Wrap Text
Condensed Consolidated Results For Six Months Ended 31 December 2015
FAIRVEST PROPERTY HOLDINGS LIMITED
Incorporated in the Republic of South Africa
(Registration number 1998/005011/06)
("Fairvest" or "the company" or "the group")
Share code: FVT ISIN: ZAE0000203808
Granted REIT status with the JSE
CONDENSED CONSOLIDATED RESULTS
FOR SIX MONTHS ENDED 31 DECEMBER 2015
Distribution for the period
increased by 10.02% to
8.171 cents per share
Like for like annualised
property income
increased by 12.2%
Vacancies reduced
to 1.6% of the total
lettable area – lowest
vacancy levels to date
Increased tenant retention
to 84.3%
Net asset value increased
to 185.6 cents per share
Anchor and
national tenant
component of 77.4%
13.1% increase achieved on
renewals
Distribution growth of 9.25%
to 10.25% for the year to
30 June 2016 expected
CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL POSITION
Unaudited Unaudited Audited
31 Dec 31 Dec 30 June
2015 2014 2015
R'000 R'000 R'000
ASSETS
NON-CURRENT ASSETS 1 726 708 1 123 365 1 365 593
Investment property 1 687 880 1 100 834 1 337 428
Loans receivable 3 674 3 817 3 761
Investments 2 024 – 1 979
Derivative asset 869 – –
Office equipment 556 305 269
Operating lease asset 31 705 18 409 22 156
CURRENT ASSETS 47 633 22 824 20 856
Current portion of interest-bearing
loans 2 963 1 396 1 399
Trade and other receivables 35 425 16 055 16 030
Cash and cash equivalents 9 245 5 373 3 427
TOTAL ASSETS 1 774 341 1 146 189 1 386 449
EQUITY AND LIABILITIES
EQUITY AND RESERVES 1 221 458 5 274 1 105 421
Ordinary share capital 105 332 5 274 5 994
Retained earnings 1 116 126 – 1 099 427
NON-CURRENT LIABILITIES 413 209 1 071 122 209 239
Linked unit debentures and premium – 841 393 –
Interest-bearing borrowings 405 427 229 729 203 063
Derivative liabilities – – 411
Other non-current liabilities 7 518 – 5 490
Deferred taxation 264 – 275
CURRENT LIABILITIES 139 674 69 793 71 789
Interest-bearing borrowings 93 300 – 44 371
Trade and other payables 46 374 69 793 27 418
TOTAL EQUITY AND LIABILITIES 1 774 341 1 146 189 1 386 449
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
Unaudited Unaudited Audited
6 months 6 months 12 months
to 31 Dec to 31 Dec to 30 June
2015 2014 2015
R'000 R'000 R'000
GROSS REVENUE 134 445 89 377 187 926
Rental income – contractual 123 907 84 622 178 698
– straight-line accrual 10 538 4 755 9 228
Property expenses (46 138) (30 342) (65 773)
Net profit from property operations 88 307 59 035 122 153
Corporate administrative expenses (8 070) (5 806) (12 142)
OPERATING PROFIT 80 237 53 229 110 011
Fair value adjustment to investment
properties – 295 82 386
Fair value adjustment to derivatives 1 279 – (411)
Fair value adjustment to debentures – (8 241) (8 242)
Fair value adjustment to investments 45 – (21)
Finance cost (19 583) (10 207) (23 702)
Investment revenue 741 335 1 025
PROFIT BEFORE DEBENTURE
INTEREST 62 719 35 411 161 046
Debenture interest – (39 033) (38 992)
PROFIT AFTER DEBENTURE
INTEREST 62 719 (3 622) 122 054
Capital raising expenses – – (4 198)
PROFIT BEFORE TAXATION 62 719 (3 622) 117 856
Taxation 11 3 622 3 348
COMPREHENSIVE INCOME
ATTRIBUTABLE TO SHAREHOLDERS 62 730 – 121 204
Profit and total comprehensive
income attributable to:
– Owners of the parent 62 730 – 121 204
– Non-controlling interest – – –
62 730 – 121 204
Reconciliation between profit
attributable to shareholders,
distributable earnings and
headline earnings per share
Profit attributable to shareholders 62 730 – 121 204
Fair value adjustment to investment
properties (net of taxation) – (295) (82 386)
Headline and diluted headline
earnings/(loss) attributable to
shareholders 62 730 (295) 38 818
Fair value adjustment to
debentures – 8 241 8 242
Debenture interest – 39 033 38 992
Headline and diluted headline
profit attributable to shareholders/
linked unitholders 62 730 46 979 86 052
Straight-line rental income accrual (10 538) (4 755) (9 228)
Fair value adjustments to
derivatives (1 279) – 411
Fair value adjustments to
investments (45) – 21
Debt raising fees 181 585 3 549
Capital raising expenses – – 4 198
Taxation (11) (3 622) (3 348)
Share issued cum distribution 2 749 – 3 519
Distributable earnings 53 787 39 187 85 174
Distribution 53 787 39 187 85 174
DISTRIBUTION (Dividend and
