Wrap Text
Condensed unaudited consolidated interim financial statements for the six months ended 30 June 2015
CAPITAL PROPERTY FUND
(“CAPITAL” OR “THE FUND”)
SHARE CODE CPL ISIN ZAE000186821
(A PORTFOLIO IN CAPITAL PROPERTY TRUST SCHEME, A COLLECTIVE INVESTMENT
SCHEME IN PROPERTY ESTABLISHED IN TERMS OF THE COLLECTIVE INVESTMENT
SCHEMES CONTROL ACT, NO 45 OF 2002)
(APPROVED AS A REIT BY THE JSE)
MANAGED BY PROPERTY FUND MANAGERS LIMITED
(REGISTRATION NO. 1980/009531/06)
(“PFM”)
CONDENSED UNAUDITED CONSOLIDATED INTERIM FINANCIAL STATEMENTS FOR THE SIX
MONTHS ENDED 30 JUNE 2015
DIRECTORS’ COMMENTARY
NATURE OF THE BUSINESS
Capital owns the largest A-grade logistics portfolio in South Africa.
Capital’s investment portfolio also includes A and B-grade offices, a
small portfolio of retail properties and a portfolio of listed securities.
DISTRIBUTABLE EARNINGS
The distribution for the six months ended 30 June 2015 increased by 9,05%
to 42,77 cents per share compared with the previous comparable period.
This is in line with the guidance provided in the 2014 financial
statements.
STRATEGY
Capital’s strategy remains to invest in and develop A-grade logistics
facilities in the major metropolitan areas in South Africa as well as the
development of premium grade offices in Sandton. Capital continues to
increase its exposure to developments in logistics parks by securing
suitable land for this purpose. The board has resolved to increase
Capital’s investment in offshore equities and investments as and when
opportunities arise from 30% of the gross value of the total assets, to up
to 40%.
Capital has resolved to spin-off its office portfolio (the “spin-off”) as
a newly-established stand-alone listed REIT (“Newreit”) effective 1
September 2015. The total value of the portfolio is R4 141,8 million (31
Dec 2014: R4 040,3 million) at an average yield of 9,6%.
Newreit will be incorporated as a wholly-owned subsidiary of Capital and
will acquire all the issued shares in the wholly-owned subsidiary of
Capital that holds its office portfolio. Ignoring costs related to the
transaction and the listing of Newreit and the potential for any re-rating
of Newreit as a focussed specialist REIT, the effect of the spin-off will
be neutral to the position of Capital shareholders as regards dividends
per share and the market value of their investment in respect of Capital
and Newreit shares taken together.
The preferred mechanism for the spin-off is a scheme of arrangement
pursuant to which Capital shareholders will, in effect, swap 10,53% of all
Capital shares for shares in Newreit (the “Newreit scheme”) conditional on
authority for Capital to repurchase the Capital shares acquired by Newreit
pursuant to the Newreit scheme (“Newreit Capital repurchase”). If the
Newreit scheme cannot be implemented for any reason, the spin-off will be
effected by a pro rata in specie distribution of Newreit shares to Capital
shareholders. In either event, after the spin-off of Newreit, Capital
shareholders will hold shares in Capital and shares in Newreit.
FORTRESS OFFER
Fortress Income Fund Limited (“Fortress”) has given notice of its firm
intention to offer to acquire all the issued shares of Capital that
Fortress does not already own in exchange for Fortress A shares and
Fortress B shares, by scheme of arrangement (the “Fortress scheme”), at a
swap ratio of 0,31750 Fortress A and 0,31750 Fortress B shares for each
Capital share, based inter alia on 1 772 624 329 Capital shares in issue.
The Fortress scheme will be subject to various regulatory and shareholder
approvals. Shareholders are referred to the SENS announcement dated 16
July 2015.
The Capital board has agreed to the proposal of the Fortress scheme to
Capital shareholders, subject to receipt of a fair and reasonable opinion
from an independent expert.
Full details of the Newreit scheme, the Newreit Capital repurchase and the
Fortress scheme and ancillary matters will be set out in a joint circular
which will be distributed by Capital, Newreit and Fortress to Capital
shareholders and will include the opinions of the independent expert, a
notice of scheme meeting of Capital shareholders to approve the Newreit
scheme, the Newreit Capital repurchase and the Fortress scheme and the
applicable salient dates and times.
REVIEW
Management closely monitors trends in international logistics markets.
