Wrap Text
Unaudited Condensed Interim Results for the 6 months ended 30 September 2012
Acucap Properties Limited
Reg no 2001/021725/06
Incorporated in the Republic of South
Africa
“Acucap”or “the Company”
JSE Share code: ACP
ISIN: ZAE 000037651
Unaudited Condensed Interim Results for
the 6 months ended 30 September 2012
30 30
September 31 March September
2012 2012 2011
Unaudited Audited Unaudited
R'000 R'000 R'000
Condensed consolidated statement of
financial position
Assets
Property Assets 7 505 758 7 384 501 6 872 530
Investment properties 6 978 210 6 944 457 6 359 625
Non-current receivable 83 318 79 551 91 314
Current receivable 28 964 27 497 27 128
Investment properties and related
receivables 7 090 492 7 051 505 6 478 067
Investment properties held for sale
and related receivables 90 400 - 40 000
Investment properties under
development 259 565 267 639 282 517
Owner-occupied property 9 158 9 395 9 632
Property development inventory 56 143 55 962 62 314
Other non-current assets 1 808 175 1 713 779 1 553 755
Loans in respect of unit purchase
scheme 320 670 321 903 331 575
Equipment 1 392 1 387 1 533
Listed investments 1 119 851 1 044 430 870 427
Interest in jointly controlled entities 40 203 5 099 123
Intangible assets and goodwill 269 714 282 493 295 273
Deferred tax assets 56 345 58 467 54 824
Other current assets 262 680 239 218 232 610
Trade and other receivables 237 680 230 088 223 415
Tax receivable 691 731 415
Cash and cash equivalents 24 309 8 399 8 780
Total assets 9 576 613 9 337 498 8 658 895
Equity and liabilities
Shareholders’ interest 3 874 039 3 777 372 3 228 488
Share capital and share premium 2 157 107 1 999 591 1 837 783
Non-distributable reserve 2 070 296 2 069 809 1 688 111
Accumulated loss ( 353 364) ( 292 028) ( 297 406)
Non-current liabilities 4 962 705 4 823 009 4 767 531
Debentures 1 733 036 1 688 830 1 633 130
Financial liabilities 2 515 250 2 461 176 2 666 787
BEE instrument 188 119 137 774 116 294
Financial instruments 62 531 83 176 82 064
Deferred tax liabilities 463 769 452 053 269 256
Current liabilities 739 869 737 117 662 876
Trade and other payables 125 142 134 393 125 835
Financial liabilities 352 777 353 677 300 000
Debenture interest payable 261 950 249 047 237 041
Total equity and liabilities 9 576 613 9 337 498 8 658 895
Condensed consolidated statement of
comprehensive income
for the 6 months ended 30 September
2012 6 months 6 months
ended ended
30 year ended 30
September 31 March September
2012 2012 2011
Unaudited Audited Unaudited
R'000 R'000 R'000
Revenue 323 290 640 084 317 594
- Contractual 315 043 654 537 320 345
- Straight lining 8 247 (14 453) (2 751)
Net operating expenses (12 995) (47 817) (24 440)
Loss on disposal of investment properties (295) (1 468) (1 310)
Amortisation of intangible assets (12 780) (25 559) (12 780)
Profit before fair value adjustments,
interest and taxation 297 220 565 240 279 064
Fair value adjustment to investment
properties (10 006) 435 845 3 222
Fair value adjustment to BEE instrument (50 345) (53 733) (32 252)
Fair value adjustment to government bonds - (19 188) (19 188)
Profit before interest and taxation 236 869 928 164 230 846
Interest income 58 859 114 400 52 600
Interest expense
- Debenture holders – interim (261 950) (237 041) (237 041)
- Debenture holders – final - (249 047) -
- Financial institutions and other (102 501) (234 270) (118 824)
Share of profit of equity accounted investee
(net of income tax)
112 270 -
(Loss)/ profit before taxation (68 611) 322 476 (72 419)
Taxation 5 841 (146 133) 4 302
(Loss)/ profit for the period (62 770) 176 343 (68 117)
Other comprehensive (expense)/
