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Audited Condensed Consolidated Result And Cash Dividend Declaration For The Year Ended 30 June 2015
FAIRVEST PROPERTY HOLDINGS LIMITED
Incorporated in the Republic of South Africa
(Registration number 1998/005011/06)
("Fairvest" or "the company" or "the group")
Share code: FVT ISIN: ZAE0000203808
Granted REIT status with the JSE
AUDITED CONDENSED CONSOLIDATED RESULTS
AND CASH DIVIDEND DECLARATION
FOR THE YEAR ENDED 30 JUNE 2015
UP 41.6%
41.6% annualised return to
shareholders for the
2015 financial year
DOWN 4.4%
Vacancies reduced to 4.4% of
the total lettable area
UP 15.106 cents
Distribution for the year
increased by 10.1% to
15.106 cents per share
UP R137.1 million
Raised R137.1 million of new
equity during the year at
R1.91 per share
UP R1.079 billion
Market capitalisation
increased to R1.079 billion
UP 184.4 cents
Net asset value increased by
16.0% to 184.4 cents per share
UP 10.2%
Like for like annualised
property income increased
by 10.2%
UP 9%–10%
Distribution growth of 9% to 10%
share for the year to
30 June 2016 expected
CONDENSED CONSOLIDATED STATEMENT OF
FINANCIAL POSITION
Audited Audited
30 June 30 June
2015 2014
R'000 R'000
ASSETS
NON-CURRENT ASSETS 1 365 593 1 103 918
Investment property 1 337 428 1 089 481
Loans receivable 3 761 –
Investments 1 979 –
Office equipment 269 342
Operating lease asset 22 156 14 095
CURRENT ASSETS 20 856 19 013
Current portion of interest-bearing loans 1 399 –
Trade and other receivables 16 030 15 347
Cash and cash equivalents 3 427 3 666
Non-current assets held for sale – 4 500
TOTAL ASSETS 1 386 449 1 127 431
EQUITY AND LIABILITIES
EQUITY AND RESERVES 1 105 421 5 254
Ordinary share capital 5 994 5 254
Retained earnings 1 099 427 –
NON-CURRENT LIABILITIES 209 239 1 055 647
Linked unit debentures and premium – 830 024
Interest-bearing borrowings 203 063 222 000
Derivative liabilities 411 –
Other non-current liabilities 5 490 –
Deferred taxation 275 3 623
CURRENT LIABILITIES 71 789 66 530
Interest-bearing borrowings 44 371 –
Trade and other payables 27 418 66 530
TOTAL EQUITY AND LIABILITIES 1 386 449 1 127 431
CONDENSED CONSOLIDATED STATEMENT OF
COMPREHENSIVE INCOME
Audited Audited
12 months 12 months
to 30 June to 30 June
2015 2014
R'000 R'000
GROSS REVENUE 187 926 148 961
Rental income – contractual 178 698 138 371
– straight-line accrual 9 228 10 590
Property expenses (65 773) (49 158)
Net profit from property operations 122 153 99 803
Corporate administrative expenses (12 142) (10 099)
OPERATING PROFIT 110 011 89 704
Fair value adjustment to investment
properties 82 386 56 423
Fair value adjustment to derivatives (411) –
Fair value adjustment to debentures (8 242) (56 153)
Fair value adjustment to investments (21) –
Finance cost (23 702) (21 015)
Investment revenue 1 025 629
PROFIT BEFORE DEBENTURE INTEREST 161 046 69 588
Debenture interest (38 992) (59 600)
PROFIT AFTER DEBENTURE INTEREST 122 054 9 988
Capital raising expenses (4 198) (6 372)
PROFIT BEFORE TAXATION 117 856 3 616
Taxation 3 348 (3 616)
COMPREHENSIVE INCOME
ATTRIBUTABLE TO SHAREHOLDERS 121 204 –
Profit and total comprehensive income
attributable to:
– Owners of the parent 121 204 –
– Non-controlling interest – –
121 204 –
Reconciliation between profit
attributable to shareholders,
distributable earnings and headline
earnings per share
Profit attributable to shareholders 121 204 –
Fair value adjustment to investment
properties (net of taxation) (82 386) (56 423)
Headline and diluted headline earnings/
(loss) attributable to shareholders 38 818 (56 423)
Fair value adjustment to shares/debentures 8 242 56 153
Debenture interest 38 992 59 600
Headline and diluted headline profit
attributable to shareholders/linked
unitholders 86 052 59 330
Distributable earnings
Operating profit 122 153 99 803
Straight-line rental income accrual (9 228) (10 590)
Corporate administrative expenses (12 142) (10 099)
Finance cost (20 153) (20 071)
Investment revenue 1 025 629
Share issued cum distribution 3 519 –
Available for distribution 85 174 59 672
DISTRIBUTION (Debenture interest and
dividend)*
Interim distribution per linked unit (cents) 7.427 6.750
Final dividend declaration per share (cents) 7.679 6.970
Total distribution per share/linked unit
(cents) 15.106 13.720
EARNINGS PER SHARE
