In compliance with paragraph 3.84(h) of the JSE Listings Requirements, the company is pleased to announce the appointment of Bruce Tanner as financial director to the Board of Petmin with effect from 1 July 2009.
Bruce joined the Petmin Group in 2005 as Group Financial Manager and CFO and has served on the Petmin Executive Committee since joining the group and effectively has to date discharged the role as Financial Director.
Bruce, 39 years of age, obtained a Bachelor of Commerce degree from the University of Cape Town and a BCompt (Hons) degree (CTA) from the University of South Africa (Unisa), and qualified as a chartered accountant whilst serving articles at Deloitte in South Africa. He has 12 years experience in mining finance and administration of which five included involvement in the marketing of coal and copper. From June 2002 to November 2004, Bruce was the Chief Operating Officer of AfriOre Ltd's coal operations and Chief Financial Officer of AfriOre Limited. AfriOre, is a company which was then listed on the Toronto Stock Exchange and had exploration and mining projects in Africa.
Bruce is or has been over the past five years a director of the companies and partnerships listed in Schedule A below. Other than as disclosed, the Company is not aware of any further information required under Schedule Two (g) of the AIM Rules for Companies.
In compliance with rule 3.63 of the JSE Listings Requirements, the following information is disclosed relating to the exercise of options by directors of the company:
On 30 June 2009, the Company was informed that on 30 June 2009 Lebo Mogotsi and Bradley Doig (both executive directors) directly exercised 4 000 000 options each at an exercise price of 65 cents per share. Dawie Warmenhoven, who resigned as a director of the company on 28 February 2009, indirectly exercised 3 000 000 options at an exercise price of 65 cents per share. Mr. Johan Gloy (a director of a subsidiary company) directly exercised 1 000 000 options each at an exercise price of 65 cents per share and 500 000 options each at an exercise price of 45 cents per share.
The options were awarded in terms of a share incentive scheme approved on 19 July 2005.
Clearance has been received in terms of rule 3.66 of the JSE`s Listings Requirements in respect of all the above transactions after confirmation was obtained from the JSE.
In accordance with the JSE`s listing requirements, which stipulate that a company has to publish a trading statement if an increase or decrease of more than 20% (compared with the previous reporting period) in its basic earnings per share and headline earnings per share is expected, the shareholders of Petmin are hereby advised that headline earnings per share for the year ended 30 June 2009 are expected to be in excess of 20 cents per share, up from 15.31 cents per share for the twelve months ended 30 June 2008, an increase in excess of 30%. This growth in headline earnings per share was achieved as a result of managing operational costs down and optimizing revenues through the considered use of long term off takes with financially sound counterparties and hedging strategies.
Earnings per share for 30 June 2009 cannot be determined at present as the relevant IFRS fair value adjustments and other provisions have not been finalised.
The company has concluded the sale of Springlake Holdings (Pty) Limited ("Springlake") and all outstanding conditions precedent have been met. As a result of delays in meeting all the conditions precedent, during which period global market conditions dramatically declined, the final purchase consideration was adjusted in line therewith and as a result the company will receive proceeds of ZAR 85 000 000 on the sale.
THE GROUP ENDED THE YEAR WITH CASH OR NEAR CASH OF APPROXIMATELY R 180 MILLION AND UNUTILISED APPROVED BANKING FACILITIES OF APPROXIMATELY R 150 MILLION
Further to the cautionary announcement dated 18 May 2009 shareholders are advised that negotiations are still in progress which, if successfully concluded may have a material effect on the price of Petmin`s securities. Accordingly, shareholders are advised to continue exercising caution when dealing in the company`s securities until a further announcement is made.
© 2009 Petmin Limited