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Preliminary Summarised Audited Consolidated Financial Statements for the six months ended 30 June 2013
Resilient Property Income Fund Limited
(Incorporated in the Republic of South Africa)
(Reg no 2002/016851/06)
JSE share code: RES
ISIN: ZAE000043642
(“Resilient” or “the group”)
PRELIMINARY SUMMARISED AUDITED CONSOLIDATED FINANCIAL STATEMENTS FOR THE
SIX MONTHS ENDED 30 JUNE 2013
DIRECTORS’ REPORT
1 UNIT STRUCTURE
Resilient’s capital structure comprises linked units. Each linked unit
consists of one ordinary share that is indivisibly linked to one
subordinated variable rate debenture.
2 NATURE OF THE BUSINESS
Resilient is an internally asset managed property company listed on the
JSE Limited. Its strategy is to invest in dominant regional retail centres
with a minimum of three anchor tenants and let predominantly to national
retailers.
3 DISTRIBUTABLE EARNINGS AND COMMENTARY ON RESULTS
Resilient declared a distribution of 136,23 cents per linked unit for the
six months ended June 2013. This represents an increase of 12,83% over the
120,74 cents per linked unit distributed for the comparable prior period.
Notwithstanding indirect exposure to platinum mining in the North West,
Resilient’s property portfolio performed ahead of budget. Resilient
benefitted from the strong performance of its listed holdings,
particularly the offshore holdings where dividends benefitted from the
decline of the Rand exchange rate.
The comparable retail sales for the period January to June grew by 8,5% in
Resilient’s retail centres. This figure compares favourably with the
growth in national retail sales and Resilient’s in force rental
escalations of 7,3%. A portion of this differential will be received
through turnover rentals, however, there is further potential for upward
rental reversions on expiry of leases.
The following table indicates the January to June growth in retail sales
achieved by Resilient per province, but excludes the parcel of properties
sold to Fortress:
Eastern Cape (2,1%)
Mpumalanga 7,9%
KwaZulu-Natal 8,2%
Limpopo 8,7%
Gauteng 8,9%
Northern Cape 10,1%
North West 12,1%
The negative growth in the Eastern Cape was the result of the
redevelopment and extension of Circus Triangle Mthatha. Highveld Mall’s
retail sales were adjusted to exclude tenants occupying the new
extensions. In Limpopo Province, Mall of the North performed strongly,
however, turnover growth at Limpopo Mall and Tzaneng Mall was negatively
impacted. Northam Plaza’s growth was affected by the depressed conditions
of platinum mining. In North West province, turnover growth of 17% was
achieved at Brits Mall which compensated for limited growth at Pick n Pay
Hypermarket Klerksdorp. In Gauteng, turnover at The Grove grew by 12,2%
and this should accelerate once the entertainment extension is open.
4 REAL ESTATE INVESTMENT TRUST (REIT) STATUS
On 10 May 2013 Resilient announced that it was changing its financial year
end from 31 December to 30 June to facilitate its application of REIT
status. Resilient’s application for REIT status was approved by the JSE
Limited with effect from 1 July 2013.
The major advantage of REIT status is tax certainty regarding the flow-
through of pre-tax income to investors. Also important is the relief from
capital gains tax on the disposal of investment property and investments.
Resilient has, however, provided deferred tax at the income tax rate on
the recoupment of capital allowances claimed on investment property as
well as the fair value adjustments on the investments in Capital, Nepi and
Rockcastle. The enacted legislation does not exempt profits on these
investments from capital gains tax. It is anticipated that the remaining
deferred tax provision will be reversed when the proposed Taxation Laws
Amendment Bill is finalised and enacted.
5 PROPERTY DEVELOPMENTS
Secunda Mall
Resilient has a 40% interest in this development and Sasol Pension Fund
and local consortiums own 40% and 20% respectively. The 56 800m2 GLA mall
is scheduled to open in October 2013 and is projected to achieve a yield
of 9% on the cost of R276 million for Resilient’s portion. The mall will
be anchored by Checkers Hypermarket, Edgars, Game, Pick n Pay and
Woolworths and will include all major national clothing retailers.
Soshanguve Crossing
This 34 000m2 GLA mall will be anchored by Game, Edgars, Shoprite and
Spar. Resilient has a 55% interest in this development which is budgeted
to achieve a yield of 8% on Resilient’s cost of R253 million. The mall is
scheduled to open in April 2014.
