Document ypZENX3809jMVM2nVzKY9eJpV

FILE NAME Cape Asbestos CAPE DATE 1965 Apr 1 DOC CAPE109 DOCUMENT DESCRIPTION Charter Consolidated Ltd. - Preliminary Report and Approx Balance Sheet Legal - Tibbs Case Exhibit 7 ELECTRONICAL Y ELECTRONICALY 4 ELCTRONIAYFILED FILED - 2023 Oct 18 10:31 CHARTER CONSOLIDATED LIMITED AM - RIC-HLAND COMN PLEAS PLEAS BUSINESS STUDIES t - 203CP41759 Preliminary Report and Approximate Consolidated Balance Sheet at 1st April 1965 CHARTER CONSOLIDATED LIMITED Incorporated in England OFFICES REGISTERED 40 Holborn Viaduct London E.C.1 OFFICE Rolls Building 7 Fetter Lane London E.C.4 REPUBLIC OF SOUTH AFRICA 44 Main Street Johannesburg RHODESIA 70 Jameson Avenue Central Salisbury C.4 ELECTRONICALLY ELCTRONICALY FILED - 2023 Oct 18 10:31 AM - RIC-HLAND COMN PLEAS - 203CP41759203CP401759 DIRECTORATE ELCTRONIAY CHAIRMAN FILED - P. V. EMRYS 2023 DEPUTY CHAIRMEN Oct S. D. H. POLLEN m.b.e. t.d. THE HON H. V. SMITH W. D. WILSON Managing Director 18 10:31 DIRECTORS SIR KEITH ACUTT K.B.E. A. CHESTER BEATTY H. ST L. GRENFELL O.B.E. M.C. AM J. O. HAMBRO M.c. - COMTE T. DE FEUILHADE DE CHAUVIN H. F. OPPENHEIMER J. E. H. COLLINS M.B.E. D.S.C. P. J. OPPENHEIMER RICHLAND SIR FREDERICK CRAWFORD G.C.M.G. O.B.E. C. W. ENGELHARD EVELYN R. A. DE ROTHSCHILD T. P. STRATTEN T. MUIR WARDEN O.B.E. - COM N O. B. BENNETT G. W. FLINT ALTERNATE DIRECTORS SIR JIM S. HOLLAND BT T.D. N. K. KINKEAD H. R. FRASER THE HON J. CHRISTOPHER LODER R. ST L. GRANVILLE B. W. PAIN PLEAS - EXECUTIVE COMMITTEE OF THE BOARD OF DIRECTORS P. V. EMRYS H. ST L. GRENFELL O.B.E. M.C. THE HON H. V. SMITH P. J. OPPENHEIMER T. MUIR WARDEN O.B.E. 203CP41759 S. D. H. POLLEN M.B.E. T.D. W. D. WILSON LOCAL COMMITTEE IN THE REPUBLIC OF SOUTH AFRICA F. S. BERNING H. C. BALLINGALL G. C. FLETCHER M.C. 203CP401759 J. V. HARRIS T. C. A. BIRLEY I. M. COWAN LOCAL COMMITTEE IN RHODESIA SIR HENRY M. MCDOWELL k.b.e. H. H. TAYLOR ADMINISTRATION G. W. FLINT H. R. FRASER R. ST L. GRANVILLE DEPUTY SECRETARY J. E. DEXTER m.m. MANAGERS B. W. PAIN SIR JIM S. HOLLAND BT T.D. N. K. KINKEAD THE HON J. CHRISTOPHER LODER SECRETARY R. V. PRITCHARD CHIEF ACCOUNTANT D. C. KEMPSON REGISTRARS London CONSOLIDATED SHARE REGISTRARS LIMITED 40 Holborn Viaduct E.C.1 LOCAL TRANSFER SECRETARIES Johannesburg CONSOLIDATED SHARE REGISTRARS LIMITED 76 Main Street Salisbury Rhodesia ANGLO AMERICAN CORPORATION OF SOUTH AFRICA LIMITED 70 Jameson Avenue Central C.4 AUDITORS COOPER BROTHERS & CO DELOITTE PLENDER GRIFFITHS & CO BANKERS BARCLAYS BANK D.C.O. NATIONAL PROVINCIAL BANK LIMITED WESTMINSTER BANK LIMITED sd ELCTRONIAY FILED - 2023 Oct 18 10:31 AM - RIC-HLAND COMON PLEAS - 203CP41759 ELCTRONIAY PRELIMINARY REPORT TO MEMBERS FILED FILED - CONSOLIDATED LIMITED which was converted into a public company on the CH 31st March 1965 when the merger between The British South Africa Company The Central 2023 Mining & Investment Corporation Limited and The Consolidated Mines Selection Company Limited became effective will make up its accounts to 31st March in each year and thus issue Oct its first annual report for the year to 31st March 1966. As the time of issue of that report 18 probably June 1966 is some way ahead your Directors have decided to make this preliminary report on the setting up of the new company and the conduct of its affairs 10:31 AM GROUP STRUCTURE - The entire issued capital of each of the