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EMI - Emira Property Fund - Reviewed Financial Results For The Year Ended 30
June 2008 And Income Distribution Declaration
EMIRA PROPERTY FUND
(A property fund created under the Emira Property Scheme, registered in terms
of the Collective Investment Schemes Control Act)
Share code: EMI
ISIN: ZAE000050712
("Emira" or "the Fund")
REVIEWED FINANCIAL RESULTS FOR THE YEAR ENDED 30 JUNE 2008 AND INCOME
DISTRIBUTION DECLARATION
Distributions per PI 92,04 cents annualised growth of 11,8%
Net asset value per PI 1 169 cents - an increase of 1,9%
Capital projects completed R 330 million
CONDENSED INCOME STATEMENT
Reviewed Audited
Year ended Year ended
30 June 2008 30 June 2007
R`000 R`000
Revenue 944 198 631 000
Operating lease rental income and 924 783 613 134
tenant recoveries
Allowance for future rental 19 415 17 866
escalations
Property expenses (271 632) (177 971)
Management expenses (33 431) (21 949)
Administration expenses (32 976) (22 641)
Depreciation (9 902) (9 966)
Net income from property rental 596 257 398 473
operations
Net fair value (deficit)/gain on (10 580) 1 506 339
investment properties
Change in fair value as a result of (19 415) (17 866)
straight-lining lease rentals
Change in fair value as a result of (13 565) (9 130)
amortising upfront lease costs
Change in fair value as a result of 22 400 1 533 335
property appreciation in value
Maintenance fund expenses (3 977) (2 018)
Impairment of goodwill - (328 364)
IFRS 2 adjustments in respect of PI- (5 914) (92 348)
based payments
Discount on the issue of PIs to BEE (5 914) (24 822)
partners
Acquisition of fixed property in - (67 526)
exchange for the issue of PIs
Operating profit 575 786 1 482 082
Finance costs 27 606 (23 457)
Interest paid and amortised borrowing (115 273) (65 901)
costs
Interest capitalised to the cost of 7 635 -
developments
Preference share dividends paid* (8 213) -
Unrealised gain on interest rate 143 457 42 444
swaps
Investment income 5 864 4 495
Net profit for the year before 609 256 1 463 120
taxation
Deferred taxation (53 189) (116 153)
- Revaluation of investment (34 049) (116 153)
properties
- Other (19 140) -
STC on preference dividends paid (821) (367)
Net profit for the year 555 246 1 346 600
* In 2008 preference share dividends paid have been included in finance
costs. In 2007, preference share dividends paid amounted to R 2 934 000 and
were included in the statement of changes in equity.
RECONCILIATION BETWEEN EARNINGS AND HEADLINE EARNINGS AND DISTRIBUTION
Reviewed Audited
Year ended Year ended
30 June 2008 30 June 2007
R`000 R`000
Net profit for the year 555 246 1 346 600
Adjusted for:
Net fair value deficit/(gain) on 10 580 (1 508 339)
investment properties
Deferred taxation on revaluation of 34 049 116 154
investment properties
Impairment of goodwill - 328 364
Headline earnings 599 875 284 779
Adjusted for:
Allowance for future rental (19 415) (17 866)
escalations
Amortised upfront lease costs (13 565) (9 130)
Unrealised gain on interest rate (143 457) (42 444)
swaps
IFRS 2 adjustment in respect of PI- 5 914 92 348
based payments
Maintenance fund expenses 3 977 2 018
Amortised borrowing costs - 438
Deferred taxation 19 140 -
Preference share dividends paid - (2 934)
Distribution payable to participatory 452 469 307 209
interest holders
Distribution per participatory
interest
Interim (cents) 44,34 40,10
Special (cents) - 20,75
Final (cents) 47,70 21,50
Total (cents) 92,04 82,35
Number of PIs in issue at the end of 492 818 989 488 514 461
the year
Weighted average number of PIs in 491 221 327 370 939 438
issue
Earnings per participatory interest 113,03 363,02
(cents)
The calculation of earnings per participatory interest is based on net profit
for the year of R555,2 million (2007: R1 346,6 million), divided by the
weighted average number of participatory interests in issue during the year
of 491 221 327 (2007: 370 939 438).
Headline earnings per participatory 122,12 101,67
interest (cents)
The calculation of headline earnings per participatory interest is based on
net profit for the year, adjusted for the non-trading items, of R599,9
million (2007: R284,8 million), divided by the weighted average number of
participatory interests in issue during the year of 491 221 327 (2007: 370
939 438).