Tubatse Crossing
The first and second phases of Tubatse Crossing in Burgersfort opened
within budget on 23 May 2013 and 25 July 2013 respectively. The mall is
anchored by Edgars, Game, Pick n Pay and Shoprite and includes all major
national retailers. A further phase to accommodate building supplies and
motor related retailers is being considered.
Resilient sold a 10% interest in the property at cost to a BBBEE
consortium which includes Falcon Forest (Resilient’s partner in Highveld
Mall and Soshanguve Crossing) as well as youth, women and business
groupings from Tubatse and surrounding areas.
6 PROPERTY EXTENSIONS
Circus Triangle Mthatha
The first of three planned phases for the extension and redevelopment of
the mall opened in May 2013. This 5 333m2 GLA extension is let to
Ackermans, Jet Mart, Mr Price and other national retailers. The second
phase which will accommodate Edgars and will provide for the expansion of
Foshini, Shoprite, Truworths and Woolworths, is currently in progress and
will be completed by October 2014. The board approved a third phase to
accommodate Game. Subject to local authority approval, construction will
commence in September 2013 with completion ten months later. The three
phases are projected to achieve an 8% return on a total cost of R250
million.
The Grove
The 11 600m2 GLA extension to The Grove to accommodate Ster Kinekor (eight
screens), an ice rink and a family entertainment centre is currently in
progress. This extension which is scheduled to open at the end of November
2013 will achieve a yield of 6% prior to potential benefits from increased
footfall and resulting higher trading densities.
Highveld Mall
The extension to increase the size of Edgars and Truworths opened in July
2013 at an initial yield of 9%. The Woolworths store is currently being
extended by 1 055m2 at a yield of 9% and a cost of R9 million for
Resilient’s 60% interest.
Jabulani Mall
An extension of 2 350m2 GLA to accommodate Food Lovers Market and Shoprite
Liquor will open in November 2013. This extension is projected to yield
11% on the cost of R12 million for Resilient’s 55% interest.
Northam Plaza
The 8 100m2 GLA extension to Northam Plaza to accommodate Game is on
schedule for completion in October 2013. This extension is projected to
achieve a yield of 8% on the cost of R103 million.
Village Mall Kathu
This mall is being extended by 7 300m2 GLA to accommodate Game and
additional clothing retailers. Resilient was successful in obtaining an
additional 2 MVA of electricity from the local authority. The extension is
scheduled to open in September 2013 and is projected to yield 8% on the
cost of R110 million.
Rivonia Village
The 2 200m2 GLA extension to accommodate Checkers is on schedule to open
in November 2013. Excluding the income from an additional 64 parking bays,
the projected yield is 7% on the cost of R65 million.
7 PROPERTY DISPOSALS
Resilient sold the following properties to Fortress with effect from 1
July 2013:
Property name Sales price (R)
Nelspruit Plaza 312 500 000
Rustenburg Plaza 260 000 000
New Redruth Village 151 000 000
Central Park Bloemfontein 163 000 000
Sterkspruit Plaza including land (82% interest) 105 544 287
Tzaneen Lifestyle Centre including land (25% interest) 49 946 406
1 041 990 693
Fortress will also acquire the loan advanced to Resilient’s partner in
Sterkspruit Plaza totalling R20 595 291. The total purchase price of
R1 062 585 984 will be settled 50% in cash and 50% in Fortress A and
Fortress B units issued at R13,80 and R7,06 (ex distribution)
respectively. The sale of these properties is in line with Resilient’s
strategy of owning dominant retail centres with a minimum of three anchor
tenants.
8 RESILIENT AFRICA
The board has committed R600 million to this initiative with Standard Bank
and Shoprite Checkers as partners.
Construction of a closed mall with an initial GLA of 12 819m2 and anchored
by Shoprite has commenced in Warri, Delta State (Nigeria). Memoranda of
understanding have been concluded for the acquisition of four further
sites in Nigeria.
9 INVESTMENTS
Jun 2013 Dec 2012
Number Carrying Number Carrying
of units/ value of units/ value
Investment shares (R’000) shares (R’000)
Capital (CPL) 153 850 000 1 636 964 181 300 000 1 916 341
Fortress B (FFB) 63 000 000 535 500 63 000 000 441 000
Nepi (NEP) 21 220 000 1 421 527 21 517 635 1 140 434
Rockcastle (ROC) 60 775 000 817 423 22 000 000 222 200
4 411 414 3 719 975
Resilient sold the management company of its ETF business, PropTrax, to
Grindrod Bank Limited for R4 million. Resilient is no longer involved in
the management of the business but will retain a 50% economic interest.
