Wrap Text
Unaudited condensed interim results for the six months ended 30 September 2015
Synergy Income Fund Limited
(Incorporated in the Republic of South Africa)
(Registration number: 2007/032604/06)
JSE share code: SGA ISIN: ZAE000161550
JSE share code: SGB ISIN: ZAE000162293
(Approved as a REIT by the JSE)
(“Synergy” or the “company”)
Unaudited condensed interim results for the six months ended 30 september 2015
Highlights
for the six months ended 30 September 2015
- Vacancies reduced to 4.5% from 5.6% with positive reversions of 5.9%
- Investment property valued at R2.448 billion
- Interim distributions to A shareholders of 46.21 cents per share
- Interim distributions to B shareholders of 32.46 cents per share
- 91% of leases renewed or in the process of being renewed
Comments
1. Nature of operations
Synergy is a specialised retail property fund with a specific focus on medium-sized community and small
regional shopping centres in high-growth rural and township nodes within South Africa.
2. Basis of preparation
The unaudited condensed interim financial statements (interim financial statements) for the six months
ended 30 September 2015, and comparative information, have been prepared in accordance with and containing
the information required by IAS 34 (Interim Financial Reporting), International Financial Reporting
Standards (IFRS), the SAICA Financial Reporting Guides as issued by the Accounting Practices Committee and
Financial Reporting Announcements as issued by the Financial Reporting Standards Council, the JSE Listings
Requirements and relevant sections of the South African Companies Act. Except for the amendments adopted
as set out below, all accounting policies applied by the company in the preparation of these condensed
interim financial statements are consistent with those applied by the company in its financial statements
as at and for the period ended 31 March 2015.
The following amendments to IFRS and/or IFRICs were effective for the first time from 1 April 2015:
- Amendments to IFRS 7 Financial Instruments: Disclosures
- Amendments to IFRS 9 Financial Instruments.
There was no material impact on the interim financial statements identified, based on management’s assessment
of these standards.
The interim financial statements have been approved for issue by the board of directors on 20 November 2015.
The preparation of the financial results for the six months ended 30 September 2015 was supervised by Robert
Hawton, CA(SA), financial director. The condensed interim financial statements have not been reviewed or audited
by Synergy’s independent external auditors.
3. Significant events and transactions
At a general meeting of Synergy convened on 22 June 2015, Synergy received approval to convert its linked
unit capital structure to an all share structure, on a one for one basis.
4. Summary of Financial Performance
The directors of Synergy are pleased to report a distribution for the six months ended 30 September 2015 of
46.21209 cents per A share, and 32.46180 cents per B share (interim period to December 2014 of 44.45225 cents
per A linked unit and 28.18559 cents per B linked unit). The financial position and results of operations are
presented below against the nine-month period from 1 July 2014 to 31 March 2015, following the change of year-
end to align Synergy’s year-end to that of its holding company, Vukile Property Fund Limited (JSE share
code: VKE) (Vukile), who acquired a majority shareholding in Synergy during that period).
The company’s net profit available for distribution amounted to R56.99 million for the six months to
30 September 2015. Following the capital conversion process adopted at the general meeting of the company held
on 22 June 2015, the A and B linked units were converted from a linked unit capital structure to a share-only
capital structure at a cost of R1.1 million, in order to align the capital structure of the company with the
capital structures of REITs. The A and B units were delinked, and the debenture capital capitalised to stated
capital, such that the capital structure of the company comprises only A ordinary shares and B ordinary shares
going forward.
Summary of financial performance
September March
2015 2015
6 months* 9 months*
Net asset value per combined A and B share/(unit) (cents) 967 920
Interim/final distribution per A share/unit (cents) 46.21 67.66
Interim/final distribution per B share/unit (cents) 32.46 41.65
Total interim/final distribution (cents) 78.67 109.31
Loan to value ratio net of available cash (%)(I) 38.21 39.75
(I) Based on directors’ valuation of the property portfolio.
* Interim distributions are disclosed for the six months to 30 September 2015, in comparison to the full
distribution for the nine months to 31 March 2015 following the change in year-end to align with Vukile.