debenture interest)*
Interim distribution per share/
linked unit (cents) 8.171 7.427 7.427
Final dividend declaration per
share (cents) – – 7.679
Total distribution per share/
linked unit (cents) 8.171 7.427 15.106
EARNINGS PER SHARE
Basic and diluted earnings per
share (cents) ** 10.05 – 22.44
Headline and diluted headline loss
per share (cents) ** 10.05 (0.06) 7.19
Headline and diluted headline
earnings per share (cents) ** 10.05 8.94 15.93
Net asset value per share and net
tangible asset value per share
(cents)*** 185.57 160.54 184.41
Share statistics (excluding
treasury shares)
Shares in issue 658 261 805 527 636 276 599 438 276
Less: Treasury shares – (248 001) –
Effective shares in issue 658 261 805 527 388 275 599 438 276
Weighted average number of
shares 624 054 644 525 762 609 540 053 358
* Distributions consists of dividends declared and debenture interest paid in the
prior year (prior to the conversion to a share only capital structure). Prior to
the conversion of the capital structure debenture interest were calculated on
the capital at a variable rate equal to 99.9% of the net profit of the company
before taxation, but after adjusting for extraordinary income and expenditure,
capital gains and losses, and capital expenditure.
** Headline earnings have been presented in accordance with IAS 33. In the
prior year in terms of the former linked unit structure of the group, every
shareholder was a debenture holder, coupled in the terms of the Debenture
Trust Deed which stated that 99.9% of profits were attributable to debenture
holders. This resulted in the benefits of improved trading, which would be
ordinarily attributable to shareholders, being expensed in the statements of
comprehensive income as a fair value adjustment to debentures and debenture
interest. This resulted in no profit being attributable to ordinary shareholders.
*** In the prior year linked unit debentures were included in the net asset value and
net tangible asset value calculation.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
Unaudited Unaudited Audited
6 months 6 months 12 months
to 31 Dec to 31 Dec to 30 June
2015 2014 2015
R'000 R'000 R'000
Cash inflow from operating
activities 7 451 5 331 4 239
Cash outflow to investing activities (350 787) (11 353) (168 953)
Cash inflow from financing
activities 349 154 7 729 164 475
Net increase/(decrease) in cash
and cash equivalents 5 818 1 707 (239)
Cash and cash equivalents at
beginning of period 3 427 3 666 3 666
Cash and cash equivalents
at end of period 9 245 5 373 3 427
CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY
Share Retained
capital earnings Total
R'000 R'000 R'000
Balance at 1 July 2014 5 254 – 5 254
Disposal of treasury linked units 20 – 20
Total comprehensive income for
the period – – –
Balance at 31 December 2014 5 274 – 5 274
Disposal of treasury linked units 2 – 2
Linked units issued 718 – 718
Conversion of debentures – 978 223 978 223
Total comprehensive income for
the period – 121 204 121 204
Balance at 30 June 2015 5 994 1 099 427 1 105 421
Shares issued 100 000 – 100 000
Capital issue expenses (662) – (662)
Total comprehensive income for
the period – 62 730 62 730
Dividends paid and declared – (46 031) (46 031)
Balance at 31 December 2015 105 332 1 116 126 1 221 458
OTHER SEGMENTAL INFORMATION
Unaudited Unaudited Audited
31 Dec 31 Dec 30 June
2015 2014 2015
Regional profile based on
leasable area
KwaZulu-Natal 24.8% 24.4% 31.0%
Western Cape 17.9% 24.5% 22.0%
Gauteng 17.2% 27.7% 21.6%
Free State 17.2% 1.6% 3.0%
Northern Cape 10.0% 7.2% 6.3%
Limpopo 6.6% 9.5% 8.2%
Eastern Cape 3.6% 5.1% 4.5%
Mpumalanga 2.7% – 3.4%
Vacancy profile based on
gross lease area
Gross lease area in metres
squared as at end of period* 173 999 123 087 139 247
Properties held 37 31 34
Vacancy area in metres squared* 2 751 4 804 6 058
Vacancy area as % of gross
lease area 1.6% 3.9% 4.4%
Regional vacancy profile (m2)
(regions where vacancies are
located)
Western Cape 1 103 1 171 1 708
Free State 689 – –
KwaZulu-Natal 622 680 2 653
Gauteng 201 2 177 894
Northern Cape 85 207 207
Limpopo 51 569 101
Eastern Cape – – 495
* Gross lease area and vacancy in the prior and current periods has been updated
after the remeasurement of various properties and excludes unlettable space.
