To view the PDF file, sign up for a MySharenet subscription.

CAPITAL PROPERTY FUND - Provisional summarised audited consolidated financial statements for the year ended 31 December 2013

Release Date: 29/01/2014 15:29
Code(s): CPL     PDF:  
Wrap Text
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.

Share This Story