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Summarised audited consolidated financial statements for the twelve months ended 28 February 2018
NEWPARK REIT LIMITED
(Incorporated in the Republic of South Africa)
(Registration number 2015/436550/06)
JSE share code: NRL ISIN: ZAE000212783
(Approved as a REIT by JSE)
("Newpark" or "the Company" or "the group")
SUMMARISED AUDITED CONSOLIDATED FINANCIAL STATEMENTS FOR THE TWELVE MONTHS ENDED 28 FEBRUARY 2018
DIRECTORS' COMMENTARY
Nature of Business
Newpark is a property holding and investment company that is currently invested in A-grade commercial and industrial properties.
Property Portfolio
Newpark's property portfolio consists of four properties. Two are located in the heart of Sandton, Gauteng, namely the JSE Building
which has 18,163 m2 of gross lettable area ("GLA") and an adjoining property known as 24 Central, which has 15,422 m2 of GLA. A
further property is situated in Linbro Business Park which has 12,387 m2 of GLA and the fourth property is situated in Crown Mines
which has 11,277 m2 of GLA. The combined independent valuations of these properties are performed annually at the group's year-
end. The latest valuation as at 28 February 2018 was R1.38 billion.
Strategy
Newpark's investment strategy is to seek well positioned prime commercial and industrial properties which provide quality cash
flows with the potential of upward rating on lease renewals and/or redevelopment opportunities within the medium to long-term.
In addition to the core business of acquiring and developing physical assets in South Africa, Newpark continues to explore the
potential for investment into real estate that offers good value in certain offshore markets that align with our investment philosophy.
Commentary on Results
The board of directors is pleased to present the group's results for the year under review, which are in line with the guidance
provided. The tenant profile has remained largely the same and no acquisitions or disposals were made during this period.
Distributable Earnings
Distributable earnings for the full year of 52,80 (FY2017: 49,56) cents per share grew by 6,5% and are in line with the guidance
provided. The board has declared a final dividend of 26,15 cents per share after having declared an interim dividend of 26,65 cents
per share.
Year on year Newpark has increased its net asset value per share to R9,04 from R8,75, an increase of 3%.
Sectoral split, Lease expiry profile and Vacancies
SECTORAL SPLIT (unaudited) GLA Gross Rentals
Based on:
Mixed use 8.8% 12.1%
Office 49.9% 67.2%
Industrial 41.3% 20.7%
100.0% 100.0%
LEASE EXPIRY PROFILE (unaudited)
Based on: GLA Gross Rentals
Vacant 11.2% 10.9%
Feb 2019 7.3% 12.6%
Feb 2020 4.8% 4.6%
Feb 2021 0.2% 0.3%
Feb 2022 3.1% 6.1%
Feb 2023 0.2% 0.4%
> Feb 2023 73.2% 65.1%
100.0% 100.0%
Funding
Amount Rate
Facilities R'000
Expiry May 2020 (facility 1A) - floating rate 450 000 3-month Jibar+1.95% [8.942%]
Expiry May 2020 (facility 1B) - floating rate 50 000 Prime-1.28% [8.720%]
TOTAL 500 000
Amount Hedges of 3-month Jibar
Hedge instruments over above facilities R'000 base-rate
Hedge 1: rate swap - amended on 2017/6/30, replaced by Hedge 4 135 000 8.52%
Hedge 2: rate cap - expires 2019/1/18 135 000 8.52%
Hedge 3: rate swap - expires 2020/4/10 (rolls into Hedge 5) 230 000 7.70%
Hedge 4: rate swap - started 2017/6/30 / expires 2022/5/31 135 000 8.085%
Hedge 5: rate swap - to start 2020/4/10 / expires 2022/5/31 135 000 7.993%
Two separate RMB facilities were restructured on 24 May 2017 into a 3-year Term Loan Facility (facility 1A) of R450 000 000 maturing
in May 2020 and a Revolving Credit Facility (facility 1B) of R50 000 000 maturing in May 2020. The new consolidated facilities are
secured mainly by mortgage bonds together with a cession of the leases over the four properties. The term loan remains
appropriately hedged as outlined above.
Interest Rate and Percentage of Debt Hedged
The all-in weighted average cost of funding is 9.478% (28 February 2017: 9.708%) and the average hedge-term is 2.3 years. It is the
board's policy to hedge at least 70% of the exposure to interest rate risk and Newpark currently has 81% of its exposure hedged.