three merging companies was transferred to your RICHLAND company on 31st March 1965. Its principal subsidiary companies all of which are wholly- owned except where otherwise stated are as shown below - Type of Company UNITED KINGDOM THE BRITISH SOUTH AFRICA COMPANY THE CENTRAL MINING & INVESTMENT CORPORATION LIMITED THE BRITISH SOUTH AFRICA COMPANY HOLDINGS LIMITED COM N Overseas trading Investment holding " " THE RHODESIA RAILWAYS TRUST LIMITED " " FINANCIAL AND MINING HOLDINGS LIMITED WALL TRUST LIMITED THE CONSOLIDATED MINES SELECTION COMPANY LIMITED CECIL INVESTMENTS LIMITED PLEAS " " " " Investment dealing - " " CENTRAL MINING FINANCE LIMITED " " THE BRITISH SOUTH AFRICA COMPANY INVESTMENTS LIMITED " " THE CONSOLIDATED MINES INVESTMENTS LIMITED CENTRAMIC U.K. LIMITED HEATRAE LIMITED ELASTIC RAIL SPIKE COMPANY LIMITED " " Industrial holding Manufacturing " RATHDOWN INDUSTRIES LIMITED A. & P. ELECTRAMIC LIMITED CANADA CENTRAMIC CANADA LIMITED CONIAURUM HOLDINGS LIMITED 73.5 INTERLINK INVESTMENTS LIMITED 203CP41759 " " Investment holding " " " " BERMUDA GREENPOINT COMPANY LIMITED KATRINE COMPANY LIMITED PATTERN COMPANY LIMITED Investment holding " " " " REPUBLIC OF SOUTH AFRICA CENTRAMIC south africA LIMITED THE CONSOLIDATED MINES SELECTION JOHANNESBURG LIMITED SWAZILAND SWAZILAND COLLIERIES LIMITED 63 % Investment dealing Investment holding Coal mining APPROXIMATE CONSOLIDATED BALANCE SHEET The holdings referred to in the merging companies circular to shareholders of the 25th January 1965 were eliminated on the 24th March 1965 in exchange for the assets mentioned on page 8 of that circular The following is the outline of the approximate consolidated balance sheet as at 1st April 1965 CAPITAL Authorised 120,000,000 shares of 5s each Issued 97,724,674 shares of 5s each fully 30,000.000 24,431,000 INVESTMENTS at cost less amounts written off Quoted Market valuation 117,901,000 Unquoted Unquoted Directors valuation 26,201,000 144,102,000 68,933,000 22,792,000 91,725,000 CAPITAL RESERVES 27,323,000 REVENUE RESERVES FUTURE TAXATION 52,330,000 104,084,000 104,084,000 885,000 INTEREST OF MINORITY SHAREHOLDERS IN SUBSIDIARIES 149,000 DEBENTURE STOCKS 1,095,000 106,213,000 FIXED ASSETS Land buildings and plant 2,592,000 CURRENT ASSETS LESS CURRENT LIABILITIES 11,896,000 106,213,000 NET ASSET VALUATION The Group's net assets on the 1st April 1965 valued as above totalled 156,461,000 of which 117,901,000 or 75.4 was represented by quoted investments and 26,201,000 or 16.7 by unquoted investments ELCTRONICALY FILED - 2023 Oct 18 10:31 AM - RIC-HLAND COMON PLEAS - 203CP41759 ELCTRONIAY PRINCIPAL INTERESTS OF THE GROUP The following list shows the investment pattern of Charter Consolidated and its subsidiaries and identifies their principal interests MINING FILED Market or Directors Per cent of Valuation at 1.4.65 Net Assets - Finance ... wee wee wes i we vee 59,496,000 38.0 2023 Oct ANGLO AMERICAN CORPORATION OF SOUTH AFRICA LIMITED CONSOLIDATED GOLD FIELDS LIMITED JOHANNESBURG CONSOLIDATED INVESTMENT COMPANY LIMITED 18 RAND MINES LIMITED 10:31 RAND SELECTION CORPORATION LIMITED SELECTION TRUST LIMITED THE RIO TINTO CORPORATION LIMITED TRANSVAAL CONSOLIDATED LAND AND EXPLORATION COMPANY LIMITED AM UNION CORPORATION LIMITED - Diamonds wee wee _ bee ANGLO AMERICAN INVESTMENT TRUST LIMITED DE BEERS CONSOLIDATED MINES LIMITED _ bee 4,621,000 