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PUTPROP LIMITED - Reviewed Condensed Consolidated Results for the year ended 30 June 2018

Release Date: 06/09/2018 16:30
Code(s): PPR     PDF:  
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Reviewed Condensed Consolidated Results for the year ended 30 June 2018

(REGISTRATION NUMBER 1988/001085/06)


Condensed consolidated statement of financial position as at 30 June 2018

                                                            Reviewed        Audited
                                                                2018           2017
                                                               R’000          R’000
Non-current assets
Net investment property                                     573 865         571 941
Gross investment property                                   592 900         582 758
Straight-line rental income adjustment                      (19 035)        (10 817)
Other non-current assets
Straight-line rental income asset                            18 355           9 355
Furniture, fittings computer equipment
and motor vehicles                                               43             80
Investment in associates                                  121   697        117 244
Loan to associate                                           5   458          1 616
Cumulative redeemable preference shares in associate       35   273         32 783
                                                          754   691        733 019
Current assets
Straight-line rental income asset                               680          1 462
Trade and other receivables                                 6   476          6 137
Current taxation receivable                                     911            811
Cash and cash equivalents                                   3   478         25 490
                                                           11   545         33 900
Total assets                                              766   236        766 919
Equity and liabilities
Equity attributable to owners
of the parent
Stated capital                                              101 969         101 969
Accumulated profit                                           461 199        460 051
Total Equity                                                563 168         562 020
Non-current liabilities
Deferred taxation                                            46 232          42 434
Loan liabilities                                            144 395         146 711
                                                            190 627         189 145
Current liabilities
Loan Liabilities                                               5 697          2 909
Trade and other payables                                       6 744         12 845
                                                              12 441         15 754
Total equity and liabilities                                 766 236        766 919

Condensed consolidated statements of comprehensive income for the year ended 30 June 2018

                                                            Reviewed                Audited
                                                                2018                   2017
                                                               R’000                  R’000
Property rental revenue                                       62 411                 57 281
Operating cost recoveries                                     10 560                 16 584
Gross property revenue                                        72 971                 73 865
Property expenses                                            (19 966)               (20 074)
Net profit from property operations                            53 005                 53 791
Corporate administration expenses                             (8 852)                (7 187)
Investment and other income                                    4 311                  3 788
Share of associates’ (losses)/profits                        (18 657)                 3 049
Operating profit before finance costs                          29 807                 53 441
Finance costs                                                (15 135)                (9 448)
Profit before fair value adjustments                           14 672                 43 993
Fair value adjustments                                         1 319                  9 104
Profit before taxation                                         15 992                 53 097
Taxation                                                      (9 036)               (13 790)
Profit and total comprehensive income for the year              6 956                 39 307
Attributable to owners of parent                               6 956                 39 307
Earnings and diluted earnings per share (cents)                15.57                  87.99

Condensed consolidated statements of changes in equity for the year ended 30 June 2018

                                                      Stated capital       Accumulated profit     Total
                                                               R’000                   R’000     R’000
Audited balance at 1 July 2016                              101 969                 426 551    528 520
Profit and total comprehensive income for the year                 –                  39 307     39 307
Dividends paid                                                    –                 (5 807)    (5 807)
Audited balance at 30 June 2017                             101 969                 460 051    562 020
Profit and total comprehensive income for the year                 –                   6 956      6 956
Dividends paid                                                    –                  (5 807)    (5 807)
Reviewed balance at 30 June 2018                            101 969                 461 199    563 168
Condensed consolidated statements of cash ?ows for the year ended 30 June 2018

