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27-Aug-2018
(Official Notice)
16-May-2018
(C)
Total revenue for the year increased to R370.9 million (2017: R314.9 million), net operating profit rose to R232.8 million (2017: R183.8 million), profit for the period climbed to R178.6million (2017: R148.4 million), while headline earnings per A share grew to 39.57 cents per share (2017: 33.12 cents per share).



Payment of dividend for the quarter ended 31 March 2018

The board of directors ("Board") has approved a gross dividend (dividend number six) of 26.08791 cents per A share and 19.33845 cents per B share for the quarter ended 31 March 2018.



Company prospects

Gemgrow is positioned to deliver on its guidance of 7% to 9% growth on its B shares for the year ended 30 September 2018, as previously advised, while the A shares will grow at the lower of 5% and the consumer price index. Gemgrow's focus is to reshape and improve the quality of its core portfolio, by unlocking further potential from existing properties, strategic disposals and refurbishments and concluding yield-enhancing acquisitions.



Bolstering the company's team of talented property professionals and improving operating efficiencies through improved capital allocations, solar initiatives and cost containment measures is a key strategy in ensuring delivery in an environment that has seen subdued growth.



The company is pleased to welcome Government's planned growth strategy for the South African economy, which should provide Gemgrow with a platform of accelerated growth in the future as a purely South African focused property fund. Gemgrow's strong balance sheet and a low LTV of 29% will provide the company with an opportunity to respond effectively to renewed growth and positive sentiment in the economy. Gemgrow is negotiating on an ongoing basis to acquire property portfolios that will provide further growth opportunities.
23-Apr-2018
(Official Notice)
Gemgrow shareholders are referred to the announcement released on SENS on 22 March 2018 wherein shareholders were advised that Gemgrow had posted a notice of general meeting to shareholders relating to proposed amendments to the company?s memorandum of incorporation.



Shareholders are advised that at the general meeting held at 10h00 on 23 April 2018, all of the resolutions tabled thereat were passed by the requisite majority of shareholders.
22-Mar-2018
(Official Notice)
Shareholders are advised that a notice of general meeting of Gemgrow shareholders (the ?notice?) was dispatched today, Thursday, 22 March 2018, which notice includes salient features with regards to proposed amendments to the Gemgrow Memorandum of Incorporation (the ?proposed amendments?). A general meeting of Gemgrow A shareholders and Gemgrow B shareholders (the ?general meeting?) will be held at the company?s registered office, 3rd Floor, 1 Sturdee Avenue, Rosebank, 2196, on Monday, 23 April 2018 at 10h00, for purposes of considering and, if deemed fit, passing the resolutions required to implement the proposed amendments.



Important dates to note 2018:

Record date for receipt of notice on Friday, 16 March

*Notice posted on Thursday, 22 March

*Last day to trade in order to be eligible to participate in and vote at the general meeting Tuesday, 10 April

*Record date for voting purposes Friday, 13 April

*Last day to lodge forms of proxy for the general meeting by 10h00 (for administrative purposes) Thursday, 19 April

*General meeting at 10h00 on Monday, 23 April

*Results of general meeting released on SENS Monday, 23 April



A copy of the notice, together with the salient features of the proposed amendments, is available on the company?s website at www.gemgrow.co.za.
14-Feb-2018
(Official Notice)
30-Jan-2018
(Official Notice)
Shareholders are advised that at the annual general meeting of A and B shareholders of Gemgrow (?shareholders?) held on Monday, 29 January 2018 (in terms of the notice of annual general meeting dispatched to shareholders on 15 December 2017), all of the resolutions tabled thereat were passed by the requisite majority of Gemgrow shareholders.
20-Dec-2017
(Official Notice)
Shareholders are hereby notified that in accordance with the JSE Listings Requirements, the company?s annual compliance report in terms of section 13G(2) of the Broad-Based Black Economic Empowerment Act 53 of 2003 read with the Broad-Based Black Economic Empowerment Amendment Act 46 of 2013, has been published and is available on the company?s website, www.gemgrow.co.za.
15-Dec-2017
(Official Notice)
Shareholders are advised that Gemgrow?s integrated annual report, incorporating the audited annual financial statements for the year ended 30 September 2017, has been dispatched to shareholders and is available with immediate effect on the company?s website, www.gemgrow.co.za. The annual financial statements contain no changes to the provisional consolidated audited results, released on SENS on 15 November 2017.



The integrated annual report contains a notice of annual general meeting which will be held at 11h00 on Monday, 29 January 2018 at 3rd Floor, 1 Sturdee Avenue, Rosebank, Johannesburg. The last day to trade in order to be eligible to participate in and vote at the annual general meeting is Tuesday, 16 January 2018 and the record date for voting purposes is Friday, 19 January 2018.



Shareholders are advised that the company?s B-BBEE annual compliance report for the year ended 30 September 2017 (?the report?), in terms of section 13G(2) of the Broad-Based Black Economic Empowerment Act 53 of 2003 read with the Broad-Based Black Economic Empowerment Amendment Act 46 of 2013, is currently being verified and a further announcement in respect of the publication of the report will be released in due course.
15-Nov-2017
(C)
These results are the maiden final results following the change in year-end from March to September therefore are incomparable. Total revenue for the period came to R701.6 million whilst net operating profit was R430.0 million. Profit for the period of R422.3 million was recorded. Furthermore, headline earnings per A share and per B share were 79.69 cents per share.



Payment of dividend for the quarter ended 30 September 2017

The board of directors has approved a gross dividend (dividend number 4) of 26.08791 cents per A share and 19.00001 cents per B share for the quarter ended 30 September 2017.



Annual general meeting

Gemgrow?s integrated report for the year ended 30 September 2017, containing a notice of the annual general meeting and incorporating the audited annual financial statements for the year ended 30 September 2017 will be made available in electronic form on the company?s website, www.gemgrow.co.za and will be posted in due course to shareholders who have requested that these items be posted to them, and will also be available in hard copy from Gemgrow?s offices at 3rd Floor, Upper Building, 1 Sturdee Avenue, Rosebank, Johannesburg. A further announcement providing details of the annual general meeting will be released in due course.



Company prospects

The company has secured acquisitions to the value of R580 million, at a weighted average yield of 11,85%, funded with the hedged debt facilities mentioned above. Transfer of these properties will take place in the new financial year.



The company is operating in an environment of subdued growth impacted by economic and political uncertainty. Gemgrow?s diversified portfolio is positioned to withstand measured market movements and produce sustainable value to its stakeholders. The Gemgrow forecast is modelled on the assumption that current trading conditions will prevail. Forecast income is based on contractual terms as at the date hereof and anticipated market- related renewals. The company projects growth in dividends of between 7% and 9% on its B share for the year ending 30 September 2018. The A share will grow at the lower of 5% or the Consumer Price Index. The projection includes income from acquisitions anticipated to transfer between 1 December 2017 and 31 January 2018.
16-Oct-2017
(Official Notice)
Gemgrow A shareholders and Gemgrow B shareholders (?the shareholders?) are referred to the announcement released on SENS on 14 September 2017 wherein shareholders were advised that Gemgrow had posted a notice of general meeting to shareholders relating to the adoption of the Gemgrow Properties Ltd. Share Purchase and Option Scheme. Shareholders are advised that at the general meeting held at 10h00 on 16 October 2017, all of the resolutions tabled thereat were passed by the requisite majority of shareholders.
15-Sep-2017
(Official Notice)
Shareholders are hereby advised that the meeting of Gemgrow A and B shareholders scheduled for 10h00 on Friday, 13 October 2017, has been rescheduled to 10h00 on Monday, 16 October 2017.



Important dates to note

*Record date for receipt of notice on Friday, 8 September 2017

*Notice posted on Thursday, 14 September 2017

*Last day to trade in order to be eligible to participate in and vote at the general meeting Tuesday, 3 October 2017

*Record date for voting purposes Friday, 6 October 2017

*General meeting at 10h00 on Monday, 16 October 2017

*Results of general meeting released on SENS Monday, 16 October 2017

14-Sep-2017
(Official Notice)
Shareholders are advised that a notice of general meeting of Gemgrow shareholders (the ?notice?) was dispatched today, Thursday, 14 September 2017, which notice includes salient features with regards to the proposed Gemgrow Properties Ltd. Share Purchase and Option Scheme (the ?proposed scheme?). A general meeting of Gemgrow A shareholders and Gemgrow B shareholders (the ?general meeting?) will be held at the company?s registered office, 3rd Floor, 1 Sturdee Avenue, Rosebank, 2196, on Friday, 13 October 2017 at 10h00, for purposes of considering and, if deemed fit, passing the resolutions required to implement the proposed scheme.