income
Net change in fair value of listed investments,
net of taxation 61 483 174 507 31 090
Net change in fair value of cash flow hedge, net
of taxation (59 562) (53 585) (52 784)
Other comprehensive (expense)/
income for the period, net of taxation 1 921 120 922 (21 694)
Total comprehensive (expense)/
income for the period (60 849) 297 265 (89 811)
Reconciliation of (loss)/ profit for the
period to headline loss
(Loss)/ profit for the period (62 770) 176 343 (68 117)
Fair value adjustment to investment
properties 10 006 (435 845) (3 222)
Loss on disposal of investment properties 295 1 468 1 310
Tax effects (383) 80 273 (117)
Headline loss - shares (52 852) (177 761) (70 146)
Interest paid to debenture holders 261 950 486 088 237 041
Headline earnings - linked units 209 098 308 327 166 895
Cents Cents Cents
Basic and diluted (loss)/ earnings per share (37.04) 107.84 (41.67)
Headline earnings per linked unit 123.37 188.55 102.11
Interest Distribution per linked unit 151.00 292.32 145.00
- Interim 151.00 145.00 145.00
- Final - 147.32 -
Condensed Consolidated statement of changes in equity
for the 6 months ended 30 September 2012
Shares Share Share Non Accumulated Total
issued capital Premium Distributable loss
Reserve
Number R'000 R'000 R'000 R'000 R'000
Balance at 31
March 2011 163 226 534 163 1 832 398 1 699 847 (219 331) 3 313 077
Total
comprehensive
expense for the
period
Loss for the period - - - - (68 117) (68 117)
Other
comprehensive
income/
(expense)
Net change in fair
value of listed
investments - - - 31 090 - 31 090
Net change in fair
value of cash flow
hedge recognised
directly in equity - - - (52 784) - (52 784)
Total
comprehensive
expense for the
period - - - (21 694) (68 117) (89 811)
Transactions with
owners, recorded
directly in equity
Issue of 250 000
shares in April 2011 250 000 1 5 221 - - 5 222
Transfer to non-
distributable reserve - - - 9 958 (9 958) -
Total transactions
with owners 250 000 1 5 221 9 958 (9 958) 5 222
Balance at 30
September 2011 163 476 534 164 1 837 619 1 688 111 (297 406) 3 228 488
Total
comprehensive
income/(expense)
for the period
Profit for the period - - - - 244 460 244 460
Other
comprehensive
income/
(expense)
Net change in fair
value of listed
investments - - - 143 417 - 143 417
Net change in fair
value of cash flow
hedge recognised
directly in equity - - - (801) - (801)
Total
comprehensive
income for the
period - - - 142 616 244 460 387 076
Transactions with
owners, recorded
directly in equity
Issue of 5 575 515
shares in March
2012 5 575 515 5 161 803 - - 161 808
Transfer to non-
distributable reserve - - - 239 082 (239 082) -
Total transactions
with owners 5 575 515 5 161 803 239 082 (239 082) 161 808
Balance at 31
March 2012 169 052 049 169 1 999 422 2 069 809 (292 028) 3 777 372
Total
comprehensive
income/
(expense) for the
period
Loss for the period - - - - (62 770) (62 770)
Other
comprehensive
income/
(expense)
Net change in fair
value of listed
investments - - - 61 483 - 61 483
Net change in fair
value of cash flow
hedge recognised
directly in equity - - - (59 562) - (59 562)
Total
comprehensive
income/
(expense) for the
period - - - 1 921 (62 770) (60 849)
Transactions with
owners, recorded
directly in equity
Issue of 4 425 040
shares in September
2012 4 425 040 4 157 512 - - 157 516
Transfer to non-
distributable reserve - - - (1 434) 1 434 -
Total transactions
with owners 4 425 040 4 157 512 (1 434) 1 434 157 516
Balance at 30
September 2012 173 477 089 173 2 156 934 2 070 296 (353 364) 3 874 039
Condensed cash flow statement
for the 6 months ended 30 September 2012
6 months year 6 months
ended ended ended
30 31 30