Gold ... eee nee wee 10,124,000 3.0 RIC-HLAND 6.5 BLYVOORUITZICHT GOLD MINING COMPANY LIMITED COM N HARMONY GOLD MINING COMPANY LIMITED ORANGE FREE STATE INVESTMENT TRUST LIMITED WESTERN DEEP LEVELS LIMITED WESTERN HOLDINGS LIMITED PLEAS WEST RAND INVESTMENT TRUST LIMITED PLEAS Copper and other metals vee vee a a 17,900,000 11.4 - BAFFINLAND IRON MINES LIMITED HUDSON BAY MINING AND SMELTING COMPANY LIMITED MCINTYRE PORCUPINE MINES LIMITED MUFULIRA COPPER MINES LIMITED NCHANGA CONSOLIDATED COPPER MINES LIMITED PLATINUM PROSPECTING COMPANY PTY LIMITED RHOKANA CORPORATION LIMITED 203CP41759 ROAN SELECTION TRUST LIMITED ZAMBIAN ANGLO AMERICAN LIMITED INDUSTRIAL COMMERCIAL COAL ETC. ... wes Le 35,766,000 22.9 22.9 22.9 BOART AND HARD METAL PRODUCTS S.A. LIMITED CAPE ASBESTOS LIMITED PRETORIA PORTLAND CEMENT COMPANY LIMITED SOCIETE INTERNATIONALE PIRELLI S.A. THE ARGUS PRINTING AND PUBLISHING COMPANY LIMITED THE HUME PIPE COMPANY SOUTH AFRICA LIMITED WITBANK COLLIERY LIMITED Carried forward 127,907,000 81.8 Brought forward 127,907,000 81.8 BRITISH PETROLEUM LIMITED THE SHELL TRANSPORT AND TRADING COMPANY LIMITED WESTERN DECALTA PETROLEUM LIMITED KARIBA ELECTRIC SCHEME ZAMBIAN GOVERNMENT LOAN FIXED ASSETS LESS FUTURE TAXATION MINORITY INTERESTS AND DEBENTURE STOCKS eee ... NET CURRENT ASSETS a we vee wee ... see note 1 see note 2 see note 2 144,102,000 463,000 11,896,000 * For individual amounts see page 4 156,461,000 92.1 0.3 7.6 100.0 NOTES 1. The geographical spread of the Group's investments at 1st April 1965 was as follows per cent SOUTH AFRICA .. . a . 42.9 REST OF AFRICA .. .. : . 15.9 NORTH AMERICA . : a 23.5 UNITED KINGDOM : . 11.5 ELSEWHERE . a . . 6.2 100.0 2. Included in these amounts are the net assets of the industrial subsidiary companies amounting to approximately 2,100,000 ELTRONICALY FILED - 2023 Oct 18 10:31 AM - RIC-HLAND COMON PLEAS - 203CP41759 ELCTRONIAY MERGER OF RHODESIAN INTERESTS The merger of Charter Consolidated Group's principal interests in Rhodesia with the Rhodesian interests of certain other companies of the Anglo American Corporation Group through the medium of Anglo American Corporation Rhodesia Limited as announced in the press on FILED the 5th April 1965 has now been accomplished This operation was completed after the - 2023 1st April 1965 so that the resulting minor changes in the Charter Consolidated Group's investments are accordingly not reflected in the approximate consolidated balance sheet on page 4 Oct In terms of this scheme Charter Consolidated Group sold the entire issued capital of certain of 18 its wholly private companies to Anglo American Corporation Rhodesia Limited at their combined agreed valuation of 6.2m a figure which was based on the underlying net assets of 10:31 these companies and which included inter alia quoted investments valued at 549,000 The total proceeds of 6.2m were applied in subscribing for shares in Anglo American Corporation AM - Rhodesia Limited which gave the Group a 36-9 per cent interest in the issued capital Subsequently the Group sold a proportion of its holding for cash and now owns 33.9 per cent RICHLAND of the issued capital As part of the scheme the Group's Rhodesian staff has been integrated with the local office staff of Anglo American and it is anticipated that substantial administrative savings will result - CORNER HOUSE GROUP COM N In September 