Preliminary Results for 2013

Goldplat plc, the AIM listed gold producer, announces its preliminary results for the year ended 30 June 2013.

  • Market leaders in gold recovery in Africa - production from Ghana and South Africa totalled 35,099 ounces generating a gross profit of £5,308,892 

  • Undertaken a strategic review - refocus Goldplat's business model to concentrate on the growth of the core profitable gold recovery businesses 

  • Implemented plans to further improve processing and profitability of South African and Ghanaian gold recovery operations to maintain position as a profitable, dividend paying, debt free gold company 

  • Examining the potential to expand Goldplat's gold recovery business in Africa in order to generate new revenue streams and capitalise on this prospective industry 

  • Kilimapesa Gold mine in Kenya placed on care and maintenance to eliminate losses -.  production totalled to 789 ounces of gold for the year  

  • South African Gold Recovery BEE compliant - sold further 11% to BEE partner Amabubesi for approximately £2.1 million, giving a current see-through value for the 85% of GPL Goldplat owns of circa £16 million  

  • Strengthened management team - appointed Hansie van Vreden, a qualified Metallurgist, as Managing Director of  South African and Ghanaian gold recovery operations 


  • Operating profits to £2.64 million (2012: £4.53 million) 

  • Profit before tax to £207,000 (2012: £5.24 million) - post a £2.373 million asset impairment charge for Kilimapesa Gold mine in Kenya 

  • Net cash position of £2.36 million as at 30 June 2013 (2012: £4.58 million) 

  • Gross dividend of 0.12 pence is proposed 

Chairman's Statement

This has been a challenging year for gold producing companies, with many seeing their profits decimated by the reduction in the price of gold. Given this background I am pleased to be able to report that the underlying profits of our gold recovery business in South Africa and Ghana have been maintained materially at the same level as in the previous year. At the same time, management has been implementing plans to improve processing and profitability at these gold recovery operations, allowing us to maintain our position as a profitable, dividend paying, debt free gold company.  

Our two market leading gold recovery businesses remain at the core of our business, with our mature South African gold recovery operation performing particularly well, as the most cash-generative division of our Company during the period.  In South Africa the recent rapid decline in the value of the South African Rand has also largely mitigated the reduction in the gold price. At our Ghanaian gold operation, whilst still cash generative, we sustained a difficult period with unlawful competition reducing the material available for processing. The Ghanaian Government has recognised this and has put in place stringent practices to curtail such activities.  In both countries, therefore, Goldplat's operations are in a better competitive environment than was the case last year. Consequently, we see significant development potential for our gold recovery operations and we are examining the potential for expanding the gold recovery business across the continent in order to generate new revenue streams and capitalise on this prospective opportunity. While the first half of the current financial year remains a difficult trading period, we expect the improvements to show in the second half year.

The robustness of our gold recovery operations was further highlighted by a strategic review undertaken earlier in the year.  The review, which focussed on maintaining strong revenue growth and stable margins in the uncertain gold price environment, confirmed gold recovery as the most profitable and core facet of our business. Accordingly, we de-prioritised our exploration and development portfolio in Kenya, Ghana and Burkina Faso during the period.  As a result, in order to eliminate losses caused by continued operational constraints, we took the decision to write-down a portion of the pre-production expenses at the Kilimapesa Gold Mine in Kenya ('Kilimapesa') in H1 2013, and in June 2013 placed the mine on a care and maintenance programme until the project economics can justify the reopening.  With regards to our smaller Burkina Faso and Ghanaian gold projects we are continuing to evaluate opportunities to best realise value from these exploration assets and will provide an update on this in due course.  

The Company paid its first dividend in 2012. Notwithstanding the problems encountered in 2013, we intend to continue to pay dividends to shareholders, and propose a gross dividend of 0.12p per share for the year (2012: 0.6p per share).  The reduced level is regrettable, however we feel that a long term commitment to dividend payments is reflective of the positive outlook we maintain for Goldplat's future and also in the best interests of our supportive shareholders.

In addition, we were pleased to announce that we successfully implemented a share buyback initiative, primarily to help crystallise Goldplat's value, as we believe that Goldplat's current share price does not fully reflect its assets and profit potential.  This initiative was approved in March 2013, and in June 2013 we purchased 1,000,000 of our own ordinary shares of 1p each at an average price of 6.7775 pence per share, all to be held as treasury shares.

