Wrap Text
Audited Abridged Consolidated Financial Statements For The Year Ended 30 June 2016
MARA DELTA PROPERTY HOLDINGS LIMITED
(previously Delta Africa Property Holdings Limited)
(Registered by continuation in the Republic of Mauritius)
(Registration number 128881 C1/GBL)
SEM share code: DEL.N0000
JSE share code: MDP
ISIN: MU0473N00028
("Mara Delta" or "the Company")
AUDITED ABRIDGED CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2016 (the "financial statements")
HIGHLIGHTS
Full year distribution of – US$11.75 cents achieved (4.13% growth)
Hard currency denominated rentals – 87%
A grade tenants - 90% of portfolio
US$44.67 million Capital raised - 2.3% premium to NAV
WACD - 6.22% (2015: 6.94%)
DIRECTORS' COMMENTARY
NATURE OF THE BUSINESS
Mara Delta is a pan African property income fund focusing on African real estate assets (excluding South Africa),
underpinned by predominantly US Dollar denominated medium to long term leases with high quality counterparties
delivering sustainable income. Listed in July 2014, the Company holds dual primary listings on the Stock Exchange of
Mauritius ("SEM") and on the main board of the Johannesburg Stock Exchange ("JSE").
In line with the its strategy to mitigate concentration risk, the Company has increased its geographical footprint to five
countries across the continent with the acquisition of new assets in Zambia, Mauritius and Kenya. The Company is currently
in negotiations that will further extend the footprint into Uganda.
The Group's strategy remains to expand its property portfolio throughout targeted countries in Africa, with assets that will
provide sustainable long term, US Dollar based income from high quality counterparties with a core focus on enhancing
shareholder value and dividend yield.
REVIEW
Results
The Company has achieved a 4.1% growth on distribution. The distribution for the period 1 January 2016 to 30 June 2016 of
US$5.58 cents per share takes the full year distribution to US$11.75 cents per share, which falls within the forecasted 3% to
6% growth on the previous year's full year distribution of US$11.28 cents per share.
Rental income has increased 65.3% due to the full year impact of the assets acquired in the last quarter of the previous
financial year and new acquisitions. The rental income increase included the impact of the US Dollar based rental
escalations as well as the three yearly 10% rent escalations in Anfa Place Shopping Centre.
Operating cost percentage rose from 25.0% in 2015 to 25.7% in 2016, this increase is attributable to concessions provided
to tenants in Anfa Place Shopping Centre in Morocco as part of the planned upgrade of the centre due to commence in
January 2017. The concessions provided for write offs of a number of disputed invoices (US$0.68million) as well as to the
recovery of municipal taxes (US$1.4million). In addition, the Company has increased its provision for doubtful debts in
Morocco by US$0.83 million.
The ability of the Company to utilise its strong dollar position in Mozambique (holding US$15.6million at year end) has
allowed the Company to achieve substantial realised foreign currency gains of US$3.4million. The denomination of local
costs and taxes in Mozambique Meticais and the significant depreciation of the Meticais versus the Dollar (66% in 2016) has
resulted in monthly exchange profits which shall continue as the Meticais continues its slide versus the Dollar in the months
to come.
Net finance costs increase in line with the additional US$60.0 million debt raised during the year. Despite the increase in
Libor rates during the year, the Company has made significant progress in reducing its cost of borrowings with the weighted
average cost of debt decreasing to 6.22% for the year ended 30 June 2016 (2015: 6.94%). The weighted average cost of
debt for the month of June 2016 was 5.66%, with this rate seen as the benchmark for the 2017 financial year.
Capital raised
During the year, the Company has successfully raised capital of US$44.8 million, through the issue of 26 404 683 shares at
an average issue price of US$1.70 per share. In line with its commitment to enhance shareholder value, the Company issued
all shares at a premium of US$0.04 to the average net asset value per share of US$1.66. On 22 August 2016, the Company
issued an additional 645 441 shares at an issue price of US$1.65 per share, raising US$1.064 million from Pivotal. The
proceeds of these issuances were utilised as part payment of new assets acquired and to settle the merger costs.
Corporate action during the year
On 25 May 2016, all conditions precedent to the merger with Pivotal were met. As a result, the Company took transfer of
the 45.5% stake in the Buffalo Mall Navaisha in Kenya and completed the internalisation of the asset management contract.
