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Preliminary summarised audited consolidated financial statements for the year ended 30 June 2014
FORTRESS INCOME FUND LIMITED
INCORPORATED IN THE REPUBLIC OF SOUTH AFRICA
REG NO 2009/016487/06
JSE SHARE CODES: FFA ISIN ZAE000141313
FFB ISIN ZAE000141321
(“FORTRESS” OR “THE GROUP”)
(APPROVED AS A REIT BY THE JSE)
PRELIMINARY SUMMARISED AUDITED CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2014
DIRECTORS’ REPORT
1 NATURE OF BUSINESS
Fortress is an internally asset managed REIT with a capital structure
consisting of separately listed A and B linked units. Listed as a hybrid
fund in 2009, Fortress has holdings of direct property investments and
listed real estate securities. These securities comprise both local listed
REITs and offshore-based listed property companies. The direct property
portfolio of 97 investment properties has the following sectoral split:
88,8% retail, 9,3% industrial, 1,4% residential and 0,5% office, based on
property value.
The investment portfolio by valuation is as follows:
Direct property assets R6,6 billion (52,4%)
Listed property securities: Offshore-based
property companies R4,3 billion (34,1%)
Listed property securities: Local REITs R1,7 billion (13,5%)
2 CAPITAL STRUCTURE
Fortress’ A linked units have preferential entitlements to income
distributions and to capital participation in the event of winding up,
while the residual distributable income and capital participation accrue
to the B linked units. From the December 2014 interim reporting period,
the growth on the A linked unit distribution will be the lower of CPI and
5%. The CPI figure that will be used in the calculation is the most recent
available at each reporting period.
The conversion of the company’s linked unit capital structure to an all
share structure is anticipated to be finalised by the end of the next
interim reporting period.
3 DISTRIBUTABLE EARNINGS
Total distributions for the year ended June 2014 increased by 14,36% to
160,90 cents. The distribution attributable to the A linked units was
117,62 cents (a 5% increase) with 43,28 cents attributable to the B linked
units (a 50,9% increase).
The distributable income attributable to the A linked units for the six
months ended June 2014 was 58,81 cents (a 5% increase) with 24,39 cents
attributable to the B linked units (a 60,2% increase).
The direct properties generally performed ahead of budget and R5,2 million
of unbudgeted turnover rental was received in 2014. The investments in
listed property securities, both local and offshore, performed well. New
Europe Property Investments plc (“Nepi”) and Rockcastle Global Real Estate
Company Limited (“Rockcastle”) experienced good growth in distributions in
their respective currencies and Fortress further benefited from the
depreciation of the Rand.
Fortress earned once-off fees of R7,5 million from the underwriting of the
Tower Property Fund listing on the JSE and R61 million for the early
termination of Fortress’ BEE structure in Amber Peek Investments
Proprietary Limited (“Amber Peek”). Both amounts were included in
distributable income. This income was however offset by interest rate cap
premiums of R80,6 million that were expensed.
4 STRATEGIC DIRECTION
Fortress’ focus is investment in retail properties, in particular centres
close to transport nodes with high footfalls. The company will continue to
reduce its investment in industrial properties as well as in the remaining
0,5% exposure to offices. In addition to acquisitions, Fortress will
expand and redevelop its existing centres to accommodate tenant demand.
Where opportunities arise, Fortress will increase its investments in
listed property companies, particularly those with hard currency exposure.
5 PROPERTY DISPOSALS
All the property disposals reported on in the 2013 integrated report and
the 2014 interim results announcement were transferred. In addition, the
following properties were disposed of after the 2014 interim reporting
period.
Book Net
value proceeds Exit Transfer
Property name Sector R’000 R’000 yield date
Att Yard
Gunners Circle Industrial 16 500 17 500 10,0% Feb 2014
Wetherlys Silverton Retail 14 700 17 000 * May 2014
26 Jersey Drive Industrial 6 450 7 300 8,6% Jun 2014
Amsterdam Street Industrial 2 100 2 300 10,0% Jun 2014
Riverside Nelspruit Retail 9 800 11 620 9,6% Jul 2014^
484 Kyalami Boulevard Industrial 13 500 13 050 * Jul 2014^
TOTAL 63 050 68 770
* Vacant.
^ Held for sale at June 2014.
6 PROPERTY ACQUISITIONS
The properties acquired as set out in the 2013 integrated report and the
2014 interim results announcement were all transferred.
7 PROPERTY EXTENSIONS AND REFURBISHMENTS
Biyela Shopping Centre Construction commenced on phase two of the
redevelopment of this centre in May 2014. An expanded scope of works
costing R29 million and yielding 9,5% will be completed in September 2014.
