Wrap Text
Unaudited condensed consolidated interim results for the six months ended 28 February 2013
REDEFINE PROPERTIES INTERNATIONAL LIMITED
(Incorporated in the Republic of South Africa) (Registration number: 2010/009284/06)
JSE share code: RIN
ISIN code: ZAE000149282
(RIN or the Company and together with its subsidiaries, associates and jointly controlled entities the Group)
Unaudited condensed consolidated interim results for the six months ended 28 February 2013
Financial highlights
- Earnings available for distribution of £9,4 million (February 2012: £9,0 million), an increase of 4,4%
- Group profit after tax attributable to equity holders of £22,3 million (February 2012: loss of £6,8 million)
- Headline earnings per linked unit of 2,08 pence (February 2012: 2,88 pence restated(1))
- Interim distribution of 1,47 pence per linked unit (February 2012: 2,09 pence restated(1))
- Adjusted net asset value(2) per linked unit of 39,19 pence (August 2012: 34,82 pence(3)), an increase of 12,5%
- Group loan to value reduced to 51,2% (August 2012: 81,7%) and weighted debt maturity increased to 8,18 years
- Total unitholder return for reporting period of 7,3% (15,4% for 12 months to 28 February 2013)
(1) Adjusted for 218 141 257 new linked units issued in October 2012.
(2) (See financial review section).
(3) August 2012 Adjusted net asset value per linked unit of 36,20 pence adjusted for the issuance of 218 141 257
new linked units at R4,60 per linked unit.
Operational highlights
- Investment targets met following R1 billion capital raising in October 2012
- Restructuring of legacy Wichford assets and associated debt largely complete
- Exceptional performance from Australian associate, Cromwell (+25% in the period)
- Capital recycling through the sale of 27% of the Cromwell holding, at significant profit
- Hotel portfolio expanded through acquisition of a 60% interest in the Earls Court Holiday Inn Express and commencement
of the Southwark Holiday Inn Express redevelopment; both located in central London
- Acquisition of newly developed properties in Kaiserslautern and Huckelhoven, Germany in joint venture with a pension fund partner
- Asset management initiatives to improve asset base ongoing
- Portfolio occupancy stable at 95,9% by area (August 2012: 95,5%) notwithstanding numerous UK retail tenant failures
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
GROUP
Unaudited Unaudited
six months six months Audited
ended ended year ended
28 February 29 February 31 August
2013 2012 2012
£000 £000 £000
Revenue
Gross rental income 29 421 38 537 76 150
Other income 1 087 1 257 2 028
Total revenue 30 508 39 794 78 178
Expenses
Administrative expenses (825) (955) (1 788)
Investment management and professional fees (3 159) (4 774) (9 545)
Property operating expenses (1 875) (2 437) (4 707)
Net operating income 24 649 31 628 62 138
Gain from financial assets and liabilities
(including debentures) 23 847 49 298 50 423
Redemption of loans and borrowings - - 6 080
Gain/(loss) on disposal of subsidiaries 16 491 - (2 195)
Equity accounted profit 5 082 1 879 6 325
Net fair value loss on investment property (15 680) (57 824) (126 871)
Profit/(loss) from operations 54 389 24 981 (4 100)
Interest income 5 708 4 912 9 777
Interest expense (19 972) (46 180) (82 090)
Foreign currency loss (1 501) (945) (580)
Profit/(loss) before debenture interest 38 624 (17 232) (76 993)
Debenture interest (9 315) (8 816) (18 200)
Profit/(loss) before tax 29 309 (26 048) (95 193)
Taxation (2 548) (1 164) (3 370)
Profit/(loss) after tax 26 761 (27 212) (98 563)
Profit/(loss) attributable to:
RIN shareholders 22 269 (6 847) (59 254)
