Wrap Text
Condensed reviewed consolidated interim financial statements for the six months ended 31 December 2014
Resilient Property Income Fund Limited
Incorporated in the Republic of South Africa
Reg no 2002/016851/06
JSE share code RES
ISIN ZAE000190807
(“Resilient” or “the group”)
(Approved as a REIT by the JSE)
CONDENSED REVIEWED CONSOLIDATED INTERIM FINANCIAL STATEMENTS
for the six months ended 31 December 2014
DIRECTORS’ COMMENTARY
1. NATURE OF THE BUSINESS
Resilient is an internally asset managed Real Estate Investment Trust
(“REIT”) listed on the JSE Limited. Its strategy is to invest in dominant
regional retail centres with a minimum of three anchor tenants and let
predominantly to national retailers. A core competency is the successful
development of new malls and extensions to existing malls which is a
significant contributor to Resilient’s performance.
Resilient also invests in listed and offshore property related assets.
2. DISTRIBUTABLE EARNINGS AND COMMENTARY ON RESULTS
The board has declared a dividend of 185,62 cents per share for the six
months ended December 2014. This represents an increase of 16,3% compared
to the comparable prior period. The results were achieved against the
background of disappointing GDP growth and electricity interruptions.
Resilient benefited from acquisitions which were yield accretive compared
with the cost of equity issued. Dividends from listed investments were
ahead of forecast. The results were also positively impacted on by the
depreciation of the Rand against the US Dollar which was forecast at
R10,20. This was, however, largely offset by the weak Euro which is below
the R14,00 used in the forecast.
Although performances varied widely, comparable retail sales growth of
8,8% was ahead of expectations. The December 2014 performance was
particularly pleasing. In calculating this growth, Irene Village Mall,
Jubilee Mall, Secunda Mall and Soshanguve Crossing were excluded as no
comparative figures are available. Extensions to Circus Triangle, Rivonia
Village and The Grove were also excluded.
The comparable sales growth per province is set out below:
Gauteng 18,9%
Northern Cape 13,7%
Limpopo 9,9%
Eastern Cape 7,9%
Mpumalanga 7,3%
KwaZulu-Natal 4,4%
North West 0,2%
KwaZulu-Natal’s performance was negatively affected by weaker than
anticipated December trade. It appears that fewer families travelled to
the coast and/or reduced the period of their December holidays. Pick n Pay
Hypermarket in Klerksdorp (North West) was negatively affected by the
opening of two new retail centres which included competing grocery
offerings. The star performer in Gauteng was The Grove, with Jabulani Mall
also performing well.
3. PROPERTY ACQUISITIONS
Resilient took ownership of Jubilee Mall and Irene Village Mall in
September 2014 and December 2014 respectively. These transactions were
announced in the previous financial year.
Resilient has agreed to increase its interests in I’langa Mall by a
further 15% to 85% at a cost of R140 million and Brits Mall by 2% to 95%
at a cost of R11 million.
Resilient has agreed to acquire a 50% interest in the proposed Mams Mall
in Mamelodi at a price of R220 million. The existing shopping centre with
a GLA of 17 333m2 on the site will be extensively redeveloped. A mall with
a total GLA of 70 000m2 is planned which will include five anchor tenants
and all major national retailers. Resilient has agreed to partially
finance the co-developer. The preliminary feasibility study indicates that
a yield of approximately 8,5% will be achieved.
4. EXTENSIONS
The extension to Circus Triangle was completed within budget and on
schedule in October 2014. This extension accommodates the addition of
Edgars and Game as anchors, the expansion of existing tenants and the
introduction of new national retailers to the centre.
Major extensions that are at various stages of planning include Boardwalk
Inkwazi, Diamond Pavilion, I’langa Mall, Limpopo Mall, Mafikeng Mall, The
Grove and Tzaneen Lifestyle Centre. The timing of these extensions is
dependent upon various approvals, particularly plan approvals by local
authorities.
