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THE PIVOTAL FUND LIMITED - Summarised audited consolidated financial results for the year ended 29 February 2016

Release Date: 25/05/2016 07:20
Code(s): PIV     PDF:  
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Summarised audited consolidated financial results for the year ended 29 February 2016

The Pivotal Fund Limited
(“Pivotal” or “the group”)
(Incorporated in the Republic of South Africa) 
JSE share code: PIV ISIN: ZAE000196440
Registration number: 2005/030215/06

Summarised audited consolidated financial results
for the year ended 29 February 2016

Highlights
NAVPS excluding deferred tax up 23.91% to R22.80
Development pipeline of 674 000m2
Construction commenced at Loftus Park phase 1, Kyalami Corner 
Shopping Centre, Hill on Empire Office Park and Wonderboom Junction
Total assets up 33% to R13.8bn
Investments in international assets R1.2bn
Net rental income up 56.7% to R739.2m

Summarised consolidated statement of financial position
at 29 February 2016

                                             Audited      Audited
                                               As at        As at
                                            Feb 2016     Feb 2015
                                               R’000        R’000
Assets
Non-current assets                        11 989 983    9 812 489
Investment property                        8 771 992    7 992 125
Straight-line rental income accrual          397 305      318 287
Lease costs and incentives                    54 501       39 285
Fair value of investment property          9 223 798    8 349 697
Investment property under construction     2 048 336      907 964
Interest in associate                          1 368        1 472
Intangibles and goodwill                     536 870      551 670
Plant and equipment                            2 987        1 686
Investments                                   57 288            — 
Interest rate swaps                          119 336            — 
Current assets                             1 767 952      497 665
Trade and other receivables                  113 388      197 540
Loans receivable                              97 226       56 885
Cash and cash equivalents                    382 480      243 240
                                             593 094      497 665 
Non-current assets held for sale           1 174 858            — 
Total assets                              13 757 935   10 310 154
Equity and liabilities
Capital and reserves                       6 490 933    4 849 504
Stated capital                             4 548 753    3 979 559
Share-based payment reserve                    5 037          290
Foreign currency translation reserve         234 351            —
Reserves                                   1 702 792      869 655
Non-current liabilities                    6 190 853    5 031 038
Interest-bearing liabilities               5 230 268    4 306 947
Interest rate swaps                                —       76 101
Deferred taxation                            960 585      647 990
Current liabilities                        1 076 149      429 612
Trade and other payables                     192 548      236 930
Loans from shareholders                            —        1 306
Interest-bearing liabilities                 883 601      191 376
Total equity and liabilities              13 757 935   10 310 154
Net asset value per ordinary share (R)         19.78        16.23
Net asset value per ordinary share,
excluding deferred taxation (R)                22.80        18.40

Summarised consolidated statement of comprehensive income
for the year ended 29 February 2016

                                             Audited      Audited
                                          Year ended   Year ended
                                            Feb 2016     Feb 2015
                                               R’000        R’000
Contractual rental income                    777 804      460 357
Straight-line rental income accrual           85 743       88 308
Sundry income                                      —          506
Revenue                                      863 547      549 171
Property expenses                           (124 347)     (77 098) 
Net property income                          739 200      472 073
Other operating expenses                     (63 484)     (29 788) 
Operating profit                             675 716      442 285
Other income                                  21 259        5 642
Amortisation of intangibles                  (14 800)      (7 400) 
Changes in fair value — other financial
libilities                                   (49 784)           —
Income from associates                       216 296        9 229
Changes in fair values                       680 027      434 683
— Investment properties                      481 041      504 316
— Financial instruments                      198 986      (69 633) 
Income from operations                     1 528 714      884 439
Finance charges                             (437 004)    (268 748) 
Finance and other investment income           54 021        5 136
Profit before taxation                     1 145 731      620 827
Taxation                                    (312 594)    (121 523)
— Current                                          —         (199)
— Deferred                                  (312 514)    (121 324) 
Profit after taxation                        833 137      499 304
Other comprehensive income
Items that are or may be reclassified 
to profit and loss:
Translation of foreign operations            234 351            —
Total comprehensive income                 1 067 488      499 304
Earnings per share
Basic profit is reconciled to headline 
earnings as follows
Profit after taxation                        833 137      499 304
— Profit on disposal of associate                  —       (5 642)
— Fair value adjustment on investment
property                                    (481 041)    (504 316)
— Deferred tax thereon                       107 753       94 139
— Deferred tax as a result of rate
adjustment                                    89 105            —
— Fair value adjustment on associate
held properties                             (243 924)           —
— Deferred tax thereon (10%)                  24 392            —
Headline earnings                            329 422       83 485
Number of shares in issue (adjusted for
treasury shares)                         327 679 771  298 233 827
Weighted average number of shares in
issue                                    311 573 209  177 411 886
Basic earning per share (cents)*                 267          281
Headline earnings per share (cents)*             106           47
* No dilutionary instruments in issue.
 