With the above developments in mind, whilst our operating profit has decreased due to the economic losses incurred during the period at our Kilimapesa mine in Kenya, I see a bright future for Goldplat as we concentrate on the development and growth of our profitable, core gold recovery businesses.

Operating profits for the year, the measure by which Goldplat should be judged, are £2,639,000, (2012: £4,527,000) a reduction of £1,888,000. Of this reduction £1,307,000 represents mining activities at Kilimapesa, where a profit of £319,000 in 2012 became a loss of £983,000 in 2013. The decision to put Kilimapesa on care and maintenance has stemmed such losses. The decline in profits at the gold recovery operations of £586,000 is partly explained by one off charges under IFRS 2 for the grant of options and by duplication of management during a change over period. Stripping out those items results in a reduction in operating profit from the core recovery business of well under 10%, which is less than might be expected from the reduction in the gold price. The headline profit of £207,000 is misleading, and does not truly represent the results of the period.

During the year the directors have re-evaluated the investment in subsidiaries in the light of the exploration results achieved and the reduction in the gold price, as well as the legal requirement to transfer part of the equity in certain subsidiaries to local ownership.  This legal requirement applies in South Africa and in Kenya. We decided to bring forward the sale of 11% of our South African subsidiary, which was required by 1 May 2014, as part of this process. We achieved an excellent price for this stake, resulting in a profit of £1,657,000. It is noteworthy that this alone represents a value for our holding in the South African subsidiary of more than 10p per Goldplat share. At the same time the Kenyan Government is introducing legislation requiring 10% of mining companies to be ceded to the State without compensation, and provision has been made for that loss.

The results of exploration on our properties at Anumso Gold in Ghana and Nyieme in Burkina Faso have been published during the year. On the basis of such results, and the current gold price, we consider that the costs of the properties plus the exploration costs, mainly incurred in previous periods, may not be justified, and we have written down the carrying value accordingly, as well as taking a prudent view of the value of Kilimapesa Gold generally.

Although it might be expected that all amounts should be dealt with in the same section of the Income Statement, IFRS requires that the actual realised profit on the disposal of the South African subsidiary be removed from the Income Statement and treated as a Change in Equity, while the provision for the loss on ceding 10% of Kilimapesa Gold is charged before arriving at the profit for the year. That results in the profit before tax being stated at £1,657,000 less than would otherwise be the case.

For these reasons, the profit before tax is reduced to £207,000 (2012: £5,244,000).

Gold Recovery Operations

Our market leading gold recovery operations in South Africa and Ghana continue to operate profitably, recovering precious metals from by-products of the mining process, such as woodchips, mill liners, fine carbon, slags, sludges and waste grease.  Goldplat's gold recovery services provide an economic method for mines to dispose of waste materials while at the same time adhering to a mine's environmental obligations. Goldplat boasts a substantial blue-chip supplier base, primarily at its South African operation, that includes Anglogold Ashanti, Goldfields and Harmony. We remain the leading company in the gold recovery arena in Africa through continuous investment in our operations and the implementation of initiatives to optimise our production capabilities.

In particular, our mature South African gold recovery operation has performed strongly during FY 2013, whilst our Ghanaian gold recovery operation, whilst still profitable, has seen some operational difficulties which has impacted on its growth during the period. Consequently, we remain focussed on maintaining each plant's operational efficiency, with cash generation and stable margins remaining a key focus, and initiatives have been put in place with regards to improving the operational efficiency of our Ghanaian operation where the Board see great growth potential for the future.

Goldplat Recovery (Pty) Limited - South Africa ('GPL')

Goldplat's South African gold recovery operation, GPL, continues to generate strong revenues for the Company, underlining the fundamental value and success of the recovery business and securing its position as a market leader.   Indeed, for FY 2013 GPL produced 16,231 ounces of gold, generating a gross profit of £3,231,516.  

This profitability has been achieved through our continued commitment to improving operations; this past year we have implemented new capital projects to increase gold production and reduce the stockpile inventory at GPL.  Firstly we successfully commissioned a new tailings re-treatment carbon-in-leach ('CIL') plant in March 2013, on time and on budget, to help process five years of tailings that are currently on site. The plant is performing well within expectation.

