Wrap Text
Condensed consolidated reviewed results for the year ended 30 September 2014
ARROWHEAD PROPERTIES LIMITED
(Incorporated in the Republic of South Africa)
(Registration number 2011/000308/06)
JSE share code: AWA ISIN: ZAE000158101
JSE share code: AWB ISIN: ZAE000158119
(Approved as a REIT by the JSE)
(“Arrowhead” or “the company”)
CONDENSED CONSOLIDATED REVIEWED RESULTS FOR THE YEAR ENDED 30 SEPTEMBER 2014
- Distribution of 133,24 cents per combined A and B unit-growth of 17,9%
- Core property portfolio growth of 6,9% and 9,1% with the effect of gearing
- Forecast distribution of 147.9 cents per combined A and B unit to September 2015 - growth of 11%
Condensed consolidated financial performance for the year ended 30 September 2014
2014 2013
R’000 R’000
Revenue (excluding straight line rental income) 712 239 423 246
Listed securities income 65 788 -
Property expenses (245 511) (147 464)
Administration and corporate (26 708) (14 928)
Finance expenses (115 007)) (54 810)
Finance income 13 998 6 410
Transaction cost on business combination 6 409 -
Debenture interest 411 208 212 454
Antecedent interest 31 598 5 928
Total distribution 442 806 218 382
Distribution to charitable trust (eliminated on consolidation) 12 013 5 187
Property expenses as a percentage of revenue 35% 35%
Distribution for the quarter ended 31 December 87 566 48 780
Distribution for the quarter ended 31 March 99 983 55 341
Distribution for the quarter ended 30 June 129 179 58 910
Distribution for the quarter ended 30 September 138 093 60 536
** Income received from the Arrowhead Charitable Trust is excluded for the condensed income statement.
Cents Cents
Distribution per combined unit for the quarter ended 31 December 30,20 27,10
Distribution per combined unit for the quarter ended 31 March 32,38 28,04
Distribution per combined unit for the quarter ended 30 June 34,23 28,54
Distribution per combined unit for the quarter ended 30 September 36,43 29,33
133,24 113,01
Nature of business
Arrowhead is a Real Estate Investment Trust (“REIT”), holding a diverse portfolio of properties throughout South Africa.
Commentary
Revenue includes rental income and expenditure that is recoverable from tenants.
This year has seen a substantial transformation within Arrowhead in terms of size and diversity. Arrowhead has successfully continued with its strategy of acquiring commercial assets at yields
in excess of its cost of funding, has been at the forefront of the expected consolidation in the real estate sector with the successful acquisition of Vividend and has established Arrowhead
Residential, which has acquired a residential portfolio. These factors, together with effect of the acquisitions concluded during the previous financial year have led to a considerable increase in
revenue.
The acquisitions concluded during the year, especially the Vividend acquisition, have resulted in an improved portfolio quality from a size and lease length period perspective. The number of
commercial properties within the portfolio has increased from 89 at listing in 2011 to 155 (excluding residential) at present with the average value per property increasing from R17 million to
R45 million. The average lease profile has increased to 3,49 years.
Rentals from government tenants has reduced as a percentage of total revenue from the prior year as the properties acquired this year have been weighted towards private sector tenants.
Significant strides have been made in dealing with government and most monthly leases have been converted into leases of between 12 and 24 months. Arrowhead remains committed to
increasing its exposure to government as a tenant when appropriate opportunities present themselves.
Vacancies within the portfolio, excluding the residential vacancy which is 1,2%, have decreased to 6,26%. This is primarily due to the acquisition of substantially fully let properties together
with some reduction in the portfolio at the time of listing.
92 004 square meters of GLA expired during the year of which 75,36% was renewed. Rental escalations of 8,21% have been achieved on renewed leases across the portfolio.
