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Preliminary Financial Results for the year ended 31 March 2014
ACCELERATE PROPERTY FUND LIMITED
(Incorporated in the Republic of South Africa)
(Registration No 2005/015057/06)
JSE code: APF ISIN code: ZAE000185815
(REIT status approved)
(Accelerate or the company)
PRELIMINARY FINANCIAL RESULTS FOR THE YEAR ENDED 31 MARCH 2014
INTRODUCTION AND HISTORY
Accelerate listed on 12 December 2013 with 51 properties and was formed for the purpose of investing in direct real estate for income generation and capital growth.
Accelerate is classified as a Real Estate Investment Trust (REIT) in the Retail REIT sector of the JSE Limited (JSE).
REIT legislation was introduced to South Africa on 1 April 2013 and is unique to listed property companies. This legislation brings South Africa in line with
international best practice and will make South Africa's listed property sector attractive to foreign investors.
Accelerate's listing on 12 December 2013 was the realisation of a vision, and the introduction of REIT legislation (which provides an incentive for listed property
companies to access capital gains tax and other benefits) was a key factor that favoured the listing.
OPERATING ENVIRONMENT
The global and local economic outlook remains weak and South Africa is still feeling the effects of slow economic growth. The impact of the interest rate hike earlier
in 2014 has increased pressure on consumers to service debt and all indications are that there may be further interest rate increases. Coupled with increasing inflation rates,
this will result in greater pressure on consumer spending. These negative factors will also place the retail sector under pressure.
The listed property sector has seen a wave of new listings since 2011. This was as a result of various factors, including the demand for higher yielding investments
in a low interest rate environment, the introduction of REIT, unlisted portfolios attempting to benefit from cheaper listed equity capital for expansion and access to
growing debt capital markets, among others.
However, the sector has recently undergone a fair amount of consolidation. The listed property sector continues to offer investors a stable cash flow and consistent
capital returns.
FINANCIAL REVIEW
Accelerate generated R3,1 billion through the issue and listing of 638 million shares, which, together with the long-term debt financing of R2,4 billion, allowed
Accelerate to purchase properties at a cost of R5,4 billion.
We are pleased to report that during the year under review (incorporating a trading period of three months and 20 days), Accelerate reported a profit after taxation
attributable to equity holders of R552,81million, which is considerably higher than the forecast profit after taxation attributable to equity holders of R123 million
for the four-month period ending 31 March 2014, as disclosed in the pre-listing statement dated Wednesday, 27 November 2013. This variation is as a result of a fair
value adjustment relating to property valuations of R424,9 million and a mark to market movement of R30,4 million on financial instruments. The distribution per share
for the three-month-and-20-day period of 13,77289 cents is marginally higher than the similarly pro rata forecast of 13,71818 cents per share for the same period.
Accelerate's projected annualised yield of 9,71% is above the overall property sector yield. Accelerate has maintained its local blue-chip tenants and has been
approached by international retail brands, which is encouraging for revenue streams.
Due to the short trading period, there were no material changes in the company's property and tenant profiles. Income and expenses were well managed and this,
combined with the effect of fixing debt interest rates, had a positive effect on profitability.
Accelerate earned a gross rental income of R205 million for the trading period, which comprises net rentals of R160,7 million (including R2,4 million for rental
guarantees charged to the properties' vendors) and R44,2 million of operating expense recoveries. The company's major expenses, being utility charges (R49,8 million),
security (R6,4 million) and cleaning costs (R2,7 million) were largely recovered in terms of its leases. The company spent R2,8 million on repairs and maintenance of
its properties. The net property expenses of R21,5 million (being 13,4% of revenue before recoveries), in conjunction with R8,7 million other operating costs
(being 5,4% of income), resulted in Accelerate reporting an 18,8% cost-to-income ratio. The company's operating activities resulted in cash inflows of R113,6 million,
which were utilised towards paying net finance costs of R51,5 million.
OUTLOOK
Accelerate is well positioned to create shareholder value by being a participant in the major development in the Fourways area, making the most of opportunities to
acquire properties, and ensuring properties are well managed and maintained, thereby ensuring sustainable returns to its shareholders.