Basic and diluted earnings per share
(cents)** 22.44 –
Headline and diluted headline earnings/(loss)
per share (cents)** 7.19 (13.05)
Headline and diluted headline earnings per
share (cents)** 15.93 13.72
Net asset value per share and net tangible
asset value per share (cents)*** 184.41 158.97
Share statistics (excluding treasury
shares)
Shares in issue 599 438 276 527 636 276
Less: Treasury shares – (2 211 860)
Effective shares in issue 599 438 276 525 424 416
Weighted average number of shares 540 053 358 432 337 771
* Distributions consist of debenture interest paid (prior to the conversion to a
share only capital structure) and dividends declared. Prior to the conversion
of the capital structure debenture interest was calculated on the capital at a
variable rate equal to 99.9% of the net profit of the company before taxation,
but after adjusting for extraordinary income and expenditure, capital gains and
losses, and capital expenditure.
** Headline earnings have been presented in accordance with IAS 33. In the prior
year in terms of the linked unit structure of the group every shareholder was a
debenture holder, coupled with the terms of the Debenture Trust Deed which
stated that 99.9% of profits are attributable to debenture holders, resulting
in the benefits of improved trading which would be ordinarily attributable to
shareholders being expensed in the statements of comprehensive income as a
fair value adjustment to debentures and debenture interest. This resulted in no
profit being attributable to ordinary shareholders.
*** In the prior year linked unit debentures were included in the net asset value
and net tangible asset value calculation.
CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS
Audited Audited
12 months 12 months
to 30 June to 30 June
2015 2014
R'000 R'000
Cash inflow from operating activities 4 239 15 055
Cash outflow to investing activities (168 953) (32 298)
Cash inflow from financing activities 164 475 18 205
Net (decrease)/increase in cash and cash
equivalents (239) 962
Cash and cash equivalents at beginning
of period 3 666 2 704
Cash and cash equivalents at end of period 3 427 3 666
CONDENSED CONSOLIDATED SEGMENT REPORT
Reconciling
Eastern KwaZulu- Western Northern items/
For the 12 months ended Cape Free State Gauteng Natal Cape Cape Limpopo Mpumalanga (Eliminations) Total
30 June 2015
Revenue – external customers 8 657 3 357 36 978 49 962 46 182 14 752 16 570 2 240 – 178 698
Operating profit 6 716 2 714 18 937 42 519 30 632 7 121 11 665 1 849 (12 142) 110 011
Total assets 40 087 26 046 246 707 491 142 320 117 64 607 120 040 60 304 17 399 1 386 449
30 JUNE 2014
Revenue – external customers 8 789 1 398 34 406 39 531 41 533 5 578 7 136 – – 138 371
Operating profit 7 158 993 20 870 33 220 29 371 2 809 5 382 – (10 099) 89 704
Total assets 43 919 6 970 215 674 406 960 276 171 53 140 111 113 – 13 484 1 127 431
CONDENSED CONSOLIDATED STATEMENT OF
CHANGES IN EQUITY
Share Retained
capital earnings Total
R'000 R'000 R'000
Balance at 1 July 2013 3 598 – 3 598
Linked units issued 1 678 – 1 678
Acquisition of treasury linked
units (22) – (22)
Total comprehensive income for
the period – – –
Balance at 30 June 2014 5 254 – 5 254
Disposal of treasury linked units 22 – 22
Linked units issued 718 – 718
Conversion of debentures – 978 223 978 223
Total comprehensive income for
the period – 121 204 121 204
Balance at 30 June 2015 5 994 1 099 427 1 105 421
STATEMENT OF CHANGES IN LINKED UNIT DEBENTURES
Linked unit Linked unit
debenture debenture
capital fair value Total
R'000 R'000 R'000
Balance at 1 July 2013 3 598 539 711 543 309
Linked units issued 1 678 231 666 233 344
Acquisition of treasury linked
units (22) (2 760) (2 782)
Fair value adjustment – 56 153 56 153
Balance at 30 June 2014 5 254 824 770 830 024
Disposal of treasury units 22 3 511 3 533
Fair value adjustment – 8 242 8 242
Linked units issued 718 135 706 136 424
Conversion of debentures (5 994) (972 229) (978 223)
Balance at 30 June 2015 – – –
OTHER SEGMENTAL INFORMATION
Audited Audited
30 June 30 June
2015 2014
Regional profile based on leasable area
KwaZulu-Natal 31.0% 29.5%
Western Cape 22.0% 24.2%
Gauteng 21.6% 23.3%
Limpopo 8.2% 9.3%
Northern Cape 6.3% 7.2%
Eastern Cape 4.5% 5.0%
Mpumalanga 3.4% –
Free State 3.0% 1.5%
Vacancy profile based on gross lease
area
Gross lease area in metres squared as