Evaton Mall The enclosure and expansion of Evaton Mall was completed in
November 2013 to create a 36 000m2 regional mall anchored by Edgars, Game,
Pick n Pay and Shoprite. The expansion of the mall was completed on budget
and yields 9%. Tenants report strong trading conditions and an agreement
has been concluded for the acquisition of additional land adjacent to the
mall to accommodate further tenant demand.
Flamwood Walk (50% interest) The expansion and redevelopment of this
24 000m2 neighbourhood shopping centre is progressing well with opening
scheduled for October 2014. The centre is anchored by Checkers and Game
and includes Dis-Chem, Fruit & Veg City and HiFi Corp as tenants.
Fortress’ 50% is expected to yield 8,2% on the cost of R154 million.
Secunda Square Residential The conversion of the vacant offices into 87
residential units commenced in May 2014 at a budgeted cost of R43,3
million. These units are projected to yield 9% on completion in November
2014. Secunda is experiencing a shortage of quality accommodation and this
is expected to continue for the foreseeable future.
Shoprite Kokstad The centre is being extended and redeveloped at a cost of
R30,4 million and at a projected yield of 9%. The tenant profile has been
strengthened by additional national tenants and the Shoprite store has
been expanded by 771m2. Shoprite has entered into a new 10-year lease.
8 VACANCIES
Vacancies decreased to 4,5% at June 2014. Fortress reported vacancies of
4,9% at June 2013, which increased to 5,5% at December 2013 following the
acquisition of a 25% interest in The Galleria and Arbour Crossing.
Of the current vacancies, 9 211m² was the result of planned vacancies at
Secunda Square Residential, Biyela Shopping Centre, Vryheid Plaza and
Central Park Bloemfontein, all of which are undergoing redevelopments or
are about to commence works. Fortress also disposed of the vacant 484
Kyalami Boulevard after year-end.
The planned vacancies and the disposal of 484 Kyalami Boulevard
represented 1,8% of the total vacancies of 4,5%.
9 LISTED PORTFOLIO
Jun 2014 Jun 2013
Number Fair Number Fair
of units/ value of units/ value
Counter shares R’000 shares R’000
Capital (CPF) 48 400 000 517 880 42 500 000 452 200
Nepi (NEP) 22 300 000 2 118 500 17 500 000 1 172 325
Resilient (RES) 18 440 000 1 107 322 12 400 000 666 375
Safari (SAR) 2 840 000 24 850 - -
3 768 552 2 290 900
Rockcastle (ROC) 154 745 000 2 622 928* 65 769 000 884 593
Total 6 391 480 3 175 493
*Rockcastle was treated as an associate (equity accounted) and was thus
not fair valued at June 2014 in the financial statements.
The board’s policy is to hedge up to 50% of Fortress’ foreign currency
exposure to equity investments (Nepi and Rockcastle). At June 2014, USD82
million (18,3%) was hedged at an average rate of R10,59.
10 FACILITIES AND INTEREST RATE DERIVATIVES
Fortress renewed and extended its expiring facilities with RMB and
Standard Bank during the year. The R1 128 million of three-year facilities
with RMB expire in the 2017 financial year. The Standard Bank facilities
total R1 400 million and comprise three-year (R1 200 million) and five-
year (R200 million) facilities. Fortress also accepted a new five-year
facility from Nedbank for R240 million. Fortress’ R2 billion unsecured
domestic medium term note (“DMTN”) programme received an improved rating
of A (long term) and A1 (short term) in April 2014. A total of R1 620
million has been issued under the programme and it is the board’s
intention to utilise 50% unsecured funding. The interest-bearing debt to
asset ratio decreased from 29,9% at December 2013 to 22,9% at June 2014
following the rights issue of R1 billion in June 2014. The board’s target
total interest-bearing debt to asset ratio range is 30% to 35%.
At June 2014, 105,1% of Fortress’ interest rate exposure (inclusive of
contracted capital commitments) was hedged.
