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Unaudited condensed consolidated interim results for the six months ended 28 February 2017
INGENUITY PROPERTY INVESTMENTS LIMITED
(INCORPORATED IN THE REPUBLIC OF SOUTH AFRICA)
REGISTRATION NUMBER: 2000/018084/06
JSE SHARE CODE: ING
ISIN: ZAE000127411
('THE COMPANY' OR 'THE GROUP' OR 'INGENUITY')
UNAUDITED CONDENSED CONSOLIDATED INTERIM RESULTS
FOR THE SIX MONTHS ENDED 28 FEBRUARY 2017
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
AS AT 28 FEBRUARY 2017
Unaudited Unaudited Audited
6 months 6 months year
ended ended ended
28 Feb 2017 29 Feb 2016 31 Aug 2016
R'000 R'000 R'000
ASSETS
Non-current assets 4 331 884 3 617 083 4 236 950
Fair value of investment property 3 907 122 3 160 153 3 880 831
Investment properties under development 138 549 202 200 100 548
Development properties - land 133 047 115 927 131 095
Straight-line rental adjustment 138 450 110 978 107 117
Fair value of property assets 4 317 168 3 589 258 4 219 591
Property and equipment 14 716 15 095 14 925
Derivative assets - 12 730 2 434
Current assets 123 241 149 658 244 071
Trade and other receivables 35 059 14 647 20 533
Investment property classified as held for sale 41 200 - 147 000
Straight-line rental adjustment - 6 858 18 782
Cash and cash equivalents 46 982 128 153 57 756
Total assets 4 455 125 3 766 741 4 481 021
EQUITY AND LIABILITIES
Shareholders' interest 1 439 475 1 308 968 1 391 174
Stated capital 747 610 747 610 747 610
Treasury shares (52 296) (52 296) (52 296)
Non-distributable reserve 540 914 458 920 522 414
Retained earnings 184 494 140 081 156 224
Total equity attributable to equity holders of
the parent 1 420 722 1 294 315 1 373 952
Non-controlling interest 18 753 14 653 17 222
Non-current liabilities 2 632 693 2 399 413 2 693 716
Borrowings 2 363 557 2 188 117 2 447 409
Derivative liabilities 31 241 - 14 403
Finance lease liability 3 940 3 747 3 840
Deferred taxation liability 233 955 207 549 228 064
Current liabilities 382 957 58 360 396 131
Trade and other payables 44 863 24 480 50 418
Current portion of borrowings 305 113 14 128 319 904
Prepaid rent received 17 790 11 386 17 801
Taxation payable 49 - 203
Share-based incentives valuation 15 142 8 366 7 805
Total equity and liabilities 4 455 125 3 766 741 4 481 021
NOTES TO THE CONSOLIDATED STATEMENT
OF FINANCIAL POSITION
Net asset value per share 123 112 119
(based on number of shares in issue at end of
period net of treasury shares) 1 166 835 524 1 166 835 524 1 166 835 524
CONSOLIDATED STATEMENT OF PROFIT OR LOSS AND
OTHER COMPREHENSIVE INCOME
FOR THE SIX MONTHS ENDED 28 FEBRUARY 2017
Unaudited Unaudited Audited
6 months 6 months year
ended ended ended
28 Feb 2017 29 Feb 2016 31 Aug 2016
R'000 R'000 R'000
Revenue, excluding straight-line rental
revenue adjustment 220 229 159 418 358 319
Straight-line rental revenue adjustment 12 287 10 650 20 862
Revenue 232 516 170 068 379 181
Property expenses (69 390) (42 877) (103 349)
Net property income 163 126 127 191 275 832
Other operating expenses (8 057) (7 525) (15 051)
Operating profit before fair value adjustments
and net finance costs 155 069 119 666 260 781
Fair value adjustments 46 044 75 503 182 005
Gains on investment and development properties 102 981 101 765 209 116
Decreases to investment and development properties (49 599) (26 830) (28 241)
(Decreases)/gains on share-based incentives (7 338) 568 1 130
Finance income 2 014 1 763 4 611
Finance costs (129 662) (87 061) (209 472)
Profit before taxation 73 465 109 871 237 925
Taxation (11 288) (46 949) (75 014)
Profit after taxation 62 177 62 922 162 911
Profit attributable to:
Equity holders of the parent 60 646 62 519 159 939
Non-controlling interest 1 531 403 2 972
62 177 62 922 162 911