Secondly, to capitalise on the substantial stockpile of high-grade woodchips (estimated to equate to seven years of current capacity), we recently installed a second rotary kiln in July 2013, again on budget and on time,  to increase the available production capacity at GPL. The second rotary kiln has been performing well and will increase GPL's flexibility in processing various materials.

With these two new capital projects completed, ensuring more cost effective operations are in place, I believe we are well placed to continue and further increase GPL's profitability during the course of FY 2014.

In light of this a further important development is an agreement to purchase cyanide direct from local suppliers in liquid form rather than through intermediaries.  While this will require capital expenditure to increase in our cyanide storage capability, it has the potential to reduce costs substantially.

We also remain focussed on developing our high margin, fine carbon processing service and as such we have successfully secured new supply contracts with major South African gold producers, which have significantly expanded our operations and strengthened revenue streams.  As a result of these contracts, we believe our fine carbon processing section at GPL will continue to perform robustly during 2014.  This constant investment in our recovery operations underpins our commitment to ensuring we maintain a competitive service offering and stronghold on gold recovery in the area.

In addition to these advancements at our main plant in Benoni, Johannesburg, the Company approved the development of Central Rand Gold's ('CRG') Crown East No 4 shaft earlier this year, to supply high-grade material to supplement the CIL plant at GPL.  The operation has initially been designed to produce 200 tonnes per month of material grading approximately 15 g/t.  This operation will be undertaken by a third party mining contractor and CRG will be paid a 5% net smelter return on all gold produced from the operation. To date, Goldplat has accessed the 3 Level area which has exposed the main reef resource initially targeted. Due to operational constraints, production levels have not yet been able to be optimised, however we are currently in the process of investigating a method to effectively remove the ore from lower levels and look forward providing an update on these developments in due course.

In terms of GPL's operational management, as part of continued succession planning, we appointed Hansie van Vreden, a qualified Metallurgist, as General Manager of GPL earlier this year and as from September 2013 he has been appointed as Managing Director of GPL and our Ghanaian gold recovery operations also.  Prior to joining Goldplat, Hansie was the Production Metallurgist at AngloGold Ashanti's Kopanang Gold Plant in South Africa and we believe his technical expertise and experience will be ideally suited to drive both the efficiency and profitability of our gold recovery operations going forward.

To ensure that GPL is 100% Black Economic Empowerment compliant well in advance of the 1 May 2014 deadline, we signed a binding agreement with our partners Amabubesi Property Holdings (Pty) Ltd ('Amabubesi') to sell a further 11% of GPL to Amabubesi increasing its interest from 15% to 26% ('the Transaction').  Amabubesi have been very supportive shareholders since their initial acquisition in 2008 and we look forward to continuing this relationship in the future.  

Interestingly, the Transaction, which valued GPL at approximately £19 million, gives a current see-through value for the 85% of GPL we owned of circa £16 million or a Goldplat share price of 10p.  Again this highlights the fundamental value of our South African operation.

Gold Recovery Ghana Limited ('GRG') - Ghana

GRG's gold recovery operation, which enjoys a tax free status until 2016, is located in the free port of Tema in Ghana.  Like our mature South African operation, GRG processes by-products from the primary mining process, but also processes artisanal tailings to capitalise on West Africa's active artisanal mining presence.  During the period GRG produced 18,868 ounces of gold, generating a gross profit of £2,077,376.  

GRG has three profit centres: a tolling agreement with Endeavour Resources where tailings purchased by GRG from artisanal and small scale miners are processed off-site, which accounts for approximately 56% of GRG's revenues; a carbon in leach ('CIL') section at Tema, processing artisanal tailings on site, which accounts for 31% of revenue generation at GRG; and an incinerator section, which recovers high grade gold from fine carbon and rubber mill liners procured from blue-chip mining clients such as Goldfield Limited, AngloGold Ashanti Limited and Golden Star Resources Limited, and accounts for approximately 13% of revenues at GRG.

During the period our GRG gold recovery operation sustained some operational difficulties, which saw our Ghanaian revenues for FY 2013 lower than that of FY 2012.  In light of this, a strategic review was conducted at GRG with the aim of increasing our second gold recovery plant's operational efficiency and profitability.  