The sale is subject to suspensive conditions.
As announced by way of SENS published on 5 April 2013, the board has in
principle agreed to the disposal of Capital’s manager, Property Fund
Managers Limited (“PFM”), to Capital. The board of PFM considers it
optimal to implement the conversion of Capital to a corporate REIT
simultaneously with the internalisation of PFM. This transaction is
subject to various regulatory and unitholder approvals. The timing of this
process is currently uncertain and unitholders will be kept updated by
SENS announcements.
10 VACANCIES
Vacancies increased from 1,7% at December 2012 to 1,8% at June 2013. The
largest vacancy was at Tubatse Crossing which was 6,6% vacant at June
2013. This has since reduced to 3,3%. Rivonia Village was 9,8% vacant. Of
this vacancy, 60% relates to offices which are proving difficult to let.
The remainder is retail space which was created for the redevelopment to
accommodate Checkers.
11 BORROWINGS
Resilient renewed the R785 million facility from Standard Bank for a
further five years. In addition Resilient raised R190 million through its
unsecured DMTN programme for a period of five years. The intention is to
finance 50% of Resilient’s borrowings on an unsecured basis.
12 FACILITIES AND INTEREST RATE DERIVATIVES
Average
Amount margin
Facility expiry R’million over Jibar
Jun 2014 995 0,63%
Jun 2015 350 1,55%
Jun 2016 275 1,29%
Jun 2017 1 776 1,69%
Jun 2018 1 284 1,64%
Jun 2019 1 312 1,62%
Jun 2020 253 1,60%
6 245 1,46%
Interest rate swaps expiry Amount Average
R’million swap rate
Jun 2014 300 6,35%
Jun 2015 550 7,17%
Jun 2016 450 7,73%
Jun 2017 700 7,67%
Jun 2018 600 7,52%
Jun 2019 700 7,34%
Jun 2020 780 6,22%
Jun 2021 120 6,53%
4 200 7,14%
Amount Average
Interest rate caps expiry R’million cap rate
Jun 2018 400 5,90%
The all-in weighted average cost of funding of Resilient was 8,24% at 30
June 2013.
Variable rate instruments R’000
Loans to BEE partners (448 765)
Loans to development partners (214 927)
Cash and cash equivalents (1 597)
Interest-bearing borrowings 4 791 706
Capital commitments contracted for 637 800
4 764 217
Total interest rate derivatives 4 600 000
% hedged 96,6%
13 SUMMARY OF FINANCIAL PERFORMANCE
Jun 2013 Dec 2012 Jun 2012 Dec 2011
# # #
Distribution per linked
unit (cents) 136,23 134,93 120,74 121,35
Units in issue 289 544 070 285 744 070 280 536 070 280 536 070
Property operations
Net asset value* R41,75 R34,51 R30,55 R29,32
Gearing ratio** 26,50% 26,60% 28,30% 28,80%
Units in issue 289 544 070 285 744 070 280 536 070 280 536 070
Consolidated
Net asset value* R41,75 R33,92 R30,13 R29,17
Gearing ratio** 26,50% 27,90% 29,90% 30,50%
Units in issue 289 544 070 274 933 259 269 725 259 269 725 259
*Net asset value includes total equity attributable to equity holders and
linked debentures. June 2013 includes the effect of the reversal of
deferred tax as a result of REIT status.
**The gearing ratio is calculated by dividing the total interest-bearing
borrowings by the total assets.
#To comply with financial reporting requirements the group will account
for entities that do not form part of its operations, do not operate under
its operating policies and whose businesses, risk profiles and debt levels
are not comparable with its own. Disclosure under “Property operations”
excludes Eagle’s Eye Investments Proprietary Limited (“BEE SPV”).
On 27 June 2006 10 810 811 linked units were issued to BEE SPV and
Resilient is standing surety for the funding obligations of BEE SPV in
acquiring these units. In terms of IFRS the issue did not take place and
the essence of the transaction was that the BEE shareholders received a
right/option to acquire linked units in Resilient at a future date at a
predetermined price. As a consequence, the issue of linked units has been
eliminated in the preparation of the financial statements.