Average
Amount margin
Facility expiry R'million over Jibar
Jun 2015 750 0,64%
Jun 2016 870 1,59%
Jun 2017 2 328 1,59%
Jun 2018 - -
Jun 2019 440 1,64%
4 388 1,43%
Amount Average
Interest rate swap expiry R'million swap rate
Jun 2015 50 7,87%
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%
2 060 7,49%
Amount Average
Interest rate cap expiry R'million cap rate
Jun 2019 100 7,43%
Jun 2020 200 7,52%
Jun 2021 300 7,87%
Jun 2022 200 8,18%
Jun 2023 100 8,21%
900 7,85%
Amount
Variable rate instruments R'000
Interest-bearing borrowings net of cash on hand 3 035 954
Capital commitments contracted for 166 023
Loan to The Siyakha Education Trust (250 000)
Loans to development partners (136 561)
2 815 416
Total interest rate derivatives 2 960 000
Percentage hedged 105,1%
The all-in weighted average cost of funding of Fortress was 8,41% at June
2014 and the average hedge term was 4,8 years.
The information contained in notes 1, 10 and the “Property operations”
section of note 11 has been compiled using proportionate consolidation.
This results in Fortress accounting for its share of the assets and
liabilities of joint ventures (Arbour Crossing, The Galleria and Mthatha
Residential).
11 SUMMARY OF FINANCIAL PERFORMANCE
Jun 2014 Dec 2013 Jun 2013 Dec 2012
Distribution
per A linked
unit (cents) 58,81 58,81 56,01 56,01
Distribution per
B linked
unit (cents) 24,39 18,89 15,22 13,46
A linked units
in issue 424 290 288 358 412 595 316 832 021 299 594 493
B linked units
in issue 424 290 288 358 412 595 316 832 021 299 594 493
Property operations
Net property expense
ratio 14,1% 16,1% 15,1% 15,2%
Gross property expense
ratio 33,9% 35,1% 34,8% 35,2%
Consolidated
Net asset value per
combined linked unit* R22,66 R20,32 R19,22 R15,47
Net asset value per A
linked unit# R14,58 R14,45 R14,90 R14,24
Net asset value per B
linked unit R8,08 R5,87 R4,32 R1,23
Interest-bearing debt to
asset ratio** 22,9% 29,9% 24,2% 22,3%
*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 adjusted for cash on hand by the total of
investments in property, listed securities and loans advanced. The
comparatives were adjusted to be compliant with best practice disclosure
for REITs.
12 BROAD-BASED BLACK ECONOMIC EMPOWERMENT
Following repeated representations, particularly from the Thohoyandou
shareholders, Fortress agreed to the early termination of the Amber Peek
BBBEE initiative in April 2014. The shareholders of Amber Peek are
Aquarella Investments 553 Proprietary Limited (26%), Celtic Rose
Investments 10 Proprietary Limited (26%) and The Siyakha Education Trust
(“The Trust”) (48%). Aquarella Investments 553 Proprietary Limited is
owned by 50 black business people from Thohoyandou whilst Celtic Rose
Investments 10 Proprietary Limited is owned by nine black business people
from Johannesburg. The Trust is a charitable trust established for the
promotion of black education and is a registered public benefit
organisation. Fortress’ consent was conditional on an early termination
fee of R61 million, being 10% of the proceeds.
13 PROSPECTS
The board is confident that Fortress will achieve overall growth in
distributions of approximately 12% for the 2015 financial year. The
forecast assumes exchange rates of R14,00 and R10,20 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
12 August 2014
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
2014 2013
Audited Restated
ASSETS R'000 R'000
Non-current assets 13 190 804 8 393 329
Investment property 5 577 773 4 264 563
Straight-lining of rental revenue adjustment 119 262 76 290
Investment property under development 194 382 148 797
Investment in and loans to
associate and joint ventures 2 875 804 136 173
Investments 3 768 552 3 175 493
Fortress Unit Purchase Trust loans 384 041 374 370
Loans to BEE vehicles 250 000 193 104
Loans to development partners 20 990 24 539
Current assets 274 365 409 089
Investment property held for sale 24 436 329 553
Straight-lining of rental revenue adjustment 234 7 322
Fortress Unit Purchase Trust loans 8 884 7 860
Loans to development partners 69 278 -
Trade and other receivables 167 837 60 763
Cash and cash equivalents 3 696 3 591
Total assets 13 465 169 8 802 418
EQUITY AND LIABILITIES