With regard to this, our toll treatment contract with Endeavour Resources, our largest profit centre, has performed profitably during the period. As noted, during the year there were margin pressures as a result of the increase in procurement costs of artisanal tailings in the area, itself exacerbated by unlawful trading by some competitors, and an increase in transport and tolling costs.  However we introduced measures to mitigate these factors, by sourcing higher grade material closer to Endeavour's Nzema plant to reduce the transport costs.  The Government has also acted to curtail unlawful trading activities that have been sustained during the period.  Our primary operational difficulties during the period were seen at our CIL section at Tema; margin pressures were sustained as a direct result of costs incurred from securing tailings from artisanal and small scale miners and again with the transportation of these. As a result of this we took the decision to stop the procurement of material and closed our CIL section at Tema to minimise further losses until longer term contracts and material that meets our margin criteria can be sourced on a sustainable basis. Subsequent to the year-end it has been decided to re-treat the stockpiled tailings on-site through the CIL circuit only, which to date has proved to be successful. We have also entered into a Memorandum of Agreement with the Small Miners Association in Ghana whereby they will assist in the procurement of legal sources of material at economic prices. We see this as a sustainable solution to the procurement of tailings.

The incinerator section at Tema, which comprises two fluidised bed incinerators, a spiral section and a static furnace which treats by products from the primary gold mining industry, performed well during the period.  As highlighted by the strategic review undertaken during 2013, it is our intention to continue to grow this section, which has many similarities to our South African gold recovery operation.

Furthermore, in order to increase the processing capacity of GRG and widen the range of the products that can be treated at the plant, we are planning to expand our gold recovery capabilities.  An additional spiral circuit will be added to the fine carbon section, which will improve the quality of the feed to the incinerator.  Furthermore, a rotary kiln has been purchased for installation at GRG to process high-grade woodchips in due course.

With these initiatives in place we remain confident of the growth potential of our second gold recovery operation and in turn generating important cashflow for the Company.

Burkina Faso: Midas Gold SARL ('Midas')

As previously highlighted, a longer-term aim for Goldplat is to expand our profitable gold recovery operations to take advantage of the favourable gold production environment throughout Africa.

With this in mind, we have been evaluating the potential of expanding our gold recovery reach to Burkina Faso in the near-term, where we believe significant opportunity exists to roll-out our recovery model in West Africa.  The development of the new gold recovery operation, called 'Midas', has been delayed for a number of reasons including changes in local environmental and gold export legislation and the shift in Midas' previously planned focus from an artisanal tailings operation similar to that at GRG, to one focussing on the recovery from products such as high grade fine carbon and mill liners from the major gold producers.  Midas re-commissioned the Environmental Study for the site in Dano, which was completed at the end of August 2013, and the operating licence is expected to be in place by the end of 2013. The Midas operation will initially be designed to treat high grade material with additional circuits to be added over time when additional recovery material is sourced and secured.  

Mining and Exploration

As mentioned, a strategic review was undertaken during the year, which analysed Goldplat's main value drivers, growth potential and centres of profitability.  As a result of this the Company has made a move away from investing in greenfields exploration assets, in order to focus on our growing, cash generative, niche gold recovery business.

As a result, although the Company announced a 25% increase in JORC compliant Mineral Resources from 742,392 oz Au to 931,071 oz Au across its Kenyan, Ghanaian and Burkina Faso gold mining and development portfolio during 2012/2013 (the mining and exploration portfolio within the Goldplat group), the Company took the decision to reassess the exploration portfolio in terms of strategic direction.  Accordingly, we remain focussed on ascertaining the best way to crystallise value for shareholders from these assets, without this division being of primary importance.  

Our Kilimapesa gold project is located in the historically productive Migori Archaean Greenstone Belt in western Kenya.  Kilimapesa has a mineral resource of 8,715,291 tonnes at 2.40 g/t Au for 671,446 oz Au at a cut-off of 1 g/t.

During the period, Kilimapesa, which first poured gold in January 2012, sustained operational difficulties due to a lack of processing capacity.  Plans had been put in place to redesign the plant to ensure a 125 tonnes per day operation, targeting 5,000 ounces of gold per annum. A new adit, designed to access the reef at a lower level and permit lower cost mechanised mining, encountered unstable ground, and a decision was made to close it permanently for safety reasons. Due to continued operational difficulties at the mine as well as the current uncertain gold price environment, we took the prudent approach to eliminate further losses and placed Kilimapesa on a care and maintenance programme until a time when the project economics can justify the reopening of the mine.  In line with this, we retrenched a further 50 employees and are maintaining the mining operation on a skeleton staff.  It should be noted that the processing plant continues to process stockpiles of ore at the plant to cover the costs of the care and maintenance programme.  

