Wrap Text
Reviewed financial results for year ended 30 June 2013 and income distribution declaration
EMIRA PROPERTY FUND
(A property fund created under the Emira Property Scheme,
registered in terms of the Collective Investment Schemes Control Act No. 45 of 2002)
Share code: EMI
ISIN: ZAE000050712
(Emira or the Fund)
Reviewed financial results
for year ended 30 June 2013 and income distribution declaration
Growth in distribution +3,5%
Vacancies decreased to 5,6%
Net asset value growth of 14,9% to 1 325c per PI
Total return of 26,2%
Commentary
The board of directors of Strategic Real Estate Managers (Pty) Ltd (STREM) is pleased to announce a distribution of
114,59 cents per Emira participatory interest (PI) for the 12 months to 30 June 2013. This is an increase of 3,5% on
the previous comparable period, and results in PI holders receiving a total return of 26,2% for the period, comprising a
capital return of 17,3% and income return of 8,9%.
Vacancies and tenant renewals: Vacancies as a percentage of GLA decreased from 10,2% at June 2012 to 5,6% by June 2013,
which represents a decline in vacancies of 55,319m², primarily driven by substantial leasing in the office and retail sectors.
Major new leases concluded include: 20 Anvil Road let to a single tenant of 12 248m² for seven years, a lease for 4 094m²
to SARS for five years at Waterkloof House, an engineering firm on a five year lease for 3 805m² at 96 Loper Road, 7 383m² to
Eskom at 1 Kikuyu Road for three years, 5 374m² to BMW at 500 Smuts Drive for one year, 2 652m² to Damelin at Faerie Glen for
three years and 2 378m² to SAFCOL at Podium at Menlyn for five years.
During the period the Fund also managed to renew its largest tenant by GLA, RTT Group, which occupies a total of 59 594m², for
a period of approximately 5,5 years from January 2013. Other major lease renewals include: 10 239m² to Sasol, in Rosebank for
5 years, 6 603m² to Mitek in Midrand for 3 years and 5 870m² to Auto Spares at Cochrane Avenue for 1 year.
Disposals: The strategy to dispose of non-core buildings continued during the period under review. Three properties
totalling R85,9m - Mutual Mews, 33 Heerengracht and Midrand Business Park, were transferred during the period.
A further five properties - Montana Value Centre, Worldwear Fashion Mall, Fleetway House, 261 Surrey Avenue and Georgian Place,
totalling R155,2m had been unconditionally sold at 30 June 2013 but had not yet been transferred. Ten non-core properties with
a value of R469,5m remain on the disposal list.
Acquisitions: As was reported previously, the Fund acquired a new 13 782m² A-grade office development on the corner of Corobay
and Aramist Avenues in Menlyn, Pretoria, for R311,5m. The building is 70% let to Worley Parsons on a ten year lease.
Subsequent to the year end, the Fund took transfer of three buildings in the Highgrove Office Park, Centurion, for R24,6m, taking
the number of buildings owned in this A-Grade office park to six, valued at R105,2m.
Refurbishments and extensions: Several projects totalling approximately R610,2m are underway, the most significant of
which include (i) a major upgrade and extension to Wonderpark Shopping Centre, where the centre is being enlarged from
63 000m² to 90 000 m² to accommodate existing national tenants such as Game, Woolworths, Jet and Edgars and the
introduction of new anchor tenants such as Checkers, Dis-Chem, Stuttafords, Hi Fi Corp, PQ Clothing, Cotton On and The Hub
(R513m), (ii) a substantial refurbishment at Hyde Park Lane (R21,3m), (iii) the refurbishment of Braamfontein Centre (R16,7m),
(iv) extensions to Kokstad Shopping Centre for national tenants (R11,0m), and (v) the refurbishment of East Coast Radio House
(R10,1m) in return for a 10 year lease. The extension of Woolworths at Boskruin Shopping Centre (R9,5m) was completed during
the period.
Repurchases of Participatory Interests (PIs): The board previously approved the implementation of a PI repurchase
programme which was confirmed by PI holders at the AGM in November 2012. In terms of the programme, a portion of the
proceeds from the sale of the properties can be used to repurchase PIs in the open market. Between 30 June 2011 and 30 June
2013, 10,7m PIs had been repurchased in the open market at a cost of R137,6m, an average of R12,85 per PI.
The Fund will continue to repurchase PIs at prices considered beneficial to PI holders.