CONDENSED CONSOLIDATED SEGMENT REPORT
Reconciling
Eastern KwaZulu- Western Northern items/
Cape Free State Gauteng Natal Cape Cape Limpopo Mpumalanga (Eliminations) Total
For the six months ended 31 December 2015
Revenue – external customers 4 394 15 624 20 825 31 702 24 165 13 160 9 194 4 843 – 123 907
Operating profit 3 333 9 691 14 286 24 778 14 912 7 022 11 155 3 130 (8 070) 80 237
Total assets 39 993 278 003 251 460 495 392 325 954 164 476 125 713 58 374 34 976 1 774 341
For the six months ended 31 December 2014
Revenue – external customers 4 388 1 651 17 564 23 590 22 602 7 333 7 494 – – 84 622
Operating profit 3 581 1 235 8 407 21 430 16 464 3 380 4 719 – (5 987) 53 229
Total assets 45 302 22 733 203 072 406 782 284 618 53 627 111 461 – 18 594 1 146 189
For the year ended 30 June 2015
Revenue – external customers 8 657 3 357 36 978 49 962 46 182 14 752 16 570 2 240 – 178 698
Operating profit 6 716 2 714 18 937 42 519 30 632 7 121 11 665 1 849 (12 142) 110 011
Total assets 40 087 26 046 246 707 491 142 320 117 64 607 120 040 60 304 17 399 1 386 449
Basis of preparation and accounting policies
The preparation of these condensed consolidated financial statements was supervised by the Chief Financial Officer,
BJ Kriel CA(SA).
The accounting policies applied in the preparation of these condensed consolidated results for the six months ended
31 December 2015, which are based on reasonable judgements and estimates, are in accordance with International
Financial Reporting Standards ("IFRS") and are consistent with those applied in the annual financial statements for
the year ended 30 June 2015. Any other new and amendments to IFRS and IFRIC interpretations did not impact
on the financial position or performance of the company but has resulted in additional disclosures. These audited
condensed consolidated results, as set out in this report, have been prepared in accordance and containing the
information required by IAS 34 – Interim Financial Reporting, the SAICA Financial Reporting Guidelines as issued by
the Accounting Practices Committee and Financial Reporting Pronouncements as issued by the Financial Reporting
Council, the Companies Act of South Africa, No 71 of 2008, as amended ("Companies Act") and the Listings
Requirements of JSE Limited.
These condensed consolidated results for the six months ended 31 December 2015 have been prepared in accordance
with the historic cost basis, except for the measurement of investment properties, debentures and certain financial
assets and financial liabilities which are stated at fair value.
The financial results are presented in Rands, which is Fairvest's functional and presentation currency and have been
prepared on a going concern basis.
These condensed consolidated results have not been reviewed or audited by the company's auditors, BDO South
Africa Inc.
Estimates and critical judgements
Except for the measurement of investment properties, debentures and certain financial assets and financial liabilities
the financial statements do not include any material estimates.
COMMENTARY
INTRODUCTION
Fairvest is a property investment holding company and a Real Estate Investment Trust ("REIT"), with a unique focus on
retail assets weighted toward non-metropolitan and rural shopping centres, as well as convenience and community
shopping centres servicing the lower LSM market, in high-growth nodes, close to commuter networks. The Fairvest
property portfolio consists of 37 properties, with 173 999m2 of lettable area and valued at R1 722.8 million.
REVIEW OF RESULTS
Fairvest board of directors are pleased to announce an interim dividend distribution of 8.171 cents per share for the
six months ended 31 December 2015, which is a 10.02% increase from the previous period and again exceeding our
guidance previously issued of between 9% and 10% growth in distribution.
