Wrap Text
RDF/RDFC01 - Redefine Properties Limited - Group results for the year ended 31
August 2011
REDEFINE PROPERTIES LIMITED
Registration number 1999/018591/06
JSE share code: RDF ISIN: ZAE000143178
Bond code: RDFC01 ISIN: ZAG00088998
("Redefine" or "the company" or "the group")
Group results for the year ended 31 August 2011
- 2011 distribution in line with forecast
- Total assets under management exceed R37 billion
- Significant progress in core portfolio restructuring
- Moody`s assigns investment-grade rating to Redefine
- Initial R250 million commercial paper issue under R5 billion programme well
received
- London Stock Exchange main board listing for Redefine International
following reverse acquisition of Wichford P.L.C.
Condensed consolidated statements of comprehensive income
Reviewed Restated
31 August 31 August
2011 2010
R`000 R`000
Revenue
Property portfolio 2 754 905 2 657 976
Contractual rental income 2 763 122 2 502 135
Straight-line rental income accrual (8 217) 155 841
Listed securities portfolio 342 367 266 098
Fee income 205 485 193 364
Hotel income 157 628 -
Trading income 36 556 19 963
Total revenue 3 496 941 3 137 401
Operating costs (732 648) (537 639)
Administration costs (158 787) (135 904)
Net operating income 2 605 506 2 463 858
Changes in fair values of properties, listed 532 305 1 359 269
securities and financial instruments
Amortisation of intangibles (96 808) (108 142)
Impairment of financial assets, property, plant (848 713) (64 143)
and equipment ("PPE") and goodwill
Interest in associates (19 988) (62 931)
Income from operations 2 172 302 3 587 911
Interest paid (1 098 871) (843 211)
Interest received 161 404 283 905
Net interest (937 467) (559 306)
Foreign exchange gain 1 649 28 967
Income before debenture interest 1 236 484 3 057 572
Debenture interest (1 825 321) (1 777 412)
(Loss)/profit before taxation (588 837) 1 280 160
Taxation 25 575 (199 884)
(Loss)/profit for the year (563 262) 1 080 276
Other comprehensive income/(expense)
Exchange differences on translation of foreign 107 598 (133 364)
operations
Deferred profit on residential property realised - (9 488)
Revaluation of PPE (net of deferred taxation) 4 644 345
Other comprehensive income/(expense) for the 112 242 (142 507)
year, net of taxation
Total comprehensive (loss)/income for the year (451 020) 937 769
(Loss)/profit for the year attributable to:
Redefine shareholders (519 311) 1 097 346
Non-controlling interests (43 951) (17 070)
(Loss)/profit for the year (563 262) 1 080 276
Total comprehensive (loss)/income attributable
to:
Redefine shareholders (267 349) 958 382
Non-controlling interests (183 671) (20 613)
Total (loss)/comprehensive income (451 020) 937 769
Reconciliation of (loss)/earnings, headline
profit and distributable earnings
(Loss)/profit for the year attributable to (519 311) 1 097 346
Redefine shareholders
Changes in fair values of properties (net of (280 558) (263 065)
deferred taxation)
Changes in fair value of properties (285 141) (295 909)
Deferred taxation 4 583 32 844
Impairment of PPE and goodwill 837 245 -
Capital gains tax 49 000 -
Headline profit attributable to linked 86 376 834 281
unitholders
Debenture interest 1 825 321 1 777 412
Headline earnings attributable to linked 1 911 697 2 611 693
unitholders
Changes in fair values of listed securities and (311 471) (896 223)
financial instruments (net of deferred taxation)
Changes in fair values of listed securities and (247 164) (1 063 360)
financial instruments
Deferred taxation (64 307) 167 137
Amortisation of intangibles (net of deferred 79 208 108 142
taxation)
Impairment of financial assets 11 468 64 143
Alignment of consolidated foreign profits with 2 694 17 505
anticipated dividends
Straight-line rental income accrual 8 217 (155 841)
Foreign exchange gain (1 649) (28 967)
Fair value adjustment of associates and non- 60 915 34 534
controlling interests
Fee income from foreign subsidiary - 7 533
Capital write offs included in administration 6 387 5 697
costs
Swaption included in net interest 10 000 -
Pre-acquisition income on Hyprop units acquired 47 855 9 196
in prior year
Distributable earnings 1 825 321 1 777 412
Six months ended 28 February 2011 832 131 891 595
Six months ended 31 August 2011 993 190 885 817
Total distributions 1 825 321 1 777 412
Actual number of linked units in issue (000)* 2 684 295 2 684 295
Weighted number of linked units in issue (000)* 2 684 295 2 661 915
Earnings per linked unit (cents) 48.65 108.00
Headline earnings per linked unit (cents) 71.22 98.11
Distribution per linked unit (cents) 68.00 66.50
*Excludes 5 876 766 treasury units.