A simplified income statement (which is not IFRS compliant) is set out below:
September March December Paragraph Variance
2015^ 2015* 2014** reference (1) - (2)
R000(1) R000 R000(2) %
Gross rental income and recoveries excluding straight
line adjustments 167 481 241 830 160 920 4.08
Property expenses (68 145) (93 693) (62 670) (8.74)
Net profit from property operations 99 336 148 137 98 250 (a) 1.11
Corporate administrative expenses (2 174) (14 515) (8 699) (b) 75.01
Finance costs net of investment income (40 172) (57 846) (38 894) (c) (3.29)
Tax 60 197 139 (d) (56.84)
Profit for the year 57 050 75 973 50 796 12.31
Less deferred tax on change in fair value of swaps (60) (197) (139)
Plus amortisation of debt raising costs - 555 368
Available for distribution 56 990 76 331 51 025
^ Represents a six-month period from 1 April 2015 to 30 September 2015.
* Represents a nine-month period from 1 July 2014 to 31 March 2015.
** Represents a six-month interim reporting period from 1 July 2014 to 31 December 2014.
(a) Net profit from property operations
- The property portfolio has performed slightly ahead of expectations for the six months ended
30 September 2015, in a difficult economic environment.
- Vacancy levels have improved to 4.5% on the retail portfolio from a level of 5.6% at 31 March 2015. (b) Corporate administrative expenditure
Corporate administration expenses are strictly controlled and lower than levels prior to Vukile’s
acquisition of Synergy.
(c) Finance costs net of investment income
Net finance costs are in excess of prior interim periods due to:
- The effect of recent extensions to Standard Bank and Nedbank interest rate swaps to extend the maturity
periods of such swaps, given prevailing rising interest rate sentiments and forecast economic conditions;
and
- Additional borrowings of R17.5 million to fund distributions for the March 2015 final distribution payment.
Interest income is largely in line with prior interim periods.
(d) Taxation
Deferred tax is provided for six months based on the change in fair value of swaps as designated.
5. Borrowings
Borrowings are largely unchanged from the prior reporting period to March 2015. The LTV of Synergy currently
stands at c. 38.21% net of cash on hand, with approximately 48% of borrowings fixed and hedged by way of
interest rate swaps.
The current all-in cost of finance, including margins and amortised debt raising fees, against the average of
the opening and closing debt for the six months to 30 September 2015 equates to c. 8.2%. Swaps amounting to
R110 million have been extended to mature in June 2017 and July 2017 from June 2015 and July 2015, R40 million
extended to June 2016 from June 2015, and R80 million extended to June 2019 from June 2017. The weighted average
expiry of swaps at 30 September 2015 is two years.
6. Swap maturity profile
The company’s fixed rate borrowing expiry profile is set out below:
Calendar year
2015 2016 2017 2018 2019 Total
R000 R000 R000 R000 R000 R000
- 40 000 346 705 - 80 000 466 705
% maturing 0 9 74 0 17 100
7. Developments, Acquisitions and Sales
The portfolio of 15 retail assets has remained unchanged in the interim period to 30 September 2015.
8. Property Portfolio
The combined property portfolio currently comprises 15 properties with a gross lettable area of 199 922m².
The sectoral spread by market value is entirely comprised of retail assets. During the six-month period under
review, new leases and renewals with a total area of 17 251m² and a contract value of R96.7 million were
concluded.
91% of leases to be renewed during the period ended 30 September 2015 were renewed or are in the process of
being renewed. The overall vacancy percentage (measured as a percentage of GLA) has decreased from 5.6% at
31 March 2015 to 4.5% at 30 September 2015.
The renewal escalations on expiry rentals are still positive compared to expiry rentals at 5.9%.
New leases concluded on retail space are slightly below budgeted market rentals.
The contracted rental escalation profile reflects a positive average escalation across the retail sector of
7.2%.
9. Valuations
The directors have valued the company’s property portfolio at R2,448 million utilising the discounted cash flow
methodology for the company. In terms of the company’s accounting policies, approximately 50% of all properties
are valued every six months on a rotational basis by qualified independent external valuers. The external
valuations by Quadrant Properties (Pty) Ltd and Knight Frank (Pty) Ltd of eight of the 15 assets in the portfolio
are in line with the directors’ valuation.
Valuation assumptions
The range of the reversionary capitalisation rates applied to the portfolio are between 7.7% and 11.5% with the
weighted average being approximately 8.9%.
The discount rates applied range between 12.7% and 16.2% with the weighted average being approximately 13.8%.
