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Provisional summarised audited consolidated financial statements for the year ended 31 December 2013
CAPITAL PROPERTY FUND
(“CAPITAL” OR “THE FUND”)
SHARE CODE CPL ISIN ZAE000001731
(A PORTFOLIO IN CAPITAL PROPERTY TRUST SCHEME, A COLLECTIVE INVESTMENT
SCHEME IN PROPERTY ESTABLISHED IN TERMS OF THE COLLECTIVE INVESTMENT
SCHEMES CONTROL ACT, NO 45 OF 2002)
(APPROVED AS A REIT BY THE JSE)
MANAGED BY PROPERTY FUND MANAGERS LIMITED
(REGISTRATION NO. 1980/009531/06)
(“PFM”)
PROVISIONAL SUMMARISED AUDITED CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2013
DIRECTORS’ COMMENTARY
NATURE OF THE BUSINESS
Capital is a Real Estate Investment Trust (“REIT”) and is the owner of the
largest A-grade logistics portfolio in South Africa. Capital’s investment
portfolio also includes A and B-grade offices, a small portfolio of retail
properties and a portfolio of listed securities.
DISTRIBUTABLE EARNINGS
In line with guidance, Capital’s distribution increased by 8,37% to 75,62
cents per unit for the year ended 31 December 2013. The distribution for
the final six months of the financial year is 40,04 cents per unit, an
increase of 9,70% over the previous comparable period.
STRATEGY
Capital’s strategy is to invest in and develop A-grade logistics
facilities and premium grade offices in the major metropolitan areas. The
South African office market is currently characterised by high vacancies,
increasing supply from developers and rising operating costs. Average
municipal rates in Capital’s office portfolio now exceeds R17/m² and this
is impacting negatively on both net income and valuations. The board is of
the opinion that this market will remain distressed for a number of years,
making it difficult to achieve acceptable returns. As a result Capital has
reduced its exposure to offices from 23,7% of total assets at 31 December
2012 to the current 20,1%.
Capital continues to reduce its exposure to smaller retail properties and
to re-invest the proceeds in its development pipeline. Through
redevelopment and sales, progress continues with the reduction in exposure
to industrial buildings designed for manufacturing purposes. Manufacturing
properties now comprise only R559 million of total assets.
Capital’s offshore investments have increased significantly and now
constitute 13,3% of total assets compared with 4,5% at 31 December 2012
based on market value. The board is of the opinion that the political and
economic conditions in South Africa will remain challenging and that
Capital is well structured to perform in this environment.
REVIEW
Net income from the core property portfolio increased by 5,5% compared
with the previous financial year. The core office portfolio achieved a
solid growth of 6,6%, however, this was off the low base with high
vacancies in 2012. The vacancy in Fourways Office Park was reduced to
21,8% following its refurbishment. The core logistics portfolio
performance (58,0% of the property portfolio) was negatively affected by
the early renewal of 118 Brakpan Road and the re-letting of 39 Galaxy
Avenue at lower rentals. This portfolio nonetheless achieved growth of
5,4%. Following the refurbishment and re-letting of Thrupps Illovo Centre
and Pineslopes Shopping Centre, where Checkers commenced trading in
November 2013, the income from the core retail portfolio increased by
6,9%.
In line with Capital’s strategy of continually refreshing its portfolio,
new buildings with a gross lettable area (“GLA”) of 49 852m² were
completed in 2013 and existing buildings with a GLA of 29 352m² are being
rebuilt or extensively refurbished.
Capital benefitted from a strong performance of its listed holdings. The
distributions from New Europe Property Investments plc (“Nepi”) and
Rockcastle Global Real Estate Company Limited were further increased by
the sharp devaluation in the Rand. The R14 million cost of Capital’s R200
million interest rate cap was expensed against this additional unbudgeted
income.
Capital has always conservatively hedged its interest rate exposure. At
the financial year end, 80,8% of Capital’s borrowings were hedged with an
average expiry of 4,4 years.