Combined 12 month letting report
Total m2 Let m2 vacant m2 Let % Vacant %
01-Oct-13 514 023 468 264 45 759 91% 9%
Acquisitions 94 329 87 919 6 410
Disposals -5 359 0 -5 359
Adjustments -1 325 424 -1 749
Vividend Acquisition 218 279 203 608 14 671
Maboneng Acquisition 48 354 47 592 0 762
Adjusted Totals 868 301 807 807 60 493 93% 7%
Net Gain 6 146 -6 146
30-Sep-14 868 301 813 953 54 347 94% 6%
PROPERTY EXPENSES
Municipal expenses have increased in line with the increased revenue. 87% of municipal expenses were recovered in 2013, decreasing to 85% in 2014 mainly as a result of the under recovery
of electricity in the portfolio acquired from Vividend.
The recovery of municipal rates has increased from 43% in 2013 to 52% in 2014 largely as a result of absorbing the Vividend portfolio.
The bulk of water, sewer and waste costs are recovered.
All other property related expenditure has increased in line with the enlarged property portfolio. The increased letting commissions are as a result of the conversion of a number of government
leases from monthly tenancies to leases of between 12 to 24 months, as well as well as double commission paid to brokers for introducing tenants.
ADMINISTRATIVE AND CORPORATE COSTS
2014 % of 2013 % of
Admin expenses R’000 total R total
Salaries 10 885 41 9 000 60
Professional service fees 9 667 36 2 888 19
Other 6 156 23 3 040 21
Total 26 708 14 928
The largest contributor to administrative expense is salaries, which has increased as a result of the additional staff complement in line with the enlarged portfolio. Professional fees have largely
increased with the consolidation of Vividend.
Finance income
2014 % of 2013 % of
Finance income
R total R total
Interest on loan units
11 344 81 4 306 67
Interest on cash balances
2 654 19 2103 33
Total
13 998 100 6 409 100
Previously, the company accounted for antecedent interest, which arises when the company issues units between distribution dates, at a market price that includes accrued interest, by
recognising this as interest income in the statement of comprehensive income, which is then matched to the interest expense when the company pays its next distribution. Following the review
of the annual financial statements by the JSE and guidance issued by the Financial Reporting Investigation Panel antecedent interest has been added to the debenture’s initial carrying amount,
and this liability reduced when the cash flows of the debenture interest are made on the next distribution date. The change in this accounting treatment has no impact on profit or loss or
distributions paid.
Interest on loan units is in respect of loans issued to participants of the Arrowhead Unit Purchase Trust it incurs interest at the company’s rate of borrowings.
Listed securities income comprises income received on the units held in Dipula Income Fund and Vividend.
Business combinations
During the year the group acquired both Vividend Income Fund and the associated management company for a consideration of R1,6 billion. The acquired operations contributed revenue of
R83,5million and net profit of R5, 1million to the group for the year ended 30 September 2014. Had the acquired operations been acquired on 1 October 2013 (i.e. for the full financial year),
the revenue would have been R357,7million and the net profit would have been R47million. These amounts have been calculated using the group’s accounting policies.
R000’s
Investment property and fair value 2 269 726
Long term liabilities (775 058)
Working Capital (82 520)
Derivatives 4 500
Cash and cash equivalents 7 870
Fair value of assets 1 424 518
Goodwill 176 830
Purchase consideration 1 601 348
Total purchase consideration 1 601 348
Less : Paid by issue of units (1 458 391)
Cash and cash equivalents in operations (7 870)
acquired
Fair value recognised on change in holding (41 341)
Add : Transaction cost expensed 6 409
Cash outflows on acquisition 100 155
The goodwill that arises is due to the expected synergies between the two companies.
TERM FACILITIES
Facility Maturity Fixed Rate 3 month Jibar margin Prime rate margin Capital
148102 September 2016 9.37% - - 387 284
154824 September 2016 - 2.54% - 92 716
148147 March 2018 - - Minus 1.3% 49 754
148164 March 2018 - 2.10% - 280 000
265125 April 2019 - 2.10% - 60 000
249812 March 2018 - - Minus 1.4% 150 000
263434 December 2018 - 1.77% - 300 000
266514 April 2019 - 1.77% - 270 000
30132981 August 2019 - 1.75% - 500 000
30140221 August 2019 - 1.75% - 70 000
30142645 August 2017 - - Minus 1.45% 200 000
TOTAL EXPOSURE 2 359 754
(Excluding loan initiation fees and fair value adjustments on swaps).
