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Provisional Summarised Audited Consolidated Financial Statements For The 4 Months Ended 28 February 2017
SPEAR REIT LIMITED
(previously Arrow 2 Investments Proprietary Limited)
Incorporated in the Republic of South Africa
Registration number 2015/407237/06
Share Code: SEA
ISIN: ZAE000228995
(Approved as a REIT by the JSE)
('Spear' or 'the Company')
HIGHLIGHTS
* Maiden distribution per share of 23.51 cents increased to 16.75% over the forecast
distribution TNAV per share increased from R9.37 to R10.03, being a 7.01% increased
* 3.79% increased in investment property fair value from R1.393 billion to R1.446 billion
* R250 million capital raised at listing date, 11 November 2016
* R119 million capital raised through a cash for share issue on 28 February 2017
* Gearing reduced from 42.11% to 33.09%
* In excess of R1 billion of new acquisitions concluded after period end to establish
healthy pipeline to increase distributable earnings
* Envisaged move to the JSE Main Board on 22 May 2017
NATURE OF THE BUSINESS
Spear REIT Limited listed as a Real Estate Investment Trust ('REIT') on the AltX of the
Johannesburg Stock Exchange ('JSE') on 11 November 2016. Its main business is the investment
in high-quality income-generating real estate across all sectors within the Western Cape,
predominantly in the Cape Town region.
The Company conducts its business directly and through a number of subsidiaries, collectively
referred to as the 'Group'.
The Company's property and asset management functions are internally and directly managed by
the Spear executive management team.
PROVISIONAL SUMMARISED AUDITED CONSOLIDATED FINANCIAL STATEMENTS
FOR THE 4 MONTHS ENDED 28 FEBRUARY 2017
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
Group
Audited Audited
28 Feb 2017 29 Feb 2016
R'000 R'000
ASSETS
Non-current assets
Investment property
(Including straight-line accrual) 1 445 715 -
Property, plant and equipment 128 -
Deferred taxation 6 533 -
1 452 376 -
Current assets
Trade and other receivables 8 092 -
Cash and cash equivalents 12 632 -
Loans to related parties - 0.1
Other financial assets 1 714 -
Taxation receivable 11 -
Insurance claim receivable 18 687 -
41 136 0.1
TOTAL ASSETS 1 493 512 0.1
EQUITY AND LIABILITIES
Shareholders' interest
Stated capital 917 538 0.1
Share-based payment reserve 3 939 -
Accumulated income 65 331 -
986 808 0.1
Liabilities
Non-current liabilities
Financial liabilities 478 453 -
478 453 -
Current liabilities
Loans from related parties 3 881 -
Finance lease 113 -
Trade and other payables 21 554 -
Deferred revenue 2 703 -
28 251 -
TOTAL LIABILITIES 506 704 -
TOTAL EQUITY AND LIABILITIES 1 493 512 0.1
Number of ordinary shares in issue 98 226 952
Treasury shares (464 591)
Net ordinary shares in issue 97 762 361
Gearing ratio 33.09%
Net asset value per share (Cents) 1 009
Tangible net asset value per share (Cents) 1 003
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
For the 4-month period ended 28 February 2017
Group
Audited
28 February 2017
R'000
Property portfolio
- Contractual rental income 51 916
- Tenant recoveries 9 905
- Straight-line rental income accrual (2 647)
59 174
Other income 2 088
Total revenue 61 262
Property operating and management expenses (16 294)
Net property-related income 44 968
Administrative expenses (4 558)
Net operating profit 40 410
Fair value adjustment - Investment properties 40 553
Depreciation and amortisation (4)
Formation and listing cost (1 873)
Share-based payment expense (3 939)
Profit from operations 75 147
Net interest (16 662)
- Finance costs (20 487)
- Finance income 3 825
Profit before taxation 58 485
Taxation 6 846
Profit for the year 65 331
Other comprehensive income -
TOTAL COMPREHENSIVE INCOME FOR THE PERIOD 65 331
Attributable to:
Equity owners of parent 65 331
Non-controlling interest -
TOTAL COMPREHENSIVE INCOME FOR THE PERIOD 65 331
Basic headline earnings per share (Cents) 96.65
Diluted headline earnings per share (Cents) 96.65
Distribution per share (Cents) 23.51
Interest cover ratio 2.58
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
For the 4-month period ended 28 February 2017
Share capital Accumulated Equity Total equity
profit/(loss) reserve