From a specification perspective, Capital’s developments are world class.
The international trend of logistics operators consolidating smaller units
into fewer larger distribution centres remains evident in South Africa.
Although economic conditions are challenging, the prime location of
Capital’s development land places Capital in a strong position to attract
the best tenants in future.
Rentals for existing warehouses, particularly at expiry of long leases,
are under pressure. This is as a result of restrained increases in
building costs due to the depressed construction sector and limited
increases in the cost of building materials over the past five years.
Prospective tenants looking to relocate to the Sandton CBD are delaying
decisions because of concerns about traffic congestion, particularly
during electricity blackouts. Letting of smaller office premises in good
locations remains relatively resilient, however, consolidation is evident.
Rental growth has been subdued with landlords offering reduced rentals,
higher tenant installation allowances and increased brokerage incentives
to attract tenants.
Capital has commenced construction of logistics warehouses with a total
GLA of 157 000m2 which are due for completion by December 2015. Of these
developments, 57% have been pre-let to national tenants, including
Imperial Logistics and CIPLA. The company is in discussions with
prospective tenants for the bulk of the remaining space. Capital has a
future development pipeline of approximately 640 000m2 to be developed
over the next five years.
The environmental authorisation for Clairwood has been issued and once an
anticipated appeal process has been completed, Capital will apply to
rezone the site for a logistics park.
ACQUISITIONS AND DEVELOPMENTS
The following developments were completed:
100%
Description % owned GLA Yield Completion
Frankenwald Drive Longlake 100% 27 025m2 10,0% Jun 15
Montague Business Park 25% 14 692m2 8,0% Apr 15
N1 Business Park 20% 8 031m2 9,5% Jan 15
The following new developments have commenced:
100% Estimated Estimated
Description % owned GLA yield completion
Montague Business Park 25% 31 376m2 7,8% Oct 15
Montague Business Park 25% 5 294m2 7,6% Dec 15
Linbro Park 100% 31 155m2 9,0% Sep 15
Pomona 100% 21 051m2 9,0% Sep 15
Rivergate Logistics Park 100% 18 214m2 8,0% Oct 15
Louwlardia 100% 8 518m2 9,0% Mar 16
Capital owns the following land for future developments:
Estimated
100% Intended commence-
Description % owned GLA use ment
Clairwood Logistics Park 100% 358 000m2 Logistics *
Montague Business Park 25% 72 789m2 Logistics **
Sandton Offices 80% 60 000m2 Offices **
Tradeport City Deep 100% 55 000m2 Logistics **
Rivergate Logistics Park 100% 26 000m2 Logistics **
Westlake 100% 35 000m2 Logistics Oct 15
N1 Business Park 20% 12 700m2 Logistics **
* Timing subject to zoning.
** Subject to being tenanted.
REDEVELOPMENTS
The redevelopment of 17 680m2 of the existing 27 312m2 at 60 Electron
Avenue Isando was completed in June 2015 at a yield of 8,0%. The property
has been let for seven years.
DISPOSALS
The following properties have been sold in the current financial year. The
table excludes the proposed spin-off of Newreit.
Sales Valuation at
proceeds 31 Dec 2012 Exit Effective
R’000 R’000 yield date
33 Fricker Road Illovo^ 115 000 106 000 8,1% Transfer date
1 Keerom Road Heriotdale 105 000 105 200 8,9% 30 Jun 2015
137 Daisy Street Sandton^ 82 750 73 000 9,2% Transfer date
Curzon House^ 16 600 13 950 7,1% Transfer date
^Held for sale at 30 June 2015, not yet transferred.
VACANCIES AND ARREARS
Total vacancies increased to 6,7% compared to 4,5% at 31 December 2014.
Logistics vacancies increased from 3,3% at 31 December 2014 to 5,6% at 30
June 2015, industrial vacancies increased from 4,8% at 31 December 2014 to
10,3% at 30 June 2015. Office vacancies increased to 13,7% from 11,6% at
31 December 2014 and retail vacancies increased from 4,1% at 31 December
2014 to 5,5% at 30 June 2015.
In a challenging economic environment a number of large tenants went into
liquidation or business rescue which increased vacancies, arrears and bad
debts. Bad debts and arrears have been conservatively provided for.
