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Abridged Summarised Consolidated Results for the year ended 30 June 2015 and Dividend Declaration
PUTPROP LIMITED
Incorporated in the Republic of South Africa
(Registration number 1988/001085/06)
Share code: PPR ISIN: ZAE000072310
(“Putprop” or “the Group” or “the Company)
Preliminary Summarised Consolidated Results for the year ended 30
June 2015 and Dividend Declaration
These preliminary summarised consolidated Group financial statements
for the year ended 30 June 2015 have been extracted from the audited
annual financial statements upon which Mazars have issued an
unqualified audit report, but is not itself audited. The directors
take full responsibility for the preparation of the preliminary
summarised financial statements and confirm that the financial
information has been correctly extracted from the underlying annual
financial statements. The Group annual financial statements are
available for inspection at the Company’s registered office.
FINANCIAL HIGHLIGHTS
• Gross property revenue up 9% to R55 million
• Net Asset value of 1 219 cents per share
• Annual escalation on contractual rental income maintained at our
9% in difficult rental market
• Associate contributions to profits of R13.2 million
• Market value per m2 of property portfolio up 11.7% to R4 542 per
m2
OPERATIONAL HIGHLIGHTS
• Acquisition of Bank City, an office development in Potchefstroom
• Acquisition of a 51% holding in Secunda Value Mart, a retail
development in Secunda, with Builders Warehouse as lead tenant
• Divided distribution of 26 cents per share, the 28th consecutive
year of a dividend payout to shareholders
• Successful rights issue offer concluded
• Completion of development of Phase 2, Summit Place, Menlyn
Pretoria, to add 25 000m2 GLA to development
STATEMENTS OF FINANCIAL POSITION
as at 30 June 2015
Group Company
2015 2014 2015 2014
R’000 R’000 R’000 R’000
ASSETS
Non-current assets
Net investment
property 434 634 309 564 343 635 309 564
Gross investment
property 439 419 315 264 348 420 315 264
Straight-line
rental income
adjustment (4 785) (5 700) (4 785) (5 700)
Other non-current
assets
Straight-line
rental income asset 2 874 4 243 2 874 4 243
Furniture, fittings
computer equipment
and motor vehicles 116 64 116 64
Investment in
associates 114 473 66 068 79 182 43 945
Investment in
subsidiary – – – –
Loan to subsidiary – – 16 936 –
552 097 379 939 442 743 357 816
Current assets
Straight-line
rental income asset 1 911 1 457 1 911 1 457
Trade and other
receivables 6 319 8 736 560 8 736
Cash and cash
equivalents 103 651 45 032 98 225 45 032
111 881 55 225 100 696 55 225
Total assets 663 978 435 164 543 439 413 041
Equity and
liabilities
Equity attributable
to owners of the
parent
Stated capital 101 969 4 146 101 969 4 146
Accumulated profit 443 074 388 373 397 203 366 250
545 043 392 519 499 172 370 396
Non-controlling
interest 26 780 – – –
Total equity 571 823 392 519 499 172 370 396
Non-current
liabilities
Deferred taxation 36 914 34 279 36 914 34 279
Loan liabilities 36 768 – – –
73 682 34 279 36 914 34 279
Current liabilities
Loan liabilities 2 541 – – –
Trade and other
payables 14 250 6 804 5 671 6 804
Taxation payable 1 682 1 562 1 682 1 562
18 473 8 366 7 353 8 366
Total equity and
liabilities 663 978 435 164 543 439 413 041
STATEMENTS OF COMPREHENSIVE INCOME
for the year ended 30 June 2015
Group Company
2015 2014 2015 2014
R’000 R’000 R’000 R’000
Contractual rental
revenue - investment
properties 42 519 38 901 42 519 38 901
Operating cost
recoveries 12 533 11 609 12 533 11 609
Straight-line rental
income accrual (916) 1 158 (916) 1 158
Gross property revenue 54 136 51 668 54 136 51 668
Property expenses (14 958) (13 280) (14 942) (13 280)
Net profit from
property operations 39 178 38 388 39 194 38 388
Corporate
administration
expenses (5 848) (5 300) (5 848) (5 300)
Investment and other
income 2 629 2 063 2 387 2 063
Share of associates’
profits 13 167 19 371 – –
Operating profit
before finance costs 49 126 54 522 35 733 35 151
Finance costs (889) – – –
Operating profit
before capital items 48 237 54 522 35 733 35 151
Profit on sale of
associates and
investments 800 282 800 282