CORPORATE RESTRUCTURING AND REIT STATUS
Capital has been approved as a REIT with effect from 1 January 2014. In
line with a proposed industry initiative under the SA REIT Association,
Capital intends converting to a corporate REIT, as a result of which it
would no longer be subject to the Collective Investment Schemes Control
Act (Act 45 of 2002). In addition, and as previously announced by way of
SENS published on 5 April 2013, the board has in principle agreed to the
internalisation of the management of Capital. The board of Property Fund
Managers Limited considers it optimal to implement the conversion and
internalisation simultaneously. These changes are subject to various
regulatory and unitholder approvals.
The major advantage of REIT status is tax certainty regarding the flow-
through of pre-tax income to investors and relief from capital gains tax
on the disposal of investment property and qualifying investments. Capital
provided deferred tax at the income tax rate on the recoupment of capital
allowances claimed on investment property as well as the fair value
adjustment on the investment in Nepi.
ACQUISITIONS AND DEVELOPMENTS
Further progress has been made with the pipeline of new logistics
developments and additional land was acquired to extend the development
pipeline.
The following developments were completed:
100%
Description % owned GLA Yield Completion
Raceway Industrial Park 100% 21 345m² 9,7% Jul 13
16 Industry Road 100% 11 182m² 8,2% Oct 13
N1 Business Park 20% 7 355m² 9,1% May 13
N1 Business Park 20% 5 300m² 9,2% Nov 13
Montague Business Park 25% 6 332m² 9,0% Jul 13
Montague Business Park 25% 4 466m² 8,5% Dec 13
Montague Business Park 25% 1 686m² 8,3% Aug 13
14 Fitzmaurice Epping 100% 3 368m² 9,2% Apr 13
The following new developments have commenced:
100% Estimated Estimated
Description % owned GLA yield completion
Raceway Industrial Park 100% 40 750m² 9,0% Jun 14
Montague Business Park 25% 19 840m² 8,1% Jul 14
N1 Business Park 20% 12 907m² 9,9% Jan 14
Capital owns the following land for future developments:
Estimated
100% Intended commence-
Description % owned GLA use ment
Clairwood Logistics Park 100% 350 000m² Logistics Sep 14
P-grade
Sandton Offices* 80% 60 000m² offices Sep 14
Tradeport City Deep 100% 52 000m² Logistics May 14
Linbro Park 100% 30 000m² Logistics Feb 14
Linbro Park 100% 30 000m² Logistics Jun 14
Pomona 100% 20 000m² Logistics May 14
*Acquisition unconditional, not yet transferred.
The following redevelopments have commenced:
Redevelopment Estimated Estimated
Description % owned GLA yield completion
Noursepack Epping 2 100% 17 634m² 8,5% Jun 14
14 Fitzmaurice Avenue
Epping 2 100% 11 718m² 8,5% Jun 14
DISPOSALS
Capital sold three large portfolios of properties. Seven properties were
sold to Tower Property Fund Limited (“Tower”) for a consideration of R161
million in cash and R171 million in Tower shares. Three properties were
sold to Delta Property Fund Limited (“Delta”) for R300 million and settled
75% in cash and 25% in Delta shares. A further six properties were sold to
Dipula Income Fund Limited and the full R559 million was received in cash.
The following properties were sold in 2013:
Sales Valuation at
proceeds 31 Dec 2012 Exit Effective
Property name R’000 R’000 yield date
Menlyn Dealership 250 000 236 700 9,1% 11 Feb 13
Leeuwkop Road
Sunninghill 184 020 164 700 8,8% 1 Dec 13
Gezina Galleries 159 330 152 600 9,8% 19 Jul 13
Ziyabuya Shopping Centre 116 000 110 000 9,7% 4 Jul 13
Woodmead Super Value Mall 104 660 101 200 9,1% 31 Jul 13
3 Simba Road Sunninghill^ 82 950 59 200 8,7% 1 Jan 14
Shoprite Centre Pretoria
North 76 640 70 600 9,0% 15 Jul 13
Blackheath Pavilion 70 500 63 900 9,6% 15 Jul 13
382 Jan Smuts Avenue
Craighall 68 215 56 300 9,0% 1 Jul 13
63 Wierda Road East
Wierda Valley 63 500 46 600 8,5% 30 Apr 13
The Braides 57 935 62 000 9,1% 1 Jul 13
Constantia View
Office Park 56 477 52 000 9,1% 1 Jul 13
3 River Road Bruma 45 558 44 900 9,1% 1 Jul 13
135 Musgrave Road 45 307 40 600 9,2% 1 Jul 13
31 Beacon Road
Florida North 42 612 37 800 9,1% 1 Jul 13
5 Simba Road Sunninghill^ 33 030 26 100 8,7% 1 Jan 14
1211 Umgeni Road Transfer
Stanford Hill^ 32 500 51 000 5,5% date
Woodmead Square 31 900 27 700 9,4% 31 Jul 13
30 Impala Road
Chiselhurston^ 24 500 24 400 8,2% 9 Jan 14
Liberty Redlands
Pietermaritzburg 22 600 21 200 8,5% 6 Sep 13
Willowvale 15 979 17 900 9,2% 1 Jul 13
Cascades Office Park
Pietermaritzburg 15 800 15 400 9,5% 29 Aug 13
Total 1 600 013 1 482 800
^Held for sale at 31 December 2013.
