Wrap Text
Summarised Consolidated Results for the Year Ended
30 June 2017 and Dividend Declaration
PUTPROP LIMITED
Incorporated in the Republic of South Africa
(Registration number 1988/001085/06)
Share code: PPR ISIN: ZAE000072310
(“Putprop” or “the Group” or “the Company)
Summarised Consolidated Results for the year ended
30 June 2017 and Dividend Declaration
These summarised consolidated Group financial statements for the
year ended 30 June 2017 have been extracted from the audited annual
financial statements upon which Mazars have issued an unqualified
audit report, but is not itself audited. The directors take full
responsibility for the preparation of the summarised financial
statements and confirm that the financial information has been
correctly extracted from the underlying annual financial statements.
The Group annual financial statements are available for inspection
at the Company’s registered office. The auditor’s report does not
necessarily report on all of the information contained in this
announcement/financial results. Shareholders are therefore advised
that in order to obtain full understanding of the nature of the
auditor’s engagement they should obtain a copy of the auditor’s
report together with the accompanying financial information from the
Company’s registered office. This report contains the information
required by IAS34 Interim Financial Reporting.
Preparation of Annual Financial Statements for the year ended
30 June 2017
The annual financial statements contained in this report are also
available on the Group’s website, www.putprop.co.za, and have been
prepared by the Chief Financial Officer, James E. Smith B.Sc, B.
Acc, CIEA. The annual financial statements have been audited in
compliance with the requirements of the Companies Act.
James E. Smith
Chief Financial Officer
19 September 2017
FINANCIAL HIGHLIGHTS
- Gross property revenue up 12.3% to R73.8 million
- Net Asset value of 1 252 cents per share
- Annual escalation on contractual rental income maintained at 8%
in difficult rental market
- Market value per m2 of property portfolio up 15% to R7 030 per m2
OPERATIONAL HIGHLIGHTS
- Dividend distribution of 13 cents per share, the 30th
consecutive year of a dividend pay-out to shareholders
- Acquisition of Parktown Towers for R93.6 million
- Additional investments in associate companies, Belle Isle and
Pilot Period of R44.9 million
- Future minimum lease rentals between one to five years increased
by 33% to R158 million
STATEMENTS OF FINANCIAL POSITION
As at 30 June 2017
Group
2016
2017 Restated*
R’000 R’000
ASSETS
Non-current assets
Net investment property 571 941 454 071
Gross investment
property 582 758 459 878
Straight-line rental
income adjustment (10 817) (5 807)
Other non-current
assets
Straight-line rental
income asset 9 355 4 492
Furniture, fittings
computer equipment and
motor vehicles 80 96
Investment in
associates 117 244 102 076
Loan to associate 1 616 –
Cumulative redeemable
preference shares in
associate 32 783 -
733 019 560 735
Current assets
Straight-line rental
income asset 1 462 1 314
Trade and other
receivables 6 137 21 962
Current taxation
receivable 811 -
Cash and cash
equivalents 25 490 153 608
33 900 176 884
Total assets 766 919 737 619
Equity and liabilities
Equity attributable to
owners of the parent
Stated capital 101 969 101 969
Accumulated profit 460 051 426 551
Total Equity 562 020 528 520
Non-current liabilities
Deferred taxation 42 434 37 859
Loan liabilities 146 711 86 636
189 145 124 495
Current liabilities
Current taxation
payable - 10 503
Loan Liabilities 2 909 2 292
Dividend payable - 40 000
Trade and other
payables 12 845 31 809
15 754 84 604
Total equity and
liabilities 766 919 737 619
*No third statement of financial position is presented as the
restatement only impacts 2016.