Gearing: In order to take advantage of the lower interest rates available in the debt capital market, Emira issued
R400m of 3-month unsecured commercial paper in August 2012. The proceeds raised were used to partly repay a portion of the
R650m Emira commercial mortgage backed securitisation (CMBS) which was due for repayment in March 2013. The
commercial paper was successfully rolled-over in November 2012, February 2013 and August 2013.
Furthermore, in November 2012, Emira placed 1-year unsecured commercial paper for R450m at an all-in-rate of 5,825%.
R250m of the proceeds were used to repay the balance of the Emira CMBS and the balance will be used to fund the capital
expenditure noted above.
In December 2012, the Fund restructured its debt swap profile by extending and cancelling swap contracts that were at
unfavourable rates and taking out new interest-rate swap agreements at lower rates. After taking into account the
funding costs in respect of the cancellation fees paid of R28,7m, there is an estimated benefit to the Funds interest rate
costs of R4,5m per annum. The cancellation fees paid did not affect distributions.
In addition, in April 2013, swaps with a nominal value of R526m were extended by three years each, resulting in a
saving in interest costs of approximately R2m per annum.
Growthpoint Australia Limited (GOZ): In place of the cash distribution for the six months to 31 December 2012,
Emira elected to receive 943 242 GOZ stapled securities at a price of AUD 2,18, in terms of GOZs distribution reinvestment
plan. Emiras investment in GOZ continues to appreciate as a result of an increase in the unit price as well as the
depreciation of the rand. At 30 June 2013, GOZs unit price as quoted on the ASX was AUD 2,40, resulting in Emiras
investment, of 24 784 036 units, being valued at R537,1m (2012 - R418,5m).
Property management: During the period, it was decided to put the Funds property management contract out to tender.
Certain national property managers, including the current property manager - Eris Property Group (Eris) - were
requested to submit tenders. After evaluating the submissions, it was decided to award the management of the Funds office and
industrial properties, as well as Wonderpark Shopping Centre to Eris, and the balance of the retail properties, equating
to 26% of the portfolio by GLA and 47% by number of tenants, to Broll Property Group with effect from 1 January 2013.
Cost savings achieved as a result of the tender are expected to provide meaningful benefits to PI holders.
Results
Contractual escalations on the bulk of the portfolio, significant reduction in vacancies during the period and stringent cost
control, which includes savings from the property management tender, have resulted in the Fund achieving an
increase in distributable income during the period.
Excluding the straight-lining adjustments in respect of future rental escalations, revenue rose by 7,5% over the
comparable period. This was positively impacted by the leasing of vacant space, acquisitions and redevelopments in excess of R700m,
organic growth from the existing portfolio and increased recoveries of municipal expenses, offset by disposals.
Property expenses increased by 6,4% over the previous comparable period, being successfully contained below revenue
growth. Excluding the significant increase in municipal costs and leasing expenses, the balance of property expenses actually reduced,
assisted by the re-negotiation of the property management contract mentioned above.
Income from the Funds listed investment in Australia increased by 8,4% due to an increase in the distribution per
unit received from GOZ, the depreciation of the rand against the Australian dollar, as well as increased units being held
as a result of the re-investment of the December 2012 distribution.
Net finance costs rose by 28,5% to R236,9m as a result of the incremental drawdown of R247,8m of the Funds available debt
facilities for the significant capital expenditure and redevelopments noted above, while the average interest rate payable declined from 9,3%
to 8,7% following the debt facility and interest-rate swap restructuring, as well as the decline in lending rates.
Net asset value increased by 14,9% from 1153 cents per PI (1196 cents excluding the deferred tax provision) to 1325
cents per PI (1328 cents) at 30 June 2013 following the revaluation of investment properties, the reversal of the
provision for deferred capital gains tax, of R200,7m as a result of Emira becoming a REIT with effect from 1 July 2013, the unrealised gain
on the revaluation of the investment in GOZ and the unrealised surplus on the revaluation of interest rate swap
contracts.