Non-controlling interest 4 492 (20 365) (39 309)
26 761 (27 212) (98 563)
Other comprehensive income
Foreign currency translation on foreign operations
- subsidiaries (153) 138 618
Foreign currency translation on foreign operations
- associates and joint ventures 5 338 3 692 (1 546)
Transfer of foreign currency translation reserve on disposal
of foreign operation 298 - (381)
Total comprehensive income for the period 32 244 (23 382) (99 872)
Total comprehensive income attributable to:
RIN unitholders 26 222 (4 148) (59 979)
Non-controlling interest 6 022 (19 234) (39 893)
32 244 (23 382) (99 872)
Reconciliation of earnings/(loss) and headline earnings
Profit/(loss) for the period attributable to RIN unitholders 22 269 (6 847) (59 254)
Debenture interest 9 315 8 816 18 200
Changes in fair value of investment property and intangible assets 12 397 53 757 116 869
(Gain)/loss on disposal of subsidiaries (10 853) - 1 574
Fair value adjustment on debentures (20 765) (44 549) (48 480)
Headline earnings attributable to linked unitholders 12 363 11 177 28 909
Earnings available for distribution
Net operating income 24 649 31 628 62 138
Operating income from equity accounted entities 7 950 5 633 12 314
Straightline rental income accrual 99 96 496
Non-distributable expenses (including reverse acquisition costs) - - 214
Interest income 322 184 252
Interest expense (13 169) (23 163) (44 118)
Foreign exchange loss (36) (160) (278)
Taxation (941) (766) (2 216)
Non-distributable operating income from Gamma, Delta and VBG (3 377) - (1 916)
Earnings available for distribution 15 497 13 452 26 886
Attributable to non-controlling interest (6 082) (4 476) (8 686)
Earnings available for distribution to linked unitholders 9 415 8 976 18 200
Interim distribution - - (8 684)
Earnings available for distribution to linked unitholders at
period end/year end 9 415 8 976 9 516
Actual number of linked units in issue (000) 633 648 405 507 415 507
Weighted number of linked units in issue (000) 593 877 387 654 399 690
Basic earnings per linked unit (pence)* 5,32 0,51 (10,27)
Headline earnings per linked unit (pence)* 2,08 2,88 7,23
Earnings available for distribution per linked unit (pence) 1,49 2,21 4,38
Distributions per linked unit 1,47 2,09 4,38
Interim distribution per linked unit 1,47 2,09 2,09
Year-end distribution per linked unit - - 2,29
* The Company does not have any dilutionary instruments in issue.
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
GROUP
Unaudited Unaudited Audited
as at as at as at
28 February 29 February 31 August
2013 2012 2012
£000 £000 £000
ASSETS
Non-current assets
Investment property 487 349 805 249 631 278
Long-term receivables 103 559 91 881 98 470
Investments designated at fair value 99 529 399
Investments in joint ventures 14 068 2 201 2 159
Investments in associates 158 208 129 795 124 507
Total non-current assets 763 283 1 029 655 856 813
Current assets
Assets held for sale 60 326 109 231 136 009
Trade and other receivables 32 335 23 939 23 429
Cash and cash equivalents 58 223 34 072 18 150
Total current assets 150 884 167 242 177 588
Total assets 914 167 1 196 897 1 034 401
EQUITY AND LIABILITIES
Capital and reserves
Share capital 53 36 36
Retained earnings (42 062) (11 496) (63 057)
Non-distributable reserve (7 272) (7 222) (7 833)
Currency translation reserve 8 911 8 383 4 959
Total equity attributable to equity shareholders (40 370) (10 299) (65 895)
Non-controlling interest 110 570 78 047 53 551
Total equity 70 200 67 748 (12 344)
Non-current liabilities
Debenture capital 196 543 142 554 142 098
Borrowings 449 306 468 829 353 115
Derivatives 2 120 5 487 4 244
Deferred taxation 3 219 1 732 2 489
Total non-current liabilities 651 188 618 602 501 946