Group
R'000
Balance as at
01 March 2016 0.1 - - 0.1
Changes in equity:
Profit for the period - 65 331 - 65 331
Shares repurchased from founders (0.1) - - (0.1)
Issue of shares 921 888 - - 921 888
Acquisition of treasury shares (4 350) - - (4 350)
Share-based payment expense - - 3 939 3 939
Total changes 917 538 65 331 3 939 986 808
Balance as at
28 February 2017 917 538 65 331 3 939 986 808
CONSOLIDATED STATEMENT OF CASH FLOWS
For the 4-month period ended 28 February 2017
Group
Audited
28 Feb 2017
R'000
Cash generated from operations
Profit before tax 58 485
Adjustments for:
Straight-line rental income accrual 2 647
Fair value adjustments - Investment property (40 553)
Depreciation 4
Finance income (3 825)
Finance cost 20 487
Formation and listing cost 1 873
Rental loss credits (1 101)
Share-based payment reserve 3 939
Changes in working capital
Trade and other receivables (8 092)
Trade and other payables 21 554
Cash generated from operating activities 55 418
Finance income 3 825
Finance cost (20 487)
Taxation paid (11)
Net cash generated from operations 38 745
Cash flows from investing activities
Purchase of property, plant and equipment (132)
Additions to investment property (20 459)
Investment property cost capitalised (1 009)
Movement in other financial assets (1 714)
Proceeds from insurance claim 10 000
Net cash used in investing activities (13 314)
Cash flow from financing activities
Proceeds from share issue 354 350
Repayment of financial liabilities (366 531)
Repayment of finance leases (148)
Loan from related party 8 639
Repayment of related party loan (4 758)
Purchase of treasury shares (5 310)
Proceeds from sale of treasury shares 959
Net cash generated from financing activities (12 799)
Total cash movement for the period 12 632
Cash beginning of the period -
Cash end of period 12 632
SUMMARISED OPERATING SEGMENT INFORMATION
Period ended 28 February 2017
R'000 Revenue Operating profit Total assets
Industrial 10 997 8 742 299 249
Commercial 16 572 9 689 455 655
Retail 20 342 11 945 376 186
Hospitality 13 346 13 346 200 134
Residential 2 251 2 104 83 683
Non-property 401 (2 769) 47 798
Straight-line of leases (2 647) (2 647) 30 807
Total 61 262 40 410 1 493 512
SELECTED EXPLANATION NOTES TO THE RESULTS
1. Earnings per share
This note provides the obligatory information in terms of IAS 33, Earnings Per Share and
SAICA Circular 2/2015 for the Group and should be read in conjunction with note 2, where
earnings are reconciled to distributable earnings. Distributable earnings determine the
distribution declared to shareholders, which is a meaningful metric for a stakeholder
in a REIT.
1.1 Basic earnings per share 2017
Shares in issue Number of shares
Number of shares in issue at end of year 97 762 361
Weighted average number of shares in issue 25 636 517
Diluted weighted average number of shares in issue 25 636 517
Basic earnings per share Cents
Earnings (profit attributable to owners of the parent) 65 331
Basic earnings per share 254.83
Diluted earnings per share 254.83
1.2 Headline earnings per share
Reconciliation between basic earnings and headline earnings R'000
Earnings (profit attributable to owners of the parent) 65 331
Adjusted for: Gross Tax
Fair value adjustments to investment properties (40 553) 0
Headline earnings 24 778 -
Headline earnings per share: Cents
Headline earnings per share 96.65
Diluted headline earnings per share 96.65
2. Reconciliation between earnings and distributable earnings
2.1 Distributable earnings 4 months ended
28 February 2017
R'000
Earnings (profit attributable to owners of the parent) 65 331
Adjusted for:
Fair value adjustments to investment properties (40 553)
Headline earnings 24 778
Adjusted for:
Straight-lining of leases adjustment 2 647
Depreciation 4
Formation and listing cost 1 873
Equity-settled share-based payment reserve 3 939
Deferred tax realisation (6 846)
Less: Profit not distributed (5 970)
Antecedent dividend 2 562 *
Distributable profit 22 987
* In the determination of distributable earnings, the Group
elects to make an adjustment for the antecedent dividend arising
as a result of the share for cash issue during the period for
which the Company did not have full access to the cash flow
from such issue.