This BEE transaction matures in three equal tranches on 30 June 2014, 30
June 2015 and 30 June 2016. Due to the positive equity in this scheme and
the minimal residual risk resulting from Resilient’s surety, the board has
taken the view that the units are in issue and has therefore reversed the
effect of the option/right in the 2013 financial statements and
deconsolidated BEE SPV.
14 NET RENTAL AND RELATED REVENUE
Net rental and related revenue consists of:
For the For the
six months year
ended ended
Jun 2013 Dec 2012
R’000 R’000
Basic contractual income 458 642 838 142
Straight-lining of rental
revenue adjustment 11 387 51 115
Turnover rental 2 259 22 052
Net recovery – electricity 9 617 14 946
Recovery – other 15 598 27 671
Net refuse, rates, water and sewerage charges (12 326) (21 108)
Repairs and maintenance, cleaning and
security costs (37 447) (61 025)
Property management fee (11 156) (20 987)
Marketing (3 836) (8 436)
Staff costs (7 488) (13 273)
Insurance (1 945) (3 724)
Letting commission (998) (1 289)
Tenant installation costs (5 006) (8 233)
Tenant arrears written off (1 578) (2 477)
Other expenses (9 103) (19 597)
406 620 793 777
15 PROSPECTS
Distributions are forecast to increase by between 12% and 16% for the 2014
financial year. The forecast assumes exchange rates of R12,00 and R9,00 to
the Euro and US Dollar respectively. The growth is further based on the
assumptions that a stable macro-economic environment will prevail, no
major corporate failures will occur and that tenants will be able to
absorb the recovery of rising utility costs. Budgeted rental income was
based on contractual escalations and market related renewals. This
forecast has not been audited or reviewed by Resilient’s auditors.
By order of the board
Des de Beer Nick Hanekom
Managing director Financial director
Johannesburg
6 August 2013
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
Audited Audited
Jun 2013 Dec 2012
R’000 R’000
ASSETS
Non-current assets 16 851 786 15 810 690
Investment property 9 754 842 9 896 272
Straight-lining of rental revenue adjustment 172 337 173 474
Investment property under development 1 209 139 824 660
Investments 4 411 414 3 719 975
Intangible asset 26 422 26 422
Resilient Unit Purchase Trust loans 494 146 374 587
Loans to employees to acquire Capital units 144 661 245 897
Loans to BEE partners 448 765 415 947
Loans to development partners 190 060 133 456
Current assets 1 235 736 87 840
Investment property held for sale 1 029 467 –
Straight-lining of rental revenue adjustment 12 524 –
Loans to development partners 24 867 4 302
Trade and other receivables 167 281 82 412
Cash and cash equivalents 1 597 1 126
Total assets 18 087 522 15 898 530
EQUITY AND LIABILITIES
Total equity attributable to equity holders 10 698 505 8 006 714
Share capital 2 895 2 749
Share premium 3 031 257 2 712 168
Non-distributable reserves 7 664 353 5 291 797
Retained earnings – –
Total liabilities 7 389 017 7 891 816
Non-current liabilities 5 727 403 5 677 981
Linked debentures 1 389 812 1 319 680
Interest-bearing borrowings 3 787 026 2 954 973
BEE instrument – 337 640
Deferred tax 550 565 1 065 688
Current liabilities 1 661 614 2 213 835
Trade and other payables 261 481 359 021
Linked debenture interest payable 394 446 370 967
Income tax payable 1 007 1 318
Interest-bearing borrowings 1 004 680 1 482 529
Total equity and liabilities 18 087 522 15 898 530
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
Audited Audited
for the for the
six months year
ended ended
Jun 2013 Dec 2012
R’000 R’000
Net rental and related revenue 406 620 793 777
Recoveries and contractual rental revenue 614 250 1 140 230
Straight-lining of rental revenue adjustment 11 387 51 115
Rental revenue 625 637 1 191 345
Property operating expenses (219 017) (397 568)
Distributable income from investments 113 775 210 718
Fair value gain on investment property
and investments 1 290 287 1 955 550
Fair value gain on investment property 760 185 1 061 731
Adjustment resulting from straight-lining
of rental revenue (11 387) (51 115)
Fair value gain on investments 541 489 944 934