Arrowhead has further entered into interest rate swaps to hedge its exposure to fluctuations in interest rates on 91% of its debt as follows:
- an interest rate swap over R189 million until 31 May 2017;
- an interest rate swap over R72million until 31 May 2018;
- an interest rate swap over R113million until 17 June 2019;
- an interest rate swap over R140million until 15 August 2017;
- an interest rate swap over R35million until 315 August 2017; and
- an interest rate swap over R595million until 2 September 2019.
The loans of R2,3 billion (2013: R720 million) measured against investment properties valued at carrying value of R7 billion (2013: R3, 1 billion) represents a loan to value of 33% (2013:
23%). Interest on R2,1 billion of the total R2,3 billion is fixed which equates to 91% of the total borrowings. Arrowhead’s target loan to value is around 35%.
In terms of Arrowhead’s treasury function, excess funds are placed in an access facility to reduce the overall interest charge. The effective interest rate for the year ended 30 September 2014
was 8,61% (2013: 8,17%).
INVESTMENT PROPERTIES
Investment properties have grown by R4 billion during the year including the acquisition of Vividend, over R500 million of residential properties and a combination of retail, industrial and
office properties, while revaluations of existing properties showed increases of R220 million.
A third of the property portfolio is valued externally every year with the balance being valued by the executive directors. The independent valuation this year was carried out by Real Insight
and LDM Valuations Solutions.
Arrowhead made the following acquisitions:
Acquisitions R Acquisition yield Sector Province Transfer\Effective date
Commercial
Lynnwood R65 914 533 12,50% Office Gauteng 28 October 2013
Urban Brew R105 000 000 11,00% Office Gauteng 14 January 2014
Sasol R250 000 000 15,00% Office Gauteng 1 February 2014
MCG R53 236 000 11,00% Industrial Gauteng 28 January 2014
Lyndhurst Spar R60 000 000 10,50% Retail Gauteng 17 February 2014
Bedford R73 000 000 11,00% Office Gauteng 2 April 2014
Simgold R34 000 000 12,00% Industrial Gauteng 14 May 2014
RCS building R59 000 000 12,40% Office Western Cape 10 July 2014
Maboneng portfolio R179 421 687 11,00% Industrial Gauteng 1 June 2014
R879 572 220
Residential
Honeypark R150 000 000 12,00% Residential Gauteng 1 February 2014
JIKA portfolio R351 772 232 10,00% Residential Gauteng various
R501 772 232
Listed securities Acquisition date R
Vividend (100%) 4 August 2014 2 292 813 000
Dipula B Linked
Units Various 290 726 630
Total acquisitions
Commercial R879 572 220
Residential R501 772 232
Listed securities R2 583 539 630
TOTAL R3 964 884 082
NET INCOME GROWTH ON PROPERTIES OWNED AT 1 OCTOBER 2012 AND STILL OWNED ON 30 SEPTEMBER 2014
Description Year ended Year ended % Growth
30 September 2014 30 September 2013
R’000 R’000
Rental Income 309 525 288 226 7,3%
Recoveries 95 774 79 988 19,7%
Property Expenses (150 123) (129 463) 15,8%
Net Operating Income 255 418 238,751 6,9%
Assuming a gearing ratio on the portfolio of 30% and an annual effective interest rate of 9% the total growth in distributable income would grow to 9,1%.
Loans to participants of the Arrowhead Unit Purchase Trust
Loans to the value of R97 million were made to participants of the Arrowhead Unit Purchase Trust this year. The recipients include the executive directors and staff of Arrowhead and are used
to subscribe for units in Arrowhead. The loans bear interest at the company’s effective rate of borrowings and are secured by the units.
Trade and other receivables
This includes trade receivables, deposits and payments in advance. The balance outstanding has increased from the prior year as a result of the enlarged property portfolio. Approximately
R200 000 has been written off this year, whilst the provision for bad debt has been increased to R6,7 million. The combined amounts are less than 1% of revenue.