Profit after taxation 62 177 62 922 162 911
Other comprehensive income:
To be reclassified subsequently to profit or loss:
Cash flow hedges (19 273) 12 730 (11 968)
Income tax relating to components of other
comprehensive income 5 397 (3 564) 3 351
Other comprehensive income net of tax (13 876) 9 166 (8 617)
Total comprehensive income 48 301 72 088 154 294
Attributable to:
Equity holders of the parent 46 770 71 685 151 322
Non-controlling interest 1 531 403 2 972
48 301 72 088 154 294
NOTES TO THE CONSOLIDATED STATEMENT OF PROFIT
OR LOSS AND OTHER COMPREHENSIVE INCOME
Earnings per share
Basic and diluted earnings per share (cents) 5.2 5.4 13.8
Headline and diluted headline earnings
per share (cents) 1.5 2.2 3.6
Total shares in issue 1 255 995 859 1 255 995 859 1 255 995 859
Number of shares in issue, net of
treasury shares 1 166 835 524 1 166 835 524 1 166 835 524
Weighted average number of shares 1 166 835 524 1 165 899 852 1 156 304 319
Headline earnings are calculated as follows:
Earnings attributable to equity holders 60 646 62 519 159 939
Net fair value adjustment to investment properties (53 382) (74 935) (180 875)
Deferred tax on net fair value adjustment 9 657 17 829 42 492
Deferred tax on change in capital gains tax rate - 19 955 19 955
Adjusted earnings for HEPS 16 921 25 368 41 511
CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE SIX MONTHS ENDED 28 FEBRUARY 2017
Unaudited Unaudited Audited
6 months 6 months year
ended ended ended
28 Feb 2017 29 Feb 2016 31 Aug 2016
R'000 R'000 R'000
Cash generated from operations 130 939 108 403 265 112
Finance income received 2 014 1 763 4 611
Finance costs paid (132 815) (86 406) (204 657)
Taxation paid (154) (308) (740)
Dividends paid to shareholders - (41 434) (41 434)
Net cash (outflow)/inflow from operating activities (16) (17 982) 22 892
Cash flows from investing activities
Additions to property and equipment (305) (918) (997)
Proceeds from disposal of operations 100 - -
Acquisitions/additions to investment properties (19 217) (92 448) (743 937)
Acquisitions/additions to investment properties
under development (35 223) (35 530) (56 985)
Interest capitalised to investment properties
and investment properties under development (2 878) (4 668) (7 428)
Proceeds from disposal of investment properties 147 000 - -
Prepayments for investment property acquired
after period-end - (1 056) -
Net cash inflow/(outflow) from investing activities 89 477 (134 620) (809 347)
Cash flows from financing activities
Finance lease payments (129) (129) (259)
Proceeds from the issue of shares - 41 955 41 955
Financial liabilities raised 27 861 272 076 836 640
Financial liabilities repaid (127 967) (61 956) (62 934)
Net cash (outflow)/inflow from financing activities (100 235) 251 946 815 402
Net (decrease)/increase in cash and cash equivalents (10 774) 99 344 28 947
Cash and cash equivalents at beginning of period 57 756 28 809 28 809
Cash and cash equivalents at end of period 46 982 128 153 57 756
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE SIX MONTHS ENDED 28 FEBRUARY 2017
Non-
distrib- Non-
Stated Treasury utable Retained controlling
capital shares reserve earnings interest Total
R'000 R'000 R'000 R'000 R'000 R'000
Balance at
1 September 2015 705 655 (52 296) 412 603 156 147 14 250 1 236 359
Total comprehensive
income for the period - - 9 166 62 519 403 72 088
Profit for the period - - - 62 519 403 62 922
Other comprehensive income - - 9 166 - - 9 166
Net change in fair value of
cash flow hedge recognised
directly in other
comprehensive income - - 9 166 - - 9 166
Issue of 44 526 316
shares 41 955 - - - - 41 955
Transfer from
non-distributable reserve
-deferred tax on change in
capital gains tax rate - - (19 955) 19 955 - -
Transfer to
non-distributable reserve
- fair value adjustments