EQUITY INVESTMENTS
June 2015 December 2014
Number Market Number Market value
of shares value R’000 of shares R’000
Rockcastle Global
Real Estate Company
Limited
(“Rockcastle”)* 174 263 776 4 699 894 164 665 305 3 984 900
New Europe Property
Investments plc
(“Nepi”) 24 562 777 3 379 838 24 190 000 2 757 660
Resilient Property
Income Fund Limited 20 651 764 1 991 863 17 350 000 1 457 227
Fortress Income
Fund Limited B 105 482 144 2 689 795 107 070 000 1 875 866
12 761 390 10 075 653
* Rockcastle was treated as an associate (equity accounted) and was thus
not fair valued in the financial statements at 30 June 2015.
FUNDING
With the uncertainty in the debt capital market, Capital reduced its
exposure to this market by R276 million and utilised existing bank
facilities to refinance this amount.
Capital’s all-in weighted average cost of funding was 8,22% with an
average hedge term of 5,0 years at 30 June 2015. Excluding future
commitments, 71,8% of net borrowings were hedged at 30 June 2015.
Following the spin-off of Newreit and transfer of the properties held for
sale, 98,9% of net borrowings will be hedged.
Based on market value at 30 June 2015, Capital hedged 36,5% of its foreign
currency capital exposure by utilising cross currency swaps.
OUTLOOK
The South African economy is facing numerous challenges resulting in a low
economic growth rate and this is impacting negatively on the commercial
real estate sector. These challenges, including low commodity prices and
labour unrest in the mining sector, the current account deficit and
electricity interruptions, are not expected to improve in the short to
medium term. The board is confident, however, that the quality of
Capital’s portfolio will enable it to continue to perform well in this
environment.
Based on forecast exchange rates of R11,20 to the US Dollar and R12,80 to
the Euro, the board anticipates that Capital will achieve growth in
dividends of approximately 9% for the 2015 financial year. This forecast
has not been reviewed or reported on by Capital’s auditors.
The forecast is based on the assumption that a stable macro-economic
environment will prevail, no major corporate failures will occur and that
tenants will be able to absorb the recovery of rising utility costs and
rates and taxes. Budgeted rental income was based on contractual
escalations and anticipated market related renewals and re-lets.
By order of the board
Barry Stuhler Rual Bornman
Managing director Financial director
29 July 2015
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
Unaudited Audited Unaudited
Jun 2015 Dec 2014 Jun 2014
R’000 R’000 R’000
ASSETS
Non-current assets 26 622 131 27 494 955 23 262 822
Investment property 12 065 364 15 943 483 15 290 341
Straight-lining of rental
revenue adjustment 335 297 367 317 411 725
Investment property
under development 1 486 092 1 450 386 1 477 063
Investments 8 061 496 6 090 753 3 849 168
Investment in
associate company 3 321 799 2 416 717 2 234 525
Capital incentive scheme loans 343 087 199 244 -
Loans to BEE vehicle 1 008 996 1 027 055 -
Current assets 4 728 210 461 909 612 026
Investment property
held for sale 4 325 358 63 361 10 500
Straight-lining of rental
revenue adjustment 41 242 639 -
Capital incentive scheme loans 10 147 5 946 214 648
Trade and other receivables 344 052 383 881 349 143
Distribution receivable
from Resilient - - 27 750
Cash and cash equivalents 7 411 8 082 9 985
Total assets 31 350 341 27 956 864 23 874 848
EQUITY AND LIABILITIES
Total equity attributable
to equity holders 22 710 507 20 364 487 16 943 926
Stated capital 11 179 638 11 022 684 10 023 620
Reserves/retained earnings 11 530 869 9 341 803 6 920 306
Total liabilities 839 834 7 592 377 6 930 922
Non-current liabilities 7 165 314 5 830 222 4 878 633
Interest-bearing borrowings 6 790 289 5 621 636 4 790 541
Deferred tax 375 025 208 586 88 092