Summary of Financial Performance
28 February 2018 28 February 2017
Shares in issue 100,000,001 100,000,001
Net asset value per share R9,04 R8,75
Loan-to-value ratio * 32.7% 33.5%
Gross property operating expense ratio 19.5% 20.6%
*The loan-to-value ratio is calculated by dividing interest bearing borrowing net of cash on hand by the total of investment property.
Outlook
Newpark will continue to focus on a disciplined approach to the acquisition of high quality properties that offer meaningful growth
in both capital and income. In the year ahead, the emphasis will be on closing a number of the transactions that are in the current
pipeline in order to grow the portfolio in a manner that is value enhancing for shareholders.
The board is mindful of the current pressures experienced by tenants in the mixed-use (retail and office) segment, manifesting in
higher than desired vacancies for the short term. Notwithstanding, Newpark budgeted to deliver growth of 6.0% to 8.0% on its 2018
distributions and, more importantly, be well positioned for above average growth thereafter.
The forecast is based on the assumption that a stable macro-economic environment will prevail, no material tenant default will
occur, operating cost increases will not exceed inflation and no changes will be made to the property portfolio. This forecast has not
been audited or reviewed by the Company's auditors.
SUMMARISED CONSOLIDATED STATEMENT OF FINANCIAL POSITION
Audited Audited
28 February 28 February
2018 2017
(R'000) (R'000)
Assets
Non-current assets
Investment properties note 3 1 261 766 1 234 246
Straight-line lease asset 99 984 87 758
Lease incentive 17 203 19 849
1 378 953 1 341 853
Current Assets
Trade and other receivables 6 182 4 834
Lease incentive 2 647 2 647
Receiver of revenue 2 273 -
Cash and cash equivalents 1 720 50 746
Total Current Assets 12 822 58 227
Total Assets 1 391 775 1 400 080
Equity and Liabilities
Equity
Share capital 619 918 619 918
Reserves 180 412 180 412
Retained income 103 598 75 024
903 928 875 354
Liabilities
Non-Current Liabilities
Bank borrowings 453 400 270 000
Derivative financial instruments 11 050 3 078
464 450 273 078
Current liabilities
Trade and other payables 23 397 20 611
Current portion of bank borrowings - 230 882
Receiver of revenue - 155
Total Current Liabilities 23 397 251 648
Total Liabilities 487 847 524 726
Total Equity and Liabilities 1 391 775 1 400 080
SUMMARISED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
Audited Audited
12 months ended 12 months ended
28 February 28 February
2018 2017
(R'000) (R'000)
Revenue 136 450 109 663
Property operating expenses (26 571) (22 699)
Administrative expenses (6 177) (3 096)
Net gain from fair value adjustment on investment property 25 383 37 980
Net change in fair value of financial instruments at fair value through profit (7 972) (3 777)
or loss
Operating profit 121 113 118 070
Finance income 1 884 3 316
Finance costs (45 639) (26 190)
Profit before taxation 77 358 95 196
Taxation 2 428 -
Profit for the period 79 786 95 196
Other comprehensive income - -
Total comprehensive income 79 786 95 196
Earnings per share information (cents per share)
Basic earnings per share note 4 79.79 95.20
Diluted earnings per share note 4 79.79 95.20
SUMMARISED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
Audited Audited Audited Audited Audited Audited
Share capital Share issue Total share Capital Retained Total
costs capital reorganisation (loss)/income equity
reserve
(R'000) (R'000) (R'000) (R'000) (R'000) (R'000)
Balance at 1 March 2016 625 000 (4 994) 620 006 180 412 4 826 805 244
Profit for the period - - - - 95 196 95 196
Costs associated with issue of
shares - (88) (88) - - (88)
Dividend distributions to
owners of company
recognised directly in equity - - - - (24 999) (24 999)
Total contributions by and - (88) (88) - (24 999) (25 086)
distributions to owners of
company recognised directly
in equity
Balance at 1 March 2017 625 000 (5 082) 619 918 180 412 75 024 875 354
Profit for the period - - - - 79 786 79 786
Dividend distributions to
owners of company
recognised directly in equity - - - - (51 212) (51 212)
Balance at 28 February 2018 625 000 (5 082) 619 918 180 412 103 598 903 928
SUMMARISED CONSOLIDATED STATEMENT OF CASH FLOWS
Audited Audited
28 February 28 February
2018 2017
(R'000) (R'000)
