Wrap Text
Provisional condensed consolidated results for the year ended 31 August 2017
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
PROVISIONAL CONDENSED CONSOLIDATED RESULTS FOR THE YEAR ENDED 31 AUGUST 2017
KEY FINANCIAL INDICATORS
FOR THE YEAR ENDED 31 AUGUST 2017
2017 2016
Total contractual rental income (R'000) 436 411 358 319
Investment property portfolio fair value (R'000) 4 132 062 4 006 730
Investment properties under development and inventory (R'000) 208 398 100 548
Development properties - land (R'000) 136 314 131 095
Investment properties held for sale (R'000) - 147 000
Growth of asset base (%) 6 33
Borrowings (R'000) 3 065 144 2 767 313
Loan-to-value ratio* (%) 60 62
Vacancy (%) 2.1 2.4
Weighted average lease expiry (based on income) (years) 4.5 4.5
Market capitalisation at year-end (R'000) 1 318 796 1 017 357
Number of shares in issue (net of treasury shares) (R'000) 1 176 835 524 1 166 835 524
Earnings per share (cents) 8.0 13.8
Headline earnings per share (cents) 0.6 3.6
Net asset value per share (cents) 124 119
Growth in net asset value per share (%) 4 8
* Loan-to-value ratio is defined as interest-bearing debt divided by total assets
(asset value of all properties and investments).
CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION
AT 31 AUGUST 2017
2017 2016
R'000 R'000
ASSETS
Non-current assets 4 431 768 4 236 950
Investment properties 4 004 878 3 880 831
Straight-line lease accrual 115 841 107 117
Investment properties under development 129 683 100 548
Development properties - land 136 314 131 095
Other financial assets - 2 434
Property and equipment 14 552 14 925
Investment in joint venture 30 500 -
Current assets 492 360 244 071
Trade and other receivables 22 061 20 533
Investment properties held for sale - 147 000
Straight-line lease accrual 11 343 18 782
Loan receivable 285 809 -
Inventory 78 715 -
Cash and cash equivalents 94 432 57 756
Total assets 4 924 128 4 481 021
EQUITY AND LIABILITIES
Shareholders' interest 1 455 197 1 391 174
Stated capital 747 610 747 610
Treasury shares (42 161) (52 296)
Non-distributable reserve 556 169 522 414
Retained earnings 178 761 156 224
Total equity attributable to equity holders of the parent 1 440 379 1 373 952
Non-controlling interest 14 818 17 222
Non-current liabilities 3 093 153 2 693 716
Borrowings 2 778 673 2 447 409
Finance lease 4 821 3 840
Deferred tax 245 909 228 064
Other financial liabilities 63 750 14 403
Current liabilities 375 778 396 131
Trade and other payables 54 951 50 418
Current portion of borrowings 286 471 319 904
Prepaid rent received 18 370 17 801
Taxation 69 203
Share-based payment 15 917 7 805
Total equity and liabilities 4 924 128 4 481 021
CONDENSED CONSOLIDATED STATEMENT OF PROFIT OR LOSS
FOR THE YEAR ENDED 31 AUGUST 2017
R'000 R'000
Revenue 435 548 379 181
Contractual 436 411 358 319
Straight-lining (863) 20 862
Net operating expenses (154 061) (118 400)
Operating profit before fair value adjustments 281 487 260 781
Gains on investment and development properties 181 676 209 116
Decreases to investment and development properties (72 842) (28 241)
(Decreases)/gains on share-based incentives (8 112) 1 130
Total fair value adjustments 100 722 182 005
Operating profit 382 209 442 786
Interest received 8 238 4 611
Interest paid (260 024) (209 472)
Equity-accounted investment loss (1 450) -
Profit before taxation 128 973 237 925
Taxation (32 719) (75 014)
Profit for the year 96 254 162 911
Attributable to:
Equity holders of the parent 93 576 159 939
Non-controlling interest 2 678 2 972
96 254 162 911
Basic and diluted earnings per share (cents) 8.0 13.8
STATEMENT OF COMPREHENSIVE INCOME
Profit for the year 96 254 162 911
Other comprehensive income:
To be reclassified subsequently to profit or loss:
Cash flow hedges (51 782) (11 968)
Income tax relating to components of other comprehensive
income 14 499 3 351
Other comprehensive income for the year, net of tax (37 283) (8 617)
Total comprehensive income for the year 58 971 154 294
Total comprehensive income attributable to:
Equity holders of the parent 56 293 151 322
Non-controlling interest 2 678 2 972
58 971 154 294
NOTES TO THE CONDENSED CONSOLIDATED STATEMENT OF
PROFIT OR LOSS AND COMPREHENSIVE INCOME
1. Headline and diluted headline earnings per share (cents) 0.6 3.6
2. The calculation of earnings per share is based on
earnings attributable to equity holders of the parent
of R93.57 million (2016: R159.9 million) and a weighted
average number of 1 169 904 017 (2016: 1 156 304 319)
shares (net of treasury shares) in issue during the year.
