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Audited preliminary condensed consolidated results for the year ended 31 August 2015
INGENUITY PROPERTY INVESTMENTS LIMITED
(Incorporated in the Republic of South Africa)
(Company registration number 2000/018084/06)
Share code: ING ISIN: ZAE000127411
("INGENUITY" or "the group" or "the Company")
AUDITED PRELIMINARY CONDENSED CONSOLIDATED RESULTS
for the year ended 31 August 2015
KEY FINANCIAL INDICATORS
2015 2014
R'000 R'000
Total contractual rental income 271 864 221 952
Investment property portfolio fair value 3 046 218 2 556 325
Development property 247 086 183 417
Growth of asset base 20% 97%
Borrowings 1 991 266 1 579 249
Loan to value ratio* 60% 56%
Market capitalisation at year-end 1 090 323 1 029 749
Number of shares in issue (net of treasury shares) 1 122 309 208 1 142 536 316
Earnings per share 18.4 cents 12.0 cents
Headline earnings per share 4.7 cents 4.2 cents
Net asset value per share 110 cents 94 cents
Growth in net asset value per share 17% 12%
Dividend per share 3.5 cents 2.5 cents
* Loan to value ratio is defined as interest-bearing debt divided by total assets
(asset value of all properties and investments).
CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION
at 31 August 2015
2015 2014
R'000 R'000
ASSETS
Non-current assets 3 303 156 2 741 516
Investment properties 2 939 032 2 475 239
Straight-line lease accrual 102 616 76 333
Investment properties under development 247 086 183 417
Property and equipment 14 422 6 527
Current assets 134 162 53 176
Trade and other receivables 13 137 12 682
Straight-line lease accrual 4 570 4 753
Prepayments 87 646 -
Tax receivable - 1 105
Cash and cash equivalents 28 809 34 636
Total assets 3 437 318 2 794 692
EQUITY AND LIABILITIES
Shareholders' interest 1 236 359 1 072 904
Share capital 12 115 12 115
Share premium 693 540 693 540
Treasury shares (52 296) (34 928)
Non-distributable reserve 412 603 257 317
Retained earnings 156 147 132 393
Total equity attributable to equity holders of the parent 1 222 109 1 060 437
Non-controlling interest 14 250 12 467
Non-current liabilities 2 121 054 1 679 808
Borrowings 1 959 949 1 576 279
Finance lease 4 069 3 740
Deferred tax 157 036 99 789
Current liabilities 79 905 41 980
Trade and other payables 26 463 19 101
Current portion of borrowings 31 317 2 970
Prepaid rent received 12 882 10 012
Taxation 308 -
Share-based payment 8 935 9 897
Total equity and liabilities 3 437 318 2 794 692
CONDENSED CONSOLIDATED STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME
for the year ended 31 August 2015
2015 2014
R'000 R'000
Revenue 297 964 261 216
- Contractual 271 864 221 952
- Straight-lining 26 100 39 264
Net operating expenses (85 358) (74 861)
Profit before fair value adjustments 212 606 186 355
Fair value gains on investment and development properties 222 127 105 407
Fair value losses on investment and development properties (29 237) -
Profit before interest and taxation 405 496 291 762
Interest received 2 254 1 303
Interest paid (140 544) (111 239)
Profit before taxation 267 206 181 826
Taxation (57 395) (44 777)
Profit for the year 209 811 137 049
Attributable to:
Equity holders of the parent 208 028 132 024
Non-controlling interest 1 783 5 025
209 811 137 049
Other comprehensive income:
To be reclassified subsequently to profit or loss:
Cash flow hedges - 1 440
Income tax relating to components of other comprehensive income - (403)
Other comprehensive income for the year, net of tax - 1 037
Total comprehensive income for the year 209 811 138 086
Total comprehensive income attributable to:
Equity holders of the parent 208 028 133 061
Non-controlling interest 1 783 5 025
209 811 138 086
Cents Cents
Basic and diluted earnings per share (cents) 18.4 12.0
COMMENTS TO THE CONDENSED CONSOLIDATED STATEMENT OF PROFIT OR LOSS
AND OTHER COMPREHENSIVE INCOME
1. Headline and diluted headline earnings per share 4.7 4.2
2. The calculation of earnings per share is based on earnings
attributable to equity holders of the parent of R208.02 million
(2014: R132.02 million) and a weighted average number of
1 130 183 741 (2014: 1 101 828 192) shares (net of treasury
shares) in issue during the year.