5. RESILIENT AFRICA
Resilient increased its interest in Resilient Africa, a joint venture for
the development of properties in Nigeria, from 50,98% to 60,94% in
November 2014. The 9,96% was acquired from Standard Bank at a cost of
R72,6 million. Shoprite Checkers, the joint venture partner, increased its
interest from 32,68% to 39,06%. The first phase of the 13 931m2 GLA Delta
Mall in Warri will open in April 2015. The 12 402m2 GLA Owerri Mall is
progressing well and is on schedule to open in October 2015. Resilient
Africa has agreed to acquire sites in Abeokuta, Asaba and Port Harcourt.
The acquisition of a further four sites are progressing well.
6. LISTED PORTFOLIO
Dec 2014 Jun 2014
Counter Number of Fair value Number of Fair value
units/shares R’000 units/shares R’000
Capital (CPF) 195 900 000 2 601 552 208 340 000 2 229 238
Fortress B (FFB) 98 670 000 1 728 698 98 670 000 986 700
Nepi (NEP) 25 820 000 2 943 480 25 300 000 2 403 500
7 273 730 5 619 438
Rockcastle (ROC) 178 700 000 4 324 540* 168 560 000 2 857 092*
11 598 270 8 476 530
* Rockcastle was treated as an associate (equity accounted) and was thus
not fair valued in the financial statements. The carrying value of
Rockcastle was R2 672 million and R2 473 million at December 2014 and June
2014 respectively. The net asset value of Resilient will increase to
R63,85 per share if the investment in Rockcastle was fair valued.
The board’s policy is to hedge a maximum of 35% of its foreign currency
exposure to equity investments (Nepi and Rockcastle). At December 2014,
EUR32 million and USD141 million were hedged at R14,14 and R11,26
respectively, being 28,1% of Resilient’s offshore exposure. Essentially, a
portion of the domestic Jibar-linked funding has been swapped for a
combination of lower cost Euro (Nepi exposure) and US Dollar (Rockcastle
exposure) debt. The main purpose is to align the funding risk profile to
both the currency and income streams of the group’s offshore holdings.
The 50% economic interest in PropTrax, the management company of an ETF
business, was disposed of for R2,5 million.
7. VACANCIES
Vacancies remained unchanged at 2,2%. This figure includes stores at
Arbour Crossing, Northam Plaza and Tubatse Crossing, previously occupied
by Ellerines, which remain unlet. In the absence of any major insolvencies,
vacancies are expected to decline to below 2% at year end.
8. FACILITIES AND INTEREST RATE DERIVATIVES
Resilient accepted a 5-year loan of R500 million from Nedbank. The group’s
DMTN programme was increased to R6 billion, however, the failure of
African Bank has negatively affected the debt capital markets and
Resilient will place greater reliance on bank funding, at least until the
debt capital markets recover.
Interest on borrowings includes R29,4 million of interest rate cap
premiums which were expensed during the interim period.
Facility expiry Amount R’million Average margin over Jibar
Jun 2016 625 1,03%
Jun 2017 2 976 1,57%
Jun 2018 1 743 1,57%
Jun 2019 2 747 1,51%
Jun 2020 1 053 1,53%
Jun 2021 400 1,75%
9 544 1,52%
Interest rate swap expiry Amount R’million Average swap rate
Jun 2015 50 8,47%
Jun 2016 100 7,84%
Jun 2017 700 7,67%
Jun 2018 900 7,52%
Jun 2019 1 100 7,28%
Jun 2020 880 6,31%
Jun 2021 820 7,88%
Jun 2022 500 8,09%
Jun 2025 100 7,78%
5 150 7,42%
Interest rate cap expiry Amount R’million Average cap rate
Jun 2018 400 5,90%
Jun 2019 200 7,38%
Jun 2020 300 7,54%
Jun 2021 300 7,92%
Jun 2023 400 7,71%
Jun 2024 800 7,78%
2 400 7,41%
Variable rate instruments
Amount
R'000
Loans to BEE vehicles (1 697 971)
Loans to development partners (186 823)
Cash and cash equivalents (118 487)
Interest-bearing borrowings 8 470 209
Capital commitments contracted for 1 188 368
7 655 296
Total interest rate derivatives 7 550 000
Percentage hedged 98,6%
The all-in weighted average cost of funding of Resilient was 8,34% at
December 2014 and the average hedge term was 5,0 years.
