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Summarised Consolidated Results for the year ended
30 June 2016 and Dividend Declaration
PUTPROP LIMITED
Incorporated in the Republic of South Africa
(Registration number 1988/001085/06)
Share code: PPR ISIN: ZAE000072310
(“Putprop” or “the Group” or “the Company)
Summarised Consolidated Results for the year ended 30 June 2016
and Dividend Declaration
These summarised consolidated Group financial statements for the
year ended 30 June 2016 have been extracted from the audited
annual financial statements upon which Mazars have issued an
unqualified audit report, but is not itself audited. The directors
take full responsibility for the preparation of the summarised
financial statements and confirm that the financial information
has been correctly extracted from the underlying annual financial
statements. The Group annual financial statements are available
for inspection at the Company’s registered office. The auditor’s
report does not necessarily report on all of the information
contained in this announcement/financial results. Shareholders are
therefore advised that in order to obtain 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 issuers registered office. This report
contains the information required by IAS34 Interim Financial
Reporting.
Preparation of Annual Financial Statements for the year ended
30 June 2016
The annual financial statements contained in this report are also
available on the Group’s website www.putprop.co.za and have been
prepared by the Chief Financial Officer, James E. Smith B.Sc, B.
Acc, CIEA. The annual financial statements have been audited in
compliance with the requirements of the Companies Act.
James E. Smith
Chief Financial Officer
12 September 2016
FINANCIAL HIGHLIGHTS
* Gross property revenue up 17.6% to R64.7 million
* Net Asset value of 1 146 cents per share
* Annual escalation on contractual rental income maintained at 8%
in difficult rental market
* Market value per m2 of property portfolio up 13% to R6 131 per m2
* Large cash reserves of R153 million (R113 million after payment
of special dividend) available to source potential additions to
portfolio.
* Declaration of the Groups first Special Dividend to shareholders
of 89.54 cents per share from proceeds of the sale of the Selby
property
OPERATIONAL HIGHLIGHTS
* Acquisition of remaining 20% of the 50% undivided share in
Corridor Hill, Witbank, with Volkswagen as head tenant.
* Divided distribution of 17 cents per share, the 29th consecutive
year of a dividend pay-out to shareholders
* Sale of Selby property to City of Johannesburg reducing the
potential vacancy in Group portfolio.
STATEMENTS OF FINANCIAL POSITION
As at 30 June 2016
Group
2016 2015
R’000 R’000
ASSETS
Non-current assets
Net investment property 454 071 434 634
Gross investment
property 459 878 439 419
Straight-line rental
income adjustment (5 807) (4 785)
Other non-current
assets
Straight-line rental
income asset 4 492 2 874
Furniture, fittings
computer equipment and
motor vehicles 96 116
Investment in
associates 102 076 114 473
Investment in
subsidiary – –
Loan to subsidiary – –
560 735 552 097
Current assets
Straight-line rental
income asset 1 314 1 911
Trade and other
receivables 16 904 6 319
Cash and cash
equivalents 153 608 103 651
171 826 111 881
Total assets 732 561 663 978
Equity and liabilities
Equity attributable to
owners of the parent
Stated capital 101 969 101 969
Accumulated profit 410 176 443 074
512 145 545 043
Non-controlling
interest – 26 780
Total equity 512 145 571 823
Non-current liabilities
Deferred taxation 37 859 36 914
Loan liabilities 97 951 36 768
135 810 73 682
Current liabilities
Dividend payable 40 000 –
Loan Liabilities 2 292 2 541
Trade and other
payables 31 811 14 250
Taxation payable 10 503 1 682
84 606 18 473
Total equity and
liabilities 732 561 663 978
STATEMENTS OF COMPREHENSIVE INCOME
for the year ended 30 June 2016
Group
2016 2015
R’000 R’000
Property rental
revenue 50 352 42 519
Operating cost
recoveries 14 381 12 533
Straight-line rental
income adjustment 1 022 (916)
Gross property
revenue 65 755 54 136
Property expenses (17 617) (14 958)
Net profit from
property operations 48 138 39 178
Corporate
administration
expenses (10 185) (5 848)
Investment and other
income 8 754 2 629
Share of associates’
profits(loss) (5 942) 13 167
Operating profit
before finance costs 40 765 49 126