Summarised consolidated statement of cash flows
for the year ended 29 February 2016

                                             Audited      Audited
                                          Year ended   Year ended
                                            Feb 2016     Feb 2015
                                               R’000        R’000
Cash flows from operating activities
Cash generated from operations               603 796      435 301
Finance and other investment income           19 675        5 136
Finance charges                             (493 139)    (267 277) 
Taxation paid                                      —         (199) 
Net cash generated from operating
activities                                   130 332      172 961
Net cash utilised in investing
activities                                (2 129 605)  (1 984 776)
Net cash generated from financing
activities                                 2 138 513    1 991 884
Net increase in cash and cash
equivalents                                  139 240      180 069
Cash and cash equivalents at the
beginning of the year                        243 240       63 171
Cash and cash equivalents at the end of
the year                                     382 480      243 240

Summarised consolidated statement of changes in equity
for the year ended 29 February 2016

                                             Audited      Audited
                                          Year ended   Year ended
                                            Feb 2016     Feb 2015
                                               R’000        R’000
Opening balance                            4 849 504    1 157 139
Total comprehensive income for the year    1 067 488      499 304
Share-based payment expenses                   4 747          290
Issue of ordinary shares and share
buyback                                      573 502    3 213 747
Share issue costs                             (3 263)     (21 950) 
Issue of preference shares                     4 595          976
Cancellation of preference shares             (5 640)           —
Closing balance                            6 490 933    4 849 504

Condensed segmental analysis

R’000                       Retail  Commercial    Other      Total
Year ended 
29 February 2016
Revenue, excluding 
straight-line rental
income accrual               357 229    409 672   10 903    777 804
Property expenses            (76 643)   (46 810)    (894)  (124 347) 
Segment results              280 586    362 862   10 009    653 457
Fair value adjustment —   
investment property          131 538    297 134   52 369    481 041
Investment properties      4 371 557  6 297 028  603 549 11 272 134
Year ended                
28 February 2015          
Revenue, excluding        
straight-line rental      
income accrual               268 789    187 501    4 067    460 357
Property expenses            (52 079)   (22 417)  (2 602)   (77 098) 
Segment results              216 710    165 084    1 465    383 259
Fair value adjustment —   
investment property          128 817    354 202   21 297    504 316
Investment properties      3 916 740  5 194 221  146 700  9 257 661

Commentary
1. Profile

Pivotal is a development-focused investment fund listed on the JSE 
main board, focusing on delivering sustainable capital returns 
through A-grade property developments and investments in South
Africa and other selected countries. Pivotal’s portfolio consists of
geographically well diversified assets across South Africa and a 
growing investment base internationally. The property portfolio is
divided into completed income producing properties and developments 
(including property under development and land held for future 
development). Completed income producing properties consist of 
well-located retail centres in established and expanding nodes 
and A-grade office precinct developments, which are enhanced by 
lifestyle elements such as piazzas, coffee shops and gyms.

Pivotal focuses on creating sustainable value for its investors 
by achieving above average portfolio growth through its extensive 
development pipeline, international investments and active 
management of its existing portfolio. To ensure long-term 
sustainability and high tenant retention, the A-grade nature of 
the properties is maintained by continuous re-investment through 
preventative maintenance, as well as with regular upgrades 
and refurbishments.

As at 29 February 2016, Pivotal’s directly owned portfolio and 
indirect property portfolio were valued at R11.3 billion and 
R1.2 billion respectively. During the year under review, 
Pivotal acquired properties and strategic land for development 
to the value of R494 million. Pivotal also concluded the 
purchase of its first asset in the rest of Africa being 
a 37.1% share in the Oando Wings Office development, 
currently under construction in Nigeria.

