Wrap Text
Unaudited condensed consolidated interim results for the six months ended 31 August 2018
Delta Property Fund Limited
(Incorporated in the Republic of South Africa)
(Registration number 2002/005129/06)
Share code: DLT
ISIN: ZAE000194049
("Delta" or "the Fund" or "the Group")
(REIT status approved)
Unaudited condensed consolidated interim results
for the six months ended 31 August 2018
Performance
- Interim distribution of 39.40 cents per share
- Loan to value of 43%
- Renewed and concluded 62 035m2 of leases
- Portfolio vacancy at 13.3%
Commentary
Company profile
Delta is a JSE listed Real Estate Investment Trust ("REIT") with a property portfolio of R11.5 billion and a
market capitalisation of R4.4 billion as at 31 August 2018. Delta is the dominant sovereign listed property
fund in South Africa, is black managed and is one of the most empowered funds in the sector. The primary
focus of the Fund is long-term investment in quality, rental income-generating properties situated in
strategic nodes that are attractive to sovereign entities and other tenants requiring empowered landlords.
Financial results
Contractual rental income and like-for-like net property income increased by 1.6% and 0.8% respectively,
affected by disposal of non-current assets held for sale and increased vacancies.
Property operating expenses increased by 23.8% during the period, resulting in net property income decreasing
8.8%. These were primarily affected by a R30 million once-off provision raised in respect of a gross lettable
area (GLA) dispute on the Forum building, which is currently under discussion with the National Department of
Public Works (DPW). The Board acting prudently, has requested management to raise this provision.
The gross and net cost to income ratio increased to 32% and 17.9% respectively due to the Forum provision
raised and increased vacancies in the portfolio.
Administrative expenses increased by 1.6%, benefiting from stricter cost management and reduced asset
management fees.
Finance costs increased by 5.7%, primarily due to the conclusion of new facilities and the refinancing of
existing facilities at marginally higher rates, coupled with higher debt restructuring fees.
Following the resignation of Sandile Nomvete as Chairman of Grit and the subsequent dilution of Delta's
interest to 7.8%, Delta no longer has significant influence over Grit's financial and operating policy
decisions. Therefore, this interest has been reclassified as an equity investment measured at fair value.
Taking into account the aforementioned provision the Board has conservatively declared a half-year
distribution of 39.40 cents per share which represents a 15.1% decrease to the prior period.
Property portfolio
Delta's portfolio of R11.5 billion consists of 105 properties with a total GLA of 952 839m2, which includes
assets held for sale comprising 11 properties with a total GLA of 90 131m2 and a combined value of
R969.4 million.
Acquisition and disposals
During the current period, Delta was focused on renewing leases with the DPW and did not embark on any
acquisitions.
The long-awaited cession from the Tshwane Council for the sale of Block G was finally received and transfer
is anticipated to take place before year-end. The transfer of Broadcast House and Top trailers 1 have also
been delayed due to further renegotiations on their sale agreements but we also anticipate these transfers
taking place before year-end.
In terms of the disposal programme, relating to non-core and underperforming assets, Delta has to date
concluded transactions amounting to R316 million for seven buildings with a total GLA of 35 403m2.
Major capital projects
No major capital projects were approved during the current period. The following projects currently in
progress have been prioritised for completion:
- Embassy Building (Durban) - nearing completion November 2018 at an estimated cost of R28 million and
is strategic to securing future leases.
- Beacon Hill (King Williams Town) - investment of R40 million due to the conclusion of a five-year lease.
- Commission House (Pretoria) - nearing completion November 2018 at an estimated cost of R12 million with
negotiations for a 10-year lease extension in progress.
- 17 Harrison Street Building and Kay Street Parkade (Johannesburg) - nearing completion January 2019 at
an estimated cost of R4.5 million due to a four-year lease renewal.
- Poyntons - fire compliance project underway at an approved cost of R32.5 million and is expected to be
completed by January 2019.
Letting and vacancies
The lease expiry profile of the portfolio at 31 August 2018 was as follows:
Beyond
February February February February February 28 February
Vacant Monthly 2019 2020 2021 2022 2023 2023
Segment % % % % % % % %
Office sovereign 7.9 39.7 10.2 11.9 18.7 7.7 0.8 3.0
Office other 26.0 8.5 10.1 18.8 21.3 7.7 3.9 3.7
Retail 5.1 2.3 10.0 14.2 3.2 8.5 - 56.7
Industrial 19.0 - 41.9 - 39.1 - - -
Vacancies increased to 13.3% (GLA of 126 330m2) with a weighted average rental of R115.48m2 across the
portfolio. Lease renewals of 52 422m2 and new leases totalling 9 613m2 have been concluded during
the period.