STATEMENTS OF COMPREHENSIVE INCOME
for the year ended 30 June 2017
Group
2017 2016
R’000 R’000
Property rental
revenue 57 281 51 374
Operating cost
recoveries 16 584 14 381
Gross property
revenue 73 865 65 755
Property expenses (20 074) (17 617)
Net profit from
property operations 53 791 48 138
Corporate
administration
expenses (7 187) (10 185)
Investment and other
income 3 788 8 754
Share of associates’
Profits/(loss) 3 049 (5 942)
Operating profit
before finance costs 53 441 40 765
Finance costs (9 448) (6 820)
Operating profit
before capital items 43 993 33 945
Loss on sale of
assets - (4 850)
Profit before fair
value adjustments 43 993 29 095
Fair value
adjustments 9 104 11 284
Profit before
taxation 53 097 40 379
Taxation (13 790) (19 259)
Profit and total
comprehensive income
for the year 39 307 21 120
Attributable to
owners of parent 39 307 20 787
Attributable to non
controlling interest - 333
Earnings and diluted
earnings per share
(cents) 87.99 46.5
STATEMENTS OF CHANGES IN EQUITY
for the year ended 30 June 2017
Attributable to owners of
the parent
Non
controlli
Accumu- Share- ng
Stated lated holders’ interest
capital profit interest Total Total
R’000 R’000 R’000 R’000 R’000
GROUP
Balance at 1 July
2015 101 969 443 074 545 043 26 780 571 823
Retained earnings
obtained from
acquisition of
joint operation - 1 195 1 195 - 1 195
Minority
shareholder loans -
Non controlling
interest
(Restated)* - - - 7 866 7 866
Profit and total
comprehensive
income for the year - 20 787 20 787 333 21 120
Change in %
ownership under
common control
(Restated)* - 12 663 12 663 (34 979) (22 316)
Dividends paid - (51 168) (51 168) - (51 168)
Balance at 30 June
2016 101 969 426 551 528 520 - 528 520
Profit and total
comprehensive
income for the year - 39 307 39 307 - 39 307
Dividends paid - (5 807) (5 807) - (5 807)
Balance at 30 June
2017 101 969 460 051 562 020 - 562 020
*No changes to opening balance retained earnings as at 1 July 2015
were made as the restatement only impacts 2016.
Statements of cash flows for the year ended 30 June 2017
Group
2017 2016
R’000 R’000
Cash flow (utilised
in)/generated from
operating activities (19 291) 5 932
Net cash generated from
operations 53 018 28 368
Finance costs (9 448) (6 820)
Investment income 3 475 6 009
Taxation paid (20 529) (10 457)
Dividends paid (45 807) (11 168)
Cash flow (utilised
in)/generated from
investing activities (147 202) 12 806
Additions and
improvements to
investment property (108 766) (37 254)
Additions to investment
in associates (36 797) (15 035)
Loan advanced to
associates (1 616) -
Acquisition of
furniture, fittings
computer equipment and
motor vehicles (23) (27)
Cash from joint
operation - 1 288
Proceeds on sale of
investment properties - 61 076
Cash received from
associates - 2 758
Cash flow from
financing activities 38 375 31 219
Additions to the
investment in (5 942) –
subsidiary paid to
minority shareholders
Cash paid to assume the
loans of minority
shareholders in the
subsidiary (16 375) -
Payments made on
borrowings (4 155) (11 292)
Proceeds received on
borrowings 64 847 42 511
Net (decrease)/increase
in cash and cash
equivalents (128 118) 49 957
Cash and cash
equivalents at
beginning of year 153 608 103 651
Cash and cash
equivalents
at end of year 25 490 153 608
BASIS OF PREPARATION AND ACCOUNTING POLICIES
1.1 Basis of preparation
The financial statements have been prepared using a combination of
the historical cost and fair value basis of accounting.
Prepared in accordance with the:
- International Financial Reporting Standards (IFRS), consistent
with those applied in the annual financial statements for the
year ended 30 June 2016;
- Contains as a minimum the information required by IAS34, Interim
Financial Reporting
- SAICA Financial Reporting Guides, as issued by the Accounting
Practices Committee;
- Financial Reporting Pronouncements as issued by the Financial
Reporting Standards Council;
- JSE Listings Requirements;
- Companies Act, 71 of 2008, as amended; and
- Going concern principles.
