TIDMGDP
RNS Number : 5242W
Goldplat plc
22 December 2021
Goldplat plc / Ticker: GDP / Index: AIM / Sector: Mining &
Exploration
22 December 2021
Goldplat plc
('Goldplat', the 'Group' or 'the Company')
Audited Results for the year ended 30 June 2021
Goldplat plc, the AIM listed gold producer, with international
gold recovery operations located in South Africa and Ghana, is
pleased to announce its audited results for the year ended 30 June
2021.
The Company's annual report and accounts, will be available on
the Company's website at http://www.goldplat.com/downloads and hard
copies will be posted this week to shareholders that have elected
to receive printed copies.
As announced on 3 December 2021, the resolution to receive the
accounts that was included in the notice of AGM taking place on 31
December 2021 is being adjourned and a further meeting to receive
the accounts early in the new year will be convened in due
course.
For further information visit www.goldplat.com, follow on
Twitter @GoldPlatPlc or contact:
Werner Klingenberg Goldplat plc Tel: +27 (0) 82 051 1071
(CEO)
Colin Aaronson/George Grant Thornton UK LLP Tel: +44 (0) 20 7383
M Grainger (Nominated Adviser) 5100
Jessica Cave / Andrew WH Ireland Limited Tel: +44 (0) 207 220
de Andrade (Broker) 1666
Tim Thompson / Mark Edwards Flagstaff Strategic and Tel: +44 (0) 207 129
/ Fergus Mellon Investor Communications 1474
goldplat@flagstaffcomms.com
The information contained within this announcement is deemed to
constitute inside information as stipulated under the retained EU
law version of the Market Abuse Regulation (EU) No. 596/2014 (the
"UK MAR") which is part of UK law by virtue of the European Union
(Withdrawal) Act 2018. The information is disclosed in accordance
with the Company's obligations under Article 17 of the UK MAR. Upon
the publication of this announcement, this inside information is
now considered to be in the public domain.
Chairman's Statement
Goldplat's two precious metals processing facilities, in South
Africa and Ghana, have had a productive year to 30 June 2021
achieving very creditable trading results, whilst the planned
simplification of the group structure, to which I referred last
year, has now largely been completed.
Looking at trading results, profit for the year was GBP2,179,000
(2020 - Loss GBP1,965,000). The improvement reflects the point that
the Group is now carrying much reduced material costs of
discontinued operations. Looking at like-for-like profitability
from continuing operations, profit for the year was GBP2,749,000,
as against GBP3,305,000 in 2020. Even though activity levels in
2021 were higher than in 2020, with turnover up 43 per cent.
year-on-year, we encountered higher input costs and tighter margins
in South Africa in 2021, compensated to a large extent by strong
results in Ghana. Cash generation across the Group continued to be
robust with net cash flows from operating activities of
GBP2,309,000 (2020 - GBP3,380,000) and net year end cash of
GBP3,459,000 (2020 - GBP3,146,000).
With regard to the planned simplification of the group
structure, we have now: removed the South African operation out of
the intermediate Guernsey holding company, thereby reducing
materially the Groups' tax cost; increased our holding in the South
African operation from 74 per cent. to over 90.63 per cent.,
thereby increasing the Group's share of its profits; and completed
the disposal of the Kilimapesa gold mine for an equity and royalty
consideration, thereby removing any requirement to provide funding
or management resources. Together, these moves leave us with a
profitable, cash generative, precious metals processing business
and a clear path for cash surplus to the Group's operational
requirements and growth plans to be passed up to shareholders.
There have been a number of changes to the composition of the
Board over the last year. We were very pleased to welcome Martin
Ooi to the Board in October 2021. Martin has been a substantial and
supportive shareholder of the Company for a number of years and his
perspective will make a valuable contribution to the Group's
strategy. In May 2021, Hansie van Vreden left us as Chief Operating
Officer to take up appointment as CEO of a specialist mining
services company. Given the depth of the Group's management
structure, the disposal of the Kilimapesa gold mine, and the
appointment of Ayanda Ntsho, a non-main board finance director, it
was concluded that the functions of COO would be absorbed into the
existing management structure. Following the AGM held in December
2020, Ian Visagie, who had been a director at the Group's admission
to AIM in 2006, ceased to be a director. Earlier this month Nigel
Wyatt advised the company of his intention to step down after 8
years as an independent non-executive director, and we thank him
for his contribution over those years. Given this, we will now
conduct a review to determine the appropriate composition of the
Board.
Goldplat operates in a well regulated industry and this
regulation includes environmental impact, particularly in terms of
air, water and site rehabilitation. We are pleased to note that we
qualify for the London Stock Exchange's Green Economy Mark, one of
only 48 companies on AIM to be so classified. Operating in South
Africa and Ghana, we are also very mindful of our legal and social
obligations to operate with the participation of local communities.
We are also aware that there is much still to do in terms of
firstly analysing, quantifying and reporting on our environmental
and social impact and then secondly improving and refining our
operations, in a manner which we believe investors will
increasingly expect.
The teams in South Africa, Ghana and South America have been as
productive as ever in pursuit of Goldplat's strategy
notwithstanding the constraints of Covid. I thank all Goldplat's
employees, as well as our advisors and my fellow directors, for
their efforts as we look forward with enthusiasm.
Matthew Seymour Robinson
Chairman
21 December 2021
Operations and Finance Report
Overview
Goldplat plc is a gold recovery services company with two market
leading operations in South Africa and Ghana focused on recovering
gold and other precious metals from by-products, contaminated soil
and other gold bearing material from mining and other industries,
providing an economic method for mines to dispose of waste
materials while at the same time adhering to their environmental
obligations.
During the prior period, the Company classified its gold mining
and exploration portfolio at Kilimapesa in Kenya as a disposal
group held for sale and its equity interest in the Anumso
exploration project in Ghana as a discontinued operation. During
the year under review the sale of Kilimapesa in Kenya was
completed, with the Company retaining a holding of a 9.2 per cent.
interest indirectly in the project and a 1 per cent. net smelter
royalty, capped at USD1.5 million. The mining right in the Anumso
exploration project expired during the current period and as
indicated, was not renewed.
Goldplat has a JORC defined resource (see the announcement dated
29 January 2016 for further information) over part of its active
Tailings Storage Facility ('TSF') at its operation in South Africa
of 1.43 million tons at 1.78g/t for 81,959 ounces of gold. Since
the resource estimate was made a further 500,000 tons of material
have been deposited on the TSF.