In determining future cash flows for valuation purposes, vacancies are forecast for each property based on
estimated demand.
10. Operating segment reporting
All Synergy’s investment property assets are classified as retail assets for operational reporting purposes, and
as such are regarded as a single segment. During the six-month period to 30 September 2015, there has been no
change from prior periods in the measurement methods used to determine operating segments and reported segment
profits.
11. Payment of interim distribution
Shareholders are advised that the board of directors of Synergy has declared interim distributions of 46.21209
cents per A share and 32.46180 cents per B share out of distributable income for the six-month period ended
30 September 2015.
Synergy was granted REIT status by the JSE Limited with effect from 1 July 2013 in line with the REIT structure
as provided for in the Income Tax Act, No 58 of 1962, as amended (the Income Tax Act) and section 13 of the JSE
Listings Requirements.
The REIT structure is a tax regime that allows a REIT to deduct qualifying distributions paid to investors, in
determining its taxable income.
The distributions of 46.21209 cents per A share and 32.46180 cents per B share meet the requirements of a
“qualifying distribution” for the purposes of section 25BB of the Income Tax Act (a qualifying distribution)
with the result that:
- Qualifying distributions received by resident Synergy shareholders must be included in the gross income of such
shareholders (as a non-exempt dividend in terms of section 10(1)(k)(i)(aa) of the Income Tax Act), with the effect
that the qualifying distribution is taxable as income in the hands of the Synergy shareholder. These qualifying
distributions are, however, exempt from dividends withholding tax, provided that the South African resident
shareholders provided the following forms to their CSDP or broker, as the case may be, in respect of uncertificated
shares, or the company, in respect of certificated shares:
- A declaration that the distribution is exempt from dividends tax
- A written undertaking to inform the CSDP, broker or the company, as the case may be, should the circumstances
affecting the exemption 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. Shareholders are advised to
contact their CSDP, broker or the company, as the case may be, to arrange for the abovementioned documents to be
submitted prior to payment of the distribution, if such documents have not already been submitted
- Qualifying distributions received by non-resident Synergy 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. It should be noted that from 1 January 2014, any qualifying distributions are subject to
dividends 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 dividends
withholding tax will be withheld at a rate of 15%, the net distribution amount due to non-resident shareholders is
39.28028 cents per A share and 27.59253 cents per B share cents per share. A reduced dividend withholding rate in
terms of the applicable DTA, may only be relied upon if the non-resident shareholder has provided the following
forms to their CSDP or broker, as the case may be, in respect of uncertificated shares, or the company, in respect
of certificated shares:
- A declaration that the distribution is subject to a reduced rate as a result of the application of a DTA
- A written undertaking to inform their CSDP, broker or the company, 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 company, as the case may be, to arrange for the abovementioned documents
to be submitted prior to payment of the distribution if such documents have not already been submitted, if applicable.
Shareholders are further advised that:
- The issued share capital of Synergy is:
- 47 352 203 A shares
- 106 352 670 B shares
Synergy’s tax reference number is 9068723171.
This cash distribution may have tax implications for resident as well as non-resident shareholders. Shareholders
are therefore encouraged to consult their tax and/or professional advisors should they be in any doubt as to the
appropriate action to take.
Salient dates and times
The salient dates and times for the interim distribution are as set out below:
2015
Last day to trade cum distribution Friday, 4 December
Securities trade ex distribution Monday, 7 December
Record date Friday, 11 December
Payment date Monday, 14 December
Payment of the distributions will be made to shareholders on Monday, 14 December 2015. In respect of dematerialised
shares, the distributions will be transferred to CSDP accounts/broker accounts on Monday, 14 December 2015.
Certificated shareholders’ distribution payments will be posted on or before about Monday, 14 December 2015.
Notes:
- Shares may not be dematerialised or rematerialised between Monday, 7 December 2015 and Friday, 11 December 2015.
- The above dates and times are subject to change. Any changes will be released on SENS and if required, published
in the press.
12. Post period event
Declaration of distribution
In line with IAS 10 - Events after the Reporting Period, the declaration of the dividend of 46.21209 cents per A
share and 32.46180 cents per B share in respect of the six-month period to 30 September 2015 occurred after the
reporting period, resulting in a non-adjusting event that is not recognised in the financial statements. In the
prior period, the distribution consisted mainly of debenture interest which accrued on a daily basis, as well as a
distribution.