The Company has engaged with and continues to have strong relations with the Kenyan Government and are confident of a favourable outcome for all stakeholders regarding the future of Kilimapesa.

In regards to our two greenfield gold exploration projects, which include the 29 sq km Anumso Gold Exploration licence located in the Amansie East and Asante Akim South Districts of the Ashanti Region in Ghana, and the 246 sq km Nyieme project in the prospective Birimian Greenstone Belt in southern Burkina Faso, we are continuing to evaluate opportunities to realise value or monetise these projects either through joint ventures or trade sales. We will update the market on these developments in due course.  


In terms of Board composition, post period end Russell Lamming stepped down from his position as CEO and Ian Visagie has taken over as interim CEO whilst we look for a permanent, South African based CEO.  A South African positioning will geographically complement our operations, as we look to build on our market leading gold recovery position in Africa. Ian Visagie, in his capacity as Financial Director since the Company's admission to AIM in July 2006, has been instrumental in the growth of Goldplat and is well suited to lead the Company in the interim.  Russell Lamming has entered into a six month Consulting Agreement to provide his services to the Company ensuring continuity and an orderly handover.

Furthermore, we were delighted to welcome Nigel Wyatt to the Board in September 2013, and believe his expertise in the southern African mining arena as well as his experience as an AIM company director will be invaluable to Goldplat.

Bob Pitts Smith, who has managed the recovery operations for many years, reduced his time commitment to half time from July 2013 and will be stepping down from the Board at the end of 2013 in accordance with his planned retirement. I would like to thank him for all he has done over the years and wish him all the best for the future.


As stated, the year under review has been a tough economic trading environment for all gold companies due to the reduction in gold price, however our market leading gold recovery operations in South Africa and Ghana continued to operate profitably, allowing us to maintain our position as a dividend paying, debt free gold company.  

It is from these two gold recovery operations where I see substantial growth potential for the year ahead as we continue to implement programmes to increase gold recovery, and optimise operational efficiencies at both our South African and Ghanaian sites.

We are also pleased to maintain a dividend paying policy, despite a difficult trading year and I would like to emphasise that the Board will continue to work diligently to create value uplift and in turn enhance shareholder value for the year ahead and beyond.

Finally, on behalf of the Directors I would like thank our management and employees for their hard work and our shareholders for their continued support and I look forward to updating you on our developments.

For further information visit or contact:

Ian Visagie, Interim CEO  
Goldplat plc              
Tel: +27 (82) 671 2078
Ewan Leggat/Katy Birkin  
SP Angel Corporate Finance LLP      
Tel: +44 (0) 20 3463 2260
Felicity Edwards/Charlotte Heap  
St Brides Media & Finance  Ltd
Tel: +44 (0) 20 7236 1177


Continuing operations
Revenue 28,904 26,225
Cost of sales (24,338) (20,178)
Gross profit 4,566 6,047
Administrative expenses (1,927) (1,520)
Results from operating activities 2,639 4,527
Finance income 300 925
Finance costs (359) (208)
Net finance costs (59) 717
Results from operating activities after finance costs 2,580 5,244
Impairment of assets (2,373) -
Profit before tax 207 5,244
Taxation (606) (600)
(Loss)/ Profit for the year (399) 4,644
(Loss)/ Profit attributable to:
Owners of the Company (759) 4,467
Non-controlling interests 396 177
(Loss)/ Profit for the year (399) 4,644
Other comprehensive income
Items that may be reclassified subsequently to profit or loss:
Exchange translation
(792) (1,625)
Other comprehensive loss for the year, net of tax (792) (1,625)
Total comprehensive (expense)/ income for the period (1,191) 3,019
Total comprehensive income attributable to:
Owners of the Company (1,587) 2,842
Non-controlling interests 396 177
Total comprehensive (expense) income for the year (1,191) 3,019
Earnings per share - continuing operations
Basic (loss)/earnings per share (pence) (0.24) 2.77
Diluted (loss)/ earnings per share (pence) (0.21) 2.53