Cash flows from operating activities
Cash generated from operations 96 000 64 967
Finance income 1 884 3 316
Finance costs (45 639) (26 191)
Net cash from operating activities 52 245 42 092
Cash flows from investing activities
Purchase of furniture and fixtures (2 578) (1 509)
Acquisition of Investment property - (229 032)
Acquisition of investment in subsidiary - 1 183
Net cash from investing activities (2 578) (229 358)
Cash flows from financing activities
Costs associated with share issue - (88)
Dividends paid (51 212) (24 999)
Bank borrowings advanced - 230 882
Bank borrowings repaid (47 481) -
Net cash from financing activities (98 693) 205 795
Total cash and cash equivalent movement for the period (49 026) 18 529
Cash and cash equivalents at beginning of period 50 746 32 217
Total cash and cash equivalents at end of period 1 720 50 746
Additional info on cash flow:
Cash generated from operations before working capital changes 94 562 72 890
Working capital changes 1 438 (7 923)
Cash generated from operations 96 000 64 967
SIGNIFICANT FINANCIAL STATEMENT NOTES
1. BASIS OF PREPARATION AND ACCOUNTING POLICIES
The summarised audited consolidated financial statements are prepared in accordance with the requirements of the JSE Listings
Requirements and the requirements of the Companies Act 71 of 2008 of South Africa applicable to summary financial statements.
The JSE Listings Requirements require reports to be prepared in accordance with the framework concepts and the measurement
and recognition requirements of International Financial Reporting Standards ("IFRS"), the SAICA Financial Reporting Guides as issued
by the Accounting Practices Committee and Financial Pronouncements as issued by the Financial Reporting Standards Council, and
to also, as a minimum, contain the information required by IAS 34, Interim Financial Reporting. The accounting policies applied in
the preparation of these financial statements are in terms of IFRS and are consistent with those applied in the previous consolidated
annual financial statements.
The summarised audited consolidated financial statements were compiled by Dries Ferreira, the financial director.
The directors are not aware of any matters or circumstances arising subsequent to the year-end that require any additional
disclosure or adjustment to the financial statements.
The provisional summarised audited consolidated financial statements for the twelve months ended 28 February 2018 have been
extracted from audited information but are not themselves audited. The directors of Newpark take full responsibility for the preparation
of this report and that the financial information has been correctly extracted from the underlying audited consolidated financial
statements. The annual financial statements were audited by PricewaterhouseCoopers Inc. and an unmodified audit opinion has
been issued on the audited consolidated financial statements for the financial year ended 28 February 2018. The auditor's report
does not necessarily report on all of the information contained in this announcement. 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 that report together
with the accompanying audited consolidated financial statements, both of which are available for inspection at Newpark's registered
office.
2. SEGMENTAL ANALYSIS
Segmental information
At 28 February 2018, the group is organised into three main operating segments:
- Mixed use
- Office
- Industrial
28 February 2018 Mixed use Office Industrial General Total
(R'000) (R'000) (R'000) (R'000) (R'000)
Revenue 49 108 56 568 30 773 - 136 450
Property operating expenses (23 286) - (3 285) - (26 571)
Administrative expenses - - - (6 177) (6 177)
Fair value adjustments (24 464) 42 548 7 299 (7 972) 17 411
Operating profit 1 358 99 116 34 788 (14 149) 121 113
28 February 2017 Mixed use Office Industrial General Total
(R'000) (R'000) (R'000) (R'000) (R'000)
Revenue 52 565 56 592 506 - 109 663
Property operating expenses (22 699) - - - (22 699)
Administrative expenses - - - (3 096) (3 096)
Fair value adjustments 16 768 19 244 1 969 (3 777) 34 203
Operating profit 46 634 75 836 2 475 (6 873) 118 071
The amounts provided to EXCO with respect to total assets are measured in a manner consistent with that in the statement of
financial position. These assets are allocated based on the operations of the segment.
