REBOSIS PROPERTY FUND LIMITED - Unaudited results for the six months ended 28 February 2018

Release Date: 08/05/2018 08:02
Code(s): REB REA
 
Wrap Text
Unaudited results for the six months ended 28 February 2018

REBOSIS PROPERTY FUND LIMITED

(Rebosis or the company) 

(Registration number 2010/003468/06)

(Approved as a REIT by the JSE)

JSE share code Rebosis A share: REA

JSE share code Rebosis Ordinary share: REB

ISIN Rebosis A share: ZAE000240552

ISIN Rebosis Ordinary share: ZAE000201687



UNAUDITED RESULTS FOR THE SIX MONTHS ENDED 28 FEBRUARY 2018



REBOSIS A ORDINARY DIVIDEND GROWTH - 5% to 126.43 cents per share



REBOSIS ORDINARY DIVIDEND GROWTH - 4% to 63.23 cents per share



PROPERTY NET INCOME GROWTH - 6.8%



VACANCIES - 3.4%



NAV PER A ORDINARY SHARE - R24.80



NAV PER ORDINARY SHARE - R15.60



RETAIL

¥ 6 high quality dominant malls

¥ Baywest, Hemingways, Forest Hill, Mdantsane, Sunnypark and Bloed Street

¥ Strong national tenant profile

¥ Average contractual escalation of 6.9%

¥ Weighted average lease expiry of 4.6 years

¥ Vacancies 1.3%



Number of properties - 6

Portfolio valuation - RÕ000 - 8 772 200

Gross lettable area - m2 - 326 008

Value per m2 - R26 908



OFFICE

¥ 42 predominantly A and B grade well-located properties in nodes attractive to government tenants

¥ Let primarily to National Department of Public Works

¥ Average escalation of 7.9%

¥ Shielded from private sector related default (insolvency and cash flow)

¥ Vacancies 4.6%



INDUSTRIAL

¥ Single tenanted industrial warehouse

¥ Weighted average lease expiry of 7.8 years

¥ Lease underpinned by international listed blue chip parent company

¥ Average escalation of 7.0%

¥ No vacancy



Number of properties - 1 

Portfolio valuation - RÕ000 - 170 000 

Gross lettable area - m2 - 18 954 

Value per m2 - R 8 969



STATEMENT OF COMPREHENSIVE INCOME



                                                                Group     

                                                        Unaudited     Unaudited

                                                      for the six   for the six

                                                     months ended  months ended

                                                      28 February   28 February

                                                             2018          2017

                                                                      *Restated

                                                            RÕ000         RÕ000

Revenue                                                 1 195 686       993 284

Investment property income                              1 043 381     1 002 155 

Straight-line rental income accrual                       100 435      (23 873)

Net income from facilities management agreement            13 854        10 347 

Management fees received                                    4 833         4 655 

Listed property securities income                          33 183             -

Property expenses                                       (255 500)     (273 226)

Net property income                                       940 186       720 058

Other operating expenses                                 (65 142)      (55 115)

Operating income                                          875 044       664 943

Net interest                                            (295 210)     (392 502)

Received                                                   72 132             - 

Paid                                                    (367 342)     (392 502)

Net operating income                                      579 834       272 441

Gain on bargain purchase                                        -        97 389 

Changes in fair values                                  (236 721)       737 240 

Loss on sale of listed securities                               -      (26 705)

Profit before taxation                                    343 113     1 080 365

Taxation                                                        -             - 

Total profit from continuing operations                   343 113     1 080 365

Net results from discontinued operations                        -       125 991

Total profit for the year                                 343 113     1 206 356 

Other comprehensive income          

Items that may be recycled to profit and loss          

Foreign currency translation reserve                            -     (346 420)

Total comprehensive income                                343 113       859 936

Total profit attributable to:          

Owners of the parent                                      343 113     1 063 682 

Non-controlling interests                                       -       142 674 

Profit for the year                                       343 113     1 206 356 

Total comprehensive income attributable to:          