VACANCIES AND ARREARS
Vacancies remained unchanged at 5,1% compared with 30 June 2013. Logistics
and industrial vacancies increased to 4,8% (4,3% at 30 June 2013), office
vacancies decreased to 8,0% (9,5% at 30 June 2013) and retail vacancies
reduced to 3,6% (5,2% at 30 June 2013) based on gross lettable area.
There was no material change in arrears and bad debts are well provided
for.
EQUITY INVESTMENTS
December 2013 December 2012
Number Market value Number Market value
of shares R’000 of shares R’000
Rockcastle Global
Real Estate Company
Limited 121 705 087* 1 703 871 11 650 000 117 665
New Europe Property
Investments plc 16 024 304 1 297 969 15 041 719 797 211
Resilient Property
Income Fund Limited 16 200 000 899 100 16 200 000 835 758
Fortress Income
Fund Limited B 96 000 000 878 400 96 000 000* 672 000
Fortress Income
Fund Limited A 23 200 000 341 040 34 200 000* 499 320
Ascension Properties
Limited A^ 42 750 000 190 238 91 592 255* 404 838
Ascension Properties
Limited B 45 600 000 114 000 61 824 772* 132 923
Delta Property Fund
Limited^ 8 204 677 70 971 4 500 000 37 800
Tower Property Fund
Limited^ 4 021 474 32 976 – –
5 528 565 3 497 515
*Equity accounted.
^Subsequent to the financial year end, Capital sold its stakes in Delta,
Tower and 32 274 150 Ascension Properties Limited A shares.
FUNDING
Capital increased the size of its DMTN Programme from R2 billion to
R3 billion and R1,8 billion of notes were in issue at 31 December 2013.
Capital had R715 million available on existing bank facilities at year
end.
OUTLOOK
The quality of Capital’s property portfolio places it in the position to
achieve solid growth in a difficult macro-economic environment. Capital
should continue to benefit from the strong growth of its listed
securities, particularly the Rand hedge counters.
Based on forecast exchange rates of R10 to the US Dollar and R13,75 to the
Euro, the board anticipates that Capital will achieve growth in
distributions of approximately 9% for the 2014 financial year. This
forecast has not been reviewed or reported on by Capital’s auditors.
The forecast is based on the assumption 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 and
rates and taxes. Budgeted rental income was based on contractual
escalations and anticipated market related renewals and re-lets.
