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INVESTEC PROPERTY FUND LIMITED - Reviewed Interim Condensed Consolidated Financial Results for the six months ended 30 September 2014

Release Date: 20/11/2014 08:58
Code(s): IPF     PDF:  
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Reviewed Interim Condensed Consolidated Financial Results for the six months ended 30 September 2014

Investec Property Fund Limited
(Incorporated in the Republic of South Africa)
(Registration number 2008/011366/06)
Share code: IPF      ISIN: ZAE000180915
(Income tax reference number 9332/719/16/1)

Highlights

Interim dividend of                    Total portfolio now
54.65 cps                              R8.1 billion(*)
8.3% growth on prior year              89% growth in the last 12 months

Remains conservatively geared          Acquisitions concluded and announced
22.6%                                  R1.7 billion
Provides significant                   Average through yield
headroom for growth                    of 8.2%

Bank and bond market accessed
at attractive rates                    Low vacancy
R950 million                           3.0%
All in cost of funding 8.2%*           Supported by WALE of 4.3 years

(*)Post announced acquisitions

Consolidated statement of comprehensive income
                                                                        Reviewed       Reviewed        Audited      
                                                                      Six months     Six months           Year      
                                                                           ended          ended          ended      
                                                                    30 September   30 September       31 March      
R'000                                                       Notes           2014           2013           2014      
Revenue, excluding straight-line rental adjustment                       336 231        241 556        520 862      
Straight-line rental adjustment                                           45 590         21 046         45 132      
Revenue                                                                  381 821        262 602        565 994      
Property expenses                                                       (60 192)       (52 589)       (90 586)      
Net property income                                                      321 629        210 013        475 408      
Other operating expenses                                                (21 541)       (15 538)       (32 105)      
Operating profit                                                         300 088        194 475        443 303      
Fair value adjustments                                          4       (14 418)       (35 473)        211 610      
Profit on sale of investment property                                          –         10 953         10 988      
Income from investment                                                     8 483              –          7 354      
Finance costs                                                           (60 521)       (18 500)       (57 369)      
Finance income                                                             3 173          5 106         10 745      
Profit before debenture interest and taxation                            236 805        156 561        626 631      
Debenture interest                                                             –      (119 935)      (119 935)      
Profit before taxation                                                   236 805         36 626        506 696      
Taxation                                                                   (193)             39             39      
Profit after taxation                                                    236 612         36 665        506 735      
Items that may be reclassified to profit and loss:                                                                  
Other comprehensive income: realised unrealised gain on                                                             
cash flow hedge                                                            (276)              –            276      
Total comprehensive income attributable to equity holders                236 336         36 665        507 011      

Consolidated statement of financial position
                                                                        Reviewed        Audited       Reviewed      
                                                                      Six months           Year     Six months      
                                                                           ended          ended          ended      
                                                                    30 September       31 March   30 September      
R'000                                                       Notes           2014           2014           2013      
ASSETS                                                                                                              
Non-current assets                                                     6 911 154      6 117 243      4 440 946      
Investment property                                                    6 468 862      5 708 131      4 348 177      
Straight-line rental adjustment                                          162 292        116 702         92 769      
Derivative financial instruments                                               –          3 714              –      
Investment                                                               280 000        288 696              –      
Current assets                                                           153 141        436 082        240 143      
Trade and other receivables                                               70 467         77 766         44 162      
Cash and cash equivalents                                                 82 674        358 316        195 981      
Total assets                                                           7 064 295      6 553 325      4 681 089      
EQUITY AND LIABILITIES                                                                                              
Shareholders' interest                                                 5 370 350      5 112 629      4 128 947      
Stated capital                                                         4 874 558      4 645 756      4 092 282      
Retained earnings                                                        495 792        466 597         36 665      
Cash flow hedge reserve                                                        –            276              –      
Non-current liabilities                                                1 231 542        944 864        461 110      
Long-term borrowings                                                   1 229 757        944 864        450 000      
Derivative financial instruments                                3          1 785              –         11 110      
Current liabilities                                                      462 403        495 832         91 032      
Current portion of non-current liabilities                               334 000         80 017              –      
Trade and other payables                                                 128 403        415 815         91 032      
Total equity and liabilities                                           7 064 295      6 553 325      4 681 089      