Condensed consolidated statements of financial position
Reviewed Restated Restated
31 August 31 August 31 August
2011 2010 2009
R`000 R`000 R`000
ASSETS
Non-current assets 40 036 545 33 122 788 25 393 640
Investment property 28 847 983 21 650 529 18 234 776
Fair value of property portfolio 27 775 325 20 553 136 17 555 250
for accounting purposes
Straight-line rental income 694 099 702 316 546 475
accrual
Property under development 378 559 395 077 133 051
Listed securities portfolio 4 664 346 5 099 485 2 807 448
Goodwill and intangibles 3 849 609 4 682 809 3 522 320
Interest in associates and joint 1 236 726 346 227 201 387
ventures
Loans receivable 1 323 126 1 107 016 560 600
Other financial assets 12 938 4 115 -
Guarantee fees receivable 21 349 21 349 36 040
Property, plant and equipment 80 468 211 258 31 069
Current assets 1 680 758 1 497 974 640 129
Properties held for trading 31 052 128 317 186 908
Listed securities held for - - 9 316
trading
Loans receivable 51 210 - -
Trade and other receivables 742 665 572 277 211 996
Guarantee fees receivable - 37 037 20 127
Listed security income 195 683 153 363 100 628
Cash and cash equivalents 660 148 606 980 111 154
Non-current assets held for sale 2 646 183 351 359 173 200
Total assets 44 363 486 34 972 121 26 206 969
EQUITY AND LIABILITIES
Share capital and reserves 17 056 251 15 801 448 13 929 060
Share capital and premium 11 788 301 11 788 301 11 602 835
Reserves 2 996 726 3 360 308 2 323 124
Non-controlling interests 2 271 224 652 839 3 101
Non-current liabilities 22 794 297 16 090 651 11 572 112
Debenture capital 4 831 731 4 831 731 4 767 591
Interest-bearing liabilities 16 166 163 9 562 035 5 460 099
Interest rate swaps 358 090 199 933 46 210
Other financial liabilities 11 516 8 596 9 838
Deferred taxation 1 426 797 1 488 356 1 288 374
Current liabilities 4 425 577 3 080 022 705 797
Trade and other payables 1 037 126 636 386 374 271
Interest-bearing liabilities 2 158 496 1 987 306 20 308
Taxation payable 49 074 - -
Interest rate swaps 187 691 - -
Linked unitholders for 993 190 456 330 311 218
distribution
Non-current liabilities held for 87 361 - -
sale
Total equity and liabilities 44 363 486 34 972 121 26 206 969
Net asset value per linked unit 783.45 799.79 744.40
(excluding deferred taxation and
non-controlling interests)
(cents)
Net tangible asset value per 640.54 625.34 613.18
linked unit (excluding deferred
taxation and non-controlling
interests) (cents)
Distributable income analysis
South African Foreign Total
R`000 R`000 R`000
Net property income (excluding 1 925 639 104 835 2 030 474
straight-line rental accrual)
Listed securities portfolio 299 440 42 927 342 367
Trading income 36 556 - 36 556
Hotel income - 157 628 157 628
Fee income 128 931 76 554 205 485
Total revenue 2 390 566 381 944 2 772 510
Administration costs (90 842) (67 945) (158 787)
Interest in associates (excluding 2 806 80 923 83 729
fair value adjustments)
Net finance costs (672 234) (265 233) (937 467)
Net distributable profit before 1 630 296 129 689 1 759 985
taxation
Taxation - (2 749) (2 749)
Net profit before distributable 1 630 296 126 940 1 757 236
adjustments
Non-controlling interest (excluding (1 622) 2 771 1 149
fair value adjustments)
1 628 674 129 711 1 758 385
Distribution adjustments: 64 242 2 694 66 936
Align consolidated foreign profits - 2 694 2 694
with anticipated dividends
Capital write offs included in 6 387 - 6 387
administration costs
Swaption included in net interest 10 000 - 10 000
Pre-acquisition income on Hyprop 47 855 - 47 855
units acquired in 2010
Distributable income 1 692 916 132 405 1 825 321
Condensed consolidated statements of changes in equity
Reviewed Restated Restated
31 August 31 August 31 August
2011 2010 2009
R`000 R`000 R`000
Restated balance at beginning of 15 801 448 13 929 060 4 404 397*
year
Issue of shares - 185 466 9 513 892
Total comprehensive income for the (451 020) 937 769 437 783
year
Effect of aquiring controlling - - (427 054)
interest in ApexHi
Transactions with non-controlling (26 308) (76 017) 42
interests
Changes in ownership interest in - 70 204 -
subsidiaries
Non-controlling interests on - 754 966 -
acquisition of subsidiaries