Condensed statement of comprehensive income
for the year ended 31 March 2014
2014 2013
R'000 R'000
Revenue, excluding straight-line rental revenue adjustment 204 845 -
Straight-line rental revenue adjustment 16 457 -
Revenue 221 302 -
Property expenses (65 696) -
Net property income 155 606 -
Other operating expenses (8 354) (3)
Operating profit 147 252 (3)
Fair value adjustments 455 391 -
Other income 48 -
Finance costs (excluding long-term debt) - -
Finance income 1 607 -
Profit before long-term debt interest and taxation 604 297 (3)
Long-term debt interest (51 486) -
Profit before taxation 552 811 (3)
Taxation - -
Total comprehensive income attributable to equity holders 552 811 n/a
Basic earnings per share (including bulk ceded shares) (cents)* 287,10 n/a
Diluted earnings per share (including bulk ceded shares) (cents)* 269,00 n/a
Headline earnings per share (including bulk ceded shares) (cents)* 50,59 n/a
Diluted headline earnings per share (including bulk ceded shares) (cents)* 47,41 n/a
*Note: the above basic, diluted, headline and diluted headline earnings per share include the 51 070 184 shares on which the distribution was ceded to the fund,
until such time that the purchased approved undeveloped property area has been developed. As these shares do not qualify for distribution, they have been excluded
from the distribution per share. The shares issued on listing have been weighted over the full financial year, in order to arrive at an average total number of shares
in issue of 192 550 303 (177 164 782 shares in issue eligible for distribution).
2014 2013
DISTRIBUTABLE EARNINGS R'000 R'000
Profit after taxation attributable to equity holders 552 811 -
Less: straight-line rental revenue adjustment (16 457) -
Less: fair value adjustments on investment property (455 391) -
Distributable earnings 80 963 -
Condensed statement of financial position
as at 31 March 2014
2014 2013
R'000 R'000
ASSETS
Non-current assets 6 228 589 -
Investment property 6 096 791 -
Straight-line rental revenue adjustment 16 151 -
Fair value of investment property assets 6 080 640 -
Derivative financial instruments 131 709 -
Equipment 89 -
Current assets 176 694 -
Trade and other receivables 119 051 -
Cash and cash equivalents 57 643 -
Investment property held for sale 66 866 -
Straight-line rental revenue adjustment 306 -
Fair value of investment property assets 66 560 -
Total assets 6 472 149 -
EQUITY AND LIABILITIES
Shareholders' interest 3 771 962 (12)
Stated capital 3 117 914 -
Retained earnings 654 048 (12)
Total equity 3 771 962 (12)
Non-current liabilities 2 240 060 -
Long-term borrowings 2 030 276 -
Contingent purchase consideration 209 784 -
Current liabilities 460 127 12
Trade and other payables 89 541 12
Current portion of long-term debt 358 284 -
Taxation payable (VAT) 12 302 -
Total equity and liabilities 6 472 149 -
Shares in issue 638 916 916 n/a
Net asset value per share (cents) 590,37 n/a
Condensed statement of changes in equity
for the year ended 31 March 2014
Stated capital Retained earnings Total equity
R'000 R'000 R'000
Balance at 1 March 2012 - (9) (9)
Issue of ordinary shares - - -
Profit/(loss) for the year - (3) (3)
Other comprehensive income - - -
Balance at 31 March 2013 - (12) (12)
Issue of ordinary shares 3 117 914 - 3 117 914
Retained earnings on listing - 101 249 101 249
Total comprehensive income attributable to equity holders 552 811 552 811
Profit/(loss) for the year - 552 811 552 811
Other comprehensive income - - -
Balance at 31 March 2014 3 117 914 654 048 3 771 962
Condensed statement of cash flows
for the year ended 31 March 2014
2014 2013
R'000 R'000
Cash flows from operating activities
Cash generated from operations 113 628 (3)
Finance income received 1 607 -
Finance costs paid (51 486) -
Net cash inflow from operating activities 63 749 -
Cash flows from investing activities
Investment in investment property (5 512 474) -
Listing acquisition (5 441 474) -
Post-listing acquisitions (71 000) -
Equipment (94) -
Net cash outflow from investing activities (5 512 568) -
Cash flows from financing activities
Long-term debt financing 2 388 560 -
Repayment of shareholder loans - 3
Proceeds from issue of shares 3 117 914 -
Adjustment: opening retained earnings (12)
Net cash inflow from financing activities 5 506 462 3
Net increase/(decrease) in cash and cash equivalents 57 643 -
Cash and cash equivalents at the beginning of the year - -
Cash and cash equivalents at the end of the year 57 643 -
Condensed segmental analysis
Management considers that segmental analysis is best achieved by aggregating properties into office, industrial, retail and specialised segments.
There are no sales between segments.
