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The audited abridged consolidated annual financial statements for the year ended 31 March 2015 and notice of AGM
Safari Investments RSA Limited
Incorporated in the Republic of South Africa
(Registration number 2000/015002/06)
Approved as a REIT by the JSE Limited
(Share code: SAR | ISIN: ZAE000188280)
(“Safari” or the “company” or the “group”)
The audited abridged consolidated annual financial statements
for the year ended 31 March 2015 and notice of the annual
general meeting
At a glance
– Number of properties: 9
– 1% vacancy rate
– R113/m2 monthly weighted average rental/m2
– 100% retail sector
– 90% national tenants
– R1,755 billion valuation of properties
– 139 950m² total GLA of current centres
– 10% weighted average rental escalation
Income generating retail portfolio for the year ended
31 March 2014
The
Denlyn Atlyn Thabong Victorian
Geographic Mamelodi Atteridgeville Sebokeng Heidelberg
Gauteng Gauteng Gauteng Gauteng
Trading since 2003 2006 2007 1997
Gross
leasable area 42 200m2 41 200m2 41 150m2 15 400m2
Gross annual
income R54 391 189 R38 390 897 R32 010 715 R15 752 326
Occupation
level 99% 99% 98% 99%
National
tenants 91% 92% 87% 95%
Number of
shops 106 92 88 39
Annual trading
density per m2
per annum
for 2015 R39 300/m2 R28 000/m2 R27 900/m2 R38 100/m2
** Annual national average trading density: R27 100/m2 (centres in
category of Atlyn, Denlyn and Thabong) and R32 400/m2 (centres in
category of The Victorian) (Source: IPD Dec 2014).
Chairman and Chief Executive Officer
In 2015, we continued to reshape the company as we remained focused
on expanding, improving and reconditioning our high class regional
retail destinations in desirable growth nodes.
We have been strategically expanding our locations and the quality
of retail offering where we identified the need. Strategically we rely
on sound and objective market research to know and understand the
evolving industry. The listing on the main board of the JSE Limited
("JSE") enabled us to create a strong financial platform with
liquidity to maintain conservative gearing, while access to finance
at a favourable interest rate allows us to take advantage of new
opportunities as they arise.
At Safari we continuously strive to create a more valuable investment
for our shareholders. The 2015 results prove that our retail
operations are delivering a secure financial pivot, including a
growing revenue, profits in line with budget forecasts, while
returning R91,8 million to investors in the year. We have seen the
portfolio grow to R1,75 billion; projects were completed in time and
within budget parameters; strategic acquisitions were successfully
made; the new developments at Maunde in Atteridgeville, new phases
in Sebokeng, and construction in Swakopmund continued successfully.
We are satisfied with the following highlights for the year:
- The portfolio increased in value from R1,37 billion in 2014, prior
to listing, to R1,75 billion today.
- Across the portfolio, 90% national tenancy was maintained with only
a 1% vacancy factor in the current year.
- We successfully implemented the option of shares for re- investment
of distributions, with positive results, as it stimulated share price
and value and we should continue the trend in the future.
- Cost of debt has improved from Prime less 1% to Prime less 1,5%.
Our growth has been strong and steady, based on a foundation of broad
and deep competitive advantage. Entering the next phase on this sound
foundation we believe we are well positioned to cover our anticipated
pipeline projects by growing by a further 100 000m2 and reaching a
portfolio level of R4 billion within the next three to four years.
Some exciting new property acquisitions are being considered and the
quality of the portfolio will not be compromised. Subsequent to our
financial year end we have decided to acquire the first day-hospital,
which will be a new area of investment.
The next distribution of 34 cents per share is due at the end of
June 2015 as announced on SENS 3 on June 2015 and in line with the
forecast set out in Annexure 7 of the Company's pre-listing statement.
We are grateful for our achievements and to our shareholders for
their confidence and support. We trust that they share our excitement
about the path ahead. We believe our best days are ahead of us as we
take hold of the opportunities to build a brighter tomorrow.
