Wrap Text
Unaudited Abridged Consolidated Interim Financial Statements For The Six Months Ended 31 December 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" or "the Group")
Unaudited abridged consolidated interim financial statements
for the six months ended 31 December 2016 (the "financial statements")
Highlights
Forecast distribution achieved of US$6.12 cents per share
Reduced cost of funding to 5.80%
Yield accretive pipeline deals under transfer of US$244 million
Portfolio occupancy of 98%
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 and Euro 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 Official Market of the Stock Exchange of Mauritius Ltd
("SEM") and on the Main Board of the JSE Limited ("JSE").
The Group's strategy remains to expand its property portfolio throughout targeted countries in
Africa, with assets that will provide sustainable long term, hard currency based income from high
quality counterparties with a core focus on enhancing shareholder value and dividend yield.
Review
Results
The distribution approved by the Mara Delta Board of Directors ("the Board") for the six months
ended 31 December 2016 of US$6.12 cents per share exceeds the Company forecast growth on
distribution of 2% to 4% on the prior year's full year distribution of US$11.75 cents per share.
Rental income together with income from associates has increased by 24% versus the first six months
of the 2016 financial year on the back of asset acquisitions in the latter half of the previous financial
year. Further increases are expected as the newly acquired assets come on stream during the next
quarter. The rental income increase included the impact of the US Dollar-based rental escalations.
Operating costs (including properties in associated companies) decreased slightly to 25.9%
(year ended 30 June 2016: 26.7%) for the first six months of the 2017 financial year.
The Company continues to focus on reducing its cost of borrowings with the weighted average cost
of debt at 5.80% for the six months ended 31 December 2016 (year ended 30 June 2016: 6.22%). Mara
Delta has initiated the process to obtain new debt mechanisms that provides a balance sheet hedge
to the new Euro-based investments as well as further reducing the cost of debt. The Company's loan
to value ratio at 31 December 2016 was 50.95%, up from 48.85% reported in June 2016.
Weighted average cost of debt
FY2015 6.94%
FY2016 6.22%
Half-Year 2017 5.80%
Debt expiry profile (US$ millions)
Expiry Value
Mar 2017 25.3
Jun 2017 5.7
Dec 2017 9.5
Mar 2018 20.0
Jul 2018 38.0
Feb 2019 7.9
Sep 2019 10.5
Sep 2021 0.5
Feb 2022 50.1
Jul 2027 2.5
Debt provider Percentage
Investec Bank 29.8
Standard Bank South Africa 22.4
Afrasia Bank 15.5
Standard Bank South Africa\Rockcastle 11.2
Standard Bank Mozambique 6.1
State Bank Mauritius 5.6
Barclays 4.6
Nedbank South Africa 3.3
Banco Unico 1.5
Total 100.0
Notes:
March 2017 - US$19 million refinance transaction secured with Bank of China to be paid out by 31 March 2017.
- US$6.3 million to be repaid out of capital raise.
June 2017 - US$5.7 will be settled as part of a refinance package currently under negotiation.
Mara Delta's net asset value per share ("NAVPS") remained fairly constant from US$163.27 cents per
share at 30 June 2016 to US$163.32 cents per share at 31 December 2016. The positive valuations of
the assets in Mozambique and Mauritius of US$4.3 million was offset by exchange differences in the
value of the Anfa Place Shopping Centre in Morocco of US$3.17 million (this movement is related to
the Euro's decline versus the USD and its impact on the Moroccan Dirham). Other factors influencing
the NAVPS growth was the issue of 11,080,471 shares at US$1.54 (a 4.93% discount to NAVPS).
Portfolio vacancies remain at an overall portfolio vacancy of 2% as at 31 December 2016.
Despite the economic and liquidity challenges that Mozambique continues to face, Mara Delta's assets
are performing as expected. Vacancies remained at zero and no bad debts have originated from the
Mozambican portfolio. The Company remains confident about the long-term growth prospects in
its Mozambican portfolio.