Non - current assets held for sale
Arrowhead has sold two properties within the portfolio which are in the process of being transferred to the respective new owners.
Debentures
The increase resulted from the issue of linked units during the year. In line with Arrowhead converting to a REIT, this will be derecognized as debentures and will form part of equity within
the next financial year in terms of REIT legislation.
Projected 2015 distribution per combined A and B unit.
The forecast excludes the effects of any acquisitions that will be made during the year as well as letting of any vacant space and assumes that all leases expiring during the year will be renewed
other than when the company has information to the contrary. For the 2015 year the portfolio of properties at 30 September 2014 is projected to produce distributions of 147,9 cents per
combined A and B unit i.e. a 11% growth on the 133,24 cents paid for 2014. The projections have not been audited or reviewed by Grant Thornton.
Summary of financial performance
Audited year
Reviewed year ended ended 30
30 September 2014 September 2013
Distribution / Annualised distribution per A–linked unit (cents) 66,62 60,00
Distribution / Annualised distribution per B–linked unit (cents) 66,62 53,01
A–linked units in issue 379 064 856 197 395 479
B–linked units in issue 379 064 856 197 395 479
Net asset value per A and B linked unit excluding deferred taxation (cents) 687 606
Net asset value per A and B linked unit (cents) 687 606
Loan to value ratio 34% 23%
^ Includes units issued to the Arrowhead Charitable Trust.
*Net asset value includes total equity attributable to equity holders and linked debentures.
Arrowhead’s integrated report for the year ended 30 September 2014, containing a notice of annual general meeting which annual general meeting is to be held at the company’s offices at
10h00 on Tuesday, 3 February 2015 and incorporating the audited annual financial statements for the year ended 30 September 2014, will be posted on or about the 21 November 2014 to
linked unit holders who have requested that these items be posted to them, and will also be available in hard copy from Arrowhead’s offices at 2nd floor, 18 Melrose Boulevard, Melrose Arch,
or in electronic form on the company’s website, www.arrowheadproperties.co.za.
The last day to trade in order to be eligible to participate in and vote at the annual general meeting is 16 January 2015 and the record date for voting purposes is 23 January 2015.
Payment of distributions for the quarter ended 30 September 2014
The board of directors has approved and notice is hereby given of distributions (distribution number 12) of 18,21500 cents per A linked unit and 18,21500 cents per B linked unit for the
quarter ended 30 September 2014 in accordance with the abbreviated timetable set out below:
2014
Last date to trade cum distribution Friday, 28 November
Linked units trade ex distribution Monday, 1 December
Record date Friday, 5 December
Payment date Monday, 8 December
Linked unit certificates may not be dematerialised or rematerialised between Monday, 1 December 2014 and Friday, 5 December 2014, both days inclusive.
In accordance with Arrowhead’s status as a REIT, linked unitholders are advised that the distributions meets the requirements of a “qualifying distribution” for the purposes of section 25BB of
the Income Tax Act, No. 58 of 1962 (“Income Tax Act”). The distributions on the linked units will be deemed to be dividends, for South African tax purposes, in terms of section 25BB of the
Income Tax Act.
The distributions received by or accrued to South African tax residents must be included in the gross income of such linked unitholders and will not be exempt from income tax (in terms of the
exclusion to the general dividend exemption, contained in paragraph (aa) of section 10(1)(k)(i) of the Income Tax Act) because they are dividends distributed by a REIT. These 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 distributions are 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 distributions, if such documents have not already been submitted.
Distributions received by non-resident linked unitholders will not be taxable as income and instead will be treated as ordinary dividends which is exempt from income tax in terms of the
general dividend exemption in section 10(1)(k)(i) of the Income Tax Act. It should be noted that up to 31 December 2013 distributions received by non-residents from a REIT were not subject
to dividend withholding tax. From 1 January 2014, any distributions 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 unitholders. Assuming dividend withholding
tax will be withheld at a rate of 15%, the net dividend amount due to non-resident linked unitholders is 15.48275 cents per A linked unit and 15.48275 cents per B linked unit. A reduced
dividend withholding 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 distributions are 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.