13. Prospects
Synergy remains on track to deliver distributions for the full year to 31 March 2016 for the B shares at the high
end of market guidance provided in the integrated report for the year ended 31 March 2015 of 64 to 66 cents per
share. Synergy’s A shareholders will continue to receive a five percent growth in distributions. The forecast
growth in distributions is based on the assumption that the macroeconomic environment does not deteriorate further,
no major corporate failures will occur and that tenants will be able to absorb rising electricity and municipal
costs. Forecast rental income has been based on contractual escalations and market related renewals. This forecast
has not been reviewed or reported on by the company’s auditors.
The board continues to investigate selective value add retail acquisitions, whilst strategically evaluating options
to rejuvenate the A and B share structure for a positive growth trajectory.
On behalf of the board
LG Rapp GS Moseneke
Chairman Interim chief executive officer
Melrose Estate
20 November 2015
Unaudited condensed statement of financial position
as at 30 September 2015
Unaudited Audited Unaudited
30 September 31 March 31 December
2015 2015 2014
R R R
Assets
Non-current assets 2 448 499 505 2 422 182 350 2 451 925 892
Investment properties and related receivables 2 427 130 329 2 403 772 617 2 433 645 824
Investment properties 2 448 106 833 2 421 900 000 2 451 702 301
Straight-line rental income accrual (20 976 504) (18 127 383) (18 056 477)
Other non-current assets 21 369 176 18 409 733 18 280 068
Straight-line rental income asset 20 976 504 18 127 383 18 056 477
Furniture, fittings, computer equipment and other assets 49 986 - -
Deferred tax assets 342 686 282 350 223 591
Current assets 63 390 881 27 641 263 35 835 572
Trade and other receivables 27 011 550 21 621 520 23 578 197
Cash and cash equivalents 36 379 331 6 019 743 12 257 375
Total assets 2 511 890 386 2 449 823 613 2 487 761 464
Equity and liabilities
Shareholders’ interest 1 485 606 625 460 591 205 495 481 182
Stated capital 953 409 806 1 537 049 1 537 049
Retained earnings 59 025 648 459 054 156 493 944 133
Other components of equity 473 171 171 - -
Non-current liabilities 929 240 992 1 922 555 450 1 891 581 702
Financial liabilities 929 059 639 968 658 115 937 811 780
Debentures1 - 952 971 381 952 971 382
Derivative financial instruments 181 353 925 954 798 540
Current liabilities 97 042 769 66 676 958 100 698 580
Trade and other payables 56 000 246 41 287 866 49 673 333
Interim distribution payable - 25 306 654 51 025 247
Financial liabilities 40 000 000 - -
Derivative financial instruments 1 042 523 82 438 -
Total equity and liabilities 2 511 890 386 2 449 823 613 2 487 761 464
1 Following the capital conversion process adopted at a general meeting on 22 June 2015, the A and B linked units
were converted from a linked unit capital structure to a share-only capital structure, in order to align the
capital structure of the company with the capital structures of REITs.
The A and B units were delinked, and the debenture capital capitalised to stated capital, such that the capital
structure of the company comprises only A ordinary shares and B ordinary shares going forward.
Unaudited Audited Unaudited
30 September 31 March 31 December
2015 2015 2014
Net asset value per combined share/(unit)* (cents) 967 920 942
Net asset value per A share* 1 153 1 193 1 064
Net asset value per B share* 747 798 888
*Net asset value includes total equity attributable to equity holders and linked debentures in respect of
comparative information.
Unaudited condensed statement of comprehensive income for the six months ended 30 September 2015
The unaudited statement of comprehensive income for the six-months ended 30 September 2015, is reflected against
the audited nine months to March 2015 comprehensive income, following the change of year-end for Synergy, to
align with Vukile post the acquisition of control. The unaudited six months ended 31 December 2014 is provided
as a comparative in terms of IAS 34.