Gain on bargain
purchase 10 918 – – –
Profit before fair
value adjustments 59 955 54 804 36 533 35 433
Fair value adjustments 17 391 32 697 17 391 32 697
Gross change in fair
value investment
property 16 475 33 855 16 475 33 855
Straight-line rental
adjustment 916 (1 158) 916 (1 158)
Net profit before
taxation 77 346 87 501 53 924 68 130
Taxation (12 874) (15 991) (12 874) (15 991)
Profit for the year 64 472 71 510 41 050 52 139
Attributable to owners
of parent 64 798 71 510 41 050 52 139
Attributable to non
controlling interest (326) – – –
Other Comprehensive
income - – – -
Total comprehensive
income for the year 64 472 71 510 41 050 52 139
Attributable to owners
of parent 64 798 71 510 41 050 52 139
Attributable to non
controlling interest (326) - – –
Earnings and diluted
earnings per share
(cents) 193.9 248.3 – –
STATEMENTS OF CHANGES IN EQUITY
for the year ended 30 June 2015
Attributable to owners
of the parent
Share Non
Stated Accumulated holders’ controlling
capital profit interest interest Total
R’000 R’000 R’000 R’000 R’000
GROUP
Balance at
1 July 2013 4 146 327 228 331 374 – 331 374
Profit for
the year – 71 510 71 510 – 71 510
Dividends
paid – (10 365) (10 365) – (10 365)
Balance at
30 June
2014 4 146 388 373 392 519 – 392 519
Issue of
rights
offer
shares, net
expenses 97 823 – 97 823 – 97 823
Non
controlling
interest
recognized
in respect
of
subsidiary – – – 27 106 27 106
Profit
(Loss) for
the year – 64 798 64 798 (326) 64 472
Dividends
paid – (10 097) (10 097) – (10 097)
Balance at
30 June
2015 101 969 443 074 545 043 26 780 571 823
COMPANY
Balance at
1 July 2013 4 146 324 476 328 622 – 328 622
Profit for
the year – 52 139 52 139 – 52 139
Dividends
paid – (10 365) (10 365) – (10 365)
Balance at
30 June
2014 4 146 366 250 370 396 – 370 396
Issue of
rights
offer
shares, net
expenses 97 823 – 97 823 - 97 823
Profit for
the year – 41 050 41 050 – 41 050
Dividends
paid – (10 097) (10 097) – (10 097)
Balance at
30 June
2015 101 969 397 203 499 172 – 499 172
STATEMENTS OF CASH FLOWS
for the year ended 30 June 2015
Group Company
2015 2014 2015 2014
R’000 R’000 R’000
Cash flow
generated from
operating
activities 26 477 8 973 23 201 8 973
Net cash generated
from operations 44 064 26 585 41 030 26 585
Investment income 2 629 2 063 2 387 2 063
Taxation paid (10 119) (9 310) (10 119) (9 310)
Dividends paid (10 097) (10 365) (10 097) (10 365)
Cash flow utilised
in investing
activities (104 519) 4 274 (67 831) 4 274
Additions and
improvement to
investment
property (68 127) (12) (21 580) (12)
Acquisition of
furniture,
fittings computer
equipment and
motor vehicles (81) (25) (81) (25)
Investment in
subsidiary company – – (16 936) –
Cash on business
combination (6 773) – – –
Proceeds on sale
investment
property 5 700 – 5 700 –
Proceeds on sale
of associate – 5 393 – 5 393
Acquisition of and
loans to
associates (35 238) (1 082) (34 934) (1 082)
Cash flow from
financing
activities 136 661 – 97 823 –
Proceeds from
issue of share
capital 97 823 – 97 823 –
Proceeds received
on borrowings 38 838 – – –
Net increase in
cash and cash
equivalents 58 619 13 247 53 193 13 247
Cash and cash
equivalents at
beginning of year 45 032 31 785 45 032 31 785
Cash and cash
equivalents at end
of year 103 651 45 032 98 225 45 032
BASIS OF PREPARATION AND STATEMENT OF COMPLIANCE
The accounting policies applied in the preparation of these
preliminary summarised consolidated financial statements, which are
based on reasonable judgments 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 2015. These preliminary summarised
consolidated financial statements have been prepared in accordance
with the Framework Concepts and measurement and recognition
requirements of IFRS, the Companies Act 2008 (Act 71 of 2008), as
amended, the SAICA Financial Reporting Guides, as issued by the
Accounting Practices Committee, the Listing Requirements of the JSE
Limited and in terms of IAS 34 – Interim Financial Reporting. These
preliminary summarised consolidated results must be read in
conjunction with the most recently issued financial statements for
the year ended 30 June 2015, which will be posted to shareholders
on or about 23 September 2015.