Headline earnings for 2007 have been adjusted to comply with SAICA circular
8/2007 which is applicable for financial periods ending on or after 31 August
2007.
CONDENSED BALANCE SHEET
Reviewed Audited
Year ended Year ended
30 June 2008 30 June 2007
R`000 R`000
ASSETS
Non-current assets
Investment properties 7 305 166 7 009 587
Allowance for future rental 130 004 110 589
escalations
Unamortised upfront lease costs 37 631 24 066
7 472 801 7 144 242
Current assets
Investment properties held for sale 18 635 170 500
Accounts receivable and prepayments 41 673 35 422
Derivative financial instruments 189 953 46 496
Cash and cash equivalents 68 825 13 886
319 086 266 304
Total assets 7 791 887 7 410 546
EQUITY AND LIABILITIES
Participatory interest holders` 5 761 040 5 606 951
capital and reserves
Non-current liabilities
Redeemable preference shares 90 000 90 000
Interest-bearing debt 1 137 204 1 197 050
Deferred taxation 312 672 259 483
1 539 876 1 546 533
Current liabilities
Short-term portion of long-term 100 000 9 238
interest-bearing debt
Accounts payable 155 896 143 865
Distributions payable to participatory 235 075 103 959
interest holders
490 971 257 062
Total liabilities 2 030 847 1 803 595
Total equity and liabilities 7 791 887 7 410 546
CONDENSED CASH FLOW STATEMENT
Reviewed Audited
Year ended Year ended
30 June 2008 30 June 2007
R`000 R`000
Cash generated by rental operations 574 925 449 025
Net finance costs (117 622) (60 968)
STC on preference share dividends paid (764) (367)
Preference share dividends paid - (2 934)
Distribution to participatory interest (321 353) (312 407)
holders
Cash flow from operating activities 135 186 72 349
Acquisition of, and additions to,
investment properties and
furniture and equipment (327 061) (924 233)
Proceeds on sale of investment 170 500 20 101
properties and furniture and equipment
Acquisition of Freestone Property - (1 360 477)
Holdings Limited
Net cash utilised in investing (156 561) (2 264 609)
activities
Issue of participatory interests 45 398 1 994 881
Increase in interest-bearing debt 30 916 210 613
Net cash from financing activities 76 314 2 205 494
Net change in cash and cash 54 939 13 234
equivalents
Cash and cash equivalents at beginning 13 886 652
of year
Cash and cash equivalents at end of 68 825 13 886
year
CONDENSED STATEMENT OF CHANGES IN EQUITY
Partici- Revalu-
ation
patory and other Retained
interest reserves earnings Total
R`000 R`000 R`000 R`000
Balance at 1 July 1 425 094 1 059 077 (906) 2 483 265
2006
Net profit for the - - 1 463 120 1 463 120
year before
taxation
Distribution to - - (307 209) (307 209)
participatory
interest holders
Issue of 1 994 881 - - 1 994 881
participatory
interests
Net fair value - 1 506 339 (1 506 339) -
gains on
investment
properties
Allowance for - 17 866 (17 866) -
future rental
escalations
Deferring of - 9 130 (9 130) -
upfront lease
costs
IFRS 2 adjustment 92 348 (92 348) 92 348 92 348
in respect of
share-based
payments
Unrealised gain on - 42 444 (42 444) -
interest rate
swaps
Transfer of - (2 018) 2 018 -
maintenance fund
expenses to
revaluation
reserve
Impairment of - (328 364) 328 364 -
goodwill
Deferred taxation - (116 153) - (116 153)
STC on preference - - (367) (367)
share dividends
paid
Preference share - - (2 934) (2 934)
dividends paid
Balance at 30 June 3 512 323 2 095 973 (1 345) 5 606 951
2007
Net profit for the - - 609 256 609 256
year before
taxation
Distribution to - - (452 469) (452 469)
participatory
interest holders
Issue of 45 398 - - 45 398
participatory
interests
Net fair value - (10 580) 10 580 -
deficit on
investment
properties
Allowance for - 19 415 (19 415) -
future rental
escalations
Deferring of - 13 565 (13 565) -
upfront lease
costs
IFRS 2 adjustment 5 914 (5 914) 5 914 5 914
in respect of
share-based
payments
Unrealised gain on - 143 457 (143 457) -
interest rate
swaps
Transfer of - (3 977) 3 977 -
maintenance fund
expenses to
revaluation
reserve