September March September
2012 2012 2011
R'000 R'000 R'000
Cash flows from operating activities
Cash generated by operations 285 879 599 398 285 994
Changes in property purchases (181) 6 171 (180)
Income tax paid - (3 426) (1 552)
Interest income 58 859 114 400 52 600
Interest expense (351 548) (698 000) (345 513)
Net cash (outflows)/ inflows from (6 991) 18 543 (8 651)
operating activities
Cash (outflows)/ inflows from investing (157 569) (40 688) 52 461
activities
Cash inflows/ (outflows) from financing 180 470 24 567 (41 007)
activities
Net cash inflows for the period 15 910 2 422 2 803
Cash and cash equivalents at beginning 8 399 5 977 5 977
of period
Cash and cash equivalents at end of
period 24 309 8 399 8 780
Condensed segmental results
for the 6 months ended 30 September 2012
6 months 6 months
ended ended
30 30
September September
2012 2011
R'000 R'000
Retail Segment revenue (external customers) 226 605 213 064
Net operating expenses (24 522) (27 196)
Fair value adjustment to investment
properties (7 662) (1 308)
Loss on disposal of investment properties (295) (652)
Segmental results 194 126 183 908
Offices Segment revenue (external customers) 87 372 87 287
Net operating expenses (3 776) (5 602)
Fair value adjustment to investment
properties (2 207) 5 149
Loss on disposal of investment properties - (653)
Segmental results 81 389 86 181
Industrial Segment revenue (external customers) 6 104 7 858
Net operating expenses (189) (687)
Fair value adjustment to investment
properties - (619)
Loss on disposal of investment properties - (5)
Segmental results 5 915 6 547
Storage Segment revenue (external customers) 2 882 1 094
Net operating expenses (1 565) (622)
Segmental results 1 317 472
Property Segment revenue (external customers) 327 8 291
development Net operating expenses (895) (5 632)
Fair value adjustment to investment
properties (137) -
Segmental results (705) 2 659
Reconciliation to profit before interest and taxation for the period in the income
statement
Revenue 323 290 317 594
Allocated operating expenses (30 947) (39 739)
Unallocated operating expenses 17 952 15 299
Loss on disposal of investment properties (295) (1 310)
Amortisation of intangible assets (12 780) (12 780)
Fair value adjustment to investment properties (10 006) 3 222
Fair value adjustment to government bonds - (19 188)
Fair value adjustment to BEE instrument (50 345) (32 252)
Profit before interest and taxation 236 869 230 846
Basis of preparation
The interim condensed financial statements are prepared in accordance with International
Financial Reporting Standards (IFRS) and IAS34, as well as the requirements of the Companies
Act in South Africa and the JSE Limited Listings Requirements, and on a basis consistent with the
company’s most recent annual financial statements.
COMMENTARY
1. REVIEW OF RESULTS AND OPERATIONS
Acucap’s board is pleased to report a distribution of 151 cents per unit (cpu) for the six
months ended 30 September 2012, 4.1% higher than the same six month period last year
and in line with guidance provided in respect of the full year to 31 March 2013.
Retail portfolio
Acucap’s core retail portfolio continues to show good underlying growth, with tenants
reporting a 7.3% increase in their turnovers for the 12 months to 30 September 2012
compared to the same period in the previous year.
Retail leases for 21,895m2 expired during the six month period under review at an average
rate of R151.23/m². Leases were signed over 21,985 m² at an average rate of
R161.68/m². The retention rate by income was 78% and these leases were renewed at
rentals on average 10.5% higher than expiring rentals.