These financial statements comprise the financial statements of
Putprop Limited, its subsidiary companies and equity accounted
associates, together referred to as the Group. These statements have
been prepared on an historical cost basis, except for measurement
at fair value of investment properties, and incorporate the principal
accounting policies set out below. The financial statements are
presented in South African Rands and denominated in thousands
(R’000). The accounting policies are consistent with the previous
year except as noted below:
Operating costs, in respect of recoveries of expenses incurred in
the normal cause of business and based on a contractual right to
recover such costs, were accounted for in previous reporting periods,
by offsetting such recoveries against the incurred expense. From
this review period recoveries are now reflected as a separate line
item in the statement of comprehensive income. This change was done
for ease of benchmark reporting.
STANDARDS AND INTERPRETATIONS EFFECTIVE AND ADOPTED IN THE CURRENT
YEAR
In the current year, the Group has not adopted any new Standards and
Interpretations that are relevant to its operations.
These preliminary summarised consolidated Group financial statements
for the year ended 30 June 2015 have been extracted from the audited
annual financial statements upon which Mazars have issued an
unqualified audit report, but is not itself audited. The directors
take full responsibility for the preparation of the preliminary
summarised financial statements and confirm that the financial
information has been correctly extracted from the underlying annual
financial statements. The Group annual financial statements are
available for inspection at the Company’s registered office.
The auditor’s report does not necessarily cover all of the
information contained in this financial report. Shareholders are
therefore advised that in order to obtain a full understanding of
the nature of the auditor’s work they should obtain a copy of that
report together with the accompanying financial information from the
registered office of the Company.
The preliminary summarised consolidated results have been prepared
under the supervision of James E Smith, the Financial Director of
Putprop.
INTRODUCTION
On behalf of the Board of directors (“Board”), I am pleased to report
to our shareholders and other stakeholders on the 28th annual results
of the Group for the year ended 30 June 2015.
As our history shows, Putprop has delivered steadily over the past
decade in terms of returns, profitability and distributions. Our
approach has been one of conservative growth with our primary
objective of building a quality portfolio with strong contractual
cash flows resulting in long-term sustainability and capital
appreciation over this period. Our dividend distribution policy,
with our 28th consecutive payout, continues to provide consistency
and certainty to our shareholder base.
THE SOUTH AFRICAN PROPERTY MARKET
The year again reflected a continuation of the volatile markets of
the previous year, with stagnant economic growth in the developed
economies and reduced growth in emerging markets. South Africa again
struggled to achieve meaningful growth with a growth of 1.5% to 1.8%
forecast for 2015. Eskom’s load shedding woes have had an extremely
negative effect on business and consumer confidence, as well as
overseas investors.
The local property sectors operating environment remains challenging
with new market forces and variables evident in the trading year.
Static interest rates, bond market weakness with higher yields, as
well as downward pressure on the local currency, all played a part
in reducing property yields.
Operating conditions remained difficult with rising vacancies,
longer collection times and a deterioration of rental escalations
on new leases and renewals.
Competition for stable, low risk tenants remains fierce, with
resultant downward pressure on both new rentals and renewals. As a
result we are seeing an increasing demand from new tenant sign-ups
for short leases of 12 to 24 months, down from a 36 to 60 months of
previous periods. Renewals too, are reflecting these shorter
commitment periods. In addition the local office sector remains under
severe pressure with record high vacancy rates and low yields.
Vacancies in key nodes have progressively affected the asking rentals
with decreases reaching levels of up to 14%. Putprop’s exposure is
marginal at present in this sector.
Industrial property performance continued to be strong both for the
sector and Putprop. There is growing pressure on the manufacturing
sector resulting from the disruptions caused by Eskom, but, due to
the nature of our current tenant base being mainly logistical, there
was little effect on the Group.
Retailers continue to experience strong demand in the sector.
With substantial increases both on fixed and consumption
(electricity, water and sewerage) charges levied by municipalities
and Eskom’s announced 25% tariff increase on electricity, the trend
of fixed costs not being fully recovered from tenants increased.
Profitability experienced downward pressure as a result. The high
increase in consumption costs placed increased pressure on the tenant
base, with profitability margins squeezed and a higher risk of
default.