Goldplat's extraction processes and multiple process lines
enable it to keep materials separate, which provides a high degree
of flexibility when proposing a solution for a particular type of
material. The processes which are employed include roasting in a
rotary kiln, crushing, milling, thickening, flotation, gravity
concentration, leaching, CIL, elution and smelting of bullion.
Goldplat recovery operations recover between 1,800 ounces to
2,400 ounces monthly through its various circuits and under
different contracts. The grade, recovery, margins and terms of
contracts can differ significantly based on the nature of the
material supplied and processed. At a minimum, 50 per cent. of
material produced is exposed to the fluctuation in the gold price,
with the remainder of the production being offset by corresponding
changes in raw material costs.
The strategy of the company, which also drives the key
performance indicators of management, is to return value to the
shareholders by creating sustainable cash flow and profitability
through: growing its customer base in South Africa, West Africa and
further afield; increasing its ability to process lower grade
contaminated material through investing into and improving
processing methods; forming strategic partnerships with other
industry participants; diversifying into processing of platinum
group metals ("PGM") contaminated material; and finding a final
deposition site for, and optimising the processing of, the TSF.
Goldplat's highly experienced and successful management team has
a proven track record in creating value from contaminated gold and
other precious metals-bearing material.
Introduction
During the current period, the Company exited its exploration
and mining portfolio and largely completed the process of
restructuring and positioning the Group, to optimize the returns to
shareholders from its gold recovery businesses in South Africa and
Ghana.
During the period, the recovery operations continued to deliver
good returns with operations in Ghana increasing its profits from
operating activities by 256 per cent. continuing the progress made
in developing the market for supply of material in West Africa and
supported by supply out of South America. The West African market
still has growth potential but remains dependent on getting
approval for export of material from neighbouring countries.
The operations in South Africa had another good production
period, but its operating results were impacted by a decreasing
gold price throughout the year (although they were higher than
prior year), and an increase in price of raw material and other
costs. It still delivered operating profits for the period of
GBP3.22 million on the back of exceptional results in the previous
period (2020 - GBP5.62 million). The sustainable profitability was
as a result of increasing the customer base and industry
relationships during the past
2 periods, investments made into plant improvements, improving
operating efficiencies and achieving cost reductions. Additionally,
the South African operation has been investing into potential
growth areas, specifically through research and analysis of other
raw materials for processing and the reprocessing of the TSF
material and Platinum Group Metals ('PGM').
The operations throughout the group have benefitted from a
strong gold price during the period of USD1,846/oz (2021 -
USD1.560/oz). However, the increase in gold price, and specifically
the declining exchange rate during the period in South Africa, did
contribute to an increase in the cost of raw material and reduction
of margins.
The table below on the operating performance of the continuing
operations of the group indicates the ability of the recovery
operations in South Africa and Ghana to produce profitably at
various gold prices and production levels. The margins of the
recovery business are exposed to the volume, quality and type of
material received, the gold contained in such material, processing
methods required to recover the gold, the final recovery of gold
from such material, the contracts terms and gold price.
Management's key focus in the recovery operations remains to
increase visibility of earnings through growing its customer base
and contracted supplying raw material and on site.
2021 2020 2019 2018 2017
Average Gold Price per
oz in
US$ for the year 1,846 1,560 1,263 1,293 1,258
Average GBP/US Dollar
exchange rate for the
year 1.367 1.2603 1.294 1.28 1.2678
Average Gold Price per
kg in GBP for the year 44,110 39,798 31,377 32,475 31,912
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
Revenue 35,400 24,809 21,769 28,962 28,501
Gross Profit 6,614 7,312 3,114 5,703 5,644
Administrative expenses (2,147) (1,682) (861) (1,389) (1,008)
---------------------------- ------- ------- ------- ------- -------
Operating Profit before
Finance Cost 4,523 5,335 2,253 4,313 4,636
Continued operations
Goldplat Recovery (Pty) Limited - South Africa - ('GPL')
The operations in South Africa had another good production
period, but its operating results were impacted by a decreasing
gold price, that started off high at the beginning of the financial
period and, increases in the price of raw material and other costs.
Revenues increased by 10.8 per cent. to GBP17.62 million (2020 -
GBP15.9 million), mainly as a result of the increase in the average
gold price year-on-year. The profits from operating activities
however decreased to GBP3.22 million on the back of exceptional
results in the previous period (2020 - GBP5.62 million). The
decrease in operating profitability was as a result of increase in
raw material cost in the higher gold market as well as other
operating costs.
By-products (carbon, woodchips, liners and other
by-products)
Consolidation continues in the South African gold industry;
mines are closing or are becoming more efficient in their
processing, resulting in reduced volumes and grade of by-products
received. GPL continued to deliver services to clients signed
during previous financial periods and extended its service delivery
contract with one of its major suppliers during the period for
another 3 years. The risk of supply remains due to the short-term
nature of contracts. The focus remains on improving the service
provided to the mines, with the aim of increasing the term of the
contracts.
Low grade materials
The low-grade material processed through GPL's carbon-in-leach
circuits ('CIL') is surface material that has been contaminated by
more than 100 years of gold mining in South Africa. The gold grade
in this material
is between 1 to 4 grams a ton (average 2 grams per ton). During
the period we have maintained the stock of low-grade material
available for processing, on contract and on-site to more than 2
years.
With improved mining and processing methods and focus on the
environment, significant tonnages of these types of materials are
not being generated, and what is being generated, is processed
through the mines' own plants before closure. As a result, the
quantities of such materials available to GPL will reduce.
Nevertheless, GPL believes there are still numerous sources
available, although these will be of a lower grade and/or generate
lower recoveries.
GPL continue to make changes to its circuit to increase its
ability to extract value from these lower grade materials.
During the year under review we installed and completed the
following improvements in the plant:
-- We have expanded our pre-treatment facility further through
the installation of a jig for GBP94,000, which increased our
ability to separate and discard preg-robbing carbons contained in
material before the mill, through the use of density medium
processes, to enable the company to increase the yield, and improve
margins, by processing lower grade material. As a result, we
continued to purchase materials of this nature, which are more
readily available, which assisted us in maintaining our low-grade
materials we currently have on site.
-- A further GBP45,000 was incurred on a rotaspiral to reduce
carbon in slurry after the mill and before leaching.