                                                                                 Reviewed      Audited
                                                                                     2018         2017
                                                                                    R’000        R’000
Cash flow generated from/(utilised in) operating activit                            7 571      (19 291)
Net cash generated from operations                                                 29 772       53 018
Finance costs                                                                     (15 135)      (9 448)
Investment income                                                                   4 079        3 475
Taxation paid                                                                      (5 338)     (20 529)
Dividends paid                                                                     (5 807)     (45 807)
Cash flow (utilised in) investing activities                                       (30 055)    (147 202)
Additions and improvements to investment property                                  (2 255)    (108 766)
Proceeds on sale of investment properties                                           1 650            –
Additions to investment in associates                                             (25 608)     (36 797)
Loan advanced to associates                                                        (3 842)      (1 616)
Acquisition of furniture, fittings computer equipment and motor vehicles                  –        (23)
Cash flow from financing activities                                                    472       38 375
Additions to the investment in subsidiary paid to minority shareholders                 –       (5 942)
Cash paid to assume the loans of minority shareholders in the subsidiary                –      (16 375)
Payments made on borrowings                                                        (4 028)      (4 155)
Proceeds received on borrowings                                                     4 500       64 847
Net decrease in cash and cash equivalents                                         (22 012)    (128 118)
Cash and cash equivalents at beginning of year                                     25 490      153 608
Cash and cash equivalents at end of year                                            3 478       25 490
Segmental Analysis for the year ended 30 June 2018
Segment information 30 June 2018                   Retail          Commercial          Industrial         Corporate        Total
                                                    R’000               R’000               R’000             R’000        R’000
Segment revenue
Contractual rental income and recoveries           27 401              18 045              27 526                   –      72 971
Total revenue                                      27 401              18 045              27 526                   –      72 971
Share of associates losses                         (3 980)           (14 677)                   –                   –     (18 657)
Segment result
Operating profit/(loss)                            22 762             14 362                16 851           (9 822)       44 153
Finance Costs                                      (8 260)            (6 606)                    –             (269)      (15 135)
Investment and other income received                4 048                  –                     –              263         4 311
Fair value adjustments to
investment properties                               2 929              7 407                 (800)                –        9 536
Straight line rental adjustment                  (4 258)              (3 660)                (300)                –       (8 217)
Net profit/(loss) before tax                       13 243             (3 174)               15 751           (9 828)      15 991
Other information
Property assets                                  233 700              127 800              231 400                  –     592 900
Investment in associates                           28 259              93 439                    –                  –     121 697
Loan to associate                                       –               5 458                    –                  –       5 458
Cumulative redeemable preference
shares in associate                                35 273                  –                     –                  –      35 273
Current taxation receivable                             –                  –                     –                 911        911
Trade and other receivables                           180                463                 4 608             1   225      6 476
Cash and cash equivalents                               –                  –                     –             3   478      3 478
Segment assets                                   297 412             227 160               236 008             5   614    766 193
Loan Liabilities                                   89 888             60 204                     –                    –   150 092
Trade and other payables                            1 502                  –                   199             5   051      6 752
Segment liabilites                                 91 390             60 204                   199             5   051    156 844

One of the Groups tenants, Larimar Limited contributes approximately 38% (2017: 48%) of the total revenue received.
This revenue falls within the industrial segment.

Segmental Analysis for the year ended 30 June 2017

Segment information 30 June 2018                   Retail          Commercial          Industrial         Corporate     Total
                                                    R’000               R’000               R’000             R’000     R’000
Segment revenue
Contractual rental income and recoveries          29 403               5 696               38 765                  –     73 865
Total revenue                                      29 403              5 696               38 765                  –     73 865
Share of associates profits/(losses)                4 978             (1 929)                   –                  –      3 049
Segmental result
Operating profit/(loss)                            20 142               4 625              29 619           (7 783)      46 603
Finance costs                                    (8 734)                (648)                   –              (66)      (9 448)
Investment and other income received                    –                   –                   –             3 788       3 788
Fair value adjustments to
investment properties                               5 133               6 272               2 710                –       14 115
Straight line rental adjustment                  (1 886)                (742)              (2 382)               –       (5 010)
Net profit/(loss) before tax                       19 633               7 578              29 947           (4 061)       53 097
Other information
Property assets                                  210 357               29   472           234 164                   –   473   993
Property assets - additions                        15 237              93   528                 –                   –   108   765
Investment in associates                           31 139              86   105                 –                   –   117   244
Loan to associate                                       –               1   616                 –                   –     1   616
Cumulative redeemable preference
shares in associate                                32 784                   –                   –                   –    32   784
Trade and other receivables                         1 592                 154               2 607             1   785     6   138
Cash and cash equivalents                               –                   –                   –            25   490    25   490
Segment assets                                   291 109              210 875             236 771            27   275   766   030
Loan liabilities                                   88 998              60 622                   –                   –   149   620
Trade and other payables                              740                   –                 816            11   289    12   845
Segment liabilities                                89 738              60 622                 816            11   289   162   465

One of the Groups tenants, Larimar Limited contributes approximately 38% (2017: 48%) of the total revenue received.
This revenue falls within the industrial segment.