Issue of capital instrument 158 630 - -
Shares issued to non-controlling 1 573 501 - -
interests
Share capital and reserves at end 17 056 251 15 801 448 13 929 060
of year
* Not restated
Condensed consolidated statements of cash flow
Reviewed Audited
31 August 31 August
2011 2010
R`000 R`000
Cash generated from operations 2 819 012 2 180 214
Net financing costs (937 467) (559 306)
Linked unit distributions paid (1 288 461) (1 632 300)
Payments to non-controlling interests (47 969) (14 522)
Net cash inflow/(outflow) from operating 545 115 (25 914)
activities
Net cash outflow from investing activities (3 295 932) (3 115 670)
Net cash inflow from financing activities 2 798 967 3 678 382
Net movement in cash and cash equivalents 48 150 536 798
Cash and cash equivalents at beginning of year 606 980 111 154
Translation effects on cash and cash equivalents 5 018 (40 972)
of foreign operations
Cash and cash equivalents at end of year 660 148* 606 980
* Includes restricted cash of R88 million
Condensed segmental analysis
Office Retail Industrial
R`000 R`000 R`000
Year ended 31 August 2011
Contractual rental income (excluding 1 255 220 922 604 358 888
straight-line rental income accrual)
Operating costs (330 429) (218 184) (62 459)
Net property income 924 791 704 420 296 429
Non-current assets
- Investment property portfolio 8 181 042 6 578 164 2 540 345
Year ended 31 August 2010
Contractual rental income (excluding 1 182 781 898 132 321 043
straight-line rental income accrual)
Operating costs (275 691) (192 631) (57 793)
Net property income 907 090 705 501 263 250
Non-current assets
- Investment property portfolio 8 427 703 7 374 696 3 194 705
Includes results of RI from the effective date of acquisition being 1 February
2010
Summarised segmental analysis (continued)
Foreign Total
R`000 R`000
Year ended 31 August 2011
Contractual rental income (excluding straight- 226 410 2 763 122
line rental income accrual)
Operating costs (121 576) (732 648)
Net property income 104 834 2 030 474
Non-current assets
- Investment property portfolio 11 169 872 28 469 423
Year ended 31 August 2010
Contractual rental income (excluding straight- 100 179 2 502 135
line rental income accrual)
Operating costs (11 524) (537 639)
Net property income 88 655 1 964 496
Non-current assets
- Investment property portfolio 2 258 348 21 255 452
Includes results of RI from the effective date of acquisition being 1 February
2010.
Commentary
Profile
By market capitalisation, Redefine is the second largest South African
property loan stock company listed on the Johannesburg Stock Exchange ("JSE")
with a diverse range of property assets under management exceeding R37
billion. The company`s property portfolio consisted of 358 properties located
in South Africa valued at R20 billion and a R5 billion portfolio of strategic
listed securities. The Redefine portfolio is further geographically
diversified by 184 offshore properties and listed securities valued at R12
billion held through Redefine Properties International Limited ("RIN") and its
67% owned subsidiary Redefine International P.L.C. ("RI"), which are listed on
the JSE and the London Stock Exchange ("LSE") respectively.
Redefine is committed to being the property owner of choice and is focused on
achieving sustained growth in distributions and increasing net asset value.
The company seeks to meet its objectives through continuous improvement in the
quality of the core property portfolio, prudent management of debt, superior
property management, effective management of strategic listed investments and
exploiting its ability to identify and execute value-adding development and
corporate opportunities.
Financial results
Redefine has declared a distribution of 37 cents per linked unit for the six
months ended 31 August 2011, which combined with the distribution of 31 cents
for the half year ended 28 February 2011, results in a total distribution of
68 cents per linked unit for the year ended 31 August 2011. On a comparable
recurring income basis, the total distribution is 3% ahead of last year, after
excluding fee income from the current and prior year`s distributions of 4.6
cents and 5.0 cents per linked unit respectively.
