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Unaudited NAV Statement and Renewal of Cautionary

 
26 Jul 2012 - JCD 201207260043A
UNAUDITED NAV STATEMENT AND RENEWAL OF CAUTIONARY

JCI LIMITED
(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 advised that JCI is in the process of finalising Annual
Financial Statements for the year ended 31 March 2011, and that the audit
for the year ended 31 March 2012 is well advanced.
Unaudited net asset value statement
An unaudited Net Asset Value (”NAV”) Statement of the JCI Group at 23 July
2012 has been prepared and presented below which provides shareholders
with the unaudited financial position of JCI at that date.
JCI’s NAV at 23 July 2012 is approximately R67 million less than the
unaudited NAV at 31 October 2011 principally due to the lower than
projected Xelexwa settlement, the ongoing running costs of JCI for
9 months and financial support of Boschendal for 9 months.
The Board of Directors is assessing the future of JCI and will advise
shareholders of any developments in this regard.

GROUP NET ASSET VALUE STATEMENT   
  23 JULY 201231 OCT 2011
ASSETSNotes(R000’s)(R000’s)
Listed and unlisted investments 356 326416 000
Boschendal (Pty) Ltd1250 000250 000
Xelexwa (Pty) Ltd210 000166 000
Village Main Reef Ltd396 326
    
Other assets 29 11323 542
Legal award46 000
Cash and cash equivalents 1 5772 006
Taxation recoverable521 53621 536
TOTAL ASSETS 385 439439 542
    
LIABILITIES   
Income tax/VAT/CGT payable5(20  204)(35 494)
Short term loan - Investec  6(79  042)(47 416)
Trade and other payables7(5  977)(9 607)
TOTAL LIABILITIES (105  223) (92 517)
    
NET ASSETS  280 216347 025
    
ISSUED SHARES   
Number of shares  3 780 509 2133 780 509 213
Treasury shares  (424 242 748)  (424 242 748)
  3 356 266 4653 356 266 465
    
Value per share - Rand R 0.0835R 0.1034
    
JCI LIMITED
23 JULY 2012
NOTES TO UNAUDITED NET ASSET VALUE STATEMENT

1 BOSCHENDAL
In October 2011 the directors believed that in the existing market
conditions R250 million for 62.67% of Boschendal was a reasonable
value. In light of prevailing market conditions and current negotiations
with a third party, they still believe that a realistic value is R250 million.

2 XELEXWA (PTY) LTD (formerly JAGANDA TRADING)
The claim against Xelexwa, which was the subject of arbitration, was
settled in March 2012 for 50 000 000 Village Main Reef Limited shares,
plus a cash settlement of R10 million, payable in two tranches at the
end of September and December 2012.

3 VILLAGE MAIN REEF LIMITED
Inclusive of 45 869 218 Village Main Reef shares and the special dividend
of 30 cps payable on 6 August 2012.

4 LEGAL AWARD
Award against Richtrau and Vulisango in respect of costs incurred in
setting aside the attempted liquidation and deregistration of Xelexwa.

5 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 wi
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