Related Party Transactions for the year ended 30 June 2018

The following are considered related party transactions, all of which have been conducted at arms length:

Related Parties Transactions                  2018                   2017
Trade Receivables
Larimar Limited                               2 504                   791
Trade payables
Larimar Limited                                (31)                     –
Lease rentals received
Larimar Limited                              20 313                27 013
Operating lease recoveries
Larimar Limited                               1 897                 6 092
Rental expense - Premises
Stephen Hill Mansions                           241                   241
Insurance expense
Carleo Enterprises                              595                   560

Amounts outstanding between related parties are unsecured, bear no interest and have no fixed terms of repayment.
Larimar Limited is a fellow subsidiary of Carleo Enterprises Proprietary Limited, Putprop’s Holding Company.


“Putprop has changed also over the past 30 years from “a company that owned bus depots in Gauteng” to a Group with interests in all segments of the
property sector, spread over several provinces.”


On behalf of the board of directors of the company (“the Board“) we are pleased to report to our shareholders and other stakeholders on the 30TH annual
financial results of the Group for the year ended 30 June 2018.

This year marks a special milestone in our reporting to our shareholders, with the Group celebrating 30 years of being listed on the JSE.
On July 4 1988 Putprop was listed on the JSE with a 100% industrial segment profile.

A   few facts from our first published annual financial report to shareholders:
•   Turnover of R5 million;
•   Earnings per share of 9 cents;
•   Property portfolio valued at R101 million;
•   First dividend of 3 cents per share;
•   Annual report consisted of 12 pages - our current report has over 145 pages

A lot has changed since those first days in 1988 both in terms of the Group and South Africa.

The world and South Africa over the past 30 years have seen the invention and wide use of:
• DNA profiling;
• Search engines such as Google;
• E-mail communication;
• Personal computers;
• Instant messaging by SMS or WhatsApp;
• Social Network Services such as Facebook and Twitter;
• Smart phones;
• LED lights and TVs; and
• Broadband internet allowing access to the World Wide Web.

The list goes on.

In South Africa, the country became a democracy for all of its people in April 1994.
Putprop has also changed over the past 30 years from “a company that owned bus depots in Gauteng” to a Group with interests in all segments of the property
sector, spread over several provinces. The property sector too has grown from a 2-3 billion rands to a mega industry approaching one trillion rands.

Putprop has delivered steadily over the past three decades in terms of returns, sustainable profitability and distributions. Our approach has always been
one of conservative growth with the primary objective of building a quality property portfolio evenly spread over all three operating segments, with strong
contractual cash ?ows and capital appreciation. Our dividend distribution policy, with our 30TH consecutive pay-out, continues to provide consistency and
certainty to our shareholders as well as reward them for the trust and confidence they have given to the Group over the past 30 years.


2018 again re?ected a continuation of the volatile markets of the previous year, with stagnant economic growth in the developed economies and reduced
growth in emerging markets. The property market in general traded under very tough conditions. South Africa again struggled to achieve any meaningful
impact with a growth of 1.0% to 1.8% forecast for 2018/2019. The United Kingdom’s exit from the European Union continues to play out, with unknown
consequences. A potential trade war between the world’s two largest economies, the United States and China will, if realised, have a huge impact on all
countries, South Africa included. Interest rate hikes in the United States will result in a period of ?ux and uncertainty in all of the markets. The
property sector will be no exception.

The South African environment remains challenging with a weakening economy, high political volatility and a fast depreciating currency. The “political
spring“ experienced with the change in the ANC president and subsequently the country’s leadership seems to have dissipated as the reality of the
challenges that face the country come to be understood. The rand continues to be a state of freefall as a result of many factors least of which is the new
ANC policy of possible land distribution without compensation. Before investor confidence both locally and internationally is restored this issue will have
to have clarity.

The sovereign credit down grade appears to be stable with no movement expected in the next reporting period. All of these factors combined with high youth
unemployment continue to diminish both business and consumer confidence.

