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Group annual results for the year ended 31 August 2021 and cautionary announcement
REDEFINE PROPERTIES LIMITED
(Incorporated in the Republic of South Africa)
Registration number: 1999/018591/06
JSE share code: RDF
ISIN: ZAE000190252
JSE debt code: BIRDF
(Redefine or the company or the group)
(Approved as a REIT by the JSE)
Group annual RESULTS
for the year ended 31 August 2021 and Cautionary Announcement
- Loan-to-value reduced to 41.6%
- Net asset value per share increased to 733.24
- Realised asset disposals R5.0 billion
- Active porffolio occupancy improved to 92.9%
- Dividend per share for the year 60.12 cents
- Undrawn facilities and cash on hand of R5.8 billion
31 August 31 August
Financial results 2021 2020 % change
Revenue (R'million) 7 157 8 456 (15.4)
Continued and discontinued earnings per share (cents)
- Headline earnings per share (cents) 72.27 (52.64) 237.3
- Basic earnings per share (cents) 50.28 (306.11) 116.4
Distributable income per share (cents) 52.96 51.50 2.8
Dividend per share (cents) 60.12 - 100.0
Net asset value (NAV) per share (excluding deferred
taxation and non-controlling interest) (cents) 733.24 714.85 2.6
Dividend for the year ended 31 August 2021
Distributable income per share for the year ended 31 August 2021 amounted to 52.96 (FY20: 51.50) cents,
an increase of 2.8% on the previous year. Taxable income includes unrealised foreign exchange gains of
R350.4 million due to the appreciation of the Rand and is non-recurring.
The board has declared a dividend of 60.12 (FY20: 0.00) cents per share which will reduce the taxable
income of the company by the amount of the dividend.
A detailed announcement, including salient dates and the tax treatment applicable to the dividend and
share reinvestment alternative will be published on or about Friday, 12 November 2021.
Cautionary announcement
Redefine has submitted a non-binding proposal to the EPP board which, if approved by both the EPP
board and, to the extent necessary, by EPP and Redefine shareholders, will constitute EPP as an unlisted
subsidiary of Redefine. In terms of the proposal, and conditional on EPP shareholders approving of a
delisting of EPP shares on both the JSE and LuxSE, Redefine will make an offer to EPP shareholders that
will afford EPP shareholders an ability to swap their EPP shares for Redefine shares at an independently
verified fair swap ratio. The proposed transaction would be conditional on, inter alia, EPP implementing
certain restructuring transactions (including the disposal of non-prime property portfolios to joint
venture companies to be owned by EPP and third party investors) that will significantly bolster EPP's
balance sheet, generate much needed liquidity and materially reduce EPP's LTV.
The proposal is under consideration by an Independent Committee constituted by the EPP board and
further update announcements will be made by both Redefine and EPP in due course. Pending such
further announcements shareholders are advised to exercise caution in dealing in Redefine shares.
By order of the board
Redefine Properties Limited
8 November 2021
The contents of this short-form announcement are the responsibility of the board of directors of Redefine.
This short-form announcement is only a summary of the information in the full announcement and does not
contain full or complete details of the financial results. Any investment decisions made by investors and/or
shareholders should be based on consideration of the full announcement as a whole and shareholders are
encouraged to review the full announcement which is available on SENS, on the JSE's website at:
https://senspdf.jse.co.za/documents/2021/jse/isse/RDF/FY2021.pdf and on Redefine's website. The full
announcement is also available for inspection at the registered office of Redefine or at the office of our
sponsor, Java Capital, 6th Floor, 1 Park Lane, Wierda Valley, Sandton 2196 at no charge during normal business
hours from Monday, 8 November 2021 to Monday, 15 November 2021. Copies of the full announcement may be
requested via email to cosec@redefine.co.za or sponsor@javacapital.co.za. The audited group and company annual
financial statements for the period ended 31 August 2021 have been audited by PricewaterhouseCoopers Inc. who
expressed an unmodified audit opinion thereon (the audit report). The audit report includes the communication
of key audit matters which are disclosed on pages 16 to 17 of the group and company annual financial statements
available on Redefine's website https://www.redefine.co.za/view-file/2021-group-afs.pdf, summary of audited
group results https://www.redefine.co.za/view-file/2021-results.pdf
Foreign shareholders The release, publication or distribution of this announcement and/or accompanying documents
and the right to elect shares pursuant to the share reinvestment alternative in jurisdictions other than the
Republic of South Africa may be restricted or affected by the laws of such jurisdictions, and a failure to
comply with any of those restrictions may constitute a violation of the securities laws of any such jurisdictions.
The shares issued pursuant to the share reinvestment alternative have not been and will not be registered for
the purposes of the election under the securities laws of the United States, Australia, Canada, countries in
the European Economic Area, Japan and Hong Kong, and accordingly are not being offered, sold, taken up, re-sold
or delivered directly or indirectly to recipients with registered addresses in such jurisdictions unless certain
exemptions from the requirements of those jurisdictions are applicable.
United States of America The shares issued pursuant to the share reinvestment alternative have not been and will
not be registered under the U.S. Securities Act of 1993, as amended (U.S. Securities Act), or under any securities
laws of any state or other jurisdiction of the United States and may not be offered, sold, taken up, exercised,
resold, renounced, transferred or delivered, directly or indirectly, within the United States, except pursuant to
an applicable exemption from, or in a transaction not subject to, the registration requirements of the U.S.
Securities Act and applicable state and other securities laws of the United States. There will be no public offer
of the shares issued pursuant to the share reinvestment alternative in the United States.
Registered office:
155 West, 4th floor, 155 West street, Sandown, Sandton, Johannesburg, South Africa, 2196
Sponsor:
Java Capital
Date: 08-11-2021 07:30:00
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