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Summarised provisional consolidated financial results for the year ended 28 February 2018
Acsion Limited
Incorporated in the Republic of South Africa
(Registration Number 2014/182931/06)
ISIN: ZAE000198289
Share code: ACS
("Acsion" or "the Company" or "the Group")
Summarised provisional consolidated financial results for the year ended 28 February 2018
Summarised consolidated statement of financial position
Audited Audited
Restated*
2018 2017
R'000 R'000
Assets
Non-current assets
Investment property 6 468 041 5 316 335
Plant and equipment 76 503 75 915
Operating lease assets 139 182 137 894
Goodwill 625 464 625 464
Prepayments 326 429 350 744
Investments in associates 1 471 1 150
Other financial assets 6 847 12 855
Deferred taxation 23 872 10 210
7 667 809 6 530 567
Current assets
Operating lease assets 2 138 2 115
Current taxation receivable 525 331
Loans to group companies 899 963
Trade and other receivables 24 401 24 814
Loans to shareholders 4 053 -
Cash and cash equivalents 212 680 16 527
Non-current assets held for sale 52 418 66 639
Total assets 7 964 923 6 641 956
Equity and liabilities
Equity
Equity attributable to equity holders of parent
Share capital 3 969 625 3 973 725
Retained income 2 006 548 1 241 456
5 976 173 5 215 181
Non-controlling interest 41 122 31 967
6 017 295 5 247 148
Liabilities
Non-current liabilities
Deferred taxation 1 195 221 995 232
Other financial liabilities 643 861 287 599
1 839 082 1 282 831
Current liabilities
Trade and other payables 65 773 83 609
Other financial liabilities 23 284 13 451
Provisions 3 174 3 218
Current taxation payable 16 282 11 193
Loans from shareholders - 506
Dividends payable 33 -
108 546 111 977
Total liabilities 1 947 628 1 394 808
Total equity and liabilities 7 964 923 6 641 956
Summarised consolidated statement of profit or loss and other comprehensive income
Audited Audited
Restated*
2018 2017
R'000 R'000
Revenue 586 490 524 792
Other operating income 8 215 7 410
Other operating expenses (223 545) (204 994)
Operating profit 371 160 327 208
Investment income 27 793 2 729
Finance costs (56 915) (23 026)
Profit (loss) from associate 321 232
Profit on sale of non-current assets held for sale 783 1 180
Fair value adjustments 744 785 611 822
Profit before taxation 1 087 927 920 145
Taxation (264 310) (257 074)
Profit for the year 823 617 663 071
Other comprehensive income - -
Total comprehensive income for the year 823 617 663 071
Profit attributable to:
Owners of the parent 814 462 641 551
Non-controlling interest 9 155 21 520
823 617 663 071
Total comprehensive income attributable to:
Owners of the parent 814 462 641 551
Non-controlling interest 9 155 21 520
823 617 663 071
Basic and diluted earnings per share (cents) 206.76 162.68
The following information does not form part of the Statement of Profit or Loss and Other Comprehensive Income or the Statement of Financial Position:
Per share information
Headline earnings per share (cents) 61.81 47.28
Proposed dividend per share (cents) 25.00 12.50
Summarised consolidated statement of changes in equity (R'000)
Share capital Treasury Total Retained Total attributable Non-controlling Total
shares share income to equity holders interest equity
capital of the group
Balance at 1 March 2016 3 979 956 (4 474) 3 975 482 599 905 4 575 387 10 446 4 585 833
Total comprehensive income for the year (restated)* - - - 641 551 641 551 21 520 663 071
Purchase of treasury shares - (1 757) (1 757) - (1 757) - (1 757)
Balance at 28 February 2017 (restated)* 3 979 956 (6 231) 3 973 725 1 241 456 5 215 181 31 967 5 247 148
Total comprehensive income for the year - - - 814 462 814 462 9 155 823 617
Purchase of treasury shares - (4 100) (4 100) - (4 100) - (4 100)
Dividends paid - - - (49 370) (49 370) - (49 370)
Balance at 28 February 2018 3 979 956 (10 331) 3 969 625 2 006 548 5 976 173 41 122 6 017 295
Summarised consolidated statement of cash flows
Audited Audited
Restated*
2018 2017
R'000 R'000
Cash generated by operations 376 547 346 000
Investment income received 23 234 2 729
Finance costs paid (56 915) (23 026)
Taxation paid (73 087) (57 868)
Net cash from operating activities 269 779 267 835
Purchase of plant and equipment (25 001) (11 294)
Proceeds on sale of plant and equipment 260 4
Development costs relating to investment property (384 807) (378 644)
Decrease of financial assets 6 008 482
Proceeds on sale of non-current assets held for sale 17 204 30 324
Additions to non-current assets held for sale - (1 656)
Net cash used in investing activities (386 336) (360 784)
Purchase of treasury shares (4 100) (1 757)
Proceeds from other financial liabilities 366 095 94 248
Dividends paid (49 337) -
Proceeds of loans to group companies 52 697
Net cash from financing activities 312 710 93 188
Total cash movement for the year 196 153 239
Cash at the beginning of the year 16 527 16 288
Total cash at the end of the year 212 680 16 527
*Prior period error:
Due to a calculation error in the valuation of investment property in 2017, comparatives have been restated. Refer below in this report for further detail.