NEW BOARD APPOINTMENT
The Board of Directors are pleased to announce that Ms Mateshepo More, as of the 7th February 2017,
has been appointed as a non-executive director to the Board. Ms More is a qualified chartered accountant
and holds the position of CFO for the Public Investment Corporation. Ms More will add value to Mara Delta
through her wealth of experience and expertise in the financial, corporate and real estate environment.
SUBSEQUENT EVENTS
a) Mara Delta has signed a binding sale agreement with Néréide Limited ("Néréide"), being
a wholly-owned subsidiary of Lux Island Resorts Limited ("LUX"), for the acquisition of the
Tamassa Resort located in Bel Ombre, Mauritius, for a total consideration of the Euro equivalent
of US$40.0 million. Subsequent to the sale, the property will be leased back to Néréide
guaranteed by LUX, for an initial period of 10 years. The Euro denominated lease agreement
will be on a triple net basis. All regulatory approvals have now been obtained and the transfer is
expected by the end of February 2017.
b) Mara Delta concluded negotiations with New Mauritius Hotels Limited ("NMH") for the acquisition
of a 44.4% interest in an entity owning three hotel assets in Mauritius namely Le Victoria, Le
Canonnier and Le Mauricia for a total consideration of EUR50.0 million. This transaction will
be on a sale and leaseback basis and will generate Euro denominated earnings from a 15 year
triple net lease from NMH. The initial financial commitments of EUR21.5 million were made in
December 2016, with the remaining balance due once regulatory approvals have been obtained.
c) Mara Delta (via two wholly-owned subsidiaries namely Warehousely Limited and Mara
Viwandani Limited) has agreed to acquire the Imperial Health Sciences logistics warehouse in
Nairobi, Kenya. The facility will be leased back to Imperial Health Sciences on a 10 year triple
net basis, denominated in US$ and guaranteed by Imperial Holdings Limited. The total purchase
price is US$16.88 million for the warehouse and US$2.99 million for the vacant land. During
December 2016 Mara Delta has paid the deposit on the transaction and transfer is expected to
be concluded by March 2017.
d) The Vale accommodation compound in Tete, Mozambique and the Cosmopolitan Mall in Lusaka,
Zambia are awaiting transfer pending regulatory approvals.
e) Mara Delta has entered into a share sale and purchase agreement in terms of which Mara Delta
will purchase 100% of the issued share capital of Gerania Limited for the acquisition of Mall
de Tete, for a total consideration of US$24.99 million. The purchase agreement includes a Net
Operating Income guarantee from the sellers for a period of three years.
f) In January 2017, the redevelopment and refurbishment of the Anfa Place Shopping Centre
commenced. The Company has secured new tenancies to occupy the strategic vacancies,
most notably being Marwa (a leading, well-respected and supported Moroccan brand) and LC
Waikiki, (an international Turkish clothing brand). The redevelopment will result in additional
GLA of 2,475 m2 and is expected to deliver a 15% yield on the redevelopment cost.
The portfolio summary post transfers of the assets mentioned above is as follows:
Light Corporate
Post PiPeLine Retail Commercial Industrial Hospitality Accommodation Total
Number of properties 7 5 2 4 1 19
Property value/acquisition
price 228.3 130.5 28.6 120.8 35.0 543.2
Weighted Average
Capitalisation Rate(4) (%) 8.54 8.32 7.60 7.23 10.03 8.54
WALE (years by income) 5.5 5.5 7.8 11.3 5.0 7.3
Weighted Average Lease
Escalations (%) 4.82 2.71 1.66 3.00 2.15 3.41
Weighted Average Gross
US$ Rental per m2 per
month 18.5 25.9 9.9 13.1 26.9 17.9
GLA (m2) 83 665 34 233 19 934 57 397 12 966 208 195
Operating cost-to-income
ratio 27.37 8.69 5.28 - 7.84 14.53
Vacancies (%) 5.74(2) - - - - 2.31
Weighted average cost
of property debt(3) (%) 5.87 7.44 7.20 3.77 6.62 5.82
Property LTV (%) 46.3 43.2 29.9 47.1 26.9 43.6
Notes:
1 - The table above includes the entire property portfolio including the effective ownership in associated companies' property investments.