Current liabilities
Borrowings 141 938 458 377 400 455
Liabilities held for sale - - 91 935
Provisions for liabilities and commitments 12 079 - 12 079
Trade and other payables 34 527 40 830 34 951
Derivatives 4 235 11 340 5 379
Total current liabilities 192 779 510 547 544 799
Total liabilities 843 967 1 129 149 1 046 745
Total equity and liabilities 914 167 1 196 897 1 034 401
Net asset value per linked unit (pence) 24.65 32.61 18.34
Number of linked units in issue 633 648 414 405 507 157 415 507 157
CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS
GROUP
Unaudited Unaudited
six months six months Audited
ended ended year ended
28 February 29 February 31 August
2013 2012 2012
£000 £000 £000
Cash flows from operating activities
Cash generated by operations 28 134 22 567 51 838
Interest paid (27 418) (34 315) (70 478)
Taxation paid (2 101) (718) (1 412)
Interest received 2 804 3 754 7 908
Distribution received from associates and joint ventures 7 590 5 083 11 263
Net cash (utilised in)/generated from operating activities 9 009 (3 629) (881)
Net cash (utilised in)/generated from investing activities (78 454) (24 940) (32 537)
Net cash generated from financing activities 109 769 10 131 (191)
Net movement in cash and cash equivalents 40 324 (18 438) (33 609)
Effect of exchange rate fluctuations on cash held (251) 695 (56)
Cash and cash equivalents at the beginning of the period/year 18 150 51 815 51 815
Net cash and cash equivalents at the end of the period/year 58 223 34 072 18 150
CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
GROUP
Unaudited Unaudited Audited
six months six months year ended
ended ended 31 August
28 February 29 February 2012
2013 2012 £000
£000 £000
Reported balance at the beginning of the period/year (65 895) (7 511) (7 511)
Change in accounting policy - 745 745
Balance at the beginning of the year - restated (65 895) (6 766) (6 766)
Shares issued 16 3 3
Comprehensive income attributable to RIN linked unitholders 26 222 (4 148) (59 979)
Other reserves (713) 612 847
Total equity 40 370 (10 299) (65 895)
Segmental analysis
UK
Stable UK
Income Retail Europe Hotels Cromwell Total
£000 £000 £000 £000 £000 £000
Period ended 28 February 2013
Gross rental income 15 681 4 519 4 149 5 072 - 29 421
Property operating expenses (735) (850) (290) - - (1 875)
Net property income 14 946 3 669 3 859 5 072 - 27 546
Non-current assets
Investment property 137 161 112 929 86 634 150 625 - 487 349
Assets held for sale 56 630 - 3 696 - - 60 326
Investments designated at fair value - 79 20 - - 99
Investment in associates - - - - 158 208 158 208
Period ended 29 February 2012
Gross rental income 18 258 6 858 8 721 4 700 - 38 537
Property operating expenses (1 001) (795) (641) - - (2 437)
Net property income 17 257 6 063 8 080 4 700 - 36 100
Non-current assets
Investment property 418 702 167 911 94 861 123 775 - 805 249
Assets held for sale - - 109 231 - - 109 231
Investments designated at fair value 222 228 79 - - 529
Investment in associates - - - - 129 795 129 795
Period ended 31 August 2012
Gross rental income 40 856 9 303 16 591 9 400 - 76 150
Property operating expenses (2 112) (1 696) (899) - - (4 707)
Net property income 38 744 7 607 15 692 9 400 - 71 443
Non-current assets
Investment property 309 489 110 669 87 395 123 725 - 631 278
Assets held for sale 61 450 - 74 559 - - 136 009
Investments designated at fair value 222 118 59 - - 399
Investment in associates - - - - 124 507 124 507
Commentary
Introduction
RIN holds as its main asset a controlling 65,81% shareholding in Redefine International P.L.C. (RI PLC). Each linked
unit in RIN effectively equates to one share in RI PLC.