Headline earnings are calculated as follows:
Earnings attributable to equity holders 93 576 159 939
Fair value adjustments to investment properties (108 834) (180 875)
Total tax effects of adjustments 21 902 42 492
Change in CGT rate - tax effects - 19 955
Headline earnings 6 644 41 511
CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 AUGUST 2017
2017 2016
R'000 R'000
Cash flows from operating activities
Cash generated from operations 295 490 265 112
Interest received 8 238 4 611
Interest paid (257 652) (204 657)
Taxation paid (508) (740)
Dividends paid (5 082) (41 434)
Net cash inflow from operating activities 40 486 22 892
Cash flows from investing activities
Additions to property, plant and equipment (413) (997)
Proceeds from disposal of property, plant and equipment 100 -
Interest capitalised to investment properties (13 165) (7 428)
Additions to equity accounted interest (31 950) -
Net cash (outflow) from investing activities (45 428) (8 425)
Cash flows from financing activities
Proceeds from disposal of treasury shares 9 965 -
Proceeds from the issue of shares - 41 955
Financial liabilities raised 112 162 35 718
Financial liabilities repaid (80 204) (62 934)
Repayments of finance lease (305) (259)
Net cash inflow from financing activities 41 618 14 480
Net increase in cash and cash equivalents 36 676 28 947
Cash and cash equivalents at the beginning of the year 57 756 28 809
Cash and cash equivalents at the end of the year 94 432 57 756
CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 AUGUST 2017
Non- Non-
Share and distrib- control-
stated Share Treasury utable Retained ling Total
capital premium shares reserve earnings interest equity
R'000 R'000 R'000 R'000 R'000 R'000 R'000
Balance at
1 September 2015 12 115 693 540 (52 296) 412 603 156 147 14 250 1 236 359
Conversion to no
par value shares 693 540 (693 540) - - - - -
Total comprehensive
income for the year - - - (8 617) 159 939 2 972 154 294
Profit for the year - - - - 159 939 2 972 162 911
Other comprehensive
income - Cash flow
hedges - - - (8 617) - - (8 617)
Issue of 44 526 316
shares 41 955 - - - - - 41 955
Transfer to/from
non-distributable
reserve:
Deferred tax - Change
in Capital Gains
Tax rate - - - (19 955) 19 955 - -
Fair value adjustments
to properties - - - 138 383 (138 383) - -
Dividend paid -
3.5 cents per share - - - - (41 434) - (41 434)
Balance at
31 August 2016 747 610 - (52 296) 522 414 156 224 17 222 1 391 174
Comprising: Fair
value reserve - - - 531 031 - - -
Cash flow hedge - - - (8 617) - - -
Non- Non-
distrib- control-
Stated Share Treasury utable Retained ling Total
capital premium shares reserve earnings interest equity
R'000 R'000 R'000 R'000 R'000 R'000 R'000
Balance at
1 September 2016 747 610 - (52 296) 522 414 156 224 17 222 1 391 174
Total comprehensive
income for the year - - - (37 283) 93 576 2 678 58 971
Profit for the year - - - - 93 576 2 678 96 254
Other comprehensive
income - Cash flow
hedges - - - (37 283) - - (37 283)
Transfer to/from
non-distributable
reserve:
Fair value gains
realised on properties
sold - - - (15 894) 15 894 - -
Fair value adjustments
to properties - - - 86 932 (86 932) - -
Disposal of treasury
shares - - 10 135 - - - 10 135
Dividend paid - - - - - (5 082) (5 082)
Balance at
31 August 2017 747 610 - (42 161) 556 169 178 761 14 818 1 455 197
Comprising: Fair