Finance costs (6 820) (889)
Operating profit
before capital items 33 945 48 237
Profit/(Loss) on
sale of assets (4 850) 800
Gain on bargain
purchase – 10 918
Profit before fair
value adjustments 29 095 59 955
Fair value
adjustments 11 284 17 391
Gross change in fair
value investment
property 12 306 16 475
Straight-line rental
adjustment (1 022) 916
Profit before
taxation 40 379 77 346
Taxation (19 259) (12 874)
Profit for the year 21 120 64 472
Attributable to
owners of parent 20 787 64 798
Attributable to non
controlling interest 333 (326)
Other Comprehensive
income – -
Total comprehensive
income for the year 21 120 64 472
Attributable to
owners of parent 20 787 64 798
Attributable to non
controlling interest 333 (326)
Earnings and diluted
earnings per share
(cents) 46.5 193.9
STATEMENTS OF CHANGES IN EQUITY
for the year ended 30 June 2016
Attributable to owners of
the parent
Stated Accumu- Share- Non
capital lated holders’ controlling
profit interest interest
Total Total
R’000 R’000 R’000 R’000 R’000
GROUP
Balance at 1 July 4 146 388 373 392 519 – 392 519
2014
Issue of rights 97 823 – 97 823 – 97 823
offer shares, net
expenses
Non controlling – – – 27 106 27 106
interest recognised
on acquisition
of subsidiary
Profit/(Loss) for – 64 798 64 798 (326) 64 472
the year
Dividends paid – (10 097) (10 097) – (10 097)
Balance at 30 June 101 969 443 074 545 043 26 780 571 823
2015
Profit/(Loss) for – 20 787 20 787 333 21 120
the year
Additional loans
advanced by
minority
shareholders
increasing Non
Controlling
Interest – – – 2 483 2 483
Change in %
ownership under
common control – (3 712) (3 712) (29 596) (33 308)
Retained earnings
on acquisition of
joint operation – 1 195 1 195 – 1 195
Dividends paid – (51 168) (51 168) – (51 168)
Balance at
30 June 2016 101 969 410 176 512 145 – 512 145
Statements of cash flows for the year ended 30 June 2016
Group
2016 2015
R’000 R’000
Cash flow generated
from operating
activities 5 932 26 477
Net cash generated from
operations 28 368 44 064
Finance costs (6 820) –
Investment income 6 009 2 629
Taxation paid (10 457) (10 119)
Dividends paid (11 168) (10 097)
Cash flow generated
from/(utilised) in
investing activities 12 806 (104 519)
Additions and
improvements to
investment property (37 254) (68 127)
Additions to investment
in associates (15 035) (35 238)
Acquisition of
furniture, fittings
computer equipment and
motor vehicles (27) (81)
Advances paid on loans
to subsidiaries – –
Investment in
subsidiary company – –
Cash from joint
operation/business
combination 1 288 (6 773)
Proceeds on sale
investment property 61 076 5 700
Repayments received on
loans to associates 2 758 –
Cash flow from
financing activities 31 219 136 661
Proceeds from issue of
share capital – 97 823
Payments made on
borrowings (11 292)
Proceeds received on
borrowings 42 511 38 838
Net increase in cash
and cash equivalents 49 957 58 619
Cash and cash
equivalents at
beginning of year 103 651 45 032
Cash and cash
equivalents
at end of year 153 608 103 651
BASIS OF PREPARATION AND STATEMENT OF COMPLIANCE
1.1 Statement of compliance
The annual financial statements are prepared in accordance with
and comply with International Financial Reporting Standards
(“IFRS”), as a minimum contain the information required by IAS 34
the SAICA Financial Reporting Guides, as issued by the Accounting
Practices Committee and the Listings Requirements of the JSE
Limited and the Companies Act of South Africa, Act 71 of 2008, as
amended.
1.2 Basis of preparation
These summarised financial statements comprise the financial
statements of Putprop Limited, its subsidiary companies and equity
accounted associates and joint operations together referred to as
the Group. These statements have been prepared on an historical
cost basis, except for measurement at fair value of investment
properties and incorporate the principal accounting policies set
out below. The financial statements are presented in South African
Rands and denominated in thousands (R’000). The accounting
policies are in terms of IFRS, and these together with the method
of computation are consistent with the previous annual financial
statements.
COMMENTARY
INTRODUCTION
On behalf of the board of directors of Putprop (“the Board”) I am
pleased to report to our shareholders and other stakeholders on
the 29th annual results of the Group for the year ended 30 June
2016.