2. Performance

Pivotal’s net asset value per share, excluding deferred tax
(“NAVPS”), increased year-on-year by 23.91% to R22.80 at 
29 February 2016 (28 February 2015: R18.40). The growth in 
NAVPS was attributable to the revaluation of the income 
producing properties, fair value adjustments on current 
developments, an increase in net working capital generated 
from operating activities, as well as positive fair value 
adjustments on financial instruments and a gain on foreign 
currency translation. This pleasing performance is in keeping 
with Pivotal’s strategic objective of generating above average 
total returns from its portfolio of investments.

Given the nature of its business, Pivotal uses NAVPS as its 
key performance measure as it is considered a more relevant 
performance measure than earnings or headline earnings 
per share.

3. Property portfolio

Number of properties
                         Retail Office Industrial Africa   Total
Income producing             11     24          3      0      38
Current development           2      6          0      1       9
Land and available
development bulk              2     12          2      0      16

Independent property portfolio value at 29 February 2016

R billion                Retail Office Industrial Africa   Total
Income producing           4.01   5.04       0.17      —    9.22
Current development        0.21   1.10          —   1.20    2.51
Land and available
development bulk           0.15   0.15       0.44      —    0.74
Total                      4.37   6.29       0.61   1.20   12.47

4. Lease expiry profile by GRA

                               FY17  FY18    FY19   FY20   >FY20
Retail                          11%    9%     19%     7%     54% 
Office                          15%   12%     11%    13%     49% 
Industrial                                                  100%

5. Vacancies

% of GRA vacant
Sector                                     Feb 2016     Feb 2015
Retail                                          2.0          3.0
Office                                          2.2          1.0
Total                                           2.1          1.8

6. South African property transactions

The following transactions were concluded during the year:

6.1. Acquisition of a 45% undivided share in prime industrial 
development land, S&J Industrial Estate for R312 million. The 
property which has a total net usable land area of 1 600 919m2 
is ideally located on the N3 highway at the Geldenhuys interchange.

6.2. Acquisition of a 55% undivided share in Atlantic Hills for 
R98 million. The development is industrial-focused, situated 
15km north of Cape Town on the N7.

7. Current and future developments

7.1. Alice Lane Building 3, currently under construction, is on 
track to be completed in Q2 2017. Building 3 has a gross rentable 
area of 35 000m2 of which 22 000m2 has been let to Bowman Gilfillan 
on a 12-year lease. Bowman Gilfillan is one of South Africa’s 
‘big five’ legal firms.

7.2. The first building of Westend Office Park in Centurion 
measuring 3 677m2 was completed in May 2015 and is fully let. 
The second building of 5 079m2 was completed in Q1 2016 and is 
90% let. Westend Office Park is a 27 000m2 A-grade development 
which provides excellent security and access. The development 
is accessible from both the N1 and N14 freeways and is within 
walking distance of the Centurion Gautrain station and Centurion 
Mall. Pivotal holds a 25% undivided share in this development.

7.3. Strong tenant demand is being experienced at Hertford 
Office Park, ideally located on the corner of Allandale and 
Bekker Roads opposite the completed Mall of Africa development. 
Building E measuring 4 236m2 is nearing completion with 
construction of Buildings F (5 496m2) and G (7 446m2) having 
commenced with completion dates of Q4 2016 and Q1 2017 
respectively. Hertford Office Park comprises approximately 
54 000m2 of gross rentable area, of which four buildings 
totaling 12 000m2 have been completed and fully let. Pivotal 
holds a 33.3% undivided share of this office park.

7.4. Construction commenced on the second building, measuring 
4 435m2, at Monte Circle Office Park and is due to be completed 
in Q3 2016. Monte Circle, located in Fourways, is a 52 000m2 A-grade
office park development and forms part of the Monte Casino precinct.
Monte Circle provides excellent security and is easily accessible 
from the N1 freeway and other major transport routes. Pivotal 
concluded an agreement for the acquisition of a further 5.86%
undivided share in the Monte Circle Office Park and a further 7.50%
undivided share in the Monte Place development, effective
1 September 2015.