Reconciliation of earnings per share to headline earnings per share:
Basic earnings 814 462 641 551
Adjusted for:
Fair valuation adjustment, net of taxation (577 953) (474 773)
Non-controlling interest relating to fair valuation adjustment 6 380 20 492
Impairment of investment property - 84
Loss/(gain) on non-current assets held for sale 420 (916)
Loss on sale of plant and equipment 163 4
Impairment of subsidiary loan 12 -
Headline earnings 243 484 186 442
Net asset value per share (cents) 1 518.25 1 322.86
Net asset value per share excluding deferred taxation (cents) 1 815.83 1 572.72
Geographic and tenant profiles
The existing income generating investment properties consist of nine predominantly retail developments strategically located in
Mpumalanga and Limpopo with an aggregate gross lettable area ("GLA") of 253 800 m2 (2017: 237 800 m2). The tenant profile by GLA
comprises 71% national tenants (2017: 72%), 14% semi-national (2017: 13%) and 15% line and other franchises (2017: 15%).
The tenant profile is separated into national and semi-national tenants to indicate the exposure Acsion has to direct head office
leases and individual franchises. Exposure to national and semi-national tenants as a percentage of GLA is at 85% (2017: 85%).
Line shops and other franchises are carefully vetted by Acsion's leasing division to promote maximum dwelling time and footfall
in each centre, underpinning trading densities and the overall sustainability of tenants' lease terms.
Geographic profile by revenue
Gauteng - 70%
Limpopo - 13%
Mpumalanga - 17%
Geographic profile by GLA
Gauteng - 68%
Limpopo - 15%
Mpumalanga - 17%
Tenant profile by revenue
National - 64%
Semi national - 18%
Line and other franchises - 18%
Tenant profile by GLA
National - 71%
Semi national - 14%
Line and other franchises - 15%
Commentary
About Acsion
Acsion ("the Group" or "the Company") is a property manager, real estate developer and owner which is listed on the Johannesburg Stock
Exchange ("JSE"). Acsion is differentiated from Real Estate Investment Trusts ("REITs") in the listed property sector as it focuses on
the delivery of superior net asset value ("NAV") growth. NAV growth drivers include enhancing existing properties, completing the
identified development pipeline and obtaining additional future development opportunities.
The Group's development function and "value-engineering" approach to development, significantly enhances returns to shareholders.
Value engineering focuses on optimising upfront feasibility studies, planning, designing and constructing in an innovative and more
cost-effective way, resulting in lower construction costs, without compromising on quality.
Operational update
During the year under review, Acsion completed one additional retail development, Mall@55 (Monavoni, Gauteng), which was not previously
included in the pre-listing pipeline. The mall was opened during the last quarter of 2017, and the planning of the second phase extension
has commenced. The Group will commence with development at Trade@55 in the near future.
The Acsiopolis development (Benmore, Sandton) is progressing well. As at year end, the development had reached the 7th floor exclusive of
the 6 basement parking levels which have also been completed.
The final building permit application is progressing with regards to the 39 000m2 Metropolis Mall@Larnaka (Larnaka, Cyprus) and construction
is expected to commence in the second half of the 2019 financial year.