By order of the board
Barry Stuhler Rual Bornman
Managing director Financial director
29 January 2014
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
Audited Audited
Dec 2013 Dec 2012
R'000 R’000
ASSETS
Non-current assets 22 118 799 20 082 071
Investment property 15 241 095 15 910 791
Straight-lining of rental revenue adjustment 399 104 154 523
Investment property under development 1 045 365 870 009
Investments 3 824 693 1 788 434
Investment in associate companies 1 608 542 1 358 314
Current assets 473 173 257 577
Investment property held for sale 183 286 –
Straight-lining of rental revenue adjustment 1 306 –
Trade and other receivables 261 056 243 524
Cash and cash equivalents 27 525 14 053
Total assets 22 591 972 20 339 648
EQUITY AND LIABILITIES
Capital of Fund 16 575 133 13 963 835
Trust capital 9 273 620 9 273 620
Non-distributable reserves 7 301 513 4 690 215
Retained earnings – –
Total liabilities 6 016 839 6 375 813
Non-current liabilities 3 707 238 4 379 852
Interest-bearing borrowings 3 693 171 3 643 718
Deferred tax 14 067 736 134
Current liabilities 2 309 601 1 995 961
Trade and other payables 653 929 635 072
Unitholders for distribution 643 437 586 550
Taxation payable 2 488 –
Interest-bearing borrowings 1 009 747 774 339
Total equity and liabilities 22 591 972 20 339 648
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
Audited Audited
for the year for the year
ended ended
Dec 2013 Dec 2012
R'000 R’000
Net rental and related revenue 1 592 019 1 446 479
Recoveries and contractual rental revenue 2 057 585 2 140 307
Straight-lining of rental revenue adjustment 245 887 29 110
Rental revenue 2 303 472 2 169 417
Property operating expenses (711 453) (722 938)
Distributable income from investments 193 901 73 822
Fair value gain on investment property
and investments 1 475 978 1 496 665
Fair value gain on investment property 813 418 930 742
Adjustment resulting from straight-lining
of rental revenue (245 887) (29 110)
Fair value gain on investments 908 447 595 033
Gain on disposal of portion of associates 39 353 62 218
Administrative expenses (92 975) (91 030)
Income from associates 102 248 189 255
– non-distributable 44 302 117 907
– distributable 57 946 71 348
Profit before net finance costs 3 310 524 3 177 409
Net finance costs (126 568) (413 082)
Finance income 242 529 13 334
Fair value adjustment on derivatives 233 470 12 231
Interest received 9 059 1 103
Finance costs (369 097) (426 416)
Interest paid on borrowings (380 995) (408 112)
Capitalised interest 82 135 56 855
Fair value adjustment on derivatives (70 237) (75 159)
Profit before income tax 3 183 956 2 764 327
Income tax 642 545 (199 778)
Profit for the year attributable to
equity holders 3 826 501 2 564 549
Total comprehensive income for the year 3 826 501 2 564 549
Basic earnings per unit (cents)* 238,12 159,59
*The Fund has no dilutionary instruments in issue.
RECONCILIATION OF PROFIT FOR THE YEAR TO HEADLINE EARNINGS AND
DISTRIBUTABLE INCOME
Audited Audited
for the year for the year
ended ended
Dec 2013 Dec 2012
R'000 R’000
Profit for the year attributable to
equity holders 3 826 501 2 564 549
Adjusted for: (1 201 684) (812 044)
– Fair value gain on investment property (813 418) (930 742)
– Adjustment resulting from straight-lining
of rental revenue 245 887 29 110
– Fair value adjustment on investment property
of associates – (80 464)
– Income tax effect (634 153) 170 052
Headline earnings 2 624 817 1 752 505
Reconciliation of profit for the year to amount
available for distribution
Profit for the year attributable to
equity holders 3 826 501 2 564 549
Straight-lining of rental revenue adjustment (245 887) (29 110)
Fair value gain on investment property (813 418) (930 742)
Adjustment resulting from straight-lining of
rental revenue 245 887 29 110
Fair value gain on investments (908 447) (595 033)
Gain on disposal of portion of associates (39 353) (62 218)
Income from associates – non-distributable (44 302) (117 907)
Fair value adjustment on derivatives (163 233) 62 928
Income tax (642 545) 199 778
Distributable income 1 215 203 1 121 355
Less: distribution declared (1 215 203) (1 121 355)
Interim (571 766) (534 805)
Final (643 437) (586 550)
Income not distributed – –
Headline earnings per unit (cents) 163,34 109,06
Basic earnings per unit is 238,12 cents (2012: 159,59 cents). The
calculation of the basic earnings per unit is based on a weighted average
number of units in issue during the year of 1 606 986 279 (2012: 1 606 986
279) and earnings of R3 826,501 million (2012: R2 564,549 million).