Leases for 29,445 m² will expire before the end of the 2013 financial year, at average
rentals of R151/m2, and are expected to be renewed at an average of R161/m2. Vacancy
rates remained low across Acucap’s retail portfolio, increasing marginally from 2.6% at 31
March to 2.8% of retail GLA at the end of September, largely due to planned vacancies at
Key West during its refurbishment.
Office portfolio
Acucap’s high quality office portfolio performed well in the period under review, with
vacancies declining from 3.3% at 31 March 2012 to 2.6% at the end of September. Leases
for 13,383 m2 expired or were renewed early with average terminating net rentals of
R136.02/m². Leases were signed for 14,084 m2 of GLA at an average net rental of
R125.17/m². The retention rate by income was 84% and these leases were renewed at
rentals on average 1.1% lower than their expiring rentals.
Leases for only 4,042m² are due to expire in the remainder of the 2013 financial year
at an average rental of R162/m², and most are expected to be renewed, so that the
vacancy rate is likely to remain around its current level by year end.
Segmental analysis
On the basis of individual assets and asset segments, Acucap’s net income is attributable
as follows :
Contractual % of Net property % of % of net
rental total income total income year
income to March
2012
R'000 R'000
Festival Mall 52 388 16.6% 46 805 16.5% 16.6%
Bayside
Centre 37 104 11.8% 32 546 11.4% 10.6%
Key West 32 344 10.3% 28 638 10.1% 9.8%
Gardens
Centre 18 562 5.9% 15 620 5.5% 5.4%
Other retail 80 304 25.5% 72 571 25.5% 26.2%
Total Retail 220 702 70.1% 196 180 69.0% 68.6%
Offices 85 355 27.1% 80 684 28.4% 29.1%
Industrial 6 104 1.9% 5 915 2.1% 2.2%
Storage 2 882 0.9% 1 317 0.5% 0.1%
315 043 100.0% 284 096 100.0% 100.0%
Debtors
Bad debts written off across the portfolio amounted to R1.97m of which R1.66m had been
provided for in the year to 31 March 2012, resulting in a net bad debts charge of
R308,000 to the income statement compared to the net charge of R491,000 for the full
year to 31 March 2012.
2. PORTFOLIO INVESTMENT ACTIVITY
Helderberg Hyper
The official environmental authorization for the construction of a 22,000m 2 retail centre in
Somerset West has been obtained. The centre, known as the Helderberg Hyper, includes a
9,000m2 Checkers Hyper, a 7,500m2 self-storage component and supporting retail of
5,500m2. The total estimated capital cost is R210m with a revised first year yield of 9,1%.
The construction tender has been adjudicated and will be awarded on receipt of the
approved building plans, which is anticipated before the end of the year. The centre is
scheduled to open for trade by Easter 2014 with bulk earthworks commencing in January
2013. The centre is over 75% pre-let.
WaterCrest Mall
Planning approval has been obtained and construction of WaterCrest Mall, Durban
(previously called Waterfall Mall) is anticipated to commence in February 2013. There has
been pleasing progress with leasing deals, and construction by KZN Province of the new
dual lane road from Hillcrest Main Road to WaterCrest Mall has commenced.
3. PORTFOLIO RECAPITALISATION ACTIVITY
Key West Shopping Centre
Construction of the upgrade and extension of Key West Shopping Centre is well advanced.
The new parking deck adding 225 covered parking bays will be complete and operational
by the end of 2012. In addition to the parking deck, the mall upgrade has been under
construction since May 2012. The upgrade includes new skylights, mall tiling, shopfronts,
ceilings and new energy efficient lighting. The introduction of a food court as well as the
expansion of the new waterfront entertainment area has been included in the current
phase of upgrade scheduled for completion by end April 2013. The total capital cost
commitment is R135m. The planning of the final phase of the redevelopment is well
advanced and reflects an initial yield of 7,5%. This phase includes the relocation of the
Virgin Active Gym, the introduction of a banking hall, approximately 7,500m 2 of additional
retail space as well as ancillary parking. The final phase is scheduled for completion by the
end of 2014. The repositioning of Key West Shopping Centre is aimed at ensuring that Key
West remains the first choice retail centre serving the primary residential market
of Krugersdorp.