For the year ended 31 March 2014
R'000 Office Industrial Retail Specialised Total
Statement of comprehensive income 2014
Revenue, excluding straight-line rental revenue adjustment 32 070 4 524 162 400 5 852 204 845
Straight-line rental adjustment 2 136 293 12 859 1 168 16 457
Property expenses (9 882) (471) (53 128) (2 215) (65 696)
Segment operating profit 24 324 4 346 122 131 4 805 155 606
Fair value adjustments on investment property 10 478 2 230 399 254 12 980 424 941
Segment profit 34 802 6 576 521 385 17 785 580 547
Other operating expenses (8 354)
Other income 48
Fair value gain on financial instrument 30 449
Finance income 1 607
Long-term debt interest (51 486)
Profit before tax 552 811
For the year ended 31 March 2014
R'000 Office Industrial Retail Specialised Total
Statement of financial position extracts at 31 March 2014
Assets
Investment property balance 1 April 2013 - - - - -
Acquisitions through listing 677 663 109 488 4 399 852 254 470 5 441 474
Conditional purchase price 108 013 - 101 771 - 209 784
Acquisitions* - - 71 000 - 71 000
Disposals/classified as held for sale - - (66 560) - (66 560)
Investment property held for sale - - 66 560 - 66 560
Straight-line rental revenue adjustment 2 136 293 12 859 1 168 16 457
Fair value adjustments 10 478 2 230 399 254 12 980 424 941
Segment assets at 31 March 2014 798 290 112 012 4 572 624 254 470 6 163 657
Other assets not managed on a segmental basis
Derivative financial instruments 131 709
Equipment 89
Current assets 176 695
Total assets 6 472 149
*Note: Bela-Bela was acquired in February 2014 for R71 million
DISTRIBUTION PER SHARE (R'000) 2014 2013
Final distribution for the year ended 31 March 2014
(of which the trading period consists of three months and 20 days)
Profit after taxation attributable to equity holders 552 811 -
Less: straight-line rental revenue adjustment (16 457) -
Less: fair value adjustment on investment property (455 391) -
Distributable earnings 80 963 -
Reconciliation of shares qualifying for distribution
Shares in issue at 31 March 2014 638 916 916 -
Shares ceded on purchase of bulk* (51 070 184) -
Shares qualifying for distribution 587 846 732 -
Distribution per share (cents) 13 773 -
*Note: The vendors will cede the distribution relating to 51 070 184 shares held by themselves to Accelerate over vacant land acquired per the bulk agreement.
This is due to Accelerate acquiring the bulk development rights over various buildings in the greater Fourways area.
EARNINGS PER SHARE (R'000) 2014 2013
Basic earnings per share (EPS) amounts are calculated by dividing profit
for the year attributable to ordinary equity holders of Accelerate by the
weighted average number of ordinary shares outstanding during the year.
Reconciliation of basic/diluted earnings to headline earnings
Total comprehensive income attributable to equity holders 552 811 -
Fair value adjustment excluding straight-lining 455 391 -
Applicable taxation - -
Headline profit attributable to shareholders 97 420
Basic earnings per share (cents) 287,10 -
Diluted earnings per share (cents) 269,00 -
Headline earnings per share (cents) 50,59 -
Diluted headline earnings per share (cents) 47,41 -
Shares in issue at the end of the year 638 916 916 1 000
Weighted average number of shares in issue 192 550 303 1 000
Shares subject to contingent purchase consideration* 42 988 555 -
Weighted average of deferred shares 12 955 455 -
Total diluted weighted average number of shares in issue 205 505 758 1 000
Weighted average number of shares in issue have been time weighted from the commencement of trading on 12 December 2013 to 31 March 2014.
*As part of the sale and purchase agreement, an amount of contingent purchase consideration has been agreed with the seller in accordance with the conditional deferred
payment agreement. In accordance with this agreement, Accelerate will provide the seller with additional purchase consideration for any lettable vacant space excluded from
the purchase consideration which is let within the first three years. This payment will be settled by Accelerate through the issue of additional shares in Accelerate in
future when certain conditions have been met. As at the acquisition date, the fair value of the contingent purchase consideration was estimated at R209 784 554.
NOTES TO THE FINANCIAL STATEMENTS
CORPORATE INFORMATION
The condensed financial statements of Accelerate Property Fund Limited (hereafter referred to as Accelerate) for the year ended 31 March 2014 were authorised for issue in
accordance with a resolution of the directors passed on 18 June 2014. Accelerate is a public company incorporated and domiciled in South Africa whose shares are publicly traded
on the JSE. The registered office is located at Cedar Square Shopping Centre, Management Office, 1st Floor, Cnr Willow Avenue and Cedar Road, Fourways, Johannesburg. The principal
activities of Accelerate are acquisition, development and leasing of properties. The functional and presentation currency of Accelerate is South African rand thousands (R'000).