Over the last five years, since listing, Delta's occupancy rate has on average been greater than 90.0%.
However, this number has declined mainly due to challenges faced in the Bloemfontein portfolio. The
vacancy in the Durban CBD is 16.0% and in the Pretoria CBD 6.9%. Both lower than the SAPOA second
quarter average for B grade office space of 17.9% and 7.7% respectively.
Altogether 59 leases totalling 227 500m2 have been agreed on and concluded with the DPW and Treasury in
stage 1 of the negotiation process. The lease terms proposed range between three and 9 years 11 months.
DPW has negotiated the terms and rentals with Delta and now will agree these with their various user
departments, this being stage 2 of the negotiation process. Three user departments, making up 94 334m2,
have concluded stages 1 and 2 and have progressed to the third and final stage whereby the Bid Adjudication
Committee is expected to grant its approval. Following these same three stages, DPW has indicated that the
remaining 133 166m2 is expected to be renewed by 31 December 2018.
Delta as a responsible landlord is mindful of its health and safety obligations and will endeavour to
ensure that it meets with the highest level of compliance.
Funding
Loan to value increased to 43.0% (2018: 41.3%), primarily due to new bank facilities concluded.
The weighted average all-in cost of funding increased to 9.3% (2018: 9.2%) due to higher rates on both new
and existing facilities renewed. Interest rate exposure remains hedged with 81.9% (2018: 85.4%) of borrowings
being fixed through a combination of swap contracts and fixed rate loans for an average period of 1.1 years
(2018: 1.5 years). The average debt facility expiry period is 1.1 years (2018: 1.5 years) with the interest
cover ratio at 2.2 (2018: 2.4).
Management remains committed to reduce the weighted average cost of funding and term out the debt expiry
profile once the bulk lease renewals are concluded.
Provision of financial assistance
Delta shareholders are referred to special resolution number 4 relating to the provision of direct or
indirect financial assistance in terms of section 45 of the Companies Act, No 71 of 2008 ("the Companies Act")
to related or inter-related companies, which was approved at the Annual General Meeting of Delta on
7 August 2018.
Further to the above, Delta shareholders are notified in terms of section 45(5)(a) of the Companies Act,
that the Board of directors of the Company ("the Board") passed a resolution on 31 October 2018 ("the Board
resolution") granting financial assistance to the following related companies:
- Somnipoint Proprietary Limited - R25 million in respect of a loan to a company with common directors.
- Grit Real Estate Income Group Limited - R2.1 million in respect of a guarantee fee charged.
- Hestitrix Proprietary Limited - R248.8 million in the ordinary course of business.
- K2014000273 Proprietary Limited - R147.3 million in the ordinary course of business.
- 277 Vermeulen Street Properties Proprietary Limited - R22.1 million in the ordinary course of business.
- Hendisa Investments Proprietary Limited - R33 614 in the ordinary course of business.
The financial assistance provided, as detailed above, is greater than one-tenth of 1% of Delta's net worth
as at the date of the Board resolution. The Board further confirms that immediately after providing the
financial assistance, the Company continues to satisfy the solvency and liquidity test as contemplated in
section 4 of the Companies Act and that the terms and conditions of the financial assistance are fair and
reasonable to the Company.
Changes to directorate during the period
There have been no changes to directorate since the release of the 2018 year-end results.
Prospects
The South African economy remains under severe pressure, exacerbated by uncertainty in the lead up to the
2019 election year. Notwithstanding these pressures, the Board expects the conclusion of long-term leases
by the end of this calendar year as indicated by DPW.
Continued low economic growth, lacklustre demand in the Sunninghill node and challenges with the Free State
portfolio have negatively impacted the Group's vacancies. The vacancy levels in excess of budget were
partially countered by continuing income due to the delays in the transfer of disposals, and to a lesser
extent by negative reversions on lease renewals which were budgeted towards the latter part of the current
period not materialising.
The finalisation of long-term leases remains a priority, with the conclusion thereof demanding significant
cash flow requirements in the form of tenant installations, capital expenditure and maintenance. The Board has
acknowledged that the capital structure of the Group needs to be reassessed together with a dedicated focus on
capital expenditure, debt refinancing, and filling of vacancies.
