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EMI - Emira - Unaudited Financial Results For The Six Months Ended 31

Release Date: 17/02/2010 17:17
Code(s): EMI
Wrap Text

EMI - Emira - Unaudited Financial Results For The Six Months Ended 31 December 2009 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") UNAUDITED FINANCIAL RESULTS FOR THE SIX MONTHS ENDED 31 DECEMBER 2009 AND INCOME DISTRIBUTION DECLARATION 51,84 cents distribution per PI, representing growth of 6,3% 1 117 cents net asset value per PI 187,4 cents or 18,5% 6-month total return Consolidated statement of comprehensive income Unaudited Unaudited Audited Six months Six months Year ended ended ended
31 Dec 2009 31 Dec 2008 30 Jun 2009 R`000 R`000 R`000 Revenue 585 204 531 901 1 082 688 Operating lease rental 566 918 519 036 1 059 866 income and tenant recoveries Allowance for future rental 18 286 12 865 22 822 escalations Property expenses (195 776) (172 746) (350 880) Management expenses (17 478) (15 590) (31 843) Administration expenses (21 219) (18 313) (39 023) Depreciation (5 620) (5 392) (11 198) Operating profit 345 111 319 860 649 744 Net fair value (114 313) 95 957 (83 511) (deficit)/gain on investment properties Change in fair value as a (18 286) (12 865) (22 822) result of straight-lining lease rentals Change in fair value as a 820 (6 792) (6 717) result of amortising upfront lease costs Change in fair value as a (96 847) 115 614 (53 972) result of property (depreciation)/appreciation in value Profit on sale of - - - investment property Profit before finance costs 230 798 415 817 566 233 Net finance costs (76 616) (306 072) (307 774) Finance income 2 574 6 143 11 902 Finance costs (79 190) (312 215) (319 676) Interest paid and amortised (70 291) (57 931) (121 844) borrowing costs Interest capitalised to 501 886 1 728 cost of developments Preference share dividends (6 854) (8 050) (16 424) paid Unrealised loss on interest- (2 546) (247 120) (183 136) rate swaps Profit before income tax 154 182 109 745 258 459 expense Income tax expense Deferred taxation 8 721 17 633 66 571 - Revaluation of investment 8 492 420 54 441 properties - Other 229 17 213 12 130 STC on preference share (685) (805) (1 642) dividends paid Profit for the period 162 218 126 573 323 388 attributable to equity holders Total comprehensive income 162 218 126 573 323 388 for the period Reconciliation between earnings and headline earnings and distribution Profit for the period 162 218 126 573 323 388 attributable to equity holders Adjusted for: Net fair value 114 313 (95 957) 83 511 deficit/(gain) on investment properties Deferred taxation on (8 492) (420) (54 441) revaluation of investment properties Headline earnings 268 039 30 196 352 458 Adjusted for: Allowance for future rental (18 286) (12 865) (22 822) escalations Amortised upfront lease 820 (6 792) (6 717) costs Unrealised deficit on 2 546 247 120 183 136 interest-rate swaps Deferred taxation - other (229) (17 213) (12 130) Distribution payable to 252 890 240 446 493 925 participatory interest holders Distribution per participatory interest Interim (cents) 51,84 48,79 48,79 Final (cents) - - 52,46 Total (cents) 51,84 48,79 101,25 Number of PIs in issue at 487 827 492 818 487 827 the end of the period 654 989 654 Weighted average number of 487 827 492 818 491 194 PIs in issue 654 989 770 Earnings per participatory 33,25 25,68 65,84 interest (cents) The calculation of earnings per participatory interest is based on net profit for the period of R162,2 million (2008: R126,6 million), divided by the weighted average number of participatory interests in issue during the period of 487 827 654 (2008: 492 818 989). Headline earnings per 54,95 6,13 71,76 participatory interest (cents) The calculation of headline earnings per participatory interest is based on net profit for the period, adjusted for non-trading items, of R268,0 million (2008: R30,2 million), divided by the weighted average number of participatory interests in issue during the period of 487 827 654 (2008: 492 818 989). Consolidated statement of financial position Unaudited Unaudited Audited 31 Dec 2009 31 Dec 2008 30 Jun 2009 R`000 R`000 R`000
