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Condensed unaudited consolidated interim financial statements for the six months ended 31 December 2013
FORTRESS INCOME FUND LIMITED
(Incorporated in the Republic of South Africa)
(Reg no 2009/016487/06)
JSE share codes “FFA” ISIN ZAE000141313 and “FFB” ISIN ZAE000141321
respectively
(“Fortress” or “the group”)
(Approved as a REIT by the JSE)
CONDENSED UNAUDITED CONSOLIDATED INTERIM FINANCIAL STATEMENTS FOR THE SIX
MONTHS ENDED 31 DECEMBER 2013
DIRECTORS’ COMMENTARY
Fortress is a property company investing in both direct property
investments and listed property securities. Fortress, an internally
managed fund, owns 101 investment properties with a gross lettable area
(“GLA”) of 635 190m² (Fortress’ share) valued at R6,2 billion. The fair
value of the listed property portfolio is R4,3 billion at December 2013,
72,9% of which is exposed to US Dollar or Euro.
Fortress disposed of 18 office and industrial properties during the six
months ended December 2013. These included the eight properties held for
sale at June 2013. Fortress acquired six properties from Resilient for R1
042 million for which it paid R521 million in cash and issued 25 469 463
million Fortress A and 25 469 463 Fortress B linked units. A 25% interest
in The Galleria and Arbour Crossing was acquired for R548,6 million in
cash. In accordance with Fortress’ strategy, retail property now
constitutes 87,3% of direct property holdings. Industrial holdings was
reduced to 10,5%. The office and residential holdings of 0,7% and 1,5%
respectively, are now negligible and the company intends exiting these
sectors.
1 DISTRIBUTABLE EARNINGS
The December 2013 interim distribution of 77,70 cents is an increase of
11,85% over the 69,47 cents distributed for the prior comparable six month
period. Of the total distribution for December 2013, 58,81 cents accrued
to the A linked units and 18,89 cents to the B linked units, representing
growth of 5,0% and 40,3% respectively.
2 VACANCIES
At December 2013 vacancies increased to 5,5% of the portfolio, compared to
4,9% at June 2013. This vacancy included 3 150m² at 312 Kent Avenue which
transferred after the reporting period. The vacancies in the industrial
portfolio reduced from 5,9% at June 2013 to 3,8% at December 2013. The
vacancies in the retail portfolio increased from 3,7% at June 2013 to 5,6%
with the acquisition of The Galleria and Arbour Crossing which are
currently 11,8% and 5,1% vacant respectively. In addition, there are 3
087m² of planned vacancies for redevelopment at Biyela Shopping Centre and
Central Park Bloemfontein. Total vacancies of less than 5% are projected
at year-end.
3 DISPOSALS
The properties below were sold during the period. Apart from 312 Kent
Avenue and 14 Commerce Crescent, the properties transferred by the end of
the reporting period. The remaining two properties transferred in January
2014.
Book
value Net
Jun 2013 proceeds Exit Transfer
Property Sector R’000 R’000 yield date
Sasol Rosebank* Office 130 000 140 000 9,4% Jul 2013
Hertzog Boulevard* Office 88 978 88 978 8,8% Jul 2013
308 Kent Avenue* Office 59 008 59 008 10,3% Jul 2013
Hanover Square* Office 24 957 24 957 10,3% Jul 2013
Wedgefield Office Park* Office 9 318 9 318 9,3% Jul 2013
7 – 9 Hawthorne Place Industrial 12 200 14 150 8,8% Jul 2013
563 Voortrekker Road Industrial 12 600 13 500 8,7% Jul 2013
10 Hawthorne Place Industrial 10 614 10 614 10,4% Jul 2013
30 Mahogany Road Industrial 8 400 8 400 8,7% Jul 2013
Brits Office Park Office 5 600 5 600 12,0% Jul 2013
3 Mountain Ridge Road Industrial 8 200 8 850 8,5% Oct 2013
13 Cedarfield Close Industrial 5 800 8 550 8,5% Oct 2013
1 Imola Place Industrial 6 550 8 150 8,5% Oct 2013
Epp Yard Gunners
Circle Industrial 51 000 49 000 9,8% Nov 2013
Atlas Road Industrial
Park Anderbolt Industrial 30 000 30 000 10,3% Nov 2013
Top Road Industrial
Park Industrial 12 000 12 150 10,3% Nov 2013
14 Commerce Crescent Industrial 29 100 29 650 10,3% Jan 2014
312 Kent Avenue Office 13 800 16 400 # Jan 2014
Total 518 125 537 275
*Sold to Tower Property Fund Limited (“Tower”) for R156,1 million in cash
and 16 762 478 shares in Tower, inclusive of an “agterskot” payment due to
successful leasing at Sasol Rosebank.