Current liabilities 1 474 520 1 762 155 2 052 289
Trade and other payables 430 728 440 235 538 876
Shareholders for distribution - - 658 010
Interest-bearing borrowings 1 043 792 1 321 920 855 403
Total equity and liabilities 31 350 341 27 956 864 23 874 848
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
Unaudited Audited Unaudited
for six for the year for the six
months ended ended months ended
Jun 2015 Dec 2014 Jun 2014
R’000 R’000 R’000
Net rental and related revenue 682 000 1 320 088 676 747
Recoveries and contractual
rental revenue 1 044 366 2 070 701 1 013 869
Straight-lining of rental
revenue adjustment 8 583 (32 454) 11 315
Rental revenue 1 052 949 2 038 247 1 025 184
Property operating expenses (370 949) (718 159) (348 437)
Income from investments 130 024 197 413 93 791
Fair value gain on investment
property, investments and
currency derivatives 1 722 966 2 220 658 383 870
Fair value gain/(loss)
on investment property 120 472 250 172 (633)
Adjustment resulting
from straight-lining of
rental revenue (8 583) 32 454 (11 315)
Fair value gain
on investments 1 686 448 2 049 197 411 708
Fair value loss
on currency derivatives (75 371) (111 165) (15 890)
Gain on disposal of
portion of associate 45 544 - -
Administrative expenses (24 557) (68 512) (45 741)
Loss on surety - (90 000) (90 000)
Amortisation of
management contract - (749 000) (749 000)
REIT conversion costs - (7 714) -
Income from associate 669 821 212 968 175 708
- non-distributable 563 718 94 701 120 610
- distributable 106 103 118 267 55 098
Profit before net finance costs 3 225 798 3 035 901 445 375
Net finance costs (87 565) (146 234) (97 118)
Finance income 184 507 276 572 100 935
Interest received 139 161 127 700 37 669
Fair value adjustment
on interest rate derivatives 45 346 121 122 35 516
Interest on shares
issued to Resilient
- internalisation of PFM - 27 750 27 750
Finance costs (272 072) (422 806) (198 053)
Interest paid on borrowings (335 909) (472 660) (233 642)
Capitalised interest 66 139 112 933 57 653
Fair value adjustment
on interest rate derivatives (2 302) (63 079) (22 064)
Profit before income tax 3 138 233 2 889 667 348 257
Income tax (170 420) (191 367) (71 454)
Profit for the period
attributable to
equity holders 2 967 813 2 698 300 276 803
Total comprehensive
income for the period 2 967 813 2 698 300 276 803
Basic earnings per
share (cents) 167,57 158,95 16,50
RECONCILIATION BETWEEN STATEMENT OF COMPREHENSIVE
INCOME AND DIVIDEND DECLARED
Jun 2015
R’000
Profit for the period 2 967 813
Fair value gain on investment property (120 472)
Fair value gain on investments (1 686 448)
Fair value loss on currency derivatives 75 371
Gain on disposal of portion of associate (45 544)
Non-distributable income from associate (563 718)
Fair value adjustment on interest rate derivatives (43 044)
Income tax 170 420
Antecedent dividend 1 365
Dividend accrual 2 408
Distributable amount in terms of best practice 758 151
Dividend declared 758 151
RECONCILIATION OF PROFIT FOR THE PERIOD TO HEADLINE EARNINGS
Unaudited Audited Unaudited
for the six for the year for the six
months ended ended months ended
Jun 2015 Dec 2014 Jun 2014
R'000 R'000 R'000
Basic earnings
- profit for the period
attributable to equity
holders 2 967 813 2 698 300 276 803
Adjusted for: (130 722) (282 925) 8 712
- Fair value (gain)/loss
on investment property (120 472) (250 172) 633
- Adjustment resulting
from straight-lining
of rental revenue 8 583 (32 454) 11 315
- Income tax effect (18 833) (299) (3 236)
Headline earnings 2 837 091 2 415 375 285 515
Headline earnings per
share (cents) 160,19 142,28 17,02
Basic earnings per share and headline earnings per share are based on the
weighted average of 1 771 042 137 (Dec 2014: 1 697 604 010; Jun 2014:
1 677 740 996) shares in issue during the period. Capital has no
dilutionary instruments in issue.