Assets Non-current assets Investment properties 7 138 446 7 525 631 7 158 603 Allowance for future 171 112 142 869 152 826 rental escalations Unamortised upfront lease 43 528 44 423 44 348 costs 7 353 086 7 712 923 7 355 777
Current assets Trade and other 54 997 35 641 51 892 receivables Derivative financial 4 271 - 6 817 instruments Cash and cash equivalents 24 833 46 676 36 524 84 101 82 317 95 233 Non-current assets held 346 980 47 329 362 300 for sale Total assets 7 784 167 7 842 569 7 813 310 Equity Participatory interest 5 447 680 5 647 167 5 538 352 holders` capital and reserves Liabilities Non-current liabilities Redeemable preference 200 000 200 000 200 000 shares Interest-bearing debt 1 444 929 1 138 775 1 373 316 Deferred taxation 237 380 295 040 246 101 1 882 309 1 633 815 1 819 417 Current liabilities Short-term portion of long- - 100 000 - term interest-bearing debt Trade and other payables 201 288 163 974 199 627 Derivative financial - 57 167 - instruments Distributions payable to 252 890 240 446 255 914 participatory interest holders 454 178 561 587 455 541 Total liabilities 2 336 487 2 195 402 2 274 958 Total equity and 7 784 167 7 842 569 7 813 310 liabilities Abridged consolidated statement of cash flows Unaudited Unaudited Audited
Six months Six months Year ended ended ended 31 Dec 2009 31 Dec 2008 30 Jun 2009 R`000 R`000 R`000
Cash generated from 331 973 324 129 664 501 operations Investment income 2 574 6 143 11 902 Interest paid (70 291) (57 931) (121 844) Preference share (6 854) (8 050) (16 424) dividends paid Taxation paid (838) (805) (1 228) Distribution to (255 914) (235 075) (473 086) participatory interest holders Net cash generated from 650 28 411 63 821 operating activities Acquisition of investment (89 630) (179 193) (311 112) properties and furniture and equipment Proceeds on disposal of investment properties and furniture and equipment 5 676 18 633 21 029 Net cash used in (83 954) (160 560) (290 083) investing activities Repurchase of - - (52 151) participatory interests Preference shares issued - 110 000 - Increase in interest- 71 613 - 246 112 bearing debt Net cash generated from 71 613 110 000 193 961 financing activities Net decrease in cash and (11 691) (22 149) (32 301) cash equivalents Cash and cash equivalents 36 524 68 825 68 825 at the beginning of the period Cash and cash equivalents 24 833 46 676 36 524 at the end of the period Related parties and related party transactions Momentum Group ("Momentum") is the major participatory interest holder. At 31 December 2009, Momentum owned 28,9% 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 12,5%. The remaining 58,6% were widely held. The following transactions were carried out with related parties: Unaudited Unaudited Audited Six months Six months Year
ended ended ended 31 Dec 2009 31 Dec 2008 30 Jun 2009 R`000 R`000 R`000 Strategic Real Estate Managers (Proprietary) Limited Expenditure comprising 17 478 15 590 31 843 asset management fees Relationship: Associated company of the FirstRand Group Rand Merchant Bank, a division of FirstRand Bank Limited Long-term interest- 954 475 750 000 884 475 bearing debt Net finance cost in 44 841 34 990 72 526 respect of long-term interest-bearing debt Cash on call - 16 000 6 000 Cash reserve 2 000 2 000 2 000 Finance income on cash on 701 3 856 5 467 call Relationship: Associated company of the FirstRand Group Eris Property Group 29 550 141 301 176 806 (Proprietary) Limited Expenditure comprising: 27 402 31 203 58 620 property management fee and letting commissions Purchase consideration of - 90 100 90 100 TIS Corporate Park Development expenditure 2 148 19 998 28 086 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. Segmental information Office Retail Industrial Sectoral segments R`000 R`000 R`000 Revenue 252 031 240 451 92 722 Revenue 252 725 223 456 90 737 Allowance for future (694) 16 995 1 985 rental escalations Segmental result Operating profit 154 405 144 432 66 413 Investment properties 3 629 586 2 741 000 1 329 480 Geographical segments Revenue - Gauteng 188 587 164 647 70 184 - Western and Eastern Cape 31 543 19 446 9 041 - KwaZulu-Natal 21 424 36 440 13 497 - Free State 10 477 19 918 - 252 031 240 451 92 722 Investment properties - Gauteng 2 744 404 1 850 500 1 029 100 - Western and Eastern Cape 511 382 242 200 152 500 - KwaZulu-Natal 270 100 440 500 147 880 - Free State 103 700 207 800 - 3 629 586 2 741 000 1 329 480 Segmental information (continued) Adminis- trative and corporate Total Sectoral segments R`000 R`000 Revenue - 585 204 Revenue - 566 918 Allowance for future rental escalations - 18 286 Segmental result Operating profit (20 139) 345 111 Investment properties - 7 700 066 Geographical segments Revenue - Gauteng - 423 418 - Western and Eastern Cape - 60 030 - KwaZulu-Natal - 71 361 - Free State - 30 395 - 585 204 Investment properties - Gauteng - 5 624 004 - Western and Eastern Cape - 906 082 - KwaZulu-Natal - 858 480 - Free State - 311 500 - 7 700 066 Consolidated statement of changes in equity Partici- Revaluation Re- patory and other tained interest reserves earnings Total R`000 R`000 R`000 R`000
Balance at 1 July 3 563 635 2 198 750 (1 345) 5 761 040 2008 Total - - 126 573 126 573 comprehensive income for the period Distribution to - - (240 446) (240 446) participatory interest holders Transfer to fair - (113 873) 113 873 - revaluation reserve (net of deferred taxation) Balance at 31 3 563 635 2 084 877 (1 345) 5 647 167 December 2008 Balance at 1 July 3 511 484 2 028 213 (1 345) 5 538 352 2009 Total - - 162 218 162 218 comprehensive income for the period Distribution to - - (252 890) (252 890) participatory interest holders Transfer to fair - (90 672) 90 672 - revaluation reserve (net of deferred taxation) Balance at 31 3 511 484 1 937 541 (1 345) 5 447 680 December 2009 Basis of preparation and accounting policies The condensed consolidated financial statements have been prepared in accordance with International Financial Reporting Standards ("IFRS") including IAS 34, and are in compliance with the Listings Requirements of the JSE Limited. The accounting policies used in the preparation of these financial statements are consistent with those used in the annual financial statements for the year ended 30 June 2009. Commentary The Board of directors of Strategic Real Estate Managers (Pty) Ltd ("STREM") is pleased to announce a distribution of 51,84 cents per Emira participatory interest (PI) for the six months to 31 December 2009. This represents growth in distributions of 6,3% on the previous comparable period. Emira PI holders enjoyed a healthy total return of 18,5% during the six months to 31 December 2009, comprising capital appreciation of 13,3% and an income return of 5,2%, which represents the distributions actually paid out during the period under review. This strong capital rise in Emira`s PI price was ahead of the SA Listed Property Index, which appreciated by 11,8% over the period. The listed property sector, including Emira, benefitted from the market`s expectation of a recovery in global growth and resultant buoyant stock market conditions, which saw the All Share Index rising by 25% in the six months. The percentage of Emira PIs in issue that traded in the six-month period equated to 14,8%. As has been the case for the past three years, management continues to improve the quality of the Emira portfolio through the acquisition of new properties and refurbishment of existing assets, funded by long-term debt, as well as the disposal of those properties deemed to be non-core. Activity in the portfolio comprises the following: - Three small, earnings enhancing projects totalling R4,4 million were concluded during the period, which consisted of extensions for existing blue- chip and longstanding tenants at Wonderpark Shopping Centre, Ngwavuma Shopping Centre and One Highveld; - A further four more substantial projects worth approximately R166,8 million are still underway, which include (i) the refurbishment and extension of Randridge Mall and the introduction of additional national tenants at the centre (R126,2 million) (ii) extensions to Southern Centre in Bloemfontein to accommodate several national tenants (R14,9 million) (iii) the general upgrade of Wesbank House in the Cape Town CBD in order to capitalise on higher rentals (R11 million), and (iv) the recently approved modernisation and refurbishment of Rigel Office Park after the park was vacated by its single tenant late in 2009 (R14,7 million); - In order to capitalise on relatively attractive construction costs in the current