Background to RI PLC
RI PLC is an income-focused property investment company with exposure to a broad range of properties and geographical
areas and is listed on the Main Market of the London Stock Exchange (the LSE). It is domiciled in the Isle of Man and
has investments in the UK, Germany, Switzerland, the Channel Islands, the Netherlands and Australia.
The Groups strategy is to deliver sustainable and growing income returns through investment into income yielding
assets let to high-quality occupiers on long leases. Development exposure is generally limited to asset management and
ancillary development of existing assets in order to enhance and protect capital values. RI PLC distributes the majority of
its earnings available for distribution on a semi-annual basis, providing investors with attractive income returns and
exposure to capital growth opportunities. In terms of its trust deed, RIN makes semi-annual interest distributions based
on distributable earnings.
RI PLC acquires real estate investments in large, well-developed economies with established and transparent real
estate markets. The investment portfolio is geographically diversified across the UK, Europe and Australia providing exposure
to the retail, office, industrial and hotel sectors.
RI PLC has announced its intention to convert to a UK REIT. Recent changes to the UK REIT regime enacted in the UK
Finance Bill 2012 including, inter alia, the abolition of the 2% entry charge, have made the conversion to a UK REIT more
attractive to RI PLC and its shareholders.
Restructuring
As previously announced, RI PLC has highlighted its intention to seek an inward listing on the JSE Limited (JSE) to
enable the Group to simplify its corporate structure and consolidate its shareholder base. RI PLC has received
confirmation from the South African Reserve Bank that it is agreeable to consider an application for an inward listing onto the
JSE which will be subject to all necessary approvals. It is expected to result in an unbundling of the RI PLC shares held
by RIN and should have the impact of enhancing the Groups liquidity and free float, with existing unitholders in RIN
becoming direct shareholders in RI PLC through a dual listing on the LSE and the JSE.
Chairmans statement
It is pleasing to report another solid half-year performance. The Group met its earnings and investment targets and
has made substantial progress towards completing the restructuring of the Wichford legacy assets and associated debt.
Once again our diversified income base has been a major contributor to our performance, with Cromwell and the European
portfolio delivering outstanding returns while the UK investment silos struggled in trying market conditions.
The exceptional returns achieved on the Cromwell investment have more than justified the decision to invest in
Australia and Cromwell in particular. Approximately 27% of the Cromwell holding post period end was disposed of, as part
of a process of capital recycling. The Company remains an equity supporter of Cromwell and the management team over the long term.
Prospects and strategy
The Group will continue to focus on upgrading the size and quality of properties under ownership and eliminating
low-grade, low-growth properties.
Capital is being invested into the UK retail portfolio to enhance and expand existing centres. Consideration is also
being given to the acquisition of a major shopping centre to take advantage of the favourable investment market.
With the Wichford legacy assets and debt largely resolved, RI PLC can look forward to expanding its asset base through
capital recycling and investing in growth areas.
Europe is expected to be a major expansion area for the Group, with management working on a significant retail
acquisition.
Investors are referred to the trading statement update below.
RI PLCs results
The results for RI PLC for the six months ended 28 February 2013 have been released simultaneously with these results
and can be viewed on the website www.redefineinternational.com or on the JSEs SENS or the LSEs Regulatory News
Service. Unitholders will be able to obtain further financial information and commentary on the performance of RI PLC for the
six months ended 28 February 2013 by referring to those results.
Trading statement update
In terms of the Listings Requirements of the JSE Limited, property entities are required to publish a trading
statement as soon as they are satisfied that a reasonable degree of certainty exists that the distribution for the period to be
reported upon next will differ by at least 15% from the distribution for the previous corresponding period. In light of
the additional linked units that were issued as part of the capital raise in October 2012, linked unitholders were
advised that RIN anticipated that the distribution per linked unit for the full year ending 31 August 2013 would be between
approximately 25% and 30% lower than for the year ended 31 August 2012.