2 - Includes the impact of the strategic vacancies during the upgrade of Anfa Place Shopping Centre.
3 - Excludes equity bridge facilities.
4 - Capitalisation rates are post completion of the redevelopment of Anfa Place Shopping Centre and Anadarko Phase II development.
OUTLOOK
After the first six months the Board remains confident that of the forecasted distribution growth of
2% to 4% in US Dollars will be achieved. This confidence is instilled by Mara Delta's strong portfolio
which is proving to be resilient to macro-economic challenges due to the strength of the underlying
tenant base. 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.
Consolidated statement of comprehensive income
Unaudited Unaudited Unaudited Audited Unaudited
for the for the for the for the for the
quarter quarter six months year six months
ended ended ended ended ended
31 December 31 December 31 December 30 June 31 December
2016 2015 2016 2016 2015
$ $ $ $ $
Gross rental income 4,996,106 4,829,725 10,699,947 20,878,458 10,389,958
Straight-line rental income
accrual 293,787 1,075,689 775,620 2,217,399 1,652,597
Revenue 5,289,893 5,905,414 11,475,567 23,095,857 12,042,555
Income from associates 543,105 279,115 2,527,652 3,219,866 279,115
Property operating expenses (1,400,846) (836,010) (2,936,403) (5,769,024) (1,774,809)
Net property income 4,432,152 5,348,519 11,066,816 20,546,699 10,546,861
Other income 760,900 (4,523) 1,377,901 2,933,782 600,005
Administrative expenses (1,566,615) (1,263,622) (3,035,235) (3,856,608) (1,825,914)
Profit from operations 3,626,437 4,080,374 9,409,482 19,623,873 9,320,952
Acquisition fees 144,563 (221,001) (2,429) (990,338) (758,413)
Set-up costs (55,541) - (85,938) (848,462) -
Fair value adjustment on
investment property 4,338,108 15,299,457 4,290,560 (3,759,543) 16,573,662
Fair value adjustment on
financial instruments 87,022 285,664 127,020 (99,198) (193,869)
Gain from bargain purchase - - - 250,515 -
Foreign currency (losses)/gains (2,670,876) (11,178,628) (2,641,570) 2,763,774 (11,666,553)
Profit before interest and
taxation 5,469,713 8,265,866 11,097,125 16,940,621 13,275,779
Interest income 185,727 (34,926) 304,952 170,158 (34,446)
Finance costs (2,484,922) (2,982,664) (4,263,606) (9,698,267) (5,291,584)
Profit for the period before tax 3,170,518 5,248,276 7,138,471 7,412,512 7,949,749
Current tax expense (95,066) 305,905 (930,379) (1,493,959) (267,947)
Deferred tax income/(expense) 202,183 393,727 1,413,701 (3,944,764) 79,533
Profit for the period after tax 3,277,635 5,947,908 7,621,793 1,973,789 7,761,335
(Loss)/profit on translation of
functional currency (19,098) (8,546,827) (53,185) 783,491 (10,045,316)
Other comprehensive income - - - - -
Total comprehensive income/
(loss) 3,258,537 (2,598,919) 7,568,608 2,757,280 (2,283,981)
Reconciliation of basic earnings and headline earnings
Basic earnings 7,621,793 1,973,789 7,761,335
Less: Fair value adjustments
on investment property (net of
deferred taxation) (4,290,560) 3,759,543 (16,573,662)
Gain from bargain purchase - (250,515) -
Share of value adjustment
on investment property
accounted by associate (901,596) (1,418,401) -
Fair value adjustments on
financial instruments (127,020) 99,198 131,831
Headline profit/(loss)
attributable to shareholders 2,302,617 4,163,614 (8,680,496)
Less: Straight-line rental
income accrual (net of
deferred taxation) (415,687) (1,682,107) (1,670,091)
Unrealised foreign currency
exchange differences (net of
deferred taxation) 2,750,223 725,284 14,516,303
Share in income from