Distribution statement
Year ended Year ended
30 June 30 June
R000 2013 2012 % change
Operating lease rental income and tenant recoveries excluding
straight-lining of leases 1 353 853 1 259 787 7,5
Property expenses excluding amortised upfront lease costs (506 371) (475 728) 6,4
Per statement of comprehensive income (500 970) (475 141) 5,4
Amortised upfront lease costs (5 401) (587)
Net property income 874 482 784 059 8,1
Income from listed investment 36 332 33 522 8,4
Management expenses
Reimbursement to STREM (20 779) (18 061) 15,0
Administration expenses (44 227) (47 037) (6,0)
Per statement of comprehensive income (70 572) (66 764) 5,7
Charge in respect leave pay and share appreciation rights scheme 5 506 1 608
Management expenses incurred by STREM included in the above 20 839 18 119 15,0
Depreciation (12 006) (10 739) 11,8
Per statement of comprehensive income (12 052) (10 757) 12,0
Depreciation incurred by STREM included in the above 46 18
Net finance costs (236 946) (184 373) 28,5
Finance costs (245 000) (189 571) 29,2
Interest paid and amortised borrowing costs (247 036) (208 205) 18,7
Interest capitalised to the cost of developments 2 036 26 168 (92,2)
Preference share dividends paid - (6 849) (100,0)
STC on preference share dividends paid - (685) (100,0)
Investment income 8 054 5 198 54,9
Per statement of comprehensive income 8 160 5 274 54,7
Investment income earned by STREM (106) (76) 39,5
Distribution payable to participatory interest holders 569 856 557 371 2,2
Number of units in issue 497 299 883 500 864 482 (0,7)
Distribution per participatory interest (cents) 114,59 110,68 3,5
Disposals
In accordance with the strategy of the Fund, certain properties that are underperforming or pose excessive risk to the Fund are earmarked
and disposed of.
Properties transferred out of Emira during the 12 months to June 2013
Valuation Sale Exit
June 11 price yield
Property Sector Location GLA (m²) (Rm) (Rm) (%) Effective date
Mutual Mews Retail Rivonia, Gauteng 1 596 12,0 11,9 11,9 31 July 2012
33 Heerengracht Office Cape Town, CBD 6 744 19,2 25,0 (1,4)* 3 August 2013
Midrand Business Park Office Midrand, Gauteng 13 420 52,2 49,0 10,9 31 August 2013
83,4 85,9 7,4
*Building was substantially vacant and had largely been mothballed, resulting in operating expenses with minimal income.
Properties sold but not yet transferred out of Emira at June 2013
Valuation Sale
June 12 price Anticipated
Property Sector Location GLA (m²) (Rm) (Rm) effective date
Fleetway House Office Cape Town CBD 7 090 33,4 32,7 August 2013
Georgian Place Office Kelvin, Gauteng 9 485 32,4 30,5 August 2013
Montana Value Centre Retail Montana, Gauteng 9 717 39,2# 50,0 September 2013
261 Surrey Avenue Office Ferndale, Gauteng 1 752 6,4 7,2 September 2013
Worldwear Fashion Mall Retail Fairlands, Gauteng 14 172 37,0 34,8 December 2013*
148,4 155,2
* Although the property has not yet been transferred out of Emira, a possession date of 15 April 2013 has been agreed to with the purchaser.
# Valuation at June 2011
Number of June 12 Vacancy Number of June 13 Vacancy
Vacancies of buildings GLA (m²) June12 % of buildings GLA (m²) June 13 %
Office 69 449 283 83 657 18,6 69 431 859 46 200 10,7
Retail 38 379 741 24 623 6,5 37 363 391 10 157 2,8
Industrial 42 340 244 10 783 3,2 42 338 568 7 387 2,2
Total 149 1 169 268 119 063 10,2 148 1 133 818 63 744 5,6
Valuations
One-third of Emiras portfolio is valued by independent valuers at the end of every financial year, with the balance being valued by the directors.
Total portfolio movement
June 2012 June 2013 Difference Difference
Sector (R000) R/m² (R000) R/m² (%) (R000)
Office 3 884 752 8 647 4 557 146 10 552 17,3 672 394
Retail 3 027 980 7 974 3 312 760 9 116 9,4 284 780
Industrial 1 446 640 4 252 1 530 500 4 521 5,8 83 860
Property under development 454 346 (454 346)
8 813 718 9 400 406 6,7 586 688
Investment properties increased by R586,7m made up of capital expenditure including capitalised interest, of R254,2m,
less disposals of R120,7m, depreciation of R12,1m and a net upward revision in property values of R465,3m.
Debt
Emira has a moderate level of gearing with debt to total assets at 30 June 2013 equating to 28,4%.
As at 30 June 2013, 77,1% of the Funds debt had been fixed for periods of between 2,5 and 11,5 years.