Consolidated condensed statement of cash flows
                                                                        Reviewed       Reviewed        Audited      
                                                                      Six months     Six months           Year      
                                                                           ended          ended          ended      
                                                                    30 September   30 September       31 March      
R'000                                                                       2014           2013           2014      
Cash generated from operations                                           283 232        197 460        390 903      
Finance income received                                                    3 173          4 480         10 745      
Finance costs paid                                                      (47 080)       (18 461)       (48 494)      
Income from investment                                                     7 982              –              –      
Taxation paid                                                                380           (41)           (46)      
Dividend paid to shareholders                                          (206 927)      (164 207)      (344 975)      
Net cash inflow from operating activities                                 40 760         19 231          8 133      
Net cash outflow from investing activities1                          (1 032 616)      (221 486)    (1 217 547)      
Net cash inflow/(outflow) from financing activities2                     716 214          (494)      1 169 000      
Net decrease in cash and cash equivalents                              (275 642)      (202 749)       (40 414)      
Cash and cash equivalents at the beginning of the year                   358 316        398 730        398 730      
Cash and cash equivalents at the end of the year                          82 674        195 981        358 316 

1 Investing activities include investment property acquired, capital expenditure, proceeds on sale of investment property and
  other investments.                                                                                                         
2 Financing activities include term loans raised and proceeds from issue of shares.                                          

Consolidated statement of changes in equity
                                                                        Reviewed       Reviewed         Audited      
                                                                      Six months     Six months            Year      
                                                                           ended          ended           ended      
                                                                    30 September   30 September        31 March      
R'000                                                                       2014           2013            2014      
Balance at the beginning of the period                                 5 112 629          3 172           3 172      
Capital conversion                                                             –      4 089 110       4 088 881      
Total comprehensive income attributable to equity holders                236 336         36 665         507 011      
Shares issued and to be issued                                           228 801              –         694 344      
Dividends declared                                                     (207 416)              –       (180 768)      
Balance at the end of the period                                       5 370 350      4 128 947       5 112 629      

Segmental analysis

Reviewed                                                                                                   
For the six months ended 30 September 2014                                                                 
R'000                                                                     Office     Industrial          Retail           Total      
Statement of comprehensive income extracts                                                                                           
Revenue, excluding straight-line rental adjustment                       126 200         79 260         130 771         336 231      
Straight-line rental adjustment                                           24 760          6 461          14 369          45 590      
Revenue                                                                  150 960         85 721         145 140         381 821      
Property expenses                                                       (23 174)       (13 757)        (23 261)        (60 192)      
Net property income1                                                     127 786         71 964         121 879         321 629      
Statement of financial position extracts                                                                                             
Investment property opening balance                                    2 394 397      1 343 734       2 086 702       5 824 833      
Net acquisitions, disposals and additions                                149 799              –         610 932         760 731      
Straight-lining fair value adjustment                                     24 760          6 461          14 369          45 590      
Fair value of investment property                                      2 568 956      1 350 195       2 712 003       6 631 154      

Reviewed                                                                                                                             
For the six months ended 30 September 2013                                                                                           
R'000                                                                     Office     Industrial          Retail           Total      
Statement of comprehensive income extracts                                                                                           
Revenue, excluding straight line rental adjustment                        80 194         62 465          98 897         241 556      
Straight-line rental adjustment                                           15 259          5 000             788          21 047      
Revenue                                                                   95 453         67 465          99 685         262 603      
Property expenses                                                       (12 974)       (13 979)        (25 636)        (52 589)      
Net property income1                                                      82 479         53 486          74 049         210 014      
Statement of financial position extracts                                                                                             
Investment property opening balance                                    1 499 200        913 050       1 774 750       4 187 000      
Net acquisitions, disposals and additions                                139 448         82 135          11 315         232 899      
Straight-lining fair value adjustment                                     15 259          5 000             788          21 047      
Fair value of investment property                                      1 653 907      1 000 185       1 786 853       4 440 946      