R'000 R'000
Headline earnings are calculated as follows:
Earnings attributable to equity holders 208 028 132 024
Fair value adjustments to investment properties (192 890) (105 407)
Gain on bargain purchase - (361)
Total tax effects of adjustments 37 604 20 544
Headline earnings 52 742 46 800
CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
for the year ended 31 August 2015
Group
Share Share Treasury
capital premium shares
R'000 R'000 R'000
Balance at 1 September 2013 8 055 361 224 (34 928)
Decrease in non-controlling interest
(settlement of agreement) - - -
Increase in non-controlling interest (business acquired)
Total comprehensive income for the year - - -
Profit for the year - - -
Other comprehensive income - - -
Net change in fair value of cash flow hedge recognised
directly in other comprehensive income - - -
Issue of 405 919 543 shares 4 060 332 316 -
Transfer to non-distributable reserve
- fair value adjustments to properties - - -
Dividend paid - 1.5 cents per share - - -
Balance at 31 August 2014 12 115 693 540 (34 928)
Total comprehensive income for the year - - -
Profit for the year - - -
Purchase of 20 227 108 treasury shares - - (17 368)
Transfer to non-distributable reserve
- fair value adjustments to properties - - -
Dividend paid - 2.5 cents per share - - -
Balance at 31 August 2015 12 115 693 540 (52 296)
Group
Non- Non-
distribut- control-
able Retained ling Total
reserve earnings interest equity
R'000 R'000 R'000 R'000
Balance at 1 September 2013 171 464 102 412 6 867 615 094
Decrease in non-controlling interest
(settlement of agreement) - - (9 808) (9 808)
Increase in non-controlling interest
(business acquired) - - 10 383 10 383
Total comprehensive income for the year 1 037 132 024 5 025 138 086
Profit for the year - 132 024 5 025 137 049
Other comprehensive income 1 037 - - 1 037
Net change in fair value of cash flow
hedge recognised directly in other
comprehensive income 1 037 - - 1 037
Issue of 405 919 543 shares - - - 336 376
Transfer to non-distributable reserve
- fair value adjustments to properties 84 816 (84 816) - -
Dividend paid - 1.5 cents per share - (17 227) - (17 227)
Balance at 31 August 2014 257 317 132 393 12 467 1 072 904
Total comprehensive income for the year - 208 028 1 783 209 811
Profit for the year - 208 028 1 783 209 811
Purchase of 20 227 108 treasury shares - - - (17 368)
Transfer to non-distributable reserve
- fair value adjustments to properties 155 286 (155 286) - -
Dividend paid - 2.5 cents per share - (28 988) - (28 988)
Balance at 31 August 2015 412 603* 156 147 14 250 1 236 359
* Comprising: Fair value reserve
CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS
for the year ended 31 August 2015
2015 2014
R'000 R'000
Cash flows from operating activities
Cash generated from operations 199 234 158 522
Interest received 2 254 1 303
Interest paid (135 967) (112 529)
Taxation received 1 265 -
Dividends paid (28 988) (17 226)
Net cash inflow from operating activities 37 798 30 070
Cash flows from investing activities
Additions to property and equipment (8 133) (6 609)
Acquisitions/additions to investment properties (216 321) (1 027 707)
Acquisitions/additions to investment properties
under development (116 543) (110 417)
Interest capitalised to investment properties and
investment properties under development (6 710) (2 778)
Prepayments for investment property acquired after year-end (87 646) (104)
Business combinations - (42 922)
Net cash outflow from investing activities (435 353) (1 190 537)
Cash flows from financing activities
Treasury shares acquired (17 367) -
Proceeds from the issue of shares - 336 375
Financial liabilities raised 473 114 815 539
Financial liabilities repaid (63 765) -
Repayments of finance lease (254) (225)
Proceeds from loan - 22 961
Net cash inflow from financing activities 391 728 1 174 650
Net (decrease)/increase in cash and cash equivalents (5 827) 14 183
Cash and cash equivalents at the beginning of the year 34 636 20 453
Cash and cash equivalents at the end of the year 28 809 34 636
CONDENSED CONSOLIDATED SEGMENTAL INFORMATION
at 31 August 2015
Offices Retail Gym
R'000 R'000 R'000
2015
Additions to non-current assets 124 092 39 177 778