Linked unitholders are encouraged to consult their professional advisors should they be in any doubt as to the appropriate action to take.
A linked units in issue at the date of declaration of distributions: 379 064 856
B linked units in issue at the date of declaration of distributions: 379 064 856
Arrowhead’s income tax reference number: 9779/439/15/8.
Basis of preparation
The condensed consolidated reviewed results for the year ended 30 September 2014 have been reviewed by the company`s independent auditors, Grant Thornton. Their unqualified review
opinion is available for inspection at the company’s registered offices at 2nd floor, 18 Melrose Boulevard, Melrose Arch. These results have been prepared in accordance with the requirements
of International Financial Reporting Standards, SAICA Financial Reporting Guides as issued by the Accounting Practices Committee and Financial Reporting Pronouncements as issued by the
Financial Standards Council , IAS 34: Interim Financial Reporting, the JSE Listings Requirements and the requirements of the South African Companies Act, 2008. These results have been
prepared under the supervision of Imraan Suleman CA(SA), Arrowhead’s Chief Financial Officer.
The accounting policies adopted are consistent with those applied in the prior period except for the treatment of antecedent interest and amortisation of debenture premium.
CONDENSED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
Reviewed Restated
30 September 30 September 2013
2014 (Group) (Group)
R’000 R’000
Rental income 712 239 423 246
Straight line rental income accrual 25 795 20 467
Listed securities income 65 788
Total revenue 803 822 443 713
Property expenses (245 510) (147 464)
Administration and corporate cost (26 709) (14 928)
Net operating profit 531 603 281 321
Changes in fair values 272 392 152 056
Profit from operations 803 995 433 377
Loan facility interest (115 007) (54 810)
Finance income 13 998 6 410
Profit before debenture interest and taxation 702 986 384 977
Debenture interest (375 201) (168 061)
Profit before taxation 327 785 216 916
Taxation - 93 722
Total comprehensive income for the year 327 785 310 638
Reconciliation of earnings, headline earnings and distributable
earnings
Profit for the year attributable to equity holders 327 785 310 638
Changes in fair value of properties (net of deferred (227 581) (235 366)
taxation)
Profit attributable to linked unit holders 100 204 75 272
Debenture interest (net of debenture amortisation) 375 201 168 061
Headline profit attributable to linked unit holders 475 405 243 333
Changes in fair values of listed securities and financial instruments (44 811) (7 934)
(Net of deferred taxation)
Straight line rental income accrual (net of deferred (25 795) (23 405)
taxation)
Deferred taxation – other adjustment - 459
Antecedent interest 31 598 5 928
Transaction cost on business combination 6 409 -
Distributable earnings attributable to linked unit 442 806 218 381
Holders
Number of A-linked units in issue 370 065 197 395
Number of B-linked units in issue 370 065 197 395
Weighted average number of A-linked units in issue 278 806 187 705
Weighted average number of B-linked units in issue 278 806 187 705
Basic and diluted earnings per A-linked unit (cents) 1.26 1.31
Basic and diluted earnings per B-linked unit (cents) 1.26 1.23
Headline and diluted headline earnings per A-linked 85.25 68.35
unit (cents)
Headline and diluted headline earnings per B-linked 85.25 61.28
unit (cents)
CONDENSED STATEMENT OF FINANCIAL POSITION
Reviewed Audited
30 September 30 September
2014 2013
Group Group
R’000 R’000
ASSETS
Non - current assets 7 601 089 3 162 189
Investment property 6 967 844 3 101 410
Property, plant and equipment 309 494
Loans to participants of Arrowhead Unit Purchase Trust 142 950
Investment in subsidiaries
Goodwill 176 833
Financial assets 290 443 52 606
Loans to Arrowhead Charitable Trust - -