The Company is also currently building a strategic partnership
in industry to determine if it could provide a service of doing
toll processing for smaller mining operations that do not have
sufficient plant capacity, skill and deposition facilities. Inline
with this strategy, we agreed, after the end of the financial
period, with West Wits Mining Limited (ASX: WWI) to process
material from their early mine programme through our plant on a
toll treatment basis. The initial programme will last approximately
6 months with material processed through our largest CIL circuit,
with the option to extend.
Condition and reprocessing of the TSF
We continued to invest money to monitor, extend and increase
capacity within GPL's TSF and incurred GBP118,000 for this purpose.
During the period we have also incurred GBP428,000 to do
pre-construction of an adjoining TSF whilst we are in the process
of applying for permitting. GPL will need to invest a further
GBP300,000 during the following financial period in establishing
this tailings facility and we expect to finance this from
operational cash flow. We have made changes to our water use
license application to the Department of Water and Sanitation and
resubmitted the application at the end of October 2021. We require
the application to be approved to complete the construction of the
adjoining TSF and expect this by the end of February 2022 if not
sooner.
Through research and development in the prior year, we decided
that it will be optimal to reprocess the TSF off-site through a
large third-party plant and we submitted an application for
environmental approval in October 2021 for the construction of a
pipeline, which could provide us with the ability to pump and
process material off-site. We estimate that the approval of the
application will take approximately 12 months and during this time
we will continue discussions with other third parties.
The option of reprocessing the TSF material at our premises
remains but this will require us to invest in a new plant and more
importantly get an appropriate final deposition site approved and
established.
Gold Recovery Ghana Limited - Ghana ('GRG')
GRG focusses on the processing and recovery of gold from mine
by-products and serves the industry in Ghana, West Africa, South
America and other parts of Africa.
The sourcing efforts in West Africa and further afield continued
to benefit the Group through increased supply of material from our
current suppliers. The increase in feed material resulted in
revenues increasing from GBP8,909,000 during the period to
GBP17,778,000. As a result, GRG increased its profitability,
posting an operating profit before finance cost of GBP2,574,000
(2020 - GBP724,000). The results for the year continue to reflect
the sourcing risk to which GRG is subject.
Due to the lengthy period it takes to extract value from
material (60 to 210 days), from when material leaves the mines to
when gold is recovered and subsequently sold, GRG obtains financing
to settle payment to the mines earlier. The working capital finance
cost for the period for GRG was GBP148,000 (2020 - GBP154,000). A
further finance cost of GBP110,000 (2020 - GBP125,000) was incurred
at Group level to support working capital in Ghana.
Major investments made in Ghana in prior years has positioned
GRG well to service its customers.
The following initiatives will continue to manage and reduce the
risk of procurement of sufficient materials for Ghana:
-- Expanding the successes achieved in Mali to other mines in
Mali, Ivory Coast and Burkina Faso. Some of these efforts have been
delayed due to the Covid-19 travel restrictions. In Burkina Faso,
the case relating to the export of fine carbon material is still
pending and partly delaying any further export of material. Our
engagement with mine management and government officials on
different levels has continued, with the aim of increasing our
footprint to ensure regular supply. Specific progress in this
regard has been made during the quarter in Cote d'Ivoire.
-- To support the sourcing and export of material to GRG,
subsidiaries have been incorporated in Peru and Brazil during the
period, and we will be looking to establish a site in Brazil during
the next financial period at an estimated cost of USD300,000, none
of which has been committed. This should assist us in increasing
our presence and service delivery in South America and specifically
allow us to source and process lower grade material, which is not
feasible to transport to our other facilities.
-- To reduce the risk to the Ghana operation, we continue to
evaluate our options for processing of artisanal tailings material,
including the possibility of finding a partner in country, whilst
continuing to seek permission from the Minerals Commission to
restart in some form the processing and/or tolling of tailings
material.
Discontinued operations
Kilimapesa Gold (Pty) Limited - Kenya ('KPG')
The sale of KPG was completed during April 2021 to Mayflower
Gold Investments Limited ('Mayflower').
The initial consideration receivable by Gold Mineral Resources
Ltd ("GMR"), Goldplat's subsidiary, was in the form of a secured
debenture of USD1,500,000, to be satisfied by cash and/or the issue
of shares to that value in Papillon Holdings plc ('Papillon')
payable on Papillon's re-admission to trading on the LSE following
completion of the RTO, with 30 per cent. (USD450,000) of the
initial consideration payable in cash.
Subsequent to period end, on 31 August 2021, Papillon Holdings
plc, renamed as Caracal Gold plc ("Caracal"), had its ordinary
shares commence trading on the Main Market for listed securities of
the London Stock Exchange plc ('LSE') under the ticker GCAT with a
contemporaneous dual listing on the Frankfurt Stock Exchange, which
followed the completion of the reverse takeover of Mayflower Gold.
GMR received 103,846,153 shares (which represented 7.17 per cent.
of its issued share capital) in Caracal on 31 August 2021, which
represented 70 per cent. of the initial consideration of the sale
of KPG to Mayflower. On 3 November 2021, the Company agreed with
Caracal to take up the remainder of the initial share consideration
on the sale of Kilimapesa at the initial listing price of Caracal
and as a result, received a further 32 878 000 shares in lieu of a
cash payment of US$450,000, increasing the Group's shareholding in
Caracal to 9.2 per cent. at the time.
GMR is entitled to receive a further 1 per cent. net smelter
royalty on all production from Kilimapesa up to a maximum of
$1,500,000, on any future production from Kilimapesa.
During the period the Company has incurred or written-off money
outstanding from Kilimapesa to the value of GBP186,000 which has
been included under loss from discontinued operations.
Anumso Gold Project - Ghana ('AG')
The gold mining license under the Anumso Gold ('AG') project
expired during March 2021 and has not been renewed as was the
intention of the Company and the joint venture partner, Desert Gold
Ventures Inc. The investment in AG was disclosed as a discontinued
operations during the prior year. During the period we
have been informed that mineral right fees since 2013 is
outstanding, which is being disputed. None of the joint venture
partners has intends to capitalise AG project to settle the claim
and current AG liabilities exceed its assets by the minerals right
fees outstanding. The Company share of outstanding minerals right
fees is GBP369,000 and this has been included under loss from
discontinued operations.
Additional financial review
The major functional currencies for the Group subsidiaries are
South African Rand (ZAR) and Ghana Cedi (GHS) whilst the
presentation currency of the group is Pounds Sterling (GBP).
