Wrap Text
Unaudited condensed consolidated interim results for the six months ended 28 February 2017
Dipula Income Fund Limited
(Incorporated in the Republic of South Africa)
(Registration number 2005/013963/06)
JSE share code: DIA
ISIN: ZAE000203378
JSE share code: DIB
ISIN: ZAE000203394
(Approved as a REIT by the JSE)
("Dipula" or "the company", or "the fund",
and together with its subsidiaries, "the group")
UNAUDITED CONDENSED CONSOLIDATED INTERIM RESULTS
FOR THE SIX MONTHS ENDED 28 FEBRUARY 2017
Distributable
earnings increase
9,5%
to R194.2 million
Combined dividends
per share increase
6,3%
A-share dividend
5% increase
to 50.64892 cents
per share
B-share dividend
7,9% increase
to 41.83993 cents
per share
Interest rate hedging
in excess of
80%
In progress
Acquisitions
R500 million
Revamps
R200 million
28
non-core disposals
R400 million
including post period
COMMENTARY
Introduction
The unaudited condensed consolidated interim results for the six months ended 28 February 2017 ("the period") highlights Dipula's
continued growth in a challenging environment, with distributable earnings up 9.5%, resulting in an increase in combined dividends
per share of 6.3%, in line with management guidance.
This organic growth is the result of effective value extraction and "sweating our assets".
Profile
Dipula owns a sectorally and geographically diversified portfolio valued at approximately R7 billion, including retail, industrial and
offices in all nine provinces of South Africa. Dipula trades under JSE share codes DIA and DIB. The A-shares are entitled to a 5%
preferred dividend growth while the B-shares receive the remaining net dividend declared.
Distributable earnings
Distributable earnings increased 9.5% over the prior period to R194.2 million (February 2016: R177.3 million). This translated into
a 6.3% growth in dividends per combined share (February 2016: 7.1%).
The dividend attributable to the A-shares increased 5% over the prior period to 50.64892 cents per share (February 2016: 48.23707
cents per share) in line with the dividend policy of the A-share. The dividend attributable to B-shares is 41.83993 cents per share
(February 2016: 38.78144 cents per share), which equates to an increase of 7.9% over the prior period.
Property portfolio
At period end Dipula's portfolio consisted of 193 properties valued at approximately R7 billion with a total gross lettable area (GLA)
of 789 753m(2) (February 2016: 201 properties valued at R6.7 billion with a GLA of 807 229m(2)).
The net asset value per combined share increased 7% on the prior period to R10.07.
Cost-to-income ratios February 2017 February 2016
Property cost to income (gross basis) 35.0% 35.7%
Property cost to income (net basis) 18.0% 19.3%
Total cost to income (net basis) 22.2% 23.8%
Vacancies
Vacancies remained at 9.2% compared to the prior period. This level of vacancy is due to challenging market conditions
particularly in the office sector where vacancies had increased from 11.7% in the prior period to 15.1% at reporting date.
Industrial vacancies reduced significantly to 8.8% from 11.5%. Retail vacancies increased marginally from 7.6% in February 2016
to 7.9% at period end.
Acquisitions
During the period, acquisitions of R21.7 million were concluded. Acquisitions of approximately R500 million at yields ranging
between 9% to 10.5% are in progress.
Disposals
During the period eight properties valued at R72.3 million were sold and transferred. Subsequent to the period end, twenty
properties worth R325.4 million were sold at an aggregate yield of 10%. These properties are at various stages of transfer.
Refurbishments and redevelopments
A total of R17.6 million was spent on refurbishments during the period. A further R200.8 million will be spent on refurbishments over
the next 18 months at income enhancing yields.
Dipula lease expiry profile
Subsequent to the period end, a further 23% of the leases expiring before 31 August 2017 were renewed.
