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Change statement, notice of annual general meeting and availability of B-BBEE annual compliance report
ARROWHEAD PROPERTIES LIMITED
(formerly Gemgrow Properties Limited)
Incorporated in the Republic of South Africa)
(Registration number 2007/032604/06)
JSE share code: AHA ISIN: ZAE000275491
JSE share code: AHB ISIN: ZAE000275509
(Granted REIT status with the JSE)
(“Arrowhead” or “the company”)
CHANGE STATEMENT, NOTICE OF ANNUAL GENERAL MEETING AND AVAILABILITY OF BROAD-BASED BLACK ECONOMIC EMPOWERMENT ANNUAL
COMPLIANCE REPORT
Shareholders are advised that the company’s integrated annual report, incorporating the audited annual financial
statements for the financial year ended 30 September 2019 (“audited annual financial statements”), on which the
company’s auditors expressed an unmodified audit opinion has been distributed to shareholders on 23 December 2019.
The integrated annual report is available on the company’s website:
https://arrowheadproperties.co.za/cmsAdmin/uploads/annual-reports/arrowhead-integrated-annual-report-2019.pdf
The audited annual financial statements contains restatements to the reviewed preliminary condensed consolidated
results for the year ended 30 September 2019 released on SENS on 27 November 2019 (“reviewed financial results”).
The restatement arose from the incorrect accounting allocation of the dividend payments from one of the company’s
subsidiaries, Moolgem Proprietary Limited (“Moolgem”), to Arrowhead. Moolgem recorded its dividend payment
against its creditors account, instead of the intercompany account on Moolgem’s accounts. The net effect was that the
reviewed financial results overstated creditors by R67 million and the accumulated reserves were understated by the
same amount. The incorrect allocation affected the Statement of Financial Position, the Statement of Cash Flows and
Statement of Changes in Equity as noted in the tables below.
There was no change to earnings per share, headline earnings per share nor to the statement of profit and loss.
The effect of the above error on the Statement of Financial Position and Statement of Cash Flows was follows:
Statement of Financial Position at 30 September 2019
Previously disclosed Change Difference
statement
R R R
ASSETS
Non-current assets 15 055 907 942 15 055 907 942 -
Investment property 14 457 961 393 14 457 961 393 -
Fair value of property portfolio for accounting 14 323 464 317 14 323 464 317 -
purposes
Straight line rental income accrual 134 497 076 134 497 076 -
Property, plant and equipment 1 042 696 1 042 696 -
Loans to participants of group share purchase 384 121 584 384 121 584 -
option schemes
Financial assets 210 068 865 210 068 865 -
Derivative instruments 2 713 404 2 713 404 -
Current assets 693 848 694 693 848 694 -
Trade and other receivables 532 850 361 532 850 361 -
Intercompany loan -
Cash and cash equivalents 160 998 333 160 998 333 -
Non-current assets held for sale 476 344 000 476 344 000 -
Total assets 16 226 100 636 16 226 100 636 -
EQUITY AND LIABILITIES
Shareholders' interest 7 728 190 763 7 795 764 138 67 573 375
Stated capital 7 295 522 923 7 295 522 923 -
Reserves 432 667 840 500 241 215 67 573 375
Non-controlling interest 1 210 367 537 1 210 367 537 -
Other non-current liabilities 5 941 398 895 5 941 398 895 -
Secured financial liabilities 5 855 024 519 5 855 024 519 -
Deferred taxation - liability 10 040 000 10 040 000 -
Derivative instruments 76 334 376 76 334 376 -
Current liabilities 1 346 143 441 1 278 570 066 (67 573 375)
Trade and other payables 674 123 441 606 550 066 (67 573 375)
Secured financial liabilities 672 020 000 672 020 000 -
Total equity and liabilities 16 226 100 636 16 226 100 636 -
Net asset value per share- A share (cents per share) 990 990 -
Net asset value per share- B share (cents per share) 698 705 7
(Note 1)
Note 1 - Net asset value per B share is restated from 698 cents to 705 cents.
Statement of cash flows for the year ended 30 September 2019
Previously disclosed Change Difference
statement
R R R
Net cash utilised from operating activities 88 557 523 20 984 148 (67 573 375)
Cash generated from operations 1 496 711 746 1 429 138 371 (67 573 375)
Finance charges (627 848 449) (627 848 449) -
Finance income 73 891 194 73 891 194 -
Dividends received- listed securities 81 775 313 81 775 313 -
Dividends paid – non- controlling interest (292 091 968) (292 091 968) -
Dividends paid (643 880 313) (643 880 313) -
Net cash utilised in investing activities (357 830 584) (290 257 209) 67 573 375
Acquisition of investment property (Note 2) (916 661 003) (849 087 628) 67 573 375
Proceeds from disposal of investment property 559 803 829 559 803 829 -
Investments in financial assets (600 000) (600 000) -
Acquisition of property, plant and equipment (373 410) (373 410)
Net cash generated from financing activities 390 127 866 390 127 866 -
(Cost incurred in buy back) of share capital (28 718 612) (28 718 612) -
Net proceeds from financial liabilities 418 846 478 418 846 478 -
Net movement in cash and cash equivalents 120 854 805 120 854 805 -
Cash and cash equivalents at the beginning of 40 143 527 40 143 527 -
the year
Cash and cash equivalents at the end of the 160 998 333 160 998 333 -
year
Note 2 – The was an incorrect allocation to acquisition investment property corrected by the change statement
Statement of Changes in Equity for the year ended 30 September 2019
Previously disclosed Change Difference
statement
R R R
Shareholders' interest 7 728 190 763 7 795 764 138 (67 573 375)
Stated capital 7 295 522 923 7 295 522 923 -
Reserves 432 667 840 500 241 215 (67 573 375)
Non-controlling interest 1 210 367 537 1 210 367 537 -
Notice of annual general meeting
The company’s integrated annual report contains a notice of annual general meeting of shareholders which will be held
at the offices of Arrowhead, 3rd floor, Upper Building, 1 Sturdee Avenue, Rosebank, Johannesburg on Tuesday, 11
February 2020 at 11:00. The last day to trade in order to be eligible to participate and vote at the annual general meeting
is Tuesday, 28 January 2020 and the record date for voting purposes is Friday, 31 January 2020.
Broad-Based Black Economic Empowerment (“B-BBEE”) annual compliance report
Shareholders are advised that the company’s B-BBEE annual compliance report for the year ended 30 September 2019
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 made available on the company’s website:
https://arrowheadproperties.co.za/cmsAdmin/uploads/bbbee-2019.pdf
23 December 2019
Sponsor
Java Capital
Date: 23-12-2019 10:36:00
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