Number of shares in issue at period end 98 226 952
Less: Treasury shares (464 591)
Number of shares participating in distribution 97 762 361
DISTRIBUTION DECLARED AND DISTRIBUTION PER SHARE
Total distributions for the period - 2017 Cents per share
Maiden distribution recommended by the Board
and approved on 17 May 2017 (Distribution number 1) 23.51
Total distributions for the period ended 28 February 2017 23.51
No distributions were declared for any period preceding the period ending
28 February 2017 as this current 4-month period ending on 28 February 2017
is the first period of operations of the Group.
COMMENTARY
Commentary on Results
Listing Success
Spear successfully listed on the AltX of the JSE (JSE:SEA) on 11 November
2016 and is the only regionally specialised REIT in Southern Africa. Spear
only invests in high-quality real estate in the Western Cape. Spear has a
market capitalisation in excess of R1.0 billion and assets under ownership
in excess of R1.446 billion. Spear shares started trading at R9.00 per share
on the listing date and have continued to perform strongly, with the share price
trading up to levels of R10.40 per share (up 15.5% from the listing date). Spear
issued a trading statement on 21 April 2017 to further advise the market that
its results for the four months ending 28 February 2017 will be more than 15%
higher than the 20.14 cents per share forecast per the Spear Pre-Listing
Statement issued on 21 October 2016.
Institutional Investors & Strong Market Support
Spear has attracted strong support from the institutional investor market as demand
for Spear stock has grown from the listing date. Over the last four months, management
has welcomed two new institutional investors that participated in the Spear shares
for cash placement on 28 February 2017 and have identified Spear as a long-term investment
opportunity. In order for Spear to access an even greater pool of institutional investors,
management has resolved to move Spear's listing from the AltX to the Main Board of the
JSE on 22 May 2017.
Company and Focused Strategy
Spear actively manages all properties internally, with all asset management, property
management and financial management in house. Spear aims to build investor wealth
through the careful selection, acquisition and management of secure income-producing
properties and portfolios.
Spear obtains its diversification through investment across the Commercial, Retail,
Industrial, Hospitality and Residential sectors. Spear's key focus areas are creating
shareholder value, growing income for all stakeholders and continuously acquiring high-quality
assets within the Western Cape whilst maintaining a high-quality core portfolio with a high
percentage of occupancy.
Following a strong four months to year end, growth in distributable earnings
increased in the four months to 28 February 2017 as a result of:
- higher than budgeted hotel-related income
- the acquisition concluded during the course of the period being yield accretive
- lower than budgeted finance costs due to budgeted interest rates increases not being
implemented by the SARB.
DISTRIBUTABLE EARNINGS
The Board approved and declared a maiden distribution of 23.51 cents per share on
11 May 2017. The distribution declared is an increase of 16.75% over the forecast
distribution of 20.14 cents per share as per the PLS dated 21 October 2016.
PLS 28-Feb-17 % Change
Distribution 1 20.14 23.51 16.75
NET ASSET VALUE
The tangible net asset value per share increased by 7.01% from the pro forma R9.37
per the PLS to R10.03 per share.
The increase is driven by an increase in the fair value of investment property by
3.79% and reducing debt levels by 8.36%.
BORROWINGS & FUNDING
On 11 November 2016, the listing date, the Group raised R250 million by placing
30.22 million shares on the market at an average price of R8.26 per share. The Group's
target was to raise a maximum of R300 million and a minimum of R200 million at listing.
The Group raised an additional R119 million through a share for cash issue on
28 February 2017 by placing 12.8 million shares at a price of R9.30 per share.
The Group's gearing level at 28 February 2017 was 33.09% and the Group had fixed
borrowings of 59% of total borrowings at an average fixed rate of 9.78% and Group
average cost of funding of 9.65%.