Owners of the parent                                      343 113       820 550 

Non-controlling interests                                       -        39 386 

Total comprehensive income for the year                   343 113       859 936 

*Restatement relates to discontinued operations          



STATEMENT OF FINANCIAL POSITION

                                                                  Group     

                                                        Unaudited       Audited

                                                            as at         as at

                                                      28 February     31 August

                                                             2018          2017

                                                            RÕ000         RÕ000

ASSETS          

Non-current assets                                     21 849 110    21 617 102 

Investment property                                    18 942 200    18 608 490 

Investment in listed REIT securities                    1 093 742     1 044 979 

Loans to related parties - 

New Frontier Properties Limited                                 -        70 699 

Goodwill                                                  676 412       676 412 

Derivative instruments                                      1 220        60 540 

Other financial assets                                  1 127 690     1 150 247 

Property, plant and equipment                               7 846         5 735 

Current assets                                            916 071     1 028 951 

Short term portion of other financial assets              175 801       286 013 

Short term portion of derivatives                           6 971        49 131 

Short term portion of loan to related party - 

New Frontier Properties Limited                           151 810             - 

Trade and other receivables                               548 435       376 478 

Cash and cash equivalents                                  33 054       104 640 

Investment property held for sale                               -       212 689 

                                                       22 765 181    22 646 053 

EQUITY AND LIABILITIES          

Equity                                                 12 032 547    11 847 850 

Stated capital                                          8 814 527     8 464 527 

Reserves                                                3 218 020     3 383 323 

Total equity attributable to 

equity owners of the parent entity                     12 032 547    11 847 850 

Non-current liabilities                                 5 460 746     5 293 966 

Interest-bearing borrowings                             5 440 176     4 973 982 

Deferred payment liability                                      -       228 542 

Derivative instruments                                     20 570        91 442 

Current liabilities                                     5 271 888     5 504 237 

Short term portion of interest-bearing borrowings       4 891 091     4 858 196 

Short term portion of derivatives                               -         2 057 

Short term portion of deferred payment liability          228 581       350 000 

Trade and other payables                                  152 216       293 984 

Total equity and liabilities                           22 765 181    22 646 053 

Number of A ordinary shares in issue                   63 266 012    63 266 012 

Number of ordinary shares in issue                    673 289 779   642 316 328 

Treasury share                                        (2 408 326)   (2 408 326)

Number of ordinary shares in issue 

(net of treasury shares)                              670 881 453   639 698 002

Net asset value per A ordinary share - REA (R)              24.80         24.50 

Net asset value per ordinary share - REB (R)                15.60         16.09 

Loan to value (%)*                                          48.3%         45.7%

Calculated in terms of the REIT 

Best Practice Recommendations          

The loan-to-value ratio equates 

to net debt divided by the total property assets          

Net debt                                               10 298 213     9 727 538 

Interest bearing borrowings less 

cash and cash equivalents                              10 298 213     9 727 538 

Property assets                                        21 315 442    21 302 417 

Investment property                                    18 942 200    18 608 490 

Investment in listed REIT securities                    1 093 742     1 044 979 

Investment property held for sale                               -       212 689 

Loans receivable                                        1 279 500     1 436 259 

          

CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY



                                                                 Group     

                                                        Unaudited     Unaudited

                                                      for the six   for the six

                                                     months ended  months ended

                                                      28 February   28 February

                                                             2018          2017

                                                            RÕ000         RÕ000

Balance at 31 August                                   11 847 850     9 462 284

Issue of shares                                           350 000     1 198 391 

Treasury shares (held by subsidiary)                            -         (500)

Profit for the year                                        343 113     1 063 682 

Dividend paid                                           (508 416)     (340 061)

Foreign currency translation reserve                            -     (243 131)

Non-controlling interest                                        -       143 638 

Balance at 28 February                                 12 032 547    11 284 303



CONDENSED CONSOLIDATED STATEMENT OF CASH FLOW

                                                                Group     

                                                        Unaudited     Unaudited

                                                      for the six   for the six

                                                     months ended  months ended

                                                      28 February   28 February

                                                             2018          2017

                                                            RÕ000         RÕ000

Cash flow from operating activities                     (386 192)      (158 546)

Cash generated from operations                            374 990       593 613 

Dividend paid                                           (508 416)     (454 786)

Dividend received                                          33 179             - 

Net finance charges paid                                 (285 945)     (297 373)

Cash outflows from investing activities                  (333 266)   (1 022 356)

Capex and tenant installations                          (113 828)      (58 265)

Acquisition of listed securities and investments        (292 995)     (964 091)