The information contained in note 8 and the “Property operations” section
of note 10 has been compiled using proportionate consolidation. This
results in Resilient accounting for its share of the assets and
liabilities of Resilient Africa and joint ventures (Arbour Crossing, The
Galleria and Mafikeng Mall).
9. ISSUE OF SHARES
Following the termination of the Amber Peek BBBEE initiative and the
maturing of the first tranche of the Eagle’s Eye women’s BBBEE initiative,
Resilient issued 7 812 500 (13 August 2014) and 6 097 560 (25 November
2014) shares to The Siyakha Education Trust at R64,00 and R82,00
respectively. The Trust is a charitable trust established for the
promotion of black education and is a registered public benefit
organisation.
As part consideration for the acquisition of Jubilee Mall, 6 578 947
shares were issued at R57,00 on 1 September 2014. On 13 November 2014,
Resilient successfully placed 9 150 326 shares at R76,50 by way of a
bookbuild managed by Java Capital.
10. SUMMARY OF FINANCIAL PERFORMANCE
Dec 2014 Jun 2014 Dec 2013 Jun 2013
Dividend/distribution
(cents per
share/linked unit) 185,62 168,35 159,59 136,23
Shares/units in issue 342 209 172 312 569 839 293 339 070 289 544 070
Property operations
Net asset value R59,02 R53,06 R44,36* R41,75*
Interest-bearing debt to
asset ratio** 28,5% 28,7% 34,6% 26,8%
Net property expense ratio 12,3% 12,2% 14,9% 14,2%
Gross property expense
ratio 33,9% 33,9% 34,9% 35,7%
Net total expense ratio 12,7% 15,9% 17,8% 18,2%
Gross total expense ratio 29,2% 32,6% 33,1% 34,5%
Consolidated
Net asset value R59,02 R53,06 R44,36* R41,75*
Interest-bearing debt to
asset ratio** 27,9% 28,2% 34,3% 26,5%
* Net asset value includes total equity attributable to equity holders and
linked debentures.
** 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.
11. RECONCILIATION BETWEEN STATEMENT OF COMPREHENSIVE
INCOME AND DIVIDEND DECLARED
Dec 2014
R’000
Recoveries and contractual rental revenue 770 318
Property operating expenses (259 785)
Income from investments 142 417
Dividends accrued 47 444
Administrative expenses (38 216)
Foreign exchange gains 880
Distributable income from associate and joint ventures 142 534
Interest received 75 300
Shares issued cum dividend 29 202
Interest on borrowings (304 754)
Capitalised interest 31 121
Minority interest 2 409
Tax effect (3 661)
Dividend declared 635 209
The methodology applied in calculating the dividend is consistent with
that of prior periods.
12. PROSPECTS
Electricity black-outs had a negative impact on Resilient’s performance
through reduced trading hours and loss of parking revenue. Steps are being
taken to facilitate continued trading through the use of generators and
inverters. Although tenants appear to accept the resultant sub-optimal
trading conditions, it remains an area of concern and its impact is
difficult to quantify.
Distributions are forecast to increase by approximately 16% for the 2015
financial year. The forecast assumes exchange rates of R12,80 and R11,20
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
Resilient’s auditors.