Weighted Weighted
average rate % average term Amount (Rm) % of debt
Debt - Swap 9,3 6 years 7 months 2 216,6 77,1
Debt - Floating 6,3 659,3 22,9
Total 8,7 2 875,9 100,0
Less: Costs capitalised not yet amortised (3,2)
Per statement of financial position 2 872,7
Directorate
Mr Gerhard van Zyl has been appointed to the board of STREM, subject to the approval of the Financial Services Board.
REIT status
Emira has been awarded REIT status by the JSE Limited, with effect from 1 July 2013.
Prospects
PI holders are expected to gain from the substantial decline in vacancies, the successful management of property
expenses and the renegotiation of certain interest-rate swap contracts. The STREM Board believes that these benefits,
together with the contractual escalations on the bulk of the portfolio, will, based on current expectations, result in real
distribution growth in the coming year. The forecast financial information on which this statement has been based has not been
reviewed or reported on by the Funds auditors.
Independent review
The financial information has been reviewed by PricewaterhouseCoopers Inc. whose unqualified review conclusion is
available for inspection at Emiras registered address. The distribution statement was not reviewed.
Income distribution declaration
Notice is hereby given that a final cash distribution of 58,90 cents (2012: 56,87 cents) per participatory interest
has been declared, payable to participatory interest holders on 16 September 2013. The source of the distribution
comprises net income from property rentals, income earned from the Funds listed property investment and interest earned on
cash on deposit. Please refer to the statement of comprehensive income for further details. The distribution is not
regarded as a dividend and therefore no dividend withholding tax is payable on the distribution amount.
Last day to trade cum distribution Friday, 6 September 2013
Participatory interests trade ex distribution Monday, 9 September 2013
Record date Friday, 13 September 2013
Payment date Monday, 16 September 2013
PI certificates may not be dematerialised or rematerialised between Monday, 9 September 2013 and Friday, 13 September
2013, both days inclusive.
By order of the STREM Board
Martin Harris Ben van der Ross James Templeton Bryanston
Company Secretary Chairman Chief Executive Officer 19 August 2013
Condensed consolidated statement of comprehensive income
Reviewed Audited
year ended year ended
R000 30 June 2013 30 June 2012
Revenue 1 342 244 1 253 379
Operating lease rental income and tenant recoveries 1 353 853 1 259 787
Allowance for future rental escalations (11 609) (6 408)
Income from listed property investment 36 332 33 522
Property expenses (500 970) (475 141)
Payment in respect of amendment to existing service charge arrangement - (68 250)
Fee paid on cancellation of interest-rate swap agreements (28 713) -
Administration expenses (70 572) (66 764)
Depreciation (12 052) (10 757)
Operating profit 766 269 665 989
Net fair value adjustments 577 023 307 127
Net fair value gain on investment properties 471 542 218 242
Change in fair value as a result of straight-lining lease rentals 11 609 6 408
Change in fair value as a result of amortising upfront lease costs (5 401) (587)
Change in fair value as a result of property appreciation in value 465 334 212 421
Revaluation of share appreciation rights scheme derivative financial instrument 6 340 (243)
Unrealised gain on fair valuation of listed property investment 99 141 89 128
Profit before finance costs 1 343 292 973 116
Net finance costs (108 104) (325 175)
Finance income 8 160 5 274
Interest received 8 160 5 274
Finance costs (116 264) (330 449)
Interest paid and amortised borrowing costs (247 036) (208 205)
Interest capitalised to the cost of developments 2 036 26 168
Preference share dividends paid - (6 849)
Unrealised surplus/(deficit) on interest-rate swaps 128 736 (141 563)
Profit before income tax credit/(charge) 1 235 188 647 941
Income tax credit/(charge) 200 750 (68 669)
SA normal taxation - (9 796)
Deferred taxation 200 750 (58 188)
- Revaluation of investment properties 205 792 (53 201)
- Other timing differences including allowance for future rental escalations (5 042) (4 987)
STC on preference share dividends paid - (685)
Profit for the year 1 435 938 579 272
Attributable to Emira equity holders 1 441 444 581 037
Attributable to minority interests (5 506) (1 765)
1 435 938 579 272
Total comprehensive income
Attributable to Emira equity holders 1 441 444 581 037
Attributable to minority interests (5 506) (1 765)
1 435 938 579 272
Condensed consolidated statement of cash flows