Functional - and presentation currency
* South African Rand
Rounding principles
* R’000 (Thousand)
These financial statements comprise the financial statements of
Putprop Limited, its subsidiary companies and equity accounted
associates and joint operations together referred to as the Group.
STANDARDS AND INTERPRETATIONS EFFECTIVE AND ADOPTED IN THE CURRENT
YEAR
In the current year, the Group has adopted the amendment to IAS 1
which resulted in us reassessing our annual financial statements to
ensure only material items have been detailed.
1.2 SIGNIFICANT ACCOUNTING JUDGEMENTS, ESTIMATES AND ASSUMPTIONS
In preparing the financial statements, management are required to
make estimates and assumptions that affect reported income,
expenses, assets, liabilities and disclosure of contingent assets
and liabilities. Use of available information and the application
of judgement are inherent in the formation of estimates. Judgement
in these areas is based on historical experience and reasonable
expectations relating to future events. Actual results in the future
could differ from these estimates, which may be material to the
financial statements. Significant estimates made relate to the
determination of fair values of investment properties, joint
operations and joint ventures, debtors and collections, taxation and
trade receivables. Management discusses with the Audit Committee the
development, selection and disclosure of the Group’s critical
accounting policies and estimates and the application of such
policies and estimates
1.3 CONSOLIDATION
Basis of consolidation
The consolidated financial statements comprise the financial
statements of the group and its subsidiary as at 30 June 2017.
The results of the subsidiary are included in the consolidated annual
financial statements from the effective date that control was acquired
to the effective date that control is disposed of or lost.
All intra-group transactions, balances, income and expenses are
eliminated in full on consolidation. Non-controlling interest is
recognised on a proportionate basis.
1.4 Related parties
Amounts Amounts Amounts Amounts
received received received received
Type of 2017 2017 2016 2016
transaction R’000 R’000 R’000 R’000
Larimar Lease
Limited rentals
received 27 013 - 34 509 -
Larimar Operating
Limited lease
recoveries 6 092 - 11 763 -
Larimar Trade
Limited receivables
due /trade
payables
payable 791 - 5349 1 560
Larimar Commissions
Limited paid on
sale of
property - - - 4 000
Amounts outstanding between related parties are unsecured,
bear no interest and have no fixed terms of repayment.
Larimar Limited is a fellow subsidiary of Carleo Enterprises
Proprietary Limited Putprop’s Holding Company
The key management are the directors and prescribed officers
and their remuneration is R3.215 million (2016: R3.099
million).
Loans to and investments in associates and subsidiary are
R11.925 million (2016: R16.213 million for Belle Isle
Investments (Pty) Ltd and R83.607 million (2016: R58.710
million) for Pilot Peridot One (Pty) Ltd (“Pilot Peridot”).
In addition there is an interest bearing loan to Pilot
Peridot of R1.616 million (2016:R Nil).
The guarantee offered to Standard Bank for the loan to
Neotrend Properties 1 (Pty) Ltd is R9 million (2016: Nil).
The guarantee offered to Nedbank for the loan to Secunda
Value Centre (Pty) Ltd is R12 million (2016: R12 million).
The guarantee offered to Standard Bank for the loan to Pilot
Peridot is R50.283 million (2016: R34.033 million).
There have been no breaches in the loan terms as per the loan
contracts and therefore the guarantees have not been called
upon as at the date of issuing these Annual Financial
Statements.
There is a commitment after year end as per the signed
purchase agreement to assume and settle the purchase amount
for the remainder of the shareholder loans purchased in Pilot
Peridot to the value of R15 893 987. The commitment only
becomes a liability on the statement of financial position as
the loans are ceded to Putprop, which occurs as the payment
is released in terms of the purchase contract. As such this
portion of the purchase consideration is an off-balance sheet
liability at year end.