SUMMARISED CONSOLIDATED STATEMENT OF CASH FLOWS
Unaudited Audited Unaudited
for the six for the year for the six
months ended ended months ended
Jun 2015 Dec 2014 Jun 2014
R'000 R'000 R'000
Cash outflow from
operating activities (149 637) (354 078) (217 040)
Cash outflow from
investing activities (898 513) (2 905 067) (744 526)
Cash inflow from
financing activities 1 047 479 3 239 702 944 026
Decrease in cash and
cash equivalents (671) (19 443) (17 540)
Cash and cash equivalents
at beginning of period 8 082 27 525 27 525
Cash and cash
equivalents at end of period 7 411 8 082 9 985
Cash and cash equivalents consist of:
Current accounts 7 411 8 082 9 985
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
Non- Reserves/
Stated distributable retained
capital reserves earnings Total
Unaudited R’000 R’000 R’000 R’000
Balance at
31 December 2013 9 273 620 7 301 513 - 16 575 133
Total comprehensive
income for the period 276 803 276 803
Issue of shares
- 70 754 717 on
30 June 2014 750 000 750 000
Transfer from
non-distributable reserves (7 301 513) 7 301 513 -
Distribution (658 010) (658 010)
Balance at
30 June 2014 10 023 620 - 6 920 306 16 943 926
Total comprehensive
income for the period 2 421 497 2 421 497
Issue of shares
- 83 333 333 on
6 October 2014 999 064 999 064
Balance at
31 December 2014 11 022 684 - 9 341 803 20 364 487
Total comprehensive
income for the period 2 967 813 2 967 813
Issue of shares
- 11 550 000 on
20 February 2015 156 954 156 954
Dividends paid (778 747) (778 747)
Balance at
30 June 2015 11 179 638 - 11 530 869 22 710 507
PREPARATION AND ACCOUNTING POLICIES
The condensed unaudited interim financial statements have been prepared in
accordance with International Financial Reporting Standards, IAS 34
Interim Financial Reporting, the SAICA Financial Reporting Guides as
issued by the Accounting Practices Committee and Financial Reporting
Pronouncements as issued by the Financial Reporting Standards Council, the
JSE Listings Requirements and the requirements of the Companies Act of
South Africa. This report was compiled under the supervision of Rual
Bornman CA(SA), the financial director.
The group’s investment properties are valued internally by the directors
at interim reporting periods and externally by an independent valuer for
year-end reporting. In terms of IAS 40 and IFRS 7, the group’s investment
properties are measured at fair value and are categorised as level 3
investments. In terms of IAS 39 and IFRS 7, the group’s currency and
interest rate derivatives are measured at fair value through profit or
loss and are categorised as level 2 investments. In terms of IAS39,
investments are measured at fair value being the quoted closing price at
the reporting date and are categorised as level 1 investments. There were
no transfers between levels 1, 2 and 3 during the period. The valuation
methods applied are consistent with those applied in preparing the
previous consolidated financial statements. The accounting policies
applied in the preparation of the consolidated interim financial
statements are in terms of International Financial Reporting Standards and
are consistent with the accounting policies applied in the preparation of
the previous consolidated financial statements, with the exception of the
adoption of new and revised standards which became effective during the
period.
The directors are not aware of any matters or circumstances arising
subsequent to 30 June 2015 that require any additional disclosure or
adjustment to the financial statements.
The interim financial statements have not been reviewed or reported on by
the Company’s auditors.
SUMMARY OF FINANCIAL PERFORMANCE
Jun 2015 Dec 2014 Jun 2014 Dec 2013
Dividend/distribution
per share/unit
(cents) 42,77 44,22 39,22 40,04
Shares/units
in issue 1 772 624 329 1 761 074 329 1 677 740 996 1 606 986 279
Net asset value R12,81 R11,56 R10,49 R10,71
Interest-bearing
debt to asset
ratio* 25,2% 25,2% 24,0% 21,0%
Gross property
expense ratio 35,5% 34,7% 34,4% 34,6%
Gross total
expense ratio 30,9% 33,0% 33,9% 34,8%
Net property
expense ratio 16,5% 15,1% 15,0% 13,9%
Net total
expense ratio 15,1% 13,5% 17,5% 17,1%
*The interest-bearing debt to asset ratio is calculated by dividing total
interest-bearing borrowings adjusted for cash on hand by the total of
investments in property, listed securities and loans advanced.
FACILITIES
Facility Margin over
Expiry R' million Jibar
2015 1 036 1,09%
2016 - -
2017 3 212 1,48%
2018 1 270 1,64%
2019 1 550 1,53%
2020 1 250 1,70%
8 318 1,50%
The overall cost of borrowings at 30 June 2015 was 8,22%.