Acquisition of property, plant and equipment                (276)             - 

Proceeds on sale of assets                                 73 833             - 

Cash inflows from financing activities                    647 870     1 969 818 

Proceeds from issue of shares                               1 451       879 544 

Loan to related party - 

New Frontier Properties Limited                          (81 110)             - 

Payment of other liabilities                             (35 263)             - 

Decrease in other financial assets                         229 592             - 

Payment of DMTN liability                                (10 000)             - 

Increase in DMTN liabilities                              360 000             - 

Increase in financial liabilities                          183 200     1 090 274 

Net movement in cash and cash equivalents                (71 588)       788 916 

Effect of translation                                           -      (12 774)

Cash and cash equivalents at the 

beginning of the year                                     104 642       229 079 

Cash and cash equivalents at the end of the year           33 054     1 005 221



COMMENTARY



INTRODUCTION

Rebosis is a JSE listed real estate investment trust (REIT) with a high quality diversified portfolio across commercial and retail assets. The 

majority of the commercial income enjoys a sovereign underpin from leases to national government departments across 42 buildings. Its retail 

portfolio has a mix of dominant and newly built shopping centres set to dominate in their nodes in Port Elizabeth (Baywest Mall) and Centurion 

(Forest Hill City).



FINANCIAL RESULTS

Rebosis has declared a dividend of 126,43 cents per A ordinary share and 63,23 per ordinary share for the six months ended 28 February 2018. This 

amounts to an 5,0% period-on-period growth for the A ordinary share and a 4,0% period-on period growth for the ordinary share which is in line with 

the 4,0% to 6,0% guidance provided. 



The portfolio was revalued by independent valuers, LDM Valuation Solutions for both the commercial and industrial portfolios and Mills Fitchet for 

retail. The value in the underlying portfolio grew by 17.9% to R18.9bn. The like-for-like growth in the underlying retail portfolio amounted to 7.1% 

year-on-year, 5.5% for the commercial portfolio and 7,0% for the industrial assets. 



Distributable income increased by 29.6% from R389.1million in the prior period to R504.2million for this reporting period. The increase was mainly 

due to the full consolidation of Ascension Properties Limited (2017: 53.5%). 



The net cost to income ratio increased from 15.0% to 16.0% as a result of increased rates and taxes. The property net income increased by 6.8% in 

line with market related escalations. Anticipated dividend from New Frontier decreased from R63.2million in the prior period to R33.2million in the 

current reporting period resulting from the disposal of 29.9% of the shares held by Rebosis to a broad based black economic empowerment consortium. 

Fund management expenses increased considerably from R55.1million in the 2017 interim period to R65.1million, mainly due to increased staff costs as 

bonuses to staff in the prior period were paid by the asset manager and not the fund. 



PROPERTY PORTFOLIO

The consolidated property portfolio of Rebosis is illustrated in the following graphs in terms of sectoral and geographical splits.



FUNDING

At 28 February 2018, RebosisÕ borrowings increased to R10.3 billion from R9.8 billion in the prior reporting period resulting from additional shares 

acquired in New Frontier Properties Limited (Ò NFPÓ) and the funding of the Dublin acquisition by NFP. The weighted average cost of debt decreased 

marginally from 9.4% to 9.3%, largely due to the decrease in the JIBAR reference rate. There are currently hedge arrangements in place for 67.1% of 

the debt.



The loan to value increased from 45.7% to 48.3% as a result of the increased borrowings.



                                                                                                    Group     

                                                                                    Unaudited                   Unaudited

                                                                                  for the six                 for the six

                                                                                 months ended                months ended

                                                                                  28 February                 28 February

                                                                                         2018                        2017

                                                                                        RÕ000                       RÕ000

BASIC AND HEADLINE EARNINGS PER SHARE

Rebosis A ordinary shares          

Number of shares in issue at period end                                            63 266 012                           - 

Weighted average number of shares in issue                                         63 266 012                           - 

Rebosis Ordinary shares          

Number of shares in issue at period end                                           673 289 779                 642 526 328

Less treasury shares                                                              (2 408 326)                  (2 618 326)

Number of shares in issue net of treasury shares                                  670 881 453                 639 908 002

Weighted average number of shares in issue used 

for the calculation of earnings and headline earnings per share                   648 121 956                  563 345 824 

 

CONTINUING OPERATIONS                                                                   RÕ000                       RÕ000

Profit attributable to ordinary equity holders of the parent entity                   343 113                     978 650

Adjusted for:                                                                               -                           - 