Development planning of the 2,000m2 extension of Mall@Lebo (Lebowakgomo, Limpopo), is also underway. An extension of 2,500m2 was completed
and handed over to Planet Fitness for occupation at Mall@Carnival (Brakpan, Gauteng).
The new Engen petrol station at Mall@Moutsiya (Siyabuswa, Limpopo) was completed in December 2017.
Financial results
Revenue for the Group in respect of the year ended 2018 was R586.5 million (2017: R524.8 million). This increase was mainly due to increased
rental income resulting from the completion of two additional retail shopping centres which opened during the latter part of the previous year
and the opening of Mall@55 in October 2017. Other income supplemented rental revenue by R8.2 million (2017: R7.4 million).
Operating expenses increased by 9.0% (2017: 2.6% decrease). This increase is in line with the revenue growth from the completion of two
additional retail shopping centres which opened during the latter half of the previous year and the opening of Mall@55 in October 2017.
The increase in finance costs from R23.0 million in 2017 to R56.9 million in 2018 can mainly be attributed to the completion of Mall@55,
partial financing of the Acsiopolis development and commissioning and installation of four solar plants.
Headline earning per share increased to 61.81 cents (2017 restated: 47.28 cents) representing a 30.7% increase.
The financial position of the Group remains very strong with investment property (which includes elements of plant and equipment, and the
operating lease asset) carried at R6.662 billion (2017 restated: R5.503 billion). Non-current assets held for sale are accounted for at fair
value of R52.4 million (2017: R66.6 million). Total property assets under control of the Group therefore increased in value by 20.6% during the
year under review.
Prepayments were in respect of two developments acquired during the formation of Acsion, namely Acsiopolis and Mall@Maputo. The construction
of Acsiopolis is progressing well and the opening is set for early 2019. The Directors are in constant negotiations with the Mozambican
government and is still pursuing this project for future development.
Attributable goodwill equates to R625.5 million and considering the extent of the development pipeline as well as the value derived from internalising
the property development, property management and asset management functions, no impairment was required.
Group liquidity is considered to be adequate.
NAV per share increased from 1 322.9c (restated) to 1 518.2c. NAV per share (excluding deferred taxation) for the year ended 28 February 2018 increased
by 15.5% (2017: 15.5%) from 1 572.72c (restated) in 2017 to 1 815.83c in 2018.
Treasury share purchase
The Group repurchased 611 851 (2017: 233 329) shares during the 2018 financial year and currently holds these as treasury shares. The decision to repurchase
shares was made as the share price was trading significantly below the reported NAV of the Company. These shares were purchased at approximately 46% below
the reported NAV per share (including deferred tax) as at 28 February 2018.
Vacancy levels and lease expiry profile
Strategic vacancies are maintained in order to accommodate potential tenant relocations and to support lease optimisation. The weighted vacancy (by GLA) for
the portfolio as at year end was 4.42% (2017: 5.43%) and the Group remains focused on reducing this percentage. The weighted average lease expiry profile by
GLA for the portfolio increased to 4.0 years (2017: 3.6 years). The increase is mainly attributable to new retail centres signing up leases with extended
lease expiry profiles.
Developed investment property portfolio
The developed investment properties as at 28 February 2018 consisted of the nine properties detailed below:
Property name Directors/ GLA Value/m2 Percentage
independent m2 (excluding of total
valuation bulk, where portfolio
applicable) by value
R'mil R %
Mall@Carnival* 2 665 88 134 30 238 45.2
Mall@Reds 1 242 54 578 22 756 21.0
Mall@Emba* 552 24 500 22 531 9.4
Mall@Lebo 474 23 536 20 139 8.0
Mall@Mfula* 275 17 871 15 388 4.7
Mall@Moutsiya 212 14 506 14 580 3.6
Mall@55* 277 15 305 18 099 4.7
Moreleta Square 161 8 479 18 929 2.7
Simarlo Rainbow 43 6 891 6 298 0.7
Total developed investment
Properties 5 901 253 800 23 251 100.0
The above properties are trading at an average annualised net operating yield of approximately 6.9% (2017: 7.2%).