The recent announcement of Pivotal's sale to Redefine Properties Limited ("Redefine") and the Redefine's strategy which
excludes Africa will result in Redefine seeking a managed exit from Mara Delta over the next few months. The 13.1%
shareholding in the Company will be sold to a suitable new strategic shareholder whose African aspirations mirror that of
Mara Delta. As a result, Pivotal and Mara Delta have mutual agreement not to proceed with the sale of the Oando Wings
Office Complex in Nigeria.
Debt raised
During the year, Mara Delta closed favourable finance deals with Afrasia Bank, Investec Bank, Barclays Bank and Banco
Unico. Mara Delta has developed successful banking relationships with a number of banks within its countries of
operations, this combined with the existing relationship with Standard Bank across the continent and a new finance partner
in the form of Bank of China (to be closed on transfer of the Cosmopolitan Mall), places the group in a strong position to
obtain cost effective finance packages to compliment the strong asset portfolio. These relationships with new financing
partners means Mara Delta is well placed to reduce any refinance risk and allows for further scope to reduce borrowing
costs in the future.
The current exposure to various lenders and currencies are detailed below:
Investec South Africa 32.0%
Standard Bank South Africa 30.7%
Afrasia 12.4%
Standard Bank Mozambique 6.5%
Barclays Bank Mauritius 4.9%
Bank Unico of Mozambique 1.7%
Vendor finance 11.8%
100.0%
Debt currency exposure
USD 76%
MZN 2%
EUR 22%
MAD 100.0%
Mara Delta and its subsidiaries ("Group") successfully raised the following debt facilities during the year to 30 June 2016:
- In August 2015, the Group secured a Revolver facility of US$10.0 million from AfrAsia Bank in Mauritius.
Subsequently in March 2016, this facility was increased to US$20.0 million. This facility is a key risk mitigant for the
Group, enabling it to manage the timing of equity raises and allows for flexibility in drawing funds for the various
countries of operation.
- On 22 July 2015, the Group finalised a medium term finance agreement with Standard Bank of South Africa, with
the proceeds of US$38.0 million being utilised to settle the Standard Bank Mozambique bridging facility of US$24.3
million that was in place at the previous year end for the acquisition of the Hollard Building and the Vodacom
Building. The Group entered into an interest rate swap agreement to fix 70% of this facility's interest exposure.
- On 11 February 2016, Investec Bank provided a long term facility of US$51.2 million to Freedom Property Fund, a
subsidiary of the Company owning Anfa Place Shopping Centre in Morocco. The loan was the first entry into the
Moroccan market by Investec Bank. The loan, denominated in Euros (60%) and US Dollars (40%) (based on the
currency weighting of the Moroccan Dirham), has secured a lower cost of borrowing attached to the hard
currencies versus the higher Moroccan Dirham based lending rate. The proceeds of the loan have been utilised to
settle the vendor loan, which arose on the acquisition of the Moroccan property. This refinance transaction has
resulted in a significant reduction of the 8.9% borrowing costs associated with the vendor loan to the all-in interest
rate of 4.18% (of which 65% is at a fixed interest rate).
- On 22 February 2016, the Company secured a loan of US$7.9mil from Barclays Mauritius to finance the Barclays
House Building in Ebene, Mauritius. In line with the hedging policy, 70% of the interest rate exposure has been
fixed.
The Group's Weighted average cost of debt is illustrated below:
Weighted average cost of debt
2015 = 6.94%
2016 = 6.22%
Debt expiry profile - US$
Current 14,548
Dec 2016 19,000
Mar
2018 20,000
Jul 2018 38,000
Feb 2019 59,619
Sep 2019 10,451
Debt composition
Bridge 7.2%
Revolver 12.4%
Property loan 80.4%
100.0%
Property loan
Property Fixed Interest 64.6%
Property Floating Interest 35.4%
100.0%
The Group has actioned the debt due currently by performing the following:
- On 29 July 2016 the Group settled the SBSA loan of US$11.7 million out of cash reserves;
- On 1 August the Group converted the short term loan of MZN182.7 million (US$2.9 million) to a long term loan,
repayable over 10 years, with an interest rate of 19.68%;
- The group has secured a long term loan facility with Bank of China to refinance the US$19.0 million due in
December 2016.