On a geographic basis, South Africa generated 93% of distributable income.
Contractual rental income comprised 79% of total revenue, income from listed
securities 10%, hotel income 5%, and trading and fee income 6%. Operating
costs represent 26.5% (31 August 2010: 21.5%) of contractual rental income,
with 26% of the 5% increase caused by increases in local municipal and
electricity charges that are not fully recoverable from tenants and non-
recurring costs incurred as a result of internalising property management The
inclusion of foreign hotels added 2% to the increase and the balance was due
to RI carrying the increase in service charges on new leases.
RIN along with Redefine International Fund Managers Limited ("RIFM"), the fund
manager of RI, contributed 5.0 cents per linked unit to the distribution for
the year.
Impairment of financial assets, PPE and goodwill
The impairment of financial assets, PPE and goodwill mainly comprises the
write-down of goodwill recognised on consolidation of RI and a capital loss
arising from the disposal of the Upper East Side Hotel amounting to R655
million and R182 million respectively.
Changes in fair values
The property portfolio was valued at 31 August 2011 resulting in a net
increase in value of R285 million. The South African portfolio increased by
R403 million while the offshore portfolio decreased by R118 million. The
investment in South African listed securities increased in value by R232
million during the period under review, while RI`s interest in the Cromwell
Property Group ("Cromwell"), a listed Australian property trust, increased in
value by R115 million prior to being accounted for as an associate. The
balance mainly relates to the mark to market of the group`s interest rate
swaps.
South African property profile
Property split by tenant type
Description Building Count
Multi 281 73%
tenanted
Single 101 27
tenanted
Sectoral spread by GLA
Sector GLA
Office 1 393 917.00 38%
Retail 1 143 266.00 32%
Industrial 1 047 868.00 30%
Geographic spread by GLA
Region GLA
Northern Cape 17 144.00 1%
Free State 50 545.00 1%
Limpopo 79 888.00 2%
Eastern Cape 84 081.00 2%
North West 114 252.00 4%
Mpumalanga 136 652.00 4%
KwaZulu-Natal 482 053.00 13%
Western Cape 595 475.00 16%
Gauteng 2 024 961.00 57%
Lease expiry profile
Office Retail Industrial
31 Aug `11 171 353.00 78 276.00 143 321.00
31 Aug `12 241 339.00 206 553.00 174 414.00
31 Aug `13 245 881.00 204 635.00 281 750.00
31 Aug `14 138 830.00 114 974.00 129 163.00
Beyond 313 974.00 431 129.00 234 273.00
Letting activity
During the year leases totalling 470 586 m2 were renewed at an average rental
increase of 6.1%. A further 305 259 m2 was let across the portfolio and
together with vacancies from properties disposed of, the total vacancy level
reduced to 8.4%, set out below as a percentage of GLA:
2011 2010
Offices 12.7% 13.4%
Retail 4.8% 7.4%
Industrial 6.8% 10.1%
Total 8.4% 10.1%
Arrears amounted to R34 million (31 August 2010: R40 million) against which a
provision for possible bad debts of R9 million (31 August 2010: R10 million)
is held.
Property portfolio strategy
At 31 August 2011, the property portfolio comprised 358 properties with a
total gross lettable area ("GLA") of 3.2 million mSquared valued at R17
billion.
Redefine has made significant progress in implementing its strategy of
restructuring and improving the quality of its core property portfolio. In
this process, the number of properties will decline to approximately 258 and
the average property value will increase from R50 million to R80 million. The
total portfolio value will increase to approximately R20 billion.
Acquisitions: Three properties were acquired and transferred during the year
for an aggregate purchase price of R733 million with a GLA of 42 243 mSquared
at an initial yield of 9.1%. Subsequent to year end, definitive agreements
have been concluded for the acquisition of seven high quality office and
industrial properties from the Zenprop Group for an aggregate consideration of
R979 million. In addition, the Discovery Life building in Sandton was acquired
for R510 million and another acquisition of R430 million has been concluded
for a portfolio of six high quality industrial properties, which is subject to
sub divisions. These acquisitions are subject to Competition Commission
approval.
Disposals: During the year 39 properties with a GLA of 184 083 mSquared were
sold to various buyers for an aggregate consideration of R938 million at an
average yield of 11.2%.