Total assets 1 787 736 618 332 168 131
Revenue 163 653 57 125 14 073
Profit/(loss) before fair value adjustment 119 553 40 270 12 095
Fair value adjustment 109 320 8 123 11 371
Profit/(loss) before interest and taxation 228 873 48 393 23 466
Interest received - - -
Interest paid - - -
Profit/(loss) before taxation 228 873 48 393 23 466
Light
Parking industrial# Other
R'000 R'000 R'000
Additions to non-current assets 66 453 8 254 58 291
Total assets 395 690 66 074 10 254
Revenue 30 714 5 521 778
Profit/(loss) before fair value adjustment 23 464 4 607 633
Fair value adjustment 54 293 7 783 2 000
Profit/(loss) before interest and taxation 77 757 12 390 2 633
Interest received -
Interest paid -
Profit/(loss) before taxation 77 757 12 390 2 633
Straight-
Unsegmental lining Total
R'000 R'000 R'000
Additions to non-current assets 65 045 - 362 090
Total assets 391 101 - 3 437 318
Revenue - 26 100 297 964
Profit/(loss) before fair value adjustment (14 116) 26 100 212 606
Fair value adjustment - - 192 890
Profit/(loss) before interest and taxation (14 116) 26 100 405 496
Interest received 2 254 - 2 254
Interest paid (140 544) - (140 544)
Profit/(loss) before taxation (152 406) 26 100 267 206
# Light industrial is a new segment and comprises industrial space in a new property
which was acquired in 2015, being 64 White Road, Tokai.
Offices Retail Gym
R'000 R'000 R'000
2014
Additions to non-current assets 580 875 298 009 105 241
Total assets 1 554 324 571 032 155 982
Revenue 133 417 51 129 12 578
Profit/(loss) before fair value adjustment 95 780 36 241 11 255
Fair value adjustment 67 655 35 409 6 991
Profit/(loss) before interest and taxation 163 435 71 650 18 246
Interest received - - -
Interest paid - - -
Profit/(loss) before taxation 163 435 71 650 18 246
Light
Parking industrial Other
R'000 R'000 R'000
Additions to non-current assets 150 663 - -
Total assets 274 944 - -
Revenue 22 210 - -
Profit/(loss) before fair value adjustment 16 934 - -
Fair value adjustment 10 142 - -
Profit/(loss) before interest and taxation 27 076 - -
Interest received -
Interest paid -
Profit/(loss) before taxation 27 076 - -
Straight-
Unsegmental lining Total
R'000 R'000 R'000
Additions to non-current assets 84 361 - 1 219 149
Total assets 238 410 - 2 794 692
Revenue 2 618 39 264 261 216
Profit/(loss) before fair value adjustment (13 119) 39 264 186 355
Fair value adjustment (14 790) - 105 407
Profit/(loss) before interest and taxation (27 909) 39 264 291 762
Interest received 1 303 - 1 303
Interest paid (111 239) - (111 239)
Profit/(loss) before taxation (137 845) 39 264 181 826
NOTES TO THE FINANCIAL STATEMENTS
PRESENTATION OF PRELIMINARY CONDENSED CONSOLIDATED FINANCIAL RESULTS
The preliminary condensed consolidated financial results for the year ended 31 August 2015
have been prepared in accordance with the framework concepts, the measurement and
recognition requirements of International Financial Reporting Standards ("IFRS") and the
SAICA Financial Reporting Guides as issued by the Accounting Practices Committee, the
requirements of the South African Companies Act, 71 of 2008, as amended and the JSE
Listings Requirements. The preliminary condensed consolidated financial results contain,
as a minimum, the information required by IAS 34: Interim Financial Reporting, and the
accounting policies adopted and methods of computation are in accordance with IFRS and
are consistent with those applied in the preparation of the annual financial statements
of the group for the year ended 31 August 2014. The following amended standards have
been applied for the first time as they became effective during the current period:
- Amendments to IFRS 10, IFRS 12 and IAS 27
- Amendments to IAS 32: Off-setting Financial Assets and Financial Liabilities
- Amendments to IAS 36: Recoverable Amount Disclosures for Non-financial Assets
- Amendment to IAS 40: Clarification of Scope: When Exercising Judgement to Determine
Whether an Acquisition of a Property is the Acquisition of an Investment Property or
a Business Combination
The adoption of the above standards did not have a significant impact on the preliminary
condensed consolidated financial results.