Historically, Putprop has delivered steadily over the past decade
in terms of returns, sustainable profitability and distributions.
Our approach has always been one of conservative growth with the
primary objective of building a quality property portfolio with
strong contractual cash flows and capital appreciation. Our
dividend distribution policy, with our 29th consecutive payout, as
well as our first ever declaration of a special dividend payout
continues to provide consistency and certainty to our shareholders
as well as reward them for the trust and confidence they have
given to the Group over many years.
The South African property market
The year again reflected a continuation of the volatile markets of
the previous year, with stagnant economic growth in the developed
economies and reduced growth in emerging markets. South Africa
again struggled to achieve any meaningful impact with a growth
rate of 0.0% to 0.2% forecast for 2016/2017. As the uncertainty of
the United Kingdom’s exit from the European Union continues to
play out, as well as the change of leadership in the world’s
biggest economy, the United States, dominating the remainder of
2016, a period of flux and uncertainty will continue in all of the
markets. The property sector will be no exception.
The local property sector’s operating environment remains
challenging with new market forces and variables evident in the
trading year. Rising interest rates, bond market weakness with
higher yields, as well as downward pressure on the local currency,
all played a part in reducing property yields.
Operating conditions remained difficult with rising vacancies,
longer collection times and a deterioration of rental escalations
on new leases and renewals.
Competition for stable, low risk tenants remains fierce, with
resultant downward pressure on both new rentals and renewals. High
value tenants are in an enviable position when both contracting
for new leases or when renewing existing contacts with, in some
cases, extended payment holidays or large discounts to current
market rates per m2 being offered to secure or retain such
tenants.
We are continuing to experience demand from new tenant sign-ups as
well as those leases up for renewal for short term leases of 12 to
24 months, down from 36 to 60 months achieved in previous periods.
In addition, the local office sector remains under severe pressure
with record high vacancy rates and low yields. Vacancies in key
nodes have progressively affected the asking rentals with
decreases reaching in some cases of up to 24%. Putprop’s exposure
is marginal at present with a fairly long expiry profile in this
sector.
Putprop was not immune to the effects of these market conditions;
we are, however, fortunate to have a stable portfolio of mainly
listed national and blue chip tenants, allowing some protection
against many of the factors mentioned above.
DELISTING PROCESS
At a Board meeting on 9 September 2015, with the approval and
support of the controlling shareholder, the Board took the
strategic decision to consider the delisting of the Group from the
JSE. This proposed delisting was envisaged to be implemented
through the repurchase and cancellation of Putprop shares,
excluding those shares held by Carleo Enterprises, the Groups
largest shareholder. An independent committee of the Board was
constituted and appointed to oversee this process and consider
fairness and reasonableness of any offer made by the Group to its
minority shareholders. A cautionary announcement to this effect
was issued on 18 September 2015.
As a result of the changes to the Board – resignation of directors
-announced on 3 November 2015 on SENS, a further cautionary was
issued on 4 November advising shareholders that the Group would
continue the proposed delisting process once the additional
independent non-executive directors had been appointed. These new
appointments were actioned on 3 December 2015 and 17 February
2016.
On 2 March 2016 the executive presented for Board approval the
price and assumptions made in determining a price for the shares.
The Board approved the appointment of an independent expert to
determine if the proposed price was fair to shareholders, and if
found to be fair, for formal discussions to be held with the two
largest minority shareholders in order to obtain their support for
this price and subsequent delisting.
This process was followed with an independent expert providing a
fair valuation range for the Group’s shares. The executive’s
proposal fell within this range, and approval was given by the
Board for discussions to commence with these large minority
shareholders. Following from the discussion process and taking
into account comments from these shareholders the Board approved
two further increases on the initial offer price. Both of these
shareholders indicated they would not support the transaction at
the revised offer price.
The Board determined that the Group, in failing to receive the
support of these shareholders that, the delisting process would
fail and reluctantly withdrew the cautionary on 28 April 2016 and
would reassess its further strategies going forward.
RESULTS
Although the year under review presented challenges for Putprop,
the Group produced results that showed a small increase in
operating profit before capital adjustments in respect of property
portfolio revaluations and adjustments for the sale of Selby.
The review period reflects a decrease of 47.8% on Putprop’s profit
before taxation with headline earnings down to 69.4 cents per
share (2015: 85.1 cents per share). This substantial decrease
arose from high operating costs, and losses from our associate
companies. In addition, the Group took into account finance costs
on the acquisition of Secunda Value Mart, for the first time.