#Partially vacant.
4 PROPERTY ACQUISITIONS
Fortress acquired interests in eight retail centres during the six months
ended December 2013:
100% Purchase
GLA price Purchase Effective
Property name m² R’000 yield date
The Galleria (25%) 88 443 548 611 8,0% Oct 2013
Arbour Crossing (25%) 39 786
Nelspruit Plaza (leasehold) 18 525 312 500 8,0% Jul 2013
Rustenburg Plaza 12 188 260 000 8,0% Jul 2013
Central Park Bloemfontein 12 753 163 000 8,3% Jul 2013
New Redruth Village 12 028 151 000 8,3% Jul 2013
Sterkspruit Plaza (82%) 10 696 105 544 8,3% Jul 2013
Tzaneen Lifestyle Centre (25%) 9 380 49 946 8,0% Jul 2013
Total 203 799 1 590 601
5 EXTENSIONS AND REFURBISHMENTS
Biyela Shopping Centre
Construction commenced in August 2013 to accommodate a new 2 437m²
Cambridge Food store. The centre will also be substantially redeveloped at
an estimated cost of R26 million and a budgeted yield of 9%. The Cambridge
Food store is scheduled to commence trading in March 2014 and the
remaining construction work is due for completion in June 2014.
Checkers Mayville
The R10 million refurbishment of this centre was completed in time for the
Christmas trade. Shoprite Checkers has an effective 10-year head lease
over this property, with nine years remaining.
Evaton Mall
The 7 884m² extension which commenced in January 2013, opened in November
2013. The enclosed mall introduced Clicks, Edgars, Foschini, Game and
Truworths and several other national retailers. A strong trading
performance has been reported to date. The extension yielded 8% on the
cost of R130 million with significant upside in rental renewals now
anticipated on the original tenants. Evaton Mall has been positioned as
the dominant retail centre in Evaton, Sebokeng and Orange Farm.
Flamwood Walk Klerksdorp
The expansion commenced in October 2013 with completion scheduled for
October 2014. The centre will measure 24 000m² on completion with Checkers
and Game as anchors and includes Dis-Chem, Food Lover’s Market, HiFi Corp
and Software Connection as tenants. Fortress’ 50% interest in the
development is estimated to cost R154 million and to yield 8,2%.
Game Makhado
The Game store was extended by 945m² to 5 703m² and a new 10-year lease
was entered into. The capital cost of Fortress’ 50% interest was R5,5
million at a 9% yield. The centre was refurbished and Game Liquor, Maxi’s
and PostNet were introduced.
Philippi Shopping Centre
Construction of an additional 1 421m² of retail space to accommodate
Ackermans and Shoprite Liquor was completed in November 2013. The project
was completed within the budget of R18,5 million and a yield of 10,1% was
achieved.
6 LISTED PORTFOLIO
Dec 2013 Jun 2013
Number Number
of units/ Fair value of units/ Fair value
shares R’000 shares R’000
Capital (CPL) 42 500 000 452 625 42 500 000 452 200
Nepi (NEP) 20 410 000 1 653 210 17 500 000 1 172 325
Resilient (RES) 12 841 627 712 710 12 400 000 666 375
Tower (TWR)# 1 140 000 9 348 – –
2 827 893 2 290 900
Rockcastle (ROC) 107 500 716 1 505 010* 65 769 000 884 593
4 332 903 3 175 493
#Fortress disposed of its interest in Tower during January 2014. Fortress
earned an underwriting fee of R7,5 million from Tower which was offset
against an interest rate cap premium of R8,5 million.
*Rockcastle was treated as an associate (equity accounted) and was thus
not fair valued at December 2013 in the financial statements.
7 FACILITIES AND INTEREST RATE DERIVATIVES
Fortress increased its interest-bearing debt to asset ratio from 24,0% at
June 2013 to 29,5% at December 2013. Notes totalling R1 620 million has
been issued under Fortress’ R2 billion unsecured DMTN programme.
A new three-year secured facility of R275 million from RMB was accepted in
December 2013. Fortress also accepted a new five-year facility of R240
million from Nedbank.
