CMO - CHROMETCO LIMITED - Change Statement

(Incorporated in the Republic of South Africa) 
(Registration number: 2002/026265/06) 
Share code: CMO 
ISIN Code: ZAE000070249 
(“Chrometco” or “the Company”) 
Shareholders are hereby advised that Chrometco’s annual report, containing the audited condensed group financial statements for the year ended 29 February 2016, was dispatched to shareholders today, and contains one modification to the reviewed results that were announced on SENS on 31 May 2016 as well as a modified report of the Company’s auditors, Mazars. 
The change was a reallocation of revenue to other income, which better represented the nature of the income item recognised.  This resulted in a decrease in revenue and increase in other income amounting to R 2 493 049. The change is reflected as follows: 


Previously reported

Annual Report
Revenue 3 894 195 401 146
Gross Profit 3 894 195 401 146
Other Income 317 403 810 452
Shareholders are referred to the SENS announcement released on 25 August 2016 wherein, inter alia, a recapitalisation of the Company was announced. In light of the agreements disclosed therein, the auditors have issued a modified audit report for the year ended 29 February 2016.
The modification takes the form of an emphasis of matter drawing attention to the fact that the Company incurred a net loss of R39,936 million, although the Company is still solvent. The limited trading due to the cessation of mining operations, resulting in recurring losses and cash outflows.  The Company has entered into conditional agreements which will see the recapitalisation of the Company as well as the acquisition of a chrome mine and a chrome prospecting right in order to mitigate this. The current position of the Company as well as the conditions attached to the agreements indicate the existence of a material uncertainty that may cast significant doubt on the Company’s ability to continue as a going concern. 
The annual report is also available at 
Notice is hereby given that the annual general meeting of Chrometco will be held at Computershare Investor Services Proprietary Limited, 70 Marshall Street on Thursday, 6 October 2016 at 10h00 to transact the business as set out in the notice of the annual general meeting on pages 72 to 76 of the annual report.
The date on which shareholders must be recorded as such in the share register to be eligible to vote at the annual general meeting is Friday, 30 September 2016, with the last day to trade being Tuesday, 27 September 2016. 
2 September 2016
Designated advisor 
PSG Capital Proprietary Limited


JSE Security Exchange - SENS
02/09/2016 - 08:50