Corporate Update

South Africa

Old Mutual:The insurance company, in its results for FY12, indicated that its revenue surged to GBP19.79bn from GBP9.78bn posted a year earlier. Diluted headline EPS was 23.7% higher at 12.00p from last year, boosted by strong performance by its Nedbank unit and good growth in emerging markets.

Sibanye Gold:The gold mining company, in its results for FY12, reported that its revenue fell marginally to R16.55bn from the previous year. Net earnings climbed to R2.98bn from R2.56bn reported a year ago.

Clover Industries:The company announced that it has agreed to  acquire Nestlé South Africa’s Gauteng-based Doornkloof property, bottled water manufacturing facility and water rights through a new entity formed by Clover SA Proprietary Limited and Nestlé, called Clover Waters Limited, for a total consideration of R58.00mn.

Global Asset Management maiden year results meet its expectations:JSE-listed financial services company, Global Asset Management, released its maiden set of public financial results for FY12, saying it had performed within its expectations. The group’s revenue was R247.40mn over the reporting period, up 51.0% from R163.40mn.

Vodacom expects mobile termination rates to drop further:Vodacom CEO, Shameel Joosub, said that he expected mobile termination rates to decline further, but that a comprehensive market study should be conducted before the introduction of another decrease.

Amplats recognises Amcu:Anglo American Platinum has signed a recognition agreement with the Association of Mineworkers and Construction Union, City Press reported. Amplats spokeswoman Mpumi Sithole said Amcu now represented 40.0% of its workers, who number just under 60,000.

Zimplats given 30 days to appeal land grab:Zimplats, the 87.0% owned Zimbabwe unit of JSE-listed Impala Platinum, has been given 30 days to appeal a government directive that the powerhouse platinum miner give up nearly 28,000.00ha of land believed to contain significant mineral claims.

Fastjet gets more time for 1time deal:Fastjet, which has been in talks to take over 1time since the latter airline went into provisional liquidation in November 2012, has until October 2013 to finalise an acquisition. The subsidiary of London-based Lonrho announced that 1time liquidators Tshwane Trust had extended the time frame for the purchase to go ahead.

8ta now to be known as Telkom Mobile:Telecommunications utility, Telkom, will rename its mobile unit, 8ta, as Telkom Mobile to align it with the group strategy of providing convergence services under one brand. Telkom formed 8ta about three years ago and the mobile unit has so far had to navigate a tough trading terrain as competition in the market intensifies.

Thank you Anchor Capital

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