7.5. Construction commenced at Kyalami Corner shopping centre, in 
which Pivotal owns an 80% undivided share. The 27 914m2 retail 
development is ideally located at the Main Road/R55 arterial 
intersection and will offer upscale convenience shopping and 
dining. The centre will be anchored by Woolworths, Checkers 
and Virgin Active. The lower level will focus on convenience 
retail and select restaurants, while the upper level is for 
home and lifestyle-oriented tenants, including Virgin Active. 
The centre is due to commence trading in Q2 2017.

7.6. The phased redevelopment of Wonderboom Junction has 
commenced with an expected completion date in Q1 2018. The 
redevelopment provides for both the upgrade of the existing 
mall and an additional 28 000m2, resulting in a total gross 
rentable area on completion of 60 000m2. The additional 
floor-area will provide for an enhanced retail offering, 
including a wider variety in the apparel category. The upgrade 
includes enclosing the open mall, and creating a newly 
refurbished restaurant and family area.

7.7. Construction commenced at Loftus Park, adjacent to 
the iconic Loftus Versfeld rugby stadium, of phase 1 
measuring 24 694m2. The development will be phased, 
with a total GRA on completion of 54 000m2. The development 
is mixed use and will ultimately include offices of 33 100m2, 
a retail component of 9 800m2, a 150-key hotel and a Virgin 
Active gym. Phase 1 is due to be completed in Q4 2017. Pivotal 
owns a 50% undivided share.

7.8. Building A of Hill on Empire development in Parktown, in which
Pivotal owns a 50% undivided share, is due to be completed in Q2
2017. Building A comprises 14 822m2 of which in excess of 50% has
been let. A further 19 701m2,is available for development.

8. Interest in associate

During the year, Pivotal incorporated a wholly-owned Mauritian 
entity, SB Wings Development Limited, which, in turn, acquired 
37.1% of the issued share capital of Oando Wings Development 
Limited, incorporated in Nigeria. The agreement became 
unconditional on 15 July 2015 and the cost of the investment to 
Pivotal was R613 million (“effective date”). SB Wings Development 
Limited serves as the vehicle through which Pivotal holds its 
interest in the Oando Wings development in Lagos, Nigeria. The 
investment in Oando Wings Development Limited is equity accounted 
in the group financial statements.

The functional currency of both the aforementioned entities is 
US Dollar. At 29 February 2016, translation to the reporting 
currency resulted in a gain on translation of foreign operations 
in the amount of R234.4 million. The total income from associate 
amounted to R250 million during the year ended 29 February 2016. 
This included interest income of R34 million and fair value 
adjustments, net of deferred tax, of R219.5 million.

On 17 November 2015 Pivotal entered into a conditional agreement with
Mara Delta Property Holdings Limited (previously Delta Africa) (“Mara
Delta”) to dispose of 100% of our investment in SB Wings, on 
completion of the Oando Wings development which is expected to 
be in August 2016. The consideration to be received by Pivotal 
should the agreement become unconditional is USD72 million. 
Due to the pending disposal, the investment is classified as 
held for sale. The directors of the Group expect the fair value 
less cost to sell of the interest in associates to be higher or 
equal to the aggregate carrying amount of the related interest in 
associates. Therefore, no fair value gain or loss was recognised 
in the statement of profit and loss in accordance with IFRS 5.

9. Rest of Africa investments

Pivotal has entered into an agreement with Mara Delta to incorporate 
its rest of Africa investments into Mara Delta and to invest up to 
R300 million in the company. The transaction gives Pivotal access 
to an experienced management team and has the benefit of
diversification of risk by way of a spread of quality income
producing investments. During the year Pivotal completed its first 
investment into Mara Delta by way of a subscription for approximately 
two million shares in Mara Delta at a cost of USD3.41 million.

10. Interest-bearing liabilities and interest rate swaps

Pivotal currently has borrowings of R5.8 billion which represents 
gearing of 45.80% of the current property portfolio value. At 
29 February 2016, the average cost of funding was 9.56% (28 February
2015: 9.36%) and interest rates have been fixed in respect of 84% of
borrowings for an average period of four years. Pivotal has consistently 
applied its policy on fair value measurement in respect of derivatives 
and there has been no change in valuation techniques, nor have there 
been any transfers between level 1, level 2 and level 3 during the 
period under review.