Important dates to note 2017:

*Record date for receipt of notice on Friday, 8 September

*Notice posted on Thursday, 14 September

*Last day to trade in order to be eligible to participate in and vote at the general meeting Tuesday, 3 October

*Record date for voting purposes Friday, 6 October

*General meeting at 10h00 on Friday, 13 October

*Results of general meeting released on SENS Friday, 13 October



A copy of the notice, together with the salient features of the proposed scheme, is available on the company?s website at www.gemgrow.co.za.

16-Aug-2017
(Official Notice)
The board of directors has approved and notice is hereby given of a cash dividend (dividend number 3) of 26.08791 cents per A ordinary share and 18.52000 cents per B ordinary share for the quarter ended 30 June 2017, in accordance with the salient dates set out below: 2017

*Last day to trade cum dividend: Tuesday, 5 September

*Shares trade ex dividend: Wednesday, 6 September

*Record date: Friday, 8 September

*Payment date: Monday, 11 September



Share certificates may not be dematerialised or rematerialised between Wednesday, 6 September 2017 and Friday, 8 September 2017, both days inclusive. Payment of the dividend will be made to shareholders on Monday, 11 September 2017. In respect of dematerialised shares, the dividend will be transferred to the Central Securities Depository Participant (?CSDP?) accounts/broker accounts on Monday, 11 September 2017. Certificated shareholders? dividend payments will be deposited on or about Monday, 11 September 2017.
17-May-2017
(C)
The following results are the company's maiden interim results following the change in year-end therefore are incomparable to the previous period. Total revenue came in at R314.9 million whilst net operating profit was R183.8 million. Furthermore, headline earnings per A share and B share were 33.12 cents per share.



Dividend

The board of directors has approved a gross dividend (dividend number 2) of 24.84563 cents per A share and 18.14880 cents per B share for the quarter ended 31 March 2017.



Company prospects

The company has secured acquisitions on two transactions to the value of R477 million. The first transaction is a retail portfolio of R330 million situated in Louis Trichardt which was acquired at a 12% forward yield as reported on SENS on 16 May 2017. The second transaction is a diversified portfolio valued at R147 million acquired at an 11,5% forward yield. Both acquisitions are conditional upon the fulfilment of various conditions precedent.
16-May-2017
(Official Notice)
Shareholders are referred to the trading statement released on SENS on 16 May 2017, and are advised that the comparative for the B-shares for the previous reporting period is 64.62 cents per B-share and not 64.52 cents as stated in the announcement.



16-May-2017
(Official Notice)
16-May-2017
(Official Notice)
Pursuant to the implementation of the transaction which saw Gemgrow exchange a portfolio of assets with Vukile Property Fund Ltd and acquire the issued share capital of Cumulative Properties Ltd from Arrowhead Properties Ltd, the property portfolio of the company was significantly enlarged with a focus on high yielding, high growth income producing assets.



In addition, Gemgrow changed its year end from 31 March to 30 September. As a result, the dividend for the previous corresponding period was for a twelve-month period ending 31 March 2016 (?previous reported period?), whereas the dividend for the current period is in respect of a six-month period ended 31 March 2017 (?current period?).



Accordingly, the dividend for the current period is not comparable to the previous reported period.



Although the dividend is not comparable the board of directors believes it to be appropriate to provide shareholders with guidance on the expected dividend for the six months ended 31 March 2017, as required by the JSE, of:

*for the A-shares, between 47 cents per share and 52 cents per share (for the six months), being 50.34% and 45.06% lower than the 94.65 cents per A-share for the previous reported period (being a twelve-month period); and

*for the B-shares, being between 34 and 38 cents per share (for the six months), being 47.38% and 41.19% lower than the 64.52 cents per B-share for the previous reported period (being a twelve-month period).



Shareholders are further advised that the dividend per A-share and B-share for the year ended 30 September 2017 is expected to be in line with the forecast of 101.87 cents per A-share and 73.36 cents per B-share contained in the circular issued to shareholders on 26 September 2016.



The forecast financial information on which this trading statement is based has not been reviewed or reported on by the company?s auditors. The financial results for the six months ended 31 March 2017 will be published on or about 17 May 2017.



23-Mar-2017
(Official Notice)
Shareholders are advised that at the annual general meeting of A and B shareholders of Gemgrow (?shareholders?) held today, 23 March 2017 (in terms of the notice of annual general meeting dispatched to shareholders on 17 February 2017), all of the resolutions tabled thereat were passed by the requisite majority of Gemgrow shareholders.



Details of the results of voting at the annual general meeting are as follows:

*total number of Gemgrow shares that could have been voted at the annual general meeting: 448 062 662.

*total number of Gemgrow shares that were present/represented at the annual general meeting: 431 345 405 being 96.27% of the total number of Gemgrow shares that could have been voted at the annual general meeting.





24-Feb-2017
(Official Notice)
Shareholders are referred to the Gemgrow dividend declaration announcement published on SENS on 16 February 2017, wherein shareholders were advised of a cash dividend (dividend number 1) of 24.84563 cents per A ordinary share and 17.84205 cents per B ordinary share for the quarter ended 31 December 2016.



Following the Budget Speech delivered by the Minister of Finance, Pravin Gordhan, on 22 February 2017 wherein the dividends withholding tax rate was increased from 15% to 20%, the increased dividends withholding tax of 20% applies in respect of any dividend paid on or after 22 February 2017.



Non-resident shareholders are accordingly advised that the net dividend amount due to non-resident shareholders, unless the rate is reduced in terms of any applicable agreement for the avoidance of double taxation (?DTA?) between South Africa and the country of residence of the shareholder, is 19.87650 cents per A ordinary share and 14.27364 cents per B ordinary share and not 21.11879 cents per A ordinary share and 15.16574 cents per B ordinary share as previously disclosed. The tax position in respect of the dividend received by or accrued to South African tax residents remains unchanged.



The salient dates and times and other information provided in respect of the dividend declaration announced on 16 February 2017 remain unchanged.



17-Feb-2017
(Official Notice)
Shareholders are advised that the notice of annual general meeting was posted on Friday, 17 February 2017. The annual general meeting of Gemgrow A and B shareholders will be held at the offices of Gemgrow, 2nd Floor, 18 Melrose Boulevard, Melrose Arch, Johannesburg on 23 March 2017 at 11h00. The last day to trade in order to be eligible to participate in and vote at the annual general meeting is Tuesday, 14 March 2017 and the record date for voting purposes is Friday, 17 March 2017.



The company?s notice of annual general meeting will be available on Gemgrow?s website- www.gemgrow.co.za.
16-Feb-2017
(Official Notice)
The board of directors has approved and notice is hereby given of a cash dividend (dividend number 1) of 24.84563 cents per A ordinary share and 17.84205 cents per B ordinary share for the quarter ended 31 December 2016, in accordance with the salient dates set out below:

* Last date to trade cum dividend: Tuesday, 7 March

* Shares trade ex dividend: Wednesday, 8 March

* Record date: Friday, 10 March

* Payment date: Monday, 13 March



Share certificates may not be dematerialised or rematerialised between Wednesday, 8 March 2017 and Friday, 10 March 2017 both days inclusive. Payment of the dividend will be made to shareholders on Monday, 13 March 2017. In respect of dematerialised shares, the dividend will be transferred to the CSDP accounts/broker accounts on Monday, 13 March 2017. Certificated shareholders? dividend payments will be deposited on or about Monday, 13 March 2017.
14-Feb-2017
(Official Notice)
Shareholders are advised that Arnold Basserabie has been appointed to the board of directors as an independent non-executive director with immediate effect.



16-Jan-2017
(Official Notice)
Shareholders are advised that Mark Kaplan, the CEO of Arrowhead Properties Ltd., has been appointed to the board and as CEO of the Company, with effect from the 13 January 2017.
03-Jan-2017
(Permanent)
Synergy Income Fund Ltd. renamed to Gemgrow Properties Ltd. on 4 January 2017
21-Dec-2016
(Official Notice)
30-Nov-2016
(Official Notice)
Shareholders are referred to the announcement released on SENS on 26 September 2016 wherein the salient dates and times in respect of the transaction which will, once implemented, effectively reposition Synergy as a specialist high yielding, high growth fund with a portfolio comprising of retail, office and industrial assets (the ?transaction?) were announced. Shareholders are advised that the transaction remains subject inter alia to the approval of the Competition Authorities (to the extent set out in the transaction agreements), and the salient dates for the transaction will therefore need to be revised. The revised salient dates will be announced in due course, once all conditions precedent to the transaction have been fulfilled.
21-Nov-2016
(C)
Synergy changed its year end from March to September. Property revenue came in at R181.4 million. Operating profit before finance costs was R84.5 million, profit for the period was recorded at R99.5 million, while headline earnings per combined share was 24.35 cents per share.



Payment of dividends

The board has approved and notice is hereby given of gross dividends of 49.68891 cents per A share and 29.67000 cents per B share for the six months ended 30 September 2016.