Deferred taxation - (53 189) - (53 189)
STC on preference - - (821) (821)
share dividends
paid
Balance at 30 June 3 563 635 2 198 750 (1 345) 5 761 040
2008
SEGMENTAL INFORMATION
Adminis-
trative
and
corporate
Retail Offices Indus- Total
trial
Sectoral R`000 R`000 R`000 R`000 R`000
segments
Revenue 369 742 427 221 147 235 - 944 198
Revenue 365 745 420 881 138 157 - 924 783
Allowance 3 997 6 340 9 078 - 19 415
for future
rental
escalations
Segmental
result
Net income 243 453 283 169 106 757 (37 122) 596 257
from
property
rental
operations
Investment 2 695 890 3 448 681 1 328 230 - 7 472 801
properties
Geographical
segments
Revenue
- Gauteng 244 078 312 810 111 880 - 668 768
- Western 33 877 59 361 11 405 - 104 643
and Eastern
Cape
- KwaZulu- 60 684 40 517 23 950 - 125 151
Natal
- Free State 31 103 14 533 - - 45 636
369 742 427 221 147 235 - 944 198
Investment
properties
- Gauteng 1 885 140 2 529 244 1 023 500 - 5 437 884
- Western 246 500 537 232 129 730 - 913 462
and Eastern
Cape
- KwaZulu- 399 350 285 980 175 000 - 860 330
Natal
- Free State 164 900 96 225 - - 261 125
2 695 890 3 448 681 1 328 230 - 7 472 801
RELATED PARTIES AND RELATED PARTY TRANSACTIONS
Momentum Group ("Momentum") is the major participatory interest holder. At 30
June 2008, Momentum owned 34,4% of the Fund`s participatory interests and the
Fund`s BEE partners - The Tiso Group, The Shalamuka Foundation, Avuka
Investments, The RMBP Broad Based Empowerment Trust and Mr B van der Ross -
held 12,4%.
The remaining 53,2% were widely held.
The following transactions were carried out with related parties:
Reviewed Audited
Year ended Year ended
30 June 2008 30 June 2007
R`000 R`000
Strategic Real Estate Managers
(Proprietary) Limited
Expenditure comprising asset 33 431 21 941
management fees
Relationship: Associated company of
the FirstRand Group
Rand Merchant Bank, a division of
FirstRand Bank Limited
Long-term interest-bearing debt 750 000 705 625
Net finance cost in respect of long- 68 324 38 217
term interest-bearing debt
Cash on call 39 589 -
Finance income on cash on call 1 214 -
Relationship: Associated company of
the FirstRand Group
RMB Properties (Proprietary) Limited 287 939 483 099
Expenditure comprising: Property 48 097 55 111
management fee and letting
commissions
Purchase consideration of Faerie 29 897 -
Glen Phase 4
Purchase consideration of RTT Acsa 25 875 215 617
Park
Purchase consideration of Newlands - 43 650
Terraces
Purchase consideration of Worldwear - 132 889
Fashion Mall
Development expenditure 184 070 35 832
Relationship: Associated company of
the FirstRand Group
Momentum Limited 26 259 450 400
Purchase consideration of Builders 26 259 -
Express
Purchase consideration of Wonderpark - 406 400
Shopping Centre
Purchase consideration of Wesbank - 44 000
House
Relationship: Associated company of the FirstRand Group
The above transactions were carried out on commercial terms and conditions no
more favourable than those available in similar arm`s length dealings at
market-related rates.
BASIS OF PREPARATION AND ACCOUNTING POLICIES
The annual financial statements have been prepared in accordance with
International Financial Reporting Standards ("IFRS") including IAS 34, and
the Companies Act of South Africa, Act 61 of 1973, as amended. The
accounting policies used in the preparation of these results are consistent
with those used in the annual financial statements for the year ended 30 June
2007.
COMMENTARY
The board of directors of Strategic Real Estate Managers (Pty) Limited
(STREM) is pleased to announce a final distribution of 47,7 cents per Emira
participatory interest (PI) for the six months to 30 June 2008. Together with
the interim distribution of 44,34 cents per PI for the six months to 31
December 2007 the total distribution per PI for the 12-month period to 30
June 2008 amounts to 92,04 cents. This represents strong growth in
distributions of 11,77% on the comparable 12-month period.