Amount
R'000
Variable borrowings 193 958
Fixed borrowings 284 495
Total borrowings 478 453
Percentage fixed 59
TENANT PROFILE
Gross lettable Gross lettable Number of Number of
area (m2) area % tenants tenants %
A - Large nationals,
large listed and
government 104 844 60.77 49 18
B - Smaller international
and national tenants 40 999 23.77 173 64
C - Other local tenants
and sole proprietors 19 987 11.59 50 18
Parking and storage 5 089 2.95
Vacant 1 584 0.92
172 503 100 272 100
LEASE EXPIRY PROFILE
Lease expiry profile
based on gross Industrial Commercial Retail Hospitality Residential Total
lettable area % % % % % %
Vacant 0 2 2 0 0 1
Monthly 0 0 3 0 0 1
Expiry in the year to
28 February 2018 17 13 19 0 4 15
Expiry in the year to
28 February 2019 47 27 15 0 1 29
Expiry in the year to
28 February 2020 7 14 10 0 0 9
Expiry in the year to
28 February 2021 26 25 26 0 0 23
Thereafter 3 19 25 100 95 22
100 100 100 100 100 100
Lease expiry profile Industrial Commercial Retail Hospitality Residential Total
based on revenue % % % % % %
Monthly 0 1 4 0 0 1
Expiry in the year to
28 February 2018 12 13 26 0 5 16
Expiry in the year to
28 February 2019 42 29 12 0 2 22
Expiry in the year to
28 February 2020 13 13 10 0 0 10
Expiry in the year to
28 February 2021 28 28 28 0 0 25
Thereafter 5 16 20 100 93 26
100 100 100 100 100 100
Weighted average escalations per sector
Escalation
Industrial 7%
Office 8%
Retail 8%
Hospitality Note 1
Residential 9%
Note 1: Lease with 3rd party operator is based on a fixed (60% of budgeted EBITDA)
and variable (95% of actual EBITDA less fixed rental).
VACANCY PROFILE
Gross lettable Vacant area Vacancy
area (m2) (m2) %
Industrial 73 818 - 0.00
Commercial 40 559 861 2.12
Retail 38 320 723 1.89
Hospitality 11 339 - 0.00
Residential 8 467 - 0.00
172 503 1 584 0.92
VACANCIES
The vacancy level decreased from 1.5% to 1.0% at period end.
PROSPECTS
The continued strong performance of the Western Cape property sector and the regional
specialisation of Spear insulates the Company to a degree from the current weak economic climate.
The Western Cape focus of the Company and management's proximity to assets will continue to
stand the Company in good stead well into the future, given the continued and successful
implementation of the Company strategy to only invest in high-quality assets in the Western
Cape along with its healthy pipeline of greenfield and brownfield development opportunities.
The Board is confident that demand for quality rental properties across the various sectors
within the Western Cape will continue as the effects of semigration will create additional
demand for rental properties. Along with strong property fundamentals, and in line with the
PLS issued on 21 October 2016, management's distribution forecast for the year ending
28 February 2018 is 74 cents per share. In the light of recent acquisitions and other operational
efficiencies created within the Company, management advises that distribution per share for the
year ending 28 February 2018 is anticipated to be higher than the original forecast of
74 cents per share by 2-4%. The latter revision is premised upon the following assumptions:
* that a relatively stable macro-economic environment will prevail
* that lease renewals are concluded as per the Company forecast
* that no major tenant failures will take place
* that tenants will successfully absorb rising costs associated with utility consumption
charges and municipal rates
* that all acquisitions successfully transfer to Spear as per the subsequent events disclosure.
The revised forecast is the sole responsibility of the directors and has not been
reviewed by Spear's auditors.
SUBSEQUENT EVENTS
The directors are not aware of any events, other than those listed below, that have
occurred since the end of the financial period, which have a material impact on the results
and disclosures in the provisional summarised audited consolidated financial statements.
The Group took transfer of the following properties after year end:
Transfer date Acquisition value R'000
- Selective House, Tygervalley 14 Mar 17 13 200
- Werksmans, Tygervalley 1 Mar 17 41 200
The Group entered into agreement to acquire the following properties:
Expected transfer Acquisition Debt Equity
date value funding funding
R'000 R'000 R'000
- 2 Long Street,
Cape Town 1 Jul 17 389 000 210 000 179 000 Note 1
- 15 on Orange, Cape Town
1 Jul 17 298 000 175 000 123 000 Note 2
- Mega Park, Bellville
1 Jun 17 379 157 224 000 155 157 Note 3
- Virgin Active George,
George 1 Jul 17 22 000 12 000 10 000 Note 4
1 088 157 621 000 467 157
Note 1 Equity funding will consist of a capital raise by way of placing Spear shares on the
general market after Competition Commission approval is received. Approval is expected
to occur in May 2017.