MH Tsolo FJJ Marais
Chairman Chief executive officer
24 June 2015
Statement of financial position
as at 31 March 2015
Note 2015 2014
R R
Assets
Non-current assets
Investment property 1 1 706 427 026 1 347 869 135
Fair value of investment
property 1 737 745 309 1 379 152 614
Operating lease asset (31 318 283) (31 283 479)
Intangible assets 25 575 86 051
Operating lease asset 26 475 073 29 038 286
1 732 927 674 1 376 993 472
Current assets
Inventories 36 632 037 19 017 144
Trade and other
receivables 8 691 904 3 991 090
Operating lease asset 4 843 210 2 245 193
Current tax receivable 5 933 521 5 211 759
Cash and cash equivalents 2 8 768 143 125 702 738
64 868 815 156 167 924
Total assets 1 797 796 489 1 533 161 396
Equity and liabilities
Equity
Equity attributable to
equity holders of parent
Stated capital 2 1 031 570 468 644 152 383
Retained income 477 850 234 362 823 335
1 509 420 702 1 006 975 718
Shares paid for and
issuable 2 – 104 365 747
1 509 420 702 1 111 341 465
Liabilities
Non-current liabilities
Interest bearing
borrowings 4 197 319 609 –
Deferred tax 5 16 678 024 15 021 170
213 997 633 15 021 170
Current liabilities
Loans from shareholders 3 – 4 439 687
Interest bearing
borrowings 4 66 073 147 381 070 518
Trade and other payables 2 8 305 007 11 246 935
Other financial
liabilities – 10 041 621
74 378 154 406 798 761
Total liabilities 288 375 787 421 819 931
Total equity and
liabilities 1 797 796 489 1 533 161 396
Statement of Comprehensive Income
for the year ended 31 March 2015
Note 2015 2014
R R
Revenue 140 433 022 119 649 229
Property revenue 6 140 398 218 112 412 548
Operating lease 34 804 7 236 681
Other income 7 2 663 181 5 188 649
Operating expenses 8 (38 156 921) (45 953 375)
Profit before investment
revenue, fair value
adjustments and finance
costs 104 939 282 78 884 503
Investment revenue 600 382 153 463
Fair value adjustment 1 114 589 608 62 386 713
Gross fair value
adjustments 114 624 412 69 623 393
Operating lease (34 804) (7 236 681)
Finance costs (9 417 667) (28 045 988)
Profit before taxation 210 711 605 113 378 691
Taxation 5 (3 884 706) 8 862 832
Profit for the year 206 826 899 122 241 523
Other comprehensive
income – –
Total comprehensive
income for the year 206 826 899 122 241 523
Earnings and diluted
earnings per share 122 129
Explanatory notes to the statement of financial position and
statement of comprehensive income
1 Refer to the explanatory information disclosed under the net asset
value per share note for detail of the increased value.
2. On 7 April 2014, Safari listed on the JSE as a Real Estate
Investment Trust ("REIT") with 170 000 000 shares, a total rand
value of R374 562 748. Of the 170 000 000 shares, 17 075 090 shares
were paid for and issuable as at 31 March 2014 to the value of
R105 844 674. On 12 December 2014 a capitalisation dividend of
R0,34 per share was declared resulting in 2 282 443 additional
shares listed due to shareholders electing the capitalisation option
at R8,00 per share. The transaction costs of raising the capital on
listing and capitalisation dividend amounted to R5 403 905 and have
been set off against the amount received for the capital. R1 478 927
of these costs accrued and were paid for in the prior year and
R3 924 978 of these costs accrued and were paid for in the current
year. The balance consisted of funds received as an oversubscription
of shares that were not issued upon the listing on 7 April 2014 and
as such, the full amount of R10 041 621 was repaid in the 2015
financial year.
Refer to the notes to the financial statements for detail of the
listing of Safari.
3. Conversion of shareholders’ loans took place during the 2014
financial year and the balance of R4 439 687 was settled in full
during the current financial year. Refer to the notes to the financial
statements.
4. The facility was settled in full on 8 April 2014 from funds raised
through the listing of the group as a REIT on the JSE and new funds
were drawn down subsequent to this. Secured loans accrued interest
at the prime bank overdraft rate less 1,5% (2014: prime bank
overdraft rate less 1%).
5. Taxation and deferred tax consists of operating lease asset,
income received in advance and capital allowances on investment
property. Please refer to the notes to the financial statements.
6. Property revenue include rental income, straight line of leases
and cost recovered. Refer to the notes to the financial statements.
7. Other income consists of administrative recoveries from tenants,
promotional fees, insurance claims and other sundry income not
related to property revenue. Refer to the notes to the financial
statements.
8. The decrease in the operating expenses is mainly due to the
completion of the revamping and extensions at the existing
properties, not reoccurring in 2015.