Group net profit after taxation was down by 67.2% to R21.1 million
(2015: R64.4 million). Taxation, in the form of Capital Gains Tax
increased greatly as a result of the sale of the Selby property,
magnifying the after tax results.
The Group again actively pursued potential acquisitions during the
year in terms of its long-term objective of diversifying its
property portfolio further into commercial and retail properties
and also of reducing the risk of its dependence on its major
tenant, Larimar Limited. However, this process was curtailed
during the period the Group attempted to delist from the JSE. The
Board continues to insist on stringent parameters being met before
an investment is made.
SPECIAL DIVIDEND
After due consideration of all the current opportunities available
for investment to the Group, the Board decided that a portion of
the funds realised from the sale of the Selby property be returned
to shareholders by means of a Special Dividend. This was announced
to the market on 28 June 2016. A gross amount of 89.54 cents per
share was declared with payment on 25 July 2016.
The directors have decided to declare a final dividend of 7 cents
per share payable after 30 June 2016. (30 June 2015: 15 cents).
The total declared dividend for the year is 106.54 cents per share
(2015: 26 cents).
PROPERTY PORTFOLIO
At 30 June 2016 our property portfolio consisted of 16 (2015: 16)
properties, situated primarily in the Johannesburg and Pretoria
metropolitan areas of Gauteng valued at R459.9 million (2015:
R439.4 million). The performance of the investment property
portfolio was strong, with average annual property yields of
10.6%. The portfolio has a total gross lettable area of 75 003m2
(2015: 81 259 m2).
During the year under review, the Group successfully negotiated
the acquisition of the minority holding of 49% in Neo Trend Khala
Cose Developers. This makes Khala Cose a fully owned subsidiary of
the Group and with large anchor tenants, will add substantially to
the Groups income stream in 2017. In addition, the group acquired
the remaining 20% of Neo Trend Properties 1 not already held by
the Group. The Group, together with Bidvest, now both hold 50%
each of the Corridor Hill development.
On 14 September 2015 the Group informed its shareholders that it
was disposing of its Selby property to the City of Johannesburg.
Rationale for this strategy being that the property was to be
vacated effective from 31 December 2015 (as disclosed to
shareholders in the 2015 Chairman’s report) and there was little
prospect of finding a suitable tenant for the property. The sale
was successfully concluded in February 2016.
BOARD CHANGES
Kura Chihota, Mark Gemmill, Nonku Ntshona and executive director
Anna Carleo-Novello resigned from the Board as independent non-
executive directors during this reporting period.
Johann van Zyl also resigned as non-executive Chairman of the
Board, due to time constraints from his other commitments.
Paul Nucci, Hayden Hartley and Daniele Torricelli were appointed
as independent non-executive directors to the Board during the
financial year under review. The additions will bring to the Group
a wealth of diverse experience including legal, financial and
property knowledge. It was felt that a smaller Board of Directors
would allow the Group to more effectively assess various
opportunities, as well as drive these opportunities forward.
The Board will continue to place emphasis on corporate governance,
sustainability and transparency. Our Board committees continue to
be active and effective.
PROSPECTS
Our strategy is to enhance our property portfolio by investing in
suitable industrial, retail and commercial properties to improve
our income streams. To this end, the Group will continue to
actively pursue the acquisition of additional investments.
The Group still has substantial cash resources, even after the
payment of the special dividend noted in this report and the two
acquisitions referred to above (2016: R153.6 million; 2015: R103.6
million). As noted last year, Larimar our major tenant, has not
renewed the leases of certain properties tenanted by them. Their
current monthly occupation is expected to end by August this year.
Available cash resources will be utilised to acquire suitable
rental generating properties to combat this loss of rental income,
and additionally to achieve one of the Group’s main strategies -
the diversification of its rental stream base from one major
tenant.
The loss of income from those properties vacated by Larimar is a
concern going forward with little prospects at this stage to
replace with suitable tenants.
Looking ahead, we believe property fundamentals will be under
pressure for the foreseeable future. Growth, if any, in gross
domestic product is forecast by most economists to be in the
region of 0.0% to 0.2% for the 2016 year. Trading conditions in
the year ahead are expected to remain challenging.