Average
Amount margin
Facility expiry R’million over Jibar
Jun 2014 250 0,29%
Jun 2015 500 0,83%
Jun 2016 870 1,59%
Jun 2017 2 178 1,59%
Jun 2018 – –
Jun 2019 240 1,65%
4 038 1,42%
Amount Average
Interest rate swaps expiry R’million swap rate
Jun 2014 50 8,05%
Jun 2015 300 7,53%
Jun 2016 200 8,16%
Jun 2017 310 7,40%
Jun 2018 500 7,57%
Jun 2019 400 6,85%
Jun 2020 300 7,24%
Jun 2021 100 7,87%
Jun 2022 200 8,13%
2 360 7,50%
Amount Average
Interest rate caps expiry R’million cap rate
Jun 2019 100 7,43%
Jun 2020 200 7,52%
Jun 2021 200 7,78%
500 7,60%
Amount
Variable rate instruments R’000
Loan to BEE vehicle (221 471)
Loans to development partners (103 546)
Cash and cash equivalents (7 502)
Interest-bearing borrowings 3 344 236
Capital commitments contracted for 166 797
3 178 514
Total interest rate derivatives 2 860 000
Percentage hedged 90,0%
Weighted average hedge term (years) 4,4
Fortress’ all-in weighted average cost of funding was 8,07% at December
2013.
8 SUMMARY OF FINANCIAL PERFORMANCE
Dec 2013 Jun 2013 Dec 2012 Jun 2012
Distribution per
A linked unit (cents) 58,81 56,01 56,01 53,34
Distribution per
B linked unit (cents) 18,89 15,22 13,46 9,95
A linked units in
issue 358 412 595 316 832 021 299 594 493 293 084 493
B linked units in
issue 358 412 595 316 832 021 299 594 493 293 084 493
Net asset value per
Combined linked unit* R20,32 R19,22 R15,47 R14,66
Net asset value per
A linked unit# R14,45 R14,90 R14,24 R13,20
Net asset value per
B linked unit R5,87 R4,32 R1,23 R1,46
Interest-bearing debt
to asset ratio** 29,5% 24,0% 22,3% 19,4%
*Net asset value includes total equity attributable to equity holders and
linked debentures.
#60-day volume weighted average trading price at reporting date limited to
combined net asset value.
**The interest-bearing debt to asset ratio is calculated by dividing total
interest-bearing borrowings by total assets.
9 PROSPECTS
Following the strong property performance and the depreciation of the
Rand, the board is of the opinion that Fortress will achieve growth in
distributions of approximately 12% for the 2014 financial year. The
forecast assumes exchange rates of R13,75 and R10,00 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 and municipal rates. Budgeted rental income was
based on contractual escalations and market related renewals. This
forecast has not been audited or reviewed by Fortress’ auditors.
By order of the board
Mark Stevens Wiko Serfontein
Managing director Financial director
Johannesburg
11 February 2014
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
Unaudited Audited Unaudited
Dec 2013 Jun 2013 Dec 2012
R'000 R'000 R'000
ASSETS
Non-current assets 11 115 228 8 393 133 6 652 953
Investment property 5 695 852 4 351 125 4 027 991
Straight-lining of rental revenue
adjustment 122 304 79 128 77 365
Investment property under development 318 952 148 797 57 981
Investment in associate company 1 406 651 – –
Investments 2 827 893 3 175 493 1 910 448
Fortress Unit Purchase Trust loans 418 559 374 370 311 197
Loan to BEE vehicle 221 471 193 104 193 218
Loans to development partners 103 546 71 116 74 753
Current assets 224 745 409 464 78 708
Investment property held for sale 45 655 329 553 42 450
Straight-lining of rental revenue
adjustment 395 7 322 650
Fortress Unit Purchase Trust loans 9 655 7 860 5 620
Trade and other receivables 161 538 61 083 26 446
Cash and cash equivalents 7 502 3 646 3 542
Total assets 11 339 973 8 802 597 6 731 661
EQUITY AND LIABILITIES
Total equity attributable to
equity holders 4 058 759 3 237 962 1 938 152
Share capital 7 168 6 336 5 992
Share premium 1 453 970 940 839 709 256
Non-distributable reserves 2 597 621 2 290 787 1 222 904
Retained earnings – – –
Total liabilities 7 281 214 5 564 635 4 793 509
Non-current liabilities 6 038 666 4 693 004 3 379 737
Linked debentures 3 225 713 2 851 488 2 696 350
Interest-bearing borrowings 2 579 766 1 607 285 466 193
Deferred tax 233 187 234 231 217 194