Prospects

On the assumption that Competition Commission approval is obtained, Synergy (to be renamed GemGrow) is set to be a consolidator in the market and will create a compelling and differentiated prospect for investors as a specialist, high growth, high yield, internally managed, diversified real estate fund. In the proposed GemGrow, a vehicle has been created that offers shareholders exposure to a unique dual-class share structure with a focus on acquiring assets at attractive yields that will enhance earnings and growth prospects for the company.
27-Oct-2016
(Official Notice)
Shareholders are referred to the circular dated 26 September 2016 (the ?circular?), relating to the transaction which will, once implemented, effectively reposition Synergy as a specialist high yielding, high growth fund (the ?transaction?), as well as the announcement released on SENS on Tuesday, 25 October 2016 advising shareholders that all resolutions required to be passed in order to approve the transaction were passed by the requisite majority of shareholders at the general meeting held on Tuesday, 25 October 2016, including resolutions of independent A and B ordinary shareholders waiving a mandatory offer triggered by the transaction in terms of section 123 of the Companies Act, 71 of 2012 (the ?Companies Act?) (the ?waiver resolution?).



Unless otherwise defined, words defined in the circular bear the same meaning in this announcement.



Having considered Synergy?s application for exemption, the TRP has made a ruling that Arrowhead Properties Ltd. be exempted from the obligation to make a mandatory offer (the ?ruling?), as required in terms of the Companies Act. The reasons for the ruling are available to any shareholder of the company upon receipt by the TRP of a request therefor. Any such request must be made in writing and addressed to ?the Executive Director, Takeover Regulation Panel? at any of the addresses indicated below.



In addition, any shareholder may request the Takeover Special Committee to review the ruling within five business days of this

announcement (i.e. until 17h00 on Thursday, 3 November 2016).



After the expiry of the aforementioned five business day period, and providing that no shareholder requests a review of the ruling, the TRP waiver proceedings shall be regarded as completed.



25-Oct-2016
(Official Notice)
Shareholders are referred to the announcement released on SENS on 26 September 2016 and to the circular to Synergy shareholders dated 26 September 2016 (the ?circular?) containing full details of the transaction which will, once implemented, effectively reposition Synergy as a specialist high yielding, high growth fund with an internally managed portfolio comprising retail, office and industrial assets (the ?transaction?), and incorporating a notice of general meeting, together with revised listing particulars for Synergy. Unless otherwise defined, words defined in the circular bear the same meaning in this announcement. Shareholders are referred to the notice of general meeting attached to the circular for details of the various resolutions referred to below. Shareholders are advised that at the general meeting of Synergy shareholders held on Tuesday, 25 October 2016 (?general meeting?), all resolutions required to be passed by Synergy shareholders in order to approve the transaction were passed by the requisite majority of shareholders.



Details of the results of voting at the general meeting are as follows:

*total number of Synergy shares that could have been voted at the general meeting: 153 704 873; and

*total number of Synergy shares that were present/represented at the general meeting: 122 032 334 (being 79.39393% of the total number of Synergy shares that could have been voted at the general meeting).
26-Sep-2016
(Official Notice)
13-Sep-2016
(Permanent)
Synergy changed its financial year end from 31 March to 30 September.
13-Sep-2016
(Official Notice)
Synergy shareholders are referred to the SENS announcement released jointly by Synergy, Vukile Property Fund Ltd. and Arrowhead Properties Ltd. (?Arrowhead?) on 29 August 2016, in terms of which they were advised of a transaction that will, once implemented, result in the repositioning of Synergy as a specialist high yielding high growth fund to be managed internally with strategic and managerial oversight by Arrowhead. As further detailed in such announcement, Synergy shareholders are advised that the company has changed its financial year end from 31 March to 30 September. This change will be effective from 30 September 2016.



To comply with paragraph 3.15 of the JSE Listings Requirements, Synergy will publish:

- reviewed results for the six months ending 30 September 2016 within three months of 30 September 2016; and

- an integrated annual report and notice of annual general meeting (with audited financial statements for the six months ending 30 September 2016) within six months of 30 September 2016.



The change in financial year end will not affect Synergy?s distribution periods.
29-Aug-2016
(Official Notice)
17-Aug-2016
(Official Notice)
Shareholders are advised that at the annual general meeting of shareholders held on Wednesday, 17 August 2016 (in terms of the notice of annual general meeting dispatched to shareholders on 30 June 2016), all of the resolutions tabled thereat were passed by the requisite majority of Synergy shareholders.
22-Jul-2016
(Official Notice)
Shareholders are referred to the joint announcement released by Synergy, Vukile Property Fund Ltd. and Arrowhead (Pty) Ltd. (together, ?the parties?) on 10 March 2016, regarding a potential transaction between the parties, as well as the further cautionary announcements released by Synergy on 26 April 2016 and 9 June 2016.



The final terms of the potential transaction continue to be negotiated. Synergy shareholders are accordingly advised to continue to exercise caution when dealing in the company?s securities until a further announcement is made.
30-Jun-2016
(Official Notice)
Shareholders are advised that Synergy?s integrated annual report, incorporating the audited financial results for the year ended 31 March 2016, was dispatched to shareholders on Thursday, 30 June 2016, and contains no changes from the summarised audited financial results for the year ended 31 March 2016 which were released on SENS on 19 May 2015.



The integrated annual report contains a notice of annual general meeting for Synergy, which will be held at One-on-Ninth, Corner Glenhove Road and Ninth Street, Melrose Estate on Wednesday, 17 August 2016 at 08h00. The last day to trade in order to be eligible to participate in and vote at the annual general meeting is Monday, 8 August 2016 and the record date for voting purposes is Friday, 12 August 2016. The integrated annual report is also available on the Company?s website ? www.synergyincomefund.com.

09-Jun-2016
(Official Notice)
Shareholders are referred to the joint announcement released by Synergy, Vukile Property Fund Limited and Arrowhead Properties Ltd (together, ?the parties?) on 10 March 2016, regarding a potential transaction between the parties, as well as the further cautionary announcement released by Synergy on 26 April 2016.



The final terms of the potential transaction continue to be negotiated. Synergy shareholders are accordingly advised to continue to exercise caution when dealing in the company?s securities until a further announcement is made.





19-May-2016
(C)
Despite a continually challenging operating and economic environment, Synergy has posted property revenue for the year to 31 March 2016 of R348 million, and distributable income of R114 million. Results are presented for the first full 12 month period to 31 March 2016, following the change of year-end to align with that of its holding company, Vukile Property Fund Ltd (JSE: VKE) (Vukile). Vukile continues to provide asset management services together with outsourced property management services via Vukile Asset Management (Pty) Ltd (previously Capital Land Asset Management (Pty) Ltd), following its acquisition of 100% of the shares on 1 May 2015. Synergy?s strategy for this year has been inwardly focused on improving the capital structure, and evaluating options to rejuvenate the A and B share structure for a positive growth trajectory, while actively pursuing planned, strategic transactions with suitable parties.



Dividend

The board has approved and notice is hereby given of final distributions of 47.32277 cents per A share and 32.15705 cents per B share for the six months ended 31 March 2016.



Prospects

Management expects the tough conditions experienced in the financial year to March 2016 to continue into the next year, given the economic environment in which Synergy operates. Notwithstanding this, Synergy?s A shareholders will continue to receive a 5% growth in distributions, and B shareholders can expect a distribution per share in the range of 65.00 cents per share to 68.00 cents per share. This is derived after taking into account further efforts to increase the fixed percentage of Synergy?s funding, in the face of an anticipated rise in interest rates. The company continues to focus inwardly on improving its financial position and actively pursuing the planned strategic transaction with Vukile and Arrowhead.



The forecast growth in distribution is based on the assumptions that the macro-economic environment does not deteriorate further and no major corporate failures will occur. Forecast rental income has been based on contractual escalations and market-related renewals.







26-Apr-2016
(Official Notice)
Shareholders are referred to the joint announcement released by Synergy, Vukile Property Fund Ltd. and Arrowhead Properties Ltd. (together, ?the parties?) on 10 March 2016, regarding a potential transaction between the parties. The final terms of the potential transaction continue to be negotiated. Synergy shareholders are accordingly advised to continue to exercise caution when dealing in the company?s securities until a further announcement is made.
10-Mar-2016
(Official Notice)
Shareholders are advised that Synergy, Vukile and Arrowhead are in advanced discussions about, and have reached broad consensus on, the terms of a transaction in terms of which:

* Synergy's asset management will be internalised;

* Vukile will acquire all or the bulk of Synergy's retail assets in return for the sale by Vukile to Synergy of the majority of Vukile?s office and industrial assets; and

* Synergy will acquire 100% of the shares in Cumulative Properties Limited, a subsidiary of Arrowhead that will house its portfolio of higher yielding retail, office and industrial properties, in return for the issue of Synergy B shares to Arrowhead,

(the ?potential transaction?).