11. Net asset value per share 

The table below details the net asset value calculation per share:

R’000                                       Feb 2016      Feb 2015
Total equity                               6 490 933     4 849 504
Adjusted for:
— Equity of preference shareholders           (9 523)      (10 568) 
Total equity (net asset value)
attributable to ordinary shareholders      6 481 410     4 838 936
Total number of ordinary shares in
issue (adjusted for treasury shares)     327 679 771   298 233 827
Net asset value per ordinary share (R)         19.78         16.23
Reconciliation of net asset value, 
excluding deferred tax, per ordinary 
share to total equity
Total equity (net asset value)
attributable to ordinary shareholders      6 481 410     4 838 936
Adjusted for:
– Total deferred tax liability
(including deferred tax liability            988 665       647 991
accounted for in equity accounted 
investments)
Net asset value (excluding deferred 
tax) attributable to ordinary
shareholders                               7 470 075     5 486 927
Total number of ordinary shares in
issue (adjusted for treasury shares)     327 679 771   298 233 827
Net asset value per ordinary share,
excluding deferred tax (R)                     22.80         18.40

12. Changes in fair value

The portfolio, including investment properties and properties under 
development, was independently valued at 29 February 2016 which 
resulted in an increase in the portfolio value of R481 million. It
is Pivotal’s policy to value properties under development (including
land) at cost until the fair value can be reliably measured, at 
which point the cost, plus the present value of the development 
margin is recognised on a percentage completion basis. The 
recognition of fair value adjustments is in line with the 
development spend “S-curve”, with a greater portion of 
development margin being recognised closer to completion 
of the development.

The group measures its investment property at fair value. The 
investment property is disclosed as level 3 in terms of the 
fair value hierarchy with valuation inputs which are not based 
on observable market data (unobservable inputs).

Key unobservable inputs used in determining property 
valuations are set out below:

                                           Weighted average
                      12-month
                       forward Capitalisation Reversionary  Discount 
Sector       Rate/m2  yield (%)       rate (%)     rate (%)  rate (%)
Retail        17 257       7.9            7.7          8.4      13.3
Retail
convenience   16 547       8.1            8.2          9.0      13.5
Small 
regional/
regional      17 558       7.8            7.6          8.2      13.2
Office and
industrial    23 660       8.1            7.8          8.5      13.4
Offices —
PTA/JHB       25 216       8.1            7.8          8.5      13.4
Offices —
CPT           25 642       8.1            7.1          7.8      13.5
Industrial     8 876       8.8            8.8          9.8      13.5
Total
portfolio     20 439       8.0            7.8          8.5      13.4

The property portfolio has been independently valued by Jones Lang
LaSalle Proprietary Limited and Broll Valuation and Advisory
Services Proprietary Limited, the Network Affiliate of CBRE Global.

13. Changes to the board

During the period, a valued member of the board, Angus Mackay, passed 
away on 3 June 2015. Angus served as a member on the board since 
August 2013. Marc Wainer resigned from the board with effect from 
10 December 2015. Dave Savage changed from being an executive director
to a non-executive director with effect from 20 May 2016. Sakumzi
“Saki” Macozoma was appointed to the board as Independent Non- 
executive Chairman with effect from 20 May 2016. Tom Wixley changed 
from being independent non-executive chairman to independent non- 
executive director with effect from 20 May 2016.

14. Post balance sheet transactions

14.1. Mara Delta
Subsequent to 29 February 2016 Pivotal subscribed for an additional
8.8 million Mara Delta shares at a cost of USD15 million. In addition, 
the disposal of Buffalo Mall Naivasha by Pivotal to Mara Delta was 
approved by Mara Delta shareholders and Pivotal’s consideration of 
1.7 million Mara Delta shares at a price of USD2.9 million have been 
issued. Pivotal now holds approximately 12.5 million Mara Delta shares, 
representing a 12.9% shareholding in Mara Delta.

14.2. Poland
On 19 May 2016 Pivotal entered into a share sale agreement and a co- 
investors agreement with Redefine Properties Limited which will 
result in Pivotal acquiring approximately 6.06% of Echo Prime
Properties B.V. (“Echo”) for a consideration of €31.15 million. Echo
owns a €1.18 billion portfolio of prime shopping centres and offices 
across Poland. The effective date of the transaction will be 
31 May 2016.