Reviewed Audited
year ended year ended
R000 30 June 2013 30 June 2012
Cash generated from operations 784 199 770 266
Finance income 8 160 5 274
Interest paid (247 036) (208 205)
Preference share dividends paid - (6 849)
Taxation paid (162) (9 770)
Payment in respect of amendment to existing service charge arrangement - (68 250)
Fee paid on cancellation of interest-rate swaps (28 713) -
Distribution to participatory interest holders (561 788) (568 750)
Cash flows from operating activities (45 340) (86 284)
Acquisition of, and additions to, investment properties and fixtures and fittings (252 070) (675 077)
Proceeds on sale of investment properties and fixtures and fittings 120 700 266 400
Additional investment in listed property fund (19 502) (61 096)
Cash flows from investing activities (150 872) (469 773)
Participatory interests repurchased (51 141) (86 530)
Increase in interest-bearing debt 247 803 574 171
Derivative acquired in respect of share appreciation rights scheme - (3 908)
Cash flows from financing activities 196 662 483 733
Net increase/(decrease) in cash and cash equivalents 450 (72 324)
Cash and cash equivalents at the beginning of the year 22 188 94 512
Cash and cash equivalents at the end of the year 22 638 22 188
Condensed consolidated statement of financial position
Reviewed Audited
R000 30 June 2013 30 June 2012
Assets
Non-current assets 9 366 817 8 603 145
Investment properties 8 640 590 8 006 870
Allowance for future rental escalations 130 605 140 296
Unamortised upfront lease costs 39 306 33 855
Fair value of investment properties 8 810 501 8 181 021
Listed property investment 537 102 418 459
Derivative financial instruments 19 214 3 665
Current assets 158 017 126 504
Accounts receivable and prepayments 131 176 104 316
Derivative financial instruments 4 203 -
Cash and cash equivalents 22 638 22 188
Non-current assets held for sale 589 905 632 697
Total assets 10 114 739 9 362 346
Equity and liabilities
Participatory interest holders capital and reserves 6 590 162 5 775 221
Non-current liabilities 1 440 682 2 317 506
Interest-bearing debt 1 362 722 1 974 919
Derivative financial instruments 62 737 126 614
Deferred taxation 15 223 215 973
Current liabilities 2 083 895 1 269 619
Short-term portion of interest-bearing debt 1 510 000 650 000
Accounts payable 262 056 265 616
Derivative financial instruments 18 929 69 161
Distribution payable to participatory interest holders 292 910 284 842
Total equity and liabilities 10 114 739 9 362 346
Reconciliation between earnings and headline earnings and distribution
Reviewed Audited
year ended year ended
R000 30 June 2013 30 June 2012
Profit for the year 1 435 938 579 272
Adjusted for:
Net fair value gain on revaluation of investment properties (471 542) (218 242)
Deferred taxation on revaluation of investment properties (205 792) 53 201
Headline earnings 758 604 414 231
Adjusted for:
Allowance for future rental escalations 11 609 6 408
Amortised upfront lease costs (5 401) (587)
Unrealised surplus on interest rate swaps (128 736) 141 563
Revaluation of share appreciation rights scheme derivative financial instrument (6 340) 243
Unrealised gain on listed property investment (99 141) (89 128)
Payment in respect of amendment to existing service charge arrangement - 68 250
Charge in respect of leave pay provision and share appreciation rights scheme 5 506 1 608
Fee paid on cancellation of interest-rate swap agreements 28 713 -
SA normal taxation - capital gains tax arising on sale of properties - 9 796
Deferred taxation - other timing differences 5 042 4 987
Distribution payable to participatory interest holders 569 856 557 371
Distribution per participatory interest
Interim (cents) 55,69 53,81
Final (cents) 58,90 56,87
Total (cents) 114,59 110,68
Number of participatory interests in issue at the end of the year 497 299 883 500 864 482
Weighted average number of participatory interests in issue 497 949 166 506 806 636
Earnings per participatory interest (cents) 288,37 114,30
The calculation of earnings per participatory interest is based on net profit for the year of R1 435,9 million (2012: R579,3 million),
divided by the weighted average number of participatory interests in issue during the year of 497 949 166 (2012: 506 806 636).
Headline earnings per participatory interest (cents) 152,35 81,73
The calculation of headline earnings per participatory interest is based on net profit for the year, adjusted for non-trading items,
of R758,6 million (2012: R414,2 million), divided by the weighted average number of participatory interests in issue during the year
of 497 949 166 (2012: 506 806 636).