1 Items below the net property income line are not managed on a segmental basis.

  Notes to the reviewed interim condensed consolidated
  financial results
                                                                          Reviewed       Reviewed         Audited      
                                                                        six months     six months            year      
                                                                             ended          ended           ended      
                                                                      30 September   30 September        31 March      
  R'000                                                                       2014           2013            2014      
1.Dividend reconciliation                                                                                           
  Profit after taxation                                                    236 612         36 665         506 735      
  Add: Debenture interest                                                        –        119 935         119 935      
  Add/less: Fair value adjustments                                          14 418         35 473       (211 610)      
  Less: Profit on disposal of investment property                                –       (10 953)        (10 988)      
  Less: Straight-line rental adjustment                                   (45 590)       (21 046)        (45 132)      
  Antecedent interest1                                                       3 458              –          32 925      
  Dividend                                                                 208 898        160 074         391 865      
  Number of shares                                                                                                     
  Shares in issue and to be issued                                     382 234 219    317 220 000     365 576 663      
  Weighted average number of shares in issue                           368 570 813    317 220 000     330 736 792      
  Cents                                                                                                                
  Dividend per share                                                         54.65          50.46          108.20      
  Basic earnings per share                                                   64.12          11.56          153.30      
  Headline earnings per share                                                64.20          58.72          142.03      
  
2.Reconciliation of basic earnings to headline earnings
  Total comprehensive income attributable to equity holders                236 336         36 665         507 011      
  Add/less: Other comprehensive income                                         276              –           (276)      
  Less: Net fair value adjustment – investment property                          –              –       (186 858)      
  Add: Net fair value adjustment – debentures                                    –         29 657          29 657      
  Add: Debenture interest paid                                                   –        119 935         119 935      
  Headline earnings attributable to shareholders                           236 612        186 257         469 469      

3.Financial instruments
  Financial instruments held at fair value consist of derivative financial instruments and a portion of long term borrowings,
  which are classified at level 2. These are valued using valuation models which use markets observable inputs such as
  quoted interest rates. No other financial instruments are carried at fair value. Non-current long term borrowings held at fair
  value amount to R1.2 billion and the current portion of long term borrowings held at fair value amount to R0.3 billion.
  For the valuation techniques used to determine fair value as well as the inputs for these techniques please refer to note 27
  and note 29 in the 2014 Annual Financial Statements.

4.Fair value adjustments of investment property
  The Fund's policy is to value investment properties at year-end, with independent valuations performed on a rotational
  basis to ensure each property is valued at least every three years by an independent external valuer. The directors'
  valuation methods include using the discounted cash flow model and the capitalisation model. Revaluations were not
  undertaken at the half year period end as the directors are not aware of any factors which would materially affect the
  valuation of the properties.

5.Related parties
  The Fund entered into the following significant related party transactions during the period with Investec Limited and its
  subsidiaries:

  Acquisitions from Investec Property (Pty) Ltd

  Investec Property (Pty) Ltd held a 50% share in the following companies sold to the Fund:
                                                                                                     R'million
  Lekup Property Company No 6 Proprietary Limited (Foschini Building)                                     38.8
  Bethlehem Property Development Proprietary Limited (Dihlabeng Mall)                                    178.8

  The purchase of these companies does not meet the definition of IFRS 3, Business Combinations and was not treated
  as such.