Portfolio LEP
Average
Monthly
Rental
GLA(m2) Income(Rand)
Vacant 71 806 -
Expiring before 31 Aug 2017 195 651 15 701 218
Expiring before 31 Aug 2018 123 548 10 568 489
Expiring before 31 Aug 2019 125 289 12 190 666
Expiring before 31 Aug 2020 59 531 6 811 321
Expiring after 31 Aug 2020 205 410 17 959 116
Segmental and geographic profile
Dipula's portfolio as at 28 February 2017 is set out below:
Sectoral profile by GLA (%)
Retail 61%
Offices 15%
Industrial 24%
Sectoral profile by revenue (%)
Retail 70%
Offices 16%
Industrial 14%
Geographic profile by GLA (%)
Gauteng 58%
Limpopo 14%
Eastern Cape 9%
KwaZulu-Natal 6%
North West 4%
Free State 3%
Western Cape 2%
Mpumalanga 2%
Northern Cape 2%
Geographic profile by revenue (%)
Gauteng 60%
Limpopo 13%
Eastern Cape 9%
KwaZulu-Natal 7%
North West 4%
Mpumalanga 2%
Western Cape 2%
Free State 2%
Northern Cape 1%
Funding
At 28 February 2017, Dipula's all-in blended rate of interest was 9.06% (2016: 8.73%). The company has total debt facilities of
R3.0 billion with R2.9 billion utilised to date. The aggregate period of borrowings and hedges is two years.
Approximately 70.6% of the interest on the debt had been fixed at the end of the period (2016: 48.2%). Subsequently, further swaps
were contracted into, improving the hedge to 82.1% of the debt facilities.
Debt maturity and hedging profile
Financial Facility Fixed/Swap Floating
year-end R'000 % R'000 % R'000 %
2017 125 000 4.1 125 000 4.1 - -
2018 1 329 342 43.9 906 123 29.9 423 219 14.0
2019 821 107 27.1 473 601 15.7 347 506 11.5
2020 407 156 13.5 631 250 20.9 (224 094) (7.4)
2021 343 676 11.4 - - 343 676 11.3
3 026 281 100 2 135 974 70.6 890 307 29.4
Swap maturity profile
Nominal rate
Maturity date R'000 %
27 Oct 2017 70 000 6.95
1 Dec 2017 506 667 7.10
16 Jan 2018 85 000 6.47
29 Aug 2019 150 000 7.66
29 Aug 2019 200 000 8.05
28 Oct 2019 150 000 7.67
16 Jan 2020 21 250 6.78
4 Feb 2020 100 000 8.27
4 Jul 2020 360 000 7.85
1 642 917
Prospects
The current economic environment is one of almost no growth which has a significant impact on the property sector. The ability to
lease new space or expand existing tenants is greatly reduced. The board of directors ("the board") expects the current economic
conditions to continue in the short to medium term. Management will continue to focus on extracting the maximum value from the
portfolio and reducing the vacancy factor.
Reflecting the challenging environment, the board expects growth in distributions of between 5% and 6.5% for the year ending
31 August 2017. This growth assumes that macroeconomic conditions do not deteriorate further, no major corporate failures occur
and that tenants will be able to absorb rising utility and assessment rates costs. Forecast rental income is based on contractual
escalations and market-related renewals. This forecast has not been reviewed or reported on by the group's auditors.
Payment of interim dividend
The board has approved and notice is hereby given of the interim dividend (dividend number 12) for the period 1 September 2016
to 28 February 2017 of 50.64892 cents per A-share and 41.83993 cents per B-share.
Dipula shareholders will be offered an election, in respect of all or part of their shareholding, to re-invest the cash dividend
of 50.64892 cents per A-share and 41.83993 cents per B-share in return for A-shares or B-shares, as the case may be
(the "re-investment option"). By electing to participate in this re-investment option, shareholders will be able to increase their
shareholding in Dipula without incurring dealing costs. In turn, Dipula will benefit from an increase in the amount of shareholders'
funds available to support continued growth.
Further details regarding the re-investment option, including the manner in which the number of shares to which a participating
shareholder is entitled will be determined and the action to be taken by A and B shareholders in order to participate in the
re-investment option, will be set out in a circular to shareholders to be issued on or about 17 May 2017, and will also be released
on SENS.
The dividend is payable to Dipula shareholders in accordance with the timetable set out below:
2017
Last day to trade cum dividend Tuesday, 6 June
Shares trade ex-dividend Wednesday, 7 June
Record date Friday, 9 June
Payment date Monday, 12 June
Share certificates may not be dematerialised or rematerialised between Wednesday, 7 June 2017 and Friday, 9 June 2017 both days
inclusive.
The dividend will be transferred to dematerialised shareholders CSDP accounts/broker accounts on Monday, 12 June 2017.