associates 901,596 1,418,401 -
Acquisition costs of investment
property 2,429 990,338 758,413
Deferred taxation - other
adjustments - 3,409,472 -
Setup costs 85,938 848,462 -
Amortisation of intangible
assets 262,090 - -
Antecedent dividend 897,264 635,547 -
Retained distributable
earnings 55,003 120,535 (1,651)
Distributable earnings
attributable to shareholders 6,841,473 10,629,546 4,922,478
Number of shares in issue 111,787,042 100,061,130 79,780,817
Weighted average number of
shares 101,909,223 81,725,430 73,937,102
Earnings per share
Basic and diluted profit per
share (cents) 7.48 2.42 10.50
Headline diluted profit/(loss)
per share (cents) 2.26 5.09 (11.92)
Distribution per share
Distribution per share (cents)
-interim 6.12 6.17 6.17
Distribution per share (cents) -
final (declared after 30 June) - 5.58 -
Distribution per share (cents)
- full year 6.12 11.75 6.17
Consolidated statement of financial position
Unaudited Audited Unaudited
for the for the for the
six months year six months
ended ended ended
31 December 30 June 31 December
2016 2016 2015
$ $ $
Assets
Non-current assets
Total property investments 328,412,764 294,491,004 260,985,187
Fair value of property portfolio 253,379,135 243,705,971 216,711,912
Straight-line rental income accrual 5,482,393 4,839,694 3,953,201
Investment in associates 46,899,736 45,945,339 40,320,074
Other financial assets 22,651,500 - -
Property, plant and equipment 1,608,312 803,240 111,483
Intangible assets 5,432,779 5,699,199 28,092
Related party loans 516,673 978,277 163,740
Deferred tax 7,626,077 5,984,142 2,032,063
Total non-current assets 343,596,605 307,955,862 263,320,565
Current assets
Trade and other receivables 18,952,882 18,101,466 15,189,306
Cash and cash equivalents 3,428,779 17,771,821 18,151,211
Total current assets 22,381,661 35,873,287 33,340,517
Total assets 365,978,266 343,829,149 296,661,082
Equity and liabilities
Total equity attributable to equity holders
Share capital 188,352,466 171,995,297 138,320,299
Foreign currency translation reserve (55,083) (1,898) (10,830,705)
Antecedent dividend reserve 897,264 635,547 -
Retained (loss)/profit (6,618,586) (9,256,498) 1,577,519
Total equity attributable to equity holders 182,576,061 163,372,448 129,067,113
Liabilities
Non-current liabilities
Interest-bearing borrowingss 109,487,099 127,070,183 49,693,467
Secured finance leases 199,446 - -
Deferred tax 748,349 835,646 -
Total non-current liabilities 110,434,894 127,905,829 49,693,467
Current liabilities
Interest-bearing borrowings 60,470,610 34,548,386 108,917,548
Secured finance leases 44,169 - -
Trade and other payables 8,840,021 15,029,155 8,890,584
Related party loans 1,365,000 1,365,000 -
Withholding tax payable 65,865 33,180 99,894
Current tax payable 1,158,030 1,020,938 (198,521)
Financial instruments 71,159 554,212 190,997
Cash and cash equivalents 952,457 - -
Total current liabilities 72,967,311 52,550,871 117,900,502
Total liabilities 183,402,205 180,456,700 167,593,969
Total equity and liabilities 365,978,266 343,829,149 296,661,082
Loan to value 50.95% 48.85% 53.82%
Net asset value per share (cents) 163.32 163.27 161.78
Net asset value per share (excluding deferred
taxation) (cents) 157.17 158.13 159.23
Consolidated statement of cash flows
Unaudited Unaudited
for the for the
six months Audited six months
ended for the ended
31 December year ended 31 December
2016 30 June 2016 2015
$ $ $
Cash generated from operations 7,121,524 16,762,598 10,548,811
Changes in working capital:
Trade and other receivables
Trade debtors 572,432 1,346,837 (1,753,719)
VAT (536,915) 1,903,624 970,714
Accrued revenue/Vendor adjustment account 109,074 (1,998,420) 1,365,685
Pre-paid expenses (683,387) (3,626,723) (1,347,897)
Other receivables (315,002) (828,586) -
Trade and other payables - - -
Trade creditors (2,835,639) 3,747,027 700,123
Income received in advance (2,363,076) 2,202,789 (392,413)
Other payables (990,419) (222,871) -
Cash (utilised in)/generated from operations 78,592 19,286,275 10,091,304
Interest received 304,952 170,158 (34,446)
Finance costs (3,578,606) (9,241,646) (5,249,105)
Taxation paid (760,602) (589,490) (207,182)
Dividends paid (4,722,163) (8,469,704) (3,422,658)
Net cash (utilised in)/generated from operating
activities (8,677,827) 1,155,593 1,177,913
Acquisition of investment property (9,589,791) (31,490,817) -
Acquisition of property, plant and equipment (1,162,696) (798,114) -
Acquisition of intangible assets (5,851) (593,172) -
Net cash outflow on acquisition of subsidiaries
and associates - (31,419,780) -
Dividends received from associates 1,648,469 1,786,552 -
Loans raised/(advanced to) property investments
and related parties (22,187,514) 398,501 (56,607,426)
Net cash utilised in investing activities (31,297,383) (62,116,830) (56,607,426)
Proceeds from the issue of shares 17,376,816 40,695,047 10,411,386
Share issue expenses (1,019,645) (158,256) (49,881)
Proceeds from interest-bearing borrowings 35,575,980 142,152,774 56,996,328
Settlement of interest-bearing borrowings (27,253,440) (110,179,398) -
Net cash generated from financing activities 24,679,711 72,510,167 67,357,833
Net movement in cash and cash equivalents (15,295,499) 11,548,930 11,928,320
Cash at the beginning of the year 17,771,821 6,222,891 6,222,891
Total cash at the end of the year 2,476,322 17,771,821 18,151,211
Consolidated statement of changes in equity
Foreign
currency Antecedent
Share translation dividend Retained Total equity
capital reserve reserve earnings holders
$ $ $ $ $
Balance as at 1 July 2015 127,958,794 (785,389) - (2,760,579) 124,412,826
Profit for the period - - - 7,761,335 7,761,335
Dividends paid - - - (3,423,237) (3,423,237)
Foreign currency translation
reserve movement - (10,045,316) - - (10,045,316)
Shares issued 10,411,386 - - - 10,411,386
Share issue expenses (49,881) - - - (49,881)
Balance as at 31 December
2015 138,320,299 (10,830,705) - 1,577,519 129,067,113
Loss for the period - - - (5,787,546) (5,787,546)
Dividends paid - - - (5,046,471) (5,046,471)
Foreign currency translation
reserve movement - 10,828,807 - - 10,828,807
Shares issued 34,418,920 - - - 34,418,920
Share issue expenses (108,375) - - - (108,375)
Transfer from share issue (635,547) - 635,547 - -
Balance as at 30 June 2016 171,995,297 (1,898) 635,547 (9,256,498) 163,372,448
Unaudited for the six months
ended
Profit for the period - - - 7,621,793 7,621,793
Dividends paid - - (635,547) (4,983,881) (5,619,428)
Foreign currency translation
reserve movement - (53,185) - - (53,185)
Shares issued 18,274,078 - - - 18,274,078
Share issue expenses (1,019,645) - - - (1,019,645)
Transfer from share issue (897,264) - 897,264 - -
Balance as at 31 December 2016 188,352,466 (55,083) 897,264 (6,618,586) 182,576,061
Condensed consolidated segmental analysis by region
Unaudited Unaudited
for the Audited for the
six months for the six months
ended year ended ended
31 December 30 June 31 December
2016 2016 2015
$ $ $
Profit/(loss) before income tax expense
Morocco (360,317) (4,296,926) (4,809,331)