Note 2 Equity funding will consist of a capital raise by way of placing Spear shares on
the general market after Competition Commission approval. The Competition Commission
approval was received on 25 April 2017.
Note 3 Equity funding will consist of a direct issue of Spear shares to the seller after
Competition Commission approval is received. Approval is expected to occur in May 2017.
Note 4 The remaining R10 million of the Virgin Active George property will be settled in
cash and has been included in the capital commitments note in the financial statements.
BASIS OF PREPARATION
The provisional summarised consolidated financial statements are prepared in
accordance with the JSE Listings Requirements for provisional reports and the
requirements of the Companies Act of South Africa. The JSE Listings Requirements
require provisional reports to be prepared in accordance with the framework concepts
and the measurement and recognition requirements of International Financial Reporting
Standards ('IFRS'), the SAICA Financial Reporting Guides as issued by the Accounting
Practices Committee and Financial Reporting Pronouncements as issued by the Financial
Reporting Standards Council and to also, as a minimum, contain the information
required by IAS 34, Interim Financial Reporting. Except for the adoption of revised
and new standards that became effective during the year, all accounting policies
applied in the preparation of the provisional summarised consolidated financial
statements are in terms of IFRS and are consistent with those applied in the pro
forma consolidated financial statements as per the pre-listing statement. There
was no material impact on the annual financial statements as a result of the adoption
of these standards.
The auditors, Grant Thornton Cape Inc., have issued their opinion on the Group's
provisional summarised consolidated financial statements for the period ended
28 February 2017. The audit was conducted in accordance with International Standards on Auditing.
They have issued an unmodified audit opinion. These provisional summarised consolidated
financial statements have been derived from the Group financial statements
and are consistent, in all material respects, with the Group financial statements.
The directors take full responsibility for the preparation of the provisional
summarised consolidated financial statements and for ensuring that the financial
information has been correctly extracted from the underlying audited annual
financial statements. This provisional report has been audited by Grant Thornton Cape Inc.
and an unmodified audit opinion has been issued. The auditors' report does not
necessarily report on all of the information contained in this announcement.
Shareholders are therefore advised that in order to obtain a full understanding
of the nature of the auditors' engagement, they should obtain a copy of that
report together with the accompanying financial information from Spear's
registered address.
Christiaan Barnard (CA) SA, in his capacity as Financial Director, was
responsible for the preparation of the provisional summarised consolidated financial statements.
MAIDEN DISTRIBUTION
Notice is hereby given of the approval and declaration of the maiden distribution
of 23.51363 cents per share for the 4 months ended 28 February 2017, from income
reserves. As Spear is a REIT, the distribution meets the definition of a 'qualifying
distribution' for the purposes of section 25BB of the Income Tax Act, No. 58 of 1962
('Income Tax Act'). Qualifying distributions received by South African tax residents
will form part of their gross income in terms of section 10(1)(k)(i)(aa) of the
Income Tax Act. Consequently, these distributions are treated as income in the hands
of the shareholders and are not subject to dividends withholding tax. The exemption
from dividends withholding tax is not applicable to non-resident shareholders, but
they may qualify for relief under a tax treaty.
South African tax residents
The dividend received by or accrued to South African tax residents must be included
in the gross income of such shareholders and will not be exempt from income tax
(in terms of the exclusion to the general dividend exception, contained in paragraph
(aa) of section 10(1)(k)(i) of the Income Tax Act) because it is a dividend
distributed by a REIT. The dividend is exempt from dividend withholding tax in
the hands of South African tax resident shareholders, provided that the South
African resident shareholders provide the following forms to the CSDP or broker
in respect of uncertificated shares, or to the Company in respect of certificated
shares:
a) A declaration that the dividend is exempt from dividend tax; and
b) A written undertaking to inform the CSDP, broker or the Company, should the
circumstances affecting the exemption change or the beneficial owner ceases to
be the beneficial owner, both in the form prescribed by the Commissioner for the
South African Revenue Service.