The Group's loan to value ratio at 30 June 2016 was 48.85%, up from the 45.2% reported in June 2015, while maintaining an
interest cover of 2.22 for the year ended 30 June 2016. In line with the Group's treasury policy, the Group has secured fixed
interest rates on 64.6% of the interest rate exposure on property loans.
Asset acquisitions and geographical footprint in Africa
Acquisitions during the year
- Zimpeto Square, a 4,764m(2) retail mall in Maputo Mozambique, transferred on 15 October 2015 for a total
consideration of US$10.6 million;
- A 50% interest in the Makuba Mall, a 28,235m(2) retail mall in Kitwe, Zambia, transferred on 1 December 2015, for a
net purchase price of US$17.5 million (made up of the asset value of US$31.5 million less debt of US$14 million);
- A 50% interest in the Kafubu Mall, an 11,964m(2) retail mall in Ndola, Zambia, transferred on 1 December 2015, for a
net purchase price of US$4.1 million (made up of the asset value of US$9.1 million less debt of US$5 million);
- Barclays House, a 7,700m(2) commercial office building in Ebene, Mauritius, transferred on 22 February 2016 for a
consideration of US$13.5 million (US$14.2 million including costs);
- A 45.5% interest in the Buffalo Mall in Navaisha, Kenya, a 6,167m(2) retail, commercial and entertainment centre for
US$4.1 million (made up of US$6.1 million less debt of US$2.0 million), transferred on 25 May 2016; and
- The 6,374m(2) Bollore/Plexus warehousing compound in Pemba, Mozambique, for US$8.6 million, transferred on 29 May 2016.
Current acquisitions
- The Vale accommodation compound in Tete, Mozambique, consisting of 83 villas and 40 apartments with a net
purchase price of US$16.6 million (made up of the asset value of US$33.1 million less debt of US$16.5 million),
although the risks and rewards of ownership have passed to the Group on 1 December 2015, physical transfer is
anticipated during September 2016 once the subdivision of the property is completed; and
- A 50% interest in the Cosmopolitan Mall, a 26,152m² retail mall in Lusaka, for a net purchase price of US$24.1
million (made up of the asset value of US$37.1 million less debt of US$13.0 million), transfer is expected in October
2016 once the Company receives the required Shareholder and COMESA Competition Commission approval.
The portfolio composition (including current acquisitions assets that are pending transfer) is as follows:
CURRENT PORTFOLIO Retail Commercial Industrial Other Total
Number of properties 6 4 1 1 12
Property Value/Acquisition
Price 195.0 120.2 8.6 35.0 358.7
Weighted Average
Capitalisation Rate 6.87% 8.28% 8.72% 9.35% 7.63%
WALE (years by income) 5.8 years 5.5 years 3.9 years 4.0 years 5.5 years
Weighted Average Lease
Escalations 3.56% 4.65% 0.00% 3.00% 3.79%
Weighted Average Gross
US$Rental per m(2) per 21.4 29.6 11.8 23.5 23.2
month
GLA (m(2)) 72 094 30 999 6 374 12 966 122 433
Sectorial profile current portfolio
Retail – 54%
Commercial – 34%
Other – 10%
Industrial – 2%
Geographical profile current portfolio
Mozambique – 45%
Morocco – 28%
Zambia – 21%
Mauritius – 4%
Kenya – 2%
Immediate acquisition pipeline of the Group
The pipeline of the Group (which is targeted to be acquired before 31 December 2016) is as follows:
Expected
acquisition Equity Debt Target
Property Description Location price required required property yield
Anadarko Phase II Maputo, Mozambique 15.14 6.09 9.04 10.6%
Distribution Centre in Kenya Nairobi, Kenya 20.52 10.72 9.89 8.4%
Tamassa Hotel Bel Ombre, Mauritius 42.61 18.61 24.24 8.0%
Mall de Tete Tete, Mozambique 27.26 13.68 13.71 9.3%
105.53 49.10 56.88 8.8%
Vacancies
Portfolio vacancies have remained stable at an overall portfolio vacancy of 7% (2015: 4.3%).
The primary contributor to this vacancy percentage is Anfa Place Shopping Centre with strategic vacancies due to a pending
upgrade of the centre. In this regard we have received firm expression of interest from new tenancies to occupy
approximately 40% of current vacancies.
Portfolio vacancies excluding Anfa Place Shopping Centre are 0,4%.
Foreign currency movements
Although the Group operates primarily in US Dollars, operations in various countries incur local costs and taxes
denominated in local currencies.