Following on, the local property sectors operating environment remains difficult to do business in, with new market forces and variables evident in the
trading year. Listed property has delivered its worst performance in a decade and fund managers do not expect the sector, which has been a reliable
investment for several years, to gain much momentum before 2019.
The FTSE-JSE South African Listed Property Index (Sapy) has suffered a negative total return of 18.1% so far in 2018, according to Anchor Stockbrokers.
This was according to research up to the end of June 2018. Total returns include capital appreciation and dividend growth.
So far in 2018 equities have lost 0.8% and bonds and cash have returned 2.4% and 3.2%, respectively. South African listed property has also performed worse
than all other major listed property markets in the world. Operating conditions remained difficult with rising vacancies, longer collection times and a
deterioration of rental escalations on new leases and renewals.

Competition for stable, low risk tenants remains fierce, with resultant downward pressure on both new rentals and renewals. High value tenants are in an
enviable position when both contracting for new leases or when renewing existing contacts with in some cases extended payment holidays or large discounts
to current market rates being offered to secure or retain such tenants.

With Eskom’s continued above inflation tariff increases and tenants in the majority of our leases, no longer contributing to fixed municipal costs (rates),
downward pressure on profitability is inevitable.
Our vacancy profile remains the greatest challenge facing the Group at present. Demand from new tenants has been dramatically reduced in all segments we
operate in but predominantly in the industrial sector. It appears that the major operators and franchisees in the retail sector have also adopted a
consolidation and wait and see view and curtailed new expansions. The industrial sector also remains static with companies downsizing rather than
expanding. The Group has been unsuccessful in controlling its vacancies in this review period, with a large increase evident. A number of these vacancies
have been previously identified as non-core assets and remain as properties for disposal. The Group has managed to sell certain of these vacant properties
after this reporting period.


The reviewed condensed consolidated results for the year ended 30 June 2018 have been prepared in accordance with the framework concepts and the
measurement and recognition requirements of the International Financial Reporting Standards (IFRS) and the SAICA Financial Reporting Guides as issued by
the Accounting Practices Committee. The report contains the information required by International Accounting Standards (IAS) 34: Interim Financial
Reporting , and, are in compliance with the Listings Requirements of the JSE Limited and the Companies Act. (Act 71 of 2008). The accounting policies as
well as the methods of computation used in the preparation of the results for the year ended 30 June 2018 are in terms of IFRS and are consistent with
those applied in the audited annual financial statements for the year ended 30 June 2017. There is no significant difference between the carrying amounts
of financial assets and liabilities and their fair value. The results are presented in Rand, which is Putprop Limited’s reporting currency.

The Group’s directors are responsible for the preparation and fair presentation of the reviewed condensed consolidated results and the financial
information has been correctly extracted from the underlying Annual Financial Statements. These results have been prepared by the Group Financial Director,
Mr JE Smith; B.Acc, B.Sc., CIEA, IMM

The results have been reviewed by the Group’s auditors, Mazars. Their unqualified review opinion is available for inspection at the Company’s registered
office. Their review was conducted in accordance with ISRE 2410 “Review of interim financial information performed by the independent auditor of the

The auditor’s report does not necessarily report on all of the information contained in this announcement/financial results. 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 the auditor’s report together
with the accompanying financial information from the issuers registered office.
HEADLINE EARNINGS PER SHARE                                         Group               Group                  Group                    Group
                                                                     2018                2018                    2017                     2017
                                                                    R’000               Cents                   R’000                   Cents
                                                                                    per share                                       per share
Earnings per share                                                 6 956                 15.57                 39 307                   87.99
Adjusted for:
Net change in fair value of investment property                   (1 319)               (2.95)                (14 115)                (31.59)
Tax effects of fair value adjustments to property                    296                0.662                    3 162                   7.07
Equity accounting earnings of associates                          26 230                 58.72                 (4 352)                 (9.74)
Tax effect of equity accounting                                   (5 875)              (13.15)                    975                   2.18
Capital gain on disposal of investment property                      307                 0.69                       –                      –
Headline earnings and diluted earnings                            26 594                 59.53                 24 977                  55.91

Weighted average number of shares 44 672 279 (2017: 44 672 279)


The year under review was challenging for Putprop on many levels. Gross Property revenue was flat, expenses up, profit before taxation down and our vacancy
profile deteriorated significantly. In addition, the Group accounted for a full year of interest costs on all of its financed properties resulting in a
substantial increase in finance charges over 2018.