28 February 2018 Mixed use Office Industrial General Total
(R'000) (R'000) (R'000) (R'000) (R'000)
Investment property 464 748 574 151 222 867 - 1 261 766
Straight-line asset 252 77 999 21 733 - 99 984
Lease incentive - 19 850 - - 19 850
Trade and other receivables 6 182 - - - 6 182
Receiver of revenue - - 2 273 - 2 273
Cash and cash equivalents - - - 1 720 1 720
471 182 672 000 246 873 1 720 1 391 775
28 February 2017 Mixed use Office Industrial General Total
(R'000) (R'000) (R'000) (R'000) (R'000)
Investment property 487 773 531 603 214 870 - 1 234 246
Straight-line lease asset 3 727 67 901 16 130 - 87 758
Lease incentive - 22 496 - - 22 496
Trade & other receivables 3 562 - 1 272 - 4 834
Cash & cash equivalents - - - 50 746 50 746
495 062 622 000 232 272 50 746 1 400 080
The amounts provided to EXCO with respect to total liabilities are measured in a manner consistent with that in the statement of
financial position. These liabilities are allocated based on the operations of the segment.
28 February 2018 Mixed use Office Industrial General Total
(R'000) (R'000) (R'000) (R'000) (R'000)
Bank borrowings - - - 453 400 453 400
Derivative financial instruments - - - 11 050 11 050
Trade and other payables 3 398 19 206 19 774 23 397
3 398 19 206 19 465 224 487 847
28 February 2017 Mixed use Office Industrial General Total
(R'000) (R'000) (R'000) (R'000) (R'000)
Bank borrowings - 270 000 230 882 - 500 882
Derivative financial instruments - 3 078 - - 3 078
Trade and other payables 2 002 15 755 1 667 1 188 20 611
Receiver of revenue - - 155 - 155
2 002 288 833 232 704 1 188 524 726
Reconciliation of headline earnings to distributable earnings:
12 months ended 12 months ended
28 February 28 February
2018 2017
Distributable income reconciliation (R'000) (R'000)
Headline earnings 54 403 57 216
Adjusted for:
Change in fair value of investment property as a result of
amortisation of straight-line lease assets (12 226) (14 078)
Change in fair value of investment property as a result of
amortisation of lease incentive 2 647 2 647
Net change in fair value of financial instruments at fair
value through profit or loss 7 972 3 777
Profit attributable to shareholders 52 796 49 562
Actual number of ordinary shares in issue ('000) 100 000 100 000
Distributable income per share (cents per share)
From continuing operations (cents per share) 52,80 49,56
Interim dividend (cents per share) 26,65 25,00
Final dividend (cents per share) 26,15 24,56
3. Investment properties
For the year under review the property value includes movement made up of the increase in straight lining of the lease assets and
the decrease in lease incentives as well as additions and depreciation relating to furniture and fixtures.
28 February 2018 28 February 2017
(R'000) (R'000)
Cost/ Accumulated Carrying Cost/ Accumulated Carrying
Valuation depreciation value Valuation depreciation value
Investment property 1 259 518 - 1 259 518 1 231 629 - 1 231 629
Furniture and fittings 3 911 (1 663) 2 249 3 839 (1 222) 2 617
Total 1 263 429 (1 663) 1 261 766 1 235 469 (1 222) 1 234 246
Reconciliation of investment properties - 28 February 2018
Opening balance Additions Fair value Depreciation Closing
adjustments balance
Investment property 1 231 629 2 505 25 383 - 1 259 518
Furniture and fixtures 2 617 72 - (440) 2 249
Total 1 234 246 2 578 25 383 (440) 1 261 766
Reconciliation of investment properties - 28 February 2017
Opening Additions & Fair value Depreciation Closing
balance Improvements adjustments balance
Investment property 980 747 212 902 37 980 - 1 231 629
Furniture and fixtures 1 561 1 509 - (453) 2 617
Total 982 308 214 411 37 980 (453) 1 234 246
A register containing the information required by Regulation 25(3) of the Companies Regulations, 2011 is available for inspection at
the registered office of the company.