*Independently valued
Developments under construction
Property name Directors/ GLA Value/m2 Antici-
independent m2 (excluding pated
valuation bulk, where opening
R'mil applicable)
R
Acsiopolis* 701 67 000 10 468 March 2019
Trade55* 60 10 000 6 000 Negotiating
Total developments under construction 761 77 000 9 888
*Independently valued
The group uses a discounted cash flow methodology as a basis when determining the fair value of investment property. At least one third of the properties
are valued externally and the balance of the properties are valued by the Directors. A property will be externally valued at least once every three years.
All investment properties for the Group is Level 3 hierarchy investment properties. There were no transfers between Levels 1, 2 and 3 during the year.
Reconciliation of investment property
Opening Additions Transfers Fair value Closing
Balance adjustments# Balance
(Restated)
R'mil R'mil R'mil R'mil R'mil
Investment Property 5 316 385 24 743 6 468
# Fair value adjustment recognised through profit and loss.
Unobservable inputs used in determining the fair value of investment property were based on the following:
Ranges
Exit capitalisation rate 8.25% - 10.31%
Discount rate 10.00% - 15.13%
Revenue escalation rate 6.00% - 8.04%
Expense escalation rate 7.00% - 11.37%
The estimated impact of a change in the significant unobservable inputs would result in a change in the 2018 property fair value estimation:
R'000
An increase of 50 basis points in the discount rate: (168 894)
A decrease of 50 basis points in the discount rate: 100 528
An increase of 50 basis points in the capitalisation rate: (276 566)
A decrease of 50 basis points in the capitalisation rate: 312 061
Acsiopolis (Benmore) has been designed as a twenty storey mixed use development, situated in the heart of Sandton. Acsiopolis addresses the new
micro-living trend, which is developing in the commercially dense Sandton node, allowing people to live and work in close proximity, whilst taking
advantage of 5-star amenities, and making use of public transport. The site measures approximately one hectare and is well positioned on Benmore Drive
upon which 67 000 m2 is being developed. The majority of this has been earmarked for short-term residential letting which supports Acsion's strategy
of sectoral diversification. Of this approximately 35 000 m2 will be available as executive suites, 26 000 m2 is earmarked for short term stay units,
5 000 m2 will be utilised for retail purposes and 1 000 m2 for office use. Acsiopolis will incorporate six levels of parking equating to approximately
1 400 parking bays which is expected to further enhance convenience for shoppers and residents alike. In addition to vehicular access, Acsiopolis has
been designed to take into consideration the evolving public transport systems in Sandton to accommodate the integration of pedestrian accessibility.
Construction of the development is progressing well and as at financial year end, 7 levels above basement parking have been completed. This development
represents the largest single phase development the Group has undertaken to date.
Mall@55 is a 15 000 m2 convenience shopping centre located in Monavoni, Gauteng. It is on an extremely busy arterial route accessible from the N14
freeway and the R55. This development caters for a value/convenience/lifestyle centre, which is underrepresented in the Monavoni area. The shopping
centres started trading in September 2017 and has been well received by the market. Acsion have already commenced the planning of an expansion of the
Mall@55 with a second phase of 10 000m2.
Trade 55 Phase I, will comprise of a 10 000 m2 large ("big box") retail centre with special commercial rights, having already been obtained in Monavoni, Gauteng.
This development is located on an extremely busy arterial route accessible from the N14 freeway and the R55 provincial route and across from the Mall@55 site.
Trade 55's value offering will be complementary to that of Mall@55.
Properties held for sale
Hyde Park Terrace, a high end residential development consisting of units ranging from 350 m2 to 540 m2 under roof, is situated in Hyde Park, Sandton, approximately
500 m from Hyde Park shopping centre. The development is nearly sold out with only six (2017: eight) completed houses and nine (2017: twelve) vacant stands
still available for sale.
Future investment opportunities
Acsion continuously evaluates a consistent stream of new opportunities and is in advanced discussions on certain projects to further enhance capital growth in
the coming five years. At the date of this report, the following future development opportunities, amongst others, were being considered by Acsion:
Mall@Lebo, our highly successful development in Lebowakgomo, Limpopo is to be extended by approximately 2 000 m2. The Group is in the process of finalising
certain applications whilst the leasing of the proposed extension is finalised.
Mall@Emba, is another of Acsion’s highly successful rural developments in Embalenhle and expansion to the centre (Phase 3) is being assessed.