The review period re?ects a decrease of 44.3% (2017: increase of 31.5%) on Putprop’s profit before taxation, fair value adjustments and finance costs.
Headline earnings at 59.53 cents per share (2017: 55.9 cents per share) were up 6.5%. Group net profit after taxation was down by 82.3% to R6.9 million
(2017: R39.3 million).

The share of associated losses from our investment in these companies was substantial at R18.7 million (2017: R3.1 million profit). This loss arose due
to certain once off expenses in Pilot Peridot as well as a revaluation downwards of certain of the associates property assets. This impacted on the
Group’s results for the current year. Management believes this to be a temporary aberration, and going forward profits should recover.
The accounting treatment for the investment in Pilot Peridot is currently under review and may be subject to change. The directors will keep all
stakeholders informed.

The straight-line rental income adjustment and asset increased significantly due to long term lease rentals in the subsidiary and joint operations taking
effect and the Parktown lease being in effect for a full 12 months in Putprop Limited. Cash decreased due to the additional investment made in Pilot
Peridot and Belle Isle.
Operating cost recoveries decreased as a result of credit recoveries from various municipalities due to previous period over charges.
Corporate administration charges were up due to higher spend on social responsibility projects and rental costs.
Fair value adjustments decreased due to the combined effect of a more conservative portfolio valuation as well as the income of the straight line rental

The directors have decided to declare a final dividend of 7 cents per share payable after 30 June 2018. The total declared dividend for the year is 13 cents
per share (2017: 13 cents).

At 30 June 2018, our property portfolio consisted of 16 (2017: 17) properties, situated primarily in the Johannesburg and Pretoria metropolitan areas of
Gauteng valued at R592.9 million (2017: R582.8 million). The performance of the investment property portfolio was strong with average annual property yields
of over 9% (2017: 9%). The portfolio has a total gross lettable area of 79 702m2 (2017: 82 890 m2).

The Group added to its holdings in two of its associated companies. An additional investment of R13.3 million (2017: R24.9 million) was made in Pilot Peridot
One Proprietary Limited and R3.6 million (2017: R20 million) in Belle Isle Investments Proprietary Limited. Both, of these spends were made to enhance the
Group’s equity position in each company.

The Board in its annual strategy meeting agreed on a view of consolidation and rationalisation for the 2018 year. However, its long-term objective of
diversifying its property portfolio further into commercial and retail properties and also of reducing the risk of its dependence on its major tenant,
Larimar Limited remains in place.

As a consequence, during this review period, the Group did not make any acquisitions. Improvements to certain properties were made.


Mr Paul Nucci resigned from the Board on 18 May 2018 to pursue other business interests. The Board thanks Mr Nucci for his contributions to the Group and
wishes him well in his future endevours. No other changes occurred in this review period.

The SENS announcement was released on 7 June 2018, advised shareholders that Mrs Anna Novello, Mrs Rene Styber and Mr Gerrit van Heerden have been appointed to
the Board with effect from 1 July 2018.

It is felt that this new enlarged Board will add knowledge, skills, diversity and experience to the Group.

The Board will continue to place emphasis on corporate governance, sustainability and transparency. Our Board committees continue to be active and


D. Torricelli (Chair), B. C. Carleo (CEO), J. E. Smith (CFO), A. Novello , R. Styber*, H. Hartley*, G. Van Heerden*
*Independent Non-executive.



The Board is pleased to announce the declaration of a dividend of 7 cents per ordinary share in respect of the year ended 30 June 2018 (2017: 7 cents),
thus bringing the total dividend payable for the year to 13 cents (2017: 13 cents).

Additional information:

This is a dividend as defined in the Income Tax Act, 1962, and is payable from income reserves. The dividend withholding tax (“DWT”) rate is 20%. The net
amount payable to shareholders who are not exempt from DWT is 5.60 cents per share, while the gross amount is 7 cents per share to those shareholders who
are exempt from DWT.
There are 44 672 279 (2017: 44 672 279) ordinary shares in issue; the total dividend amount payable is R3 127 059 (2017: R3 127 059). Putprop’s tax
reference number is 9100097717, and its company registration number is 1988/001085/06

The salient dates are as follows:
Declaration date                            Thursday, 6 September 2018
Last date to trade to participate           Tuesday, 25 September 2018
Trading commences ex dividend               Wednesday, 26 September 2018
Record date                                 Friday, 28 September 2018
Date of payment                             Monday, 1 October 2018

Share certificates may not be dematerialised or rematerialised between Wednesday, 26 September 2018 and Friday, 28 September 2018, both days inclusive.