  1 The antecedent interest is as a result of the RPP and Foschini transactions and the DRIP programme.

  Commentary
  Introduction
  Investec Property Fund Limited ("The Fund") is a South African Real Estate Investment Trust having listed on the JSE Limited
  ("JSE") on 14 April 2011 and it obtained REIT status on 1 April 2013. At period end it comprises a portfolio of 74 properties in
  South Africa with a total Gross Lettable Area ("GLA") of 742 716m² valued at R6.6 billion and a R280.0 million investment in
  Investec Australia Property Fund ("IAPF") (prior to the rights offer in October 2014).

  The objective of the Fund is to grow its asset base by investing in well priced income producing properties in the office,
  industrial and retail sectors to optimise capital and income returns over time for shareholders. Effectively, all rental income,
  less operating costs and interest on debt, is distributed to shareholders semi-annually. The Fund does not distribute capital
  profits or fair value gains.
  
  Financial results
  The board of directors is pleased to announce an 8.3% increase in the interim dividend to 54.65 cents per share (cps) for the
  six months ended 30 September 2014 (30 September 2013: 50.46 cps). The growth is underpinned by quality properties,
  a secure tenant base and tight cost control, coupled with conservative balance sheet management and growth from the
  investment in IAPF. The Fund's weighted average lease expiry ("WALE") of 4.3 years and vacancy of 3.0% reflects the
  underlying quality of the portfolio.

  Acquisitions and disposals
  During the period the Fund completed acquisitions of R724 million and has entered into agreements for the acquisition of a
  further R943 million of announced property acquisitions ("Pending Acquisitions"). The combined acquisitions of R1.7 billion are
  underpinned by a high quality tenant mix, a WALE of 5.4 years and built in weighted average escalations of 7.8%.

  On 6 November 2014, as part of the Pending Acquisitions, the Fund announced the acquisition of a portfolio of 5 assets
  from Investec Property (Pty) Ltd for R871 million at a through yield of 8.25% ("IP Portfolio").

  The effective date of the transaction is 1 February 2015 due to the timing of the Competition Commission and the required
  shareholder vote which will take place in January 2015.

  The inclusion of the Pending Acquisitions as well as the Fund electing to follow their rights in IAPF, will increase the total
  property portfolio to R8.1 billion. The acquisitions bring into the portfolio a mix of high quality office, retail and industrial
  properties, tenanted by a majority of national and A-grade tenants.
  
                                         Cost       GLA   Yield   Date of             
  Acquisitions              Sector        R'm        m2       %   transfer            
  1. Mafuri House           Office        9.0       682     8.3   April 2014          
  2. Barinors               Office       91.0     5 394     8.5   May 2014            
  3. McCarthy Menlyn        Retail      115.4     7 346     7.8   May 2014            
  4. Foschini Building      Retail       77.6     6 305     9.0   June 2014           
  5. Nicol Main D           Office       49.8     2 095     8.0   July 2014           
  6. Dihlabeng Mall         Retail      357.5    26 210     8.0   July 2014           
  7. Edcon Carletonville    Retail       23.7     3 811     9.0   September 2014      
  Completed acquisitions                724.0    51 843     8.2                       
  Announced acquisitions1   Various     943.3    82 703    8.25   Various             
  Total acquisitions                  1 667.3   134 546     8.2                       

  1 Announced acquisitions include the IP portfolio and Nicol Main E.
  
  Capital expenditure and development
  During the period the Fund committed to a R63 million upgrade, refurbishment and tenant mix improvement of the
  Balfour Mall which will modernise and enhance its presence and dramatically improve the shopping experience. The Fund
  also committed to a 6 000m2 extension to the Dihlabeng Mall at a cost of R88 million. This extension will be anchored by a
  4 286m2 full-line Woolworths store and other nationals. Completion is due in July 2015 and will entrench the dominance of
  this centre in the region.
  