Mozambique generates net cashflow in US Dollars, with the group requiring to convert 18% of its US Dollar cash generated
to local Meticais in order to cover its local operating costs and taxes.
Morocco's cash generation is in Dirham's, with the local currency being weighted 60% to the Euro and 40% to the Dollar,
the underlying currency exposure to the Group is the USD:EUR exchange rate.
In Mauritius, the leases on the Barclays House Building are denominated in Mauritian Rupees ("MUR"). The Group entered
into a par forward contract with Barclays in order to provide a hedge to any potential Rupee fluctuation to the Dollar.
The introduction of Cosmopolitan Mall into the Zambian pool of assets will result in Group eliminating any material
exposure to the Kwacha, with the Kwacha cash generation being utilised to cover all local operating costs and taxes
allowing the remaining US Dollar cash generation to be paid to shareholders and financiers. The Group's ability to pay
monthly dividends from Zambia further reduces any currency risk in Zambia.
refer to the announcement
SUBSEQUENT EVENTS
Other than those items mentioned above, no material event took place between the 30 June 2016 and the reporting date.
OUTLOOK
Whilst the board recognises the complexity and risk in Africa the Group has positioned itself with a skilled and experienced
management team and platform to capitalise on the significant opportunities on the continent. The forecasted growth of
2% to 4% in US Dollars and the ability to convert on yield accretive available pipeline of US$168.3 million
with strong counterparties are extremely positive.
Any forecast included above has been based on the assumption, of stable regional, political and economic environments as
well as a stable global macro-economic environment.
This forecast is the responsibility of the Mara Delta Board and has not been reviewed or reported on by the auditors of the Company.
GOING CONCERN
Having considered the Group's budget and cash flow, the directors are of the opinion that the Group has adequate
resources to continue operating for the foreseeable future and that it is appropriate to adopt the going concern basis in
preparing the Group's financial statements. The directors have satisfied themselves that the Group is in a sound financial
position and that it has access to sufficient borrowing facilities to meet its foreseeable cash requirements.
Consolidated statement of comprehensive
income
Audited for the Audited for the
Year ended 30 Year ended 30
June 2016 June 2015
$ $
Gross rental income 23,012,093 13,918,198
Straight-line rental income accrual 2,217,399 2,622,295
Revenue 25,229,492 16,540,493
Income from associates 3,219,866 -
Property operating expenses (5,915,324) (3,477,760)
Net property income 22,534,034 13,062,733
Other income 946,447 384,061
Administrative expenses (3,856,608) (1,711,297)
Profit from operations 19,623,873 11,735,497
Acquisition fees (990,338) (3,291,940)
Set-up and merger costs (848,462) (829,279)
Fair value adjustment on investment property (3,759,543) 4,560,459
Fair value adjustment on financial instruments (99,198) -
Gain from bargain purchase 250,515 3,504,523
Unrealised foreign currency loss (725,284) (11,803,314)
Realised foreign currency gain 3,489,058 551,853
Profit before interest and taxation 16,940,621 4,427,799
Interest income 170,158 91,478
Finance costs (9,698,267) (3,640,293)
Profit for the period before tax 7,412,512 878,984
Current tax expense (1,493,959) (78,542)
Deferred tax expense (3,944,764) (617,062)
Profit for the period after tax 1,973,789 183,380
Other comprehensive income
Profit/(loss) on translation of functional currency 783,491 (838,254)
Total comprehensive income/(loss) 2,757,280 (654,874)
Reconciliation of basic earnings and headline earnings
Basic earnings 1,973,789 183,380
Less: Fair value adjustments on investment
property 3,759,543 (4,560,459)
Gain from bargain purchase (250,515) (3,504,523)
Fair value adjustment on investment in associate (1,418,401) -
Fair value adjustment on financial instruments 99,198 -
Headline earnings/(loss) attributable to shareholders 4,163,614 (7,881,601)
Reconciliation of headline earnings and distribution