The potential transaction, if finally concluded and implemented, will result in:

* Synergy becoming the vehicle for the implementation of Arrowhead's strategy of a separately listed high yielding, high growth fund;

* Synergy being staffed by a dedicated management team and benefitting from Arrowhead?s expertise in managing a high yielding, high growth fund comprising the reconstituted portfolio; and

* Vukile becoming a predominantly retail based fund and gaining exposure to the office and industrial sector through its shareholding in Synergy.



The final terms of the potential transaction still need to be negotiated and approved by the boards of the transacting parties and Synergy shareholders are advised to exercise caution when dealing in their shares until a further announcement is made.
14-Dec-2015
(Official Notice)
Shareholders are advised that the board of directors of Synergy has declared a top-up distribution of 1.11068 cents per A share to the interim distribution for the six months ended 30 September 2015 of 46.21209 cents per A share, as announced on SENS on 20 November 2015. The top-up distribution serves to increase the interim distribution to A shareholders to 47.32277 cents per A share, as set out in the company?s memorandum of incorporation.



The top-up distribution is payable to Synergy A shareholders in accordance with the timetable set out below:

* Last date to trade cum dividend: Thursday, 31 December 2015

* Shares trade ex dividend: Monday, 4 January 2016

* Record date: Friday, 8 January 2016

* Payment date: Monday, 11 January 2016



Share certificates may not be dematerialised or rematerialised between Monday, 4 January 2016 and

Friday, 8 January 2016, both days inclusive. Payment of the distribution will be made to A shareholders on Monday, 11 January 2016. In respect of dematerialised shares, the dividends will be transferred to the CSDP accounts/broker accounts on Monday, 11 January 2016. Certificated shareholders? dividend payments will be posted on or about Monday, 11 January 2016.
02-Dec-2015
(Official Notice)
Shareholders are advised that Link Market Services South Africa (Pty) Ltd. (?Link Market Services?) will replace Computershare Investor Services (Pty) Ltd. as transfer secretary to Synergy, with effect from 1 January 2016.



The contact details of Link Market Services are as follows:

*Physical address: Link Market Services, 13th Floor, Rennie House, 19 Ameshoff Street, Braamfontein, 2001

*Postal address: PO Box 4844, Johannesburg 2000

*Telephone number: +27 (0) 861 546572

*email: [info@linkmarketservices.co.za]
27-Nov-2015
(Official Notice)
Shareholders are referred to the unaudited condensed interim results announcement for the six months ended 30 September 2015 that was released on SENS on 20 November 2015 (the results announcement) and are advised that the net asset value (NAV) per Synergy B share is 883 cents and not 747 cents as previously stated.



The NAV per Synergy A and B share is calculated in terms of the provisions of the company?s memorandum of incorporation, which references an amount equal to the 60 day volume weighted average traded sales price for the Synergy A shares, with the residual amount applying to the NAV for the B shares. All other information contained in the results announcement remains unchanged.

25-Nov-2015
(Official Notice)
Shareholders are referred to the unaudited condensed interim results announcement for the six months ended 30 September 2015 that was released on SENS on 20 November 2015. Synergy has been requested to provide clarification on the earnings per share and headline earnings per share included in the announcement and the table below refers.



Unaudited 6 months ended 30 September 2015, Audited 9 months ended 31 March 2015 and Unaudited 6 months ended 31 December 2015

*Number of A shares/units in issue -- 47 352 203; 47 352 203; 47 352 203

*Number of B shares/units in issue -- 106 352 670; 106 352 670; 106 352 670



*Weighted average number of A shares/units in issue --- 47 352 203; 47 352 203; 47 352 203

*Weighted average number of B shares/units in issue -- 106 352 670; 106 352 670; 106 352 670



*Basic earnings*/(loss) per A share/unit (cents) -- 47.59; (23.17); (0.47)

*Basic earnings*/(loss) per B share/unit (cents) -- 47.59; (23.17); (0.47)



*Basic headline earnings* per A share/unit (cents) -- 38.83; 66.53; 43.61

*Basic headline earnings* per B share/unit (cents) -- 38.83; 40.52; 27.34

* Synergy has no dilutionary instruments in issue



Synergy successfully converted from a linked unit to a share based capital structure effective 27 July 2015 as stated in the 10 July 2015 announcement released on SENS.
24-Nov-2015
(Official Notice)
Shareholders are advised that Ilan Zwarenstein has been appointed as an independent non-executive director and a member of Audit and Risk Committee of the company with effect from 01 December 2015. Ilan has extensive experience in the areas of audit, corporate finance and retail, and is the former Group Financial Director of Massmart Group Holdings. Prior to joining Massmart he served as a partner at Grant Thornton. Ilan holds BCom and BAcc degrees from the University of Witwatersrand and is a qualified Chartered Accountant. He serves on The South African Board of Jewish Education.
20-Nov-2015
(C)
Synergy had a change of year- end to align Synergy?s year-end to that of its holding company, Vukile Property Fund Ltd. (JSE share code: VKE) (Vukile), who acquired a majority shareholding in Synergy during that period. Therefore there are no comparative figures for the interim reporting period.



Gross property revenue came in at R170.3 million, while operating profit before finance costs amounted to R100.6 million. Total comprehensive profit for the period was recorded at R73.1 million. Headline earnings per share came in at 38.83cps



Distributions

The directors of Synergy are pleased to report a distribution for the six months ended 30 September 2015 of 46.21209 cents per A share, and 32.46180 cents per B share.



Prospects

Synergy remains on track to deliver distributions for the full year to 31 March 2016 for the B shares at the high end of market guidance provided in the integrated report for the year ended 31 March 2015 of 64 to 66 cents per share. Synergy?s A shareholders will continue to receive a five percent growth in distributions. The forecast growth in distributions is based on the assumption that the macroeconomic environment does not deteriorate further, no major corporate failures will occur and that tenants will be able to absorb rising electricity and municipal costs. Forecast rental income has been based on contractual escalations and market related renewals. This forecast has not been reviewed or reported on by the company?s auditors. The board continues to investigate selective value add retail acquisitions, whilst strategically evaluating options to rejuvenate the A and B share structure for a positive growth trajectory.
04-Sep-2015
(Official Notice)
Shareholders are advised that at the annual general meeting of shareholders held on Friday, 4 September 2015 (in terms of the notice of annual general meeting dispatched to shareholders on 30 June 2015), all of the resolutions tabled thereat (other than special resolution number 3, authorising the company to repurchase shares and ordinary resolution number 6, a general authority to issue shares for cash, both of which were withdrawn prior to the annual general meeting), were passed by the requisite majority of Synergy shareholders.



Details of the results of voting at the annual general meeting are as follows:

*total number of Synergy shares that could have been voted at the annual general meeting: 153 704 873

*total number of Synergy shares that were present/represented at the annual general meeting: 148 843 333 being 97% of total number of Synergy shares that could have been voted at the annual general meeting
10-Jul-2015
(Official Notice)
30-Jun-2015
(Official Notice)
Linked unitholders are advised that the Synergy?s integrated report, incorporating the audited financial results for the nine months ended 31 March 2015, was dispatched to linked unitholders on 30 June 2015, and contains no changes from the summarised condensed audited financial results for the nine months ended 31 March 2015 which were released on SENS on Friday, 22 May 2015.



The integrated report contains a notice of annual general meeting for Synergy, which will be held at One-on-Ninth, Corner Glenhove Road and Ninth Street, Melrose Estate on Friday, 4 September 2015 at 09h00. The last day to trade in order to be eligible to participate in and vote at the annual general meeting is Friday, 21 August 2015 and the record date for voting purposes is Friday, 28 August 2015. The integrated report is also available on the Company?s website ? www.synergyincomefund.com.
22-Jun-2015
(Official Notice)
Linked unitholders are referred to the announcement released on SENS on Wednesday, 20 May 2015 wherein linked unitholders were advised that the company had posted a circular to linked unitholders (the ?circular?) relating to:

* the conversion of the company?s current ?A? linked unit capital structure to an ?A? ordinary share structure by way of a scheme of arrangement in terms of section 114 of the Companies Act, 71 of 2008 (the ?Companies Act?) which scheme is being proposed by the company between the company and its ?A? debenture holders (the ??A? debenture scheme?);

* the conversion of the company?s current ?B? linked unit capital structure to a ?B? ordinary share structure by way of a scheme of arrangement in terms of section 114 of the Companies Act, which scheme is being proposed by the company between the company and its ?B? debenture holders (the ??B? debenture scheme?);



Linked unitholders are advised that at the combined linked unitholders general meeting, the ?A? linked unitholders scheme meeting, the ?B? linked unitholders scheme meeting, the combined ordinary shareholders general meeting, the ?A? ordinary shareholders general meeting and the ?B? ordinary shareholders general meeting (the ?meetings?) held on Monday, 22 June 2015, all resolutions required to be passed by Synergy linked unitholders and shareholders to approve the transactions detailed above were passed by the requisite majority of Synergy linked unitholders and shareholders.
28-May-2015
(Media Comment)
Business Report announced that Synergy will remain a JSE listed property fund. Chief executive of Vukile, Laurence Rapp, said that the plan at this stage was to leave Synergy listed and turn it into a higher growth vehicle. Mr Rapp said: "We are currently evaluating various strategic opportunities (related to Synergy) and once we have settled on a way forward with the board of Synergy, we will then communicate that to the market". Rapp said that it was premature to comment on the growth strategy of Synergy as they still need to work through the positives and negatives and consider a few options.
22-May-2015
(Official Notice)
Unitholders are referred to the SENS announcement published on 10 March 2015 wherein unitholders were advised that Anton Raubenheimer, Synergy?s financial director would resign from the board of directors on finalisation of Synergy?s financial results for the period ending 31 March 2015.