value reserve - - - 602 069 - - -
Cash flow hedge - - - (45 900) - - -
CONDENSED CONSOLIDATED SEGMENTAL INFORMATION
AT 31 AUGUST 2017
Develop-
ment Light
proper- indus- Straight-
2017 Office Retail ties Parking trial Other lining Total
R'000 R'000 R'000 R'000 R'000 R'000 R'000 R'000
Additions to
non-current
assets (68 323) (666) 47 589 (4 277) (47 558) 42 975 - (30 260)
Total assets 2 618 118 846 894 296 497 531 660 85 323 545 636 - 4 924 128
Revenue 285 325 86 304 559 53 033 3 652 7 538 (863) 435 548
Operating
profit/(loss)
before fair
value
adjustments 190 978 60 706 (1 090) 38 399 2 780 (9 423) (863) 281 487
Fair value
adjustments 52 970 27 610 17 265 9 504 395 (7 022) - 100 722
Operating
profit/(loss) 243 948 88 316 16 175 47 903 3 175 (16 445) (863) 382 209
Interest
received - - - - - 8 238 - 8 238
Interest paid - - - - - (260 024) - (260 024)
Equity-
accounted
investment loss - - - - - (1 450) - (1 450)
Profit/(Loss)
before taxation 243 948 88 316 16 175 47 903 3 175 (269 681) (863) 128 973
Develop-
ment Light
proper- indus- Straight-
2016 Office Retail ties Parking trial Other lining Total
R'000 R'000 R'000 R'000 R'000 R'000 R'000 R'000
Additions to
non-current
assets
(Includes
transfers
between
segments) 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
Operating
profit/(loss)
before fair
value
adjustments 156 531 58 051 (1 964) 32 043 6 376 (11 118) 20 862 260 781
Fair value
adjustments 124 899 9 160 17 665 22 948 4 832 2 501 - 182 005
Operating
profit/(loss) 281 430 67 211 15 701 54 991 11 208 (8 617) 20 862 442 786
Interest
received - - - - - 4 611 - 4 611
Interest paid - - - - - (209 472) - (209 472)
Profit/(Loss)
before taxation 281 430 67 211 15 701 54 991 11 208 (213 478) 20 862 237 925
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2017
PRESENTATION OF PROVISIONAL CONDENSED CONSOLIDATED FINANCIAL RESULTS
The provisional condensed consolidated financial results ('the financial statements')
for the year ended 31 August 2017 have been prepared in accordance with the framework
concepts, the measurement and recognition requirements of International Financial Reporting
Standards ('IFRS') and the information required by IAS 34: Interim Financial Reporting,
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. The accounting policies and methods of computation applied in the preparation
of the financial statements are in accordance with IFRS and are consistent with those
applied in the audited annual financial statements for the year ended 31 August 2016.
RECLASSIFICATIONS AND ADJUSTMENTS
1. 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 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.
2. In previous reporting periods, the company included the 'Decreases/(gains) on
share-based incentives' as part of the 'Operating profit before fair value adjustments'
line item, on the face of the statement of profit or loss. In the current reporting
period, this has been presented as a separate line item under the 'Total fair value
adjustments' heading in the statement of profit or loss to present more meaningful
disclosure of the nature of the adjustment.
The effect of this reclassification on Ingenuity's statement of profit or loss for
the year ended 31 August 2016 is that the operating profit before fair value
adjustments 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.