Randfontein Village Square
Randfontein Village is nearing the end of a mall and external façade upgrade project. The
project included a complete upgrade of the mall as well as the expansion of several
tenants including Foschini, Jet and Truworths. The total redevelopment added 3,500m2 of
new retail space to the centre and includes a new taxi rank facility. Total capital cost
committed to the project is in the order of R45m with an initial yield of 9,5%. The upgrade
of Village Square is well timed to celebrate over a decade of successful trading within the
Randfontein area. The new finishes and expanded tenant mix together with top end store
designs will drive continued shopper support. The centre upgrade is scheduled for
completion by end March 2013.
East Rand Value Mall
Following on from the addition of a Chicken Licken drive-through in the early part of 2012,
phase two of the East Rand Value Mall refurbishment is nearing completion at an
anticipated cost of R13.7m. The upgrade includes a complete façade change, walkway
flooring, ceilings, lighting, tenant and building signage, as well as much needed
improvement to the traffic flow in the parking area. The upgrade is aimed at enhancing
the visibility and commercial appeal and long term sustainability of East Rand Value Mall
as a prominent retail node in the East Rand area. Completion is anticipated at the end of
November 2012.
Westville Mall
The construction of the structured parking deck which has provided an additional 90
parking bays was successfully completed in September 2012. The deck was constructed at
a total cost of R14,5m with an expected first year return of 8% from paid parking. The
additional parking has created sufficient bulk to expand the existing Woolworths Food
Store by 800m2 at a cost of R15m and an initial yield of just over 9%. The expansion of
the Woolworths store represents the final phase of the total re-capitalisation plan of
Westville. This plan comprised the complete mall upgrade, tenant mix changes, additional
parking, internal link road to facilitate access as well as the upgrade of Virgin Active and
Checkers Supermarket based on 10 year lease renewals. Woolworths will open for trade in
the enlarged premises by the end of April 2013.
4. SIMPLIFIED FINANCIAL INFORMATION
Simplified financial information is presented to eliminate the effects of IFRS and
accounting adjustments that do not form part of Acucap’s distribution.
Simplified distribution income statement for the six months ended 30 September
2012
year to 31
6 months to March
30 Sep 2012 2012
R'000 R'000
Revenue 315 043 630 158
Net operating expenses (30 947) (54 653)
Profit before interest and taxation 284 096 575 505
Income from Listed Investments 36 018 71 097
Net Income from investment in
Sycom Property Fund Managers 27 836 39 240
Income from investment portfolio 347 950 685 842
Indirect operating expenses (9 836) (19 771)
Development profits 0 7 183
Interest received 5 311 11 551
Interest received on Unit Purchase
Trust 12 130 24 936
Notional Interest received on units
issued 6 151 8 583
Interest paid (87 042) (207 624)
Debenture holders interest paid 274 664 510 700
Interim 274 664 249 247
Final - 261 453
Cents Cents
Distribution per unit - annual 292.32
Interim 151.00 145.00
Final 147.32
Simplified Balance Sheet at 30
September 2012
30-Sep-12 31-Mar-12
R'000 R'000
Assets
Property assets 7 440 220 7 352 881
Listed property investments 1 155 869 1 080 951
Investment in Sycom Property
Fund Managers 466 000 466 000
Total investment portfolio 9 062 089 8 899 832
Other non-current assets 415 226 414 022
Other current assets 299 585 233 600
Total assets 9 776 900 9 547 454
Equity and liabilities
Shareholder's interest 6 230 205 6 069 774
Bank borrowings 2 684 290 2 631 116
Deferred tax 463 769 452 053
Current and other liabilities 398 636 394 511
Total equity and liabilities 9 776 900 9 547 454
Net Asset Value per unit – Rand 36.80 36.75
5. SYCOM
Distributions received from Acucap’s investment in Sycom Property Fund were 4.2% up on
the same period last year at 84.43 cents per unit, in line with forecasts.