  Major tenants
  The Fund reviews tenant risk on a continual basis and it is a key factor when assessing new acquisitions. The Funds top ten
  tenants account for 38% of total gross income and are made up by 76% listed companies, 19% large corporates and 5%
  large professional firms.
  The Fund's tenants across the total portfolio can be categorised as follows:
  
  Tenant type                                        % of portfolio by revenue   
  Listed Companies                                                          60   
  Large Corporates                                                          20   
  Professional firms                                                         7   
  Other smaller tenants                                                     13   

  Ellerines exposure
  The Fund has six stores tenanted by Ellerines brands and these account for 1.3% of annual gross revenue. The stores are in
  prominent locations and within dominant centres in niche retail nodes. At reporting date, only one store has been identified
  for closure.
  
  Vacancy levels
  The overall vacancy rate increased marginally to 3.0%. The increase was mainly seen in the office space acquired and the
  industrial sector.  

  Letting activity
  The Fund has renewed the majority of expired space during the period and despite the economic climate has managed to
  achieve higher than market average escalations. The rental reversion seen in the industrial sector was as a result of a large
  clothing manufacturer in the Western Cape in a space of 13 552m2 that was previously over-rented.

  Renewals and new leases
                                                                   Weighted
                                                       Weighted     average    Weighted
                                    Renewals and        average      rental     average
                          Expiries      new lets  expiry rental   reversion  escalation
                               GLA           GLA           R/m2           %           %
  Office                     3 848         1 701         110.33        11.8         8.5
  Industrial                18 947        15 701          39.93      (30.8)         8.4
  Retail                     5 888         6 060         172.50         2.5         8.0
  Total                     28 683        23 462                                    8.2
  
  Lease expiry profile by sector
  The Fund's lease expiry profile remains robust and defensive with a WALE of 4.3 years by revenue.

  Investment in IAPF
  Post period-end the Fund has followed its rights in its investment in the JSE-listed IAPF keeping its stake in IAPF at 18.6%
  which equates to R502 million or 6.2% of the Fund's total portfolio.
  
  Capital funding
  The Fund's Balance Sheet remains well positioned for growth with gearing at 22.6%, a debt and swap maturity profile of
  2.6 years and 3.7 years respectively and a current hedged position of 86%. At 30 September 2014, the Fund's all-in cost of
  borrowing was 8.6% which will revert to 8.2% after the exercising of the Fund's rights in IAPF.
  
  During the period the Fund entered into the following unsecured facilities:

  At 30 September 2014                         Expiry             Rate   R'm      
  Commercial Paper                       January 2015    JIBAR + 27 bp   200      
  DMTN 7                                    June 2017   JIBAR + 140 bp   150      
  DMTN 8                                    June 2018   JIBAR + 158 bp    50      
  DMTN 9                                    June 2019   JIBAR + 170 bp   250      
  Standard Bank term debt facility     September 2017   JIBAR + 155 bp   200      
  Investec development loan facility      August 2020   JIBAR + 190 bp   100      
                                                                         950      
  
  On 15 October 2014, the Fund issued R170 million corporate bonds at an average rate of JIBAR plus 154 bps to partially
  fund the take up of rights in IAPF. The bonds have a weighted average tenor of 3 years.
  On 6 November 2014 the Fund signed a new five-year R200 million unsecured facility with Nedbank at JIBAR plus 175 bps.
  At announcement date, the Fund has available debt facilities of R2.7 billion.
  
  Debtor arrears
  Receivables have been tightly managed during the period and at period end gross arrears were R6 million, representing
  0.8% of total collectables over the period (31 March 2014: 0.3%). The marginal uptick in arrears is largely due to Ellerines
  and a small number of delinquent tenants in both the retail and industrial sectors.