Rising interest rates and declining prices in the financial and real estate
sectors worldwide, resulted in capital values in the South African listed
property sector weakening during the 12 months. Although the underlying
income from the portfolio grew at a healthy rate during the period, Emira was
not immune to this negative sentiment and, as a result, Emira PI holders
experienced a negative total return of 17,0% during the 12 months. This
comprised a capital decline of 24,9% and an income return of 7,9%. The
percentage of total PIs in issue that traded in the period equated to 29%.
The period under review was an active one for the Fund with 14 projects
totalling approximately R330 million completed during the period at earnings
enhancing yields. These comprised:
- Eleven extensions and refurbishments at a cost of R232 million, the largest
of which were: the extensions to Quagga Shopping Centre (R93 million) to
accommodate new, high quality tenants, including Woolworths; the complete
refurbishment of Lake Buena Vista in Centurion (R34 million); extensions to
the existing Fuel Group facility near the OR Tambo International Airport
(R20,5 million); as well as extensions to Lynnridge Mall (R18,4 million); and
- Three new developments amounting to R97 million including a new
distribution facility for the Fuel Group (R41 million), the purchase of Phase
4 of Faerie Glen Office Park (R29,9 million) and the acquisition of Builders
Express at Wonderpark Shopping Centre (R26,3 million).
TIS Corporate Park (R90,1 million) is the remaining new development that has
yet to be completed, scheduled for September 2008.
During the period the board also approved a further five projects worth
approximately R75 million which have yet to be completed, the largest of
which is the refurbishment of Granada Centre in Umhlanga Rocks (R40 million).
With effect from 28 March 2008 Emira replaced existing bank facilities with
R650 million of five-year funding raised on the debt capital markets. The net
effect of this transaction was the reduction in margins resulting in an
annual interest cost-saving of approximately R2 million. This also gives the
Fund an important alternative source of funding for future growth.
RESULTS
The distribution per PI for the year amounted to 92,04 cents, representing
year-on-year growth of 11,77%.
Excluding the straight-line adjustments from future rental escalations,
revenue rose by 50,8% year-on-year. This was the result of the inclusion of
the acquired properties from the effective dates, as well as the Freestone
portfolio, which was effective 1 April 2007, for the full 12 months. Property
expenses, when adjusted for amortised upfront lease costs, rose by 52,4%,
resulting in the ratio of property expenses to revenue rising fractionally
from 30,5% in the previous financial year to 30,8%.
Growing income from the portfolio, an increase in Emira`s PI price during the
period - the average PI price was 7,3% higher than in financial year 2007 -
as well as the inclusion of the Freestone portfolio for the full 12 months,
resulted in a 48,9% rise in administration and management fees. Interest
costs excluding unrealised gains on interest rate swaps rose by 68,3% as a
result of the funding of the capital expenditure during the period, as well
as the assumption of Freestone`s debt.
Net asset value grew from 1 148 cents to 1 169 cents (1 232 cents excluding
the deferred tax provision), representing growth of 1,9%. This is the result
of growth in the value of the portfolio, as well as gains in the fair value
of derivatives.
ACQUISITIONS
In an announcement dated Wednesday, 19 December 2007, Emira`s PI holders were
advised that Emira has entered into agreements with RMB Properties (Pty)
Limited in respect of the acquisition of two letting enterprises set out
below.
Properties that became income-producing during the 12 months to 30 June 2008
but are yet to be transferred to Emira
Purchase
GLA price
Property Sector Location (m2) (R`m)
Faerie Glen Office Faerie Glen, 2 046 29,6
Phase 4 Pretoria
Properties purchased but yet to be transferred to Emira
Purchase
GLA price
Property Sector Location (m2) (R`m)
TIS Corporate Industrial Midrand 15 184 90,1
Park
Properties that became income-producing during the 12 months to 30 June 2008
but are yet to be transferred to Emira
Forward
yield Effective
Property (%) date Tenants
Faerie Glen 10,1 1 Dec 07 VIP
Phase 4
Properties purchased but yet to be transferred to Emira
Forward Anti-
yield cipated
Property (%) date Tenants
TIS Corporate 8,0 1 Sep 08 TIS
Park
DISPOSALS
In accordance with the strategy of the Fund, certain properties that are
underperforming or pose excessive risk to the Fund are earmarked and disposed
of.
