Wits Gold: Additional disclosure and re-statement of basic, headline and diluted loss per shareProduced by the JSE SENS Department
30 November 2006
WGR: Wits Gold - Wits Gold: Additional disclosu...
Wits Gold - Wits Gold: Additional disclosure and re-statement of basic,
headline and diluted loss per share
Witwatersrand Consolidated Gold Resources Limited
(Incorporated in the Republic of South Africa)
Registration Number 2002/031365/06
JSE Code: WGR
ISIN: ZAE000079703
(Wits Gold or the Company)
Johannesburg: 30th November, 2006
Wits Gold (JSE: WGR; ADR: WIWTY)
Wits Gold: Additional disclosure and re-statement of basic, headline and
diluted loss per share
The board of directors of Wits Gold has decided that the Company should
seek a secondary listing for its shares on an appropriate international
stock exchange. It is envisaged that this action should assist in raising
the profile of the company as well as increasing the tradability of Wits
Gold shares. As part of this process, the Company has been advised that
there were certain errors and omissions in the Companys JSE listing
prospectus dated 24th April, 2006 and the annual report for 2006. These
comprise 1) errors in the basic, headline and diluted loss per share
calculations for the financial years 2004 and 2005; and 2) incomplete
disclosure on related parties as required by International Accounting
Standard 24.
Basic, headline and diluted loss per share
The information concerning the basic, headline and diluted loss per share
for the financial years 2004 and 2005 should be re-stated. These errors
arose from the incorrect calculation of the weighted average number of
shares in issue. This was due to the incorrect determination of the number
of shares to be used in the calculation as a result of a share split that
occurred in 2005. Both the previously stated and revised figures are set
out in the table below:
Year ended 28 Year ended 29
February 2005 February 2004
Basic loss and headline loss per
share
Previously stated
Weighted average number of
shares in issue 4 135 097 1 000
Basic and headline loss per (46.61) (89 627.90)
share (cents)
Revised
Weighted average number of
shares in issue 20 414 316 19 403 500
Basic and headline loss per (9.44) (4.62)
share (cents)
Diluted loss per share
Previously stated
Weighted average number of
shares in issue 4 135 097 1 000
Diluted loss per share (cents)
(46.61) (89 627.90)
Revised
Weighted average number of
shares in issue 20 414 316 19 403 500
Diluted loss per share (cents)
(9.44) (4.62)
The incorrect calculation also had an impact on the 2006 loss per share
figures, but this has not been restated as the effect is not considered
material.
All future financial statements will reflect the relevant revised figures
with the appropriate disclosure of International Accounting Standard 8.
Related parties
The disclosure of relationships between a company listed on the JSE Limited
and other entities is governed by JSE Listings Requirements and the
International Accounting Standard 24. These regulations identify related
parties on the basis of major shareholders, key management, economic
transactions and entities that exert significant influence, joint control
or control over a company.
The directors of Wits Gold wish to disclose that as at 28 February 2006,
the Chairman, Mr Adam Fleming was the indirect beneficial owner of 2 753
874 shares in the Company. The entities holding these shares on behalf of
Mr Fleming are tabulated below:
Rhodora 2 506 780 shares
Hardybay 247 094 shares
Total 2 753 874 shares
At the time of the Wits Gold prospectus and the annual report for 2006, it
was erroneously recorded that Mr Fleming was the i
|
|
|