at end of period * 139 247 125 520
Properties held 34 31
Vacancy area in metres squared * 6 058 8 772
Vacancy area as % of gross lease area 4.4% 7.0%
Regional vacancy profile
(regions where vacancies are located)
KwaZulu-Natal 43.8% 42.4%
Western Cape 28.2% 9.7%
Gauteng 14.8% 36.2%
Eastern Cape 8.2% –
Northern Cape 3.4% 7.7%
Limpopo 1.6% 4.0%
* Gross lease area and vacancy in the prior and current periods has been updated
after the remeasurement of various properties and excludes unlettable space.
Basis of preparation and accounting policies
The preparation of these provisional condensed consolidated financial statements was supervised by the Chief
Financial Officer, BJ Kriel CA(SA).
The accounting policies applied in the preparation of these audited condensed consolidated results for the year
ended 30 June 2015, which are based on reasonable judgements and estimates, are in accordance with International
Financial Reporting Standards ("IFRS") and are consistent with those applied in the annual financial statements for
the year ended 30 June 2014. Any other new and amendments to IFRS and IFRIC interpretations did not impact
on the financial position or performance of the company but has resulted in additional disclosures. These audited
condensed consolidated results, as set out in this report, have been prepared in accordance and containing the
information required by IAS 34 – Interim Financial Reporting, the SAICA Financial Reporting Guidelines as issued by
the Accounting Practices Committee and Financial Reporting Pronouncements as issued by the Financial Reporting
Council, the Companies Act of South Africa, No 71 of 2008, as amended ("Companies Act"), and the Listings
Requirements of the JSE Limited.
These audited condensed consolidated results for the year ended 30 June 2015 have been prepared in accordance
with the historic cost basis, except for the measurement of investment properties, debentures and certain financial
assets and financial liabilities which are stated at fair value.
The financial results are presented in Rands, which is Fairvest's functional and presentation currency and have been
prepared on a going-concern basis.
Audit report
The audited condensed consolidated results for the year ended 30 June 2015 set out above, have been extracted
from the group's annual financial statements which have been audited by BDO South Africa Inc. A copy of their
unmodified audit opinion is available for inspection at the company's registered office. Any reference to future
financial performance included in this announcement has not been reviewed or reported on by the company's
auditors.
The directors take full responsibility for the preparation of the condensed consolidated audited results
presented and that the financial information has been correctly extracted from the underlying
financial statements.
Estimates and critical judgements
Except for the measurement of investment properties, debentures and certain financial assets and
financial liabilities the financial statements do not include any material estimates.
COMMENTARY
INTRODUCTION
Fairvest is a property investment holding company and Real Estate Investment Trust (REIT), with a unique focus on
retail assets weighted toward non-metropolitan and rural shopping centres, as well as convenience and community
shopping centres servicing the lower LSM market, in high-growth nodes, close to commuter networks. The Fairvest
property portfolio consists of 34 properties, with 139 247m2 of lettable area and valued at R1 361.8 million.
CAPITAL STRUCTURE
To align the company's capital structure with the REIT standard in South Africa and to comply with JSE Listings
Requirements for REITs, Fairvest converted its linked unit capital structure into an all share capital structure
within the scheme of arrangement framework provided for in terms of section 114 of the Companies Act.
The implementation date of the scheme was 22 June 2015 resulting in a R978.2 million increase in
retained earnings.
CAPITAL RAISING ACTIVITIES
Shareholders are referred to the company's SENS announcement dated 16 April 2015, regarding the placement of
71 802 000 new ordinary linked units which were issued through a vendor consideration placement at an issue price
of R1.91 per linked unit, raising R137.1 million of new equity.