The condensed results have been extracted from the annual financial statements for the
year ended 31 August 2015. The auditor, Mazars, has issued an unqualified audit opinion
on the preliminary condensed consolidated financial results, which is available for
inspection at the Company's registered office. Their audit was conducted in accordance
with International Standards on Auditing and the applicable requirements of the
South African Companies Act, 71 of 2008, as amended. The auditor's report does not
necessarily report on all the information contained in this report. Shareholders are
therefore advised that in order to obtain a full understanding of the nature of the
auditor's engagement they should obtain a copy of the auditor's report together with the
accompanying financial information from the registered office.
COMMENTARY
JOINT CHAIRMAN'S AND CHIEF EXECUTIVE OFFICER'S REPORT
Ingenuity is pleased to announce another solid year of good performance. Our investment
property portfolio has grown from R2.5 billion to just over R3 billion whilst investment
property under development has grown from R183 million to R247 million. The focus has
remained geographically centralised with an emphasis to grow through quality property deals
and value-add propositions.
Development remains a core function as this allows creation of new age and enduring assets.
Many milestones were achieved during the year relating to development projects, creating
exciting growth prospects in the years ahead. The resultant effect of the above has been
growth in net asset value per share by 17% from 94 cents to 110 cents. The increase in size
of the asset base has also increased our earnings capacity substantially with contractual
income from investment property growing to R271.8 million (2014: R221.9 million).
A brief synopsis of the year's achievements is as follows.
PROPERTY ACQUISITIONS CONCLUDED
- Pinewood Park, situated in Forest Drive, Pinelands for a consideration of R32.5 million.
This property is currently fully let and was acquired for further development potential
as it includes a large portion of vacant land.
- 167 Rivonia Road, Morningside, in the heart of Sandton, with an eight-year fully
repairing lease, for a consideration of R40.5 million.
- 64 White Road, Tokai, a prime high-tech industrial building for a consideration of
R124.5 million
Subsequent to year-end, a further three properties were also acquired:
- Ramsay Media, Howard Drive, Pinelands for R25.5 million
- State House, Rose Street, Cape Town for R35 million. The property is situated in the
vibrant De Waterkant area and is ideal for redevelopment.
- Toffee Lane and Claremont Central situated in Claremont for a combined
consideration of R105 million and Laurel Lane, Claremont for R1.475 million.
These three properties form part of an entire block in the heart of Claremont that
Ingenuity owns directly opposite Cavendish Square. The combined site area of the three
acquisitions together with the three properties already owned is 5 240 square metres.
This will allow for future prime development potential of around 31 000 square metres
of bulk.
DEVELOPMENT INITIATIVES
- The development of 19 Louis Gradner was completed at a value of R55 million. Almost
the entire property has been let, barring 70 square metres.
- Planning approval has been obtained for a further building on the Reeds site on the
Foreshore. This opportunity of approximately 17 600 square metres of offices facing
the main freeway into Cape Town will add significant value going forward.
- Planning application has been made for the redevelopment of the Food Lovers building
in Claremont. This scheme will comprise 2 300 square metres adjacent to Cavendish Square.
- We commenced the development of Aurecon 2 in March 2015. This project is earmarked
to be our second 5-Star Green building and is set for completion in February 2016.
The building, consisting of 3 281 square metres of premium grade offices has
been let on a long lease to Aurecon South Africa Proprietary Limited. The total estimated
capital expenditure is R100 million.
- Formal planning approval for our development to be known as 117 Strand Street was
obtained in August 2015. We also obtained demolition permits for the project and
are in discussion with a few potential anchor tenants. We are hoping to commence
construction during the first quarter of 2016. This mixed-use scheme will comprise
approximately 5 000 square metres of retail, 10 000 square metres of premium grade
offices and 52 residential apartments. Anticipated completion of the project is the
first quarter of 2018. The total estimated capital expenditure is R560 million.
- PV Solar plant. We completed the installation of one of the largest PV solar plants
in the Cape CBD spreading over 3 000 square metres on the roofs of the Parkalot and
Atlantic Centre buildings. The plant is capable of producing 780 000 KWH per annum,
an energy output equivalent to that required to power around 100 medium-sized households.
The total estimated capital expenditure is R8 million.