Putprop was not immune to the effects of these market conditions;
we are, however, fortunate to have a stable portfolio of mainly
listed national and blue chip tenants, allowing some protection
against many of the factors mentioned above.
RIGHTS ISSUE
The Group conducted a successful issue of additional shares by means
of a rights issue to existing shareholders during this review period.
The capital raised will be utilised to acquire rental producing
properties.
RESULTS
Although the year under review presented challenges for Putprop, the
Group produced results that again showed a strong operating profit
before capital adjustments in respect of our property portfolio
revaluations.
The review period reflects a decrease of 11.6% on Putprop’s profit
before taxation with headline earnings flat at 85.1 cents per share
(2014: 86.3 cents per share). Group net profit was down by 9.8% to
R64.4 million (2014: R71.5 million). This decrease in earnings
resulted from a decrease in the Group’s share of associated profits,
partially offset by a bargain purchase price adjustment.
The Group again actively pursued potential acquisitions during the
year in terms of its long-term objective of diversifying its property
portfolio further into commercial and retail properties and also of
reducing the risk of its dependence on its major tenant, Larimar
Limited. A commercial property, Bank City in Potchefstroom was
acquired in July 2014.An interest in Secunda Value Mart, a retail
centre in Mpumalanga, was acquired in October 2014, and an investment
in a development in Witbank in May 2015. This is the Group’s first
foray outside the Gauteng area. The Board continues to insist on
stringent parameters being met before an investment is made.
The directors have decided to declare a final dividend of 15 cents
per share payable after 30 June 2015 (30 June 2014: 18 cents). The
total declared dividend for the year is 26 cents per share (2014:
36 cents).
PROPERTY PORTFOLIO
At 30 June 2015 our property portfolio consisted of 16 (2014: 15)
properties, situated primarily in the Johannesburg and Pretoria
metropolitan areas of Gauteng valued at R439.4 million (2014: R315.2
million). The performance of the investment property portfolio was
strong with average annual property yields of 9%. The portfolio has
a total gross lettable area of 81 259m2 (2014: 74 993 m2). Centurion
Gate, Building 11 was disposed of during the year as it no longer
met the Group’s investment criteria.
Bank City, a commercial office block in Potchefstroom, North West
Province, was purchased in July 2014. In October 2014 a 51%
investment was made in a company developing a retail centre in
Secunda, Limpopo.
BOARD CHANGES
Paul Nucci, and Paolo Senatore resigned from the Board as independent
non-executive directors during this reporting period.
Andrew Adrian retired as non-executive Chairman of the Board, a
position he has held for over 10 years.
I would like to thank Paul, Paolo and Andrew for the dedicated and
active service they have given the Group over the past years.
As the Group grows, so does the demand for exceptional standards of
corporate governance, resulting in a need for Board members with a
high level of property experience as well as financial skills and
independent oversight.
Kura Chihota, Mark Gemmill, Nonku Ntshona and Richard Tiefenthaler
were appointed as independent non-executive directors to the Board,
effective from 2 March 2015. Richard Tiefenthaler subsequently
resigned effective from 5 August 2015 due to time constraints
resulting from his other commitments. The additions will bring to
the Group a wealth of diverse experience including legal, financial
and property knowledge. These appointments with the exception of Mr.
R Tiefenthaler will be ratified at the Annual General Meeting to be
held in November 2015.
The Board will continue to place emphasis on corporate governance,
sustainability and transparency. Our Board committees’ continue to
be active and effective.
BOARD EVALUATION
In May 2015 we again commissioned a specialist company to evaluate
the Board using a self and peer evaluation method and to benchmark
the composition of the Board with two other listed property
companies.
The Board was found to be adequate to its tasks. The Board has
identified, and will discuss several matters which merit a more
formal treatment.
PROSPECTS
Our strategy is to enhance our property portfolio by investing in
suitable industrial, retail and commercial properties to improve our
income streams. To this end, the Group will continue to actively
pursue the acquisition of additional investments.
The Group has substantial cash resources (2015: R103.6 million; 2014:
R45.0 million). As a result of the rights offer to shareholders
successfully concluded in February which, together with the Board’s
recent decision to make use of limited gearing, will allow the Group
to consider property acquisitions of a more substantial nature. As
noted elsewhere in this report, Larimar Limited, our major tenant,
will not renew the leases of certain of the properties currently
tenanted by them. These available cash resources will be utilised
to acquire suitable rental generating properties to combat this loss
of rental income and additionally to achieve one of the Group’s main
strategies - that of diversification of its rental stream base from
one major tenant.