BASIS OF PREPARATION
These condensed financial statements for the year ended 31 March 2014 (trading commenced on 12 December 2013, resulting in a three-month-and-20-days trading period)
are prepared in accordance with the framework concepts and the measurement and recognition requirements of International Financial Reporting Standards (IFRS), contains
the minimum information required by IAS 34 Interim Financial Reporting, the SAICA Financial Reporting Guides as issued by the Accounting Practices Committee, the
Financial Pronouncements as issued by Financial Reporting Standards Council the requirements of the Companies Act, 71 of 2008, as amended and the JSE Listings
Requirements.
The accounting policies applied in the preparation of these condensed financial statements are in terms of IFRS and are consistent with those applied in the previous
financial period, except for the new and amended IFRSs that became effective during the 31 March 2014 reporting period. None of which had any material impact on
Accelerate's financial result.
These condensed financial statements have been prepared under the historical cost convention except for investment properties which are measured at fair value and
certain financial instruments which are measured at either fair value or amortised cost.
The fair value of investment properties is determined by directors with reference to market-related information while other financial liabilities are valued with
reference to market-related information and valuations as appropriate.
These condensed financial statements were prepared under the supervision of Mr Dimitri Kyriakides (CA)SA in his capacity as chief financial officer.
BUSINESS COMBINATIONS
Acquisitions in 2014
On 12 December 2013, Accelerate acquired a property portfolio consisting of 51 properties from Fourways Precinct (Pty) Ltd, George Nicholas Trust, and
Orthotouch (Pty) Ltd. The portfolio consists of retail, office, industrial and specialised buildings let under operating leases and the acquisition was made to
give Accelerate access to those assets. The existing strategic management function and associated processes were acquired with the properties and, as such, the
directors consider this transaction to constitute the acquisition of a business, rather than that of an asset acquisition. The fair value of the identifiable
assets and liabilities as at the date of acquisition were:
R'000 Fair value recognised at acquisition
Investment property 5 651 258
Derivative financial instruments 101 249
Total identifiable net assets at fair value 5 752 507
Gain on bargain purchase from derivative financial instrument
obtained for no consideration (101 249)
Purchase consideration transferred 5 651 258
The purchase consideration was settled in cash and 638 916 916 shares of R4,88 each for a total consideration of R5 441 474 071 on the acquisition date, with an
extra R 209 784 554 allowed for in shares as a contingent consideration. The incidental costs incurred in connection with the acquisition were carried by one of
the sellers in accordance with the sale and purchase agreements.
Contingent purchase consideration
As part of the sale and purchase agreement, an amount of contingent purchase consideration has been agreed with the seller in accordance with the conditional deferred
payment agreement. In terms of this agreement, Accelerate will provide the seller with an additional purchase consideration for any vacant space let within three years,
previously excluded from the original purchase consideration. This payment will be settled by Accelerate by the issue of additional shares in Accelerate in future,
when certain conditions have been met. As at the acquisition date, the fair value of the contingent purchase consideration was estimated at R 209 784 554. There were
no measurement period adjustments and the contingent purchase consideration remains unpaid as at 31 March 2014. The fair value continues to be R 209 784 554. This is
a level 3 measurement in the fair value measurement hierarchy as at 31 March 2014. The fair value was determined using a discounted cash-flow analysis using the
significant unobservable valuation inputs, as provided below:
A reconciliation of fair value measurement of the contingent purchase consideration liability is provided below:
R'000 Contingent consideration
Opening balance as at 1 April 2013 -
Contingent purchase consideration arising on business combination 209 784
Unrealised fair value changes recognised in profit or loss -
Closing balance as at 31 March 2014 209 784
The contingent purchase consideration is a mechanism used to shift the risk of vacant space from purchaser (Accelerate) to the selling entity. The manner in which
additional shares are issued to Fourways Precinct (Pty) Ltd is unlikely to have a dilutive effect on yield.
FAIR VALUE OF FINANCIAL ASSETS AND LIABILITIES
The table below sets out Accelerate's accounting classification of each class of financial asset and liability and their fair values at 31 March 2014.