Statement of cash flows
for the year ended 31 March 2015
2015 2014
R R
Cash flows from operating activities
Cash generated from operations 79 707 319 67 315 940
Interest income 600 382 153 472
REIT distribution paid (73 540 758) –
Finance costs (9 417 667) (25 991 844)
Tax paid (2 949 614) (10 783 431)
Net cash from operating
activities (5 600 338) 30 694 137
Cash flows from investing activities
Additions of investment property (243 967 283) (103 359 644)
Purchase of other intangible
assets – (86 051)
Business combinations – 104 002
Net cash from investing
activities (243 967 283) (103 341 693)
Cash flows from financing activities
Proceeds on share issue 264 793 096 133 482 601
Proceeds from interest bearing
borrowings 872 078 389 604 474 391
Repayment of interest bearing (989 756 151) (561 894 000)
borrowing
(Repayment of)/proceeds from
other financial liabilities (10 041 621) 10 041 621
Proceeds from shareholders’ loan – 10 885 476
Repayment of shareholders’ loan (4 439 687) –
Net cash from financing
activities 132 634 026 196 990 089
Total cash movement for the year (116 934 595) 124 342 533
Cash at the beginning of the year 125 702 738 1 360 205
Total cash at the end of the year 8 768 143 125 702 738
Statement of changes in equity
for the year ended 31 March 2015
Share/stated Share Total
capital premium capital
R R R
Balance at
1 April 2013 724 904 291 993 069 292 717 973
Profit for the year – – –
Other comprehensive
income – – –
Total comprehensive
income for the year – – –
Proceeds of shares
issued 43 893 30 330 077 30 373 970
Re-allocated to
stated capital 322 323 146 (322 323 146) –
Issue of shares:
Shareholders’ loans
conversion 193 917 543 – 193 917 543
Issue of shares:
Business combination 128 400 014 – 128 400 014
Capital raising fee (1 257 117) – (1 257 117)
Issue of shares:
Listing on the JSE – – –
Total contributions by
and distributions to
owners of company
recognised directly
in equity 643 427 479 (291 993 069) 351 434 410
Balance at
1 April 2014 644 152 383 644 152 383
Profit for the year – – –
Other comprehensive
income – – –
Total comprehensive
income for the year – – –
Capital raising
through JSE listing 374 562 748 – 374 562 748
Capital raising fee
on shares paid for
in the prior year and
issued in the current
year (1 478 927) – (1 478 927)
Capital raising fee
on shares paid for and
issued in the
current year (3 924 978) – (3 924 978)
Shares issued through
capitalisation
dividend 18 259 242 – 18 259 242
REIT distribution – – –
Total contributions
by and distributions to
owners of company
recognised directly
in equity 387 418 085 – 387 418 085
Balance at
31 March 2015 1 031 570 468 – 1 031 570 468
Equity portion Shares paid
of shareholder Retained for and Total
loans income issuable equity
R R R R
Balance at
1 April 2013 75 791 144 240 581 812 - 609 090 929
Profit for the year – 122 241 523 - 122 241 523
Other comprehensive
income – – - -
Total comprehensive
income for the year – 122 241 523 – 122 241 523
Proceeds of shares
issued – – - 30 373 970
Re-allocated to
stated capital – – - -
Issue of shares:
Shareholders’
loans conversion (75 791 144) – - -
Issue of shares:
Business
combination – – - 128 400 014
Capital raising fee – – (1 478 927) (2 736 044)
Issue of shares:
Listing on the JSE – – 150 844 674 150 844 674
Total contributions
by and distributions
to owners of company
recognised directly
in equity (75 791 144) – 104 365 747 380 009 013
Balance at
1 April 2014 362 823 335 104 365 747 1 111 341 465
Profit for the year – 206 826 899 – 206 826 899
Other comprehensive
income – – – –
Total comprehensive
income for the year – 206 826 899 – 206 826 899
Capital raising through
JSE listing – – (104 365 747) 270 197 001
Capital raising fee on
shares paid for in the
prior year and issued
in the current year – – - (1 478 927)
Capital raising fee on
shares paid for and
issued in the
current year – – - (3 924 978)
Shares issued through
capitalisation dividend – – - 18 259 242
REIT distribution – (91 800 000) - (91 800 000)
Total contributions by
and distributions to
owners of company
recognised directly in
equity – (91 800 000)(104 365 747) 191 252 338
Balance at
31 March 2015 – 477 850 234 -(1 509 420 702)
Segmental report
for the year ended 31 March 2015
Atteridgeville Mamelodi Sebokeng
R R R
Turnover (external) 38 390 897 54 391 189 32 010 715
Reportable segment
profit before
investment revenue,
fair value adjustments
and finance costs 30 802 065 45 431 053 25 328 874
Unallocated reportable