3. In the statement of cash flows, the acquisition of investment properties in 2016
has been reduced by R800.92 million to the extent financed by assuming directly
related liabilities. 'Financial liabilities raised' were reduced by the same amount.
These were previously unsuitably disclosed as cash flows and have now been corrected.
Mazars, the group's independent auditor, has audited the annual financial statements
for the year ended 31 August 2017 and has expressed an unqualified audit opinion thereon.
These provisional financial statements have been extracted from the audited annual
financial statements, but are not themselves audited. The audited annual financial
statements and audit report are available for inspection at the Company’s registered
office. The audit was conducted in accordance with International Standards on Auditing
and the applicable requirements of the Companies Act of South Africa. The auditor’s report
does not necessarily report on all information contained in this report. Shareholders
are therefore advised that in order to obtain a 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 registered office.
The directors take full responsibility for the preparation of the provisional financial
statements and for ensuring that the financial and other information has been correctly
extracted from the underlying audited financial statements for the year ended 31 August 2017.
These provisional financial statements have been prepared by Ms. M Hassan, BCom (Acc)
(Hons), CA(SA) under the supervision of Mr. M Wagenheim, BCom (Hons), CTA, CA(SA)
in his capacity as Financial Director. The directors are not aware of any matters or
circumstances arising after 31 August 2017 that require additional disclosure or
adjustment to the financial statements, other than as disclosed in this announcement.
COMMENTARY
JOINT CHAIRMAN'S AND CHIEF EXECUTIVE OFFICER'S REPORT
Ingenuity is pleased to announce its results for the year ended 31 August 2017.
The past year has been a challenging one. Poor economic conditions, prevailing
political turmoil and low business confidence all played a material role in a
somewhat subdued local property market. Despite these factors, Ingenuity made some
significant strides in its portfolio management.
During the year, we took certain strategic decisions to create a solid platform
from which to grow the business, protect ourselves against any external shocks
and to maintain and grow shareholder value. We could do this due to the quality
of the property portfolio and the strength of our underlying tenants.
The major impacting items are discussed below.
We fixed R2 billion or 72% of our debt by entering into interest rate swap
transactions for periods of five years at an average all-inclusive rate of 9.85%
as at 31 August 2017.
Consequently, only 28% of our borrowings are floating and we know with relative
certainty the cost of our borrowings for the next four to five years. We intend
to maintain this profile for the next few years.
We did not issue any equity during the period. While our share price trades at
a discount to net asset value ('NAV') of around 20%, we do not intend to issue
equity. New equity will only be issued should circumstances warrant it.
Despite the negative effect of higher gearing on the portfolio and gross property
sales of R188.2 million, the core investment portfolio remained steady at
R4.132 billion (2016: R4.007 billion, which excludes property held for sale
of R147 million), while investment property under development, inventory and
land holdings increased to R344.7 million (2016: R231.6 million). This represents a
total increase in the asset base of R238.4 million or 6%, which is significant
considering this was funded by debt and internally generated funds.
The resultant effect of the above has been growth in NAV per share by 4% from
119 cents to 124 cents.
Ingenuity's business remains geographically focused in the Western Cape region
with an emphasis to grow the business through quality property deals and value-add
development or redevelopment propositions.
This is our unique offering, differentiating Ingenuity from many of its REIT
peers in the sector.
The increase in size of the asset base has also increased our earnings capacity
with contractual rental income from investment property growing to R436.4 million
(2016: R358.3 million) or by 22%.
Our portfolio remains very well managed with virtually all rentals collected
timeously. We have strong cash flows with only R67 000 being written off in bad
debts during the past year. Our vacancy ratio at year-end is 2.1% and we have a
very strong WALE (weighted average lease expiry) based on income of 4.5 years.
Milestones achieved during the year under review are as follows:
PROPERTY TRANSACTIONS CONCLUDED
Acquisitions
Ingenuity holds a 50% share in a company which acquired the property previously
known as City Park Hospital for R300 million from Netcare Property Holdings
Proprietary Limited. The building was home to the old City Park Hospital for
many years and has been acquired for its redevelopment potential. It is
strategically located in the heart of Bree Street, Cape Town.