R'000
Financial assets Carried at fair value Amortised cost# Total
Derivative financial assets* 131 709 - 131 709
Trade and other receivables - 119 051 119 051
Cash and cash equivalents - 57 643 57 643
Total financial assets 131 709 176 694 308 403
Financial liabilities
Long-term interest-bearing borrowings - (2 030 276) (2 030 276)
Trade and other payables - (101 843) (101 843)
Current portion of long-term debt - (358 284) (358 284)
Total liabilities - (2 490 403) (2 490 403)
* The values of the derivative financial asset shown at fair value are based on inputs other than quoted prices that are observable in the market for the assets and
liabilities, either directly (i.e. as prices) or indirectly (i.e. derived from prices) - level 2.
# The carrying value of financial assets and liabilities carried at amortised cost is considered to approximate the fair value of those financial assets and liabilities.
There have been no significant changes in valuation techniques or transfers between fair value hierarchy levels as this is the company's first year of operation.
RELATED-PARTY TRANSACTION
Ten buildings were purchased from Fourways Precinct (Pty) Ltd in the Fourways area (giving rise to a vacancy guarantee over five buildings within the area). Further,
Fourways Precinct (Pty) Ltd, for the standard percentage fee on rental collections, manages certain properties on Accelerate's behalf.
Fourways Precinct (Pty) Ltd will receive shares to settle the contingent purchase consideration per the conditional deferred payment agreement, as explained under the
earnings per share and contingent purchase consideration note.
CAPITAL COMMITMENTS
As per Accelerate's pre-listing statement, R65 million was raised and allocated to Accelerate's planned capital expenditure and working capital requirements. As such,
Accelerate views this amount as authorised and not contracted.
SUBSEQUENT EVENTS
There have been no subsequent events that require reporting.
AUDITOR'S REVIEW
Ernst & Young Inc, Accelerate's independent auditors, have reviewed these condensed financial statements and have expressed an unmodified review conclusion on these
condensed financial statements, which are available for inspection at the company's registered office.
The review report does not necessarily report on all of the information contained in these condensed financial statements. Shareholders 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 the auditor's report together with the accompanying
financial information from the company's registered office.
DIRECTORS' RESPONSIBILITY STATEMENT
The directors of Accelerate assume full responsibility for the preparation of the condensed financial statements, and the summarised financial information has been
correctly extracted from the underlying annual financial statements.
DECLARATION OF CASH DISTRIBUTION NO 1
Notice is hereby given that on Monday, 23 June 2014, Accelerate declared a final cash distribution (number 1) of 13,77289 cents per ordinary share (2013: 0,00 cents
per ordinary share) for the year ended 31 March 2014, payable on Monday, 21 July 2014 to holders of the ordinary shares recorded in the books of the company at close
of business on Friday, 18 July 2014.
The source of the distribution comprises net income from property rentals earned from the company's property investments as well as interest earned on excess cash on deposit.
Please refer to the condensed statement of comprehensive income for further details.
The issued share capital at the declaration date is 638 916 916 ordinary shares. The company's income tax reference number is: 9868626145
The timetable for payment of the dividend is as follows:
Declaration date Monday, 23 June
Last day to trade cum distribution Friday, 11 July
Shares commence trading ex distribution Monday, 14 July
Record date Friday, 18 July
Payment date Monday, 21 July
Share certificates may not be dematerialised or rematerialised between Monday, 14 July 2014 to Friday, 18 July 2014, both days inclusive.
Tax implications
Accelerate was granted REIT status by the JSE with effect from 12 December 2013 in line with the REIT structure as provided for in the Income Tax Act, No. 58 of 1962,
as amended (the Income Tax Act) and section 13 of the JSE Listings Requirements.
The REIT structure is a tax regime that allows a REIT to deduct qualifying distributions paid to investors in determining its taxable income.
The cash distribution of 13,77289 cents per ordinary share meets the requirements of a "qualifying distribution" for the purposes of section 25BB of the Income Tax
Act (a qualifying distribution). Accordingly, qualifying distributions received by local tax resident shareholders must be included in the gross income of such shareholders
(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 Accelerate shareholder. These qualifying distributions are, however, exempt from dividend withholding tax in the hands of South African tax resident shareholders,
provided that the South African resident shareholders have provided the following forms to their Central Securities Depository Participant (CSDP) or broker, as the case may
be, in respect of uncertificated ordinary shares, or the transfer secretaries, in respect of certificated ordinary shares:
- a declaration that the distribution is exempt from dividends tax; and
- a written undertaking to inform the CSDP, broker or transfer secretaries, as the case may be, should the circumstances affecting the exemption change or the beneficial
owner ceases to be the beneficial owner, both in the form prescribed by the Commissioner for the South African Revenue Service. Shareholders are advised to contact their CSDP,
broker or the transfer secretaries, 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 shareholders 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 shareholder.