Headline earnings/(loss) attributable to shareholders 4,163,614 (7,881,601)
Less: Straight line rental income accrual (net of
deferred taxation) (1,682,107) (1,815,090)
Unrealised foreign currency exchange differences 725,284 11,803,314
Acquisition costs of investment property 990,338 3,626,253
Share in income from associates 1,418,401 -
Deferred taxation - other 3,409,472 -
Setup and merger costs 848,462 829,279
Shares issued antecedent dividend 635,547 -
Profits released / (retained) 120,535 (175,538)
Distributable earnings attributable to shareholders 10,629,546 6,386,617
Less: Distribution declared 5,046,135 2,963,433
Interim Final (declared after 30 June) 5,583,411 3,423,184
Distributable earnings attributable to shareholders 10,629,546 6,386,617
Number of shares in issue at interim 81,785,009 44,656,447
Number of shares in issue at year end 100,061,130 73,656,447
Weighted average number of shares* 81,725,430 47,104,850
Earnings per share
Basic and diluted earnings per share (cents) 2.42 0.39
Headline diluted earnings/(loss) per share (cents) 5.09 (16.73)
Distribution per share - -
Distribution per share (cents) - interim 6.17 6.64
Distribution per share (cents) - final (declared
after 30 June) 5.58 4.65
Distribution per share (cents) - full year 11.75 11.28
Audited for the Audited for the
Year ended 30 Year ended 30
Consolidated statement of financial position June 2016 June 2015
$ $
Assets
Non-current assets
Investment property 248,545,665 210,390,631
Fair value of property portfolio 243,705,971 207,768,336
Straight line rental income accrual 4,839,694 2,622,295
Property, plant and equipment 803,240 96,512
Investments in associates 45,945,339 -
Intangible assets 5,699,199 8,774
Related party loans 978,277 11,778
Deferred tax 5,984,142 190,143
Total non-current assets 307,955,862 210,697,838
Current assets
Trade and other receivables 18,101,466 18,777,373
Cash and cash equivalents 17,771,821 6,565,282
Total current assets 35,873,287 25,342,655
Total assets 343,829,149 236,040,493
Equity and liabilities
Total equity attributable to equity holders
Share capital 171,995,298 127,958,794
Foreign currency translation reserve (1,898) (785,389)
Antecedent dividend reserve 635,547 -
Retained loss (9,256,498) (2,760,583)
Total equity attributable to equity holders 163,372,449 124,412,822
Liabilities
Non-current liabilities
Interest-bearing borrowings 127,070,183 10,490,966
Deferred tax 835,646 807,205
Total non-current liabilities 127,905,829 11,298,171
Current liabilities
Interest-bearing borrowings 34,548,386 91,165,629
Trade and other payables 15,029,155 8,671,831
Related party loans 1,365,000 -
Withholding tax payable 33,180 11,893
Current tax payable 1,020,938 137,756
Financial instruments 554,212 -
Cash and cash equivalents - 342,391
Total current liabilities 52,550,871 100,329,500
Total liabilities 180,456,700 111,627,671
Total equity and liabilities 343,829,149 236,040,493
Net asset value per share (cents) 163.27 168.91
Net asset value per share (excluding deferred taxation) (cents) 158.13 169.75
Audited for the Audited for the
Year ended 30 Year ended 30
Consolidated statement of cash flows June 2016 June 2015
$ $
Cash generated from/(utilised in) operations 19,286,276 (6,715,572)
Interest received 170,158 91,477
Finance costs (9,241,646) (4,357,686)
Taxation paid (589,490) (171,207)
Dividends paid (8,469,704) (2,963,434)
Net cash generated from/(utilised in) operating activities 1,155,594 (14,116,422)
Acquisition of investment property (31,490,817) (172,115,747)
Acquisition of property, plant and equipment (798,114) -
Acquisition of intangible assets (593,172) -
Net cash outflow on acquisition of subsidiaries and
associates (31,419,780) (31,115,210)
Dividends received from associates 1,786,552 -
Loans raised from/(advanced to) related parties 398,501 263,956
Net cash utilised in investing activities (62,116,830) (202,967,002)
Proceeds from the issue of shares 40,695,047 126,825,299
Share issue expenses (158,256) (3,610,335)
Proceeds from interest bearing borrowings 142,152,774 122,745,142
Settlement of interest bearing borrowings (110,179,398) (23,303,118)
Net cash generated from financing activities 72,510,166 222,656,987