Total equity attributable to equity holders 5 794 397 3 237 962
Share capital 8 486 6 336
Share premium 2 330 270 940 839
Non-distributable reserves 3 455 641 2 290 787
Total liabilities 7 670 772 5 564 456
Non-current liabilities 6 415 304 4 693 004
Linked debentures 3 818 612 2 851 488
Interest-bearing borrowings 2 280 783 1 607 285
Deferred tax 315 909 234 231
Current liabilities 1 255 468 871 452
Trade and other payables 142 048 141 249
Linked debenture interest payable 353 010 225 679
Income tax payable - 421
Interest-bearing borrowings 760 410 504 103
Total equity and liabilities 13 465 169 8 802 418
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
2014 2013
Audited Restated
R'000 R'000
Net rental and related revenue 516 189 454 323
Recoveries and contractual rental revenue 727 545 629 683
Straight-lining of rental revenue adjustment 35 884 45 168
Rental revenue 763 429 674 851
Property operating expenses (247 240) (220 528)
Income from investments 190 922 119 056
Fair value adjustments on investment property,
investments and currency derivatives 1 020 873 1 290 789
Fair value gain on investment property 393 014 681 824
Adjustment resulting from straight-lining
of rental revenue (35 884) (45 168)
Fair value gain on investments 673 686 654 133
Fair value loss on currency derivatives (9 943) -
Termination fee received from Amber Peek 61 025 -
Tower underwriting fee 7 500 -
Administrative expenses (32 660) (25 506)
Goodwill on acquisition of interest
in joint venture 57 -
Profit on sale of subsidiary - 115
Income from associate and joint ventures 229 754 19 451
- distributable 109 963 12 466
- non-distributable 119 791 6 985
Profit before net finance costs 1 993 660 1 858 228
Net finance costs (746 584) (461 314)
Finance income 181 934 108 483
Interest from loans 63 532 42 281
Fair value adjustment on interest
rate derivatives 70 471 53 857
Interest on linked units issued cum distribution 47 931 12 345
Finance costs (928 518) (569 797)
Interest on borrowings (310 221) (142 738)
Capitalised interest 13 200 6 748
Interest to linked debenture holders
- A linked units (460 308) (345 260)
- B linked units (171 189) (88 547)
Profit before income tax expense 1 247 076 1 396 914
Income tax expense (82 222) (125 151)
Profit for the year attributable
to equity holders 1 164 854 1 271 763
Total comprehensive income for the year 1 164 854 1 271 763
Basic earnings per A share (cents) 148,82 206,31
Basic earnings per B share (cents) 148,82 206,31
Basic earnings per A linked unit (cents) 266,44 318,33
Basic earnings per B linked unit (cents) 192,57 235,04
Fortress has no dilutionary instruments in issue.
RECONCILIATION OF PROFIT FOR THE YEAR TO HEADLINE EARNINGS AND
DISTRIBUTABLE INCOME
2014 2013
Audited Restated
R'000 R'000
Basic earnings (shares) - profit for the
year attributable to equity holders 1 164 854 1 271 763
- interest to A linked debenture holders 460 308 345 260
- interest to B linked debenture holders 171 189 88 547
Basic earnings (linked units) 1 796 351 1 705 570
Adjusted for: (383 141) (722 784)
- fair value gain on investment property (357 130) (636 656)
- fair value gain on investment
property of joint ventures (10 688) (6 985)
- income tax effect (15 323) (79 143)
Headline earnings (linked units) 1 413 210 982 786
Straight-lining of rental revenue adjustment (35 884) (45 168)
Fair value gain on investments (673 686) (654 133)
Fair value loss on currency derivatives 9 943 -
Goodwill on acquisition of
interest in joint venture (57) -
Fair value adjustment on
interest rate derivatives (70 471) (53 857)
Profit on sale of subsidiary - (115)
Non-distributable income from associate (109 103) -
Income tax effect 97 545 204 294
Distributable income 631 497 433 807
Less: distributions declared (631 497) (433 807)
Income not distributed - -
Headline earnings per A share (cents) 99,87 89,06
Headline earnings per B share (cents) 99,87 89,06
Headline earnings per A linked unit (cents) 217,49 201,08
Headline earnings per B linked unit (cents) 143,62 117,79
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 391 351 442 (2013: 308 213 257) shares/linked units in
issue during the year for both A and B shares/linked units.