market, in November 2009 the STREM Board approved capital spend of R291,8 million for the complete demolition and reconstruction of 15,600 m2 of prime office space at Podium House in Menlyn (R255,6 million) and the refurbishment of 6,745 m2 of office space at FNB Heerengracht (R36,2 million). Both these projects will substantially improve the quality of office space on offer and ensure sustainable earnings for the Fund`s investors, although construction will only commence upon the Fund being able to pre-let 50% of the available space in each building. Marketing of the space is underway and management is optimistic that given the buildings` exceptional locations and attractive rental levels, tenant interest will be good. - The disposal of non-core buildings continued during the period, with three sectionalised units at Georgian Place being transferred out of the Fund, while the sale of two buildings (Nampak and Howick Gardens) have gone unconditional. Offers have recently been accepted for QD House and Rinaldo Park, but are still subject to suspensive conditions being met. Several of the properties on the disposal list were placed for sale at auction during the period, although the Fund`s asking prices were not met and these properties will be retained until market conditions improve. Results The period under review was noticeably tougher than the comparable period last year, with operating conditions being impacted by rising vacancies, increasing tenant arrears and downward pressure on rentals. Despite the tougher economic environment and resultant rise in vacancies from 7,5% in June 2009 to 9,2% by December 2009, Emira`s portfolio showed further growth in rentals. Excluding the straight-line adjustments from future rental escalations, revenue rose by 9,2% over the comparable period. This was the result of organic growth in income from the existing portfolio, the inclusion of properties acquired in the previous financial year for the full period, one new property being transferred to Emira during the period under review, as well as the conclusion of several capital projects in the previous financial year, which contributed for the full six months. Property expenses, when adjusted for amortised upfront lease costs, rose by 8,6%, which was below revenue, largely as a result of reduced leasing commissions, reflective of the tougher underlying market. Conservative provisioning in the previous financial year with respect to bad debts also enabled the Fund to reduce the charge to the income statement when compared to the December 2008 period. The higher average PI price versus the comparable period, together with increased levels of gearing, resulted in asset management expenses showing a 12,1% rise over the six months. Net interest costs excluding unrealised gains or losses on interest rate swaps rose by 25,1%. This was due to increased levels of gearing in the Fund, which was used to fund the acquisitions and capital projects mentioned earlier and the PI buybacks effected in March 2009. Moreover, lower interest rates meant that interest earned was sharply lower. Net asset value declined marginally (-1,6%) in the six months from 1135 cents (1186 cents excluding the deferred tax provision) to 1117 cents (1165 cents), largely as a result of a reduction in the value of investment properties. This slight downward revaluation of investment properties was driven by rising vacancies and downward pressure on rentals experienced by the market as a whole. Management is confident that property valuations are realistic, as is evidenced by the recent sale of the non-core properties at values in line with, or slightly in excess of, book value. Distribution statement Six months Six months Year ended ended ended 31 Dec 2009 31 Dec 2008 % 30 Jun 2009