The remaining 50% was acquired by the Rabie Property Group Proprietary Limited
('Rabie'). Ingenuity has entered into a joint venture with Rabie and is currently
investigating the most suitable scenario for the property. This exciting scheme
coupled with the joint development skills of Ingenuity and Rabie should create value
for shareholders.
Sales
* The property known as 142 Edward Street (situated in Tyger Valley) was sold on
1 March 2017. It was originally acquired for R32.4 million and was sold for
R41.2 million.
Transactions previously reported and transferred during the year under review:
* The property known as Loerie Centre was sold on 8 December 2016. It was originally
acquired for R39.5 million and was sold for R47 million.
* The property known as Estuaries No 1 was sold on 6 February 2017. It was originally
acquired for R92.6 million and was sold for R100 million.
We will continue to realise properties when mature and apply proceeds to
higher growth opportunities.
DEVELOPMENT INITIATIVES
* Construction of the building to be known as 20 Vineyard Road has been delayed
and is now due to commence in January 2018 with a targeted completion in mid-December 2018.
This scheme will comprise 2 300m2 of premium grade offices and retail directly opposite
Cavendish Square. Anticipated total capital expenditure is R86 million with a targeted
9% initial yield.
* The refurbishment of the Santam Head Office is also nearing completion. This will
be completed by December 2017. The total capital value of this project is expected
to be R122 million. The project is set to create substantial value to the precinct
investment and is underpinned by a long 12-year lease with Santam commencing
1 January 2018.
* The construction of our 117 on Strand building is proceeding very well. Costs are
well contained, and we are confident this substantial project will deliver solid
returns to our shareholders. Sales of the 117 residential units have gone extremely
well with all but four of the apartments still available for sale. The commercial
component's major leases have been concluded. Virgin Active, Pick n Pay and Avior
Financial Services have all committed to long leases ranging from seven to
15 years. This development will produce trading profits as well as generating
premium quality investment stock with long-term income.
DIVIDEND
The group announces that no dividend is to be paid to shareholders this
financial year. With our extensive development activities underway, it is
unlikely dividends will be paid in the near term.
The decision to retain earnings to reinvest in growth opportunities will allow
shareholders to reap enhanced benefits on completion of the various schemes.
GENERAL
Ingenuity remains focused on its strategy. Our commitment is to create enduring,
increased wealth for shareholders focusing on underlying quality assets.
Our asset base is well positioned to do this.
Our sincere thanks go to the directors and staff of Ingenuity for their
dedication and commitment to the success of the group, and to the shareholders
for their continued support and encouragement.
GENERAL REVIEW
During the year under review the total property asset base, including development
assets, increased in value by R238.4 million or 6%. Contractual rental revenues
increased by 22% to R436.4 million due to rental escalations and revenues from a
property acquired during the previous year, now contributing revenue for a full year.
The vacancy percentage of gross lettable area ('GLA') as at year-end improved to
2.1% (a decrease from 2.4% in the comparative year), which is well below the
current industry norm, and is attributable to proactive asset management and strong
tenants with long leases.
Due to the sale of three properties and the re-negotiation of certain long-term
leases, the straight-lining rental adjustment for the current year is a charge
to the income statement of R863 000 compared to the prior year comparative income
recognised of R20.862 million, representing 1.86 cents per share before tax.
The group remains focused to unlock land value and timeously deliver property
under development.
The group achieved a weighted average borrowing cost of 9.62% (2016: 9.02%),
which has increased due to interest rate swap contracts entered into during the
year. Total borrowings at year-end amounted to R2.779 billion (2016: R2.767 billion)
of which R2 billion or 72% is fixed and the balance floating at rates linked to prime.
These borrowings exclude a current portion of borrowings amounting to R285.8 million,
which is offset by a corresponding loan receivable utilised to fund the acquisition
of the City Park property by the joint venture with Rabie. This loan will be
settled after this financial year-end.