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
Non-
distribu-
Share Share table Retained
Capital premium reserves earnings Total
Audited 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 units) 474 306 865 307 339
Total comprehensive
income for the year 1 271 763 1 271 763
Transfer to non-
distributable
reserves 1 271 763 (1 271 763) -
Balance at
Jun 2013 6 336 940 839 2 290 787 - 3 237 962
Issue of linked units
(equal number of
A and B units) 2 150 1 389 431 1 391 581
- 25 469 463 units
on 1 Jul 2013 510 301 349 301 859
- 11 111 111 units
on 23 Sep 2013 222 144 157 144 379
- 5 000 000 units on
26 Nov 2013 100 67 625 67 725
- 17 021 276 units
on 17 Mar 2014 340 240 161 240 501
- 5 000 000 units on
2 Apr 2014 100 67 721 67 821
- 43 856 417 units
on 9 Jun 2014 878 568 418 569 296
Total
comprehensive
income for the year 1 164 854 1 164 854
Transfer to non-
distributable
reserves 1 164 854 (1 164 854) -
Balance at
Jun 2014 8 486 2 330 270 3 455 641 - 5 794 397
SUMMARISED CONSOLIDATED STATEMENT OF CASH FLOWS
2014 2013
Audited Restated
R'000 R'000
Cash inflow from operating activities 22 668 30 248
Cash outflow from investing activities (2 848 307) (1 531 525)
Cash inflow from financing activities 2 825 744 1 496 572
Increase/(decrease) in cash and cash equivalents 105 (4 705)
Cash and cash equivalents at
the beginning of the year 3 591 8 296
Cash and cash equivalents
at the end of the year 3 696 3 591
Cash and cash equivalents consist of:
Current accounts 3 696 3 591
NOTES
1 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 preliminary reports and the requirements of the Companies
Act of South Africa applicable to summary financial statements. The JSE
Listings Requirements require preliminary 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 year. The
restatement of the comparative information for June 2013 is the result of
the adoption of IFRS11 Joint Arrangements which resulted in Fortress
accounting for its investment in Mthatha Residential on an equity
accounted method as opposed to proportionately consolidating it.
This report was compiled under the supervision of Wiko Serfontein CA(SA),
the financial director.
The directors are not aware of any matters or circumstances arising
subsequent to June 2014 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 June 2014. The audit was conducted
in accordance with International Standards on Auditing. They have issued
an unmodified audit opinion. These preliminary summarised consolidated
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
Fortress’ registered address. This preliminary report has been audited by
Deloitte & Touche and an unmodified audit opinion has been issued. The
auditor’s report does not necessarily report on all of the information
contained in this announcement. Linked 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 Fortress’ registered
address.
2 LEASE EXPIRY PROFILE (UNAUDITED)
Based on
Based on contractual
rentable rental
Lease expiry area revenue
Vacant 4,5%
Jun 2015 20,3% 20,6%
Jun 2016 18,3% 14,7%
Jun 2017 13,1% 14,8%
Jun 2018 12,4% 15,4%
Jun 2019 13,0% 15,5%
> Jun 2019 18,4% 19,0%
100,0% 100,0%
3 SEGMENTAL ANALYSIS
2014 2013
Audited Restated
Recoveries and contractual rental revenue R’000 R’000
Retail 612 976 456 668
Industrial 107 237 122 332
Office 7 332 50 683
Total 727 545 629 683
Property operating expenses
Retail (207 013) (159 374)
Industrial (37 686) (43 078)
Office (2 541) (18 076)
Total (247 240) (220 528)
Rental revenue
Retail 444 449 338 205
Industrial 70 698 81 746
Office 1 042 34 372
Total 516 189 454 323
Profit before net finance costs
Retail 788 082 852 975
Industrial 98 621 158 545
Office 18 828 79 459
Residential 18 337 19 451
Corporate 1 069 792 747 798
Total 1 993 660 1 858 228
4 PAYMENT OF FINAL DISTRIBUTIONS
The board has approved and notice is hereby given of final distributions
(distributions no 10) of 58,81 cents per A linked unit and 24,39 cents per
B linked unit for the six months ended 30 June 2014. The distributions are
payable to Fortress unitholders in accordance with the timetable set out
below:
Last date to trade cum distribution Friday, 29 August 2014
Linked units trade ex distribution Monday, 1 September 2014
Record date Friday, 5 September 2014
Payment date Monday, 8 September 2014
Linked unit certificates may not be dematerialised or rematerialised
between Monday, 1 September 2014 and Friday, 5 September 2014, both days
inclusive.
In respect of dematerialised linked unitholders, the distributions will be
transferred to the CSDP accounts/broker accounts on Monday, 8 September
2014. Certificated linked unitholders’ distribution payments will be
posted on or about Monday, 8 September 2014. An announcement informing
unitholders of the tax treatment of the distributions will be released
separately on SENS.
Directors
Jeff Zidel (chairman); Mark Stevens (managing director)*; Kura Chihota;
Craig Hallowes*; Chris Lister-James; Nontando Mahlati; Wiko Serfontein*;
Djurk Venter
*Executive director
Company secretary
Bernita Schaper
Registered address
3rd 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
Changes to the board of directors
Craig Hallowes was appointed as an executive director on 9 July 2014. This
was the only change to the board since the release of the interim results
announcement on 11 February 2014.
Date: 12/08/2014 04:20:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE').
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