Mamahlodi Gardens is an affordable housing development in Walkraal, Limpopo with a total land size of 40 hectares. Acsion has formed a partnership with local
residents and the local municipality to approach prospective buyers with access to housing subsidies from the Department of Human Settlements. Proclamation of
the land is completed with all services (water, sewage and electricity) already secured. Plans to construct up to 515 residential units for sale are supported
by a shortage of affordable housing in the Walkraal area. The market price will range between R300 000 and R350 000 per unit. The development will be demand
driven and will be supplementary to the Mall@Moutsiya development. The Group is currently in negotiations with various parties to bring this aspect of the
development to fruition. The Group is also considering alternatives to the housing development to utilise the remaining extent of the land.
The Mall@Maputo development will be located in northern Maputo and will be adjacent to the main Maputo ring road, with a total land size of 8.9 hectares.
A memorandum of understanding was originally signed with the Mozambican Ministry of Sport to develop a 50 000 m2 shopping centre. Subsequently, the Group decided
to acquire an alternative land parcel adjacent to the existing land parcels which now requires an additional agreement with the Ministry of Interior to be concluded.
The Group have been in constant negotiations with the Ministry of Interior and a final draft contract has been negotiated.
With Offices@Lusaka, Acsion aims to take advantage of Zambia's growing economy and limited available infrastructure for multinational companies. Negotiations with
a local land owner to co-develop up to 20 000 m2 of office space are currently underway. The site is located in close proximity to Manda Hill Shopping Mall and
alongside Stanbic's Lusaka offices.
Metropolis Mall@Larnaka is the Group's first international retail development. The Group has signed a leasehold over land in Larnaka, Cyprus. The lease is a 33 year
lease with two options to renew of 33 years each. The Group intends to develop a 39 000 m2 retail centre. Final approvals from the Ministry and all relevant bodies
is expected to be received during the 2019 financial year and thereafter development will commence. At 39,000 m2 of GLA, it will be the dominant retail offering in
Larnaka, catering for approximately 150,000 people. Acsion is forecasting double-digit yields on this project, with a considerable uplift to our net asset value on
completion. The development will also enhance geographical and currency diversification for the Acsion portfolio. The Group is very excited about its first development
project in Europe.
New initiatives
During the current year, Acsion added more grid tied solar panel installation to Mall@Lebo, Mall@Moutsiya and Mall@55, bringing the companies DC output to 11 Mwp
(FY2017: 7Mwp). Acsion is satisfied with the financial results generated by these installations. The Group has decided that, subject to appropriate pricing of
import items and ESKOM/council electricity tariff structures, that it will increase the capacity of the solar plants and deploy new solar plants to aid in lowering
the operating costs of each development. To this extent, only Moreleta Square (Moreleta Park, Gauteng) and Simarlo Rainbow (Hennopspark, Centurion) are left to
be enhanced with solar energy production.
Prospects
Acsion's Board remain confident that the Group's growth objectives can be achieved despite the challenging economic operating environment. The Group remains focused on the
completion of its secured development pipeline over the next year.
Acsion will continue reinvesting in its existing portfolio and focus on its development expertise, or "value-engineering" approach, to ensure above average NAV growth.
In addition, Acsion will explore further development opportunities in high-growth markets across Africa and Europe.
Proposed dividend
The Board of Directors has decided to propose a dividend of 25.0 cents per share (2017: 12.5 cents per share). As this dividend is not approved as at 28 February 2018,
there is no provision for this dividend in these results. The 2017 dividend of 12.5 cents per share was declared and paid in the 2018 financial year.
Segmental reporting
Due to the current investment property portfolio exposure being heavily weighted to retail, the chief operating decision maker considers the operations to be a single
operating segment and as such reviews financial information on this basis. Segment reporting as required in terms of IFRS 8: Operating segments is therefore not
applicable to the Group at this stage.
Changes in directors
During the 2018 financial year Mr P.H. Scholtz resigned as an executive director, effective 30 November 2017. Ms S. le Roux was appointed on 12 January 2018 to succeed
Mr P.H. Scholtz. Mr H.N. Bila was appointed as a non-executive director effective 27 September 2017.
Related party transactions
There were no significant related party transactions during the current year with the exception of construction costs amounting to R109 million (2017: R80 million)
relating mainly to Mall@55 and Acsiopolis which was paid to K Anastasi Projects Proprietary Limited.