Mozambique 7,368,817 12,325,295 12,396,372
Kenya (28,098) 238 -
Mauritius (1,865,316) (3,254,391) 248,453
Zambia 2,023,385 2,638,296 114,255
7,138,471 7,412,512 7,949,749
Total assets
Morocco 110,234,930 114,297,213 110,192,228
Mozambique 154,641,916 154,081,142 138,104,628
Kenya 6,484,357 4,529,017 -
Mauritius 48,987,505 26,265,383 7,772,611
Zambia 45,629,558 44,656,394 40,591,615
365,978,266 343,829,149 296,661,082
Condensed consolidated segmental analysis by sector
Unaudited Unaudited
for the Audited for the
six months for the six months
ended year ended ended
31 December 30 June 31 December
2016 2016 2015
$ $ $
Profit/(loss) before income tax expense
Office 6,911,710 8,915,484 11,234,712
Retail 2,140,359 (313,084) (3,980,825)
Corporate accommodation 1,089,000 1,987,335 284,867
Light industrial 316,093 75,000 74,250
Hospitality 50,532 - -
Corporate (3,369,223) (3,252,223) 336,745
7,138,471 7,412,512 7,949,749
Total assets
Office 143,069,027 143,513,594 129,875,011
Retail 171,008,828 174,775,962 162,448,399
Corporate accommodation 8,857,244 7,607,335 1,634,867
Light industrial 11,782,379 9,310,843 74,250
Hospitality 22,660,745 - -
Corporate 8,600,043 8,621,415 2,628,555
365,978,266 343,829,149 296,661,082
Condensed consolidated segmental analysis
Morocco Mozambique Zambia Kenya Mauritius Total
Geographical location
31 December 2016 - $
Gross rental income 4,317,589 5,806,722 - - 575,636 10,699,947
Straight-line rental income
accrual 92,018 560,641 - - 122,961 775,620
Property operating expenses (2,362,363) (497,740) - - (76,300) (2,936,403)
Income from Associates - - 2,555,750 (28,098) - 2,527,652
Net property rental
and related income 2,047,244 5,869,623 2,555,750 (28,098) 622,297 11,066,816
Fair value adjustment (92,018) 3,537,000 - - 845,578 4,290,560
Investment property vehicles 97,448,084 141,465,094 45,402,979 6,484,357 37,612,250 328,412,764
Investment property at fair value 95,199,179 138,661,517 3,000,000 1,987,600 14,530,839 253,379,135
Straight-line rental income accrual 2,248,905 2,803,577 - - 429,911 5,482,393
Investment in associates - - 42,402,979 4,496,757 - 46,899,736
Other financial assets - - - - 22,651,500 22,651,500
Light Accommo-
Hospitality Retail Office industrial dation Corporate Total
Type of property
31 December 2016 - $
Gross rental income - 4,972,272 5,277,675 450,000 - - 10,699,947
Straight-line rental
income accrual - 148,860 626,760 - - - 775,620
Property operating
expenses - (2,418,878) (376,794) (70,816) (69,915) - (2,936,403)
Income from
Associates - 2,527,652 - - - - 2,527,652
Net property rental
and related income - 5,229,906 5,527,641 379,184 (69,915) - 11,066,816
Fair value adjustment - (192,018) 4,545,578 (63,000) - - 4,290,560
Investment property
vehicles 22,651,500 158,297,799 131,094,956 10,587,600 5,780,909 - 328,412,764
Investment property at
fair value - 108,972,067 128,038,559 10,587,600 5,780,909 - 253,379,135
Straight-line rental
income accrual - 2,425,996 3,056,397 - - - 5,482,393
Investment in
associates - 46,899,736 - - - - 46,899,736
Other financial assets 22,651,500 - - - - - 22,651,500
NOTES
The Group is required to publish interim reports in accordance with the Listing Rule 12.19 of the
SEM. Accordingly, this announcement presents the financial results of the Group in respect of the
six months period from 1 July 2016 to 31 December 2016.
The accounting policies which have been applied are consistent with those used in the preparation
of the audited financial statements for the year ended 30 June 2016.