The company?s summarised audited condensed financial results for the nine months ended 31 March 2015 was released on 22 May 2015, and accordingly Anton Raubenheimer has resigned as the financial director of the company and Rob Hawton has been appointed as Synergy?s financial director, both with effect from 22 May 2015.
22-May-2015
(C)
Despite a continually challenging operating and economic environment the Synergy has posted property revenue for the nine months ended to 31 March 2015 of R241 million, and distributable income of R76 million. Results are presented for the nine month period from 1 July 2014 to 31 March 2015 following a change of year end to align with that of its holding company, Vukile Property Synergy Ltd. (JSE: VKE)("Vukile") who acquired a majority shareholding in Synergy during the year. Vukile will provide asset management services together with outsourced property management services following its acquisition of Capital Land Asset Management (Pty) Ltd. ("CLAM") on 1 May 2015. Synergy's strategy for these nine months has been inwardly focused on value enhancing redevelopments, and upgrading existing centres in the portfolio.



Dividend

The board of directors of Synergy ("the Board") is pleased to announce a distribution of 23.21 cents per A linked unit and 13.46 cents per B linked unit, for the three months ended 31 March 2015. Combined with the interim distribution of 44.45 cents per A linked unit and 28.19 cents per B linked unit, the total distribution for the nine month period amounts to 67.66 cents per A linked unit and 41.65 cents per B linked unit.



Prospects

Following the changes to the Board and Vukile's acquisition of CLAM we expect Synergy to return to a more operational and acquisitive focus in the year ahead. The reconstituted Synergy Board is currently evaluating various strategic options for the company, all with a view to reinvigorating the company and setting it on a new growth path. Synergy's A unitholders will continue to receive a five percent growth in distribution, and B unitholders can expect a distribution per unit between 64 and 66 cents per unit for the 12 months to 31 March 2016.



This view is premised on interest rates and the costs of interest rate swaps rising by no more than 40 basis points over the course of the 2016 financial year, and there being no material deterioration in the macroeconomic environment relative to current levels. Forecast rental is based on contractual lease terms and anticipated market related renewals.
20-May-2015
(Official Notice)
05-May-2015
(Official Notice)
Further to the joint announcement issued on 10 March 2015, security holders of both Vukile and Synergy are informed that all conditions to the agreement between Vukile and the shareholders of Capital Land Asset Management (Pty) Ltd., being the asset and property manager of Synergy (the ?Synergy Manco?) have been fulfilled. Vukile has accordingly completed its acquisition, with effect from 1 May 2015, of 100% of the equity in the Synergy Manco (the ?Manco acquisition?). The existing management arrangements between Synergy and the Synergy Manco will not be affected by the Manco acquisition and the Synergy Manco will continue to render its asset and property management services to Synergy in terms of the existing management agreement.



Pursuant to the Manco acquisition becoming unconditional:

* William Brooks, Synergy?s CEO, has resigned as a director of Synergy with effect from 1 May 2015;

* Sedise Moseneke, an executive director of Vukile, has been appointed as interim CEO of Synergy; and

* Anton Raubenheimer, Synergy?s FD, will resign as a director of Synergy on finalisation of Synergy?s financial statements for the period ending 31 March 2015.



A further announcement will be made on finalisation of the permanent CEO and replacement FD appointments.
10-Mar-2015
(Permanent)
Synergy changed its financial year-end from 30 June to 31 March. This change is effective from 31 March 2015.
10-Mar-2015
(Official Notice)
Synergy unitholders are advised that the company is in the process of changing its financial year end from 30 June to 31 March. This change will be effective from 31 March 2015.



To comply with paragraph 3.15 of the JSE Listings Requirements, Synergy will publish:

*reviewed results for the 9 months ending 31 March 2015 within three months of 31 March 2015; and

*an integrated annual report and notice of annual general meeting (with audited financial statements for the 9 months ending 31 March 2015) within six months of 31 March 2015.



The change in financial year end will affect Synergy?s distribution periods and accordingly after the change of financial year end the distributions will be payable in respect of the 3 months ending 31 March 2015 and thereafter in respect of the six month periods ending 31 March and 30 September.



Synergy unitholders are further advised that Moore Stephens BKV Inc. have resigned with effect from 2 March 2015 and that Grant Thornton has been appointed as auditors to Synergy.

10-Mar-2015
(Official Notice)
03-Mar-2015
(Official Notice)
Linked unitholders are advised of the following changes to the board of directors of Synergy (?the board?) all of which are effective from 2 March 2015:

*Messrs Maurice Mdlolo and Uys Meyer, both non-executive directors of Synergy have resigned from the board. The board wishes to thank Messrs Mdlolo and Meyer for their valuable contributions to Synergy.

*Messrs Laurence Gary Rapp and Michael John Potts have been appointed as non-executive directors to the board with immediate effect.

*Mr Martin Kuscus has stepped down as chairman of the board and Mr Rapp will assume the role as non-executive chairman of the board. The board would like to thank Mr Kuscus for his leadership over the years. As Mr Rapp is deemed to be non-independent in terms of King III, Mr Lizwi Mtumtum, currently an independent non-executive director has been appointed as the lead independent non-executive director of Synergy. Mr Kuscus has been appointed as a member of the Audit and Risk Committee



Linked unitholders are further advised that CIS Company Secretaries Proprietary Limited has resigned as the company secretary and Mr Johann Neethling has been appointed as the company secretary with effect from 2 March 2015.
20-Feb-2015
(C)
Rental revenue for the period increased to R160.3 million (2013: R154.4 million). Profit from operations lowered to R89.1 million (2013: R97.6 million), while loss for the period attributable to Synergy shareholders came in at R724 169 (2013: profit of R14.1 million). Furthermore, headline earnings per A linked unit dropped to 43.61 cents per A linked unit (2013: 46.51 cents per A linked unit).



Payment of interim distributions

The Board declared an interim distribution of 44.45225 cents per A linked unit and 28.18559 cents per B linked unit for the period 1 July 2014 to 31 December 2014 (collectively, "the Interim Distributions").



Prospects

Linked unitholders are referred to the market guidance previously provided in the prospects section of the June 2014 results announcement which was published on SENS on 28 August 2014 and, which included reference to forecasted growth in B linked unit distributions for 2015 in comparison to the prior year of approximately 6%. In terms of the aforementioned forecast unitholders were advised that no provision had been made for the inclusion of any rental adjustments which may occur as a consequence of the Ellerines business rescue proceedings. Furthermore, unitholders were advised that the forecasted B linked unit distribution growth did not make provision for advisory costs in relation to any potential corporate action. It is estimated that the total advisory costs in respect of the recent corporate action involving Vukile and Synergy and/or Synergy linked unitholders will amount to R2.6 million of which approximately R1 million has already been incurred.



It is forecasted that total annual 2015 distributions for Synergy's A linked units will be 91.13 cents per unit. Taking into account rental adjustments for Ellerines and advisory and other costs associated with the Vukile transaction, the Board expects Synergy's B linked unit distribution growth to be flat for the 2015 financial year. This forecast is based on the assumption that a stable macroeconomic environment will prevail, no major additional corporate failures will occur and that tenants will continue to be able to absorb the recovery of rising utility costs.
15-Dec-2014
(Official Notice)
01-Dec-2014
(Official Notice)
Linked unitholders are advised that at the annual general meeting of linked unitholders held on Monday, 1 December 2014 (in terms of the notice of annual general meeting dispatched to linked unitholders on 31 October 2014), all of the resolutions tabled thereat other than ordinary resolution number 6, placing 10% of the unissued linked units under the control of the directors and ordinary resolution number 7, granting the directors authority to issue up to 10% of the issued linked units for cash, which were withdrawn at the annual general meeting, were passed by the requisite majority of Synergy linked unitholders.
31-Oct-2014
(Official Notice)
Linked unitholders are advised that the Synergy's integrated annual report, incorporating the audited annual financial statements for the year ended 30 June 2014, was dispatched to linked unitholders on Friday, 31 October 2014, and contains no changes from the summarised audited financial statements for the year ended 30 June 2014 which were released on SENS on Thursday, 28 August 2014.