By order of the board
Des de Beer Nick Hanekom
Managing director Financial director
Johannesburg
4 February 2015
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
Reviewed Audited Restated
Dec 2014 Jun 2014 Dec 2013
R’000 R’000 R’000
ASSETS
Non-current assets 29 304 082 24 118 626 21 064 479
Investment property 13 914 762 11 996 729 11 097 336
Straight-lining of
rental revenue adjustment 261 713 198 586 197 644
Investment property under development 921 142 630 272 1 760 052
Investment in and loans
to associate and joint ventures 4 566 222 4 320 508 1 626 133
Investments 7 273 730 5 619 438 4 520 634
Intangible asset - - 26 422
Resilient Share Purchase Trust loans 575 748 610 728 667 509
Loans to employees to
acquire Capital units - - 222 788
Loans to BEE vehicles 1 637 998 614 259 781 944
Loans to development partners 152 767 128 106 164 017
Current assets 731 536 395 923 366 267
Resilient Share Purchase Trust loans 16 559 17 319 -
Loans to BEE vehicles 59 973 - -
Loans to development partners 74 257 81 219 37 683
Trade and other receivables 403 897 234 268 325 788
Cash and cash equivalents 176 850 63 117 2 796
Total assets 30 035 618 24 514 549 21 430 746
EQUITY AND LIABILITIES
Total equity attributable
to equity holders 20 197 022 16 584 164 11 603 926
Stated capital/share capital 7 664 387 5 594 555 2 933
Share premium - - 3 209 930
Currency translation reserve 14 276 (122) -
Reserves 12 518 359 10 989 731 8 391 063
Minority interest 33 730 23 460 -
Total equity 20 230 752 16 607 624 11 603 926
Total liabilities 9 804 866 7 906 925 9 826 820
Non-current liabilities 8 956 424 6 977 067 7 690 433
Linked debentures - - 1 408 028
Interest-bearing borrowings 7 878 290 6 228 510 5 868 754
Deferred tax 695 271 552 454 413 651
Loans from development partners 382 863 196 103 -
Current liabilities 848 442 929 858 2 136 387
Trade and other payables 323 606 268 527 293 987
Linked debenture interest payable - - 468 140
Income tax payable 2 341 1 721 1 392
Interest-bearing borrowings 522 495 659 610 1 372 868
Total equity and liabilities 30 035 618 24 514 549 21 430 746
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
Reviewed Audited Restated
for the six for the for the six
months ended year ended months ended
Dec 2014 Jun 2014 Dec 2013
R’000 R’000 R’000
Net rental and related revenue 573 660 869 745 443 460
Recoveries and contractual
rental revenue 770 318 1 281 705 654 187
Straight-lining of rental
revenue adjustment 63 127 18 886 17 944
Rental revenue 833 445 1 300 591 672 131
Property operating expenses (259 785) (430 846) (228 671)
Income from investments 142 417 172 416 172 108
Fair value gain on investment
property, investments and
currency derivatives 1 578 865 1 923 848 501 213
Fair value gain on
investment property - 878 691 35 421
Adjustment resulting from
straight-lining
of rental revenue (63 127) (18 886) (17 944)
Fair value gain on investments 1 753 069 1 071 396 483 736
Fair value loss on
currency derivatives (111 077) (7 353) -
Management fees received from PFM - 81 774 40 676
Underwriting fee received - 2 500 -
Administrative expenses (38 216) (100 781) (46 136)
Termination fee received
from Amber Peek - 54 366 54 366
Disposal of economic interest
in PropTrax 2 500 - -
Amortisation of intangible asset - (26 422) -
Foreign exchange gains 880 8 693 -
Profit on sale of interest
in subsidiaries - 752 990 3 990
Goodwill on acquisition of
interest in joint venture - 29 598 -
Income from associate and
joint ventures 136 112 284 406 13 049
- distributable 142 534 138 014 13 049
- non-distributable (6 422) 146 392 -
Profit before net finance costs 2 396 218 4 053 133 1 182 726
Net finance costs (199 645) (725 398) (592 370)
Finance income 75 300 214 638 117 296
Interest received 75 300 88 065 45 609
Fair value adjustment on
interest rate derivatives - 97 287 67 209
Interest on linked units
issued cum distribution - 29 286 4 478
Finance costs (274 945) (940 036) (709 666)
Interest on borrowings (304 754) (531 337) (276 289)
Capitalised interest 31 121 59 441 34 763
Fair value adjustment on
interest rate derivatives (1 312) - -
Interest to linked
debenture holders - (468 140) (468 140)
Profit before income tax expense 2 196 573 3 327 735 590 356