segment profit before
investment revenue,
fair value adjustments
and finance costs – – –
Profit before
investment revenue,
fair value adjustments
and finance costs – – –
Segment assets and
liabilities
Segment assets 557 027 113 530 413 169 370 393 792
Unallocated assets – – –
Total assets 557 027 113 530 413 169 370 393 792
Segment liabilities 2 116 216 3 244 136 2 355 681
Unallocated liabilities – – –
Total liabilities 2 116 216 3 244 136 2 355 681
Other segment items
Interest revenue
(external) 1 789 16 438 7 642
Unallocated interest
revenue – – –
Investment revenue 1 789 16 438 7 642
Fair value adjustments 60 568 520 18 140 538 (10 029 447)
Interest expense – 77 –
Unallocated interest
expense – – –
Finance costs – 77 –
Heidelberg Namibia
R R
Turnover (external) 15 752 326 96 627
Reportable segment
profit before
investment revenue, fair
value adjustments and
finance costs 11 324 237 (531 382)
Unallocated reportable
segment profit before
investment revenue, fair
value adjustments and
finance costs – –
Profit before investment
revenue, fair value
adjustments and finance
costs – –
Segment assets and
liabilities
Segment assets 142 575 742 140 731 951
Unallocated assets – –
Total assets 142 575 742 140 731 951
Segment liabilities 642 514 –
Unallocated liabilities – –
Total liabilities 642 514 –
Other segment items
Interest revenue (external) 417 2 888
Unallocated interest revenue – –
Investment revenue 417 2 888
Fair value adjustments 5 490 729 40 454 072
Interest expense 87 –
Unallocated interest expense – –
Finance costs 87 –
Reconciliation Total
R R
Turnover (external) – 140 433 022
Reportable segment profit
before investment revenue,
fair value adjustments and
finance costs – 112 354 848
Unallocated reportable
segment profit before
investment revenue, fair
value adjustments and
finance costs (7 415 566) (7 415 566)
Profit before investment
revenue, fair value adjustments
and finance costs – 104 939 282
Segment assets and liabilities
Segment assets – 1 741 141 767
Unallocated assets 56 654 722 56 654 722
Total assets 56 654 722 1 797 796 489
Segment liabilities – 8 358 546
Unallocated liabilities 280 017 241 280 017
Total liabilities 280 017 241 288 375 787
Other segment items
Interest revenue (external) – 29 174
Unallocated interest revenue 571 208 571 208
Investment revenue 5 714 208 600 382
Fair value adjustments – 114 624 412
Interest expense – 164
Unallocated interest expense 9 417 503 9 417 503
Finance costs 9 417 503 9 417 667
Segmental report
for the year ended 31 March 2014
Atteridgeville Mamelodi Sebokeng
R R R
Turnover (external) 37 337 982 52 896 014 29 104 496
Reportable segment
profit before investment
revenue, fair value
adjustments
and finance costs 25 895 479 42 188 915 15 324 907
Unallocated reportable
segment profit before
investment revenue, fair
value adjustments
and finance costs – – –
Profit before investment
revenue, fair value adjustments
and finance costs – – –
Segment assets and liabilities
Segment assets 410 622 741 511 713 129 266 005 155
Unallocated assets – – –
Total assets 410 622 741 511 713 129 266 005 155
Segment liabilities 1 410 127 2 240 712 1 994 201
Unallocated liabilities – – –
Total liabilities 1 410 127 2 240 712 1 994 201
Other segment items
Interest revenue
(external) 7 783 13 609 11 219
Unallocated interest
revenue – – –
Investment revenue 7 783 13 609 11 219
Fair value adjustments 10 879 030 64 360 773 (11 956 779)
Interest expense 995 – 5 037
Unallocated interest
expense – – –
Finance costs 995 – 5 037
Heidelberg Namibia
R R
Turnover (external) 310 737 –
Reportable segment profit
before investment revenue,
fair value adjustments and
finance costs (309 054) (1 321 367)
Unallocated reportable
segment profit before
investment revenue, fair
value adjustments and
finance costs – –
Profit before investment
revenue, fair value adjustments
and finance costs – –
Segment assets and liabilities
Segment assets 135 297 917 76 047 926
Unallocated assets – –
Total assets 135 297 917 76 047 926
Segment liabilities 509 753 38 669
Unallocated liabilities – –
Total liabilities 509 753 38 669 415
Other segment items
Interest revenue (external) 16 3 788
Unallocated interest revenue – –
Investment revenue 16 3 788
Fair value adjustments 2 207 313
Interest expense – –
Unallocated interest expense – –
Finance costs – –
Reconciliation Total
R R
Turnover (external) – 119 649 230
Reportable segment profit
before investment revenue,
fair value adjustments
and finance costs – 81 778 880