The distribution per linked unit for the six months ended 28 February 2013 of 1,47 pence reflects a 29,7% decrease
from the 2,09 pence per linked unit distributed in the previous comparable period. The full-year distribution is expected
to be within the range set out above, i.e. 3,07 to 3,29 pence per linked unit.
Portfolio summary
Portfolio overview by business segment
Business segments - market values
Properties Lettable Market Segmental Net initial
(No) area value split by value yield
(sq ft 000) (£million) (%) (%)
UK Stable Income1 75 1 651 175,4 15,9 7,5
UK Retail 6 1 602 226,3 20,5 7,5
Hotels 7 288 150,2 13,6 7,0
Europe 37 1 661 213,5 19,4 7,9
Cromwell2 26 1 358 281,4 25,5 8,4
Total investment portfolio 151 6 560 1 046,8 94,9 7,7
Delta portfolio3 16 612 56,1 5,1 12,6
Total 167 7 172 1 102,9 100,0 8,0
Notes:
1. Excludes the Gamma portfolio valued at £155,7 million.
2. Cromwells market value reflects the Groups 22,01% stake in Cromwell as at 28 February 2013. The Cromwell
property portfolio consists of 26 assets with a market value of AUD1,89 billion as at 31 December 2012.
Figures (excluding Cromwell) reflect 100% ownership of property assets held in subsidiaries and jointly controlled
entities.
3. The Delta portfolio reflects the assets that remain in the restructured Delta facility and are held for sale. The
seven assets acquired as part of the restructuring are included in the UK Stable Income category.
Figures (excluding Cromwell) reflect 100% ownership of property assets held in subsidiaries and jointly controlled
entities.
Business segments - gross rental income
Weighted
Annualised average Indexation
gross rental Average unexpired Occupancy and fixed
income rent per lease term by area increases
(£million) (sq ft) (years) (%) (%)
UK Stable Income1 14,1 8,5 9,2 91,0 56,2
UK Retail 20,5 12,8 11,0 95,9 5,3
Hotels 11,1 38,6 10,3 100,0 0,0
Europe 17,9 10,8 8,0 99,0 100,0
Cromwell2 30,0 22,1 6,0 94,9 91,0
Total investment portfolio 93,6 14,3 8,5 95,5 57,9
Delta Portfolio (held for sale) 7,6 12,4 4,7 99,3 64,0
Total 101,2 14,1 8,2 95,9 58,4
Notes:
1. Excludes the Gamma portfolio.
2. Cromwells gross rental income reflects the Groups 22,01% stake in Cromwell as at 28 February 2013.
Figures (excluding Cromwell) reflect 100% ownership of property assets.
Business segments - valuation movement since 31 August 2012
Valuation
movement
six months
Proportion Market value ended
of portfolio 28 February 28 February
by value 2013 2013
(%) (£million) (%)
UK Stable Income1 17,1 175,4 (6,1)
UK Retail 22,1 226,3 1,0
Hotels 12,0 123,2 (0,1)
Europe 19,3 197,9 5,9
Cromwell2 16,7 171,5 29,8
Total like-for-like portfolio 87,2 894,3 4,8
Acquisitions3 7,3 74,9 9,8
Total investment portfolio 94,5 969,2 5,2
Delta portfolio 5,5 56,1 (8,7)
Total 100,0 1 025,3 4,3
Notes:
1. Excludes the Gamma portfolio.
2. Cromwell reflects market value at a closing share price of AUD0,94 per security.
3. Acquisitions include Earls Court Holiday Inn Express, retail assets in Huckelhoven and Kaiserslautern (held in a
jointly controlled entity) and 50,95 million Cromwell securities.
Includes the effect of foreign exchange movement during the period.