Assuming dividend withholding tax will be withheld at a rate of 15%, the net amount due to non-resident shareholders will be 11,70696 cents per ordinary share. A reduced dividend
withholding tax rate in terms of the applicable DTA, may only be relied on if the non-resident shareholders has provided the following forms to their CSDP or broker, as the case may
be, in respect of the uncertificated ordinary shares, or the transfer secretaries, in respect of certificated ordinary shares:
- a declaration that the dividend is subject to a reduced rate as a result of the application of a DTA; and
- a written undertaking to inform their CSDP, broker or the transfer secretaries, as the case may be, should the circumstances affecting the reduced rate change or the beneficial
owner ceases to be the beneficial owner, both in the form prescribed by the Commissioner for the South African Revenue Service. Non-resident shareholders are advised to contact their
CSDP, broker or the transfer secretaries, 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.
The cash distribution may have tax implications for resident as well as non-resident shareholders. Shareholders are therefore encouraged to consult their professional
advisors should they be in any doubt as to the appropriate action to take.
ANNUAL GENERAL MEETING (AGM)
The company's first annual general meeting will be held at Accelerate's registered office, in the main boardroom, Cedar Square Shopping Centre, Management Office,
1st Floor, Cnr Willow Avenue and Cedar Road, Fourways, Johannesburg on Tuesday, 29 July 2014 at 10:00. Further details on the company's annual general meeting will
be included in Accelerate's integrated annual report to be posted to shareholders on or before 30 June 2014. A PDF of the integrated annual report and notice of AGM
will be available to download at www.acceleratepf.co.za
On behalf of the board
Mr TT Mboweni
(Non-executive chairman)
Mr M Georgiou
(Chief executive officer)
Mr D Kyriakides
(Chief financial officer)
23 June 2014
Corporate information
DIRECTORS
Mr TT Mboweni (non-executive chairman)
Mr A Costa (chief operating officer)
Dr GC Cruywagen (lead independent, non-executive director)
Mr JRP Doidge (independent non-executive director)
Mr TJ Fearnhead (independent non-executive director)
Mr M Georgiou (chief executive officer)
Mr D Kyriakides (financial director)
Ms K Madikizela (independent non-executive director)
Mr JRJ Paterson (executive director)
Prof F Viruly (independent non-executive director)
Registered office and business address
Cedar Square Shopping Centre, Management Office, 1st Floor, Cnr Willow Ave and Cedar Rd,
Fourways, Johannesburg, 2055
Tel: 010 001 0790
Web: www.acceleratepf.co.za
Investor relations
Sam Bruwer
Tel: 010 001 0790
Email: sam@acceleratepf.co.za
Company secretary
Claire Middlemiss
iThemba Governance and Statutory Solutions (Pty) Ltd
Monument Office Park, Block 5, Suite 102, 79 Steenbok Avenue, Monument Park
Tel: 086 111 1010
Email: claire@ithembaonline.co.za
Transfer secretaries
Computershare Investor Services (Pty) Ltd
70 Marshall Street, Johannesburg, 2001
PO Box 61051, Marshalltown, 2107, South Africa
Tel: 011 370 5000
Email: proxy@computershare.co.za
Fax: 011 688 2238
Sponsor
KPMG Services (Pty) Ltd
(Registration number 1999/012876/07)
KPMG Crescent, 85 Empire Road, Parktown, Johannesburg, 2193
Private Bag 9, Parkview, 2122
Auditors
Ernst & Young Incorporated
102 Rivonia Road, Sandton, Johannesburg, 2149
Tel: 011 772 3000
Internal Auditors
LateganMashego Auditors (Pty)Ltd
Registration number 2001/107847/07
11 Boca Walk, Highveld, Centurion, 0157
Email: lindie@lateganmashego.co.za
Tel: 0828987644/0836091159
Attorneys
Glyn Marais Inc.
(Registration number 1990/000849/21)
2nd Floor, The Place, 1 Sandton Drive, Sandton
2196
(PO Box 652361, Benmore, 2010)
Contact details
Chief operating officer: Andrew Costa
Email: andrew@acceleratepf.co.za
Chief financial officer: Dimitri Kyriakides
Date: 23/06/2014 09:00:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE').
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