1.5 Significant Movements
(i) Trade and Other Receivables
Includes rental receivables from Khala Cose Fumani Property
Development (Pty) Ltd of R5.1 million in June 2016.
(ii) Cumulative redeemable preference shares in associate
The amalgamation transaction in Belle Isle was effective on
31 August 2016 at which date Putprop owned 47 808 569
preference shares at R1 each. These shares were obtained
through conversion of original share capital and premium as
well as the shareholder loans contributed to Belle Isle by
Putprop into preference shares, conversion of retained
earnings to the value of R8 489 819 into preference shares
(a dividend in specie) as well as an additional cash
investment of 20 004 781.
(iii) Trade and Other Payables
Trade and other payables for the financial year ended
30 June 2016 reflects amounts payables for the acquisition
of an additional 5.219% in Summit Place and 49% in Secunda
Value Centre, totalling R22.3 million.
(iv) Loan Liabilities
increased liabilities arose as a result of the acquisition
of Parktown Towers, a property situated in Johannesburg for
an amount of R92.6 million. The amount of the mortgage on
this property is R60.5 million.
1.6 Prior Year Error
As at 30 June 2016, Putprop acquired the remaining 49% share in
Secunda Value Centre (Pty) Ltd (previously known as Neo Trend
Khala Cose (Pty) Ltd).
The purchase consideration for the transaction was R22 316 846.
The purchase contract was incorrectly interpreted by the contract
parties.
The contract parties interpreted the purchase consideration to be
for the 49% share equity only.
The purchase consideration was, however, for the 49% share in
equity as well as the shareholder loan accounts with the two
minority shareholders.
The two minority shareholders were Bremer Investments (Pty) Ltd
and Khala Cose Fumani Property Developers (Pty) Ltd, each
previously holding 24.5%.
Further to the above mentioned error, the minority shareholder
loan with Khala Cose Fumani Property Developers (Pty) Ltd was
misstated by R5 060 344.
This is due to the fact that the two minority shareholders agreed
as at 30 June 2016 that Khala Cose Fumani Property Developers
(Pty) Ltd would increase their loan to be equal in value to that
of the minority shareholder loan from Bremer Investment (Pty) Ltd.
The above mentioned increase as agreed was accounted for by
raising a receivable as at 30 June 2016, which was settled during
the current financial year by Khala Cose Fumani Developers (Pty)
Ltd.
The above mentioned errors have no effect on the figures in the
statements of comprehensive income as previously reported and the
error is limited to the 2016 financial year, as such no third
statements of financial positions are presented.
Before After
adjustment Adjustment adjustment
R’000 R’000 R’000
GROUP
Statement of Financial Position
Trade and other receivables 16 902 5 060 21 962
Accumulated profit (410 176) (16 375) (426 551)
Non-current loan liabilities (97 951) 11 315 (86 636)
Statement of Changes in Equity:
Non-controlling interest
Minority shareholder loans -
non-controlling interest (2 483) (5 383) (7 866)
Change in % ownership under
common control 29 596 5 383 34 979
Statement of changes in Equity:
Accumulated profit
Change in % ownership under
common control 3 712 (16 375) (12 663)
Balance at 30 June 2016 (410 176) (16 375) (426 551)
COMMENTARY
INTRODUCTION
On behalf of the board of directors of the company (“the Board) I
am pleased to report to our shareholders and other stakeholders on
the 30th annual financial results of the Group for the year ended
30 June 2017.
Putprop has delivered steadily over the past decade in terms of
returns, sustainable profitability and distributions. Our approach
has always been one of conservative growth with the primary
objective of building a quality property portfolio evenly spread
over all three operating segments, with strong contractual cash
flows and capital appreciation. Our dividend distribution policy,
with our 30th consecutive pay-out, continues to provide
consistency and certainty to our shareholders as well as reward
them for the trust and confidence they have given to the Group
over many years.