Unaudited Audited Unaudited
6 months 9 months 6 months
ended ended ended
30 September 31 March 31 December
2015 2015 2014
R R R
Property revenue 167 481 228 241 829 790 160 919 516
Straight-line rental income accrual 2 849 121 (505 374) (576 280)
Gross property revenue 170 330 349 241 324 416 160 343 236
Property operating costs (68 145 280) (93 693 148) (62 670 116)
Net profit from property operations 102 185 069 147 631 268 97 673 120
Corporate administrative expenses (2 173 842) (14 514 711) (8 698 581)
Finance income 624 038 914 872 526 134
Operating profit before finance costs 100 635 265 134 031 429 89 500 673
Finance costs (40 796 132) (58 761 258) (39 419 555)
Profit before debenture interest 59 839 133 75 270 171 50 081 118
Debenture interest - (76 331 901) (51 025 247)
Profit/(loss) before capital items 59 839 133 (1 061 730) (944 129)
Other capital items - (167 559) -
Profit/(loss) before fair value adjustments 59 839 133 (1 229 289) (944 129)
Gross change in fair value of swaps (215 484) (704 741) (494 889)
Changes in fair value of investment properties 16 307 799 (34 382 818) -
Straight-line rental income adjustment (2 849 121) 505 374 576 280
Profit/(loss) before tax 73 082 327 (35 811 474) (862 738)
Taxation 60 336 197 328 138 569
Profit/(loss) for the period 73 142 663 (35 614 146) (724 169)
Other comprehensive income - - -
Total comprehensive income/(loss) for the period 73 142 663 (35 614 146) (724 169)
Earnings/(loss) per share/unit (cents) 47.59 (23.17) (0.47)
Diluted earnings/(loss) per share/unit (cents) 47.59 (23.17) (0.47)
Number of A shares/units in issue 47 352 203 47 352 203 47 352 203
Number of B shares/units in issue 106 352 670 106 352 670 106 352 670
Reconciliation of comprehensive income to headline earnings and to profit available for distribution for the six months ended 30 September 2015
Unaudited Unaudited Audited Audited Unaudited Unaudited
6 months 6 months 9 months 9 months 6 months 6 months
ended ended ended ended ended ended
30 September 30 September 31 March 31 March 31 December 31 December
2015 2015 2015 2015 2014 2014
R cents R cents R cents
Total comprehensive income/(loss) for the period 73 142 663 47.59 (35 614 146) (23.17) (724 169) (0.47)
Adjusted for:
Debenture interest - - 76 331 901 49.66 51 025 247 33.20
Earnings per combined share 73 142 663 47.59 40 717 755 26.49 50 301 078 32.73
Change in fair value of investment properties (13 458 678) (8.76) 33 877 444 22.04 (576 280) (0.37)
Headline earnings per share 59 683 985 38.83 74 595 199 48.53 49 724 798 32.36
Adjusted for:
Amortisation of loan raising costs - - 556 356 0.36 367 849 0.24
Straight-line rental income accrual (2 849 121) (1.85) 505 374 0.33 576 280 0.37
Other capital items - - 167 559 0.11 - -
Change in fair value of swaps 215 484 0.14 704 741 0.46 494 889 0.32
Deferred taxation on change in fair value of swaps (60 336) (0.04) (197 328) (0.13) (138 569) (0.09)
Profit available for distribution for the period 56 990 012 37.08 76 331 901 49.66 51 025 247 33.20
Unaudited condensed statement of changes in equity for the six months ended 30 September 2015
Other
Stated Retained components
capital earnings of equity Total
R R R R
Balance at 30 June 2014 1 537 049 494 668 302 - 496 205 351
Total comprehensive loss for the period (724 169) (724 169)
Balance at 31 December 2014 1 537 049 493 944 133 - 495 481 182
Total comprehensive loss for the period (34 889 977) (34 889 977)
Balance at 31 March 2015 1 537 049 459 054 156 - 460 591 205
Total comprehensive income for the period - 73 142 663 - 73 142 663
Transfer to other components of equity - (473 171 171) 473 171 171 -
Capital conversion of debentures to stated capital 952 971 381 - - 952 971 381
Costs of conversion of debentures (1 098 624) - - (1 098 624)
Total stated capital and reserves at 30 September 2015 953 409 806 59 025 648 473 171 171 1 485 606 625
Unaudited condensed statement of cash flows for the six months ended 30 September 2015
Unaudited Audited Unaudited
6 months 9 months 6 months
ended ended ended
30 September 31 March 31 December
2015 2015 2014
R R R
Cash flows from operating activities 41 005 708 (23 077 694) 9 237 248
Cash flows from investing activities (9 949 020) (34 182 818) (29 602 301)
Cash flows from financing activities (697 100) 59 058 168 28 400 341
Net cash inflow for the period 30 359 588 1 797 656 8 035 288
Cash and cash equivalents at the beginning of the period 6 019 743 4 222 087 4 222 087
Cash and cash equivalents at the end of the period 36 379 331 6 019 743 12 257 375
Notes to the condensed interim financial statements for the six months ended 30 September 2015
1. MEASUREMENTS OF FAIR VALUE
1.1 Financial instruments
The financial assets and liabilities measured at fair value in the statement of financial position are grouped into
the fair value hierarchy as follows:
September 2015 March 2015 December 2014
Level 1 Level 2 Total Level 1 Level 2 Total Level 1 Level 2 Total
R000 R000 R000 R000 R000 R000 R000 R000 R000
ASSETS
Total - - - - - - - - -
LIABILITIES
Derivative financial instruments - (1 224) (1 224) - (1 008) (1 008) - (799) (799)
Total - (1 224) (1 224) - (1 008) (1 008) - (799) (799)
Net fair value - (1 224) (1 224) - (1 008) (1 008) - (799) (799)
Measurement of fair value
The methods and valuation techniques used for the purpose of measuring fair value are unchanged compared to the
previous reporting period.