GENERAL
Ingenuity remains a focused boutique operation. Our commitment is to create enduring
wealth for shareholders, focusing on quality assets.
The group is pleased to announce its annual distribution to shareholders of
3.5 cents per share. This represents a 40% increase when compared to the prior year.
Our thanks go to the executive team for their dedication and commitment to the success
of the group and to the shareholders for their support and encouragement.
GENERAL REVIEW
Ingenuity has continued on its drive to grow a focused niche property investment
business. It has maintained and built a portfolio that will continue to deliver solid
performance through years to come. The development focus has provided us with a unique
ability to extract maximum value in both new grass root developments and building
refurbishments. Our portfolio maintains its Western Cape flavour and provides us with
a platform to perform strongly in a market best known to us. Our focus remains on
quality deals, leases with blue-chip tenants and strong enduring cash flows.
During the year under review the total asset base, including development assets
completed, increased in value by R553.6 million or 20% (due mainly to acquisitions of
new properties, completion of property developments and fair value adjustments),
whilst borrowings were maintained at appropriate levels. The increase in investment
properties, due to properties acquired and developments completed, resulted in a
substantial increase in contractual revenues and, together with the fair value adjustments
to investment properties, resulted in a significant increase in the deferred tax liability
at year-end.
The vacancy percentage of GLA as at year-end was 3.3%, but has subsequently reduced to 1.7%.
This is below the industry norm and is attributable to proactive asset management.
The group remains focused to unlock land value and timeously deliver properties under
development.
BORROWINGS
The group achieved a weighted average borrowing cost of 8.20% (2014: 7.98%). Total
borrowings at year-end amounted to R1.991 billion (2014: R1.579 billion) all of which
is floating at rates linked to prime. The increase in borrowings for the current year
came about as a result of the acquisition of multiple properties during the year and
borrowings on the completion of the redevelopment of 19 Louis Gradner.
Total cash on hand at year-end amounted to R28.8 million (2014: R34.6 million).
Excess cash is applied to reduce borrowings or to grow the asset base where
appropriate. At year-end the group has facilities/cash on access amounting to
R130.1 million.
The group's loan to value ratio is 60% (2014: 56%) at year-end. This is considered
acceptable considering the development nature of the group and the fact that we seek
to maximise growth of the business through leverage of the group's own core asset
base. Management are reviewing strategies to reduce debt.
Subsequent to year-end and as part of our hedging strategy two five-year swaps
totalling R500 million at an average all-in rate of 9.68% were implemented.
The current portion of borrowings comprise mainly loans maturing within the next
12 months. It is Ingenuity's intention to renew these loans.
PREPAYMENTS
Prepayments comprise costs and funding for properties acquired, for which transfer
took place subsequent to year-end. Refer to Events after the Reporting Period
below for further details.
RELATED PARTY TRANSACTIONS
During the year the group paid professional architects' fees of R1.331 million
(2014: R3.569 million) to Fabian Architects.
During the year the group paid executive directors' remuneration of R5.306 million
(2014: R6.932 million) and non-executive directors' remuneration of R705 000
(2014: R620 000).
Relationships
Fabian Architects - DB Fabian (director of Ingenuity) is a partner in Fabian
Architects.
DIVIDENDS TO SHAREHOLDERS
In respect of the current year the board of directors has declared a final cash
dividend of 3.5 cents per share (2014: 2.5 cents per share), to be paid to
shareholders who are registered on the record date of 11 December 2015. The total
estimated dividend to be paid by the group is R42.401 million (2014:
R30.287 million).
The dividend, as defined in the Income Tax Act, has been declared from income
reserves. A dividend withholding tax of 15% will be applicable to all shareholders
who are not exempt from paying dividends tax.
Company tax reference number 9635/047/14/6
Gross cash dividends per share 3.5 cents
Net cash dividend amount per share 2.975 cents
Issued number of shares 1 211 469 543
Declaration date Thursday, 5 November 2015
Last day to trade cum dividend Friday, 4 December 2015
First day to trade ex dividend Monday, 7 December 2015
Record date Friday, 11 December 2015
Payment date Monday, 14 December 2015
Shares may not be dematerialised or rematerialised between Monday,
7 December 2015 and Friday, 11 December 2015, both days inclusive.
CAPITAL COMMITMENTS AUTHORISED
Authorised and contracted for commitments amount to R51.5 million (2014:
R36.3 million) at year-end. The commitments comprise costs for the completion of
the Aurecon 2 development and a Solar PV plant, both of which will be financed from
existing cash resources and finance facilities.
