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TRANSCEND RESIDENTIAL PROPERTY FUND LIMITED - Change statement, notice of annual general meeting and availability of the BBBEE annual compliance report

Release Date: 26/04/2018 15:09
Code(s): TPF     PDF:  
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Change statement, notice of annual general meeting and availability of the BBBEE annual compliance report

TRANSCEND RESIDENTIAL PROPERTY FUND LIMITED
(Incorporated in the Republic of South Africa)
Registration number 2016/277183/06
JSE share code: TPF ISIN: ZAE000227765
(Approved as a REIT by the JSE)
(“Transcend” or “the Company”)

CHANGE STATEMENT, NOTICE OF ANNUAL GENERAL MEETING AND AVAILABILITY
OF THE BROAD-BASED BLACK ECONOMIC EMPOWERMENT ANNUAL COMPLIANCE
REPORT

Change statement

Shareholders are advised that Transcend’s 2017 integrated annual report (“integrated annual report”),
incorporating the audited annual financial statements for the year ended 31 December 2017 (on which the
Company’s auditors expressed an unmodified audit opinion) and the notice of annual general meeting of
shareholders, was published today, Thursday, 26 April 2018. The integrated annual report is also available
on the Company’s website, www.transcendproperty.co.za.

The integrated annual report contains a modification to the consolidated segmental analysis included in the
provisional summarised audited financial statements for the year ended 31 December 2017 (“Provisional
Report”), as published on SENS on 9 March 2018. The modification relates to the reconciliation of total
assets in the comparative 2016 segmental analysis. It should be noted that the 2017 segmental analysis as
included in the Provisional Report remains unchanged.

The consolidated statement of financial position, consolidated profit and loss and other comprehensive
income statement, consolidated statement of changes in equity and consolidated cash flow statement
contained in the integrated annual report remain unchanged from those published in the Provisional Report.
Earnings per share, headline earnings per share, adjusted headline earnings per share, net asset value per
share and net tangible asset value per share as previously reported in the Provisional Report also remain
unchanged.

Subsequent to the release of the Provisional Results, a final review of the consolidated segmental analysis
identified that the summarised segmental analysis per the provisional summarised audited financial
statements for the period ended 31 December 2016 described the investment properties line item as total
assets. This was updated in the integrated annual report to show separate line items for investment
properties and other assets, which amount was not previously included. The amount for total assets was
also updated accordingly.

The table below shows an extract of the 2016 summarised segmental analysis published in the Provisional
Results.
Summarised segmental analysis for the period ended 31 December 2016:

R’000
                                                  67 on 7th        Acacia Place         Alpine Mews
 Revenue                                             2 540                3 401              1 050
 Property operating expenses                         (679)               (1 409)              (386)
 Profit and total comprehensive                        781                 (215)               355
 income for the period
 Total assets                                       91 800              133 800              32 100
 Total interest-bearing borrowings                  50 895               99 876              14 273
                                         
                                            Ekhaya Fleurhof      Ekhaya Jabulani         Jackalberry
                                                                                             Close
Revenue                                              2 039                 3 020              3 016
Property operating expenses                          (479)                (1 188)              (814)
Profit and total comprehensive                       1 979                 3 556              1 512
income for the period
Total assets                                        65 000                88 600            112 400
Total interest-bearing borrowings                   31 403                45 471             23 156


                                                 Kent Road             Kosmosdal           Parklands
Revenue                                              1 079                 4 169              3 019
Property operating expenses                          (348)                (1 166)             (985)
Profit and total comprehensive                         716                   166              5 242
income for the period
Total assets                                        33 800               135 900             93 500
Total interest-bearing borrowings                   14 194                57 354             37 278


                                     Village Seven, Stone         Terenure Estate       Theresa Park
                                             Arch Estates                                   Estates
Revenue                                              1 866                 6 786              2 790
Property operating expenses                           (770)               (2 083)            (1 097)
Profit and total comprehensive                       1 719                 8 624             (4 421)
income for the period
Total assets                                        54 900               210 000             92 850
Total interest-bearing borrowings                   26 837                76 862             49 609


                                               Tradewinds      Reconciling items               Total
Revenue                                             1 485                      -              36 260
Property operating expenses                         (536)                      -             (11 940)
Profit and total comprehensive                       255                 (3 745)              16 524
income for the period
Total assets                                      44 750                      -            1 189 400
Total interest-bearing borrowings                 20 268                      -              547 476

The table below shows the updated summarised segmental analysis for the period ended
31 December 2016 as included in the integrated annual report.