Unbundling and restructuring: On 28 October 2011, Redefine linked unitholders
approved the unbundling of a subsidiary, Arrowhead Properties Limited
("Arrowhead"), which will be listed on the JSE. As part of the process,
Redefine disposed of 98 properties. Redefine also concluded an agreement with
Arrow Creek Investments 227 (Proprietary) Limited ("Arrow Creek"), unrelated
to Arrowhead, for the disposal of 12 properties. These properties have been
classified as assets held for sale at 31 August 2011.
Listed securities portfolio
The listed securities portfolio comprises:
2011 2010
Value Interest Value Interest
held held
Fund R`000 % R`000 %
Local listed securities
Hyprop Investments Limited 4 122 626 45.7 3 959 361 45.7
Oryx Properties Limited 155 731 26.4 144 851 26.4
Sycom Property Fund - - 144 067 3.1
Dipula Income Fund 385 989 33.8 - -
4 664 346 4 248 279
Foreign listed securities
Cromwell - - 851 206 19.8
Total 4 664 346 5 099 485
Hyprop Investments Limited ("Hyprop")
Following Hyprop`s acquisition of the Attfund retail portfolio, Redefine`s
shareholding declined from 45.7% to 31.2% of the enlarged company after year
end.
Sycom Property Fund ("Sycom")
The investment in Sycom was sold for R141 million during the year.
Cromwell
In line with RI`s objective of increasing its presence in the Australian
property market, a further 2.9% in Cromwell was acquired, taking the interest
to 22.7%. Cromwell is now accounted for as an associate.
Dipula Income Fund Limited ("Dipula")
Dipula was listed on the JSE on 17 August 2011. Redefine underwrote the
listing and as a result holds 66 624 872 Dipula "B" units, representing a 34%
equity interest.
Redefine International/Wichford reverse acquisition
On 23 August 2011, the merger between RI (formerly Wichford P.L.C.) and
Redefine International Holdings Limited (formerly Redefine International plc)
("RIHL") ("the merger") become unconditional in all respects, establishing RI
with a primary listing on the LSE. The merger was undertaken by means of a
recommended all share offer ("the offer") by RI for the entire issued ordinary
share capital of RIHL.
Under the terms of the offer, RIHL shareholders received 7.2 RI shares for
each RIHL share.
The provisional fair value of the net assets acquired is set out below:
R`000
Investment property 6 300 944
Trade and other receivables 43 423
Loans and borrowings (5 621 124)
Derivative financial instruments (215 493)
Deferred tax (18 618)
Trade and other payables (176 758)
Net assets excluding cash acquired 312 374
Cash acquired 460 215
Cash and cash equivalents - unrestricted 372 596
Cash and cash equivalents - restricted 87 619
Net assets including cash acquired 772 589
Consideration settled by 772 769
Total consideration transferred - shares 605 267
Fair value of existing interest in RI 167 502
Resulting goodwill 180
RIN`s group financial statements have been prepared assuming an acquisition
date of 31 August 2011 the effect of which is that the acquired business does
not contribute to either the net loss or fair value adjustments. If the
acquisition occurred on 1 September 2010, RIN`s management estimate that their
consolidated revenue would have been R755 million and consolidated loss for
the year would have been R496 million. In determining these amounts, RIN`s
management has assumed that the fair value adjustments that arose on the date
of acquisition would have been the same if the acquisition occurred on 1
September 2010.
The business combinations have been accounted for using provisional figures in
terms of IFRS 3 - "Business Combinations". The excess of the purchase price
over RI`s net assets has been reflected as goodwill. A detailed assessment of
the assets, liabilities and contingent liabilities acquired will be completed
by the 2012 financial year end and the required adjustments processed.
Distribution adjustment
It is Redefine`s policy to distribute its share of income from foreign
subsidiaries to the extent of dividends received. Accordingly, an adjustment
has been made to the company`s distributable earnings for the period to equate
the consolidated results from its foreign subsidiaries for the period to the
anticipated dividends.
Interest in associates and joint ventures
This comprises Cromwell, together with Redefine`s interest in joint venture
property investments of R30 million.
Funding
Excluding RI, as at 31 August 2011, Redefine`s local borrowings of R8 billion
represent 28.8% of the value of its local property and listed securities
portfolio. Redefine`s average cost of funding is 9.57% and the interest rates
are fixed on 74% of borrowings for an average period of six years. Following
the business combination, RI`s borrowings of R11 billion are all negotiated
directly by RI and have no recourse to Redefine`s South African balance sheet.