Three non-core properties - Inspectorate, 11 Park Lane and Contact Centre -
were sold and transferred at a premium to book value during the period, while
two investment properties - Wierda Gables and Fourways Game - were sold and
transferred at substantial premiums to book value.
Kuehne & Nagel was also sold at a premium to its December 2007 valuation
during the period, with transfer being effected subsequent to year-end, while
the disposal of Barvic House is still suspensive on certain conditions being
met.
Properties transferred out of Emira during the 12 months to June 30 2008
Valuation Sale
GLA Dec 2006 price
Property Sector Location (m2) (Rm)* (Rm)
Fourways Game Retail Fourways, 8 000 58,1 119,7
Sandton
Inspectorate Offices Ormonde, 2 704 6,2 7,3
Johannesburg
11 Park Lane Offices Parktown, 3 676 16,4 20,5
Johannesburg
Contact Centre Offices Parktown, 1 184 6,9 9,0
Johannesburg
Wierda Gables Offices Sandown, 2 007 11,9 14,0
Sandton
*The valuations as at December 2006 have been used to reflect the
premium to book value realised by the Fund on disposal. Valuations as
at June 2007 reflected the disposal prices and therefore no premium
to book value would have been evident.
Property sold but not yet transferred out of Emira at 30 June 2008
Valuation Sale
GLA Dec 2007 price
Property Sector Location (m2) (Rm) (Rm)
Kuehne & Nagel Offices Berea, 2 140 5,3 8,8
House Durban
Properties transferred out of Emira during the 12 months to June 30 2008
Exit
yield Effective
Property (%) date
Fourways Game 6,0 1 Oct 07
Inspectorate 9,3 18 Oct 07
11 Park Lane 7,4 16 Oct 07
Contact Centre 6,4 28 Nov 07
Wierda Gables 8,0 21 Aug 07
Property sold but not yet transferred out of Emira at 30 June 2008
Exit
yield Effective
Property (%) date
Kuehne & Nagel 10,4 15 July 2008
House
VACANCIES
Vacancies increased from 5,9% at June 2007 to 6,8% in June 2008. The increase
in the office portfolio vacancy was largely attributable to higher vacancies
at Hurlingham Office Park (6 138 m2 at 30 June 2008), which has recently been
refurbished, and FNB Building (3 599 m2) in Cape Town, which is pending
refurbishment, while the vacating of space at Goodyear Tycon (5 870 m2) and 8
Grader Road (3 818 m2) contributed to the increase in industrial vacancies.
Retail vacancies increased due to the ongoing refurbishment and extensions at
Granada Centre (3 147 m2) and the tenant reshuffling at World Wear Fashion
Mall(1 587 m2).
Demand for space, particularly in the office and industrial sectors, has
remained robust, with the result that several substantial leases have
recently been concluded which will decrease portfolio vacancy. These include:
Lake Buena Vista (6 894 m2), 8 Grader Road (3 818 m2), Cambridge Park (1 527
m2), Southern Life Plaza (1 378 m2), Lincolnwood Office Park (1 353 m2) and
World Wear Fashion Mall (1 100m2).
June 2007 Vacancy % June 2008 Vacancy
GLA June 2007 GLA(m2) June
(m2) 2008
%
Office 447 784 43 649 9,8 442 074 47 211 10,7
Retail 374 613 11 565 3,1 378 303 16 626 4,4
Industrial 355 181 14 202 4,0 367 648 16 628 4,6
Total 1 177 578 69 416 5,9 1 188 025 80 465 6,8
VALUATIONS AND NET ASSET VALUE
The Fund has elected to have independent valuations of its entire portfolio
at least every three years. To achieve this, independent valuers value
approximately one-third of the portfolio each year. These valuations are
included as part of the Fund`s overall portfolio movement below.
As a result of advantageous renewals and rising rentals in the office and
industrial portfolios, property values rose in both sectors. In contrast,
retail properties experienced a mixed performance. The Fund`s smaller
properties in outlying areas continued to benefit from good rental growth,
the capital expenditure at several of the centres was value enhancing,
however, certain of the neighbourhood and convenience centres were impacted
by the deteriorating retail conditions.