to investment properties - - 57 106 (57 106) - -
Dividend paid - 3.5 cents
per share - - - (41 434) - (41 434)
Balance at
29 February 2016 747 610 (52 296) 458 920 140 081 14 653 1 308 968
Total comprehensive
income for the period - - (17 783) 97 420 2 569 82 206
Profit for the period - - - 97 420 2 569 99 989
Other comprehensive income - - (17 783) - - (17 783)
Net change in fair value
of cash flow hedge
recognised directly in
other comprehensive income - - (17 783) - - (17 783)
Transfer to
non-distributable reserve
- fair value adjustments
to investment properties - - 81 277 (81 277) - -
Balance at
31 August 2016 747 610 (52 296) 522 414 156 224 17 222 1 391 174
Total comprehensive income
for the period - - (13 876) 60 646 1 531 48 301
Profit for the period - - - 60 646 1 531 62 177
Other comprehensive income - - (13 876) - - (13 876)
Net change in fair value
of cash flow hedge
recognised directly
in other comprehensive
income - - (13 876) - - (13 876)
Transfer from
non-distributable
reserve
- fair value gain
realised on investment
properties sold - - (11 349) 11 349 - -
Transfer to
non-distributable reserve
- fair value adjustments
to investment properties - - 43 725 (43 725) - -
Balance at
28 February 2017 747 610 (52 296) 540 914 184 494 18 753 1 439 475
CONSOLIDATED SEGMENTAL INFORMATION
Develop-
ment Light
proper- indus- Straight-
Office Retail ties Parking trial Other lining Total
R'000 R'000 R'000 R'000 R'000 R'000 R'000 R'000
Unaudited six
months ended
28 February 2017
Net additions
to non-current
assets (118 913) (9 071) 38 100 (14 215) (435) 32 594 - (71 940)
Total assets 2 591 373 835 765 271 596 510 463 82 895 163 033 - 4 455 125
Revenue 145 335 42 977 233 26 232 467 4 985 12 287 232 516
Profit/(loss)
before fair
value adjustment 98 413 30 216 (781) 19 154 336 (4 556) 12 287 155 069
Fair value
adjustment 27 602 24 931 1 853 (1 755) 58 (6 645) - 46 044
Profit/(loss)
before interest
and taxation 126 015 55 147 1 072 17 399 394 (11 201) 12 287 201 113
Finance income - - - - - 2 014 - 2 014
Finance costs - - - - - (129 662) - (129 662)
Profit/(loss)
before taxation 126 015 55 147 1 072 17 399 394 (138 849) 12 287 73 465
Develop-
ment Light
proper- indus- Straight-
Office Retail ties Parking trial Other lining Total
R'000 R'000 R'000 R'000 R'000 R'000 R'000 R'000
Unaudited six
months ended
29 February 2016
Net additions
to non-current
assets 123 903 33 830 71 759 1 376 4 705 18 915 - 254 488
Total assets 1 937 087 830 473 488 752 408 367 72 653 29 409 - 3 766 741
Revenue 94 704 39 889 1 057 18 511 3 493 1 764 10 650 170 068
Profit/loss
before fair
value adjustment 68 850 29 357 (175) 14 362 2 794 (6 172) 10 650 119 666
Fair value
adjustment 25 448 10 180 25 892 11 301 1 874 808 - 75 503
Profit/loss
before interest
and taxation 94 298 39 537 25 717 25 663 4 668 (5 364) 10 650 195 169
Finance income - - - - - 1 763 - 1 763
Finance costs - - - - - (87 061) - (87 061)
Profit/loss
before taxation 94 298 39 537 25 717 25 663 4 668 (90 662) 10 650 109 871
Develop-
ment Light
proper- indus- Straight-
Office Retail ties Parking trial Other lining Total
R'000 R'000 R'000 R'000 R'000 R'000 R'000 R'000
Audited year ended
31 August 2016
Net additions to
non-current
assets 795 107 8 623 (18 346) 107 811 12 366 (27 971) - 877 590
Total assets 2 682 684 819 905 231 643 526 433 83 272 137 084 - 4 481 021
Revenue 223 095 79 187 493 42 238 7 955 5 351 20 862 379 181
Profit/loss
before fair
value
adjustment 156 531 58 051 (1 964) 32 043 6 376 (11 118) 20 862 260 781
Fair value
adjustment 124 899 9 160 17 665 22 948 4 832 2 501 - 182 005
Profit/loss
before interest
and taxation 281 430 67 211 15 701 54 991 11 208 (8 617) 20 862 442 786
Finance income - - - - - 4 611 - 4 611
Finance costs - - - - - (209 472) - (209 472)