Change in fair value of investment properties                                        (36 051)                    (737 239)

Gain on bargain purchase                                                                    -                     (97 389)

Headline profit attributable to shareholders                                          307 062                    140 022

Basic and diluted earnings per REA share (cents)                                       126.43                           - 

Basic and diluted earnings per REB share (cents)                                        40.60                      173.72

Basic and diluted headline earnings per REA share (cents)                              126.43                           - 

Basic and diluted headline earnings per REB share (cents)                               35.04                       25.56



DISCONTINUING OPERATIONS                                                                RÕ000                       RÕ000

Profit attributable to ordinary equity holders of the parent entity                          -                      85 031

Adjusted for:          

Change in fair value of investment properties                                               -                     (29 337)

Headline profit attributable to shareholders                                                 -                           - 

Basic and diluted earnings per REB share (cents)                                            -                       15.09

Basic and diluted headline earnings per REB share (cents)                                   -                        9.88



TOTAL OPERATIONS                                                                        RÕ000                       RÕ000

Profit attributable to ordinary equity 

holders of the parent entity                                                          343 113                   1 063 682

Adjusted for:          

Change in fair value of investment properties                                        (36 051)                    (766 616)

Gain on bargain purchase                                                                    -                     (97 389)

Headline profit attributable to shareholders                                           307 062                    199 677

Basic and diluted earnings per REA share (cents)                                       126.43                           -

Basic and diluted earnings per REB share (cents)                                        40.60                      188.82

Basic and diluted headline earnings per REA share (cents)                              126.43                           -

Basic and diluted headline earnings per REB share (cents)                               35.04                       35.44



SEGMENT REPORT

The group classifies segments based on the type of property i.e. Commercial, Retail, Industrial, and Other. Properties can be mixed use properties. 

In this instance the property will be classified according to its principle use. Accordingly, the group only has three reporting segments as set out 

below. Some of the buildings do have a small retail component (normally at street level), but seldom exceeds 10% of the total GLA per building.

These operating segments are managed separately based on the nature of the operations. For each of the segments, the groupÕs CEO (the groupÕs chief 

operating decision-maker) reviews internal management reports monthly. The CEO considers earnings before taxation to be an appropriate measure of 

each segmentÕs performance.



                                                                      Property portfolio                      

                                                                                                                Admin and     

                                                                                                                corporate 

                                                           Retail        Office    Industrial         Total         costs         Total

For the six months ended 28 February 2018                   RÕ000         RÕ000         RÕ000         RÕ000         RÕ000         RÕ000

Revenue                                                   527 753      602 869         27 048     1 157 670        38 016     1 195 686 

Investment property income                                450 154      584 782          8 445     1 043 381             -     1 043 381 

Management fee received                                         -             -             -             -         4 833         4 833 

Listed security income                                          -             -             -             -        33 183        33 183 

Net income from facilities management                           -        13 854             -        13 854             -        13 854 

Straight line rental income accrual                        77 599         4 233        18 603       100 435             -       100 435 

Property expenses                                       (121 132)     (134 127)         (241)     (255 500)             -      (255 500)

Net property income                                       406 621      468 742         26 807       902 170        38 016       940 186 

Other operating expenses                                        -            -              -             -      (65 142)      (65 142)

Operating income                                          406 621      468 742         26 807       902 170      (27 126)       875 044 

Net interest                                                    -             -             -             -      (295 210)     (295 210)

Net operating income                                      406 621      468 742         26 807       902 170      (322 336)      579 834 

Other income                              

Changes in fair values                                  (205 631)      263 285       (21 603)        36 051      (272 772)     (236 721)

Segment profit before taxation                            200 990      732 027          5 204       938 221      (595 108)      343 113 

Investment property                                     8 772 200    10 000 000       170 000    18 942 200             -    18 942 200 

Other assets                                              153 808       277 836             -       431 645     3 391 336     3 822 981 

Total assets                                            8 926 008    10 277 836       170 000    19 373 845     3 391 336    22 765 181 

Total liabilities                                          60 276       64 861            200       125 337    10 602 297    10 727 634



SEGMENT REPORT



                                                                     Property portfolio                      

                                                                                                                              Admin and     

                                                                                 Discontinued                                 corporate 

                                                           Retail         Office    Operations    Industrial        Total         costs       Total