The integrated annual report contains a notice of annual general meeting which meeting will be held at 10:00 on Monday, 1 December 2014 at 3rd Floor, 200 on Main, Corner Main and Bowwood Roads, Claremont, Cape Town.



The last day to trade in order to be eligible to participate in and vote at the annual general meeting is Friday, 14 November 2014 and the record date for voting purposes is Friday, 21 November 2014.



The integrated annual report is also available on the company's website - www.synergyincomefund.com.
03-Sep-2014
(Official Notice)
Linked unitholders are referred to the cautionary announcements published on SENS pertaining to a potential transaction between Vukile Property Fund Ltd. and Synergy and/or Synergy linked unitholders and are advised that the discussions between the parties have been terminated. Accordingly, caution is no longer required to be exercised when dealing in Synergy's linked units.
29-Aug-2014
(Official Notice)
Linked unitholders are advised that, with effect from 27 August 2014, Maurice Mdlolo an independent non-executive director of Synergy, has been appointed as a member of the Audit and Risk Committee ("the Committee") and Lizwi Mtumtum, an independent non-executive director of Synergy and currently a member of the Committee, has been appointed as the Chairman of the Committee.
28-Aug-2014
(C)
04-Aug-2014
(Official Notice)
Synergy advised unitholders that Mandy Ramsden has resigned from the Board of Directors of Synergy with immediate effect. The appointment of the new Chairman of the Audit and Risk Committee will be announced in due course.
25-Jul-2014
(Official Notice)
Linked unitholders are referred to the cautionary announcements published on SENS on 29 January, 12 March, 29 April and 12 June 2014 and are advised that the discussions referred to therein are still ongoing. Accordingly, linked unitholders are advised to continue to exercise caution when dealing in their linked units until a further announcement is made.
12-Jun-2014
(Official Notice)
Linked unitholders were referred to the cautionary announcements published on SENS on 29 January, 12 March and 29 April 2014 and are advised that the discussions referred to therein are still ongoing. Accordingly, linked unitholders are advised to continue to exercise caution when dealing in their linked units until a further announcement is made.
04-Jun-2014
(Official Notice)
Linked unitholders are advised that following the acquisition of the business of Probity Business Services (Pty) Ltd. by Computershare Investor Services (Pty) Ltd. ("Computershare"), CIS Company Secretaries (Pty) Ltd., a subsidiary of Computershare, has been appointed as the company secretary with effect from 2 June 2014.
29-Apr-2014
(Official Notice)
Linked unitholders are referred to the cautionary announcements published on SENS on 29 January 2014 and 12 March 2014 and are advised that the discussions referred to therein are ongoing. Accordingly, linked unitholders are advised to continue to exercise caution when dealing in their linked units until a further announcement is made.
12-Mar-2014
(Official Notice)
Linked unitholders are referred to the cautionary announcement published on SENS on 29 January 2014 and are advised that the discussions referred to therein are ongoing. Accordingly, linked unitholders are advised to continue to exercise caution when dealing in their linked units until a further announcement is made.
20-Feb-2014
(Official Notice)
Linked unitholders are referred to the announcement published on SENS on 29 January 2014 which disclosed that discussions have commenced in respect of a potential transaction between Vukile Property Fund Ltd. and Synergy linked unitholders. Accordingly, Synergy linked unitholders are advised to continue to exercise caution when dealing in their linked units until a further announcement is made .
20-Feb-2014
(C)
Rental revenue decreased to R154.4 million (R253.4 million) and net operating profit lowered to R89.9 million (R149.8 million). Profit from operations tumbled to R97.6 million (R299.6 million). Profit for the period attributable to Synergy shareholders dived to R14.1 million (R188.7 million). Furthermore, earnings per A linked unit fell to 51.51 cents per linked unit (215.82 cents per linked unit).



Payment of interim distributions

Notice is hereby given that the board has declared an interim distribution of 42.33550 cents per A linked unit and 27.53609 cents per B linked unit for the period 1 July 2013 to 31 December 2013 .



Prospects

The board confirms the guidance previously provided in Synergy's June 2013 results announcement published on SENS on 26 August 2013. The forecast full year distributions for 2014 for Synergy's A linked units are expected to be 86.79 cents per unit. The Board expects Synergy's B linked unit distributions for 2014 to increase by between 12% and 16% compared to June 2013. This forecast assumes that the current economic and interest rate environment will remain stable, no major corporate failures will occur and tenants will be able to absorb increases in municipal and utility costs.
29-Jan-2014
(Official Notice)
Linked unitholders are referred to the press release published on SENS on 5 December 2013 by Vukile Property Fund Ltd. ("Vukile") giving details of its agreement to acquire 52 300 000 Synergy B linked units (representing a 34% interest in Synergy) from Liberty Group Ltd. ("the Liberty Stake"), and to the announcement published on SENS on 18 December 2013 by Synergy confirming the transfer of the Liberty Stake to Vukile.



Linked unitholders are advised that, pursuant to these announcements, discussions have commenced in respect of a potential transaction between Vukile and Synergy and/or Synergy linked unitholders. Accordingly, Synergy linked unitholders are advised to exercise caution when dealing in their linked units until a further announcement is made.
03-Dec-2013
(Official Notice)
Linked unitholders are advised that, all of the ordinary and special resolutions proposed at the annual general meeting of the Company convened on Tuesday, 3 December 2013 (in terms of the notice of annual general meeting contained in the Company's integrated annual report issued on 4 November 2013), were approved by the requisite majority of linked unitholders. Ordinary resolution number 7, placing 10% of the unissued linked units under the control of the Board of Directors and ordinary resolution number 8, granting the Board of Directors authority to issue up to 10% of the issued linked units for cash, were withdrawn prior to the annual general meeting and were accordingly not proposed at the annual general meeting.
04-Nov-2013
(Official Notice)
Linked unitholders are advised that the Company's integrated annual report, incorporating the audited annual financial statements for the year ended 30 June 2013, was dispatched to linked unitholders on Monday, 4 November 2013, and contains no changes from the summarised audited annual financial statements which were released on SENS on Monday, 26 August 2013.



The integrated annual report contains a notice of annual general meeting which meeting will be held at 10:00 on Tuesday, 3 December 2013 at 200 on Main, Corner Main and Bowwood Roads, Claremont, Cape Town.



The last day to trade in order to be eligible to participate in and vote at the annual general meeting is Friday, 15 November 2013 and the record date for voting purposes is Friday, 22 November 2013.



The integrated annual report is also available on the Company's website - www.synergyincomefund.com
28-Oct-2013
(Official Notice)
Linked unitholders were referred to the announcement released on SENS on 15 May 2013 regarding the acquisition of the rental enterprise known as Atlantis City Shopping Centre (the "Property"), and are advised that registration of transfer of the Property took place on 28 October 2013.



As previously communicated, the sale agreement with respect to the acquisition of the Property, made provision for an effective transfer date of 1 September 2013 ("the Effective Date") and accordingly all risks in and to the Property passed to Synergy on the Effective Date. Synergy's property portfolio now comprises 15 shopping centres with a market value of approximately R2.231 billion.
02-Sep-2013
(Official Notice)
Synergy unitholders were referred to the cautionary announcements released on SENS on 15 May 2013 and 22 July 2013 respectively and are advised that negotiations for the acquisition of a further portfolio of properties have been put on hold for the time being and accordingly, unitholders are no longer required to exercise caution when dealing in their linked units.
26-Aug-2013
(C)
Revenue for the year ended 30 June 2013 grew to R253.4 million (R53.1 million), whilst net operating profit was higher at R149.8 million (R32.9 million). Profit for the period attributable to shareholders was up at R188.7 million (R109.5 million). Additionally, headline earnings per A linked unit increased to 96.01cps (67.99cps)



Distribution

Notice is hereby given that the board of directors has declared a final distribution of 42.34 cents per A linked unit and 26.63 cents per B linked unit for the six months ended 30 June 2013.



Prospects

The forecast distributions for 2014 for Synergy's A linked units will be 86.79 cents per unit, in line with information released on SENS on 6 June 2012. The Board expects Synergy's B linked unit distributions for 2014 to increase by between 12% and 16% compared to 2013. This forecast includes income from Atlantis from 1 September 2013, the effective date of its acquisition, and is based on assumptions detailed in the Atlantis financial effects announcement released on SENS on 25 June 2013 and further assumes that the current economic environment will remain stable. The forecast information has not been reported on by the independent reporting accountants, Moore Stephens BKV Inc.