Headline earnings per unit is 163,34 cents (2012: 109,06 cents). The
calculation of headline earnings per unit is based on a weighted average
number of units in issue during the year of 1 606 986 279 (2012: 1 606 986
279) and headline earnings of R2 624,817 million (2012: R1 752,505
million).
CONSOLIDATED STATEMENT OF CASH FLOWS
Audited Audited
for the year for the year
ended ended
Dec 2013 Dec 2012
R'000 R’000
Cash inflow/(outflow) from operating activities 93 731 (29 373)
Cash outflow from investing activities (365 120) (398 350)
Cash inflow from financing activities 284 861 377 377
Increase/(decrease) in cash and cash equivalents 13 472 (50 346)
Cash and cash equivalents at beginning of year 14 053 64 399
Cash and cash equivalents at end of year 27 525 14 053
Cash and cash equivalents consist of:
Current accounts 27 525 14 053
CONSOLIDATED STATEMENT OF CHANGES IN UNITHOLDERS’ INTEREST
Non–
Trust distributable Retained
capital reserves earnings Total
Audited R'000 R'000 R'000 R'000
Balance at
31 December 2011 9 273 620 3 247 021 – 12 520 641
Total comprehensive
income for the year 2 564 549 2 564 549
Transfer to non-
distributable
reserves 1 443 194 (1 443 194) –
Distribution (1 121 355) (1 121 355)
Balance at
31 December 2012 9 273 620 4 690 215 – 13 963 835
Total comprehensive
income for the year 3 826 501 3 826 501
Transfer to non-distributable
reserves 2 611 298 (2 611 298) –
Distribution (1 215 203) (1 215 203)
Balance at
31 December 2013 9 273 620 7 301 513 – 16 575 133
PREPARATION, ACCOUNTING POLICIES AND AUDIT OPINION
The summarised audited consolidated financial statements have been
prepared in accordance with the requirements of the JSE Limited Listings
Requirements for provisional reports, the requirements of the Companies
Act of South Africa applicable to summary financial statements, and the
Collective Investment Schemes Control Act (Act 45 of 2002). The Listings
Requirements require provisional reports to be prepared in accordance with
the framework concepts and the measurement and recognition requirements of
International Financial Reporting Standards (IFRS), the SAICA Financial
Reporting Guides as issued by the Accounting Practices Committee and
Financial Pronouncements as issued by the Financial Reporting Standards
Council, and to also, as a minimum, contain the information required by
IAS 34, Interim Financial Reporting. The accounting policies applied in
the preparation of the consolidated financial statements, from which the
summarised consolidated financial statements were derived, are in terms of
IFRS and are consistent with the accounting policies applied in the
preparation of the previous consolidated financial statements, with the
exception of the adoption of new and revised standards which became
effective during the period.
This report was compiled under the supervision of Rual Bornman CA(SA), the
financial director.
The directors are not aware of any matters or circumstances arising
subsequent to 31 December 2013 that require any additional disclosure or
adjustment to the financial statements.
The auditors, Deloitte & Touche, have issued their opinion on the group’s
financial statements for the year ended 31 December 2013. The audit was
conducted in accordance with International Standards on Auditing. They
have issued an unmodified audit opinion. These summarised consolidated
provisional financial statements have been derived from the group
financial statements and are consistent, in all material respects, with
the group financial statements. A copy of their audit report is available
for inspection at the Fund’s registered office.
The auditor’s report does not necessarily report on all of the information
contained in this announcement. 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 Capital’s registered address.
SUMMARY OF FINANCIAL PERFORMANCE
Dec 2013 Jun 2013 Dec 2012 Jun 2012
Distribution per
unit (cents) 40,04 35,58 36,50 33,28
Units in
issue 1 606 986 279 1 606 986 279 1 606 986 279 1 606 986 279
Net asset value R10,31 R9,29 R8,69 R7,93
Intererst-bearing
debt to asset
ratio* 20,8% 21,3% 21,7% 22,8%
*The interest-bearing debt to asset ratio is calculated by dividing
interest-bearing borrowings by total assets.
FACILITIES
Facility Margin
Expiry R' million over Jibar
2014 1 000 1,07%
2015 1 062 1,35%
2016 1 300 1,51%
2017 1 750 1,58%
2018 520 1,53%
5 632 1,42%
The all-in weighted average cost of borrowings at 31 December 2013 was
8,27%.