R`000 R`000 change R`000 Operating lease 566 918 519 036 9,2 1 059 866 rental income and tenant recoveries excluding straight-lining of leases Property expenses (194 956) (179 538) 8,6 (357 597) excluding amortised upfront lease costs Net property 371 962 339 498 9,6 702 269 income Asset management (17 478) (15 590) 12,1 (31 843) expenses Administration (21 219) (18 313) 15,9 (39 023) expenses Depreciation (5 620) (5 392) 4,2 (11 198) Net interest cost (74 755) (59 757) 25,1 (126 280) Interest paid and (70 291) (57 931) 21,3 (121 844) amortised borrowing costs Interest 501 886 (43,5) 1 728 capitalised to the cost of developments Preference share (6 854) (8 050) (14,9) (16 424) dividends paid STC on preference (685) (805) (14,9) (1 642) share dividends paid Investment income 2 574 6 143 (58,1) 11 902 Distribution 252 890 240 446 5,2 493 925 payable to participatory interest holders Number of units 487 827 654 492 818 989 487 827 654 in issue Distribution per 51,84 48,79 6,3 101,25 participatory interest (cents) Company Secretary On 16 February 2010 Desiree Isserow resigned as Company Secretary and Martin Harris was appointed in her stead. Prospects The Fund`s strategy of improving the quality of the portfolio through acquisitions and refurbishments - funded by prudent, long-term gearing - as well as the disposal of non-core assets will continue. Although the economy has recently shown signs of growth and expectations are that this will continue, the property sector tends to lag the general economic recovery. Conditions within the portfolio are therefore expected to remain challenging and, as was stated in the prospects statement after the release of results for the year to June 2009, tenant retention and minimising bad debts will be the key drivers of income growth. Nonetheless, given a growing income stream from the existing portfolio, as well as careful cost management, the STREM Board believes that the Fund will show a similar level of growth in distributions for the twelve months to June 2010, as that achieved for the six months to December 2009. The forecast financial information on which this statement has been based has not been reviewed or reported on by the Fund`s auditors. Income distribution declaration Notice is hereby given that an interim cash distribution of 51,84 cents (2008: 48,79 cents) per participatory interest has been declared payable to participatory interest holders, on Monday, 15 March 2010. Last day to trade cum distribution Friday, 5 March 2010 Participatory interests trade ex distribution Monday, 8 March 2010 Record date Friday, 12 March 2010 Payment date Monday, 15 March 2010 PI certificates may not be dematerialised or rematerialised between Monday, 8 March 2010 and Friday, 12 March 2010, both days inclusive. By order of the STREM Board Martin Harris Ben van der Ross James Templeton Company secretary Chairman Chief executive officer Sandton 16 February 2010 Acquisitions Properties purchased and transferred to Emira during the six months to December 2009 Property Sector Location GLA (mSquared) Taylor Blinds Industrial Montague Gardens Cape Town 7 614 Acquisitions (continued) Purchase Forward Effective Property price (Rm) yield (%) date Tenants Taylor Blinds 36,0 10,78 4 September Taylor Blinds 2009
Taylor Blinds is a modern, well located warehouse let to Taylor Blinds on a long-term lease until September 2013. The purchase was earnings enhancing to Emira and reflected a substantial discount to replacement cost on a R/m2 basis. 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. Properties transferred out of Emira during the six months to December 2009 Property Sector Location GLA (m2) Sections 9, 16 and 19 Georgian Place Office Kelvin Gauteng 1 578 Properties transferred out of Emira during the six months to December 2009 (continued) Valuation Sale Exit Jun 09 price yield Effective Property (Rm) (Rm) (%) date Sections 9, 16 and 19 Georgian Place 5,6 5,6 3,9 15 July 2009, 28 July 2009 and 4 November 2009
Properties awaiting transfer out of Emira Property Sector Location GLA (m2) Nampak Industrial Denver 24 880 Howick Gardens Office Midrand 3 075 Properties awaiting transfer out of Emira (continued) Valuation Sale Exit Jun 09 price yield Property (Rm) (Rm) (%) Effective date Nampak 18,0 20,5 8,5 Expected March 2010 Howick Gardens 20,0 21,0 9,4 Expected March 2010 Vacancies The portfolio vacancy at the end of December 2009 was 9,2%, a rise from 7,5% in June 2009, with vacancies rising across all three sectors of the portfolio. If the buildings that are currently at various stages of refurbishment are excluded (FNB Heerengracht, Podium House, Rigel Park and Randridge Mall), the adjusted vacancy stands at 7,5% as at