Profit/loss
before taxation 281 430 67 211 15 701 54 991 11 208 (213 478) 20 862 237 925
Note:
Restatements of information at 29 February 2016
To present more meaningful information, 'Development Properties', which were previously
reported under 'Other' and 'Unsegmental', are now reported as a separate segment.
'Special' (gym) is no longer reported as a separate segment and is now included
in the 'Retail' segment.
NOTES TO THE FINANCIAL STATEMENTS
FOR THE SIX MONTHS ENDED 28 FEBRUARY 2017
BASIS OF PREPARATION
The unaudited condensed consolidated interim financial results ('the financial
statements') have been prepared in accordance with and containing the information
required by IAS 34: Interim Financial Reporting and have been prepared in accordance
with the SAICA Financial Reporting Guides as issued by the Accounting Practices
Committee, the JSE Listings Requirements and in the manner required by the Companies
Act of South Africa (as amended).
The accounting policies and methods of computation applied in the preparation of the
financial statements are in accordance with International Financial Reporting
Standards ('IFRS') and are consistent with those applied in the audited annual
financial statements for the year ended 31 August 2016.
To present more meaningful information, as disclosed in the audited annual
financial statements for the year ended 31 August 2016, changes were made to
the reporting of certain segments in the schedule of segmental information.
These changes have now also been included in the comparative period figures.
Reclassifications
- In previous reporting periods, the Company reported 'Investment properties under
development' and 'Development properties - land' as a single line item under
'Investment properties under development' on the face of the Statement of
Financial Position. In the most recent results, the presentation has been
split into more detail than previously reported to present more meaningful
information.
The effect of this reclassification on Ingenuity's Statement of Financial
Position as at 29 February 2016 is that 'Investment properties under development'
reduces from R318.1 million to R202.2 million and the new line item, 'Development
properties - land' is disclosed at R115.9 million. The reclassification totals
R115.9 million and has no impact on the total fair value of property assets.
Similarly, the effect of this reclassification on Ingenuity's Statement of
Financial Position as at 31 August 2016 is that 'Investment properties under
development' reduces from R231.6 million to R100.5 million and the new line item,
'Development properties - land' is disclosed at R131.1 million. The reclassification
totals R131.1 million and has no impact on the total fair value of property assets.
- In previous reporting periods, the company included the '(Decreases)/gains
on share-based incentives' as part of the 'Operating profit before fair value
adjustments and net finance costs' line item, on the face of the Statement of
Profit or Loss and Other Comprehensive Income. In the current reporting period,
this has been presented as a separate line item under the 'Fair value adjustments'
heading in the Statement of Profit or Loss and Other Comprehensive Income to present
more meaningful disclosure of the nature of the adjustment.
The effect of this reclassification on Ingenuity's Statement of Profit or Loss and
Other Comprehensive Income for the six-month period ending 29 February 2016 is that
the 'Operating profit before fair value adjustments and net finance costs' reduces from
R120.2 million to R119.7 million and a new line item '(Decreases)/gains on share-based
incentives' is disclosed. The reclassification totals R0.5 million and has no impact on
the profit before taxation.