22-Jul-2013
(Official Notice)
The company remains in negotiations for the acquisition of a further portfolio of properties and accordingly, Synergy linked unitholders are advised to continue to exercise caution when dealing in their linked units until a further announcement is made.
22-Jul-2013
(Official Notice)
Linked unitholders are referred to the announcement released on SENS on 15 May 2013 in which it was announced that Synergy had concluded an agreement with The Property Incubator (Pty) Ltd. to acquire the rental enterprise known as Atlantis City Shopping Centre, Western Cape for a preliminary purchase price of R334 million ("the acquisition"). The parties have now received notice that the acquisition has been unconditionally approved by the Competition Authorities. As this approval was the last outstanding condition, the acquisition will now be implemented in accordance with its terms. As previously announced the parties agreed an effective date of transfer of 1 September 2013, on which date possession of the rental enterprise and all risk in and to the property will pass to Synergy.
12-Jul-2013
(Official Notice)
Unitholders were advised that Synergy's application for Real Estate Investment Trust ("REIT") status has been approved by the JSE Ltd. Synergy has been granted REIT status with effect from the commencement of its current financial year, being 1 July 2013.
25-Jun-2013
(Official Notice)
Synergy linked unitholders are advised that Uys Meyer will resign as Financial Director of the Company with effect from 1 August 2013. Uys will continue to serve on the board of directors of Synergy as a non-executive director with effect from the date of his resignation. Synergy announced that the board has approved the appointment of Anton Raubenheimer as the new Financial Director of the Company with effect from 1 August 2013.
25-Jun-2013
(Official Notice)
Linked unitholders are referred to the announcement released on SENS on 15 May 2013 in which it was announced that Synergy had concluded an agreement with The Property Incubator (Pty) Ltd. to acquire the rental enterprise known as Atlantis City Shopping Centre, Western Cape ("Atlantis") for a preliminary purchase price of R334 million ("the acquisition"). The purpose of this announcement is to set out the financial effects of the acquisition.



The unaudited pro forma financial effect

The unaudited pro forma financial effects of the Atlantis acquisition on Synergy's net asset value and tangible net asset value per A-linked unit and per B-linked unit, based on the unaudited consolidated statement of financial position as at 31 December 2012 as published on SENS on 28 February 2013, are not significant and have not been presented.



Renewal of cautionary

The company remains in negotiations for the acquisition of a further portfolio of properties and accordingly, Synergy linked unitholders are advised to continue to exercise caution when dealing in their linked units until a further announcement is made.
25-Jun-2013
(Official Notice)
Synergy linked unitholders are advised to continue to exercise caution when dealing in the company's linked units until a further announcement is made. Synergy linked unitholders are advised that the company is currently in negotiations for the acquisition of a further portfolio of properties and accordingly are advised to exercise caution when dealing in the company's linked units until a further announcement is made.
25-Jun-2013
(Official Notice)
18-Apr-2013
(Official Notice)
Synergy linked unitholders were advised that the company is in advanced negotiations in relation to the acquisition of further properties with an aggregate value in excess of R300 million.



The acquisitions are still subject to the conclusion of binding agreements and, accordingly, linked unitholders were advised to exercise caution when dealing in their Synergy securities until further announcements are made.
28-Feb-2013
(C)
Rental revenue shot up to R114.1 million (R8.2 million) and net operating profit climbed to R66.5 million (R3.8 million). Profit from operations more than doubled to R87.7 million (R35.3 million). However, profit for the period attributable to Synergy shareholders narrowed to R16.2 million (R17.3 million). Furthermore, headline earnings per A linked unit went up to 43.23 per linked unit (25.23 per linked unit).



Distributions

Notice was given that the board of directors has declared an interim distribution of 40.32 cents per A linked unit and 24.75 cents per B linked unit for the six months ended 31 December 2012.



Prospects

The Synergy property portfolio continues to perform in line with projections made at the time of acquisition of Gugulethu Square and Setsing Crescent. Executive management's attention continues to be focused on improving performance through implementation of robust operational strategies, processes and controls. Growth opportunities through strategic value-enhancing acquisitions are continually assessed. The forecast distributions for Synergy's A and B linked units for the 2013 and 2014 financial years, remain achievable. All assumptions, notes, explanatory statements and guidance to the forecasts are as stated in the announcements released on SENS on 6 June 2012 and 31 July 2012, respectively, and remain unchanged.
20-Feb-2013
(Official Notice)
Linked unitholders are advised that the Board of Directors of Synergy anticipates that the distribution per B linked unit for the six months ended 31 December 2012 will be between 145% and 155% higher than for the six months ended 31 December 2011.



The reason for the increase is due to the following:

* Synergy took transfer of its initial four properties during the period October 2011 to December 2011.

* Prior to the transfer of the first property on 7 October 2011, the only asset of the Fund was cash, which was held against guarantees, issued in respect of the properties to be acquired by the Fund.

* Synergy took transfer of a further eight properties during the period February 2012 to June 2012.

* Gugulethu Square Shopping Centre and Setsing Crescent Shopping Centre were acquired and transferred during August 2012.



The financial results announcement for the six months ended 31 December 2012 will be published on or about 28 February 2013.
07-Dec-2012
(Official Notice)
Linked unitholders are advised that, all of the ordinary and special resolutions proposed at the annual general meeting of Synergy linked unitholders held on Wednesday, 5 December 2012, were approved by the requisite majority of linked unitholders and not unanimously as previously announced.
05-Dec-2012
(Official Notice)
Linked unitholders are advised that, all of the ordinary and special resolutions proposed at the annual general meeting of Synergy linked unitholders held on Wednesday, 5 December 2012, were unanimously approved by linked unitholders. Shareholder Ordinary Resolution 5 and debenture holder Ordinary Resolution 1 relating to the authority to place the unissued linked units under the control of the directors were withdrawn prior to the annual general meeting and were accordingly not proposed at the annual general meeting.

07-Nov-2012
(Official Notice)
Unitholders are advised that Synergy's integrated report, incorporating the audited financial statements for the year ended 30 June 2012, was dispatched today, 7 November 2012. The integrated report contains a notice of annual general meeting for the Fund that will be held at the Fund?s registered office, being 200 on Main, Corner Main and Bowwood Roads, Claremont at 10:00 on Wednesday, 5 December 2012. The integrated report contains non-material changes to the audited results that were announced on SENS on 5 September 2012, further details of which are set out below:



Statement of cash flows

A final review of the statement of cash flows identified the following adjustments, which have no impact on the net cash movement for the year:

*the amortisation of loan raising costs was included under investing activities instead of under operating activities;

*a fair value adjustment on swaps was reflected as a cash outflow within investment activities and a cash inflow within financing activities; and

*debenture interest payable was included in the line item ?linked unit distributions paid? and a corresponding adjustment recognised as part of cash generated from operations instead of being included in the calculation of interest paid.



The condensed statement of cash flows which was contained in the SENS announcement dated 5 September 2012 and the amended statement of cash flows contained in the integrated report, after taking into account the effects of the above.



Statement of financial position

A final review of the statement of financial position identified a net asset of R4 803 502 that related to properties transferred on 1 June 2012 and was recorded in trade and other payables instead of being disclosed as trade and other receivables. The audited results announced on SENS on 5 September 2012 have been updated to incorporate the above mentioned changes and are presented below. The condensed statement of comprehensive income and the condensed statement of changes in equity as published on SENS on 5 September 2012 remain unchanged.
05-Sep-2012
(C)
30-Aug-2012
(Official Notice)
Unitholders were referred to the announcement released on SENS on 6 June 2012 regarding transfer of the Setsing Crescent Shopping Centre and the Gugulethu Square Shopping Centre, and were advised that registration of transfer of the properties took place on the dates mentioned below:

*Setsing Crescent on 23 August 2012

*Gugulethu Square on 30 August 2012



Synergy's combined property portfolio now comprises 14 properties with a market value of approximately R1.7 billion.
31-Jul-2012
(Official Notice)
19-Jul-2012
(Official Notice)
The board of Synergy has approved interest distributions on Synergy A linked units and Synergy B linked units as follows:

* 44.2201 cents per A linked unit, of which 3.9006 cents relates to the period from Wednesday, 14 December 2011, the date Synergy listed on the JSE ("listing date"), to 31 December 2011 and 40.3195 cents relates to the period from 1 January 2012 to 30 June 2012; and

* 19.5340 cents per B linked unit of which 0.6046 cents relates to the period from the listing date to 31 December 2011 and 18.9294 cents relates to the period from 1 January 2012 to 30 June 2012.