The average exchange rates for the year are used to convert the
Statement of Profit or Loss and Other Comprehensive Income for each
subsidiary to Sterling. As set out in the table below, there it can
be seen that the average ZAR and GHS weakened against the Pound
Sterling, 3.49 per cent. and 10.73 per cent. respectively.
The exchange rate as at end of the period are used to convert
the balance in the statement of Financial Position. As per below
table, it can be seen that the ZAR strengthened by 7.39 per cent.
and the GHS weakened 13.67 per cent. against the Pound
Sterling.
2021 2020 Variance
GBP GBP %
South African Rand
(ZAR) Average 20.73 20.03 -3.49%
Ghanaian Cedi (GHS) Average 7.84 7.08 -10.73%
South African Rand
(ZAR) As at 30 June 2021 19.80 21.38 7.39%
Ghanaian Cedi (GHS) As at 30 June 2021 8.15 7.17 -13.67%
Apart from the gold price the Group's performance is impacted by
the fluctuation of its functional currencies against the USD in
which a majority of its sales are recognised. The average exchange
rates for the year used in the conversion of operating currencies
against the USD during the period under review are set out in the
table below.
2021 2020 Variance
USD USD %
South African Rand (ZAR) 15.42 15.91 -3.08%
Ghanaian Cedi (GHS) 5.82 5.61 3.74%
The 27 per cent. increase in the personnel expenses to
GBP4,396,000 (2020 - GBP3,446,000) during the period, was mainly as
a result of the increase of production personnel in South Africa
from 249 to 292. These increases were as a result of additional
plant constructed and to be operated and also to manage Covid-19
protocols.
The net finance loss/income for the period
can be broken into:
2021 2020
Interest component '000 '000
Interest receivable - 174
Interest payable on lease liabilities (21) (10)
Interest payable on borrowings (110) (124)
Interest on creditors (219) (270)
Interest on bank overdraft (16) (6)
Intercompany foreign exchange (expense)/profit (513) 971
Other foreign exchange expense (30) (404)
Net finance (loss)/Income (909) 331
The net finance loss of GBP909,000 (2020 - Income GBP331,000)
includes a foreign exchange loss of GBP543,000 (2020 - gain
GBP567,000). The large fluctuation in foreign exchange loss and
gain from period to period, relate mainly to the intercompany loan
between Group subsidiaries and GPL, which is dominated in USD. With
the ZAR strengthening against the USD during the current period by
17 per cent., a foreign
exchange loss of GBP882,000 (2020 - gain GBP913,000) was
recognized in GPL. The pound Sterling only weakened by 12 per cent.
against the USD during the current period resulting in an foreign
exchange profit in GMR on conversion of the intercompany loans
& receivables of GBP357,000 (2020 - loss of GBP133,000).
The net impact of intercompany balance movement in Group was
foreign exchange loss of GBP513,000, against a gain during the
previous period of GBP971,000.
The intention of the Group is to reduce intercompany loan
balance during the period to reduce the impact of the significant
fluctuation between reporting currencies and the currencies loans
are denominated in.
During the period the interest payable on borrowings reduced
from GBP124,000 to GBP110,000 as a result of repayment of most of
the debt during the fourth quarter of the financial year. We have
also managed to reduce the interest on creditors through
utilisation of our own cash balances during the period, from
GBP270,000 to GBP219,000. The increase in interest on lease
liabilities, GBP21,000 (2020 - GBP10,000) is as a result in
additional machinery procured on this basis in GPL during the
period and detail in this regard is disclosed in annual report.
Taxation
As a result of the decrease in the taxable profits and the
increase in capital expenditure incurred during the period in GPL,
together with the reduction in dividends declared from GPL during
the period, the taxation expenses in the Group decreased by 62 per
cent. GPL is taxed under a mining tax formula in South Africa,
which results in a lower percentage of tax when profits are lower
and capital expenditure higher. During the period, GPL was taxed at
a percentage of 23.48 per cent. (2020 - 28.98 per cent. ) and
recorded a tax expense of GBP435,000 (2020 - GBP712,000) with no
tax losses to offset.
GRG is registered as a Free Zone company in Ghana and is
currently taxed at the rate of 15 per cent. of taxable profits.
Withholding taxation paid during the period on dividends
declared from South Africa, was GBP80,307 (2020 - GBP226,000). The
Withholding Taxation Rate changed from 20 per cent. to 5 per cent.
during the period as a result of the shareholding of GPL changing
from GMR registered in Guernsey to Goldplat Plc (the Company). The
withholding tax is not recoverable by the Group.
Other comprehensive income
During the period the Company experienced a gain in foreign
exchange translation reserve of GBP966,000 (2020 - Loss of
GBP1,394,000). Similar to the prior year, the movement in the
reserve was mainly impacted by the fluctuation in the ZAR and Pound
Sterling exchange rate between reporting date. Year-on-year the ZAR
strengthened by 7.5 per cent. against the pound sterling (after
depreciating 19 per cent. during the previous period), resulting in
a foreign exchange gain on translation of GPL of GBP984,000 (2020 -
Loss of GBP1,882,000).
Property, plant & equipment
The increase in property plant and equipment of GBP1,132,000
during the period was due primarily to:
- The GBP428,000 incurred on the pre-construction of the
adjoining tailings facility, together with the GBP78,000 incurred
on the monitoring and extension of current tailings facility in
GPL;
- The GBP94,000 incurred on the jig to increase our ability to
process high carbon, lower grade material;
- The GBP153,000 increase in the environmental asset is as a
result of the increase in the environmental provision during the
period reflecting the increase in future cost of rehabilitation of
operations in South Africa.
No capital expenditure was incurred during the period in
GRG.
Intangible Assets
The intangible assets relate to the goodwill in the investment
held in GMR. The balance has been assessed for impairment by
establishing the recoverable amount through a value-in-use
calculation, the detail of which has been disclosed in annual
report.
Right-of-use asset
The right-of-use assets increased during the period by
GBP218,000, mainly due to the acquisition of heavy-duty vehicles
operating at the GPL plant.
The remainder of the changes relate to amortisation for the year
and foreign exchange movements as indicated in annual report.
Loan receivable
The GMR loan receivable from the South African minority
shareholders on the acquisition of shares are denominated in ZAR.
The reduction during the loan period of GBP25,000 relates to the
repayment of GBP74,000 from dividends declared by GPL to GMR. The
remainder of the movement related to the strengthening of the ZAR
against the Pound Sterling by 7.4 per cent.