The financial statements for the six months ended 31 December 2016 have been prepared in
accordance with the measurement and recognition requirements of IFRS, the requirements of IAS
34: Interim Financial Reporting, the SEM Listing Rules, the JSE Listings Requirements, the SAICA
Financial Reporting Guides as issued by the Accounting Practices Committee, the Financial Reporting
Pronouncements as issued by the Financial Reporting Accountants Council and the Securities Act
of Mauritius 2005.
The financial statements have not been reviewed or reported on by the Group's external auditors.
These financial statements were approved by the Board on 7 February 2017. Copies of the financial
statements and the statement of direct and indirect interests of each officer of the Group, pursuant
to rule 8(2)(m) of the Securities (Disclosure Obligations of Reporting Issuers) Rules of Mauritius 2007,
are available free of charge, upon request at the Company's registered address.
Declaration of final dividend
Shareholders are advised that dividend number 5 of US$6.12000 cents per share for the six months
ended 31 December 2016 has been declared. The source of the cash dividend is from rental income
and cum-dividend reserve.
Salient dates and times
For shareholders on the Mauritian register
Announcement of results of cash dividend on JSE and SEM Wednesday, 8 February 2017
Last date to trade cum dividend Tuesday, 28 February 2017
Shares trade ex-dividend Wednesday, 1 March 2017
Record date of dividend on JSE Friday, 3 March 2017
Payment date of dividend Monday, 6 March 2017
Notes
1. All dates and times quoted above are local dates and times in Mauritius. The above dates and times
are subject to change. Any changes will be released on the SEM website.
2. No dematerialisation or rematerialisation of share certificates may take place between
Wednesday, 1 March 2017 and Friday, 3 March 2017, both days inclusive.
3. No transfer of shares between sub-registers in Mauritius and South Africa may take place
between Tuesday, 21 February 2017 and Friday, 3 March 2017, both days inclusive.
For shareholders on the South African Register
Announcement of results of cash dividend on JSE and SEM Wednesday, 8 February 2017
Announcement of US$ to Rand conversion rate released on SENS
by no later than 11:00 Tuesday, 21 February 2017
Last date to trade cum dividend Tuesday, 28 February 2017
Shares trade ex-dividend Wednesday, 1 March 2017
Record date of dividend on JSE Friday, 3 March 2017
Payment date of dividend Monday, 6 March 2017
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 SENS.
2. No dematerialisation or rematerialisation of share certificates nor transfer of shares between subregisters
in Mauritius and South Africa may take place between Tuesday, 21 February 2017 and
Friday, 3 March 2017, 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 Tuesday, 21 February 2017. A
further announcement in this regard will be made on Tuesday, 21 February 2017.
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 111,787,042; and
- the Mauritian income tax reference number of the Company is 27331528.
By order of the board
8 February 2017
JSE sponsor and corporate adviser SEM authorised representative
to Mara Delta and sponsor to Mara Delta
PSG CAPITAL Perigeum Capital
Directors: Sandile Nomvete (chairman), Bronwyn Corbett*, Peter Todd (lead independent),
Maheshwar Doorgakant, Chandra Gujadhur, Ian Macleod, Leon van de Moortele*, Jaqueline
van Niekerk and Mateshepo More (*executive director)
Company secretary: Intercontinental Fund Services Limited
Registered address: c/o Intercontinental Fund Services Limited, 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 Rules 11.3 and 12.20 and Section 88 of the
Securities Act of Mauritius 2005. The Board accepts full responsibility for the accuracy of the
information contained in this communique. The directors of the Company are not aware of any
matters or circumstances arising subsequent to the period ended 31 December 2016 that
require any additional disclosure or adjustment to the financial statements.
www.maradelta.com
Date: 08/02/2017 02:51:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE').
The JSE does not, whether expressly, tacitly or implicitly, represent, warrant or in any way guarantee the truth, accuracy or completeness of
the information published on SENS. The JSE, their officers, employees and agents accept no liability for (or in respect of) any direct,
indirect, incidental or consequential loss or damage of any kind or nature, howsoever arising, from the use of SENS or the use of, or reliance on,
information disseminated through SENS.
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