited
(note 3) 500 32 500 -
Bank overdraft 357 357 4 482
Net current assets/(liabilities) 169 (31 831) (875)
103 290 71 290 64 114
Shares in issue ('000)** 171 648 27 064 27 064
Net asset value per share (cents) 55 92 149
Loss per share (cents) 9 57 44
** Pro forma = weighted average
Notes
1. Results for the year include the results of Transvaal Gold Mining Estates
Limited ("TGME") on the basis that the acquistion of TGME by Simmers was
approved by Simmers shareholders on 4 October 1999 with retrospective effect
to 1 December 1998. The finalisation of the acquisition of TGME remains
subject to the approval of the Competition Commission.
2. Operating losses for the year include the holding costs of assets kept on
care and maintenance and the operating losses of TGME's surface operations
which were terminated in April 1999.
3. In the event of the approval being obtained from the Competition Commission
for the acquisition of TGME, the purchase consideration for TGME is to be
settled by issue of 80 000 000 ordinary shares in Simmers at an issue price
of 40 cents per share and R500 000 in cash.
4. A portion of the shareholders loan amounting R 38 047 142 was capitalised on
11 October 1999 by way of an issue of 95 117 855 ordinary shares in Simmers
at an issue price of 40 cents per share. The balance of the loan account
bears interest at prime bank overdraft rates plus two percentage points and
is repayable by mutual agreement.
5. A pro forma balance sheet, based on the actual financial position at 30 June
1999 is given to indicate the financial effect the acquisition of TGME and
the capitalisation of the shareholders' loan will have once completed.
6. The finalisation of the audit of the results for the year ended 30 June 1999
remains subject to approval of the acquisition of TGME by the Competition
Commission.
7. The rationalisation of the combined assets of the company and TGME is
proceeding satisfactorily and in terms of the information provided in the
circular to shareholders dated 10 September 1999. Both the Svengali joint
venture and the Clewer Mine referred to in the circular are currently
producing gold and are expected to begin contributing profitably within the next
few months.
8. The company is year 2000 compliant.
By Order of the Board
Consolidated Mining Management Services Limited
Secretaries
15 October 1999
END
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