For the six months ended 28 February 2017 (restated)        RÕ000         RÕ000         RÕ000         RÕ000         RÕ000         RÕ000        RÕ000

Revenue                                                   435 335        538 953      178 126        14 341     1 166 755          4 655   1 171 410 

Investment property income                                435 901        551 625      178 126        14 629     1 180 281              -   1 180 281 

Management fee received                                         -              -            -            -              -          4 655       4 655 

Net income from facilities management                           -         10 347            -            -         10 347              -     10 347 

Straight line rental income accrual                         (566)       (23 019)            -         (288)       (23 873)             -    (23 873)

Property expenses                                       (138 380)      (133 104)     (24 607)       (1 742)      (297 833)                 (297 833)

Net operating income                                      296 955       405 849       153 519        12 599        868 922         4 655    873 577 

Other operating expenses                                        -             -      (10 143)             -       (55 115)                  (65 258)

Operating Income                                          296 955       405 849       143 376        12 599       858 779        (50 461)   808 318 

Net interest                                                    -             -      (49 456)             -       (49 456)      (392 502)  (441 958)

Net operating income                                      296 955       405 849       93 920         12 599       809 323       (442 963)   366 360 

Other Income                                                                           1 244                        1 244                     1 244 

Changes in fair values                                    281 695       385 183       29 376              -       696 254         70 362    766 616 

Gain on bargain purchase                                        -             -            -              -             -         97 389     97 389 

Loss on sale of listed securities                              -              -             -             -             -       (26 705)   (26 705)

Segment profit before taxation                            578 650        791 032      124 540        12 599     1 506 821      (301 917)  1 204 904 

Investment property                                     8 582 119      8 288 135    4 411 864              -   21 282 118             -  21 282 118 

Investment property held for sale                              -       1 046 233            -        265 000    1 311 233             -   1 311 233 

Other assets                                              698 371        180 479      129 659              -    1 008 509     1 651 954   2 660 463 

Total assets                                            9 280 490      9 514 847    4 541 523        265 000   23 601 860     1 651 954  25 253 814







                                                                     Group     

Non-IFRS information                                        RÕ000         RÕ000

Reconciliation of profit before 

tax to distributable earnings:          

Total profit before taxation                              343 113     1 204 904

Taxation                                                        -         1 452

Profit for the year                                       343 113     1 206 356 

Less: Portion attributable to 

non-controlling interests                                       -     (142 674)

Adjusted for:          

Changes in fair value                                     236 721     (699 140)

Gain on bargain purchase                                        -      (97 389)

Straight line rental accrual                            (100 435)        23 873 

Amortisation of structuring fees                            9 271         1 683 

Corporate transaction costs                                 2 699        22 644 

Antecedent interest                                        14 499        53 051 

Loss on sale of listed securities                               -        26 705 

Dividend income distributed in previous periods          (33 183)     (117 838)

Anticipated distribution from 

listed REIT subsidiaries                                   31 500       115 444 

Consolidation adjustments between group entities:               -       (3 630)

Distributable earnings attributable 

to shareholders/owners of the parent                      504 185       389 085 

Dividend per share (cents)          

A Ordinary Shares - REA                                    126.43        120.41 

Ordinary Shares - REB                                       63.23         60.80 

Growth in dividend per share          

A Ordinary Shares - REA                                      5.0%        

Ordinary Shares - REB                                        4.0%         



* In terms of the South African REIT Association Best Practice Recommendations, Rebosis has become entitled at period-end to the anticipated 

distributions of its listed REIT subsidiaries. Accordingly an adjustment is made at period-end to match the anticipated income of the distribution 

with the period to which the distribution relates.



SIGNIFICANT RELATED PARTY TRANSACTIONS

Parties are considered related if one party has the ability to exercise control or significant influence over the party making financial or 

operational decisions. Related parties with whom the Group transacted with during the period were:



Related party transactions

                                                                    Group     

                                                             2018          2017

Related Party Balances                                       R000          R000

Loans accounts- owing (to) by related parties          

New Frontier Properties Limited                           151 810             - 

Billion Group Proprietary Limited                                             -

Deferred purchase consideration                          (228 581)            -

Net adjustment account                                    175 801             -

Amounts included in trade and other receivables          

Mthatha Mall Proprietary Limited                            7 982             - 

Amounts included in trade and other receivables          

Billion Group Proprietary Limited                               -        87 588

Interest received from related parties                                        - 

New Frontier Properties Limited                             8 125             - 

Rental warranty income          

Billion Group Proprietary Limited                          40 373        16 844

Asset management fee income                                                   - 

Mthatha Mall Proprietary Limited                            2 908             -



DECLARATION AND PAYMENT OF CASH DIVIDEND



Dividend number 2 of 126.43 cents per A ordinary share and dividend number 15 of 63,23 cents per ordinary share for the six months ended 28 February 

