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REBOSIS PROPERTY FUND LIMITED - Integrated Annual Report and Notice to Annual General Meeting - JSE share codes: REA, REB - Alpha code: REBI

Release Date: 20/12/2018 15:00
Code(s): REB REA REBC09     PDF:  
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Integrated Annual Report and Notice to Annual General Meeting - JSE share codes: REA, REB - Alpha code: REBI

REBOSIS PROPERTY FUND LIMITED
(Incorporated in the Republic of South Africa)
(Registration number: 2010/003468/06)
JSE share codes:
REA ISIN: ZAE000240552
REB ISIN: ZAE000201687
Alpha code: REBI
(Approved as a REIT by the JSE)
(“Rebosis” or the “Company” or the “Fund”)

INTEGRATED ANNUAL REPORT AND NOTICE TO ANNUAL GENERAL MEETING

Integrated Annual Report

Rebosis shareholders (“Shareholders”) are advised that the 2018 Integrated Annual Report
(“Integrated Report”), which incorporates the full annual financial statements for the year ended 31
August 2018, the notice of annual general meeting and form of proxy, has been distributed to
Shareholders today.

The Integrated Report is also available on the Company’s website, [www.rebosis.co.za], and
Shareholders wishing to receive a printed copy of the Integrated Report can e-mail their request to the
company secretary, Mande Ndema, at mande@mnaattorneys.co.za.

Shareholders are referred to the reviewed provisional results for the year ended 31 August 2018
(“Provisional Results”), published on SENS on 12 November 2018 (“SENS Announcement”). The
Company confirms that other than as detailed below, the Integrated Report contains no material
modifications to the Provisional Results:


 Line item/ Description                               As reported     As reported      Change
                                                           in the          in the
                                                      Provisional      Integrated
                                                          Results          Report
 Statement of financial position (cents):
 Net asset value (“NAV”) per Rebosis ordinary               14.94           12.95       (1.99)
 share (“REB share”) (1)
 
 Statement of profit or loss (cents):
 Basic and diluted headline earnings per REB               (10.63)          16.13        26.76
 share (2)
 
 Statement of changes in equity (R’000):
 Retained income/(loss) - Balance as at 31
 August 2017 (3)                                          1 314 352      1 446 663      132 311
 
 Statement of cash flows (R’000):
 Cash generated from operations (4)                       1 340 249      1 355 577       15 328
 Finance costs (4)                                        (902 952)       (887 610)      15 342
 Capital expenditure, tenant installations and
 lease commissions (5)                                    (305 385)       (305 376)           9
 Repayments on B-BBEE and Jiraserve loans
 (6)                                                        381 436          95 423    (286 013)
 Proceeds/(repayments) of financial liabilities
 (4)                                                        939 239        908 558      (30 681)
 (Decrease)/increase in deferred payment
 liability (6)                                            (302 580)        (16 565)     286 015


Explanatory notes:

1.     NAV per REB share –The correct number was included in the presentation and the booklet
       distributed to Shareholders, however the correct number was not carried forward into the SENS
       Announcement.
2.     Basic and diluted headline earnings per REB share – the calculation in the Provisional Results
       excluded goodwill impairment of R177 million.
3.     Retained income/(loss) - Balance as at 31 August 2017 – a casting error occurred in the total
       balance as reported in the Provisional Results.
4.     Cash generated from operations, finance costs and proceeds/(repayments) of financial liabilities
       which should have excluded amortisation of structuring fees as a non-cash item now corrected in
       the Integrated Report.
5.     Capital expenditure, tenant installations and lease commissions – a rounding error occurred in
       the Provisional Results.
6.     Repayments on B-BBEE and Jiraserve loans and (decrease)/increase in deferred payment
       liability – a non-cash transfer was erroneously included in the calculation of cash flow movements
       in the Provisional Results.


The Company further confirms that, there were no changes to the auditor’s report contained in the
Integrated Report compared to the auditor’s report referred to in the Provisional Results.

Change of Chief Financial Officer

The Company has taken significant steps to strengthen the management team. As per the SENS
Announcement, Isabeau King (CA (SA), CMA) was appointed as Chief Financial Officer on 1 December
2018. Isabeau held senior financial positions in various industries.
The Fund is confident that this appointment has strengthened the executive team and that market
information will be reliable.

Notice to Annual General Meeting

The annual general meeting (“AGM”) of Shareholders will be held on Monday, 28 January 2019 at
10:00am at the offices of the Company at 2nd Floor, Roland Garros Building, The Campus, 57 Sloane
Street, Bryanston, Gauteng to transact the business as stated in the notice of the AGM forming part of
the Integrated Report.

In terms of section 59 of the Companies Act, No 71 of 2008, the record date on which Shareholders
must be recorded as such in the register maintained by the transfer secretaries of the Company for the
purposes of determining which Shareholders are entitled to attend and vote at the AGM is Friday, 18
January 2019.

20 December 2018

Equity and Debt Sponsor
Nedbank Corporate and Investment Banking, a division of Nedbank Limited

Date: 20/12/2018 03:00:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE'). 
The JSE does not, whether expressly, tacitly or implicitly, represent, warrant or in any way guarantee the truth, accuracy or completeness of
 the information published on SENS. The JSE, their officers, employees and agents accept no liability for (or in respect of) any direct, 
indirect, incidental or consequential loss or damage of any kind or nature, howsoever arising, from the use of SENS or the use of, or reliance on,
 information disseminated through SENS.

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