OPERATING ENVIRONMENT
The year again reflected a continuation of the volatile markets of
the previous year, with stagnant economic growth in the developed
economies and reduced growth in emerging markets. South Africa
again struggled to achieve any meaningful impact with a growth of
0.5% to 1% forecast for 2017/2018. The uncertainty of the United
Kingdom’s exit from the European Union continues to play out, with
unknown consequences. Lower growth forecasts in China, possible
future interest rate hikes in the United States will result in a
period of flux and uncertainty in all of the markets. The property
sector will be no exception.
The South African environment remains challenging with a weakening
economy, high political volatility, a fast depreciating currency
and the recent sovereign credit down grade, combined with high
youth unemployment diminishing both business and consumer
confidence.
Following on, the local property sector’s operating environment
remains difficult to do business in, with new market forces and
variables evident in the trading year.
Operating conditions remained difficult with rising vacancies,
longer collection times and a deterioration of rental escalations
on new leases and renewals.
Competition for stable, low risk tenants remains fierce, with
resultant downward pressure on both new rentals and renewals. High
value tenants are in an enviable position when both contracting
for new leases or when renewing existing contacts with, in some
cases, extended payment holidays or large discounts to current
market rates being offered to secure or retain such tenants.
We continue to experience demand from new tenant sign-ups as well
as those leases up for renewal for short term leases of 12 to 24
months, down from 36 to 60 months achieved in previous periods.
With Eskom’s continued above inflation tariff increases and
tenants in the majority of our leases, no longer contributing to
fixed municipal costs (rates), downward pressure on profitability
is inevitable.
Putprop was not immune to the effects of these market conditions;
we are, however, fortunate to have a stable portfolio of mainly
listed national and blue chip tenants, allowing some protection
against the factors mentioned above.
RESULTS
Although the year under review presented challenges for Putprop,
the Group produced results that showed a satisfactory increase in
operating profit before capital adjustments for property portfolio
revaluations.
The review period re?ects an increase of 31.5% on Putprop’s profit
before taxation with headline earnings at 55.9 cents per share
(2016: 69.4 cents per share). Group net profit after taxation was
also up by 86.2% to R39.3 million (2016: R21.1 million).
The Group again actively pursued potential acquisitions during the
year in terms of its long-term objective of diversifying its
property portfolio further into commercial and retail properties
and also of reducing the risk of its dependence on its major
tenant, Larimar Limited. The acquisition of Parktown Towers, an
office block in Johannesburg and further investment in our retail
associated companies, are actions resulting from this policy.
The directors have decided to declare a final dividend of 7 cents
per share payable after 30 June 2017. (30 June 2016: 7 cents). The
total declared dividend for the year is 13 cents per share (2016:
17 cents).
PROPERTY PORTFOLIO
At 30 June 2017 our property portfolio consisted of 18 (2016: 16)
properties, situated primarily in the Johannesburg and Pretoria
metropolitan areas of Gauteng valued at R582.8 million
(2016: R459.9 million). The performance of the investment property
portfolio was strong with average annual property yields of over
9% (2016: 9.5%). The portfolio has a total gross lettable area of
82 890 m2 (2016: 75 003 m2).
During this review period, the Group acquired a large commercial
property, Parktown Towers, situated in the Johannesburg area. This
property, with a 10 year head lease has added substantially to the
Group’s commercial weighting in its portfolio.
The Group also added to its holdings in two of its associated
companies. An additional investment of R24.9 million (2016: R11
million) was made in Pilot Peridot One (Pty) Ltd and R20 million
(2016: Nil) in Belle Isle Investments (Pty) Ltd. Both of these
spends were made to enhance the Group’s equity position in both
companies.
BOARD CHANGES
There were no changes to the Board in this review period. The
Board will continue to place emphasis on corporate governance,
sustainability and transparency. Our Board committees continue to
be active and effective.
PROSPECTS
Our strategy continues to be that of enhancing our property
portfolio by investing in suitable industrial, retail and
commercial properties to improve our income streams. To this end,
the Group will continue to actively pursue the acquisition of
additional investments.