Subsequent to the end of the period, the outstanding balance was
set off in full as part of the share repurchase agreement between
GPL and its minorities to repurchase a portion of the minorities
share.
Investment in Joint Venture
The gold mining license under the Anumso Gold ('AG') project
expired during March 2021 and has not been renewed as was the
intention of the Company and the joint venture partner, Desert Gold
Ventures Inc. The investment in AG was disclosed as a discontinued
operations during the prior year. During the period we have been
informed that mineral right fees since 2013 is outstanding, which
is being disputed. None of the joint venture partners intends to
capitalise AG project to settle the claim and current AG
liabilities exceed its assets by the minerals right fees
outstanding. The Company share of outstanding minerals right fees
is GBP369,000 and have been included under loss from discontinued
operations.
Inventories
The increase of GBP2,001,000 in the inventory balance, relates
mainly to an increase of GBP1,770,000 in inventory at GPL.
The increase in GPL inventory balance related to:
-- A GBP1,284,000 increase in raw material purchased for the
Carbon-In-Leach ('CIL') circuits, which constituted a 65 per cent.
increase from the prior period, however the dry tonnage of
resources on site only increased by 21 per cent. With the
improvements at the pre-treatment facility and the separation of
carbonaceous material before the mill, the amount of material
processed increased by between 20 per cent. to 25 per cent. on a
monthly basis. The increase in raw material is driven by an
increase in transport costs, high-grade material purchases and the
increase in cost of raw material due to the increase in gold price
over the last 18 months.
-- A GBP447,000 increase in precious metals on hand, mainly due
to a GBP310,000 increase in gravity concentrates generated in our
milling circuits. This is due to higher percentage of gold
recovered through our gravity processing units at the time and this
gravity material not sold before the end of the year.
The remainder of the increase relates to an increase in precious
metals on hand and in process at GRG driven by increase in supply
during the year.
Trade and other receivables
The increase of GBP8,527,000 in the trade and other receivable
balance, has been primarily as a result of: GPL
-- GBP1,774,000 increase in concentrates at smelters which was
driven by increase in percentage of gravity concentrates generated
in GPL circuits and processing of build-up supply of low-grade
material on our premises during the last quarter.
GRG
-- GBP5,673,000 increase in concentrates at smelters which was
driven by high grade batches of material received from suppliers
during the 3rd and 4th quarter of the year.
Provisions
In terms of section 54 of the regulations of the Minerals
Resource and Petroleum Act of 2002, in South Africa, a Quantum of
Financial Provisioning is required for activities performed under
mining lease. The Quantum was reassessed the during the current
period and increased by GBP204,000. The remainder of the movement
of GBP238,000 during the period related to the strengthening of the
ZAR against the Pound Sterling by 7.4 per cent.
Deferred tax liabilities
The decrease in the deferred tax liability was as a result of
the unrealised foreign exchange loss raised on the GMR intercompany
loan with GPL, as a result of the strengthening of the ZAR against
the USD during the period. The unrealised loss will only attract
tax when it is realised, however the deferred tax liability has
been adjusted during the current period. Further to this, the
deferred tax liability increases as a result of GBP1,391,000
capital expenditure incurred on the property, plant and equipment
and right-for-use assets acquired in GPL during the period, which
was amortized fully for tax purposes, although limited depreciation
was levied during the prior period on these assets.
Interest bearing borrowings
During the period the Group reduced the interest-bearing
borrowings from Scipion by GBP970,000, from GBP1,004,000 to
GBP33,000. The remaining balance was settled in full subsequent to
year-end and the facility has been cancelled. During the period the
borrowings attracted interest of GBP110,000 (2020 -
GBP124,000).
Trade and other payables
The increase in trade payables of GBP7,980,000 during the period
is linked to the increase in debtors, specifically material
delivered at smelters and inventory, specifically material shipped
and not yet delivered at smelters, on which funding has been
received to enable us to settle suppliers.
As indicated under trade and other payables, the increase linked
to high value gravity concentrates produced in the last quarter and
high value batches received from suppliers. The funding received is
recorded under invoice financing creditor and increased by
GBP5,522,000 to GBP6,910,000 during the period.
Contingencies
The Ghana Revenue Authority (GRA) has conducted an audit on the
company for the years 2014 to 2018 and is provisionally claiming a
remaining GHS5,670,303.99 (GBP723,253) as a result of their review.
We have objected this preliminary assessment and have resolved a
number of issues but have not been able to get closure on the
matter neither have we received a final assessment. We have been
engaging with the GRA through our auditor and other legal/tax
advisers. At the time of this report we are satisfied that we have
accounted for and accrued all taxation liabilities for which the
company is liable.
Outlook
As per the outlook of the previous financial period, the focus
during the period has been, and will continue to be, on:
-- finding structures best to return value to shareholders from continued profitability;
-- investing into research and development to identify different
processing methods and equipment to maximize value from sources
available;
-- expanding our environmental services delivery to industry; and
-- identifying opportunities for growth in the recovery
operations by investment into other locations and into additional
equipment in our current operation, as well as enhancing
operational efficiencies. This should enable the processing of
lower grade material at current operations and at different
locations closer to the source. Further to the above, we will
continue to leverage on relationship in industry to increase
long-term visibility through increase of resources and available
sources we can process.
The recovery operations have nearly always been cashflow
generative and subsequent to the period end we have utilized some
of this cashflow to increase the Company's shareholding in GPL and
the size of the Group. The Company will remain focused on sharing
future cashflows with shareholders, specifically distributing cash
surplus to the Group's operational requirements and growth plans to
shareholders.
During the 2021 financial period the South African operations
will need to complete its investment into a new tailings facility
at cost of GBP300,000 and we expect to finance this from
operational cash flow.
The focus for Ghana remains on sourcing material from West
Africa, South America and the other regions, whilst re-positioning
GRG to process lower grade material sourced from within Ghana. In
line with this, the Group will establish a site in Brazil to enable
it to source and process lower grade material in South America.
The South African operations will continue to serve the South
African gold industry and will focus on sustaining profitability
from old mining clean-ups and as part of its diversification
strategy will invest GBP250,000 of capital into processing PGM's
during the period. We will look towards reaching an agreement
during the period with a third party in the area to reprocess TSF
(which has a JORC Compliant Resource of 81,959 ounces) and
receiving environmental approval for a pipeline which will be
required to transport material to a facility for processing.