Distribution history (cents per share/linked unit) Interim Final Total
June 2011 5.000 5.900 10.900
June 2012 5.200 6.300 11.500
June 2013 4.570 6.000 10.570
June 2014 6.750 6.970 13.720
June 2015 7.427 7.679 15.106
June 2016 8.171
Revenue for the six months ended 31 December 2015 increased by 50.4% to R134.4 million as a result of income
growth in the historic portfolio as well as the acquisitions during the past year. Net profit from property operations
increased by 49.6% to R88.3 million, while administration expenses increased by 39.0% to R8.1 million, resulting in
distributable earnings increasing by 37.3% to R53.8 million. Gross property expenses as a ratio of revenue increased
slightly from 36.8% for the year to 30 June 2015 to 37.2%, mainly as a result of the increases in rates and taxes
and electricity. Cost containment and more efficient recoveries of municipal charges within the portfolio assisted to
offset the increases in utilities as indicated in the net property expense ratio (expenses net of utility recoveries) which
decreased from 17.3% in the previous financial year to 17.0%.
Gross rentals across the portfolio trended upwards, with a 5.9% increase in the weighted average rental to
R97.25/m2 at 31 December 2015 compared to R91.85/m2 at 30 June 2015. At 31 December 2015 the weighted
average contractual escalation for the portfolio increased to 7.5%, from 7.4% as at 30 June 2015. The relatively
low contractual escalation percentage is mainly as a result of the high national tenant component of 77.4% of the
portfolio, which provides shareholders with a relatively low risk investment profile.
CAPITAL RAISING ACTIVITIES
Shareholders are referred to the company's SENS announcement dated 15 October 2015, regarding the placement
of 58 823 529 new ordinary shares which were issued through a vendor consideration placement at an issue price of
R1.70 per share, raising R100 million of new equity.
PROPERTY PORTFOLIO
The total value of the property portfolio increased by 26.5% from R1 361.8 million in June 2015 to R1 722.8 million.
The increase is as a result of the acquisitions during the period as well as capital expenditure incurred.
Portfolio valuation history R'million
June 2011 99.5
June 2012 103.5
June 2013 774.8
June 2014 1 109.1
June 2015 1 361.8
June 2016 1 722.8
The board of directors took the decision not to revalue the portfolio at 31 December 2015, given the volatility and
uncertainty in the markets. The portfolio therefore remains at the 30 June 2015 valuations, with the only increases
being the acquisitions during the period and capital expenditure incurred. In line with the accounting policy of the
group, a third of the portfolio will be valued by independent external valuers annually and the remainder of the
portfolio will be valued by management.
Acquisitions
Shareholders are referred to the company's various SENS announcements, regarding certain acquisitions by the
company. Seven new properties were acquired during the period, of which three transferred during the current
period and four are expected to transfer before the end of the financial year.
Properties transferred during the year
Purchase
price Anchor Date of
Property Location GLA (m2) R'000 tenants transfer
Sibilo Northern Cape 8 563 96 323 Shoprite 24-Aug-15
Middestad Centre Free State 19 803 Shoprite 26-Aug-15
Mega Park Free State 5 960 Fielli 26-Aug-15
Redefine portfolio 25 763 242 927
Properties transferred after 31 December 2015
Purchase Expected
price Anchor date of
Property Location GLA (m2) R'000 tenants transfer
Parow Valley Spar* Western Cape 8 543 27 850 Spar 1-May-16
Mqanduli Boxer Eastern Cape 6 945 Boxer 1-May-16
Tabankulu Boxer Eastern Cape 4 117 Boxer 1-May-16
Elliotdale Boxer Eastern Cape 6 945 Boxer 1-May-16
Mainstream portfolio** 18 007 129 000
* – The Parow Valley Spar will be acquired in a newly incorporated subsidiary, of which Fairvest owns 50%.
** – The Mainstream portfolio will be acquired in a newly incorporated subsidiary, of which Fairvest owns 80%.
Portfolio enhancements
St George Square
When the property was acquired in 2012, approximately 1 867m2 was unlettable space, which was not included in
the purchase consideration. Fairvest has been able to unlock this value by upgrading the space and creating 1 872m2
of additional retail and storage area to service existing tenants in the centre. The project is expected to be completed
during the second half of the financial year with the majority of the newly created space already let. In addition to
the creation of additional GLA, the centre is being repainted and new signage pylons provided to improve the overall
shopping experience by way of enhanced aesthetics.