2018 will be paid to the shareholders in accordance with the abbreviated timetable set out below:



                                                             2018

Last day to trade (cum dividend)                  Tuesday, 22 May

Securities trade (ex dividend)                  Wednesday, 23 May

Record date                                        Friday, 25 May

Payment date                                       Monday, 28 May



Share certificates may not be dematerialised or rematerialised between Wednesday, 23 May 2018 and Friday, 25 May 2018, both days inclusive.



The dividend will be transferred to dematerialised shareholdersÕ CSDP/broker accounts on Monday, 28 May 2018. Certificated shareholdersÕ dividend 

payments will be posted on or paid to certificated shareholdersÕ bank accounts on or about, Monday, 28 May 2018.



An announcement informing shareholders of the tax treatment of the dividends will be released separately on SENS.



BASIS OF PREPARATION

The unaudited results for the six months ended 28 February 2018 have not been reviewed or reported on by the companyÕs independent auditors, Grant 

Thornton Johannesburg Partnership. These results have been prepared in accordance with International Financial Reporting Standards (IFRS), IAS 34, 

Interim Financial Reporting, the SAICA Financial Reporting Guides as issued by the Accounting Practices Committee and Financial Reporting 

Pronouncements as issued by the Financial Reporting Standards Council, JSE Listings Requirements and the requirements of the Companies Act of South 

Africa.



All amendments to standards that are applicable to Rebosis for its financial year beginning 1 September 2017 have been considered. Based on 

managementÕs assessment, the amendments do not have a material impact on the groupÕs condensed consolidated interim financial statements.

The accounting policies are consistent with those applied in the previous consolidated annual financial statements. These financial results have been 

prepared under the supervision of the Chief Financial Officer, M de Lange, CA(SA).



The directors are not aware of any matters or circumstances arising subsequent to 28 February 2018 that require any additional disclosure or 

adjustment to the financial statements, other than as disclosed in this announcement.



With effect from 03 November 2017, Zandile Kogo was appointed to the board of directors of the company as an executive director given her wealth of 

experience in property industry, in both developments and existing portfolios. On 18 April 2018, Andile Mazwai resigned as Chief Executive Officer 

(CEO) and Sisa Ngebulana stepped into an executive capacity and assumes the functions of a Chief Executive Officer in his role as Deputy Chairman.



PROSPECTS

Rebosis is well positioned for future growth given its stable and defensive retail portfolio that comprises an 88% national tenant profile. Both the 

retail and office portfolio have delivered a 6.8% net property income growth in the reporting period with positive rent uplift on renewals that 

indicate good property fundamentals.



Rebosis will have a strong focus on operations with an accelerated focus on filling up the remaining vacancies at Forest Hill and Baywest, the newly 

acquired malls. 



Of importance, there will be a strong focus on Balance Sheet management to reduce gearing to below 35%, which will be achieved through an accelerated 

disposal of non-core office assets. This in turn will also serve to achieve more retail bias on the remaining portfolio in line with its stated 

strategy of being a retail focused fund.



This prospects statement is issued by the board and has not been reviewed or reported on by the companyÕs external auditors.



By order of the Board



7 May 2018



COMPANY SECRETARY: M Ndema



REGISTERED OFFICE: 2nd Floor, Roland Garros Building, The Campus, Cnr Sloane and Main streets, Bryanston, 2191, Private Bag X21, Bryanston, 2021, 

Tel: 011 575 4835



DIRECTORS: ATM Mokgokong* (Chairperson), SM Ngebulana (Executive Deputy Chairman)@, M de Lange (Chief Financial Officer)@ , 

Z Kogo (Director: Retail)@ , WJ Odendaal*, NV Qangule*, TSM Seopa*, M Mdlolo*, F Froneman*, MM Mdlolo*      



* Independent Non-executive  @ Executive



TRANSFER SECRETARIES: Computershare Investor Services Proprietary Limited



SPONSOR: RMB Sponsors


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