Certificated shareholders' dividend payments will be paid to certificated shareholders' bank accounts on or about Monday,
12 June 2017.
An announcement relating to the tax treatment will be released separately on SENS.
On behalf of the board
Zanele Matlala Izak Petersen
Chairperson CEO
17 May 2017
BASIS OF PREPARATION AND ACCOUNTING POLICIES
These results were prepared by the Financial Director, Mr R Asmal and the Group Financial Manager, Mrs N Kotze.
The unaudited condensed consolidated financial results for the six months ended 28 February 2017 have been prepared in
accordance with the JSE Listings Requirements and the requirements of the Companies Act of South Africa. The JSE Listings
Requirements require interim reports to be prepared in accordance with the framework concepts and the measurement and
recognition requirements of International Financial Reporting Standards ("IFRS") and the SAICA Financial Reporting Guides as
issued by the Accounting Practices Committee and the Financial 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. The accounting policies
applied are consistent with those applied in the previous year's consolidated annual financial statements.
The interim financial statements have not been reviewed or reported on by Dipula's independent external auditor.
Subsequent events
Subsequent to the reporting date, the fund acquired the additional 20% interest that it does not currently own in Jarabilla Investments
Proprietary Limited and Lizinex Proprietary Limited ("Moolman transaction") for R134 million.
Basis of measurement
Given the nature of its business, Dipula uses distribution per share as its key performance measure as it is considered a more
relevant performance measurement than earnings or headline earnings per share.
Measurement of fair value
Investment property
On an annual basis, properties above R12 million (at the last valuation date) and one-third of properties below R12 million are valued
by independent registered valuers.
The remaining two-thirds are valued internally by directors.
The properties are valued using either the discounted cash flow or capitalisation of net income methods by the internal and external
valuers. The valuations are done on an open-market basis with consideration given to the future earnings potential and applying an
appropriate capitalisation rate to a property. The capitalisation rates used range between 7.75% and 12%. Investment properties
held for sale were valued at the net sale price, which is considered to be the fair value.
Financial instruments
Financial instruments are measured at fair value including derivatives. The fair value of interest rate swaps is based on broker
quotes. Those quotes are tested for reasonableness by discounting estimated future cash flows based on the terms and maturity
of each contract and using market interest rates for a similar instrument at the reporting date.
Hierarchy levels
The fair value hierarchy reflects the significance of the inputs used in making fair value measurements. The level within which the
fair value measurement is categorised in its entirety shall be determined on the basis of the lowest level input that is significant to
the fair value measurement in its entirety.
The different levels have been defined as follows:
- Level 1: Unadjusted quoted prices in active markets for identical assets or liabilities
- Level 2: Inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly
- Level 3: Inputs for assets or liabilities that are not based on observable market data
Investment properties and derivative financial instruments have been categorised as Level 3 and 2 respectively. There has been no
material change between levels during the period.
2017
Fair value measurements for investment properties categorised as Level 3: R'000
Balance at beginning of the year 6 963 015
Acquisitions/additions 45 293
Transferred to non-current assets held for sale (315 122)
Tenant installation/lease commission (445)
Balance at end of the period 6 692 741
Valuation technique and significant unobservable inputs
Inter-relationship between
Significant unobservable key unobservable inputs and
Valuation technique inputs fair value measurement
Discounted cash flows: The valuation model - Expected rental growth varies The estimated fair value would
considers the present value of net cash flows to be between 6% to 8% per annum. increase/(decrease) if:
generated from the property taking into account - Risk-adjusted discount rates - expected rentals were higher/
expected rental and capitalisation rates. The varies between 14% and 16%. (lower); and
expected net cash flows are discounted using risk- - Capitalisation rates vary between - risk-adjusted discount rates
adjusted discount rates. Among other factors, the 7.75% to 12%. and capitalisation rates were
discount rate estimation considers the quality of the lower/(higher).
property, its location and lease terms.
Capitalisation model - establishes the market
related rental income for the property and applies an
appropriate capitalisation rate.
The group's Audit Committee determines the policies and procedures for recurring fair value measurement.
At each reporting date, management analyses the movements in the values of assets and liabilities which are required to be
remeasured or re-assessed as per the group's accounting policies. For this analysis, management verifies the major inputs applied
in the latest valuation by agreeing the information in the valuation computation to market conditions and other relevant documents.
CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL POSITION
Unaudited Unaudited
six months six months Audited
ended ended year ended
28 February 29 February 31 August
2017 2016 2016
R'000 R'000 R'000
ASSETS
Non-current assets 6 742 881 6 779 046 7 017 087
Investment property 6 692 741 6 718 299 6 963 015
Fair value of property portfolio 6 541 767 6 587 553 6 822 860
Straight-line rental income accrual 150 974 130 746 140 155
Goodwill 48 482 48 482 48 482
Property, plant and equipment 1 658 1 615 1 374
Derivative financial assets - 10 650 4 216
Current assets 275 398 192 896 206 704
Trade and other receivables 170 632 142 278 147 972
Cash and cash equivalents 104 766 50 618 58 732
Non-current assets held for sale
Investment property held for sale 336 722 27 716 93 850
Total assets 7 355 001 6 999 658 7 317 641
EQUITY AND LIABILITIES
Equity 4 356 792 3 972 851 4 325 604
Stated capital 3 132 915 3 032 696 3 073 687
Fair value reserve 978 810 716 248 992 884
Retained income 115 711 87 984 127 843
Non-controlling interest 129 356 135 923 131 190
Non-current liabilities 1 881 495 2 104 322 2 631 664
Interest-bearing liabilities 1 881 495 2 104 322 2 631 664
Current liabilities 1 116 714 922 485 360 373
Interest-bearing liabilities 979 667 780 864 255 000
Derivative financial liability 9 037 - -
Trade and other payables 128 010 141 621 105 373
Total equity and liabilities 7 355 001 6 999 658 7 317 641
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
Unaudited Unaudited
six months six months Audited
ended ended year ended
28 February 29 February 31 August
2017 2016 2016
R'000 R'000 R'000
Revenue 537 439 525 302 1 065 387
Contractual rental income 411 367 385 333 797 557
Recoveries and other income 115 253 106 505 225 918
Straight-line rental income accrual 10 819 33 464 41 912
Property expenses (184 434) (175 762) (349 646)
Net property income 353 005 349 540 715 741
Administration and corporate costs (17 559) (17 766) (32 013)
Net operating profit 335 446 331 774 683 728
Net finance cost (125 713) (114 413) (242 002)
Finance income 3 801 5 302 8 540
Finance cost (129 514) (119 715) (250 542)
Net profit after finance cost 209 733 217 361 441 726
Transaction costs on business combination - (2 943) (3 032)
Fair value adjustments (24 893) (23 163) 245 025
Investment properties and held for sale (821) 1 054 284 124
Straight-line rental income accrual (10 819) (33 464) (41 912)
Interest rate swaps (13 253) 9 247 2 813
Profit before taxation 184 840 191 255 683 719
Taxation - - -
Profit for the period after taxation 184 840 191 255 683 719
Other comprehensive income - - -
Total comprehensive income for the period 184 840 191 255 683 719
Total profit and comprehensive income for the period
attributable to:
Shareholders of the company 178 474 183 563 666 049
Non-controlling interests 6 366 7 692 17 670
184 840 191 255 683 719
Earnings and diluted earnings per share
A-share (cents) 42.87 45.27 163.18
B-share (cents) 42.87 45.27 163.18
RECONCILIATION BETWEEN PROFIT, EARNINGS AND HEADLINE EARNINGS
Unaudited Unaudited
six months six months Audited
ended ended year ended
28 February 29 February 31 August
2017 2016 2016
R'000 R'000 R'000
Earnings 178 474 183 563 666 049
Adjustments: 11 640 32 410 (242 212)
Fair value - investment properties revaluation 821 (1 054) (284 124)
Fair value - straight-line rental income 10 819 33 464 41 912
Headline earnings 190 114 215 973 423 837
Weighted average number of A-shares in issue* 208 160 748 201 650 386 203 078 454
Weighted average number of B-shares in issue* 208 160 748 203 878 376 205 098 372
Basic earnings per A-share (cents) 42.87 45.27 163.18
Basic earnings per B-share (cents) 42.87 45.27 163.18
Headline earnings per A-share(cents) 45.67 53.26 103.84
Headline earnings per B-share (cents) 45.67 53.26 103.84
Dividend per A-share (cents) 50.64892 48.23707 96.47414
Interim 50.64892 48.23707 48.23707
Final 48.23707
Dividend per B-share (cents) 41.83993 38.78144 89.49361
Interim 41.83993 38.78144 38.78144
Final 50.71217
Combined dividend per share (cents) 92.48885 87.01851 185.96775
Interim 92.48885 87.01851 87.01851
Final 98.94924
Total number of shares in issue* 419 921 746 407 936 286 413 655 926
Number of A-shares in issue 209 960 873 202 154 037 206 827 963
Number of B-shares in issue 209 960 873 205 782 249 206 827 963
Net asset value per A-share (cents) 1 006.72 940.57 1013.99
Net asset value per B-share (cents) 1 006.72 940.57 1013.99
Loan to Value (LTV) 39.2% 42.0% 40.1%
* Net of treasury shares
Basic and headline earnings per share are based on the weighted average number of shares in issue during the period.