Qualbert Centre
A redevelopment was undertaken at Qualbert Centre during the period by introducing a food anchor to the centre
after concluding a 10-year lease with Pick n Pay. This has significantly reduced the vacancies at the centre and has
improved the tenant quality. The project also included a façade upgrade to the centre and improved lighting, this is
expected to be completed by year-end.
Tokai Junction
The centre is currently being modernised by way of improved signage and a façade upgrade. The upgrade has already
contributed positively to the rental renewals at the centre.
PORTFOLIO COMPOSITION, LETTING AND VACANCIES
Tenant grade as a percentage of GLA
A-grade tenants 77.4%
B-grade tenants 7.5%
C-grade tenants 15.1%
A – Anchor and national tenants
B – Franchise, professional and large tenants
C – Other
Vacancies reduced from 4.4% to 1.6% or 2 751m2 during the period under review, mainly as a result of some positive
letting at Qualbert Centre, Richmond Shopping Centre and Nyanga Junction, bringing our vacancy levels to the
lowest to date.
During the period under review 33 new leases were concluded which equated to a GLA of 6 268m2. Renewal activity
was also positive with a 13.1% escalation achieved on the 7 040m2 of leases that were renewed during the period.
Tenant retention for the period was 84.3%, a slight increase from the 81.0% of June 2015 year. Of the 17 583m2
expiring by June 2016, 24.8% is represented by a Department of Public Works lease at SASSA House which is due to
expire in April 2016. We are currently in negotiations regarding this lease.
Based on Based on
Lease expiry profile rentable area gross rental
Vacant 1.6% –
Monthly/expired 5.2% 4.4%
30 June 2016 10.1% 10.1%
30 June 2017 19.4% 22.2%
30 June 2018 19.6% 21.4%
30 June 2019 10.5% 10.7%
After 30 June 2020 33.6% 31.2%
BORROWINGS
The loan to value ("LTV") ratio was 28.7% (LTV is calculated as total interest-bearing debt divided by total property
assets). Expected gearing levels after the conclusion of the Parow Spar and Mainstream acquisitions will be 33.3%.
As at 31 December 2015, 36.2% of the debt was fixed either through swaps or fixed rate loans, with a weighted
average expiry for the fixed debt of 29 months.
The weighted average all-in cost of funding decreased from 9.02% at June 2015 to 8.79% at 31 December 2015. The
weighted average maturity of debt decreased slightly from 31 months to 27 months.
As communicated in our June 2015 results, our strategy remains to keep our gearing levels low, therefore reducing
the relative exposure to floating interest rates. Given the high cost of hedging in a volatile environment, the board
has decided to mitigate the risk to interest rates, should the current volatility in the market prevail, by disposing of
non-core assets in order to reduce our LTV to below 25%.
PROSPECTS
With an increased level of uncertainty and volatility in the financial markets and the lacklustre economic growth, we
anticipate that tough trading conditions will continue for the remainder of the financial year. Despite the economic
outlook, the benefit of improved occupancies, together with the most recent property acquisitions should allow
for continued strong growth in distributions. Given the performance of the 6 months to 31 December 2015, management
reassessed the outlook for the remainder of the financial year and is confident we will be able to achieve distribution
growth of between 9.25% and 10.25% for the 2016 financial year.
This view assumes that there be no material deterioration in the macroeconomic environment relative to current
levels, that no major corporate failures will occur and that tenants will be able to absorb increases in municipal and
utility costs. Forecast rental income is based on contractual lease terms and anticipated market-related renewals.
This forecast is the responsibility of the board of Fairvest and has not been reviewed or reported on by the auditors.
DIVIDEND
The board has approved and declared a final gross dividend of 8.171 cents per share for the six month period ended
31 December 2015 from fixed income reserves, payable to shareholders registered as such at the close of business
on Friday, 1 April 2016.
Last date to trade shares cum dividend Wednesday, 23 March 2016
Shares commence trading ex dividend Thursday, 24 March 2016
Record date Friday, 1 April 2016
Payment date Monday, 4 April 2016
Shares may not be dematerialised or rematerialised between Thursday, 24 March 2016 and Friday, 1 April 2016, both
days inclusive.