Current liabilities 1 242 548 871 631 1 413 772
Trade and other payables 198 878 141 428 172 289
Linked debenture interest payable 278 486 225 679 208 128
Income tax payable 714 421 -
Interest-bearing borrowings 764 470 504 103 1 033 355
Total equity and liabilities 11 339 973 8 802 597 6 731 661
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
Unaudited Audited Unaudited
for the for the for the
six months year six months
ended ended ended
Dec 2013 Jun 2013 Dec 2012
R'000 R'000 R'000
Net rental and related revenue 281 184 465 300 246 542
Recoveries and contractual rental
revenue 377 543 640 002 319 255
Straight-lining of rental revenue
adjustment 36 249 48 006 39 801
Rental revenue 413 792 688 008 359 056
Property operating expenses (132 608) (222 708) (112 514)
Distributable income from investments 104 162 119 056 51 013
Fair value gain on investment
property and investments 250 962 1 294 355 288 662
Fair value gain on investment property 18 413 688 228 4 279
Adjustment resulting from
straight-lining of rental revenue (36 249) (48 006) (39 801)
Fair value gain on investments 268 798 654 133 324 184
Administrative expenses (12 735) (25 506) (12 603)
Profit on sale of subsidiary – 115 115
Distributable income from associate 17 044 – –
Tower underwriting fee 7 500 – –
Profit before net finance costs 648 117 1 853 320 573 729
Net finance costs (341 965) (456 987) (270 241)
Finance income 57 430 112 539 24 740
Interest from loans 31 289 46 337 20 834
Fair value adjustment on derivatives 18 941 53 857 –
Interest on linked units issued cum
distribution 7 200 12 345 3 906
Finance costs (399 395) (569 526) (294 981)
Interest on borrowings (128 222) (142 738) (64 374)
Capitalised interest 7 313 7 019 2 611
Fair value adjustment on derivatives – – (25 090)
Interest to linked debenture holders
– A linked units (210 782) (345 260) (167 803)
– B linked units (67 704) (88 547) (40 325)
Profit before income tax expense 306 152 1 396 333 303 488
Income tax 682 (124 570) (99 608)
Profit for the period attributable
to equity holders 306 834 1 271 763 203 880
Total comprehensive income for the
period 306 834 1 271 763 203 880
Basic earnings per A share (cents) 42,80 206,31 34,03
Basic earnings per B share (cents) 42,80 206,31 34,03
Basic earnings per A linked unit (cents) 101,61 318,33 90,04
Basic earnings per B linked unit (cents) 61,69 235,04 47,49
Fortress has no dilutionary instruments in issue.
RECONCILIATION OF PROFIT FOR THE PERIOD TO HEADLINE EARNINGS AND
DISTRIBUTABLE INCOME
Unaudited Audited Unaudited
for the for the for the
six months year six months
ended ended ended
Dec 2013 Jun 2013 Dec 2012
R'000 R'000 R'000
Basic earnings (shares) - profit
for the period attributable to
equity holders 306 834 1 271 763 203 880
– interest to A linked debenture
holders 210 782 345 260 167 803
– interest to B linked debenture
holders 67 704 88 547 40 325
Basic earnings (linked units) 585 320 1 705 570 412 008
Adjusted for: 17 876 (719 365) 70 161
– fair value gain on investment
property 17 836 (640 222) 35 522
– income tax effect 40 (79 143) 34 639
Headline earnings (linked units) 603 196 986 205 482 169
Straight-lining of rental revenue
adjustment (36 249) (48 006) (39 801)
Fair value gain on investments (268 798) (654 133) (324 184)
Fair value adjustment on derivatives (18 941) (53 857) 25 090
Profit on sale of subsidiary – (115) (115)
Income tax effect (722) 203 713 64 969
Distributable income 278 486 433 807 208 128
Less: distributions declared (278 486) (433 807) (208 128)
Income not distributed – – –
Headline earnings per A share (cents) 45,30 89,61 45,74
Headline earnings per B share (cents) 45,30 89,61 45,74
Headline earnings per A linked unit
(cents) 104,11 201,63 101,75
Headline earnings per B linked unit
(cents) 64,19 118,34 59,20
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 358 412 595 (Jun 2013: 308 213 257; Dec 2012: 299 594
493) shares/linked units in issue during the period for both A and B
shares/linked units.