Net movement in cash and cash equivalents 11,548,930 5,573,563
Cash at the beginning of the year 6,222,891 649,328
Total cash at the end of the year 17,771,821 6,222,891
Condensed
consolidated
segmental analysis Morocco Mozambique Zambia Kenya Mauritius Total
Geographical location 2016 $
Gross rental income 10,341,658 11,997,205 - - 673,230 23,012,093
Straight-line rental income accrual 630,031 1,282,085 - - 305,283 2,217,399
Property operating expenses (4,602,647) (1,280,896) - - (31,781) (5,915,324)
Income from associate - - 3,213,569 6,297 - 3,219,866
Net property rental and related
income 6,369,042 11,998,394 3,213,569 6,297 946,732 22,534,034
Fair value adjustment (4,816,060) 1,050,000 - 6,516 (99,197) (3,858,741)
Investment Property 100,621,562 131,233,000 3,000,000 - 13,691,103 248,545,665
Investment property at fair value 98,395,047 128,925,104 3,000,000 - 13,385,820 243,705,971
Straight-line rental income accrual 2,226,515 2,307,896 - - 305,283 4,839,694
Investment in associates - - 41,420,485 4,524,854 - 45,945,339
Other Assets 13,675,651 17,408,297 235,910 4,164 18,014,124 49,338,146
Total assets 114,297,213 148,641,297 44,656,394 4,529,018 31,705,227 343,829,149
Total liabilities 58,115,597 59,078,563 19,216,196 10,220 44,036,124 180,456,700
Light Accommo-
Retail Office Industrial dation Corporate Total
Type of property 2016 $
Gross rental income 11,197,234 9,606,224 75,000 2,133,635 - 23,012,093
Straight-line rental income accrual 766,487 1,450,912 - - - 2,217,399
Property operating expenses (4,844,152) (924,872) - (146,300) - (5,915,324)
Income from associate 3,219,866 - - - - 3,219,866
Net property rental and related
income 10,339,435 10,132,264 75,000 1,987,335 - 22,534,034
Fair value adjustment (3,959,544) 100,803 - - - (3,858,741)
Investment Property 114,671,561 119,591,104 8,663,000 5,620,000 - 248,545,665
Investment property at fair value 112,308,591 117,114,380 8,663,000 5,620,000 - 243,705,971
Straight-line rental income accrual 2,362,970 2,476,724 - - - 4,839,694
Investment in associates 45,945,339 - - - - 45,945,339
Other Assets 14,159,059 23,922,493 647,843 1,987,335 8,621,415 49,338,145
Total assets 174,775,959 143,513,597 9,310,843 7,607,335 8,621,415 343,829,149
Total liabilities 80,507,020 64,526,372 29,316 - 35,393,992 180,456,700
Foreign Retained
Consolidated Share Capital currency Antecedent Earnings/ Total
statement of changes translation dividend (Revenue equity
in equity reserve reserve deficit) holders
$ $ $ $ $
GROUP
Balance as at 1 July 2014 864,655 52,865 - 19,471 936,991
Profit for the year - - - 183,380 183,380
Foreign currency translation reserve
movement - (838,254) - - (838,254)
Dividends paid - - - (2,963,434) (2,963,434)
Shares issued 130,704,474 - - - 130,704,474
Share issue expenses (3,610,335) - - - (3,610,335)
Balance as at 30 June 2015 127,958,794 (785,389) - (2,760,583) 124,412,822
Profit for the year - - - 1,973,789 1,973,789
Dividends paid - - - (8,469,704) (8,469,704)
Foreign currency translation reserve
movement - 783,491 - - 783,491
Shares issued 44,830,306 - - - 44,830,306
Share issue expenses (158,255) - - - (158,255)
Transfer from share issues (635,547) - 635,547 - -
Balance as at 30 June 2016 171,995,298 (1,898) 635,547 (9,256,498) 163,372,449
NOTES
The abridged audited consolidated financial statements for the year ended 30 June 2016 have been prepared in accordance with the
measurement and recognition requirements of International Financial Reporting Standards ("IFRS"), the JSE Listings Requirements,
the SEM Listing Rules and the requirements of the Mauritian Companies Act 2001 and the method of computation followed per the
abridged audited financial statements for the year ended 30 June 2015.
The Group is required to publish financial results for the year ended 30 June 2016 in terms of the Listing Rule 12.14 of the SEM and
JSE Listing Requirements. The directors are not aware of any matters or circumstances arising subsequent to the year ended 30 June
2016 that require any additional disclosure or adjustment to the financial statements. These abridged audited consolidated financial
statements were approved by the board on 2 September 2016.