AS AT 30 JUNE 2013

Property, plant and equipment 4,917 4,112
Intangible assets 8,738 8,909
Pre-production expenditure 1,613 3,205
Proceeds from sale of shares in subsidiary 1,960 219
Non-current assets 17,228 16,445
Inventories 4,437 4,524
Trade and other receivables 4,759 5,863
Taxation 297 -
Cash and cash equivalents 2,362 4,575
Current assets 11,855 14,962
Total assets 29,083 31,407
Share capital 1,684 1,679
Share premium 11,494 11,449
Exchange reserve (2,234) (1,442)
Retained earnings 11,711 12,035
Equity attributable to owners of the Company 22,655 23,721
Non-controlling interests 1,525 742
Total equity 24,180 24,463
Obligations under finance leases 140 39
Provisions 134 181
Deferred tax liabilities 459 418
Non-current liabilities 733 638
Loans and borrowings - 2
Obligations under finance leases 151 109
Taxation - 16
Trade and other payables 4,019 6,179
Current liabilities 4,170 6,306
Total liabilities 4,903 6,944
Total equity and liabilities 29,083 31,407

AS AT 30 JUNE 2013

Attributable to owners of the Company
Share premium
Exchange reserve
Retained earnings
£ '000
Non-controlling interests
Total equity
Balance at 1 July 2012 1,679 11,449 (1,442) 12,035 23,721 742 24,463
Total comprehensive income for the year
Loss - - - (795) (795) 396 (399)
Total other comprehensive income - - (792) - (792) - (792)
Total comprehensive income for the year - - (792) (795) (1,587) 396 (1,191)
Transactions with owners of the Company recognised directly in equity
Contributions by and distributions to owners of the Company
Issue of ordinary shares 5 45 - - 50 - 50
Investment by minorities - - - - - 627 627
Dividends - - - (1,010) (1,010) - (1,010)
Own shares acquired - - - (68) (68) - (68)
Share based payment transactions - - - 141 141 - 141
Total contributions by and distributions to owners of the Company 5 45 - (937) (887) 627 (260)
Changes in ownership interests in subsidiaries
Disposal of interest in subsidiary with no change in control - - - 1,408 1,408 - 1,408
Non-controlling interests in subsidiary dividend - - - - - (240) (240)
Total transactions with owners of the Company 5 45 - 471 521 387 908
Balance at 30 June 2013 1,684 11,494 (2,234) 11,711 22,655 1,525 24,180


Cash flows from operating activities
Profit for the period 2,639 4,527
Adjustments for:
Depreciation 361 401
Amortisation 43 111
Loss on sale of property, plant and equipment 29 -
Equity-settled share-based payment transactions 141 -
Reversal of gold inventory - 201
Foreign exchange differences (253) (1,035)
2,960 4,205
Changes in:
-  inventories 87 (1,157)
-  trade and other receivables 1,104 721
-  trade and other payables (2,170) 1,688
-  provisions (47) (39)
Cash generated from operating activities 1,934 5,418
Interest received 300 925
Interest paid (349) (194)
Taxes paid (878) (666)
Net cash from operating activities 1,007 5,483
Cash flows from investing activities
Proceeds from sale of property, plant and equipment 83 38
Acquisition of mining rights (247) (2,085)
Acquisition of property, plant and equipment (1,329) (1,164)
Pre-production expenditure (583) (627)
Net cash used in investing activities (2,076) (3,838)
Cash flows from financing activities
Proceeds from issue of share capital 50 56
Own shares purchased
Dividends paid
Payment of finance lease liabilities (114) (138)
Net cash flows from financing activities (1,142) (82)
Net (decrease)/increase in cash and cash equivalents (2,211) 1,563
Cash and cash equivalents at 1 July 4,573 3,010
Cash and cash equivalents at 30 June 2,362 4,573
  1. The financial information contained in this announcement does not comprise full statutory accounts. 

  2. The financial statements have been prepared in accordance with International Financial Reporting Standards as adopted by the EU.  The financial statements have been prepared on the historical cost basis.   

  3. The Board is recommending the payment of a gross dividend of 0.12p per share, totalling £0.2 million.  If approved, this dividend is expected to be paid on 19 December 2013 to shareholders on the register on 29 November 2013.   

  4. The Annual General Meeting of the Company will be held at the Mercure Bush Hotel, The Borough, Farnham, Surrey, GU9 7NN on Thursday 5 December at 11.00am. 

  5. The report and accounts for the year ended 30 June 2013 will be posted to shareholders and will be available on the Company's website at in due course.