Income tax expense (130 990) (2 660) 136 354
Profit for the period 2 065 583 3 325 075 726 710
Other comprehensive income net
of tax
Items that may subsequently be
reclassified to profit or loss
Exchange differences on
translation of foreign
operations 27 627 (122) -
Total comprehensive income
for the period 2 093 210 3 324 953 726 710
Profit for the period
attributable to:
Equity holders of the company 2 067 992 3 325 378 726 710
Minority interest (2 409) (303) -
2 065 583 3 325 075 726 710
Total comprehensive income for
the period attributable to:
Equity holders of the company 2 082 390 3 325 256 726 710
Minority interest 10 820 (303) -
2 093 210 3 324 953 726 710
Basic earnings per share (cents) 633,22 1 097,65 247,74
Comparable basic earnings
per share (cents) 1 252,17
Basic earnings per linked
unit (cents) 407,33
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
Equity
Stated Currency attribu-
capital/ trans- table
share Share lation to equity Minority
capital premium reserve Reserves holders interest
Reviewed R’000 R’000 R’000 R’000 R’000 R’000
Balance at
Jun 2013 2 895 3 031 257 - 7 664 353 10 698 505 -
Issue of units 38 178 673 178 711
Profit for the
period 726 710 726 710
Balance at
Dec 2013 2 933 3 209 930 - 8 391 063 11 603 926 -
Issue of units 192 881 165 881 357
Equity contributed
by development
partners - 23 763
Exchange
differences on
translation of
foreign
operations (122) (122)
Profit/(loss) for
the period 2 598 668 2 598 668 (303)
Capitalisation of
linked
debentures
1 500 335 1 500 335
Transfer
to stated
capital
4 091 095 (4 091 095) -
Balance at
Jun 2014
5 594 555 - (122) 10 989 731 16 584 164 23 460
Issue of
shares 2 069 832 2 069 832
- 7 812 500:
13 Aug 2014
499 224 499 224
- 6 578 947:
1 Sep 2014
375 000 375 000
- 9 150 326:
13 Nov 2014
695 788 695 788
- 6 097 560:
25 Nov 2014
499 820 499 820
Equity contributed
by development
partners - 89
Acquisition of
minority interest - (639)
Exchange differences
on translation of
foreign operations 14 398 14 398 13 229
Profit/(loss) for
the period 2 067 992 2 067 992 (2 409)
Dividends paid (539 364) (539 364)
Balance at
Dec 2014
7 664 387 - 14 276 12 518 359 20 197 022 33 730
RECONCILIATION OF PROFIT FOR THE PERIOD TO HEADLINE EARNINGS
Reviewed Audited Restated
for the six for the for the six
months ended year ended months ended
Dec 2014 Jun 2014 Dec 2013
R’000 R’000 R’000
Basic earnings (shares) –
profit for the period
attributable to equity holders 2 067 992 3 325 378 726 710
Adjusted for: 70 686 (1 679 351) (21 923)
- fair value loss/(gain)
on investment property 63 127 (859 805) (17 477)
- goodwill on acquisition
of joint venture - (29 598) -
- profit on sale of interest
in subsidiaries - (752 990) (3 990)
- fair value loss/(gain)
on investment property of
joint ventures 1 480 (37 183) (1 648)
- income tax effect 6 094 225 1 192
- income tax effect –
joint ventures (15) - -
Headline earnings (shares) 2 138 678 1 646 027 704 787
Headline earnings per
share (cents) 654,87 543,32 240,26
Comparable headline
earnings per share (cents) 697,85
Headline earnings per
linked unit (cents) 399,85
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 326 581 631 (Jun 2014: 302 954 455; Dec 2013: 293 339
070) shares/linked units in issue during the period.
Given Resilient’s capital conversion, detailed in the circular issued to
shareholders on 29 May 2014, linked debentures no longer exist within
Resilient’s capital structure. In light of the capital conversion and in
order to provide a meaningful basis of comparison for users of the
financial information, management considered it appropriate to present a
comparable basic earnings per share figure and a comparable headline
earnings per share figure for the year ended June 2014. This comparable
financial information was prepared for illustrative purposes only and has
not been reviewed or reported on by Resilient’s auditors.
The comparable basic earnings per share and comparable headline earnings
per share figures are calculated by dividing the earnings and headline
earnings, both inclusive of the interim distribution, by the weighted
average number of shares in issue during the year.
Resilient has no dilutionary instruments in issue.
CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS
Reviewed Audited Restated
for the six for the for the six
months ended year ended months ended
Dec 2014 Jun 2014 Dec 2013
R’000 R’000 R’000
Cash outflow from
operating activities (144 791) (64 962) (25 949)
Cash outflow from
investing activities (2 948 973) (3 239 133) (2 693 497)
Cash inflow from
financing activities 3 207 497 3 365 618 2 720 648
Increase in cash and
cash equivalents 113 733 61 523 1 202
Cash and cash equivalents
at beginning of period 63 117 1 594 1 594
Cash and cash equivalents
at end of period 176 850 63 117 2 796
Cash and cash equivalents
consist of:
Current accounts 176 850 63 117 2 796
NOTES
1. PREPARATION, ACCOUNTING POLICIES AND REVIEW OPINION
The condensed reviewed consolidated interim financial statements have been
prepared in accordance with the SAICA Financial Reporting Guides as issued
by the Accounting Practices Committee and Financial Reporting
Pronouncements as issued by the Financial Reporting Standards Council, the
information contained in IAS 34: Interim Financial Reporting, the JSE
Listings Requirements and the requirements of the Companies Act of South
Africa. This report was compiled under the supervision of Nick Hanekom
CA(SA), the financial director.
The accounting policies applied in the preparation of the consolidated
interim financial statements are in terms of International Financial
Reporting Standards 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 period. The restatement of the
comparative information for December 2013 is the result of the adoption of
IFRS 11: Joint Arrangements which resulted in Resilient accounting for its
investments in Arbour Crossing, The Galleria and Mafikeng Mall on an
equity accounted method as opposed to proportionately consolidating it.
The directors are not aware of any matters or circumstances arising
subsequent to 31 December 2014 that require any additional disclosure or
adjustment to the financial statements. Deloitte & Touche has reviewed the
financial information set out in this report. The review was conducted in
accordance with ISRE 2410: Review of Interim Financial Information
performed by the Independent Auditor of the Entity. Their unmodified
review report is available for inspection at Resilient’s registered
address.
2. LEASE EXPIRY PROFILE (not reviewed)
Lease expiry Based on
Based on contractual
rental rental
area revenue
Vacant 2,2%
Jun 2015 7,7% 8,0%
Jun 2016 14,5% 15,9%
Jun 2017 9,2% 11,2%
Jun 2018 16,1% 18,1%
Jun 2019 14,2% 17,5%
> Jun 2019 36,1% 29,3%
100,0% 100,0%
3. SEGMENTAL ANALYSIS
Reviewed Audited Restated
for the six for the for the six
months ended year ended months ended
Dec 2014 Jun 2014 Dec 2013
R’000 R’000 R’000
Rental revenue
Retail 833 445 1 300 591 672 131
Profit before net finance costs
Retail 578 046 1 860 774 468 916
Corporate 1 818 172 2 192 359 713 810
2 396 218 4 053 133 1 182 726
4. PAYMENT OF INTERIM DIVIDEND
The board has approved and notice is hereby given of an interim dividend
of 185,62 cents per share for the six months ended 31 December 2014. The
dividend is payable to Resilient shareholders in accordance with the
timetable set out below:
Last date to trade cum dividend Friday, 20 February 2015
Shares trade ex dividend Monday, 23 February 2015
Record date Friday, 27 February 2015
Payment date Monday, 2 March 2015
Share certificates may not be dematerialised or rematerialised between
Monday, 23 February 2015 and Friday, 27 February 2015, both days inclusive.
In respect of dematerialised shareholders, the dividend will be
transferred to the CSDP accounts/broker accounts on Monday, 2 March 2015.
Certificated shareholders’ dividend payments will be posted on or about
Monday, 2 March 2015.
An announcement informing shareholders of the tax treatment of the
dividend will be released separately on SENS.
Directors JJ Njeke (chairman); Des de Beer*; Thembi Chagonda; Andries de
Lange*; Marthin Greyling; Nick Hanekom*; Bryan Hopkins; Johann Kriek*;
Spiro Noussis; Umsha Reddy; Barry van Wyk (*executive director)
Changes to the board of directors
There were no changes to the board of directors since 5 August 2014, the
date of the previous results announcement.
Company secretary Monica Muller CA(SA)
Registered address 4th Floor Rivonia Village, Rivonia Boulevard, Rivonia,
2191
Transfer secretaries Link Market Services South Africa Proprietary Limited,
13th Floor, Rennie House, 19 Ameshoff Street, Braamfontein, 2001
Sponsor Java Capital
Date: 04/02/2015 03:40:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE').
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