Reviewed Condensed Consolidated Interim Financial Statements
for the six months ended 31 March 2014

PRO FORMA CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION INCLUDING NOTES

  31 March 2014       31 March 2014  
  Before
transaction
US$’000
  Pro forma
adjustments
US$’000
  After
transaction
US$’000
 
ASSETS            
Property,plantand equipment 261,286       261,286  
Goodwill 1,327       1,327  
Deferred tax assets 23,221       23,221  
Long term deposits 15,867       15,867  
Other financial assets 4,250       4,250  
Non-current assets 305,951       305,951  
Inventories 17,757       17,757  
Trade and othe rreceivables 23,103       23,103  
Other financial assets 98       98  
Current tax asset 39       39  
Cash and cash equivalents 14,093   36,5964   50,689  
Current assets 55,090       91,686  
Total assets 361,041       397,637  
EQUITY            
Ordinary share capital 6   2482   254  
Share premium 113,342   336,3052,3   449,647  
Other reserve 47,245       47,245  
Foreign currency translation reserve (36,995)       (36,995)  
Accumulated losses (196,281)   (1,558)3   (197,839)  
Equity attributable to owners of the Company (72,683)       262,312  
Non-controlling interests (18,072)       (18,072)  
Total equity (90,755)       244,240  
LIABILITIES            
Provisions 4,170       4,170  
Borrowings 69,928       69,928  
Non-current liabilities 74,098       74,098  
Convertible redeemable preference shares 290,926   (290,926)2   -  
Class B preference shares 12,221   (6,811)4   5,410  
Borrowings 38,896   (662)4   38,234  
Current taxation 451       451  
Trade and other payables 35,204       35,204  
Current liabilities 377,698       79,299  
Tota lliabilities 451,796       153,397  
Total equity and liabilities 361,041       397,637  
Shares in issue 6,169,900       254,253,702  
Net asset value per share (US$) (14.71)       0.96  
Tangible ne tasset value per share (US$) (14.92)       0.96  

Notes to the pro forma statement of financial position

1.
The figures in the “Before transaction” column have been extracted without adjustment from the reviewed condensed consolidated interim financial statements of the Company.
2.
Share capital and share premium have been adjusted to include the effects of:
the issue of an additional 154,247,500 shares to existing shareholders in terms of the bonus issue;
the issue of 13,157,895 shares in terms of the private placement, issued at a price of ZAR38 (converted at a US$/ZAR exchange rate of 1:10.5708). ZAR500 million was raised in the private placement before expenses (approximately US$3.2 million) based on the spot exchange rate as at 31 March 2014 of US$1/ZAR of 1:10.5708; and
the issue of 80,678,407 shares in terms of the conversion of the convertible redeemable preference shares.
3.
Transaction costs of approximately US$3.2 million have been taken into account against share premium and statement of profit or loss and other comprehensive income as applicable.
4.
Cash and cash equivalents have been adjusted for the proceeds received from the private placement, transaction costs and the redemption of the capital subscription amounts of the Class B preference shares (US$6.8 million) and the part payment of the Langa Trust loan (US$0.7 million).
5.
All adjustments are expected to have a continuing effect on the Company with the exception of the transaction costs.
6.
Shares in issue have been adjusted for the private placement conversion of convertible redeemable preference shares and bonus issue, such that there are 254,253,702 shares in issue post the listing.