Summarised segmental analysis for the period ended 31 December 2016:

R’000
                                                67 on 7th          Acacia Place          Alpine Mews
 Revenue                                           2 540                  3 401               1 050
 Property operating expenses                       (679)                (1 409)                (386)
 Profit and total comprehensive                      781                  (215)                 355
 income for the period
 Investment properties                            91 800                133 800              32 100
 Other assets                                          -                      -                   -
 Total interest-bearing borrowings                50 895                 99 876              14 273
                                         
                                          Ekhaya Fleurhof      Ekhaya Jabulani          Jackalberry
                                                                                              Close
Revenue                                             2 039                  3 020              3 016
Property operating expenses                         (479)                 (1 188)             (814)
Profit and total comprehensive                      1 979                  3 556              1 512
income for the period
Investment properties                              65 000                 88 600            112 400
Other assets                                            -                      -                 -
Total interest-bearing borrowings                  31 403                 45 471             23 156


                                               Kent Road              Kosmosdal           Parklands
Revenue                                            1 079                   4 170             3 019
Property operating expenses                         (348)                (1 166)              (985)
Profit and total comprehensive                        716                    166             5 242
income for the period
Investment properties                              33 800                135 900            93 500
Other assets                                            -                      -                 -
Total interest-bearing borrowings                  14 194                 57 354            37 278


                                      Village Seven, Stone        Terenure Estate     Theresa Park
                                              Arch Estates                                  Estates
Revenue                                             1 866                   6 786            2 790
Property operating expenses                          (770)                 (2 084)          (1 097)
Profit and total comprehensive                      1 719                   8 624           (4 421)
income for the period
Investment properties                              54 900                 210 000           92 850
Other assets                                            -                      -                 -
Total interest-bearing borrowings                  26 837                  76 862           49 609


                                              Tradewinds     Reconciling items               Total
Revenue                                            1 485                      -             36 262
Property operating expenses                        (586)                      -            (11 941)
Profit and total comprehensive                       255                  (3 745)           16 524
income for the period
Investment properties                             44 750                      -          1 189 400
Other assets                                           -                   37 305           37 305
Total interest-bearing borrowings                 20 268                      -            547 476
 

To highlight the changes in the above segmental analysis, the following table has been prepared:

As per the Provisional Report published on SENS on 9 March 2018
Total assets                                        44 750                    -           1 189 400


As per the Integrated Annual Report

Investment properties                                44 750                    -          1 189 400
Other assets                                            -                 37 305             37 305
Notice of annual general meeting

Shareholders are further advised that the Company’s annual general meeting will be held at 54 Peter Place,
Peter Place Office Park, Block C, Cardiff House, Bryanston, Johannesburg on Tuesday, 29 May 2018 at
15:00.

The record date on which shareholders must be recorded in the register maintained by the transfer
secretaries of the Company for purposes of being entitled to attend and vote at the meeting is Friday,
18 May 2018. Accordingly, the last day to trade is Tuesday, 15 May 2018.

Availability of Broad-Based Black Economic Empowerment compliance report

Shareholders are hereby notified that in accordance with the JSE Listings Requirements, Transcend’s
annual compliance report in terms of section 13G(2) of the Broad-Based Black Economic Empowerment
Act 53 of 2003, read with the Broad-Based Black Economic Empowerment Amendment Act 46 of 2003,
has been published and is available on the Company’s website.

26 April 2018

Designated advisor

Java Capital

Date: 26/04/2018 03:09:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE'). 
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