Derivative financial instruments
The fair values of these swap contracts are determined by Nedbank, Rand Merchant Bank and Standard Bank, using a
valuation technique that maximises the use of observable market inputs. Derivatives entered into by the company are
included in Level 2 and consist of interest rate swap contracts.
1.2 Non-financial assets
The following table reflects the levels within the hierarchy of non-financial assets measured at fair value at
30 September 2015:
September March December
2015 2015 2014
Level 3 Level 3 Level 3
R000 R000 R000
Assets
Investment properties 2 448 106 833 2 421 900 000 2 451 702 301
Fair value measurement of non-financial assets (investment properties)
The fair value of retail buildings is estimated using an income approach which capitalises the estimated rental
income stream, net of projected operating costs, using a discount rate derived from market yields. The estimated
rental stream takes into account current occupancy levels, estimates of future vacancy levels, the terms of
in-place leases and expectations of rentals from future leases over the remaining economic life of the buildings.
The most significant inputs, all of which are unobservable, are the estimated rental value, assumptions regarding
vacancy levels, the discount rate and the reversionary capitalisation rate. The estimated fair value increases
if the estimated rental increases, vacancy levels decline or if discount rates (market yields) and reversionary
capitalisation rates decline. The overall valuations are sensitive to all four assumptions. Management considers
the range of reasonable possible alternative assumptions is greatest for reversionary capitalisation rate rental
values and vacancy levels and that there is also an interrelationship between these inputs.
The inputs used in the valuations at 30 September 2015 were:
- The range of the reversionary capitalisation rates applied to the portfolio is between 7.7% and 11.5% with the
weighted average being approximately 8.9%.
- The discount rates applied range between 12.7% and 16.2% with the weighted average being approximately 13.81%.
Changes in discount rates attributable to changes in market conditions can have a significant impact on property
valuations.
- A 25 basis points increase in the discount rate will decrease the value of the investment property by R70 million
(2.9%).
- A 25 basis points decrease in the discount rate will increase the value of investment property by R74 million
(3.0%).
In determining future cash flows for valuation purposes, vacancies are forecast for each property based on estimated
demand.
Sponsor: Java Capital
20 November 2015
Executive directors: GS Moseneke (Interim CEO)*, RC Hawton (Financial director)**
Non-executive directors: LG Rapp (Chairman), MJ Potts, MJ Kuscus, SJ Segar, LX Mtumtum
* Dr GS Moseneke was appointed to the board with effect from 4 May 2015.
** Mr RC Hawton was appointed as financial director with effect from 22 May 2015, following the resignation of Mr AE
Raubenheimer with effect from 22 May 2015.
Registered office: Ground Floor, One-on-Ninth, Corner Glenhove Road and Ninth Street, Melrose Estate, 2196.
Company secretary: J Neethling
Transfer secretaries: Computershare Investor Services (Pty) Ltd, Johannesburg, 2001
Investor and Media Relations: Marketing Concepts, 10th Floor, Fredman Towers, 13 Fredman Drive, Sandton, Johannesburg,
South Africa
Telephone: +27 11 783 0700
Fax: +27 11 783 3702
www.synergyincomefund.com
Date: 20/11/2015 04:48:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE').
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