Going forward, it is the Group’s intention to continue to uphold
its policy of strong tenant retention and focus on cost controls,
whilst maintaining the value of its existing portfolio through
aggressive maintenance and renovation policies. We will strive to
establish and build sustainable partnerships and joint ventures
with organisations of a similar philosophy.
The Group continues to be in discussions with several parties to
investigate the possibility of developing certain of our
geographically well-positioned properties into large retail
outlets or residential areas, with a view to unlocking greater
value for shareholders
IN CLOSING
Given the current business climate, I wish to thank the people who
contributed to the Group’s success and performance, in particular
our tenants for their continued support, as well as all our
shareholders and other stakeholders.
Finally, I thank my fellow Board members for their contribution
and support, and the management and staff for their work in
delivering another set of impressive results, under difficult
conditions.
Daniele Torricelli
Chairman
Johannesburg
12 September 2016
Reconciliation of Group net profit to headline earnings
GROUP GROUP GROUP GROUP
2016 2016 2015 2015
R’000 Cents R’000 Cents
Reconciliation of group NET
Profit to headline earnings
Earnings per share 20 787 46.5 64 798 193.9
Adjusted for:
Net change in fair value of
investment property (12 306) (27.5) (16 475) (49.3)
Tax effects of fair value
adjustments property 2 757 6.2 3 064 9.2
Bargain purchase price
adjustment – – (10 918) (32.6)
Equity accounting earnings of
associates and joint
operations 1 833 4.1 (14 088) (42.2)
Tax effect of equity
accounting 970 2.2 2 627 7.9
Loss(Profit) on disposal of
assets 4 850 10.8 (800) (2.4)
Compensation from third
parties insurance payouts
received (41) (0.1) – –
Capital gain on disposal
investment property 6 394 14.3 216 0.6
Change in deferred tax balance
due to tax rate change 5 782 12.9 – –
Headline earnings and diluted
earnings per share 31 026 69.4 28 424 85.1
# Weighted average number of shares 44 672 279 (2015: 33 424 428)
Retail Commercial Industrial Corporate Total
R’000 R’000 R’000 R’000 R’000
Segmental
Information
30 June 2016
Segment revenue
Contractual rental
income and
recoveries 14 803 2 726 47 204 – 64 733
Straight-line
rental adjustment 1 576 (3) (551) – 1 022
Total revenue 16 379 2 723 46 653 – 65 755
Share of associates
profits (losses) 4 502 (10 444) – – (5 942)
Segmental result
Operating
profit/(loss) 14 694 2 278 30 896 (9 915) 37 953
Finance costs (6 820) – – – (6 820)
Investment and
other income
received – – – 8 754 8 754
Fair value
adjustments to
investment
properties (3 130) 1 700 13 736 – 12 306
Loss on sale
investment property – – (4 850) – (4 850)
Straight line
rental adjustment (1 576) 3 551 – (1 022)
Net profit/(loss)
before tax 7 670 (6 463) 40 333 (1 161) 40 379
Other information
Property assets 134 943 23 200 227 656 – 385 799
Property assets -
additions 70 281 – 3 798 – 74 079
Furniture, fittings – – – 96 96
and computer
equipment and motor
vehicles
Investment in
associates 37 894 64 182 – – 102 076
Vat 1 819 – – – 1 819
Trade and other
receivables 1 211 86 5 294 8 493 15 084
Cash and cash
equivalents – – – 153 608 153 608
Segment assets 246 148 87 468 236 748 162 197 732 561
Loan liabilities 100 243 – – – 100 243
Trade and other
payables 4 944 – 3 595 23 272 31 811
Segment liabilities 105 187 – 3 595 23 272 132 054
One of the Group’s tenants, Larimar Limited, contributes
approximately 82% of the total revenue received. This revenue
falls within the industrial segment
Retail Commercial Industrial Corporate Total
R’000 R’000 R’000 R’000 R’000
Segmental
Information
30 June 2015
Segment revenue
Contractual rental 5 844 3 578 45 630 – 55 052
income and
recoveries
Straight-line (51) (39) (826) – (916)
rental adjustment
Total revenue 5 793 3 539 44 804 – 54 136
Share of associates 3 584 9 583 – – 13 167
profits
Segmental result
Operating 4 365 2 407 32 406 (5 848) 33 330
profit/(loss)
Finance costs – – – (889) (889)
Investment and – – – 2 629 2 629
other income
received
Fair value 4 000 – 12 475 – 16 475
adjustments to
investment