TOTAL PORTFOLIO MOVEMENT
June 2007 June 2008 Difference Difference
Sector (R`000) R/m2 (R`000) R/m2 (%) (R`000)
Office 3 317 664 7 409 3 467 316 7 864 4,5 149 652
Retail 2 784 378 7 433 2 695 890 7 126 (3,2) (88 488)
Indus- 1 212 700 3 414 1 328 230 3 635 9,5 115 530
trial
7 314 742 7 491 436 176 694
DEBT
Emira engaged FirstRand Bank Limited to assist the Fund in accessing the debt
capital markets, thereby reducing its overall cost of funding.
On 28 March 2008, the Fund undertook a commercial mortgage backed
securitisation (CMBS), whereby it issued five-year notes to Rand Merchant
Bank (RMB) amounting to R650 million. The proceeds received were used to
repay existing loans received from RMB. The securitisation enabled the Fund
to reduce the margin payable on these loans from 125 basis points to 93 basis
points (including amortised securitisation costs). The notes attract interest
at the three-month JIBAR rate. Existing interest rate swaps that were already
in place prior to the securitisation have been novated to RMB which has
resulted in an average all in fixed rate of 9,78% on this loan. These
interest rate swaps revert back to Emira in April 2013, whereafter they will
continue until their expiry dates. The weighted average cost of the entire
debt of the Fund at 30 June 2008, is 9,67%, as per below.
Rate % Term Amount % of debt
1. Debt - Fixed 10,21 November 2008 100,0 7,5
- Swap 9,38 December 2014 - -
2. Preference 10,91* January 2012 90,0 6,7
shares - Floating
3. Debt - Swap 9,78 April 2013 650,0 48,5
4. Debt - Swap 9,20 June 2013 500,0 37,3
Total 9,67 1 340,0 100,0
Less: Costs (12,8)
capitalised not
yet amortised
Per balance sheet 1 327,2
*Using a prime rate of 15,5%.
PROSPECTS
In line with the board`s mandate, the managers will continue to appraise
opportunities to refurbish and extend the Fund`s existing portfolio, acquire
new investment opportunities and dispose of non-core properties, at all times
considering the relationship between risk and return.
The positive supply side fundamentals persisting in the South African
commercial property market are expected to continue to play to Emira`s
diversified, but well located property portfolio with its extensive tenant
base. Growth in the South African economy, although at a more muted rate than
in the past few years, is expected to support demand for lettable space,
particularly in the office and industrial environments.
Taking the above into consideration, the STREM board believes that the Fund
will show further strong growth in distributions for the year ending 30 June
2009.
AUDIT OPINION AND INDEPENDENT REVIEW
The financial information has been reviewed by PricewaterhouseCoopers Inc,
whose reviewed opinion is available for inspection at Emira`s registered
address.
INCOME DISTRIBUTION DECLARATION
Notice is hereby given that a final cash distribution of 47,70 cents (2007:
42,25 cents) per participatory interest has been declared payable to
participatory interest holders, payable on 22 September 2008.
Last day to trade cum distribution Friday, 12 September 2008
Participatory interest trade ex Monday, 15 September 2008
distribution
Record date Friday, 19 September 2008
Payment date Monday, 22 September 2008
PI certificates may not be dematerialised or rematerialised between Monday,
15 September 2008 and Friday, 19 September 2008, both days inclusive.
NOTICE OF ANNUAL GENERAL MEETING
Notice is hereby given that the fourth annual general meeting of PI holders
of Emira Property Fund will be held at 14:00 on 18 November 2008, at 3 Gwen
Lane, Sandton, to transact the business as stated in the annual general
meeting notice forming part of the annual financial statements.
By order of the STREM board
Desiree Isserow
Company secretary
Ben van der Ross James Templeton Sandton
Chairman Chief executive officer 22 August 2008
FUND MANAGER:
Strategic Real Estate Managers (Pty) Limited
DIRECTORS OF THE FUND MANAGER:
BJ van der Ross (Chairman)*, JWA Templeton (Chief executive officer), MS
Aitken*, LS Barnard*, BH Kent*, NE Makiwane*,
MSB Neser*, WK Schultze, NL Sowazi*, PJ Thurling.
*Non-executive director
REGISTERED ADDRESS:
3 Gwen Lane, Sandton, 2146
SPONSOR:
Rand Merchant Bank (a division of FirstRand Bank Limited)
TRANSFER SECRETARIES:
Computershare Investor Services (Pty) Limited
70 Marshall Street, Johannesburg, 2001
www.emira.co.za
Date: 22/08/2008 17:50:24 Supplied by www.sharenet.co.za
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