Looking ahead, we believe property fundamentals will remain
relatively stable. Growth in gross domestic product is forecast by
most economists to be in the region of 1.2% to 1.7% for the 2016
year. Trading conditions in the year ahead are expected to remain
challenging.
Going forward it is the Group’s intention to continue to uphold its
policy of strong tenant retention and focus on cost controls, whilst
maintaining the value of its existing portfolio through aggressive
maintenance and renovation policies. We will strive to establish and
build sustainable partnerships and joint ventures with organisations
of a similar philosophy.
The Group continues to be in discussions with several parties to
investigate the possibility of developing certain of our
geographically well-positioned properties into large retail outlets
or residential areas, with a view to unlocking greater value for
shareholders
Based on management’s experience, the property sector will continue
to grow and show improvement, however at a lower rate.
IN CLOSING
Given the current business climate, I wish to thank the people who
contributed to the Group’s success and performance, in particular
our tenants for their continued support, as well as all our
shareholders and other stakeholders.
Finally, I thank my fellow Board members for their contribution and
support, and the management and staff for their work in delivering
another set of impressive results, under difficult conditions.
Johann van Zyl
Acting Chairman
Reconciliation of Group net profit to headline earnings
GROUP GROUP GROUP GROUP
2015 2015 2014 2014
R’000 Cents R’000 Cents
Earnings per share 64 798 193.9 71 510 248.4
Adjusted for:
Net change in fair
value of investment
property (16 475) (49.3) (33 855) (117.6)
Tax effects of fair
value adjustments
property 3 064 9.2 6 297 21.9
Bargain purchase
price adjustment (10 918) (32.6) – –
Equity accounting
earnings of
associates (14 088) (42.2) (23 124) (80.3)
Tax effect of equity
accounting 2 627 7.9 4 301 14.9
Profit on disposal
associate – – (282) (1.0)
Profit on disposal
investment property (800) (2.4) – –
Capital gain on
disposal investment
property 216 0.6 – –
Headline earnings and
diluted earnings per
share 28 424 85.1 24 847 86.3
Earnings and headline earnings per share are calculated on a weighted
average number of shares in issue of 33 424 428 (2014: 28 792 961).
There is no dilution.
Retail Commercial Industrial Corporate Total
R’000 R’000 R’000 R’000 R’000
SEGMENTAL
INFORMATION
30 JUNE 2015
Segment revenue
Contractual
rental income
and recoveries 5 844 3 578 45 630 – 55 052
Straight-line
rental
adjustment (51) (39) (826) – (916)
Total revenue 5 793 3 539 44 804 – 54 136
Share of
associates
profits 3 584 9 583 – – 13 167
Segmental
result
Operating
profit/(loss) 4 365 2 407 32 406 (5 848) 33 330
Finance costs – – – (889) (889)
Investment and
other income
received – – – 2 629 2 629
Fair value
adjustments to
investment
properties 4 000 – 12 475 – 16 475
Gain on bargain
purchase 10 918 – – – 10 918
Profit on sale
investment
property – 800 – – 800
Straight line
rental
adjustment 51 39 826 – 916
Net
profit/(loss)
before tax 22 918 12 829 45 707 (4 108) 77 346
Other
information
Property assets 48 000 – 278 919 – 326 919
Property assets
- additions 91 000 21 500 – – 112 500
Furniture,
fittings and
computer
equipment and
motor vehicles – – – 116 116
Investment in
associates 51 972 62 501 – – 114 473
Vat 5 665 – – – 5 665
Trade and other
receivables 177 – 200 277 654
Cash and cash
equivalents – – – 103 651 103 651
Segment assets 196 814 84 001 279 119 104 044 663 978
Loan
liabilities 39 309 – – – 39 309
Trade and other
payables 8 579 – 1 739 3 932 14 250
Segment
liabilities 47 888 – 1 739 3 932 53 559
SEGMENTAL
INFORMATION
Retail Commercial Industrial Corporate Total
R’000 R’000 R’000 R’000 R’000
30 June 2014
Segment
revenue
Contractual
rental income 4 446 560 33 895 – 38 901
Straight-line
rental
adjustment 144 (2) 1 016 – 1 158
Total revenue 4 590 558 34 911 – 40 059
Segmental
result
Share of
associates
profits 14 085 5 286 - - 19 371
Operating
profit/(loss) 18 486 5 757 33 516 (5 300) 52 459
Investment
and other
income
received – – – 2 063 2 063
Fair value
adjustments
to
investment
properties 3 600 355 29 900 – 33 855
Profit on
sale
associate 282 – – – 282
Straight line
rental
adjustment (144) 2 (1 016) (1 158)
Net
profit/(loss)
before tax 22 224 6 114 62 400 (3 237) 87 501
Other
information
Property
assets 44 000 4 900 266 364 – 315 264
Furniture,
fittings and
computer
equipment – – – 64 64
Investment
in
associates 34 699 31 369 – – 66 068
Trade and
other
receivables – – 3 538 5 198 8 736
Cash and
cash
equivalents – – – 45 032 45 032
Segment
assets 78 699 36 269 269 902 50 294 435 164
Trade and
other
payables – – 2 733 4 071 6 804
Segment
liabilities – – 2 733 4 071 6 804
One of the Group’s tenants, Larimar Limited, contributes
approximately 82% of the total revenue received. This revenue falls
within the industrial segment.