REVIEW OF RESULTS
The Fairvest board of directors are pleased to announce a final dividend distribution of 7.679 cents per share for
the six months ended 30 June 2015, bringing the total combined distribution for the year to 15.106 cents per share,
which is a 10.1% increase from the previous year and exceeding our guidance previously issued of between 9% and
10% growth in distribution.
Distribution history (cents per share/linked unit) Interim Final Total
June 2011 5.000 5.900 10.900
June 2012 5.200 6.300 11.500
June 2013 4.570 6.000 10.570
June 2014 6.750 6.970 13.720
June 2015 7.427 7.679 15.106
Revenue for the year ended 30 June 2015 increased by 26.2% to R187.9 million as a result of income growth in the
historic portfolio as well as the acquisitions during the past two years. Net profit from property operations
increased by 22.4% to R122.2 million, while administration expenses were contained to a 20.2% increase to R12.1 million,
resulting in distributable earnings increasing by 42.7% to R85.2 million. Gross property expenses as a ratio of revenue
increased slightly from 35.5% to 36.8%, almost entirely as a result of the increases in rates and taxes and electricity.
Cost containment within the portfolio assisted to partially offset the increases in utilities as indicated in the net
property expense ratio (expenses net of utility recoveries) which decreased from 17.7% in the previous financial year
to 17.3%.
Gross rentals across the portfolio trended upwards, with a 6.4% increase in the weighted average rental to
R91.85/m2 at 30 June 2015 compared to R86.4/m2 at 30 June 2014. At 30 June 2015 the weighted average contractual
escalation for the portfolio increased from 7.2% to 7.4%. The relatively low contractual escalation percentage is
mainly as a result of the high national tenant component of 78.5% of the portfolio, which provides shareholders
with a low risk investment profile.
PROPERTY PORTFOLIO
The total property portfolio increased from R1 109.1 million in June 2014 to R1 361.8 million. The increase is as a
result of the acquisition during the year to the value of R139.5 million, as well as the historic portfolio
increasing by 10.5% relative to the previous year. The average value per property increased by 15.6% to
R40.1 million, while average value per square meter increased by 10.7% to R9 780/m(2).
Portfolio valuation history R'million
June 2011 99.5
June 2012 103.5
June 2013 774.8
June 2014 1 109.1
June 2015 1 361.8
In line with the accounting policy of the group, a third of the portfolio was valued by independent external
valuers. Of the 34 properties 14 were valued by DDP Valuers and the remainder by management. All properties need to
be valued by external valuers at least every three years. The properties are valued using a five-year discounted
cash flows. Assumptions are made on the discount rates used to determine the present value of the cash flows.
Assumptions are also made on the capitalisation rate on an assumed sale after 5 years. The weighted average
discount rate used was 14.9% and weighted average capitalisation rate used was 10.0%.
Acquisitions
Shareholders are referred to the company's various SENS announcements, regarding certain acquisitions by the
company. Six new properties were acquired during the year, of which three transferred during the current financial
year and three transferred after year-end.
Properties transferred during the year
Purchase
price Acquisition Major Date of
Property Location GLA (m2) R'000 yield tenants transfer
Jan Niemand Spar Gauteng 2 139 20 000 10.0% Spar 18-Feb-15
Cosmos Centre Mpumalanga 4 681 58 000 10.4% Spar 05-Mar-15
Richmond Shopping Centre KwaZulu-Natal 9 148 61 538 10.2% Spar 21-May-15
Properties transferred after 30 June 2015
Purchase
price Acquisition Major Date of
Property Location GLA (m2) R'000 yield tenants transfer
Sibilo Northern Cape 8 543 95 000 10.1% Shoprite 24-Aug-15
Middestad Centre Free State 19 943 Shoprite 26-Aug-15
Mega Park Free State 5 963 Fielli 26-Aug-15
Redefine portfolio 25 906 239 049 10.0%
Properties acquired after year-end, subject to conditions precedent
Purchase Expected
price date of
Property Location GLA (m2) R'000 transfer
Erven 645 and 665, Yeoville Gauteng 930
Erven 716, 717 and 718, Yeoville Gauteng 1 981
Erven 1300, 652, 653 and 654, Yeoville Gauteng 1 179
Erf 1224, Yeoville Gauteng 4 461
8 551 56 000 01-Dec-15
Disposals
During the year under review the company disposed of the vacant Gingindlovu property for R5.0 million.