Basis of preparation and accounting policies
The condensed consolidated preliminary financial statements of Emira Property Fund (Emira or the Fund) have been
prepared in accordance with International Financial Reporting Standards (IFRS) including IAS 34, and are in compliance
with the Listings Requirements of the JSE Limited. The accounting policies used in the preparation of these financial
statements are consistent with those used in the annual financial statements for the year ended 30 June 2012.
As a result of the amendment to the service charge arrangements, in terms of IFRS, the risk and rewards of the manager
of Emira, Strategic Real Estate Managers (Pty) Limited (STREM) are deemed to be attributable to Emira. The financial
statements of STREM have therefore been consolidated with those of Emira, even though Emira has no direct or indirect
shareholding in STREM. This report was compiled under the supervision of Peter Thurling CA(SA), the Chief Financial
Officer.
Condensed consolidated statement of changes in equity
Revaluation Non-
Participatory and other Retained controlling
R000 interest reserves earnings interest Total
Balance at 30 June 2011 3 755 926 2 081 521 (1 356) 3 759 5 839 850
Participatory interests repurchased (86 530) (86 530)
Total comprehensive income/(loss) for the year 581 037 (1 765) 579 272
Distribution to participatory interest holders (557 371) (557 371)
Transfer to fair value reserve (net of deferred taxation) 23 597 (23 597) -
Balance at 30 June 2012 3 669 396 2 105 118 (1 287) 1 994 5 775 221
Participatory interests repurchased (51 141) (51 141)
Total comprehensive income/(loss) for the year 1 441 444 (5 506) 1 435 938
Distribution to participatory interest holders (569 856) (569 856)
Transfer to fair value reserve (net of deferred taxation) 871 588 (871 588) -
Balance at 30 June 2013 3 618 255 2 976 706 (1 287) (3 512) 6 590 162
Related parties and related party transactions
The following transaction were carried out with a related parties:
Reviewed Audited
year ended year ended
R000 30 June 2013 30 June 2012
Strategic Real Estate Managers (Pty) Limited
Payment in respect of amendment to existing service charge arrangement - 68 250
Relationship: Manager of Emira Property Fund
Segmental information
Administrative
Sectoral segments - R000 Office Retail Industrial and Corporate Total
Revenue 614 192 536 344 191 708 1 342 244
Revenue 605 937 538 807 209 109 1 353 853
Allowance for future rental escalations 8 255 (2 463) (17 401) (11 609)
Segmental result
Operating profits 371 709 293 525 125 383 (24 348)* 766 269
Investment properties 4 557 146 3 312 760 1 530 500 9 400 406
Geographical segments
Revenue
- Gauteng 466 485 343 674 137 475 947 634
- Western and Eastern Cape 75 447 52 099 23 752 151 298
- KwaZulu-Natal 45 314 88 744 30 481 164 539
- Free State 26 946 51 827 78 773
614 192 536 344 191 708 1 342 244
Investment properties
- Gauteng 3 501 373 2 113 289 1 157 600 6 772 262
- Western and Eastern Cape 592 250 353 308 178 600 1 124 158
- KwaZulu-Natal 314 423 523 839 194 300 1 032 562
- Free State 149 100 322 324 471 424
4 557 146 3 312 760 1 530 500 9 400 406
* Includes income from listed property investment of R36,3 million less the fees paid on cancellation of interest-rate swaps of
R28,7 million and general Fund expenses of R31,9 million.
For the detailed interim report visit our website: www.emira.co.za
Fund Manager: Strategic Real Estate Managers (Pty) Limited Directors of the Fund Manager: BJ van der Ross
(Chairman)*, JWA Templeton (Chief Executive Officer), MS Aitken*, BH Kent**, V Mahlangu**, NE Makiwane**, W McCurrie*, MSB
Neser**, V Nkonyeni*, PJ Thurling, U van Biljon *Non-executive Director **Independent
Non-executive Director
Registered address: 1st Floor, Optimum House, Epsom Downs Office Park, 13 Sloane Street,Bryanston
Sponsor: Rand Merchant Bank (a division of FirstRand Bank Limited)
Transfer Secretaries: Computershare Investor Services (Pty) Limited, 70 Marshall Street, Johannesburg, 2001
Date: 20/08/2013 01:22:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE').
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