28 February 28 February
2018 2017
(R'000) (R'000)
JSE Building
-Purchase price 18 070 18 070
-Fair value adjustment 556 081 513 533
-Straight-line of lease asset 77 999 67 901
-Lease-incentive 19 850 22 496
672 000 622 000
24 Central
Portion 20 of Erf 7 Sandton Township, registration division IR, Province of Gauteng
-Purchase price 238 000 238 000
-Fair value adjustment 221 274 245 738
-Straight-line of lease asset 252 3 727
-Net capitalised expenditure 5 474 4 035
465 000 491 500
Linbro Park
Portion 3 of Erf 9 Frankenwald Ext3 Johannesburg, South Africa
-Purchase price 127 858 127 858
-Fair value adjustment 4 562 1 573
-Straight-line of lease asset 18 482 15 569
-Net capitalised expenditure 698 -
151 600 145 000
Crown Mines
Erven 1 and 2 Crown City Extension 1
-Purchase price 85 044 85 044
-Fair value adjustment 4 705 395
-Straight-line of lease asset 3 251 560
93 000 86 000
28 February 28 February
2018 2017
(R'000) (R'000)
Fair value of investment property for accounting purposes
Opening fair value of property assets 1 344 500 1 065 000
Gross fair value adjustment on investment property 25 383 37 980
Additions to furniture & fittings 2 578 1 509
Depreciation (440) (453)
Acquisition of investment property - 212 902
Acquisition of straight-line assets - 16 130
Straight-line lease asset and lease incentive movement 9 579 11 433
Property valuation 1 381 600 1 344 500
Less: straight-line lease income adjustment (99 984) (87 758)
Less: lease incentive receivable (19 850) (22 496)
Closing fair value of property assets 1 261 766 1 234 246
Securities
Mortgage bonds at a nominal value amounting to R500 000 000 (February 2017: R500 881 700) -have been registered over
investment properties with a fair value of R1 261 766 278 (February 2017: R1 016 758 947) as security for interest bearing liabilities.
Details of valuation
The properties were valued on 28 February 2018 using the discounted cash flow of future income streams method. The valuations
of the properties were performed by an independent valuer, Peter Parfitt of Quadrant Properties Proprietary Limited, who is a
registered valuer in terms of section 19 of the Property Valuers Professional Act, No 47 of 2000.
At 28 February 2018, the key assumptions and unobservable inputs used by the company in determining fair value were as follows:
These assumptions are based on current market conditions.
Mixed use Office Industrial
Discount rate 14,50% 14,25% 15,00%
Exit capitalisation rate 9,00% 8,50% 9,79%
Capitalised rate 8,50% 8,25% 8,60%
Measurement of fair value
Valuation techniques:
Discounted cash flows: The valuation model considers the present value of net cash flows to be generated from the property, taking
into account expected rental and expense growth rates, vacant periods, lease incentive costs such as rent-free periods and other
costs not recovered from tenants. The expected net cash flows are discounted using a discount rate. The discount rate applied is
derived using an appropriate capitalisation rate and adding a growth rate based on market-related rentals, testing this for
reasonableness by comparing the resultant Rand rate per m 2 against comparative sales of similar properties in similar locations.
Amongst other factors, the capitalisation rate estimation considers the quality of the property, its location, the tenants' credit
quality and their lease terms.
Inter-relationship between key unobservable inputs and fair value measurements:
The estimated fair value would increase/ (decrease) if:
- expected market rental growth was higher/ (lower);
- expected expense growth was lower/ (higher);
- vacant periods were shorter/ (longer);
- the occupancy rate was higher/ (lower);
- rent-free periods were shorter/ (longer);
- discount rate was lower/ (higher); and
- reversionary capitalisation rate was lower/ (higher).
4. Earnings per share
12 months ended 12 months ended
28 February 28 February
2018 2017
Basic earnings per share (R'000) (R'000)
Profit attributable to shareholders 79 786 95 196
Weighted average number of ordinary shares in issue ('000) 100 000 100 000
Basic earnings per share (cents per share) 79,79 95,20
Diluted earnings per share
Profit attributable to shareholders 79 786 95 196
There are no dilutive instruments in issue
Weighted average number of ordinary shares in issue ('000) 100 000 100 000
Basic diluted earnings per share (cents per share) 79,79 95,20
Headline earnings per share
Profit attributable to shareholders 79 786 95 196
Adjusted for:
Change in fair value of investment property and tax thereof (25 383) (37 980)
54 403 57 216
Weighted average number of ordinary shares in issue ('000) 100 000 100 000
Headline earnings per share (cents per share) 54,40 57,22
5. Payment of final dividend
The board has approved and notice is hereby given of the final gross dividend of 26,14584 cents per share for the six months
ended 28 February 2018. The interim dividend paid on 6 November 2017 amounted to 26,64973 cents per share.
The dividend is payable to Newpark's shareholders in accordance with the timetable set out below:
2018
Last date to trade cum dividend: Tuesday, 12 June
Shares trade ex dividend: Wednesday, 13 June
Record date: Friday, 15 June
Payment date: Monday, 18 June
Share certificates may not be dematerialised or rematerialised between Wednesday, 13 June 2018 and Friday, 15 June 2018, both
days inclusive.