Redevelopments and upgrades
Nyanga Junction
The redevelopment project at Nyanga Junction was substantially completed during the year, with the creation of
a food court, enhancing the offering to our shoppers and improving the quality of tenants further. As a result
of the redevelopment we increased the GLA at the property by 323m2, with all of the new premises created being let.
The property is a prime example of Fairvest's value creation abilities, with the property value increasing from
R58.0 million at acquisition in May 2013 to R104.7 million at 30 June 2015, on the back of capital expenditure
of R15.4 million.
The Palms
A redevelopment was undertaken at The Palms office building during the period to improve the lettability of the
building as the vacancy levels at this building have been in excess of 40% over the last few years. Subsequent to
the commencement of the redevelopment the majority of the vacant space was let, with only 36m2 being vacant at
30 June 2015, which has subsequently been let.
PORTFOLIO COMPOSITION, LETTING AND VACANCIES
Tenant grade as a percentage of GLA
A-grade tenants 78.5%
B-grade tenants 6.6%
C-grade tenants 14.9%
A – Anchor and national tenants
B – Franchise, professional and large tenants
C – Other
Vacancies reduced from 7.0% to 4.4% or 6 058m2 during the period under review, mainly as a result of some positive
letting during the period and the sale of the vacant Gingindlovu property. New leases were concluded on 2 372m2
of the vacant space prior to the period end will only commence after 30 June 2015 and will reduce the vacancy
percentage further to 2.6%.
Based on Based on
Lease expiry profile rentable area gross rental
Vacant 4.4% –
Monthly 4.0% 5.2%
30 June 2016 16.9% 18.6%
30 June 2017 17.2% 19.8%
30 June 2018 13.5% 15.2%
30 June 2019 9.0% 8.8%
After 30 June 2020 35.0% 32.4%
During the period under review 49 new leases were concluded which equated to a GLA of 8 742m2. Renewal activity
was also positive with a 4.85% escalation achieved on the 21 731m2 of leases that were renewed during the year,
however, by excluding the renewal of the 9 559m2 at The Hub, where the renewal rental was escalated by 2.6% to
enable us to renew for a further five years, the expiry rental increased by 6.6%. Tenant retention for the year was
81.0%, a slight decrease from 2014 of 81.7%.
There was a strong focus on arrears management in light of the tough economic conditions that prevailed. Arrears
were successfully reduced to 1.9% of revenue.
BORROWINGS
The interest-bearing debt to asset ratio remains conservative at 19.0%. The targeted gearing levels are between 35%
and 40%, which was achieved after the transfer of the Sibilo, Middestad Mall and Mega Park asset in August 2015.
Expected gearing levels after the conclusion of the acquisitions will be 34.2%. As at 30 June 2015, 73.2% of the debt
was fixed, with the intention of maintaining this percentage at 70% or above.
The weighted average all-in cost of funding increased from 8.66% at 30 June 2014 to 9.02% at 30 June 2015. The
increase is as a result of an increase in the fixed debt component. The weighted average maturity of debt decreased
slightly from 34 months to 31 months.
PROSPECTS
With an upward interest rate cycle, disproportionate increases in operating expenses that are outside our control and
lacklustre economic growth, we anticipate that tough trading conditions will continue into the year ahead. Despite
the economic outlook, the benefit of improved occupancies, together with the most recent property acquisitions
and ongoing cost control, should allow for continued strong growth in distributions. Management is confident that
we should be able to maintain the distribution growth of between 9% and 10% for the 2016 financial year. We will
remain conservatively geared and sufficiently hedged to minimise the impact of the anticipated rise in interest rates.
We will continue to look for yield-enhancing acquisitions and developments that are in line with our strategy.
This view assumes that there being no material deterioration in the macroeconomic environment relative to current
levels, no major corporate failures will occur and tenants will be able to absorb increases in municipal and utility
costs. Forecast rental income is based on contractual lease terms and anticipated market-related renewals.
This forecast is the responsibility of the board of Fairvest and has not been reviewed or reported on by
the auditors.
DIVIDENDS
The board has approved and declared a final gross dividend of 7.679 cents per share for the six-month period ended
30 June 2015 from fixed income reserves, payable to shareholders registered as such at the close of business on
Friday, 9 October 2015.
Last date to trade shares cum dividend Friday, 2 October 2015
Shares commence trading ex dividend Monday, 5 October 2015
Record date Friday, 9 October 2015
Payment date Monday, 12 October 2015
Shares may not be dematerialised or rematerialised between Monday, 5 October 2015 and Friday, 9 October 2015,
both days inclusive.