Goldplat recognises the cyclical nature of the recovery
operations as well as the risks inherent in relying on short-term
contracts for the supply of materials for processing, particularly
in South Africa where the gold industry is in slow longer term
decline.
These risks can be mitigated by improving our operational
capacities and efficiencies to enable us to treat a wider range of
lower grade materials and leveraging on our strategic partnerships
in industry to increase security of supply. We will continue to see
materials in wider geographic areas. We shall also keep looking
beyond our current recovery operations for further opportunities to
apply our skillsets and resources.
Conclusion
Goldplat's business has always involved change and opportunity,
I would like to compliment Goldplat's employees, its advisors, my
fellow directors and the Company's shareholders not just for their
efforts and support, but for how they have embraced the changes and
remained focused on the opportunity it brings. The board is looking
forward to building on this year's successes, creating opportunity
from the ever-changing environment and returning value to
shareholders.
Werner Klingenberg
Director
21 December 2021
Statement of Financial Position Group Group
Figures in GBP `000 2021 2020
Assets
Non-current assets
Property, plant and equipment 4,568 3,900
Right-of-use assets 574 356
Intangible assets 4,664 4,664
Investments in subsidiaries, joint ventures
and associates 1 1
Receivable on Kilimapesa sale 606 -
Other loans and receivables 636 661
Loan to group company - -
------- -------
Total non-current assets 11,049 9,582
------- -------
Current assets
Inventories 8,433 6,432
Trade and other receivables 13,003 4,476
Receivable on Kilimapesa sale 58 -
Cash and cash equivalents 3,459 3,140
------- -------
Total current assets 24,953 14,048
------- -------
Non-current assets or disposal groups classified
as held for sale - 3,380
------- -------
Total current assets 24,953 17,428
------- -------
Total assets 36,002 27,010
------- -------
Equity and liabilities
Equity
Share capital 1,698 1,675
Share premium 11,491 11,441
Retained income/(accumulated loss) 6,846 5,167
Foreign exchange reserve (5,258) (6,224)
------- -------
Total equity attributable to owners of the
parent 14,777 12,059
------- -------
Non-controlling interests 3,637 3,057
------- -------
Total equity 18,414 15,116
------- -------
Liabilities
Non-current liabilities
Provisions 787 549
Deferred tax liabilities 792 919
Lease liabilities 110 145
Loan from group company - -
------- -------
Total non-current liabilities 1,689 1,613
------- -------
Current liabilities
Trade and other payables 15,445 7,465
Current tax liabilities 128 157
Current portion of long term borrowings 33 1,004
Lease liabilities 293 206
Loan from group company - -
------- -------
Total current liabilities 15,899 8,832
Liabilities included in disposal groups classified
as held for sale - 1,449
------- -------
Total current liabilities 15,899 10,281
------- -------
Total liabilities 17,588 11,894
------- -------
Total equity and liabilities 36,002 27,010
------- -------
The financial statements of Goldplat plc, company number
05340664, were approved by the Board of Directors and authorised
for issue on 21 December 2021. They were signed on its behalf by:
Werner Klingenberg, Director.
Werner Klingeberg
21 December 2021
Statement of Profit or Loss and Other Comprehensive Income
Group Group
Figures in GBP `000 2021 2020
Revenue
35,400 24,809
Cost of sales
(29,201) (17,497)
Gross profit
6,199 7,312
Other income 56 -
Administrative expenses
(1,694) (1,682)
Impairment loss
- (295)
Profit/(loss) from operating activities 4,561
5,335
Finance income
- 1,067
Finance costs
(909) (736)
Profit/(loss) before tax
3,652 5,666
Income tax expense - continuing operations (903)
(2,361)
Profit/(loss) from continuing operations 2,749
3,305
Loss from discontinued operations
(570) (5,270)
Profit/(loss) for the year
2,179 (1,965)
Profit/(loss) for the year attributable to:
Owners of Parent
1,679 (3,137)
Non-controlling interest
500 1,172
2,179 (1,965)
Other comprehensive income net of tax
Components of other comprehensive income that will be
reclassified to profit or loss
Exchange differences on translation relating to the parent
Gains/(losses) on exchange differences on translation 719
(1,394)
Exchange reserve reclassified on loss of control of Kilimapesa 247
-
Total Exchange differences on translation 966
(1,394)
Exchange differences relating to the non-controlling
interest
Gains/(losses) on exchange differences on translation 256
(488)
Total other comprehensive income that will be reclassified
to profit or loss
1,222 (1,882)
Total other comprehensive income net of tax 1,222
(1,882)
Total comprehensive income
3,401 (3,847)
Comprehensive income attributable to:
Comprehensive income, attributable to owners of parent 2,645
(4,531)
Comprehensive income, attributable to non-controlling interests 756
684
3,401 (3,847)
Earnings per share from continuing and discontinuing operations
attributable to
owners of the parent during the year
Basic earnings per share
Basic earnings per share from continuing operations 1.32
1.27
Basic loss per share from discontinuing operations (0.34)
(3.15)
Total basic earnings/(loss) per share 0.98 (1.87)
Diluted earnings per share
Diluted earnings per share from continuing operations 1.32
1.25
Diluted loss per share from continuing operations (0.33)
(3.12)
Total diluted earnings/(loss) per share 0.99 (1.88)
Statement of
Changes in Foreign Retained Attributable
Equity - Group currency income/ to owners Non-
Figures in Share Share translation (accumulated of the controlling
GBP'000 Capital premium reserve loss) parent interests Total
Balance at 1
July 2019 1,675 11,441 (4,830) 8,282 16,568 2,717 19,285
Changes in
equity
Loss for the
year - - - (3,137) (3,137) 1,172 (1,965)
Other
comprehensive
income - - (1,394) (1,394) (488) (1,882)
------------- --------------- -------------- ------------- ------------- ------------ -------
Total
comprehensive
income for the
year - - (1,394) (3,137) (4,531) 684 (3,847)
Non-controlling
interests in
subsidiary
dividend - - - - - (344) (344)
Share based
payments - - - 22 22 - 22
------------- --------------- -------------- ------------- ------------- ------------ -------
Balance at 30
June 2020 1,675 11,441 (6,224) 5,167 12,059 3,057 15,116
------------- --------------- -------------- ------------- ------------- ------------ -------
Balance at 1
July 2020 1,675 11,441 (6,224) 5,167 12,059 3,057 15,116
Changes in
equity
Profit for the
year - - - 1,679 1,679 500 2,179
Other
comprehensive
income - - 719 - 719 256 975
Exchange reserve
released