1957 Rand Mines Limited assumed from Central Mining Finance Limited certain managerial and technical responsibilities towards the mining and industrial companies of the PLEAS Corner House Group Central Mining however continued to provide financial services to that Group and maintained direct links through Board representation with the Companies comprising it It has now been agreed between Rand Mines Limited and Central Mining - Finance Limited that with effect from 1st April 1965 Rand Mines assumed responsibilities for providing the financial and other services hitherto rendered by Central Mining The Central Mining stafifn South Africa has transferred to Rand Mines Limited Charter Consolidated retains through Central Mining the latter company's interests in South Africa and Rand Mines Limited has been appointed Johannesburg Secretaries to 203CP41759 Central Mining and its subsidiary companies there TAXATION OF PROFITS DIVIDEND POLICY When the proposals for the merger were announced it was stated that due to uncertainty about the future taxation structure it was impossible to forecast what rate of dividend would be payable although it was anticipated that on the then existing basis of taxation it would have been possible initially to pay dividends at an annual rate of 1s 4d gross per share The proposals in the Chancellor's Budget speech and the Finance Bill when they come into effect would greatly increase the liability to taxation since the Group would largely be denied relief in respect of underlying taxes suffered overseas on investments Strong representations are being made to the Government drawing attention to the harm which will result to British interests and trade and it is hoped that the Government will reconsider some of the proposals relating to overseas activities It will be appreciated that in the circumstances no forecast can be made at this time about possible rates of dividend or times of payment but it would normally be the intention to consider the declaration of two dividends for a financial year interim announced each November payable in December and a final dividend announced May payable July when the Annual General Meeting would be held ADMINISTRATION Integration of the London staffs of The British South Africa Company Central Mining and Consolidated Mines Selection Anglo American Corporation has proceeded smoothly and the main part of the new organisation is now located at the registered office Holborn Viaduct London E.C.1 with a office nearby at 7 Rolls Building Fetter Lane E.C.4 GENERAL Quotations listings The Company's shares are quoted listed in the following centres LONDON PARIS JOHANNESBURG BULAWAYO Paying Agents The following bankers have been appointed paying agents to the Company in Paris CREDIT LYONNAIS S.A. 19 Boulevard des Italiens Paris 2e MESSRS DE ROTHSCHILD FRERES 21 Rue Laffitte Paris 9e Dominion Registers Dominion Registers have been established in the Republic of South Africa and in Rhodesia By order of the board R. V. PRITCHARD Secretary 40 Holborn Viaduct London E.C.1 19th May 1965 ELECTRONICALLY ELCTRONIALY FILED FILED - 2023 Oct 18 10:31 AM - RIC-HLAND COMON PLEAS - 203CP41759 Printed by McCorquodale and Co. Ltd. London N.W. ELCTRONIAY FILED - 2023 Oct 18 10:31 AM - RIC-HLAND COMON PLEAS - CASE#203P41759 LLY FILED - 2023 Oct 18 10:31 AM - RIC-HLAND COMON PLEAS - CASE#203P41759