The dividend will be transferred to dematerialised shareholders' CSDP accounts/broker accounts on Monday, 18 June 2018.
Certificated shareholders' dividend payments will be paid to certificated shareholders' bank accounts on or about, Monday,
18 June 2018.
In accordance with Newpark's status as a REIT, shareholders are advised that the dividend meets the requirements of a "qualifying
distribution" for the purposes of section 25BB of the Income Tax Act, No. 58 of 1962 ("Income Tax Act"). The dividend will be deemed
to be a dividend for South African tax purposes, in terms of section 25BB of the Income Tax Act.
The dividend received by or accrued to South African tax residents must be included in the gross income of such shareholders and
will not be exempt from income tax (in terms of the exclusion to the general dividend exemption, contained in paragraph (aa) of
section 10(1)(k)(i) of the Income Tax Act) because it is a dividend distributed by a REIT. This dividend is, however, exempt from
dividend withholding tax in the hands of South African tax resident shareholders, provided that the South African resident
shareholders submitted the following forms to their Central Securities Depository Participant ("CSDP") or broker, as the case may
be, in respect of uncertificated shares, or the company, in respect of certificated shares:
a) a declaration that the dividend is exempt from dividends tax; and
b) a written undertaking to inform the CSDP, broker or the company, as the case may be, should the circumstances affecting
the exemption change or the beneficial owner cease to be the beneficial owner,
both in the form prescribed by the Commissioner for the South African Revenue Service. Shareholders are advised to contact their
CSDP, broker or the company, as the case may be, to arrange for the abovementioned documents to be submitted prior to payment
of the dividend, if such documents have not already been submitted.
Dividends received by non-resident shareholders will not be taxable as income and instead will be treated as an ordinary dividend
which is exempt from income tax in terms of the general dividend exemption in section 10(1)(k)(i) of the Income Tax Act. Any
dividends received by a non-resident from a REIT will be subject to dividend withholding tax at 20%, unless the rate is reduced in
terms of any applicable agreement for the avoidance of double taxation ("DTA") between South Africa and the country of residence
of the shareholders. Assuming dividend withholding tax will be withheld at a rate of 20%, the net dividend amount due to non-
resident shareholders is 20.91667 cents per share. A reduced dividend withholding rate in terms of the applicable DTA, may only be
relied upon if the non-resident shareholder, has submitted the following forms to their CSDP or broker, as the case may be, in respect
of uncertificated shares, or the company, in respect of certificated shares:
a) a declaration that the dividend is subject to a reduced rate as a result of the application of a DTA; and
b) a written undertaking to inform their CSDP, broker or the company, as the case may be, should the circumstances affecting
the reduced rate change or the beneficial owner cease to be the beneficial owner,
both in the form prescribed by the Commissioner for the South African Revenue Service. Non-resident shareholders are advised to
contact their CSDP, broker or the company, as the case may be, to arrange for the abovementioned documents to be submitted
prior to payment of the dividend if such documents have not already been submitted, if applicable.
Shares in issue at the date of declaration of dividend: 100,000,001
Newpark's income tax reference number: 9114003149.
6. Events after the reporting period
The directors are not aware of any material event which occurred after the reporting date and up to the date of this report.
7. Related parties
GROUP GROUP
28 February 28 February
2018 2017
(R'000) (R'000)
Professional services - Capensis Real Estate (Pty) Ltd (SP Fifield director) 1 129 -
Professional services - WellCapital (Pty) Ltd (JAI Ferreira director) 448 200
By order of the board.
Simon Fifield Dries Ferreira
Chief Executive Officer Financial Director
Johannesburg
23 May 2018
DIRECTORS
G D Harlow (Chairman) **, S P Fifield (Chief Executive Officer), JAI Ferreira (Financial Director), B D van Wyk *, D T Hirschowitz*,
K M Ellerine*, H C Turner **, D I Sevel ** S Shaw-Taylor**
* Non-executive director ** Independent non-executive director
REGISTERED OFFICE
51 West Street, Houghton, Gauteng, 2198
P O Box 3178, Houghton, Gauteng, 2041
WEBSITE
www.newpark.co.za
COMPANY SECRETARY
CIS Company Secretaries Proprietary Limited
TRANSFER SECRETARY
Computershare Investor Services Proprietary Limited
DESIGNATED ADVISOR
Java Capital
Date: 23/05/2018 04:55:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE').
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