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Vogelstruisbult. (VOGS)

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Monday 17 January, 2000

Vogelstruisbult.

Interim Results

Vogelstruisbult Metal Holdings Limited
17 January 2000


Interim Report

VOGELSTRUISBULT METAL HOLDINGS LIMITED
(Registration No. 05/04346/06)
(Incorporated in the Republic of South Africa)
Interim Report for the six months ended 31 December 1999

Consolidated Income Statement
                                      *Six months   *Six months   Year
                                      ended         ended         ended
                                      31 December   31 December   30 June
                                      1999          1998          1999
                                      R000          R000          R000
Revenue
Income from investments               951           498           1 185
Surplus on realisation of 
investments and mineral assets        194           61 226        201 710
Interest received                     16 498        6 836         20 873
Sundry revenue                        -             10            11
                                      17 643        68 570        223 779
Administration costs                  850           1 374         5 414
Profit before tax                     16 793        67 196        218 365
Tax                                   4 728         1 915         4 794
Profit after tax                      12 065        65 281        213 571
Earnings per share - cents            66            355           1 161
Headline earnings per share - cents   66            32            64
Dividends per share
- cents                               -             185           185
- absorbing (R000)                    -             34 028        34 028
- times covered                       -             1,9           6,3       
*Unaudited

ABRIDGED CONSOLIDATED
CASH FLOW STATEMENT                   *Six months   *Six months   Year
                                      ended         ended         ended
                                      31 December   31 December   30 June
                                      1999          1998          1999
                                      R000          R000          R000
Net cash inflow/(outflow)
from operating activities             10 853        (2 853)       (26 597)
Net cash inflow from
investment activities                 509           70 007        213 259
Increase in cash on hand              11 362        67 154        186 662 
*Unaudited
CONSOLIDATED BALANCE SHEET
                                     *At            *At           At
                                     31 December    31 December   30 June
                                     1999           1998          1999
                                     R000           R000          R000
Investments                          10 217         13 299        10 532
Net current assets                   230 348        66 911        217 968
Current assets                       236 800        103 579       225 320
Cash                                 233 848        102 978       222 486
Other                                2 952          601           2 834
Less current liabilities             6 452          36 668        7 352
                                     240 565        80 210        228 500
Share capital                        9 448          9 448         9 448
Reserves                             231 117        70 762        219 052
                                     240 565        80 210        228 500
ADDITIONAL INFORMATION
Investments
Listed - Market value                 54 268        23 930        40 978
- Excess over book value              44 051        13 398        30 446
- Book value                          10 217        10 532        10 532
Unlisted - directors' valuation       -             143 228       -
- Excess over book value              -             140 461       -
- Book value                          -             2 767         -
Shares in issue remain 
unchanged at 18 393 600
Net asset value per share - cents     1 547         1 273         1 408
*Unaudited

NOTES
1. Accounting policies
The financial statements have been prepared on the historical cost basis in
compliance with South African Accounting Standards and are consistent with
those adopted at 30 June 1999.
2.  Earnings
Interest income remains high in line with the high cash reserves.
3.  Prospects
As was announced on 23 November 1999, the 1999 tax assessment has been
received and the board remains of the view that voluntary liquidation is the
optimal route for the company. In order to commence this process, the company
intends to dispose of its remaining assets and to attend to certain
administrative and regulatory matters requiring resolution before initiating
formal voluntary liquidation.
4.  Interim dividend
The board will give consideration to the declaration of a dividend in
anticipation of liquidation immediately prior to the appointment of 
liquidators. It is anticipated that this will occur before the end of the 
current financial year.

Kenilworth House                      On behalf of the board
Rutherford Estate
1 Scott Street                        M J Tagg
Waverley                              (Chairman)
2090 
                                      M E Halliday
                                      (Director)
13 January 2000 


                                                                                                                                                                                                                              

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