The company does not have any dilutionary instruments in issue.
CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY
Non-
Stated Fair value Retained controlling Total
capital reserve Income interest equity
R'000 R'000 R'000 R'000 R'000
Balance at 31 August 2015
(Audited) 2 799 016 705 947 99 008 - 3 603 971
Total comprehensive income
for the period - - 183 563 7 692 191 255
Dividends declared - - (184 286) - (184 286)
Issue of shares 233 680 - - - 233 680
Equity contributed by
non-controlling shareholders - - - 128 231 128 231
Transfer to fair value reserve
- investment properties - 1 054 (1 054) - -
Transfer to fair value reserve
- interest rate swaps - 9 247 (9 247) - -
Balance at 29 February 2016
(Unaudited) 3 032 696 716 248 87 984 135 923 3 972 851
Balance at 31 August 2016
(Audited) 3 073 687 992 884 127 843 131 190 4 325 604
Total comprehensive income
for the period - - 178 474 6 366 184 840
Dividends declared - - (204 680) (8 200) (212 880)
Issue of shares 59 228 - - - 59 228
Transfer to fair value reserve
- investment properties - (821) 821 - -
Transfer to fair value reserve
- interest rate swaps - (13 253) 13 253 - -
Balance at 28 February 2017
(Unaudited) 3 132 915 978 810 115 711 129 356 4 356 792
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOW
Unaudited Unaudited
six months six months Audited
ended ended year ended
28 February 29 February 31 August
2017 2016 2016
R'000 R'000 R'000
CASH FLOWS FROM OPERATING ACTIVITIES
Cash generated from operations 329 801 270 093 577 007
Net finance cost (125 713) (114 413) (242 002)
Net cash generated from operating activities 204 088 155 680 335 005
CASH FLOWS FROM INVESTING ACTIVITIES
Acquisition of investment properties and capital expenditure (50 006) (1 250 255) (1 282 882)
Acquisition of property, plant and equipment (324) (384) (474)
Proceeds on disposal of investment properties 71 430 60 965 60 703
Contribution from non-controlling interest - 128 231 128 212
Net cash generated from/(utilised in) investment activities 21 100 (1 061 443) (1 094 441)
CASH FLOWS FROM FINANCING ACTIVITIES
Issue of shares 59 228 233 680 274 671
Interest-bearing liabilities (repaid)/raised (25 502) 843 941 845 420
Dividend paid (212 880) (184 286) (364 969)
Net cash (utilised in)/generated from financing activities (179 154) 893 335 755 122
Net increase/(decrease) in cash and cash equivalents 46 034 (12 428) (4 314)
Cash and cash equivalents at the beginning of the year 58 732 63 046 63 046
CASH AND CASH EQUIVALENTS AT END OF PERIOD 104 766 50 618 58 732
CONDENSED CONSOLIDATED SEGMENTAL
INFORMATION
Retail Offices Industrial Land Segment total
R'000 R'000 R'000 R'000 R'000
SIX MONTHS ENDED 28 FEBRUARY 2017
Revenue from property portfolio* 373 139 83 174 70 307 - 526 620
Property expenses (132 646) (30 774) (21 006) (8) (184 434)
Net property income 240 493 52 400 49 301 (8) 342 186
Investment property at fair value 4 455 800 1 223 936 987 091 25 914 6 692 741
Investment property held for sale 313 022 10 600 11 700 1 400 336 722
4 768 822 1 234 536 998 791 27 314 7 029 463
SIX MONTHS ENDED 29 FEBRUARY 2016
Revenue from property portfolio* 342 015 83 978 65 845 - 491 838
Property expenses (125 477) (28 873) (21 405) (7) (175 762)
Net property income 216 538 55 105 44 440 (7) 316 076
Investment property at fair value 4 569 697 1 188 777 947 075 12 750 6 718 299
Investment property held for sale 1 116 25 200 - 1 400 27 716
4 570 813 1 213 977 947 075 14 150 6 746 015
* Excluding straight-line rental income
The entity has four reportable segments based on the sectorial nature - these are the entity's strategic business segments.