CONSOLIDATED STATEMENT OF CASH FLOWS
Unaudited Audited Unaudited
for the for the for the
six months year six months
ended ended ended
Dec 2013 Jun 2013 Dec 2012
R'000 R'000 R'000
Cash (outflow)/inflow from operating
activities (1 416) 30 075 (7 660)
Cash outflow from investing
activities (2 122 964) (1 531 352) (486 377)
Cash inflow from financing
activities 2 128 236 1 496 572 489 228
Increase/(decrease) in cash and
cash equivalents 3 856 (4 705) (4 809)
Cash and cash equivalents at the
beginning of the period 3 646 8 351 8 351
Cash and cash equivalents at the
end of the period 7 502 3 646 3 542
Cash and cash equivalents consist of:
Current accounts 7 502 3 646 3 542
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
Non-dis-
Share Share tributable Retained
capital premium reserves earnings Total
Unaudited R'000 R'000 R'000 R'000 R'000
Balance at Jun 2012 5 862 633 974 1 019 024 – 1 658 860
Issue of linked units
(equal number of
A and B linked units) 130 75 282 75 412
Total comprehensive
income for the period 203 880 203 880
Transfer to non-
distributable
reserves 203 880 (203 880) –
Balance at Dec 2012 5 992 709 256 1 222 904 – 1 938 152
Issue of linked units
(equal number of
A and B linked units) 344 231 583 231 927
Total comprehensive income
for the period 1 067 883 1 067 883
Transfer to non-
distributable reserves 1 067 883 (1 067 883) –
Balance at Jun 2013 6 336 940 839 2 290 787 – 3 237 962
Issue of linked units
(equal number of
A and B linked units) 832 513 131 513 963
– Issue of 25 469 463
units effective
1 Jul 2013 510 301 349 301 859
– Issue of 11 111 111
units effective
23 Sep 2013 222 144 157 144 379
– Issue of 5 000 000
units effective
26 Nov 2013 100 67 625 67 725
Total comprehensive
income for the period 306 834 306 834
Transfer to non-
distributable
reserves 306 834 (306 834) –
Balance at Dec 2013 7 168 1 453 970 2 597 621 – 4 058 759
NOTES
1 PREPARATION AND ACCOUNTING POLICIES
The condensed unaudited consolidated interim financial statements have
been prepared in accordance with International Financial Reporting
Standards, 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 Wiko Serfontein CA(SA),
the financial director.
The accounting policies adopted are consistent with those applied in the
prior periods.
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.
This report was not audited or reviewed by the group’s auditors.
2 LEASE EXPIRY PROFILE
Based on
Based on contractual
rentable rental
Lease expiry area revenue
Vacant 5,5%
Jun 2014 9,5% 8,4%
Jun 2015 18,8% 19,4%
Jun 2016 17,8% 15,6%
Jun 2017 13,3% 16,4%
Jun 2018 9,1% 12,0%
>Jun 2018 26,0% 28,2%
Total 100,0% 100,0%
3 SEGMENTAL ANALYSIS
Unaudited Audited Unaudited
for the for the for the
six months year six months
ended ended ended
Recoveries and contractual Dec 2013 Jun 2013 Dec 2012
rental revenue R'000 R'000 R'000
Retail 302 850 456 668 214 477
Industrial 64 541 122 332 72 945
Office 3 989 50 683 26 755
Residential 6 163 10 319 5 078
Total 377 543 640 002 319 255
Property operating expenses
Retail (107 431) (159 374) (76 485)
Industrial (22 404) (43 078) (25 367)
Office (1 366) (18 076) (9 609)
Residential (1 407) (2 180) (1 053)
Total (132 608) (222 708) (112 514)
Rental revenue
Retail 340 971 497 579 259 372
Industrial 64 086 124 824 65 523
Office 981 52 448 29 083
Residential 7 754 13 157 5 078
Total 413 792 688 008 359 056
Profit before net finance costs
Retail 195 476 852 975 148 935
Industrial 48 196 158 545 40 914
Office 14 920 79 459 17 146
Residential 4 756 14 543 4 025
Corporate 384 769 747 798 362 709
Total 648 117 1 853 320 573 729
4 PAYMENT OF INTERIM DISTRIBUTIONS
The board has approved and notice is hereby given of interim distributions
(distributions no 9) of 58,81 cents per A linked unit and 18,89 cents per
B linked unit for the six months ended 31 December 2013.