properties
Gain on bargain 10 918 – – – 10 918
purchase
Profit on sale – 800 – – 800
investment property
Straight line 51 39 826 – 916
rental adjustment
Net profit/(loss)
before tax 22 918 12 829 45 707 (4 108) 77 346
Other information
Property assets 48 000 – 278 919 – 326 919
Property assets - 91 000 21 500 – – 112 500
additions
Furniture, fittings – – – 116 116
and computer
equipment and motor
vehicles
Investment in 51 972 62 501 – – 114 473
associates
Vat 5 665 – – – 5 665
Trade and other 177 – 200 277 654
receivables
Cash and cash – – – 103 651 103 651
equivalents
Segment assets 196 814 84 001 279 119 104 044 663 978
Loan liabilities 39 309 – – – 39 309
Trade and other 8 579 – 1 739 3 932 14 250
payables
Segment liabilities 47 888 – 1 739 3 932 53 559
One of the Group’s tenants, Larimar Limited, contributes
approximately 82% of the total revenue received. This revenue
falls within the industrial segment
NOTICE OF ANNUAL GENERAL MEETING
In terms of section 59(1) of the Companies Act, 2008 (Act 71 of
2008), as amended, notice is hereby given that the Annual General
Meeting (“Annual General Meeting”) of shareholders of Putprop will
be held at 11:30 on Wednesday, 2 November 2016 at the registered
office of the Company at 91 Protea Road, Chislehurston, Sandton
for the purpose of considering, and, if deemed fit, passing, with
or without modification, the resolutions set out hereafter.
SUBSEQUENT EVENTS
Board approval has been given for the acquisition of a further
5.219% holding in Summit Place, situated in Menlyn Pretoria at a
cost of R11.4 million. This will increase the Groups holding in
this investment to 37.951% (2016: 32.732%).
The Board has also approved the acquisition of Township Randpark
Extension 99, vacant land in extent of 8000m2 for a consideration
of R7.9 million.
In addition, the Board, on 2 August 2016, decided to dispose of
three of its properties namely Lea Glen 1,2 and 3 which are
currently valued at R54.7 million as being surplus to its present
needs.
DECLARATION OF FINAL DIVIDEND NO 54
The Board is pleased to announce the declaration of a dividend of
7 cents per ordinary share in respect of the year ended 30 June
2016 (2015: 11 cents), thus bringing the total dividend payable
for the year to 106.54 cents (2015: 26 cents).
Additional information:
This is a dividend as defined in the Income Tax Act, 1962, and is
payable from income reserves. The dividend withholding tax (“DWT”)
rate is 15%. The net amount payable to shareholders who are not
exempt from DWT is 5.95 cents per share, while the gross amount is
7 cents per share to those shareholders who are exempt from DWT.
There are 44 672 279 (2015: 44 672 279) ordinary shares in issue;
the total dividend amount payable is R3 127 059 (2015: R6 700
841). Putprop’s tax reference number is 9100097717, and its
company registration number is 1988/001085/06
The salient dates are as follows:
Declaration date Monday, 12 September 2016
Last date to trade to participate Tuesday, 4 October 2016
Trading commences ex dividend Wednesday, 5 October 2016
Record date Friday, 7 October 2016
Date of payment Monday, 10 October 2016
Share certificates may not be dematerialised or rematerialised
between Wednesday, 5 October 2016 and Friday, 7 October 2016, both
days inclusive.
On behalf of the Board
J E Smith
Financial Director
Sandton
12 September 2016
SHAREHOLDERS’ DIARY
Financial year end 30 June 2016
Release of audited results 12 September 2016
on SENS
Despatch of annual report 21 September 2016
Annual general meeting 2 November 2016
Release of unaudited interim 20 March 2016
results 31 December 2016
Dividend 54 payment 10 October 2016
Dividend 2016 Declared Paid
Interim – Dividend no 53 April 2016 May 2016
Final – Dividend no 52 7 September 2016 October 2016
Special Dividend 8 1 June 2016 25 July 2016
Registered Office
91 Protea Road,
Chislehurston,
Sandton, 2196
Transfer Secretaries
Computershare Investor Services Proprietary Limited
70 Marshall Street, Johannesburg
P O Box 61051,
Marshalltown, 2107
Sponsor
Merchantec Capital
Date: 12/09/2016 04:39:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE').
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