Similarly, the effect of this reclassification on Ingenuity's Statement of Profit or Loss
and Other Comprehensive Income for the year ending 31 August 2016 is that the 'Operating
profit before fair value adjustments and net finance costs' reduces from R261.9 million
to R260.8 million and a new line item '(Decreases)/gains on share-based incentives' is
disclosed at R1.1 million. The reclassification totals R1.1 million and has no impact
on the profit before taxation.
There were no new and amended standards and interpretations of IFRS which were
effective for the first time and applicable to Ingenuity's results for the period
ended 28 February 2017.
These financial statements were prepared under the supervision of Mr M Wagenheim CA (SA)
in his capacity as Group Financial Director. These financial statements have not been
audited or reviewed by the group's independent external auditors.
The directors are not aware of any matters or circumstances arising after
28 February 2017 that require any additional disclosure or adjustment to the
financial statements, other than as disclosed in the financial statements.
DIRECTORS' COMMENTARY
GENERAL REVIEW
Despite volatile market conditions and prevailing uncertainty, Ingenuity continues
to perform well. The business remains focused and is well positioned to take
advantage of opportunities inherent in the business.
The fair value of the property assets has grown 20% over the comparative period.
The total property portfolio fair value now amounts to R4.3 billion, comprising:
- 32 investment properties with a value of R4.04 billion;
- One property currently under development which comprises the 117 on Strand
development at a current cost of R138.5 million; and
- Two properties held for future development, comprising 'The Modern' project
- and the 'Tyger Valley' project with a combined value of R133 million.
The net asset value per share (based on shares in issue, net of total treasury
shares) increased by 9.8% to 123 cents from 112 cents in the comparative period,
due to acquisitions made and growth in the value of the portfolio.
OPERATIONS
Net property income, which comprises gross rental income less property expenses,
has increased by 28% to R163 million (2016: R127 million) mainly due to properties
acquired after the previous reporting period and rental escalations from existing
leases. Property expenses and other operating expenses were within budget and
are well controlled.
Headline earnings per share ('HEPS') is 1.5 cents (2016: 2.2 cents) and earnings per
share ('EPS') is 5.2 cents (2016: 5.4 cents). The decreases in HEPS and EPS are due to
increases in net borrowings, an increase in interest rates and the additional interest
costs of the long-term interest rate swap contracts, compared to the comparative period.
EPS has also reduced, compared to the comparative period, due to a decrease in the fair
value adjustments to cater for higher market yield expectations in a higher interest
rate environment.
The total cash on hand amounted to R46.9 million compared to R128.1 million on hand
at the end of the comparative half-year period. R100 million of the comparative figure
was used to fund a portion of the Great Westerford transaction. When available,
surplus cash is used to reduce borrowings on an access facility basis.
NET PROPERTY INCOME
Gross revenue increased by 38% for the half-year 2017 compared to the half-year
2016 due to rental escalations, a reduction in vacancies and rentals earned on
investments acquired after the comparative reporting period.
The ratio of property expenses to revenue increased to 31.5% for the half-year
2017 (2016: 26.9%) due to increased once-off maintenance items incurred to enhance
and maintain the quality of the properties.
FAIR VALUE ADJUSTMENTS
Valuations of all properties were performed by either the directors or an
independent external valuer, and have resulted in a net upward revaluation
adjustment of R53.4 million (2016: R74.9 million). Independent external valuations
are carried out on a rotational basis to ensure each property is valued independently
at least every three years. Conservative valuation assumptions have been applied to
take account of deteriorating market conditions. The valuations are based on either
the discounted cash flow method or the capitalisation of net income method or a
combination of these methods, which is consistent with the basis used in prior periods.