SWAP PROFILE
Average
swap/
Expiry R' million CAP rate
2015 300 7,68%
2016 600 8,11%
2017 700 7,22%
2018 800 7,68%
2019* 800 6,64%
2020 400 7,27%
2021 200 7,65%
Total 3 800 7,40%
*Includes a cap of R200 million.
SECTORAL SPLIT Based on
GLA Book value
Logistics 74% 58%
Industrial 5% 3%
Offices 14% 27%
Retail 6% 11%
Other 1% 1%
100% 100%
LEASE EXPIRY PROFILE Based on
Rental
GLA revenue
Vacant 5,1%
Dec 14 26,2% 26,1%
Dec 15 22,1% 22,5%
Dec 16 19,9% 19,6%
Dec 17 11,4% 12,5%
Dec 18 10,5% 12,4%
>Dec 18 4,8% 6,9%
100,0% 100,0%
SEGMENTAL ANALYSIS
Audited Audited
Dec 2013 Dec 2012
R'000 R’000
Segmental revenue – recoveries and contractual
rental revenue
Logistics 1 080 005 1 051 191
Industrial 90 532 74 933
Offices 589 648 653 129
Retail 270 256 311 488
Other 27 144 49 566
Total 2 057 585 2 140 307
Property operating expenses
Logistics (359 781) (349 803)
Industrial (48 702) (35 800)
Offices (193 067) (216 267)
Retail (103 288) (109 948)
Other (6 615) (11 120)
Total (711 453) (722 938)
Segmental revenue – rental revenue
Logistics 1 120 286 1 064 020
Industrial 86 936 75 899
Offices 612 285 654 546
Retail 327 942 323 773
Other 156 023 51 179
Total 2 303 472 2 169 417
Profit for the year
Logistics 1 236 736 1 156 134
Industrial 27 468 75 728
Offices 575 681 627 915
Retail 271 889 421 829
Other 47 776 66 505
Corporate 1 666 951 216 438
Total 3 826 501 2 564 549
CAPITAL COMMITMENTS
Audited Audited
Dec 2013 Dec 2012
R'000 R’000
Authorised and contracted 606 695 555 212
Authorised and not yet contracted 40 542 58 355
647 237 613 567
INCOME DISTRIBUTION
Notice is hereby given that a cash distribution of 40,04 cents interest
per unit, being number 61 for Capital Property Fund, has been declared in
respect of the period 1 July 2013 to 31 December 2013 and is payable to
unitholders recorded in the books of Capital at the close of business on
the record date, Friday 21 February 2014. Unitholders are advised that the
last day to trade cum distribution will be Friday 14 February 2014. The
units will trade ex distribution from Monday 17 February 2014. Payment
will be made on Monday 24 February 2014. Unit certificates may not be
dematerialised or rematerialised during the period Monday 17 February 2014
to Friday 21 February 2014, both days inclusive.
Registered office
4th Floor, Rivonia Village, Rivonia Boulevard, Rivonia, 2191 (PO Box 2555,
Rivonia, 2128)
Transfer secretaries
Link Market Services South Africa Proprietary Limited, 13th Floor, Rennie
House, 19 Ameshoff Street, Braamfontein, 2001 (PO Box 4844, Johannesburg,
2000)
Sponsor
Java Capital
Company secretary
Inge Pick CA(SA)
Changes to the board of directors
On 13 February 2013, Des de Beer resigned from the board and David Lewis
was appointed as an executive director. Effective 15 April 2013, Fareed
Wania was appointed as an alternate director to Andrew Teixeira. On 27
January 2014 Jan Potgieter was appointed to the board as an independent
non-executive director.
Directors Willy Ross (chairman)*, Barry Stuhler (managing director), Iraj
Abedian*, Rual Bornman, Andries de Lange, David Lewis, Protas Phili*,Jan
Potgieter*, Andrew Teixeira, Banus van der Walt*, Tshiamo Vilakazi*,
Trurman Zuma*,Fareed Wania (alternate to Andrew Teixeira)
*Independent non-executive director
Date: 29/01/2014 03:29:00 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.