Total cash on hand at year-end amounted to R94.4 million (2016: R57.8 million).
Excess cash is applied to reduce borrowings or to grow the asset base where
appropriate.
The group's loan-to-value ratio (excluding the City Park joint venture) is 60%
(2016: 62%) at year-end. This ratio is considered acceptable due to the development
nature of the group and the fact that we seek to maximise the growth of the business
through leverage of the group's own core asset base.
FAIR VALUE ADJUSTMENTS ON INVESTMENT AND DEVELOPMENT PROPERTIES
The directors have considered the current economic uncertainty in the market place
in their approach to the valuations of the property portfolio. The lower total net
valuations of R108.8 million (2016: R180.9 million) have also been impacted by fewer
properties compared to last year, as well as development property being measured
initially at cost.
INVENTORY
This amount comprises the proportion of residential units of the 117 on Strand
mixed used development for which agreements of sale have been signed as at year-end,
and has been transferred out of investment properties under development. Construction
of the development commenced during the year under review.
BORROWINGS
During the year under review, the group's borrowings were refinanced by The
Standard Bank of South Africa Limited as certain loan facilities were expiring.
Additional development funding required, provided by them on improved terms and
conditions, will enable the group to continue to grow its asset base.
FAIR VALUE OF FINANCIAL INSTRUMENTS RECOGNISED IN THE STATEMENT OF FINANCIAL POSITION
Interest rate swap agreements
The fair value of interest rate swap agreements is determined by using a valuation
technique that discounts future cash flows using risk-free rates and yield curves
derived from quoted rates. Interest rate swaps are classified as level 2 financial
instruments.
At year-end, the group's interest rate swap contracts with notional amounts
totalled R2 billion, with the fair value amounting to R63.75 million (liability).
After the year-end, this liability has reduced substantially to R19.3 million as
at 31 October 2017 as long-term interest rate expectations have moved upwards due
to the current adverse political and economic outlook.
RELATED PARTY TRANSACTIONS
During the year the group paid executive directors' remuneration of R9.0 million
(2016: R7.597 million) and non-executive directors' remuneration of R842 000
(2016: R768 000).
CAPITAL COMMITMENTS
Authorised and committed
Authorised and contracted for commitments amount to R572.5 million
(2016: R145.6 million) at year-end. The commitments comprise costs for the
construction and development of the 117 on Strand project (R478.1 million),
the Santam 1 upgrade (R49.4 million) and the acquisition of Erf 211 Roggebaai
(R45 million), all of which will be financed from existing cash resources and
finance facilities.
Authorised
The development of a commercial building situated at 20 Vineyard Road, Claremont,
estimated to cost R86.2 million, has been approved by the directors but has not been
committed to yet.
SHARE CAPITAL
During the year under review:
* no new shares were issued (2016: 44 526 316 shares were issued);
* the Company disposed of 10 million treasury shares at a selling price of 100 cents
per share.
EVENTS AFTER THE REPORTING PERIOD
Other than as mentioned above, there are no other material reportable events
after the reporting period which have occurred since the end of the financial
year being reported on and the date of this report.
For and on behalf of the Board
ARNOLD AARON MARESKY
Chief Executive Officer
MARK WAGENHEIM
Chief Financial Officer
Cape Town
30 November 2017
ADMINISTRATION
DIRECTORS
RC Squire-Howe (Chairman)*#, AJ Branch *# (British), J Bielich, LH Cohen*,
DB Fabian*#, SR Leon*#, AA Maresky (CEO), RS Schur*#, M Wagenheim, J Solms
*Non-executive #Independent
COMPANY SECRETARY
M Wagenheim
REGISTERED OFFICE AND POSTAL ADDRESS
Suite 102, 1st Floor Intaba, 25 Protea Road, Claremont, 7708, Cape Town
CONTACT DETAILS
Tel: 021 674 5130
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
COMMERCIAL BANK
Absa Bank Limited
3rd Floor, Bridge Park East, Bridge Way, Century City, 7446
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)
Date: 30/11/2017 05:14:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE').
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