In accordance with Fairvest's status as a REIT, shareholders are advised that the dividend meets the requirements
of a "qualifying distribution" for the purposes of section 25BB of the Income Tax Act, 58 of 1962 ("Income Tax
Act"). The distribution on the shares will be deemed to be a dividend, for South African tax purposes, in terms of
section 25BB of the Income Tax Act. Accordingly, qualifying distributions received by local tax residents must be
included in the gross income of such shareholders (as a non-exempt dividend in terms of section 10(1)(k)(aa) of the
Income Tax Act), with the effect that the qualifying distribution is taxable as income in the hands of the shareholder.
These qualifying distributions are, however, exempt from dividend withholding tax in the hands of South African tax
resident shareholders, provided that the South African resident shareholders have provided the following forms to
their Central Securities Depository Participant ("CSDP") or broker, as the case may be, in respect of uncertificated
shares, or the transfer secretaries, in respect of certificated shares:
(a) a declaration that the dividend is exempt from dividends tax; and
(b) a written undertaking to inform the CSDP, broker or the Transfer Secretaries, as the case may be,
both in the form prescribed by the Commissioner for the South African Revenue Service. Shareholders are advised
to contact their CSDP, broker or the transfer secretaries, as the case may be, to arrange for the abovementioned
documents to be submitted prior to payment of the dividend, if such documents have not already been submitted.
Qualifying distributions received by non-resident shareholders will not be taxable as income and instead will be
treated as ordinary dividends but which are exempt in terms of the usual dividend exemptions per section 10(1)(k)
of the Income Tax Act. Any qualifying distribution received by a non-resident from a REIT will be subject to dividend
withholding tax at 15%, 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. Assuming dividend
withholding tax will be withheld at a rate of 15%, the net amount due to non-resident shareholders will be
6.94535 cents per share. A reduced dividend withholding tax rate in terms of the applicable DTA, may only be relied
on if the non-resident shareholder has provided the following forms to their CSDP or broker, as the case may be, in
respect of the uncertificated shares, or the transfer secretaries, in respect of certificated shares:
(a) a declaration that the dividend is subject to a reduced rate as a result of the application of a DTA; and
(b) a written undertaking to inform their CSDP, broker or the Transfer Secretaries, as the case may be, should the
circumstances affecting the reduced rate change or the beneficial owner cease to be the beneficial owner,
both in the form prescribed by the Commissioner for the South African Revenue Service. Non-resident shareholders
are advised to contact their CSDP, broker or the Transfer Secretaries, as the case may be, to arrange for the
abovementioned documents to be submitted prior to payment of the dividend if such documents have not already
been submitted, if applicable.
Local tax resident shareholders as well as non-resident shareholders are encouraged to consult their professional
advisors should they be in any doubt as to the appropriate action to take.
Shares in issue at the date of declaration of the final distribution: 658 261 805
Income tax reference number: 9205/066/06/1
SUBSEQUENT EVENTS
Shareholders are referred to the company's SENS announcements dated 19 January 2016 and 22 February 2016
regarding the acquisition of Shoprite Heidelberg. Fairvest will not be proceeding with the transaction.
The directors of Fairvest are not aware of any further material matters or circumstances arising between 31 December
2015 and this report which may materially affect the financial position of the group or the results of its operation.
APPRECIATION
We extend our appreciation to our directors, management and staff for their valued efforts as well as our advisers
and shareholders for their continuing belief in and support of Fairvest.
For and on behalf of the board
Fairvest Property Holdings Limited
Cape Town
3 March 2016
Executive Non-executive
DM Wilder (Chief executive officer) JF du Toit (Chairman)
BJ Kriel (Chief financial officer) LW Andrag (Lead independent non-executive)#
AJ Marcus (Chief operating officer)* KR Moloko #
*alternate to DM Wilder N Mkhize #
JD Wiese #
# independent
Company Secretary
SecCorp Secretarial Services Proprietary Limited
Registered office
8th Floor, The Terraces, 34 Bree Street, Cape Town, 8001
Postnet Suite 30, Private Bag X3, Roggebaai, 8012
Transfer secretaries
Computershare Investor Services Proprietary Limited
Ground Floor, 70 Marshall Street, Johannesburg, 2001
PO Box 61051, Marshalltown, 2107
Auditor Sponsor
BDO South Africa Incorporated PSG Capital Proprietary Limited
Registered Auditors
www.fairvest.co.za
Date: 03/03/2016 07:30:00 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.
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