Portfolio overview by sector
Property sectors at 28 February 2013
Annualised
Occupancy Lettable gross rental
Market value by area area income
(£million) (%) (sq ft 000) (£million)
Retail 334,3 96,8 2 534 28,2
Office 296,2 90,0 2 259 27,9
Industrial 36,2 100,0 663 2,5
Hotels 150,2 100,0 288 11,1
Other 4,6 100,0 72 1,5
Total 821,5 94,7 5 814 71,2
Note:
Excludes Cromwell and Delta and assumes 100% ownership of property assets held in subsidiaries and jointly controlled entities.
Fair value adjustment on debentures
Each linked unit comprises one share and one debenture. The debentures have been designated at fair value through
profit or loss.
Debentures are adjusted to fair value which represents the net asset value of RI PLC attributable to debenture
holders. As one linked unit in the Company effectively equates to one share in the Companys subsidiary, RI PLC, the fair value
of one debenture is determined by reference to the cum dividend net asset value of one RI PLC share as at 28 February
2013.
Debentures are reflected in the statement of financial position as follows:
28 February 29 February 28 August
2013 2012 2012
£000 £000 £000
Opening debenture value 142 098 173 199 173 199
Debentures issued at par value 81 905 13 735 17 631
(Discount)/premium on debentures issued (6 695) 169 (252)
Fair value adjustment (20 765) (44 549) 48 480
Closing debenture value 196 543 142 554 142 098
Basis of preparation
These condensed consolidated interim results of the Group for the six months ended 28 February 2013 have not been
reviewed or audited by the Companys auditors KPMG Inc. They are presented in pound sterling which represents the functional
currency of the Company and the presentational currency of the Group and are rounded to the nearest thousand. The
preparation of these results was supervised by the Financial Director, Andrew Rowell CA(SA).
These condensed consolidated results have been prepared in accordance with the recognition and measurement criteria of
International Financial Reporting Standards (IFRS), specifically IAS 34: Interim Financial Reporting, the AC 500
series issued by The South African Institute of Chartered Accountants, the South African Companies Act, 71 of 2008 and the
JSE Listings Requirements.
The preparation of financial statements requires management to make judgements, estimates and assumptions that affect
the application of policies and the reported amounts of assets and liabilities. In preparing these condensed
consolidated interim financial statements, the significant judgements made by management in applying the Groups accounting
policies and the key sources of estimation uncertainty were the same as those that applied to the condensed consolidated
interim financial statements as at and for the six months ended 28 February 2013, for its subsidiary entity RI PLC.
The accounting policies applied by the Group in these condensed consolidated interim financial statements are the same
as those applied by the Group in its audited financial statements as at and for the year ended 31 August 2012.
The Group is exposed to the risk of changes to tax legislation in the various countries in which the Group operates.
It is also exposed to different interpretations of tax regulations between the tax authorities and the Group. As a
property loan stock company in South Africa, RIN distributes all of its earnings on the basis that the debenture interest is
tax deductible. The wording of current taxation legislation is such that there is an alternative view. The board has
taken advice on the matter from its legal advisers and on the basis of the advice received believes that the deduction of
debenture interest is appropriate. Should the debenture interest not be deductible for tax purposes this would have a
consequential impact on the tax liability as at 28 February 2013.
Financial review
Overview
The Groups profit after tax attributable to equity holders was £22,3 million, compared to a loss of £6,8 million for
the six months ended 29 February 2012. Earnings available for distribution were £9,4 million, up by £0,4 million from
the previous comparable period. Basic earnings per linked unit were 5,32 pence compared to 0,51 pence for the six months
ended 29 February 2012.
As a result of a small underlying increase in investment property values of £0,9 million and an uplift in the market
value of the Cromwell securities, Adjusted NAV per linked unit (refer below) increased by 2,99 pence from 36,20 pence at
31 August 2012 to 39,19 pence at 28 February 2013. Adjusting for the effects of the capital raise in October 2012, the
Adjusted NAV increased by 4,37 pence, an increase of 12,5%.