SHARE CAPITAL
During the year no shares (2014: 405 919 543 shares) were issued. In the prior
year shares were issued in terms of vendor placements at between R0.80 and
R0.90 per share to fund part of the purchase prices of various properties.
EVENTS AFTER THE REPORTING PERIOD
The registration of transfer of Erf 172704, Claremont, known as Claremont Central
took place on 2 September 2015 at a cost of R85 million and was financed by way of
borrowings and internal cash resources.
The registration of transfer of Erf 57529, Claremont, known as Toffee Lane took
place on 9 September 2015 at a cost of R20 million and was financed by way of
borrowings and internal cash resources.
The registration of transfer of Remainder Erf 851, Cape Town and Erf 9405,
Cape Town, known as State House took place on 17 September 2015 at a cost of
R35 million and was financed by way of borrowings and internal cash resources.
The registration of transfer of Erf 3549, Pinelands and Remainder Erf 2241,
Pinelands, known as Ramsay Media Building took place on 6 October 2015 at a cost
of R25.5 million and was financed by way of borrowings and internal cash resources.
The Company signed an agreement of sale with the City of Cape Town on
7 September 2015, to acquire three small erven (measuring in total 133 square metres)
known as "Laurel Lane" in Claremont, which is situated between two properties owned
by the Company (72 on Main and 14 Dreyer Street, Claremont) for an amount of
R1.475 million. The purchase price will be paid out of internal cash resources.
Transfer is expected to be registered during December 2015.
Subsequent to the year-end two five-year interest rate swaps totalling R500 million
at an average all-in rate of 9.68% were implemented.
Other than as mentioned above, there are no other material reportable events which
have occurred since the end of the current financial year and the date of this report.
PROSPECTS
2015 has been another significant year for Ingenuity.
Despite volatility and uncertainty prevailing in many markets the group remains well
poised for good growth. Our Cape-based assets are considered to be very attractive
and there remain excellent prime development opportunities in our portfolio. The
focused approach will continue to deliver solid investment returns.
For and on behalf of the board
ARNOLD AARON MARESKY MARK WAGENHEIM
Chief Executive Officer Chief Financial Officer
Cape Town
5 November 2015
PREPARER OF THE PRELIMINARY CONDENSED CONSOLIDATED RESULTS
In compliance with the disclosure requirements of the Companies Act, 71 of 2008, these
preliminary condensed consolidated results have been prepared by Ms Lauren Combrink,
B.Compt (Hons), CTA, CA (SA) under the supervision of Mr M Wagenheim, B.Com (Hons),
CTA, CA (SA).
DIRECTORS
RC Squire-Howe (Chairman)*#, AJ Branch*# (British), J Bielich,
LH Cohen*, DB Fabian*#, AA Maresky (CEO), RS Schur*#, M Wagenheim, J Solms+
* Non-executive # Independent
+ Mrs Joan Solms was appointed as an executive director and chief operating officer of
Ingenuity with effect from 28 August 2015.
REGISTERED OFFICE AND POSTAL ADDRESS
Suite 102, 1st Floor, Intaba, 25 Protea Road, Claremont, Cape Town, 7708
COMPANY SECRETARY
M Wagenheim
CONTACT DETAILS
Tel: 021 674 5170; Fax: 021 674 5135
E-mail: info@ingenuityproperty.com
www.ingenuityproperty.com
TRANSFER SECRETARIES
Computershare Investor Services Proprietary Limited
70 Marshall Street, Johannesburg, 2001
(PO Box 61051, Marshalltown, 2107)
INVESTMENT BANK AND SPONSOR:
Nedbank Corporate and Investment Banking
3rd Floor, Corporate Place, Nedbank Sandton, 135 Rivonia Road, Sandton, 2196
(PO Box 1144, Johannesburg, 2000)
AUDITORS
Mazars, Mazars House, Rialto Road, Grand Moorings Precinct, Century City,
Cape Town, 7441 (PO Box 2785, Cape Town, 8000)
BANK
ABSA Bank Limited, Tygerberg Office Park, 163 Uys Krige Drive, Plattekloof, 7500
(PO Box 4110, Tyger Valley, 7536)
Date: 05/11/2015 02:07:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE').
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