09 Nov 2011
JCD - JCI Limited - Voluntary announcement - unaudited NAV statement and renewal of cautionary
(Incorporated in the Republic of South Africa)
Registration number 1894/00854/06
Share code: JCD ISIN: ZAE000039681 (Suspended)
(”JCI” or ”the company”)
VOLUNTARY ANNOUNCEMENT - UNAUDITED NAV STATEMENT AND RENEWAL OF CAUTIONARY
Shareholders are aware that JCI has completed and distributed Annual Financial Statements for the period 2005 to 2010, and is in the process of finalising Annual Financial Statements for the year ended 31 March 2011.
Unaudited net asset value statement
An unaudited Net Asset Value (”NAV”) Statement of the JCI Group at 31 October 2011 has been prepared and presented below which provides shareholders with the unaudited financial position of JCI at that date.
JCI`s NAV at 31 October 2011 is approximately R241 million less than the
unaudited NAV at 30 September 2010 principally due to the write down of the
investment in Boschendal and the ongoing running costs of JCI for 13 months.
The Board of Directors is assessing the future of JCI and will advise
shareholders of any developments in this regard.
GROUP UNAUDITED NET ASSET VALUE STATEMENT
31 OCT 2011 30 SEP 2010
ASSETS Notes (R000`s) (R000`s)
Unlisted Investments 416,000 544,554
Boschendal 1 250,000 402,132
Xelexwa (Pty) Ltd 2 166,000 136,822
Free State Development and
Investment Corporation Ltd - 5,600
Other assets 23,542 73,938
Properties and debtors 3 - 47,526
Cash and cash equivalents 2,006 13,362
Taxation recoverable 4 21,536 13,050
TOTAL ASSETS 439,542 618,492
Short term loan (47,416) (14,633)
Income tax / VAT / CGT payable 4 (35,494) (4,991)
Trade and other payables (9,607) (11,161)
TOTAL LIABILITIES (92,517) (30,785)
NET ASSETS 347,025 587,707
Number of shares 3,780,509,213 3,780,509,213
Treasury shares (424,242,748) (424,242,748)
Value per share - Rands R0.1034 R0.1751
31 OCTOBER 2011
NOTES TO UNAUDITED NET ASSET VALUE STATEMENT
The directors believe that in the current market conditions R250 million is a realistic value.
2 XELEXWA (PTY LTD
The value of this claim, which is the subject of arbitration which will commence on 11 March 2012, is R162 million representing the value payable to JCI on 31 December 2010 in respect of the redemption of redeemable preference shares with interest thereon, plus the recovery of legal costs of approximately R4 million, already awarded in JCI`s favour by the Eastern Cape High Court.
The Group`s Benmore, Howick, Hatfield and London properties were sold during the period.
4 TAXATION RECOVERABLE / INCOME TAX / VAT / CGT PAYABLE
Due to the complexity of the various past and present transactions and
settlements in the JCI Group, JCI has sought legal advice on numerous tax
issues. The amount owing to or due by JCI to/by SARS will be finally calculated after taking such advice into account.
The amount shown as income tax payable is based on a preliminary evaluation of such legal advice.
RENEWAL OF CAUTIONARY ANNOUNCEMENT
Further to the cautionary announcement released by JCI on 28 October 2011,
shareholders of JCI are advised to continue to exercise caution until such time as a further cautionary announcement is released.
9 November 2011
Sponsor: Investec Bank Limited
Date: 09/11/2011 17:01:07 Produced by the JSE SENS Department.
The SENS service is an information dissemination service administered by the JSE Limited (`JSE`). The JSE does not, whether expressly, tacitly or
implicitly, represent, warrant or in any way guarantee the truth, accuracy or completeness of the information published on SENS. The JSE, their officers, employees and agents accept no liability for (or in respect of) any direct, indirect, incidental or consequential loss or damage of any kind or nature, howsoever arising, from the use of SENS or the use of, or reliance on, information disseminated through SENS.