through profit
and loss on
sale of
Kilimapesa - - 247 - 247 - 247
------------- --------------- -------------- ------------- ------------- ------------ -------
Total
comprehensive
income for the
year - - 966 - 2,645 756 3,401
Non-controlling
interests in
subsidiary
dividend - - - - - (176) (176)
Shares issued
from options
exercised 23 50 - - 73 - 73
------------- --------------- -------------- ------------- ------------- ------------ -------
Balance at 30
June 2021 1,698 11,491 (5,258) 6,846 14,777 3,637 18,414
------------- --------------- -------------- ------------- ------------- ------------ -------
Statement of Cash Flows Group Group
Figures in GBP'000 2021 2020
Net cash flows from/(used in) operations 4,277 4,774
Finance cost (909) (736)
Finance income - 1,067
Income taxes paid (1,059) (1,725)
---------------------------------------------------------- ------- -------
Net cash flows from/(used in) operating activities 2,309 3,380
---------------------------------------------------------- ------- -------
Cash flows (used in)/from investing activities
Proceeds from sales of property, plant and equipment 18 9
Purchase of property, plant and equipment (979) (356)
Decrease in cash from disposal of non-current assets
held for sale (6) -
Receipt from long term receivable 74 156
Decrease/(Increase) of loans to subsidiary - -
---------------------------------------------------------- ------- -------
Cash flows (used in)/from investing activities (893) (191)
---------------------------------------------------------- ------- -------
Cash flows (used in)/from financing activities
Proceeds from drawdown of interest-bearing borrowings - 973
Net (repayment) from debt financing (included under
trade and other payables) - (1,490)
Net proceeds from issuing of shares 73 -
Repayment of interest-bearing borrowings (872) (394)
Interest paid on interest-bearing borrowings (99) (127)
Principal paid on lease liabilities (186) (151)
Interest paid on lease liabilities (21) (40)
Payment of dividend by subsidiary to non-controlling
interest (344)
Payment of dividend to non-controlling interest (176) -
---------------------------------------------------------- ------- -------
Cash flows (used in)/from financing activities (1,281) (1,573)
---------------------------------------------------------- ------- -------
Net increase in cash and cash equivalents 135 1,616
Cash and cash equivalents at beginning of the year 3,146 1,807
Foreign exchange movement on opening balance 178 (277)
---------------------------------------------------------- ------- -------
Cash and cash equivalents at end of the year 3,459 3,146
---------------------------------------------------------- ------- -------
Cashflows from discontinued operations - 5
Notes to the Accounts
1. Basis of preparation and summary of significant accounting policies
Statement of compliance
The consolidated financial statements have been prepared in
accordance with International Financial Reporting Standards
("IFRSs") as issued by the International Accounting Standards Board
("IASB") , and the Companies Act 2006 as applicable to entities
reporting in accordance with IFRS.
Basis of measurement
The consolidated financial statements have been prepared on the
historical cost basis, except for derivative financial instruments
that have been measured at fair value.
Functional and presentation currency
These consolidated financial statements are presented in Pounds
Sterling ("GBP"), which is considered by the directors to be the
most appropriate presentation currency to assist the users of the
financial statements. All financial information presented in GBP
has been rounded to the nearest thousand, except when otherwise
indicated.
The Group's subsidiaries' functional currency is considered to
be the South African Rand (ZAR), Ghana Cedi (GHS) and the Kenyan
Shilling (KES) and the Company's functional currency is Pounds
Sterling (GBP) as these currencies mainly influences sales prices
and expenses.
Use of estimates and judgements
The preparation of the consolidated financial statements in
conformity with IFRS requires management to make judgements,
estimates and assumptions that affect the application of accounting
policies and the reported amounts of assets, liabilities, income
and expenses. The estimates and associated assumptions are based on
historical experience and various other factors that are believed
to be reasonable under the circumstances, the results of which form
the basis of making judgements about carrying values of assets and
liabilities that are not readily apparent from other sources.
Actual results may differ from these estimates.
Estimates and underlying assumptions are reviewed on an ongoing
basis. Revisions to accounting estimates are recognised in the
period in which the estimates are revised if the revision affects
only that period, or in the period of revision and future periods
of the revision if it affects both current and future periods.
Critical estimates and assumptions that have the most
significant effect on the amounts recognised in the consolidated
financial statements and/or have a significant risk of resulting in
a material adjustment within the next financial year are as
follows:
- Carrying value of goodwill to the value of GBP4,664,000 (2020: GBP4,664,000)
- Inventory - precious metals on hand and in process to the
value of GBP4,303,000 (2020: GBP3,799,000)
- Rehabilitation provision GBP787,000 (2020: GBP549,000)
- Useful economic lives
2. Share capital
2.1 Authorised and issued share capital Group Group
Figures in GBP'000 2021 2020
Issued
Ordinary shares 1,698 1,675
------ ------
1,698 1,675
------ ------
Share premium 11,491 11,441
------ ------
13,189 13,116
------ ------
2.2 Additional disclosures
During the current year, additional shares were issued to
current shareholders resulting in an increase in share capital and
premium. The transactions are detailed below:
Share Share
Capital Premium
Director Date Movement Movement
Hansie van Vreden 3 July 2020 10,000 21,250
Gerard Kisbey Green 3 July 2020 13,333 28,333
2.3 Reserves
Nature and purpose of reserves
Ordinary shares
All shares rank equally with regard to the Company's residual
assets. The holders of ordinary shares are entitled to receive
dividends as declared from time to time and are entitled to one
vote per share at meetings of the Company.
Share premium
Represents excess paid above nominal value on historical shares
issued.
Exchange reserve
The exchange reserve comprises all foreign currency differences
arising from the translation of the financial statements of foreign
operations.
Non-controlling interest
Relates to the portion of equity owned by minority
shareholders.