Shareholders are advised to contact their CSDP, broker or the Company to arrange
for the above-mentioned documents to be submitted prior to payment of the dividend,
if such documents have not already been submitted.
Non-resident shareholders
Dividends received by non-resident shareholders will not be taxable as income and instead
will be treated as an ordinary dividend which is exempt from income tax in terms of the
general dividend exemption in section 10(1)(k)(i) of the Income Tax Act. It should be noted
that up to 31 December 2013, dividends received by non-residents from a REIT were not subject
to dividend withholding tax. Since 1 January 2014, any dividend received by a non-resident
from a REIT will be subject to dividend withholding tax at 20%, unless the rate is reduced in
terms of any applicable agreement for the avoidance of double taxation ('DTA') between South
Africa and the country of residence of the shareholder concerned. Assuming dividend withholding
tax will be withheld at a rate of 20%, the net dividend amount due to non-resident shareholders
is 18.81090 cents per share. A reduced dividend withholding rate in terms of the applicable
DTA may only be relied on if the non-resident shareholder has provided the following form to
their CSDP or broker in respect of uncertificated shares, or the Company in respect of
certificated shares:
a) A declaration that the dividend is subject to a reduced rate as a result of the
application of DTA; and
b) A written undertaking to inform their CSDP, broker or the Company, should the circumstances
affecting the reduced rate change or the beneficial owner ceases to be the beneficial owner,
both in the form prescribed by the Commissioner for the South African Revenue Service.
Non-resident shareholders are advised to contact their CSDP, broker or the Company to arrange
for the above-mentioned documents to be submitted prior to payment of the dividend, if such
documents have not already been submitted.
The Company's tax reference number is: 9068437236.
Holders of uncertificated shares have to ensure that they have verified their residence
status with their Central Securities Depository Participant ('CSDP') or broker. Holders of
certificated shares will be asked to complete a declaration to the Company.
The distribution is payable to shareholders in accordance with the timetable set
out below.
2017
Last day to trade cum dividend distribution Tuesday, 06 June
Shares trade ex dividend distribution Wednesday, 07 June
Record date Friday, 09 June
Payment date Monday, 12 June
Share certificates may not be dematerialised or rematerialised between Wednesday,
07 June 2017 and Friday, 09 June 2017, both days inclusive.
In respect of dematerialised shareholders, the distribution will be transferred
to the CSDP account / broker accounts on Monday, 12 June 2017. Certificated
shareholders' distribution payments will be paid to certificated shareholders'
bank accounts on Monday, 12 June 2017.
On behalf of the Board
Abu Varachhia
Chairman
Cape Town
17 May 2017
Directorate and Administration
Directors of Spear
Abubaker Varachhia * (Chairman)
Michael Naftali Flax (Chief Executive Officer)
Quintin Michael Rossi (Managing Director)
Christiaan Barnard (Financial Director)
Brian Leon Goldberg *#
Jalaloodien Ebrahim Allie *# (Lead Independent Director)
Niclas Kjellström-Matseke *#
* Non-executive
# Independent
Registered office
5th Floor
Double Tree by Hilton at the Upper Eastside
31 Brickfield Road
Woodstock, Cape Town, 8010
(PO Box 50, Observatory, 7935)
Contact details
info@spearprop.co.za
Company Secretary
Rene Cheryl Stober
Transfer Secretaries
Computershare Investor Services Proprietary Limited
Ground Floor
70 Marshall Street, Johannesburg, 2001
(PO Box 61051, Marshalltown, 2107)
Independent Reporting Accountants and Auditors
Grant Thornton Cape Incorporated
6th Floor, 123 Hertzog Boulevard
Foreshore, Cape Town, 8001
(PO Box 2275, Cape Town, 8000)
Designated Adviser
PSG Capital Proprietary Limited
1st Floor, Ou Kollege Building
35 Kerk Street, Stellenbosch, 7600
(PO Box 7403, Stellenbosch, 7599)
Legal Adviser
Cliffe Dekker Hofmeyr
11 Buitengracht Street
Cape Town, 8001
(PO Box 695, Cape Town, 8000)
Bankers
Nedbank Limited
Investec Limited
Date: 17/05/2017 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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