The European Public Real Estate Association (EPRA) publish best practice recommendations for Europes Stock Exchange
listed real estate sector. In order to enhance comparability and transparency RI PLC and RIN have adopted the EPRA net
asset value measure within their reporting. The EPRA net asset value (NAV) presented removes the cumulative fair value
movements of interest rate derivatives and deferred tax. The EPRA NAV per linked unit increased from 21,21 pence at 31
August 2012 to 26,88 pence per linked unit.
The EPRA NAV as at 28 February 2013, includes items which, in the opinion of the board, should be adjusted for in
order to better reflect the underlying net asset value of the Group. An Adjusted NAV has therefore been calculated as
follows:
Note 28 February 2013 31 August 2012
Pence per Pence per
linked unit linked unit
IFRS NAV per linked unit 24,65 18,34
Adjusted for derivatives and deferred tax 2,23 2,87
EPRA NAV per linked unit 26,88 21,21
Write-back of VBG negative equity - 3,00
Write-back of Gamma negative equity 1 4,98 3,09
Write-back of Delta negative equity 2 2,60 7,59
Cromwell fair value write-up 3 4,73 1,31
Adjusted NAV per linked unit 39,19 36,20
Notes:
1. Notwithstanding the appointment of a receiver to the assets held in the Gamma portfolio, the residual non-recourse
debt of £47,9 million, associated with the portfolio, will remain on the balance sheet until such time as it can be
legally extinguished or the Group loses control of Wichford Gamma Limited. Further detail is provided in the RI PLC interim
results.
2. Following the successful completion of the Delta restructuring announced on 15 October 2012, the negative net asset
value position of 2,60 pence per linked unit is expected to reverse over the remaining term of the loan.
3. Cromwell has been equity accounted at a net asset value of AUD68,0 cents per security at 28 February 2013. The
market price of Cromwell at 28 February 2013 was AUD94,0 cents per security and should the Cromwell investment have been
accounted for at fair value at 28 February 2013 would have led to a write-up of 4,73 pence per linked unit.
Debenture interest distribution
The board has declared an interim interest distribution of 1,47 pence per linked unit for the six months ended 28
February 2013. The announcement of the rand equivalent of the interest distribution will be made on or before 10 May 2013.
The distribution will be payable to RIN linked unitholders in accordance with the abbreviated timetable set out below:
2013
Last day to trade cum interest distribution Friday, 17 May
Linked units trade ex interest distribution Monday, 20 May
Record date Friday, 24 May
Payment date Monday, 27 May
There may be no dematerialisation or rematerialisation of linked units between Monday, 20 May 2013 and Friday, 24 May
2013, both days inclusive.
On behalf of the board
G R Tipper M J Watters
Chairman Chief Executive Officer
29 April 2013
Directors: Gavin Tipper* (Non-executive Chairman), Michael Watters (Chief Executive Officer),
Andrew Rowell (Financial Director), Gregory Heron#, Bernard Nackan#, Peter Todd*, Marc Wainer#
#Non-executive * Independent non-executive
Registered office: Redefine Place, 2 Arnold Road, Rosebank, Johannesburg, 2196
Transfer secretaries: Computershare Investor Services (Proprietary) Limited
Company secretary: Probity Business Services (Proprietary) Limited, 3rd Floor, The Mall Offices,
Cradock Avenue, Rosebank, Johannesburg, 2196
Sponsor: Java Capital
www.redefineint.com
Date: 29/04/2013 08:01:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE').
The JSE does not, whether expressly, tacitly or implicitly, represent, warrant or in any way guarantee the truth, accuracy or completeness of
the information published on SENS. The JSE, their officers, employees and agents accept no liability for (or in respect of) any direct,
indirect, incidental or consequential loss or damage of any kind or nature, howsoever arising, from the use of SENS or the use of, or reliance on,
information disseminated through SENS.
Sharenet Sites 