FINANCE CHARGES
Finance charges increased by 49% to R129.7 million from R87.1 million in the
comparative half-year 2016, due to the growth of the portfolio through development,
investment properties acquired, an increase in interest rates and additional interest
costs on interest rate swap contracts. The weighted average rate of interest on borrowings
as at 28 February 2017 was 9.6% compared to 9.1% for the comparative half-year 2016 due
to the increase in the prime lending rate and the fixing of interest rates on a portion
of the borrowings.
DISPOSALS AND HELD-FOR-SALE PROPERTIES
During the period under review, the Company sold the following investment properties:
- 'Loerie Centre', situated in George, for R47 million, which realised a profit on cost
of R7.4 million. Transfer was registered on 8 December 2016; and
- 'The Estuaries', situated in Century City, for R100 million, which realised a
profit on cost of R7.4 million. Transfer was registered on 6 February 2017.
At the reporting date, the following investment property was classified as held
for sale:
- '142 Edward Street', situated in Tyger Valley, and sold for R41.2 million, realising
a profit on cost of R8.8 million. Transfer was registered on 1 March 2017.
ACQUISITIONS AND COMMITMENTS
In February 2017, the Company (through a wholly-owned subsidiary) announced an
agreement to acquire 100% of a property for future development, known as 'City Park',
comprising office space and parking with a total GLA of 32 333 m2, situated in Bree and
Longmarket Streets in central Cape Town, at a cost of R300 million. Transfer is expected
during June 2017 and it will be settled through a combination of debt and cash resources.
Subsequent to the announcement, the Company entered into a transaction to dispose of a
50% interest in the subsidiary to the Rabie Property Group Proprietary Limited to co-develop
and market the property, through a joint venture.
The total value of the property portfolio increases to R4.5 billion with the acquisition
of the City Park property.
Development and capital expenditure, not yet incurred but authorised and contracted for,
amounts to R605.3 million as at the end of the reporting period. It comprises R494.5 million
for the 117 on Strand development, which is scheduled for completion in September 2019, and
the Santam Head Office upgrade of R110.8 million scheduled for completion in December 2017.
These projects are being funded by a combination of debt and existing cash resources.
ARREARS
Rentals continue to be collected timeously. The Company maintains a track record of
very low write-offs and a debtors' book which is collected within 30 days. There are
no concerns regarding the recoverability of any debtors.
VACANCY LEVELS
At the reporting date, the group's core portfolio vacancy ratio was 1.8% on a portfolio
of 196 242 m2. For the 2016 comparative figures, the vacancy ratio was 2.8% on a portfolio
of 174 564 m2. This ratio has improved due to management's focus on concluding lettings and
pro-active engagement with tenants where leases are due for renewal. The operating vacancy
is well below current market norms and is attributable to pro-active management and the quality
of the asset base which continues to attract high quality tenants. The lease expiry profile
of the portfolio at the reporting date comprises 64% of rentals expiring beyond February 2020.
DERIVATIVE LIABILITIES
These comprise interest-rate swap contracts which qualify for special hedge accounting.
The company has classified them as cash flow hedges stated at fair value based on broker
quotes. The profile comprises five-year interest rate swaps with notional amounts totalling
R1.5 billion, at an average all-in cost of 9.9%, maturing as follows:
- R500 million in November 2020;
- R500 million in May 2021; and
- R500 million in July 2021.
These contracts are considered to be level 2 financial liabilities and are measured
using a discounted cash flow valuation technique which utilises risk-free interest
rate inputs, observable for the liability either directly (as prices) or indirectly
(derived from prices).
STATED CAPITAL
During the period, the Company did not issue any shares, nor were there any repurchases
of shares.
BORROWINGS
At the reporting date, total borrowings amounted to R2.7 billion (2016: R2.2 billion)
with a loan-to-value ratio of 60% (2016: 58%), which is the measure of dividing interest-
bearing debt net of cash holdings by the fair value of all property assets. All short-term
facilities falling due have been extended. Borrowings of 56% (2016: 23%) are fixed with the
balance at floating rates. The all-in weighted average interest rate, inclusive of the
interest rate swaps, amounts to 9.6% as at 28 February 2017 (2016: 9.1%). The proceeds on
the sale of properties referred to above have been applied to reduce borrowings.