Available cash resources together with controlled gearing will be
utilised to acquire suitable rental generating properties to
achieve one of the Group’s main strategies that of further
diversification of its rental stream base in order to reduce risk.
Looking ahead, we believe property fundamentals will be under
pressure for the foreseeable future. Growth, if any, in gross
domestic product is forecast by most economists to be in the
region of 1.5% for the 2018 year. Trading conditions in the year
ahead are expected to remain challenging.
Going forward it is the Group’s intention to continue to uphold
its policy of strong tenant retention and focus on cost controls,
whilst maintaining the value of its existing portfolio through
aggressive maintenance and renovation policies. We will strive to
establish and build sustainable partnerships and joint ventures
with organisations of a similar philosophy.
The Group continues to be in discussions with several parties to
investigate the possibility of developing certain of our
geographically well-positioned properties into large retail
outlets or residential areas, with a view to unlocking greater
value for shareholders. Progress has been made in this endeavour,
and a decision as to the feasibility of progressing with these
projects is expected in the 2018 year.
IN CLOSING
Given the current business climate, I wish to thank the people who
contributed to the Group’s success and performance, in particular
our tenants for their continued support, as well as all our
shareholders and other stakeholders.
Finally, I thank my fellow directors for their contributions,
insights, judgments and support, and the management and staff for
their work in delivering another set of impressive results, under
difficult conditions.
Daniele Torricelli
Chairman
Johannesburg
6 September 2017
Reconciliation of Group net profit to headline earnings
GROUP GROUP GROUP GROUP
2017 2017 2016 2016
Cents per Cents per
R’000 share R’000 share
Reconciliation of group net
Profit to headline earnings
Earnings per share 39 307 87.99 20 787 46.5
Adjusted for:
Net change in fair value of
investment property (14 115) (31.59) (12 306) (27.5)
Tax effects of fair value
adjustments to property 3 162 7.07 2 757 6.2
Equity accounting earnings of
associates and joint
operations (4 352) 9.74) 1 833 4.1
Tax effect of equity
accounting 975 2.18 970 2.2
Loss/(Profit) on disposal of
assets – – 4 850 10.8
Compensation from third
parties insurance payouts
received – – (41) (0.1)
Capital gain on disposal
investment property – – 6 394 14.3
Change in deferred tax balance
due to tax rate change – – 5 782 12.9
Headline earnings and diluted
earnings per share 24 977 55.91 31 026 69.4
Weighted average number of shares 44 672 279
Retail Commercial Industrial Corporate Total
R’000 R’000 R’000 R’000 R’000
Segmental
Information
30 June 2017
Segment revenue
Contractual rental
income and
recoveries 29 403 5 696 38 765 - 73 865
Total revenue 29 403 5 696 38 765 - 73 865
Share of associates
profits (losses) 4 978 (1 929) - - 3 049
Segmental result
Operating
profit/(loss) 20 142 4 625 29 619 (7 783) 46 603
Finance costs (8 734) (648) - (66) (9 448)
Investment and
other income
received - - - 3 788 3 788
Fair value
adjustments to
investment
properties 5 133 6 272 2 710 - 14 115
Straight line
rental adjustment (1 886) (742) (2 382) - (5 010)
Net profit/(loss)
before tax 19 633 7 578 29 947 (4 061) 53 097
Other information
Property assets 210 357 29 472 234 164 - 473 993
Property assets -
additions 15 237 93 528 - - 108 765
Investment in
associates 31 139 86 105 - - 117 244
Loan to associate - 1 616 - - 1 616
Cumulative
redeemable
preference shares 32 784 - - - 32 784
in associate
Trade and other
receivables 1 592 154 2 607 1 785 6 138
Cash and cash
equivalents - - - 25 490 25 490
Segment assets 291 108 210 875 236 771 27 275 766 030
Loan liabilities 88 998 60 622 - - 149 620
Trade and other
payables 740 - 816 11 289 12 845
Segment liabilities 89 738 60 622 816 11 289 162 165
One of the Groups tenants, Larimar Limited contributes
approximately 48% of the total revenue received.