Unallocated reportable
segment profit before
investment revenue, fair
value adjustments and
finance costs (2 894 377) (2 894 377)
Profit before investment
revenue, fair value adjustments
and finance costs – 78 884 503
Segment assets and liabilities
Segment assets – 399 686 868
Unallocated assets 132 757 384 132 757 384
Total assets 132 757 384 1 532 444 252
Segment liabilities – 6 193 462
Unallocated liabilities 415 626 469 415 626 469
Total liabilities 626 469 421 819 931
Other segment items
Interest revenue (external) – 36 417
Unallocated interest revenue 117 046 117 046
Investment revenue 117 046 153 463
Fair value adjustments (3 103 624) –
Interest expense – 6 032
Unallocated interest expense 28 039 956 28 039 956
Finance costs 28 039 956 28 045 988
Earnings per share
for the year ended 31 March 2015
2015 2014
R R
Earnings used in the
calculation of basic earnings
per share 206 826 899 122 241 523
Ordinary shares in issue 172 282 443 120 864 827
Weighted average number of
ordinary shares 169 733 035 94 808 385
Headline earnings 92 237 291 28 532 084
Headline earnings per share
(cents) 54 30
Diluted headline earnings per
share (cents) 54 30
Basic and diluted earnings per
share (cents) 122 129
Headline earnings reconciliation
Basic earnings 206 826 899 122 241 523
Gains and losses from the
adjustment to the fair value
of non-current assets due to
REIT status (114 589 608) (62 386 713)
Tax effect of gains and losses
from the adjustment to the
fair value of non-current REIT
status tax effect – (29 398 534)
Change in deferred tax due to
change in tax rate – –
Profit through business
combination – (1 924 192)
Headline earnings 92 237 291 28 532 084
Net asset value per share
for the year ended 31 March 2015
2015 2014
R R
Total assets 1 797 796 489 1 533 161 396
Total liabilities (288 375 787) (421 819 931)
1 509 420 702 1 111 341 465
Ordinary shares in issue 172 282 443 120 864 798
Net asset value per share
(cents) 876 920
Tangible net asset value
(cents) 876 920
The value of the group’s investment property increased with
R358 557 891(26,6%) from R1 347 869 135 to R1 706 427 026. The increase
is a direct result of construction costs capitalized amounting to
R243 968 283 and fair value adjustments of R114 589 608. Most of the
properties’ values are determined by the “Discounted cash flow
method” and are impacted by Safari’s 1% vacancy profile, 90% national
tenants occupation, positive lease expiry profile, 10% average
escalations and length of lease agreements.
Notes to the financial statements
Statement of compliance
The summarised consolidated financial information for Safari and its
subsidiary has been prepared and presented 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, the
requirements of the Companies Act 71 of 2008 as amended, the Listings
Requirements of the JSE and the requirements of IAS 34. The report has
been prepared using accounting policies that comply with IFRS which are
consistent with those applied in the financial statements of the year
ending 31 March 2014.
Basis of preparation
The preparation of the group’s summarised financial results for the
12 months ended 31 March 2015 was the responsibility of the Financial
Director, JZ Engelbrecht and was executed by the financial manager,
MC Basson.
Financial statements
The annual financial statements for the year have been audited by
Mazars, and their unqualified opinion is available for inspection at
the group’s registered office or in electronic format on the website:
www.safari-investments.com.
The abridged results are extracted from audited financial information
but is not itself audited. Information included under the headings
“Safari Investments at a glance” and “CEO and chairman’s report” has
not been audited or reviewed. Shareholders are advised that in order
to obtain a full understanding of the nature of the auditors’
engagement they should obtain a copy of the report with accompanying
annual financial statements from the group’s registered office. Full
details of the group’s business combination, additions to investment
property and the listing as a REIT are included in the group’s
published Annual Report. The directors take full responsibility for
the preparation of the abridged results and all financial information
has been correctly extracted from the underlying annual financial
statements.
The annual consolidated financial statements were approved by the
board of directors on 12 June 2015 and published on 24 June 2015.