In accordance with Fairvest's status as a REIT, shareholders are advised that the dividend meets the requirements
of a "qualifying distribution" for the purposes of section 25BB of the Income Tax Act, 58 of 1962 ("Income Tax
Act"). The distribution on the shares will be deemed to be a dividend, for South African tax purposes, in terms of
section 25BB of the Income Tax Act. Accordingly, qualifying distributions received by local tax residents must be
included in the gross income of such shareholders (as a non-exempt dividend in terms of section 10(1)(k)(aa) of the
Income Tax Act), with the effect that the qualifying distribution is taxable as income in the hands of the shareholder.
These qualifying distributions are, however, exempt from dividend withholding tax in the hands of South African tax
resident shareholders, provided that the South African resident shareholders have provided the following forms to
their Central Securities Depository Participant ("CSDP") or broker, as the case may be, in respect of uncertificated
shares, or the Transfer Secretaries, in respect of certificated shares:
(a) a declaration that the dividend is exempt from dividends tax; and
(b) a written undertaking to inform the CSDP, broker or the transfer secretaries, as the case may be,
both in the form prescribed by the Commissioner for the South African Revenue Service. Shareholders are advised
to contact their CSDP, broker or the transfer secretaries, 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.
Qualifying distributions received by non-resident shareholders will not be taxable as income and instead will be
treated as ordinary dividends but which are exempt in terms of the usual dividend exemptions per section 10(1)(k)
of the Income Tax Act. Any qualifying distribution received by a non-resident from a REIT will be subject to dividend
withholding tax at 15%, unless the rate is reduced in terms of any applicable agreement for the avoidance of
double taxation ("DTA") between South Africa and the country of residence of the shareholder. Assuming dividend
withholding tax will be withheld at a rate of 15%, the net amount due to non-resident shareholders will be 6.52715
cents per share. A reduced dividend withholding tax 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
the uncertificated shares, or the transfer secretaries, in respect of certificated shares:
(a) a declaration that the dividend is subject to a reduced rate as a result of the application of a DTA; and
(b) a written undertaking to inform their CSDP, broker or the transfer secretaries, as the case may be, should the
circumstances affecting the reduced rate change or the beneficial owner cease to be the beneficial owner,
both in the form prescribed by the Commissioner for the South African Revenue Service. Non-resident shareholders
are advised to contact their CSDP, broker or the Transfer Secretaries, 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, if applicable.
Local tax resident shareholders as well as non-resident shareholders are encouraged to consult their professional
advisors should they be in any doubt as to the appropriate action to take.
Shares in issue at the date of declaration of the final dividend: 599 438 276
Income tax reference number 9205/066/06/1
SUBSEQUENT EVENTS
The acquisition of the Redefine Portfolio and the Sibilo assets as announced on SENS during the year were concluded
after year-end, with the Redefine assets registering in the name of Fairvest on 26 August 2015 and the Sibilo asset
on 24 August 2015.
Shareholders are referred to the company's SENS announcement dated 30 July 2015 regarding the acquisition of a
portfolio of assets in Yeoville for R56 million. The transaction is still subject to suspensive conditions that have not
been fulfilled by the time of this announcement.
The directors of Fairvest are not aware of any further material matters or circumstances arising between 30 June
2015 and this report which may materially affect the financial position of the group or the results of its operation.
APPRECIATION
We extend our appreciation to our directors, management and staff for their valued efforts as well as our advisers
and shareholders for their continuing belief in and support of Fairvest.
For and on behalf of the board
Fairvest Property Holdings Limited
Cape Town
8 September 2015
Executive Non-executive
DM Wilder (Chief executive officer) JF du Toit (Chairman)
BJ Kriel (Chief financial officer) LW Andrag (Lead independent non-executive)#
AJ Marcus (Chief operating officer)* KR Moloko #
*alternate to DM Wilder N Mkhize #
JD Wiese #
# independent
Company Secretary
SecCorp Secretarial Services Proprietary Limited
Registered office
Office 18003, 18th Floor, Triangle House, 22 Riebeek Street, Cape Town, 8001
Postnet Suite 30, Private Bag X3, Roggebaai, 8012
Transfer secretaries
Computershare Investor Services Proprietary Limited
Ground Floor, 70 Marshall Street, Johannesburg, 2001
PO Box 61051, Marshalltown, 2107
Auditor Sponsor
BDO South Africa Incorporated PSG Capital Proprietary Limited
Registered Auditors
www.fairvest.co.za
Date: 08/09/2015 08:30:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE').
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