  Share capital
  The Fund has authorised share capital of one billion no par value shares at 30 September 2014.
  During the period the Fund issued 9 747 955 shares as part of the purchase consideration for the RPP transaction and
  the Foschini building and 12 488 699 as a result of the successful maiden dividend re-investment programme ("DRIP")
  completed in June 2014. Shares to be issued of 1 765 945 relate to the RPP transaction reported at year-end, for which
  the risks and rewards have transferred but for which final legal transfer of properties is still outstanding. Post period end
  the Linbro Property (part of the RPP portfolio), transferred to the Fund. The Fund therefore issued 444 279 of the shares
  to be issued. There is one property still to transfer from the RPP Portfolio. Antecedent interest raised in the current period
  relates to the RPP and Foschini transactions and the DRIP programme.
  
  On 18 November 2014, the Fund issued 18 889 966 shares as a result of the accelerated book build undertaken on
  7 November 2014. These shares will be entitled to participate in the declared dividend, but for which an antecedent interest
  adjustment will be made.

  Changes to the Board
  In July 2014, shareholders were informed of the unfortunate and untimely passing of Michael Crawford, the Lead
  Independent non-executive director of the Fund. Mr Crawford made an invaluable contribution to the Board and the Board
  Committees since the listing of the Fund. Graham Rosenthal has assumed the role of Lead Independent non-executive
  director and Moss Ngoasheng has been appointed as a member of the Audit Committee.
  
  Dividend reinvestment plan
  The Board has elected not to provide the Investec Property Fund shareholders with the election to re-invest their cash
  dividend in return for shares. The Fund has already issued shares as a result of the accelerated book build relating to the
  IP Portfolio and thus the Director's ability to issue shares has been fully utilised.

  Prospects
  The Board expects underlying property performance in the second half to remain consistent with historical growth and
  maintains its guidance of historical growth levels in dividend distributions for the full year.
  
  This forecast is based on the assumptions that the macro-economic environment will not deteriorate markedly, no major
  corporate failures will occur, budgeted renewals will be concluded, that clients will be able to absorb the recovery of rising
  rates and utility costs and that the ZAR/AUD exchange rate remains at similar levels to the last financial year. Budgeted rental
  income was based on contractual escalations and market-related renewals.

  The information and opinions contained above are recorded and expressed in good faith and are based upon sources
  believed to be reliable. No representation, warranty, undertaking or guarantee of whatever nature is made or given with
  regards to the accuracy and/or completeness of such information and/or the correctness of such opinions.
  This forecast has not been reviewed or audited on by the Fund's independent external auditors.
  
  On behalf of the Board of Investec Property Fund Limited
  
  Sam Hackner                                      Sam Leon
  Non-executive Chairman                           Chief Executive Officer
  20 November 2014

  Basis of accounting
  The reviewed interim condensed consolidated financial information for the six months ended 30 September 2014 has been
  prepared in compliance with International Financial Reporting Standards (IFRS), the AC 500 Standards as issued by the
  Accounting Practices Board, IAS 34: Interim Financial Reporting, the Companies Act (71 of 2008, as amended) of South
  Africa and the JSE Listings Requirements.
  
  The accounting policies applied in the preparation of the results for the period ended 30 September 2014 are consistent with
  those adopted in the financial statements for the year ended 31 March 2014, other than the adoption of those standards that
  became effective in the current period, which had no impact on the financial result. These reviewed preliminary condensed
  financial statements have been prepared under the supervision of Dave Donald, CA(SA).
  
  Review conclusion
  Ernst & Young Inc., the Fund's independent auditors, have reviewed the interim condensed financial information and have
  expressed an unmodified review conclusion. A copy of their review report is available for inspection at the company's
  registered office.
  
  Interim dividend
  Notice is hereby given that a gross interim dividend number 7 of 54.65188 cents per share has been declared in respect of
  the six months ended 30 September 2014.
  Other information:

  - The dividend portion has been declared from income reserves and no secondary tax on companies' credit has
     been used.
  - A dividend withholding tax of 15% will be applicable on the dividend portion to all shareholders who are not exempt.
  - The issued share capital at the declaration date is 399 358 241 ordinary shares of no par value.
  