INTEREST RATE DERIVATIVES
Average
Interest rate swap expiry R' million swap rate
2016 200 7,50%
2017 700 7,22%
2018 500 7,12%
2019 600 6,40%
2020 600 7,43%
2021 600 8,02%
2022 400 7,98%
2023 200 7,47%
2024 100 7,78%
Total 3 900 7,36%
Average
Interest rate cap expiry R' million cap rate
2019 200 7,39%
2021 200 7,33%
2022 200 7,46%
2023 400 7,98%
Total 1 000 7,63%
SECTORAL SPLIT
Based on GLA Book value
Logistics 76% 61%
Industrial 4% 2%
Office 13% 25%
Retail 6% 11%
Other 1% 1%
100% 100%
LEASE EXPIRY PROFILE
Based on GLA Book value
Vacant 6,7%
Dec 15 14,7% 14,2%
Dec 16 18,7% 19,3%
Dec 17 22,5% 23,9%
Dec 18 16,0% 17,6%
Dec 19 9,1% 10,4%
> Dec 19 12,3% 14,6%
100,0% 100,0%
SEGMENTAL ANALYSIS
Unaudited Audited Unaudited
Jun 2015 Dec 2014 Jun 2014
R'000 R'000 R'000
Segmental revenue - recoveries and contractual rental revenue
Logistics 597 729 1 160 714 564 267
Industrial 31 501 74 944 36 053
Offices 263 243 559 219 281 206
Retail 135 789 250 736 121 092
Other 16 104 25 088 11 251
Total 1 044 366 2 070 701 1 013 869
Property operating expenses
Logistics (203 071) (381 244) (178 699)
Industrial (18 620) (42 862) (21 310)
Offices (95 001) (189 171) (96 994)
Retail (52 300) (101 488) (49 181)
Other (1 957) (3 394) (2 253)
Total (370 949) (718 159) (348 437)
Segmental revenue - rental revenue
Logistics 593 364 1 175 665 697 483
Industrial 37 616 72 429 5 566
Offices 253 933 544 597 260 208
Retail 144 008 243 862 43 726
Other 24 028 1 694 18 201
Total 1 052 949 2 038 247 1 025 184
Profit for the period
Logistics 394 503 1 076 794 382 600
Industrial 12 881 (92 627) 14 740
Offices 288 869 337 900 185 641
Retail 83 489 239 559 82 444
Other 14 147 41 088 (626)
Corporate 2 173 924 1 095 586 (387 996)
Total 2 967 813 2 698 300 276 803
CAPITAL COMMITMENTS
Unaudited Audited Unaudited
Jun 2015 Dec 2014 Jun 2014
R'000 R'000 R'000
Authorised and contracted 413 347 426 259 752 332
Authorised and not yet contracted 10 447 25 275 18 904
423 794 451 534 771 236
PAYMENT OF INTERIM DIVIDEND
The board has approved and notice is hereby given of an interim dividend
of 42,77 cents per share for the six months ended 30 June 2015 and is
payable to shareholders recorded in the books of Capital at the close of
business on the record date, Friday, 28 August 2015. Shareholders are
advised that the last day to trade cum dividend will be Friday, 21 August
2015. The shares will trade ex dividend from Monday, 24 August 2015.
Payment will be made on Monday 31 August 2015. Share certificates may not
be dematerialised or rematerialised during the period 24 August 2015 to
28 August 2015, both days inclusive. An announcement informing
shareholders of the tax treatment of the dividend will be released
separately on SENS.
REGISTERED OFFICE
4th Floor, Rivonia Village, Rivonia Boulevard, Rivonia, 2191 (PO Box 2555,
Rivonia, 2128)
TRANSFER SECRETARIES
Link Market Services South Africa Proprietary Limited, 13th Floor, Rennie
House, 19 Ameshoff Street, Braamfontein, 2001 (PO Box 4844, Johannesburg,
2000)
SPONSOR
Java Capital
COMPANY SECRETARY
Steve Brown CA(SA) who was appointed on 11 May 2015 in the place of
Jonathan Bigham who resigned.
DIRECTORS
Iraj Abedian (chairman)*, Barry Stuhler (managing director), Rual Bornman,
David Lewis, Protas Phili*, Jan Potgieter*, Andrew Teixeira, Banus van der
Walt*, Tshiamo Vilakazi*, Fareed Wania, Trurman Zuma*
*Independent non-executive director
Date: 29/07/2015 03:14:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE').
The JSE does not, whether expressly, tacitly or implicitly, represent, warrant or in any way guarantee the truth, accuracy or completeness of
the information published on SENS. The JSE, their officers, employees and agents accept no liability for (or in respect of) any direct,
indirect, incidental or consequential loss or damage of any kind or nature, howsoever arising, from the use of SENS or the use of, or reliance on,
information disseminated through SENS.
Sharenet Sites 