For each strategic business segment, the entity's executive directors review internal management reports on a monthly basis.
Reconciliation of reportable segment revenues and profit
Unaudited Unaudited
six months six months Audited
ended ended year ended
28 February 29 February 31 August
2017 2016 2016
R'000 R'000 R'000
Revenue
Total revenue for reportable segments 526 620 491 838 1 023 475
Straight-line rental income accrual 10 819 33 464 41 912
Consolidated revenue 537 439 525 302 1 065 387
Profit
Total profit for reportable segments 342 186 316 076 673 829
Straight-line rental income accrual 10 819 33 464 41 912
Administration and corporate costs (17 559) (17 766) (32 013)
Net finance cost (125 713) (114 413) (242 002)
Transaction costs on business combination - (2 943) (3 032)
Fair value adjustments (24 893) (23 163) 245 025
Profit before taxation 184 840 191 255 683 719
DISTRIBUTABLE EARNINGS
Unaudited Unaudited
six months six months Audited
ended ended year ended
28 February 29 February 31 August
2017 2016 2016
R'000 R'000 R'000
Reconciliation of profit for the period to
distributable earnings
Profit attributable to shareholders of the company 178 474 183 563 666 049
Fair value - investment properties revaluation 821 (1 054) (284 124)
Fair value - straight-line rental income 10 819 33 464 41 912
Fair value - Interest rate swaps 13 253 (9 247) (2 813)
Antecedent dividend 1 642 1 113 2 492
Transaction costs on business combination - 2 943 3 032
Straight-line rental income accrual (10 819) (33 464) (41 912)
Distributable earnings and dividends declared 194 190 177 318 384 636
Dividend statement
Revenue 526 620 491 838 1 023 475
Contractual rental income 411 367 385 333 797 557
Recoveries and other income 115 253 106 505 225 918
Property expenses (184 434) (175 762) (349 646)
Net property income 342 186 316 076 673 829
Administration and corporate costs (17 559) (17 766) (32 013)
Net operating profit 324 627 298 310 641 816
Net finance cost (125 713) (114 413) (242 002)
Antecedent dividend 1 642 1 113 2 492
Non-controlling interests (6 366) (7 692) (17 670)
Dividend 194 190 177 318 384 636
Directors: ZJ Matlala* (Chairperson), IS Petersen (CEO), BH Azizollahoff*(#), R Asmal (FD), NS Gumede, E Links*, Y Waja*, SA Halliday*
* Independent non-executive (#) British
There were no changes to the board during this period.
Registered office and business address
Block B, Dunkeld Park
6 North Road, Dunkeld West
Johannesburg, 2196
Independent auditors
Deloitte & Touche
Practice number: 902276
Registered Auditors
Deloitte Place
The Woodlands
20 Woodlands Drive
Woodmead
Sandton
Transfer secretaries
Link Market Services South Africa Proprietary Limited
(Registration number 2000/007239/07)
13th Floor, Rennie House
19 Ameshoff Street
Braamfontein, 2001
Bankers
The Standard Bank of South Africa Limited
(Registration number 1962/000738/06)
3rd Floor, East Wing, 30 Baker Street
Rosebank, 2196
Corporate advisor and Sponsor
Java Capital
6A Sandown Valley Crescent
Sandton, 2196
Company secretary
CIS Company Secretaries Proprietary Limited
(Registration number 2006/024994/07)
Rosebank Towers
15 Biermann Avenue
Rosebank, 2196
www.dipula.co.za
Date: 17/05/2017 07:28:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE').
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