3. Employee benefits expense
Non-
Directors emoluments Executive executive Total
2021
Wages and salaries 407 407
Fees 103 103
Other benefits 9 9
Total 416 103 519
2020
Wages and salaries 404 404
Fees 83 83
Other benefits 10 10
Total 414 83 497
Emoluments disclosed above include the following amounts paid to
the highest director:
2021 2020
Emoluments for qualifying services 168 164
4. Earnings per share
4.1 Basic earnings per share
Group Group
Figures in GBP'000 2021 2020
The earnings and weighted average number of ordinary shares
used in the calculation of basic earnings per share are as
follows:
Earnings used in the calculation of basic earnings per share
for
continuing operations 2,249 2,133
Weighted average number of ordinary shares used in the
calculation of
basic earnings per share 169,774 167,441
The earnings used in the calculation of diluted earnings per
share
are as follows:
The earnings used in the calculation of basic earnings per share
for
continuing operations 2,249 2,133
Earnings used in the calculation of basic earnings per share
for
continuing operations (570) (570)
The weighted average number of ordinary shares for the purpose
of
diluted earnings per share reconciles to the weighted average
number
of ordinary shares used in the calculation of basic earnings
per share as follows:
Weighted average number of ordinary shares used in the
calculation
of basic earnings per share 169,774 167,441
Adjusted for
- Dilutive effect of share options 787 3,120
Weighted average number of ordinary shares used in
the calculation of diluted earnings per share 170,561
170,561
5. Related parties
Other related parties
Entity name Holding
Gold Mineral Resources Limited 100% Direct
Goldplat Recovery (Pty) Ltd 74% Direct
Goldplat Ghana Limited 100% Direct
Anumso Gold Limited 100% Direct
Nyieme Gold SARL 100% Direct
Midas Gold SARL 100% Direct
Gold Recovery Brasil Recuperacao 100% Indirect
Gold Recovery Peru SAC 100% Indirect
GRG Tolling Ltd 100% Indirect
Major inter-company transactions
Nature of transaction 2021 2020
Goldplat Recovery to Gold Recovery Goods, equipment
Ghana and
services supplied 332 103
Goldplat Recovery to Gold Mineral Goods, equipment
Resources and
services supplied 136 45
Goldplat Recovery to Gold Mineral
Resources Interest received (125) (166)
Goldplat Recovery to NMT Capital Management fees 4 25
Goldplat Recovery to NMT Group Managements fees 9 12
Goldplat Plc to Gold Mineral
Resources Management fees 413 322
Goldplat Plc Directors 98 83
Related Party Transactions with Mr Sango Ntsaluba
Subsequent to the year-end, the directors decided to increase
the Group's interest in GPL, its principal operating subsidiary,
from 74 per cent. to 90.63 per cent. through the buy-back by GPL of
GPL shares from its minority shareholders. GPL has issued 4.90 per
cent. shares in GPL (after the share repurchase) to Aurelian, a
company controlled by Mr Sango Ntsaluba, in order to maintain a BEE
partner in GPL and to reduce the cost to the Group of the share
repurchase transaction.
After the completion of above transactions and cancellation of
the repurchased shares, the Group held 90.63 per cent. of GPL (an
increase of 16.63 per cent. ), Amabubesi held 4.47 per cent. and
Aurelian 4.90 per cent. . Subsequent to above, Amabubesi's
remaining shares were repurchased and shares to the same amount and
value issued to Aurelian. Aurelian is therefore the only minority
partner in South Africa and holds 9.37 per cent. of GPL.
By virtue of their size and because Mr Ntsaluba is both a
director of Goldplat and a major shareholder of Amabubesi and
Dartingo, both the share repurchases by GPL of 22.33 per cent. of
shares held by Amabubesi and Dartingo and the subsequent issue by
GPL of shares to Aurelian constituted related party transactions
under Rule 13 of the AIM Rules for Companies. The independent
directors, being the Goldplat board members with the exception of
Mr Ntsaluba, consider, having consulted with the Company's
Nominated Adviser, Grant Thornton UK LLP, that the terms of the
transactions were fair and reasonable insofar as Goldplat's
shareholders are concerned.
6. Subsequent events
Share repurchase of minority shareholding in GPL
The directors decided after the period end, 20 July 2021, to
increase the Group's interest in GPL, its principal operating
subsidiary, from 74 per cent. to 90.63 per cent. through the
buy-back by GPL of GPL shares from its minority shareholders ("the
Transaction").
GPL had two minority shareholders, Amabubesi Property Holdings
Proprietary Limited ("Amabubesi") and Dartingo Trading 161
Proprietary Limited ("Dartingo"), who respectively held an 11 per
cent. and a 15 per cent. interest in GPL. Following a notification
received from the two minority shareholders indicating their
intention to dispose of their shareholdings, GPL did agree to
repurchase all of the Dartingo shareholding and 7.33 per cent. of
the shares held by Amabubesi for ZAR 89.3 million (approximately
GBP4.5 million).
Amabubesi and Dartingo are companies connected with Goldplat's
Non-Executive Director, Mr Sango Ntsaluba. Subsequent to the
Transaction, GPL issued to Aurelian Capital Proprietary Limited
("Aurelian"), a company associated with Mr Ntsaluba, shares
amounting to 4.90 per cent. of GPL, at the same valuation as the
share repurchase, for ZAR 16 million (approximately GBP807,000) as
described further below. As a result of the Transaction, Goldplat
will own 90.63 per cent. of GPL and Mr Ntsaluba will own, directly
and indirectly, 9.37 per cent. of GPL.
The consideration for the repurchased shares of ZAR 89.3 million
(approximately GBP4.5 million) was settled in two instalments. The
net cost to GPL of the Transaction was ZAR 73.4 million
(approximately GBP3.7 million), and Goldplat's share of the net
cost of the Transaction to GPL was be 90.63 per cent. , effectively
resulting in its additional 16.63 per cent. interest in GPL costing
Goldplat ZAR 66.52 million (approximately GBP3.35 million).
The Transaction valued GPL at ZAR 400 million (approximately
GBP20.2 million).
Funding Arrangements
The Transaction were financed in part through a South African
Rand denominated bank facility of ZAR 60 million (approximately
GBP3.02 million) provided by Nedbank, of which 50 per cent. was
drawn within the 30 days and the remainder in 90 days. The
remainder of the consideration was settled through a set-off
against the existing Amabubesi vendor loan of ZAR 12.6 million
(approximately GBP635,000) outstanding to the Group with the
balance paid in cash.
The principal on the bank facility is repayable monthly over 36
months. The interest payable on the facility will be the South
African Prime Rate plus 1.75 per cent. .
As a condition of the facility from Nedbank, the Group's
facility with Scipion, of GBP33,000, were settled in full and its
securities over GPL will be cancelled. Further to above, GPL did
grant security over its debtors as well as a negative pledge over
its moveable and any immovable property and a general notarial bond
over all movable assets of GPL will be registered. The Group
entered into a limited suretyship for ZAR 60 million (approximately
GBP3.02 million), in favour of Nedbank.
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