In accordance with Fortress’ status as a REIT, linked unitholders are
advised that the distributions meet the requirements of a “qualifying
distribution” for the purposes of section 25BB of the Income Tax Act, No.
58 of 1962 (“Income Tax Act”). Accordingly, qualifying distributions
received by local tax residents must be included in the gross income of
such linked unitholders (as a non-exempt dividend in terms of section
10(1)(k)(aa) of the Income Tax Act), with the effect that the qualifying
distribution is taxable as income in the hands of the linked unitholder.
These qualifying distributions are, however, exempt from dividend
withholding tax in the hands of South African tax resident linked
unitholders, provided that the South African resident linked unitholders
provided the following forms to their Central Securities Depository
Participant (“CSDP”) or broker, as the case may be, in respect of
uncertificated linked units, or the company, in respect of certificated
linked units:
a) a declaration that the distribution is exempt from dividends tax;
and
b) a written undertaking to inform the CSDP, broker or the company, as
the case may be, should the circumstances affecting the exemption change
or the beneficial owner cease to be the beneficial owner, both in the form
prescribed by the Commissioner for the South African Revenue Service.
Linked unitholders are advised to contact their CSDP, broker or the
company, as the case may be, to arrange for the abovementioned documents
to be submitted prior to payment of the distribution, if such documents
have not already been submitted.
Qualifying distributions received by non-resident linked unitholders will
not be taxable as income and instead will be treated as ordinary dividends
but which are exempt in terms of the usual dividend exemptions per section
10(1)(k) of the Income Tax Act. It should be noted that until 31 December
2013 qualifying distributions received by non-residents were not subject
to dividend withholding tax. From 1 January 2014, any qualifying
distribution received by a non-resident from a REIT will be subject to
dividend withholding tax at 15%, unless the rate is reduced in terms of
any applicable agreement for the avoidance of double taxation (“DTA”)
between South Africa and the country of residence of the linked
unitholder. Assuming dividend withholding tax will be withheld at a rate
of 15%, the net amount due to non-resident linked unitholders will be
49,9885 cents and 16,0565 cents per Fortress A and B linked unit
respectively. A reduced dividend withholding tax rate in terms of the
applicable DTA, may only be relied on if the non-resident linked
unitholder has provided the following forms to their CSDP or broker, as
the case may be, in respect of uncertificated linked units, or the
company, in respect of certificated linked units:
a) a declaration that the dividend is subject to a reduced rate as a
result of the application of a DTA; and
b) a written undertaking to inform their CSDP, broker or the company,
as the case may be, should the circumstances affecting the reduced rate
change or the beneficial owner cease to be the beneficial owner, both in
the form prescribed by the Commissioner for the South African Revenue
Service. Non-resident linked unitholders are advised to contact their
CSDP, broker or the company, as the case may be, to arrange for the
abovementioned documents to be submitted prior to payment of the
distribution if such documents have not already been submitted, if
applicable.
Local tax resident linked unitholders as well as non-resident linked
unitholders are encouraged to consult their professional advisors should
they be in any doubt as to the appropriate action to take.
The distributions are payable to Fortress linked unitholders in accordance
with the timetable set out below:
Last date to trade cum distribution Friday, 7 March 2014
Linked units trade ex distribution Monday, 10 March 2014
Record date Friday, 14 March 2014
Payment date Monday, 17 March 2014
Linked unit certificates may not be dematerialised or rematerialised
between Monday, 10 March 2014 and Friday, 14 March 2014, both days
inclusive. Payment of the distribution will be made to linked unitholders
on Monday, 17 March 2014.
In respect of dematerialised linked unitholders, the distribution will be
transferred to the CSDP accounts/broker accounts on Monday, 17 March 2014.
Certificated linked unitholders’ distribution payments will be posted on
or about Monday, 17 March 2014.
Fortress income tax reference number: 9218846179
Directors
Jeff Zidel (chairman); Mark Stevens (managing director)*; Kura Chihota;
Nontando Mahlati; Chris Lister-James; Djurk Venter; Wiko Serfontein*
(*executive director)
Changes to the board of directors
There were no changes to the board of directors since 14 August 2013, the
date of the previous results announcement.
Company secretary
Bernita Schaper
Registered address
3rd 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
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