14.3. Galleria
On 16 March 2016 Pivotal acquired and took transfer of a 20% undivided 
share in the development property known as “Galleria” for a purchase 
consideration of R100 million. Set in the heart of Rosebank, Galleria 
will be a mixed use development of about 80 000m2 incorporating offices, 
retail, a hotel, serviced apartments and residential apartments.

The directors are not aware of any other significant events that 
occurred in the period between 29 February 2016 and the date of 
this report that will have a material effect on the group’s results 
or financial position as presented in the financial statements.

15. Prospects

The sluggish economic growth both in South Africa and internationally 
coupled with high volatility in financial markets is anticipated to 
continue. Pivotal’s risk mitigation by way of conservative borrowing 
and interest rate hedging policies, quality income-producing assets 
and development pipeline as well as an increasing international 
investment exposure places Pivotal in a strong position to weather 
the storm in these uncertain times.

Notwithstanding the challenging and uncertain economic environment in 
which we operate, Pivotal strives to maintain an above-average growth 
in NAVPS as a development-focused investment fund.

Pivotal remains focused on creating long-term value for its stakeholders, 
through the successful completion of its existing developments and 
the ongoing rollout of its development pipeline of 674 000m2 in prime 
locations throughout South Africa.

Pivotal will continue to re-invest in its portfolio of properties to 
ensure delivery of sustainable growth with focused attention being 
placed on the key fundamentals.

These prospects have not been reviewed or reported on by Pivotal’s
independent external auditors.

16. Basis of preparation and accounting policies

The summarised audited consolidated financial results for the year ended 
29 February 2016 have been prepared in accordance with International 
Financial Reporting Standards (“IFRS”), the information required by 
IAS34: Interim Financial Reporting, the SAICA Financial Reporting 
Guides as issued by the Accounting Practices Committee, financial 
reporting pronouncements as issued by the Financial Reporting Standards 
Council, the requirements of the Companies Act of South Africa and the 
JSE Listings Requirements. The accounting policies are consistent, in 
all material respects, with those applied in prior years, and are 
consistent with those applied in the previous annual financial 
statements for the year ended 28 February 2015. The new standards 
adopted during the year had no material impact on the group’s results.

Segmentation is based on the group’s internal organisation and 
reporting to the entity’s chief operating decision makers (“EXCO”). 
The reportable operating segments were identified based on the 
different sectors in which the entity operates, being retail and 
commercial. Other segments, including industrial assets and corporate 
costs, were aggregated in accordance with the guidelines set out 
in IFRS 8.

Segment results that are reported to EXCO include items directly 
attributable to a segment, as well as those that can be allocated 
on a reasonable basis.

17. Financial statements

The financial statements have been summarised from the audited 
financial statements on which Grant Thornton has issued an 
unqualified audit opinion and which are available for inspection 
at the company’s registered office.

The directors are not aware of any matters or circumstances arising 
subsequent to the year ended 29 February 2016 that require additional 
disclosure or adjustment to the financial statements.

The auditor’s report does not necessarily cover all of the information 
included in this announcement. The directors take full responsibility 
for the preparation of the summarised audited consolidated financial 
results for the year ended 29 February 2016 and for ensuring that 
the financial information has been correctly extracted from the 
underlying audited annual financial statements. These results 
have been prepared under the supervision of the financial director, 
Aaron Suckerman (ACCA UK).

By order of the board

The Pivotal Fund Limited
25 May 2016

Directors: S Macozoma*#, A Dixon*#, C Ewing*#, MSB Neser*, DS Savage*, 
S Shaw-Taylor*, TS Sishuba*#, A Suckerman, JR van Niekerk, T Wixley*#.
* Non-executive  #Independent

Registered office: Abcon House, Fairway Office Park, 52 Grosvenor
Road, Bryanston, 2021

Postal address: PO Box 67663, Bryanston, 2021

Telephone: 011 510 9999

Website: www.pivotalfund.co.za

VAT registration number: 431 022 9432

Tax reference number: 9395 691 158

Country of incorporation: Republic of South Africa

E-mail: admin@pivotalfund.co.za

Auditors: Grant Thornton South Africa

Commercial bankers: The Standard Bank of South Africa Limited Company 
secretary: Juba Statutory Services Proprietary Limited Sponsor: 
Java Capital

Transfer secretaries: Computershare Investor Services Proprietary
Limited

Property managers: Abreal Proprietary Limited
Date: 25/05/2016 07:20:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE'). 
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