  In accordance with Investec Property Fund's status as a REIT, shareholders are advised that the dividend meets the
  requirements of a ‘qualifying dividend' for the purposes of section 25BB of the Income Tax Act, No. 58 of 1962 (Income Tax
  Act). The dividends on the shares will be deemed to be dividends for South African tax purposes in terms of section 25BB of
  the Income Tax Act.
  
  Tax implications for South African resident shareholders:
  Dividends received by or accrued to South African tax residents must be included in the gross income of such shareholders
  and will not be exempt from the income tax in terms of the exclusion to the general dividend exemption contained in
  section 10(1)(k)(i)(aa) of the Income Tax Act because they are dividends distributed by a REIT. These dividends are however
  exempt from dividend withholding tax (Dividend Tax) in the hands of South African resident shareholders provided that the
  South African resident shareholders have provided to their CSDP or broker, as the case may be, in respect of uncertificated
  shares, or the Fund, in respect of certificated shares, a DTD(EX) (Dividend Tax: Declaration and undertaking to be made by
  the beneficial owner of a share) form to prove their status as South African residents.
  
  If resident shareholders have not submitted the abovementioned documentation to confirm their status as South African
  residents, they are advised to contact their CSDP, or broker, as the case may be, to arrange for the documents to be
  submitted prior to the payment of the dividend.
  
  Tax implications for non-resident shareholders:
  Dividends received by non-resident shareholders from a REIT will not be taxable as income and instead will be treated as
  ordinary dividends which are exempt from income tax in terms of the general dividend exemption section 10(1)(k) of the
  Income Tax Act. It should be noted that up to 31 December 2013 dividends received by non-residents from a REIT were
  not subject to Dividend Tax. With effect from 1 January 2014, any dividend received by a non-resident from a REIT will be
  subject to Dividend 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 non-resident shareholder. Assuming Dividend Tax
  will be withheld at a rate of 15%, the net amount due to non-resident shareholders is 46.45410 cents per share. A reduced
  dividend withholding rate in terms of the applicable DTA may only be relied on if the non-resident shareholder has provided
  the following forms to their CSDP or broker, as the case may be, in respect of uncertificated shares, or the Fund, in respect
  of certificated shares:

  - A declaration that the dividend is subject to a reduced rate as a result of the application of the DTA; and
  - A written undertaking to inform the CSDP, or 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 of the South African Revenue Services.

  If applicable, non-resident shareholders are advised to contact the CSDP, broker or the Fund, as the case may be, to
  arrange for the abovementioned documents to be submitted prior to payment of the dividend if such documents have
  not already been submitted.
  
  Summary of the salient dates relating to the dividend are as follows:
                                                                                       2014   
  Last day to participate in the dividend                                Friday, 5 December   
  Shares to trade ex dividend                                            Monday, 8 December   
  Record date                                                           Friday, 12 December   
  Dividends posted/paid to certificated shareholders                    Monday, 15 December   
  Accounts credited by CSDP or broker for dematerialised shareholders   Monday, 15 December   

  By order of the Board
  
  Investec Bank Limited
  Company Secretary
  20 November 2014
  
  Company information
  Directors
  S Hackner (Chairman)(#)
  SR Leon (Chief Executive Officer)
  DAJ Donald
  LLM Giuricich(#)
  S Mahomed(#)(*)
  CN Mashaba(#)(*)
  MM Ngoasheng(#)(*)
  GR Rosenthal(#)(*)
  
  (#)Non-executive
  (*)Independent
  
  Registered office
  C/o Company Secretarial, Investec Limited
  100 Grayston Drive, Sandown, Sandton, 2196
  
  Transfer secretary
  Computershare Investor Services (Pty) Limited
  (Registration number 2004/003647/07)
  Ground Floor, 70 Marshall Street, Johannesburg, 2001
  
  Sponsor
  Investec Bank Limited
  100 Grayston Drive, Sandown, Sandton, 2196
Date: 20/11/2014 08:58:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE'). 
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