Fair value loss on BEE instrument – (187 290)
Management fees received from PFM 42 821 79 065
Administrative expenses (46 755) (78 616)
Deconsolidation of BEE SPV 6 733 –
Profit before net finance costs 1 813 481 2 773 204
Net finance costs (289 070) (1 036 608)
Finance income 257 488 93 479
Interest from loans 39 622 75 975
Fair value adjustment on interest rate
derivatives 216 004 13 910
Interest on linked units issued cum
distribution 1 862 3 594
Finance costs (546 558) (1 130 087)
Interest on borrowings (185 231) (365 137)
Capitalised interest 33 119 37 697
Fair value adjustment on interest rate
derivatives – (106 014)
Interest to linked debenture holders
– interim (325 666)
– final (394 446) (370 967)
Profit before income tax expense 1 524 411 1 736 596
Income tax expense 513 090 (525 127)
Profit for the period attributable to
equity holders 2 037 501 1 211 469
Total comprehensive income for the period 2 037 501 1 211 469
Basic earnings per share (cents) 703,69 444,85
Basic earnings per linked unit (cents) 839,92 700,66
Diluted earnings per share (cents) 703,69 427,87
Diluted earnings per linked unit (cents) 839,92 673,91
RECONCILIATION OF PROFIT FOR THE PERIOD TO HEADLINE EARNINGS AND
DISTRIBUTABLE INCOME
Audited Audited
for the for the
six months year
ended ended
Jun 2013 Dec 2012
R’000 R’000
Basic earnings (shares) – profit for the period
attributable to equity holders 2 037 501 1 211 469
– interest to linked debenture holders 394 446 696 633
Basic earnings (linked units) 2 431 947 1 908 102
Adjusted for: (1 494 470) (661 218)
– fair value gain on investment property (748 798) (1 010 616)
– income tax effect (745 672) 349 398
Headline earnings (linked units) 937 477 1 246 884
Straight-lining of rental revenue adjustment (11 387) (51 115)
Fair value gain on investments (541 489) (944 934)
Fair value loss on BEE instrument – 187 290
Fair value adjustment on interest rate derivatives (216 004) 92 104
Interest paid by BEE SPV – 18 315
Income received by BEE SPV – (27 640)
Deconsolidation of BEE SPV (6 733) –
Income tax effect 232 582 175 729
Distributable income 394 446 696 633
Less: distribution declared (394 446) (696 633)
Income not distributed – –
Headline earnings per share (cents) 187,55 202,05
Headline earnings per linked unit (cents) 323,78 457,86
Diluted headline earnings per share (cents) 187,55 194,34
Diluted headline earnings per linked unit (cents) 323,78 440,38
Basic earnings per share, basic earnings per linked unit, headline
earnings per share and headline earnings per linked unit are based on the
weighted average of 289 544 070 (2012: 272 329 259) shares/linked units in
issue during the period.
Resilient has no dilutionary instruments in issue. For 2012 the diluted
earnings per share, diluted earnings per linked unit, diluted headline
earnings per share and diluted headline earnings per linked unit were
based on the weighted average of 283 140 070 shares/linked units in issue
during the year.
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
Non-dis-
Share Share tributable Retained
capital premium reserves earnings Total
Audited R’000 R’000 R’000 R’000 R’000
Balance at
31 December 2011 2 697 2 490 931 4 080 328 – 6 573 956
Issue of units 52 221 237 221 289
Total comprehensive
income for the year 1 211 469 1 211 469
Transfer to non-
distributable
reserves 1 211 469 (1 211 469) –
Balance at
31 December 2012 2 749 2 712 168 5 291 797 – 8 006 714
Issue of
3 800 000 units
on 7 March 2013 38 176 819 176 857
Recognition of units
issued to BEE SPV 108 142 270 (2 585) 139 793
Derecognition of
BEE instrument 337 640 337 640
Total comprehensive
income for the
period 2 037 501 2 037 501
Transfer to non-
distributable
reserves 2 037 501 (2 037 501) –
Balance at
30 June 2013 2 895 3 031 257 7 664 353 – 10 698 505
Non-distributable reserves comprise those profits and losses that are not
distributable to unitholders and are made up of revaluation adjustments on
investment property, investment property held for sale and investments,
the share of post-acquisition reserves of associates, straight-lining
adjustments and other non-distributable balances.