December 2009 from 6,7% in June 2009. In the office sector, Oracle House (5,922 mSquared) was let during the period, although this was partially offset by the vacancy that arose at Rigel Park (4,534 mSquared). Other significant vacancies include: Hurlingham Office Park (static at 6,780 mSquared), (FNB Heerengracht (static at 6,520 mSquared), Podium House (increase of 608 mSquared to 4,456 mSquared), Knightsbridge Manor (increase of 1,649 mSquared to 4,009 mSquared) and Georgian Place (increase of 1,385 mSquared to 3,194 mSquared). The rise in vacancies in the industrial sector is largely attributable to 4,970 mSquared of industrial space becoming vacant at Isando - Unitrans, although vacancies also rose at various multi-tenanted mini- and midi-units. Retail vacancies were concentrated at Randridge Mall (4,680 mSquared), which is under refurbishment, Montana Value Centre (2,707 mSquared), WorldWear Fashion Mall (2,519 mSquared) and Cresta Corner (2,178 mSquared). Sector (m2) GLA Jun 09 Vacancy Jun 09 % Office 449 129 61 011 13,6 Retail 380 269 18 866 5,0 Industrial 380 839 11 360 3,0 Total 1 210 237 91 237 7,5 Vacancies (Continued) Sector (m2) GLA Dec 09 Vacancy Dec 09 % Office 445 000 68 145 15,3 Retail 389 047 22 954 5,9 Industrial 387 635 21 195 5,5 Total 1 221 682 112 294 9,2 Valuations One-third of Emira`s portfolio is valued by independent valuers at the end of every financial year, with the balance being valued by the directors. At the interim stage directors` valuations are used. Total portfolio movement Jun 2009 Dec 2009 Sector (R`000) R/m2 (R`000) Office 3 679 586 8 193 3 629 586 Retail 2 732 279 7 185 2 741 000 Industrial 1 306 212 3 430 1 329 480 Total 7 718 077 6 377 7 700 066 Valuations (continued) Difference Difference Sector R/m2 (%) (R`000) Office 8 156 (1,4) (50 000) Retail 7 045 0,3 8 721 Industrial 3 430 1,8 23 268 Total 6 303 (0,2) (18 011) After capital expenditure of R90,1 million, disposals of R5,7 million and depreciation of R5,6 million, investment properties decreased in value by R18,0 million, implying a slight downward revision in property values of R96,8 million. This marginal decrease reflects deteriorating market conditions and rising property yields. Debt Emira has a relatively low level of gearing, with available debt facilities at attractive margins which will enable the Fund to acquire good quality properties with sustainable income streams. During the 2009 financial year, Emira was granted an additional loan facility from FirstRand Bank Limited of R657 million. As at December 2009 Emira had a total debt facility (including preference shares) available of R2 257 million, of which R1 654 million had been accessed. Emira has entered into various swap agreements as set out below. As a result, 95,2% of the Fund`s debt has been fixed for periods of between three and thirteen years. As at 31 December 2009, the weighted average cost of debt equated to 9,56%. Rate Term Amount % of % (Rm) debt 1. Debt - Swap 10,05 January 2010 90,0 5,5 - Extended 9,87 March 2020 2. Debt - Swap 9,46 September 2011 110,0 6,7 - Extended 9,79 September 2021 3. Debt - Swap 9,78 April 2013 * 650,0 39,3 4. Debt - Swap 9,20 June 2013 500,0 30,2 - Extended (R200 million) 10,23 June 2023 - Extended (R100 million) 9,83 June 2023 5. Debt - Swap 10,25 October 2013 84,6 5,1 6. Debt - Swap 9,66 December 2014 100,0 6,0 7. Debt - Swap 10,11 April 2019 40,0 2,4 1 574,6 95,2 8. Debt - Floating 8,76 January 2019 79,9 4,8 Total 9,56 1 654,5 100,0 Less: Costs capitalised (9,6) not yet amortised Per balance sheet 1 644,9 *Existing debt swaps that were in place have been novated to RMB. These revert back to Emira in April 2013 and continue until expiry, ranging between October 2013 and November 2018. Fund Manager: Strategic Real Estate Managers (Proprietary) Limited Directors of the Fund manager: BJ van der Ross (Chairman)*, JWA Templeton (Chief executive officer), MS Aitken*, BH Kent*, NE Makiwane*, W McCurrie*, 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 (Proprietary) Limited, 70 Marshall Street, Johannesburg, 2001 www.emira.co.za Date: 17/02/2010 17:17:02 Supplied by www.sharenet.co.za 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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