Three of the Group’s non-core portfolio properties, Grand Central, Midrand and Lea Glen 2 and 3 have been sold after 30 June 2018.

As announced on SENS on 29 June 2018, the Group has agreed to repurchase 775 000 of its shares at an offer price of 490 cents per share from Allan Gray
Proprietary Limited, in its capapcity as the duly authorised agent of its clients for a total consideration of R3 797 500 (“Specific Repurchase”).

This Specific Repurchase represents 1.73% of Putprop’s current shares in issue and is subject to the approval of shareholders at a General Meeting to be
held on 12 September 2018.

Application will be made to the JSE for the delisting of the shares once the Specific Repurchase has been affected.

There are no other significant subsequent events arising between this reporting date and its release to stakeholders.


Available cash resources together with controlled gearing may still be utilised to acquire suitable rental generating properties if exceptional
opportunities present themselves. One of the Group’s main strategies that of further diversification of its rental stream base in order to reduce risk from
a limited number of tenants remains intact. In this review period the Group reduced its dependence on Larimar Limited from 48% to 38%, a pleasing result.

Looking ahead, we believe property fundamentals will be under pressure for the foreseeable future. Growth, if any, in gross domestic product is forecast by
most economists to be in the region of 1.5% for the 2019 year. Trading conditions in the year ahead are expected to remain challenging with growth in the
property sector around 5% to 6%.

Going forward it is the Group’s intention to continue to uphold its policy of strong tenant retention and focus on cost controls, whilst maintaining the
value of its existing portfolio through aggressive maintenance and renovation policies. We will strive to establish and build sustainable partnerships and
joint ventures with organisations of a similar philosophy.

The Group continues to be in discussions with several parties to investigate the possibility of developing certain of our geographically well-positioned
rural properties into large retail outlets or residential areas, with a view to unlocking greater value for shareholders. Substantial progress has been
made in this endeavour. Rezoning should be finalised within 6 months. A decision as to the feasibility of progressing with these projects is expected in
the 2019 year. Suitable partners have also been identified and any project approved by the Board will be on a joint operations basis.
On behalf of the Board

BC Carleo                                JE Smith
Chief Executive Officer                  Chief Financial Officer

5 September 2018

Corporate Information

Registration Number: 1988/001085/06


Daniele Torricelli (c,d,e,g,h,j)            Chairman
Hayden Hartley (b,c,d,e,g,j,k)
Bruno Carleo (a,g,j)                       Chief Executive Officer
James Smith (a,g,j)                        Chief Financial Officer
Anna Carleo-Novello (a)
René Styber (c,e,f,d,j)
Gerrit van Heerden (c,e,f,d,j)

A.   Executive
B.   Chairman Audit and Risk Committee
C.   Independent non-executive
D.   Member of Audit and Risk Committee
E.   Member of the Remuneration, Nomination and Human Resources Committee
F.   Chairman Social and Ethics Committee
G.   Member Social and Ethics Committee
H.   Chairman, Nomination Committee
I.   Chairman of Remuneration and Human Resources Committee
J.   Member Investment Committee
K.   Chairman, Investment Committee


Acorim Proprietary Limited                Computershare Investor Services Proprietary Limited
2nd Floor, North Block                    15 Biermann Avenue
Hyde Park Office Tower                    Rosebank
Corner 6th Road and Jan Smuts Avenue      Johannesburg
Hyde Park 2196                            2196

AUDITORS                                  LEGAL ADVISORS

Mazars                                    Werksmans
54 Glenhove Road                          155 5th Street
Melrose Estate 2196                       Sandown
Johannesburg                              P O Box 10015
                                          Sandton 2196


Absa Bank Limited                         James Smith
160 Main Street                           91 Protea Road
Johannesburg 2000                         Chislehurston
                                          Sandton 2196
                                          +27 11 883 8650

SPONSORS                                  LISTING INFORMATION

Merchantec Capital                        Putprop Limited was listed on the JSE Limited on 4 July 1988
2nd Floor, North Block                    JSE code: PPR
Hyde Park Office Tower                    Sector: Financial – Real Estate
Corner 6th Road and
Jan Smuts Avenue
Hyde Park 2196

6 September 2018

Date: 06/09/2018 04:30:00 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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