This revenue falls within the industrial segment.
Retail Commercial Industrial Corporate Total
R’000 R’000 R’000 R’000 R’000
Segmental
Information
30 June 2016
Segment revenue
Contractual rental
income and
recoveries 16 379 2 723 46 653 – 65 755
Total revenue 16 379 2 723 46 653 – 65 755
Share of associates
profits (losses) 4 502 (10 444) – – (5 942)
Segmental result
Operating
profit/(loss) 14 694 2 278 30 896 (9 915) 37 953
Finance costs (6 820) – – – (6 820)
Investment and
other income
received – – – 8 754 8 754
Fair value
adjustments to
investment
properties (3 130) 1 700 13 736 – 12 306
Loss on sale
investment property – – (4 850) – (4 850)
Straight line
rental adjustment (1 576) 3 551 – (1 022)
Net profit/(loss)
before tax 7 670 (6 463) 40 333 (1 161) 40 379
Other information
Property assets 134 943 23 200 227 656 – 385 799
Property assets -
additions 70 281 – 3 798 – 74 079
Investment in
associates 37 894 64 182 – – 102 076
Trade and other
receivables
(Restated) 8 090 86 5 294 8 493 21 963
Cash and cash
equivalents – – – 153 608 153 608
Segment assets 251 208 87 468 236 748 162 101 737 525
Loan liabilities 88 929 – – – 88 929
Trade and other
payables 4 944 – 3 595 23 272 31 811
Segment liabilities 93 873 – 3 595 23 272 120 740
Subsequent Events
There are no significant subsequent events arising between this
reporting date and its release to shareholders.
DECLARATION OF FINAL DIVIDEND NO 56
The Board is pleased to announce the declaration of a dividend of 7
cents per ordinary share in respect of the year ended 30 June 2017
(2016: 7 cents), thus bringing the total dividend payable for the
year to 13 cents (2016: 17 cents).
Additional information:
This is a dividend as defined in the Income Tax Act, 1962, and is
payable from income reserves. The dividend withholding tax (“DWT”)
rate is 20%. The net amount payable to shareholders who are not
exempt from DWT is 5.60 cents per share, while the gross amount is
7 cents per share to those shareholders who are exempt from DWT.
There are 44 672 279 (2016: 44 672 279) ordinary shares in issue.
The total dividend amount payable is R3 127 059.
(2016: R3 127 059). Putprop’s tax reference number is 9100097717,
and its company registration number is 1988/001085/06.
The salient dates are as follows:
Declaration date Tuesday, 19 September 2017
Last date to trade to participate Tuesday, 10 October 2017
Trading commences ex dividend Wednesday, 11 October 2017
Record date Friday, 13 October 2017
Date of payment Monday, 16 October 2017
Share certificates may not be dematerialised or rematerialised
between Wednesday, 11 October 2017 and Friday, 13 October 2017, both
days inclusive.
By order of the Board
J E Smith
Chief Financial Officer
Sandton
19 September 2017
SHAREHOLDERS’ DIARY
Financial year end 30 June 2017
Release of audited results
on SENS 19 September 2017
Dispatch of annual report on
or about 26 September 2017
Annual general meeting 8 November 2017
Release of unaudited interim
results 31 December 2017 on
or about 22 March 2018
Dividend 56 payment 16 October 2017
Dividend 2017 Declared Paid
Interim – Dividend no 55 28 March 2017 3 April 2016
Final – Dividend no 56 19 September
2017 16 October 2016
Registered Office
91 Protea Road,
Chislehurston,
Sandton, 2196
Transfer Secretaries
Computershare Investor Services Proprietary Limited
15 Biermann Avenue,
Rosebank Towers,
Rosebank
Sponsor
Merchantec Capital
Date: 19/09/2017 12:28:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE').
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