On 5 September 2011, Redefine made its debut in the local bond market with an
issue of R250 million 90 day Commercial Paper (maturing on 7 December 2011)
under its R5 billion Domestic Medium Term Note Programme, which is listed on
the Interest Rate Market of the JSE. The issue was priced at an all-in rate of
5.925%.
Redefine was assigned an investment-grade credit rating by Moody`s with a
stable outlook as follows:
Credit rating
Global long term Baa3
Global short term P-3
National long term A3.za
National short term P-2.za
Change in accounting policy
Deferred taxation
Redefine has early adopted the amendment to IAS 12. Deferred taxation is now
recognised on the revaluation of the building component of investment
properties at the capital gains tax rate on the presumption that the
investment will be recovered through disposal and will therefore attract
capital gains tax. Redefine has applied the amendment retrospectively as
required by IAS 8. The early adoption has had the effect of reducing the 2009
deferred taxation balance with a corresponding increase in opening 2010
reserves by R728 million. The effect on the 2010 deferred taxation balance and
opening reserves was a net decrease of R38 million. The prior year adjustments
are outlined by way of a third column in the statements of financial position.
Accounting for joint ventures
Redefine has change its accounting policy for joint ventures from proportional
consolidation to the equity accounting method as an allowed alternative in IAS
31. The effect of this change has no material impact on the financial
statements and accordingly they have not been restated.
Contingencies
At 31 August 2011, Redefine had guarantees and suretyships in respect of its
BEE initiatives and joint ventures amounting to R320 million and R30 million
respectively.
Property management
The property management function, which was previously outsourced, was
internalised during the year. Redefine believes that this will enhance its
tenant offering and result in increased efficiencies and economies. The
benefit of this initiative began to be realised in the second half of 2011.
Prospects
The domestic economy has not escaped the impacts of global financial market
turmoil. Despite ongoing challenging market conditions, the core property
portfolio is anticipated to achieve satisfactory growth, in line with the
restructuring strategy. This will be offset by the immediate negative impact
of the Arrowhead unbundling and the lower yields arising from acquisitions.
As a result, distributable income on a recurring income basis is anticipated
to reduce moderately in 2012. Fee and trading income are largely
unpredictable. From a unitholder perspective, recognising the forecast
Arrowhead distribution, a modest decrease in total unitholder income is
anticipated. This forecast has not been reviewed or reported on by the group`s
independent external auditors.
Debenture interest distribution
Unitholders are advised that interest distribution number 45 of 37 cents per
linked unit has been declared for the six months ended 31 August 2011. The
distribution will be payable to Redefine linked unitholders in accordance with
the abbreviated timetable set out below:
2011
Last day to trade "cum" interest Friday, 18 November
distribution
Linked units trade "ex" interest Monday, 21 November
distribution
Record date Friday, 25 November
Payment date Monday, 28 November
There may be no dematerialisation or rematerialisation of linked units between
Monday, 21 November 2011 and Friday, 25 November 2011, both days inclusive.
The next interest distribution will be for the six months ending 28 February
2012 payable during May 2012.
Basis of preparation
The results for the year ended 31 August 2011 have been reviewed by the
group`s independent external auditors PKF (Jhb) Inc. The auditor`s review
opinion is available for inspection at the company`s registered office. These
results have been prepared in accordance with International Financial
Reporting Standards, IAS 34 - Interim Final Reporting, the AC500 series issued
by the Accounting Practices Board, JSE Listings Requirements and the
requirements of the South African Companies Act, 2008. With the exception of
deferred taxation and accounting for joint ventures, the accounting policies
used are consistent with those applied in the annual financial statements for
the year ended 31 August 2010.
These financial results have been prepared under the supervision of Andrew
Konig (CA)SA, the financial director of the group.
By order of the Board
Redefine Properties Limited
2 November 2011
Directors
D Gihwala (Chairman), M Wainer* (CEO), M N Flax, G J Heron,
M K Khumalo, A J Konig*, G G L Leissner, H K Mehta, B Nackan,
D Perton+, D H Rice*+ *Executive +British
Registered office
3rd Floor, Redefine Place, 2 Arnold Road, Rosebank, 2196.
(PO Box 1731, Parklands, 2121)
Transfer secretaries
Computershare Investor Services (Proprietary) Limited
Sponsor
Java Capital
Company secretary
Probity Business Services (Proprietary) Limited
Date: 03/11/2011 09:55:13 Supplied by www.sharenet.co.za
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