New standards and interpretations
The accounting policies of the group have been applied consistently
to the policies as presented in the consolidated financial
statements.
Events during and subsequent to the reporting period
Events during the financial period
The listing as a REIT on the JSE on 7 April 2014 led to capital
raised of R374 million. The funds raised through the listing were
utilised to settle the outstanding bond after the 2014 year end.
During the financial year Safari successfully increased the funding
facility with Absa to R700 million, with the cost of debt at a lending
rate of prime less 1,5% which will be utilised to fund the current
approved capital projects.
In Sebokeng, Safari purchased two stands adjacent to the Thabong
centre for R2,1 million, which will be utilised as the tenant demand
grows for further development. At Thabong the phase 3 development of
9 000m² gross leasable area was successfully completed on time and
within the approved budget; trading commenced on 28 October 2014. The
phase 3.1 extension of 4 500m² successfully opened on 27 March 2015.
The Atlyn South Block extension, measuring a gross leasable area of
1 500m² was successfully completed on time and within budget and
opened during December 2014.
Subsequent event
On 20 May 2015 the Safari board approved the following capital
projects:
- The purchase of Erf 14475, Protea Glen, Soweto, and development of
a 20-bed day hospital. The total investment will be R28 million and
the AAA lease with a listed hospital group will commence on
1 November 2015. The expected yield for the project is 8,15% in year
one;
- The development of a new shopping centre in Atteridgeville with a
gross leasable area of 20 553m² to the value of R310 million. The
expected opening date is April 2017. The expected yield for the
project is 8,2% in year one;
- The Platz Am Meer Development to be expanded by 5 500m² (34%), with
an expansion value of R110 million (25%). The retail section of the
project will open for trade during May 2016 and the 37 apartment’s
that will be sold will be completed during November 2017. The expansion
will also increase the yield of the project from the approved 7,49% to
8,3% in year one; and
- The Denlyn centre will be expanded by 1 250m² at a cost of
R31 million which will strategically improve the tenant mix of the
centre.
The directors are not aware of any other material reportable events
which occurred during and subsequent to the reporting period.
Corporate information
Auditors: Mazars
Partner: Susan Truter
Commercial banker: ABSA Bank Limited
Group secretary: Safari Retail Proprietary Limited
Corporate advisor: Fanus Kruger Consulting cc
Directors of Safari:
MH Tsolo Independent non-executive chairman
FJJ Marais Chief executive officer
K Pashiou Executive operational director
PA Pienaar Non-executive director
JZ Engelbrecht Executive financial director
(Appointed 26 February 2015)
AE Wentzel Lead independent non-executive director
JP Snyman Independent non-executive director
SJ Kruger Non-executive director
M Minnaar Independent non-executive director
JC Verwayen Non-executive director
DE van Straten Executive Financial Director
(Resigned with effect from 26 February 2015)
Independent valuer: Mills Fitchet (Tvl) cc
Legal adviser: VFV Incorporated
Sponsor: PSG Capital Proprietary Limited
Transfer secretaries:
Computershare Investor Services Proprietary Limited
Annual general meeting
Shareholders are hereby advised that Safari's annual report will be
dispatched to shareholders on 24 June 2015. Notice is hereby given
that the 2015 annual general meeting ("AGM") will be held at 14:00
on Wednesday, 5 August 2015, at Villa Sterne at 212 Johann Rissik Drive,
Waterkloof Ridge,Pretoria. In terms of section 59(1)(a) and (b) of
the Companies Act, the board of the Company has set the following
record dates for the purpose of determining which shareholders are
entitled to receive notice of the AGM (being the date on which a
shareholder must be registered in the Company’s securities register in
order to receive notice of the AGM) as Friday, 19 June 2015 and
participate in and vote at the AGM (being the date on which a
shareholder must be registered in the Company’s securities register in
order to participate in and vote at the AGM) as Friday, 31 July 2015,
with the last day to trade being Friday, 24 July 2015.
To view the 2015 annual report visit :www.safari-investments.com
Date: 24/06/2015 09:00:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE').
The JSE does not, whether expressly, tacitly or implicitly, represent, warrant or in any way guarantee the truth, accuracy or completeness of
the information published on SENS. The JSE, their officers, employees and agents accept no liability for (or in respect of) any direct,
indirect, incidental or consequential loss or damage of any kind or nature, howsoever arising, from the use of SENS or the use of, or reliance on,
information disseminated through SENS.
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