Sycom’s retail portfolio showed tenant revenue growth for the six months of 7.5%. Retail
vacancies remained low at 2.2%, and Sycom’s office portfolio showed continued
improvement, with vacancies declining from 5.1% to 3.7% in the six month period under
review. Negative rental reversions persisted, but were lower than had been forecast.
During the period, Sycom reached agreement with its co-owners at the Woodlands Office
Park to acquire their 60% stake of the property at a purchase price of R1.365 bn.
6. SELF-STORAGE JOINT VENTURE
There was pleasing progress in the growth of the self-storage business, and the joint
venture now comprise 13 completed sites, 6 in the process of transfer or under
construction, 2 vacant stands under offer, and 9 existing sites owned by other
operators where offers have been submitted to acquire their properties. Planning has
commenced for a separate listing of the self-storage business in the next 12 to 18
months, and unless there are material adverse changes in market conditions, the joint
venture partners would expect to come to the market with a listing portfolio of not less
than R1bn in value.
7. BORROWINGS
The company has total borrowings of R2.68 billion (excluding BEE funding). Interest
rates are hedged (including forward starting hedges) on 50% of total borrowings, at a
weighted average hedged rate of 8.8% and a weighted average maturity of 4.25 years.
Acucap’s gearing ratio at 30 September 2012 was unchanged at 29.6% from March
2012. Acucap’s average borrowing cost is 7.69%.
The R791m Nedbank facility terminating on 30 April 2013 has been rolled over for a
further period of 5 years to 30 April 2018 at an interest rate of prime less 1.80%. A new
facility of R450m terminating on 31 May 2016 has been granted by Standard Bank at an
interest rate of prime less 1.7%. This takes Acucap’s total long term facilities up to R3.851
billion, on terms as shown below :
Facility Amount Base Rate Expiry
Nedbank A R719m Prime less 2.3% 31 May 2016
Nedbank B R791m Prime less 1.8% 30 April 2018 (Prime
less 2.3% to 30 April
2013)
Nedbank C R260m Prime less 1.65% 31 May 2016
Nedbank D R700m Prime less 1.7% 31 May 2016
Standard Bank R721m Jibar plus 1.65% 31 May 2014
Standard Bank R450m Prime less 1.7% 31 May 2016
Omsfin R210m Jibar plus 1.75% 30 June 2014
Total long term R3 851m
facilities
Omsfin overnight R300m
facility
Standard Bank rolling R100m
5 month facility
Acucap’s short-term borrowings remain fully covered by unutilised long-term facilities.
8. HISTORICAL LEASE EXPIRIES OVER THE LAST 12 MONTHS
The table below shows a summary of all leasing activity in the Acucap portfolio over the
last financial year.
Expiries Average Average New Average Average
and through escalation leases and through rent escalation
terminations rent at rate at renewals for new rate for
expiry expiry leases new leases
Major retail 9 991 156.25 8.7% 9 700 168.29 8.3%
Other retail 11 904 147.02 8.5% 12 285 156.46 7.8%
Offices 13 383 136.02 8.7% 14 084 125.17 8.2%
Acucap successfully renegotiated over 80% of expiring leases during the six months, a
consistently high retention ratio that indicates the quality of the portfolio. Retail leases
were renewed at a weighted average net rental that was 10.5% higher than the expiring
rental. Office leases were renewed with a negative reversion of only 1.1%.
9. FORWARD LEASE EXPIRIES
Over the next 6 months to the end of the 2013 financial year, leases for 33,487m² will
expire, representing 7.5% of the portfolio GLA. For offices, there is an expected negative
reversion of 9.3%, and for retail, an increase of 6.6%.