SUMMARISED CONSOLIDATED STATEMENT OF CASH FLOWS
Audited Audited
for the for the
six months year
ended ended
Jun 2013 Dec 2012
R’000 R’000
Cash inflow from operating activities 22 234 11 209
Cash outflow from investing activities (771 344) (704 071)
Cash inflow from financing activities 749 581 690 162
Increase/(decrease) in cash and cash equivalents 471 (2 700)
Cash and cash equivalents at beginning of period 1 126 3 826
Cash and cash equivalents at end of period 1 597 1 126
Cash and cash equivalents consist of:
Current accounts 1 597 1 126
NOTES
1 PREPARATION, ACCOUNTING POLICIES AND AUDIT OPINION
The summarised audited consolidated financial statements have been
prepared in accordance with the measurement and recognition requirements
of IFRS and its interpretations adopted by the Independent Accounting
Standards Board, the SAICA Financial Reporting Guides as issued by the
Accounting Practices Committee and Financial Reporting Pronouncements as
issued by the Financial Reporting Standards Council, the information
contained in IAS 34: Interim Financial Reporting, the JSE Listings
Requirements and the requirements of the South African Companies Act.
This report was compiled under the supervision of Nick Hanekom CA(SA), the
financial director.
The accounting policies adopted are consistent with those applied in the
prior periods with the exception of the adoption of new and revised
standards which became effective during the period. The adoption of these
standards did not have a material effect on the financial statements.
The directors are not aware of any matters or circumstances arising
subsequent to 30 June 2013 that require any additional disclosure or
adjustment to the financial statements.
Deloitte & Touche have issued their unmodified opinion on the group
financial statements for the six months ended 30 June 2013. These
summarised financial statements have been derived from the group financial
statements and are, in all material respects, consistent with the group
financial statements. A copy of their audit report is available for
inspection at Resilient’s registered address. This preliminary report has
been audited by Deloitte & Touche and an unmodified audit opinion has been
issued. The auditor’s report does not necessarily report on all of the
information contained in this preliminary report. Unitholders are
therefore advised that in order to obtain a full understanding of the
nature of the auditor’s engagement they should obtain a copy of that
report together with the accompanying financial information from
Resilient’s registered address.
2 INTANGIBLE ASSET
The intangible asset relates to the management contract of PFM, the
management company of Capital, and is carried at cost.
3 LEASE EXPIRY PROFILE (UNAUDITED)
Based on
Based on contractual
rentable rental
Lease expiry area revenue
Vacant 1,8%
Jun 14 13,2% 13,3%
Jun 15 14,9% 16,7%
Jun 16 16,1% 17,9%
Jun 17 10,0% 11,3%
Jun 18 17,9% 20,5%
>Jun 18 26,1% 20,3%
100,0% 100,0%
4 SEGMENTAL ANALYSIS
Audited Audited
for the for the
six months year
ended ended
Jun 2013 Dec 2012
R’000 R’000
Rental revenue
Retail 625 637 1 191 345
Profit before net finance costs
Retail 1 155 418 1 804 393
Corporate 658 063 968 811
Total 1 813 481 2 773 204
5 PAYMENT OF FINAL DISTRIBUTION
The board has approved and notice is hereby given of a final cash interest
distribution (distribution no 21) of 136,23 cents per linked unit for the
six months ended 30 June 2013. This interest distribution is not subject
to dividend withholding tax.
The last date to trade linked units cum distribution will be Friday, 23
August 2013 and trading will commence ex distribution on Monday, 26 August
2013. The record date to participate in the distribution will be Friday,
30 August 2013.
Linked unit certificates may not be dematerialised or rematerialised
between Monday, 26 August 2013 and Friday, 30 August 2013, both days
inclusive.
Payment of the distribution will be made to linked unitholders on Monday,
2 September 2013. In respect of dematerialised linked unitholders, the
distribution will be transferred to the Central Securities Depository
Participant accounts/broker accounts on Monday, 2 September 2013.
Certificated linked unitholders’ distribution payments will be posted on
or about Monday, 2 September 2013.
Directors
JJ Njeke (chairman); Des de Beer*; Thembi Chagonda; Andries de Lange*;
Marthin Greyling; Nick Hanekom*; Bryan Hopkins; Johann Kriek*; Spiro
Noussis; Umsha Reddy; Barry van Wyk (* executive director)
Changes to the board of directors
Jorge da Costa, David Lewis and Phumelele Msweli retired from the board on
26 April 2013.
Company secretary
Rajeshree Sookdeyu
Registered address
4th Floor Rivonia Village, Rivonia Boulevard, Rivonia, 2191
Transfer secretaries
Link Market Services South Africa Proprietary Limited
13th Floor, Rennie House, 19 Ameshoff Street, Braamfontein, 2001
Sponsor
Java Capital
Date: 06/08/2013 12:38:00 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.
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