Prior period errors
In 2017, there was a calculation error in the valuation for four property assets, resulting in the investment property value of the portfolio being overstated by
R192 million. This has led to the deferred tax balance being overstated by R43 million. This error had no impact on the 2016 financial year. The correction of the
error resulted in adjustments as follows:
Previously Adjusted Restated
Stated 2017
2017
R'000 R'000 R'000
Statement of Financial Position:
Investment property 5 508 737 (192 401) 5 316 335
Deferred tax liability (1 038 330) 43 098 (995 232)
Non-controlling interest (36 016) 4 049 (31 967)
Retained income (1 386 711) 145 255 (1 241 456)
Statement of profit or loss and earnings per share:
Fair value adjustment (804 223) 192 401 (611 822)
Income tax - deferred 300 172 (43 098) 257 074
Non-controlling interest (36 016) 4 049 (31 967)
Basic and diluted earnings per share (cents) 199.51 (36.84) 162.68
Basic and diluted headline earnings per share (cents) 47.01 0.27 47.28
Net asset value per share (cents) 1 359.71 (36.85) 1 322.86
Net asset value per share excluding deferred tax (cents) 1 620.50 (47.78) 1 572.72
Events after reporting period
The Directors are not aware of any material events requiring adjustment or disclosure in these summarised provisional consolidated financial statements, which occurred
after the reporting date and up to the date of this report which require adjustment or disclosure to interpret these financial statement adequately.
The Directors would however like to focus the reader's attention on the proposed dividend declaration as mentioned earlier in this report. This dividend has been
declared by the directors on 29 May 2018.
Basis of preparation and accounting policies
The summarised provisional 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. The results has been 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, Financial Pronouncements as
issued by the Financial Reporting Standards Council, and at a minimum, IAS 34: Interim Financial Reporting.
The accounting policies applied in the preparation of the summarised provisional consolidated financial statements are in compliance with IFRS and are consistent with
those applied in the 2017 consolidated financial statements.
These results have been prepared under the historical cost convention, except for investment properties, which are measured at fair value, and certain financial
instruments, which are measured at either fair value or amortised cost.
These summarised provisional consolidated financial statements were prepared under the supervision of Sandarie le Roux CA (SA) in her capacity as Financial Director.
Audit report
The auditors, Deloitte & Touche, has issued its opinion on Acsion's consolidated financial statements for the year ended 28 February 2018. The audit was conducted in
accordance with International Standards on Auditing. Deloitte & Touche has issued an unmodified opinion. A copy of the auditor's report together with a copy of the
audited consolidated and separate financial statements is available for inspection at the Company's registered office during normal business hours. The auditor’s report
does not necessarily report on all of the information contained in this announcement/financial results. Shareholders are 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 audited consolidated financial statements as at
28 February 2018 from the Company's registered office during normal business hours.
These summarised provisional consolidated financial statements have been derived from the audited consolidated financial statements and are consistent in all material
respects with the audited consolidated financial statements for the year ended 28 February 2018 but is not itself audited.
The Directors take full responsibility for the preparation of these summarised provisional consolidated financial results and confirm that the financial information has
been correctly extracted from the underlying annual consolidated financial statements. Any reference to future financial information included in this announcement has
not been reviewed or reported on by the auditor.
By order of the Board
Centurion, 30 May 2018
D Green K Anastasiadis
(Chairman) (Chief Executive Officer)
Directors: D Green (Chairman)*, K Anastasiadis (CEO), S le Roux (FD), S Griesel*, PD Sekete*, T Jali*, HN Bila* (*Independent non-executive)
Registered office: Mall@Reds, 1st Floor, Corner of Rooihuiskraal and Hendrik Verwoerd Drives, Rooihuiskraal, Ext 15, Centurion
Postal address: PO Box 569, Wierda Park, 0149
Registration number: 2014/182931/06
Transfer secretaries: Computershare Investor Services Proprietary Limited, Rosebank Towers, 15 Bierman Avenue, Rosebank, 2192
Sponsor: Nedbank Corporate and Investment Banking Limited
Company secretary: MWRK Accountants and Auditors Incorporated
Date: 30/05/2018 05:00:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE').
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