Net
Area Net rental expected
terminating / m2 at rental /
to 31-3- expiry m2 on
2013 m2 date renewal
Offices 4,042 162.16 147.10
Retail 29,445 150.80 160.70
Acucap’s successful leasing activities have maintained its long-dated lease expiry
profile, and the high level of contractual revenue will continue to underpin distribution
growth.
Total vacancy Mar-13 Mar-14 Mar-15 Mar-16 Mar-17 thereafter
Retail 71.2% 2.0% 6.6% 9.6% 17.4% 10.7% 11.3% 13.6%
Office 24.5% 0.6% 0.9% 5.7% 4.5% 5.2% 1.1% 6.5%
Industrial 4.3% 0.1% 0.3% 0.4% 0.5% 0.6% 0.4% 2.0%
Total 100.0% 2.7% 7.8% 15.7% 22.4% 16.5% 12.8% 22.1%
Total vacancies by income have reduced from 2.8% at the end of March 2012 to 2.7%
at the end of September 2012.
10. COST TO INCOME
Acucap has derived meaningful scale benefits from managing both the Acucap and
Sycom portfolios off a common administrative platform. As a result, the cost to income
ratio, net of recoveries, has remained low, and based on the results achieved over the
last 5 years, Acucap has demonstrated a sustainable cost to income ratio of less than
12%.
2013 2012 2011 2010 2009 2008
Net cost to income 11.9% 11.8% 11.6% 11.5% 11.1% 14.2%
11. UNIT HOLDER SUMMARY
A summary of Acucap’s unit holder profile is set out below. Annualised trade in
Acucap’s linked units was 25.7% of the total number of units in issue up from liquidity
of 21% in the year to March 2012.
Sept 2012 Mar-12
Government Employees Pension Fund 11.5% 11.7%
Stanlib 8.7% 7.7%
Directors and employees 8.4% 8.6%
Investec Asset Management 7.9% 9.7%
Old Mutual Investment Group SA 6.7% 6.8%
Nedbank 5.7% 5.9%
Thesele Group (Pty) Limited 4.6% 4.7%
53.5% 55.1%
Other shareholders 46.5% 44.9%
100.0% 100.0%
Number of unitholders 4 934 4 194
Weighted average units 177 908 293 171 939 337
Units traded 22 939 150 36 118 038
Annualised liquidity 25.7% 21.0%
12. PROSPECTS
The board maintains the guidance previously provided for full year distribution growth
of between 4% and 6%.
The above information has not been reviewed or reported on by Acucap’s auditors.
13. PAYMENT OF DEBENTURE INTEREST
Notice is hereby given that a final distribution of 151 cents per linked unit has been
approved in respect of the six month period ended 30 September 2012. The last date
to trade the linked units cum distribution is Friday, 30 November 2012 and the record
date will be Friday, 7 December 2012. The linked units will start trading ex-distribution
from Monday, 3 December 2012. Distributions will be made to unit holders on Monday,
10 December 2012.
Linked unit certificates may not be dematerialised or rematerialised between Monday, 3
December and Friday, 7 December 2012 both days inclusive.
On behalf of the Board
BS KANTOR PA THEODOSIOU
(Chairman) (Managing Director)
15 November 2012
Registered Office
Suite A11 Westlake Square
Westlake Drive
Westlake
CAPE TOWN
Transfer secretaries:
Computershare Investor Services (Proprietary) Limited
70 Marshall Street
JOHANNESBURG
http://www.acucap.co.za
info@acucap.co.za
Share Code: ACP
ISIN : ZAE 000037651
Directors: Prof BS Kantor (Chairman), PA Theodosiou*# (Managing Director), FM Berkeley, RC
Frolich, N Mandindi, CB Marlow *, MS Moloko, JH Rens*, B Stevens, NDC Whale
Company secretary: H Steyn
* Executive # British
Date: 15/11/2012 07:06:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE').
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