The timetable for these interest distributions is as set out below:

* Last date to trade cum distribution : Thursday, 2 August

* Shares trade ex distribution : Friday, 3 August

* Record date : Friday, 10 August

* Payment date : Monday, 13 August



Vendor consideration placing

Synergy has closed the vendor consideration placing of A and B linked units announced on SENS on 17 July 2012. The placing was heavily over-subscribed and applicants will be notified of their allotment on Friday, 20 July 2012. New linked units under the placing will be issued on about Monday, 13 August 2012 and will not receive any distribution for the period ended 30 June 2012.
17-Jul-2012
(Official Notice)
As announced on SENS on 21 June 2012, Synergy will undertake a vendor placement of its linked units relating to Synergy's acquisition of Setsing Crescent Shopping Centre and Gugulethu Square Shopping Centre. Linked unitholders are advised that the vendor consideration placing opens at 10h30 today and may close at any time thereafter. The company intends to raise approximately R350 million by the issue of A linked units at a price of R8.60 per A linked unit and/or B linked units at a price of R5.50 per B linked unit. This announcement is not an invitation to the public to subscribe for linked units in Synergy and is provided for information purposes only.
21-Jun-2012
(Official Notice)
Linked unitholders are advised that at the general meeting of Synergy linked unitholders held on Thursday, 21 June 2012, all of the resolutions relating to the acquisition of Setsing Crescent Shopping Centre and Gugulethu Square Shopping Centre(the "acquisitions") contained in the circular to Synergy linked unitholders dated 22 May 2012 ("the circular") were passed by the requisite majorities.



The acquisitions are still subject to the company placing sufficient Synergy linked units for cash with third party placees in terms of a vendor consideration placing in order to fund up to a maximum of 70% of the purchase price payable to the vendor/s in respect of each of the acquisitions. In addition, the special resolutions detailed in the circular were passed by the requisite majorities and will be lodged with the Companies and Intellectual Property Commission (CIPC) in due course.
06-Jun-2012
(Official Notice)
22-May-2012
(Official Notice)
Unitholders were referred to the announcements released on SENS on 28 February 2012, 15 March 2012 and 30 April 2012 in respect of the acquisition of the Setsing Crescent Shopping Centre ("Setsing Crescent") and the Gugulethu Square Shopping Centre ("Gugulethu Square")(each an "acquisition" and together "the acquisitions") and are advised that a circular ("the circular") relating to the acquisitions, together with revised listings particulars, was posted to Synergy unitholders on Tuesday, 22 May 2012. The purpose of this announcement is to present the revised forecasts for and financial effects of the acquisitions, including the effects of the placement and debt funding, present an up-to-date forecast for Synergy's combined property portfolio, including the acquisitions and furnish the salient dates in regard to implementation of the acquisitions.



Notice of general meeting

A general meeting is to be held at 10h00 on Thursday, 21 June 2012 at the registered office of Synergy (23rd Floor, Triangle House, 22 Riebeeck Street, Cape Town, 8000) to consider and, if deemed fit, pass with or without modification the resolutions set out in the notice of general meeting attached to the circular which resolutions are necessary to implement the acquisitions. Unitholders will also be asked to approve an amendment to clause 28 of the memorandum of incorporation and an amendment to clause 8.5 of the debenture trust deed further details of which are provided in the circular.



Salient dates and times

The salient dates and times relating to the acquisitions are set out below. Words and expressions in the timetable shall have the same meanings as assigned to them in the circular.

*Circular posted on Tuesday, 22 May 2012

*Last day to trade in order to be eligible to vote at the general meeting -- Friday, 8 June 2012

*Record date in order to vote at the general meeting -- Friday, 15 June 2012

*Receipt of forms of proxy by 10h00 on Tuesday,19 June 2012

*General meeting of Synergy unitholders at 10h00 on Thursday, 21 June 2012

*Results of general meeting released on SENS on Thursday, 21 June 2012

*Anticipated date for listing of linked units issued in terms of placement -- Monday, 20 August 2012

*Anticipated date for transfer of acquisition properties and implementation of acquisitions -- Friday, 31 August 2012
30-Apr-2012
(Official Notice)
Linked unitholders were referred to the previous announcements relating to the proposed acquisitions of the Setsing Crescent and the Gugulethu Square Shopping Centres ("the acquisitions") and are advised that the category 1 circular and revised listing particulars to be issued in connection with the acquisitions are anticipated to be posted on or about 16 May 2012.
13-Apr-2012
(Official Notice)
Synergy advised investors that approval from the Competition Authorities has now been received in respect of the acquisition of the properties comprising the "SA Corporate Real Estate Fund Portfolio One" and the "SA Corporate Real Estate Fund Portfolio Two" (collectively the "SA Corporate Real Estate Portfolios"), as described in the pre-listing statement issued on 30 November 2011. The approval from the Competition Authorities is subject to the following conditions imposed by the Competition Tribunal:

*Synergy undertaking that it will procure that the Spar Group Ltd. ("Spar") will dispose of its 20% shareholding in Synergy's asset manager, Capital Land Asset Management (Pty) Ltd., within a period of six months from the date of the approval; and

*Synergy negotiating with Spar and its franchisees in the utmost good faith to have the exclusivity clauses in the following lease agreements between Synergy and Spar removed at the time of renewal of those leases:

**Village Centre (renewal due in 2014);

**Hubyeni Shopping Centre (renewal due in 2017);

**Nzhelele Valley Shopping Centre (renewal due in 2017);

**Renbro Centre (renewal due in 2018);and

**Van Riebeeckshof Shopping Centre (renewal due in 2014).



Notwithstanding the conditions imposed by the Competition Tribunal, the relationship between Synergy and Spar will continue as detailed in the pre-listing statement and as such there will be no impact on the strategy of Synergy as previously communicated to investors.



It is anticipated that transfer of the properties comprising the SA Corporate Real Estate Fund portfolios will take place during June 2012. Subsequent to the transfer of these properties, Synergy's combined property portfolio will comprise 12 properties with a market value of approximately R1.140 million.
15-Mar-2012
(Official Notice)
Linked unitholders were referred to the announcement released on SENS on 28 February 2012 in which it was announced that Synergy had concluded agreements for the acquisition of the Setsing Crescent Shopping Centre ("Setsing Crescent") and the Gugulethu Square Shopping Centre ("Gugulethu Square") for an aggregate purchase consideration of R530 million (before the escalation adjustment referred to below)(each an "acquisition" and together "the acquisitions"). Setsing Crescent and Gugulethu Square formed part of the Old Mutual Life Assurance Company (South Africa) Ltd's portfolio of assets known as the Ideas Managed Fund.



As further advised on 28 February 2012, it is the intention of the company to fund the aggregate purchase price of the acquisitions by way of an issue of A and B linked units, in terms of the placement of A and B linked units with third party placees, or otherwise ("the placement") and debt funding.



Withdrawal of cautionary

Synergy linked unitholders are referred to the cautionary announcement dated 28 February 2012 and are advised that funding for the acquisition has been achieved and that caution is no longer required to be exercised by linked unitholders when dealing in their linked units.
08-Mar-2012
(Official Notice)
Linked unitholders are referred to the reviewed interim results announcement for the six months ended 31 December 2011 released on SENS yesterday and are advised that the review opinion issued by Synergy's independent external auditors, Moore Stephens BKV Inc.'s is unqualified and available for inspection at the Fund's registered office.
07-Mar-2012
(C)
Synergy Income Fund Ltd. released maiden interim results for December 2011. Rental revenue amounted R8.2 million. Profit for the period attributable to shareholders was recorded at R17.3 million, while the headline earnings per A linked unit was at 25.23cplu, and headline loss per B linked unit was 3.36cplu.



Prospects

The properties acquired to date have been performing in line with projections made at the time of acquisitions. Whilst it is the Fund's intention to continue to grow its portfolio through well-considered, value-enhancing acquisitions, the board is also mindful of the need for a period of post-acquisition consolidation where management attention is focused on the continued maintenance and enhancement of value through strong operational strategy and control. Strategies in this regard have been implemented and portfolio performance is continually assessed.
01-Mar-2012
(Official Notice)
Holders of Synergy linked units are advised that, as disclosed in Synergy's pre-listing statement issued on 30 November 2011, non-executive director Craig Coetzee has resigned from the board of Synergy with effect from 29 February 2012. Craig is property head for the Spar Group and has served as a director of Synergy since its incorporation. Having now fulfilled his role in the assembly and listing of Synergy, he is stepping down from the board. Craig remains a member of the investment committee of Synergy.
28-Feb-2012
(Official Notice)
Linked unitholders are advised to continue exercising caution when dealing in the company's linked units until a further announcement is made.
28-Feb-2012
(Official Notice)
25-Jan-2018
(X)
Gemgrow is a REIT holding a diverse portfolio of office, retail and industrial properties throughout South Africa. Its main focus is on paying growing income returns to its investors. This is achieved through escalating rentals in terms of leases with tenants, satisfactory renewal of leases with existing tenants, renting of vacant space within the property portfolio, managing and reducing, where possible, costs associated with the property portfolio and by acquiring revenue enhancing properties. The company owns a portfolio of 129 retail, industrial and commercial properties.


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