During the reporting period, the Company renegotiated its borrowings to move all
facilities to The Standard Bank of South Africa Limited. The new facilities comprise
medium-term and development facilities at reduced interest rates and covenants. These
facilities, which will operate through a special purpose vehicle ('SPV'), are expected
to be registered and implemented during May 2017.
PROSPECTS
Ingenuity remains focused on its strategy. The Company is unique in its geographic
location, being the Western Cape, and comprises a blend of superb quality long-term
income-producing assets coupled together with exciting development initiatives.
The development of 117 on Strand commenced during this reporting period and is expected
to contribute towards meaningful returns to shareholders. The total development
cost is approximately R633 million and will be completed by September 2019. The
project will deliver trading profits from residential sales as well as high-yielding
premium-grade investment stock.
During this reporting period, we also commenced the upgrade of the Santam Head
Office building and surrounding site precinct. This project is expected to be completed
by December 2017 at a total capital cost of R125.3 million. As part of the transaction,
Santam has committed to a further 12-year lease commencing on 1 January 2018. This lease
will add significant value to the current portfolio's already strong income stream.
In addition to the 117 on Strand project and the Santam Head Office upgrade, progress is
being made on our other development opportunities. We expect to make further
announcements on these by the time we report on our year-end results.
The Company announced on SENS in January 2017 that Investec Property Fund Limited
('Investec') acquired a beneficial interest of 7.4% in the Company. The board of
directors view this as a positive step in securing a strategic relationship with a
strong partner.
Our commitment is to create enduring increased wealth for shareholders, focusing
on underlying quality assets with a strong emphasis on growing Net Asset Value.
The above information has not been reviewed or reported on by the Company's auditors.
SUBSEQUENT EVENTS
Other than as reported above, there are no other material subsequent events which
have occurred between the end of this interim period being reported on and the date of
this report.
CHANGE TO THE BOARD OF DIRECTORS
Shareholders were advised that Samuel Ronald Leon was appointed as an independent
non-executive director with effect from 2 February 2017. Sam has over 35 years of
experience across all sectors of the property industry.
On behalf of the Board
AA Maresky RC Squire-Howe M Wagenheim
Chief Executive Officer Chairman Financial Director and Company Secretary
2 May 2017
Cape Town
INGENUITY PROPERTY INVESTMENTS LIMITED
('the Company' or 'the group' or 'Ingenuity')
(Incorporated in the Republic of South Africa)
Registration number: 2000/018084/06
JSE share code: ING
ISIN: ZAE000127411
DIRECTORS
RC Squire-Howe*+ (Chairman), AA Maresky (CEO), M Wagenheim (Financial),
J Bielich, AJ Branch*+ (British), LH Cohen*, DB Fabian*+, SR Leon*+,
RS Schur*+, J Solms
*Non-executive +Independent
REGISTERED OFFICE AND POSTAL ADDRESS
Suite 102, 1st Floor, Intaba, 25 Protea Road, Claremont, 7708, Cape Town
COMPANY SECRETARY
M Wagenheim
CONTACT DETAILS
Tel: 021 674 5170
Fax: 021 674 5135
E-mail: info@ingenuityproperty.com
www.ingenuityproperty.com
TRANSFER SECRETARIES
Computershare Investor Services Proprietary Limited
Rosebank Towers, 15 Biermann Avenue, Rosebank, 2196
PO Box 61051, Marshalltown, 2107
Tel: 011 370 5000
SPONSOR
Nedbank Corporate and Investment Banking
3rd Floor, Corporate Place, Nedbank Sandton,
135 Rivonia Road, Sandton, 2196
(PO Box 1144, Johannesburg, 2000)
AUDITORS
Mazars, Mazars House, Rialto Road, Grand Moorings Precinct,
Century City, Cape Town, 7441
(PO Box 2785, Cape Town, 8000)
BANKERS
ABSA Bank Limited, Nedbank Limited and The Standard Bank
of South Africa Limited
ydav.co.za
Date: 02/05/2017 07:05:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE').
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