NOTICE OF ANNUAL GENERAL MEETING
Notice is hereby given that the annual general meeting (“annual
general meeting”) of shareholders of Putprop will be held at 11:00
on Tuesday, 3 November 2015 at the registered office of the Company
at 91 Protea Road, Chislehurston, Sandton.
The Board has determined that, in terms of section 62(3)(a), as read
with section 59 of the Companies Act, 2008 (Act 71 of 2008), as
amended, the record date for the purposes of determining which
shareholders of the Company are entitled to participate in and vote
at the annual general meeting is Friday, 23 October 2015.
Accordingly, the last day to trade Putprop shares in order to be
recorded in the Register to be entitled to vote will be Friday,
16 October 2015.
SUBSEQUENT EVENTS
The Board has subsequent to the 30th June 2015, approved the
acquisition of a further 5.998% in Summit Place, Menlyn, Pretoria,
for a cost of R12.1 million. This will increase the Groups holding
in this investment to 32.732% (June 2015 26.734%).
The Groups major tenant, The Larimar Group, has given formal notice
that they will not exercise their option to renew their leases,
expiring in December 2015 on four properties they currently occupy.
This will result in a potential loss of rental income to the Group
of 35% if alternative tenants are not sourced by 1 January 2016.
The Group has concluded a sale of property agreement with the City
of Johannesburg in terms of which Putprop will dispose of its Selby
property. Shareholders are referred for more detail regarding the
disposal of Erf 482 Selby Extension 6 and withdrawal of the
cautionary announcement to the SENS release of 14 September 2015.
DECLARATION OF FINAL DIVIDEND NO 52
The Board is pleased to announce the declaration of a dividend of
15 cents per ordinary share in respect of the year ended 30 June
2015 (2014: 18 cents), thus bringing the total dividend payable for
the year to 26 cents (2014: 36 cents).
Additional information:
This is a dividend as defined in the Income Tax Act, 1962, and is
payable from income reserves. The dividend withholding tax (“DWT”)
rate is 15%. The net amount payable to shareholders who are not
exempt from DWT is 12.75 cents per share, while the gross amount is
15 cents per share to those shareholders who are exempt from DWT.
There are 44 672 279(2014: 28 792 961) ordinary shares in issue; the
total dividend amount payable is R 6 700 841 (2014: R5 182 732).
Putprop’s tax reference number is 9100097717, and its company
registration number is 1988/001085/06
The salient dates are as follows:
Declaration date Monday, 14 September 2015
Last date to trade to participate Friday, 9 October 2015
Trading commences ex dividend Monday, 12 October 2015
Record date Friday, 16 October 2015
Date of payment Monday, 19 October 2015
Share certificates may not be dematerialised or rematerialised
between Monday, 12 October 2015 and Friday, 16 October 2015, both
days inclusive.
On behalf of the Board
J van Zyl BC Carleo
Acting Chairman Chief Executive Officer
Sandton
16 September 2015
Directorate
J van Zyl*^ (Chairman), B C Carleo (Chief Executive Officer), J E
Smith (Financial) (British),
A L Carleo-Novello, K Chihota*^, M Gemmill*^, N Ntshona*^
*Independent ^Non-executive
Registered Office
91 Protea Road,
Chislehurston,
Sandton, 2196
Transfer Secretaries
Computershare Investor Services Proprietary Limited
70 Marshall Street, Johannesburg
P O Box 61051,
Marshalltown, 2107
Sponsor
Merchantec Capital
Date: 16/09/2015 10:03:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE').
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