Derivative instruments 22 709 7 678
Current assets 114 657 43 887
Trade and other receivables 31 583 18 503
Cash and cash equivalents 83 074 25 384
Non - current assets held for sale 47 500 12 000
Total assets 7 763 247 3 218 077
EQUITY AND LIABILITIES
Shareholders’ interest 828 693 500 906
Non - current liabilities – debentures 4 256 279 1 890 588
Linked unit holders’ interest 5 084 972 2 391 495
Other non – current liabilities 2 373 910 718 058
Secured financial liabilities 2 366 332 718 058
Derivative instruments 7 578 -
Current liabilities 304 365 108 524
Trade and other payables 166 269 47 988
Financial liabilities - -
Unit holders for distribution 138 096 60 535
Total equity and liabilities 7 763 247 3 218 077
CONDENSED STATEMENT OF CHANGES IN EQUITY
Group
Stated Capital Reserves
R’000 R’000
Balance at 30 September 2012 134 190 268
Issue of shares 5 -
Total comprehensive income for the year - 310 637
Balance at 30 September 2013 139 500 906
Issue of shares 35 -
Total comprehensive income for the year - 327 786
Balance at 30 September 2014 174 828 693
CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS
Reviewed Audited
30 September 30 September
2014 2013
Group Group
Cash inflow from operating activities 93 496 20 821
Cash outflows from investing activities (1 364 552) (543 849)
Cash inflows from financing activities 1 328 746 358 276
Net movement in cash and cash equivalents 57 690 (164 752)
Cash and cash equivalents at the beginning of the year 25 384 190 136
Cash and cash equivalents at the end of the year 83 074 25 384
Segment reporting
Gauteng Kwazulu Natal Eastern Cape Residential Other Total
R R R R R R
Revenue - Property
income 443 659 716 80 720 941 45 652 793 31 494 849 104 447 164 705 975 463
Straight-line effect
of lease (727 665) 26 522 329 25 794 664
Other income 39 711 50 498 2 265 - 218 607 311 080
Property expense (152 039 763) (30 166 713) (12 325 649) (460 513) (66 566 695) (261 559 333)
Operating income 291 659 663 50 604 726 33 329 409 30 306 671 64 621 405 470 521 875
Finance income 157 552 55 038 3 794 - 184 066 721 184 283 105
Amortisation of
debenture premium 37 711 917 37 711 917
Finance cost (23 157) - (2 508) (31 034 336) (144 832 781) (175 892 781)
Net operating
income 291 794 058 50 659 764 33 330 696 (727 665) 141 567 262 516 624 116
Fair value
adjustment 84 411 290 35 339 620 23 217 445 14 281 889 115 142 133 272 392 377
Reportable segment
(loss)/profit 376 205 348 85 999 384 56 548 141 13 554 224 256 709 395 789 016 492
before debenture
interest and tax
Debenture interest (454 821 000) (454 821 000)
Taxation -
Reportable segment
(loss)/profit 376 205 348 85 999 384 56 548 141 13 554 224 (198 111 605) 334 195 493
after debenture
interest and tax
Reportable segment
assets 853 753 349 219 129 866 105 424 485 12 266 978 8 040 894 064 9 231 468 741
Reportable segment
liabilities (112 724 587) (8 647 344) (2 786 815) 1 287 246 (6 846 105 629) (6 968 977 128)
(741 028 762) (210 482 522) (102 637 670) (13 554 224) (1 194 788 435) (2 262 491 613)
By order of the Board
10 November 2014
Directors: T Adler* (Chairperson), G Leissner (CEO), I Suleman (CFO),
M Kaplan (COO), M Nell*, S Noik*, E Stroebel*
* Independent non-executive
All directors are South African
Registered office: 2nd Floor, 18 Melrose Boulevard, Melrose Arch, Melrose, Johannesburg 2196.
Transfer secretaries: Computershare Investor Services Proprietary Limited
Sponsor: Java Capital
Company secretary: CIS Company Secretaries Proprietary Limited
Computershare Investor Services Proprietary Limited acquired Probity Business Services Proprietary Limited and accordingly with effect from 4 June 2014, CIS Company Secretaries
Proprietary Limited has been appointed as company secretary
.
Website: www.arrowheadproperties.co.za
Date: 10/11/2014 03:34:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE').
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