BDO & Co have issued their unqualified audit opinion on the Group's financial statements for the year ended 30 June 2016. Copies of
the abridged audited consolidated financial statements and the statement of direct and indirect interests of each officer of the
Company, pursuant to rule 8(2)(m) of the Securities (Disclosure Obligations of Reporting Issuers) Rules 2007, are available free of
charge, upon request at the Company's registered address. Contact Person: Kesaven Moothoosamy.
Declaration of final dividend
Shareholders are advised that dividend number 6 of US$5.58000 cents per share for the six months ended 30 June 2016 has been
declared. The source of the cash dividend is from rental income and cum-dividend reserve.
Salient dates and times
For shareholders on the Mauritian Register
Announcement of results of cash dividend on JSE and SEM Monday, 5 September 2016
Announcement of US$ to Rand conversion rate released on SEM website by no later than 13:00 Monday, 19 September 2016
Last date to trade cum dividend Tuesday, 20 September 2016
Shares trade ex-dividend Wednesday, 21 September 2016
Record date of dividend on JSE Friday, 23 September 2016
Payment date of dividend Monday, 3 October 2016
Notes
1. All dates and times quoted above are local dates and times in Mauritius. The above dates and times are subject to change.
Any changes will be released on the SEM website.
2. No dematerialisation or rematerialisation of share certificates nor transfer of shares between sub-registers in Mauritius and
South Africa may take place between Monday, 19 September 2016 and Friday, 23 September 2016, both days inclusive.
For shareholders on the South African Register
Announcement of results of cash dividend on JSE and SEM Monday, 5 September 2016
Announcement of US$ to Rand conversion rate released on SENS by no later than 11:00 Monday, 19 September 2016
Last date to trade cum dividend Tuesday, 20 September 2016
Shares trade ex-dividend Wednesday, 21 September 2016
Record date of dividend on JSE Friday, 23 September 2016
Payment date of dividend Monday, 3 October 2016
Notes
1. All dates and times quoted above are local dates and times in South Africa. The above dates and times are subject to
change. Any changes will be released on SENS.
2. No dematerialisation or rematerialisation of share certificates nor transfer of shares between sub-registers in Mauritius and
South Africa may take place between Monday, 19 September 2016 and Friday, 23 September 2016, both days inclusive.
3. Shareholders on the South African sub-register will receive dividends in South African Rand, based on the exchange rate to
be obtained by the Company on or before Monday, 19 September 2016. A further announcement in this regard will be
made on Monday, 19 September 2016.
In terms of the JSE Listings Requirements regarding Dividends Tax, the following information is only of direct application to
shareholders on the South African share register, as the dividend is regarded as a foreign dividend for shareholders on the South
African register:
- the final dividend is subject to South African Dividends Tax;
- the local dividend tax rate is 15%;
- there is no withholding tax payable in Mauritius;
- the number of ordinary shares in issue is 100,061,130; and
- the Mauritian income tax reference number of the Company is 27331528.
By order of the board
2 September 2016
JSE sponsor and corporate advisor to Mara Delta
PSG Capital Proprietary Limited
SEM Authorised Representative and Sponsor to Mara Delta
Perigeum Capital Limited
5 September 2016
Directors: Sandile Nomvete (chairman), Bronwyn Corbett*, Peter Todd (lead independent), Maheshwar Doorgakant,
Chandra Gujadhur, Ian Macleod, Leon van de Moortele*, Ashish Thakkar, Jaqueline van Niekerk and David Savage
(*executive director)
Company secretary: Intercontinental Fund Services Limited
Registered address: Level 5, Alexander House, 35 Cybercity, Ebène, 72201, Mauritius
Transfer secretary (South Africa): Computershare Investor Services Proprietary Limited
Registrar and transfer agent (Mauritius): Intercontinental Secretarial Services Limited
Corporate advisor and JSE sponsor: PSG Capital Proprietary Limited
Sponsoring Broker: Capital Markets Brokers Limited
SEM authorised representative and sponsor: Perigeum Capital Limited
This communiqué is issued pursuant to SEM Listing Rule 11.3 and 12.14 and section 88 of the Mauritian Securities Act 2005 and the
JSE Listing Requirements. The board accepts full responsibility for the accuracy of the information contained in these abridged
audited consolidated financial statements and this communiqué.
Date: 05/09/2016 08:00:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE').
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