The Company revises its previous guidance of a negative reversion in distribution of between 2% and 4% down
to a negative reversion in distribution of between 2% and 6%. This guidance has not been reviewed or reported
on by the Company's auditors.
Declaration of interim dividend ("the cash dividend") with the election to reinvest the dividend
Shareholders are advised that dividend number 12 of 39.39818 cents per share for the six months ended
31 August 2018 has been declared. The source of the cash dividend is from distributable income.
Shareholders will be entitled, in respect of all or part of their shareholding, to elect to reinvest the
cash dividend in return for Delta shares ("the dividend reinvestment alternative"), failing which they will
receive the cash dividend of 39.39818 cents per Delta share in respect of all or part of their shareholding.
The number of Delta shares to which shareholders are entitled will be determined with reference to the ratio
that 39.39818 cents per Delta share bears to the five-day volume weighted average traded price (cum dividend)
of Delta shares on the JSE prior to the finalisation date, which will be no later than Tuesday,
20 November 2018.
The Board of directors of Delta, at its discretion, may withdraw the dividend reinvestment alternative should market
conditions warrant such action and such withdrawal will be communicated to shareholders prior to the finalisation
announcement to be published by 11:00 on Tuesday, 20 November 2018.
Salient dates relating to the cash dividend and the dividend reinvestment alternative:
2018
Declaration date of cash dividend and
dividend reinvestment alternative Monday, 5 November
Circular and form of election posted to
Delta shareholders Wednesday, 7 November
Announcement of dividend reinvestment
alternative ratio (including reinvestment
price) and finalisation information ("finalisation date")
released on SENS by 11:00 Tuesday, 20 November
Last day to trade in order to be eligible for the cash
dividend and dividend reinvestment alternative Tuesday, 4 December
Delta shares commence trading ex cash dividend and
dividend reinvestment alternative Wednesday, 5 December
Last day to elect to receive the dividend reinvestment
alternative (no late forms of election will be accepted) by 12:00 Friday, 7 December
Listing of maximum possible number of Delta shares in respect
of the dividend reinvestment alternative commences on the JSE Friday, 7 December
Record date of cash dividend and dividend reinvestment alternative Friday, 7 December
Announcement of results of cash dividend and dividend
reinvestment alternative on SENS Monday, 10 December
Cheques posted to certificated shareholders and accounts credited
by CSDP or broker to dematerialised shareholders electing
the cash dividend on Monday, 10 December
Announcement of results of cash dividend and dividend
reinvestment alternative in the press Tuesday, 11 December
Share certificates posted to certificated shareholders and accounts
credited by CSDP or broker to dematerialised shareholders electing
the dividend reinvestment alternative on Wednesday, 12 December
Adjustment to Delta shares listed on or about Thursday, 13 December
Notes:
1. All dates and times indicated are South African dates and times.
2. All dates and times indicated are subject to change. Any change will be announced on SENS.
3. Shares may not be dematerialised or rematerialised between commencement of trade on Wednesday,
5 December 2018 and the close of trade on Friday, 7 December 2018, both dates included.
4. Shareholders electing the dividend reinvestment alternative should note that settlement of the
Delta shares will occur three business days after the record date, which differs from the
conventional one business day after the record date settlement process.
Trading in the Strate environment does not permit fractions or fractional entitlements. Accordingly,
where a shareholder's entitlement to the Delta shares in relation to the dividend reinvestment
alternative calculated in accordance with the formula mentioned above, gives rise to a fraction of
a new Delta share, such fraction will be rounded down to the nearest whole number and the cash balance
will be paid to the shareholder.
The distribution of the circular and/or accompanying documents and the right to elect the dividend
re-investment alternative in jurisdictions other than the Republic of South Africa may be restricted
by law and failure to comply with any of these restrictions may constitute a violation of the securities
laws of any such jurisdictions. Accordingly, shareholders will not be entitled to receive the dividend
reinvestment alternative, directly or indirectly, in those jurisdictions and shall be deemed to have
elected the cash dividend. More specifically, the Delta shares have not been and will not be registered
for the purposes of the election under the securities laws of the United Kingdom, European Economic
Area or EEA, Canada, United States of America, Japan or Australia and accordingly are not being offered,
sold, taken up, resold or delivered directly or indirectly to recipients with registered addresses in
such jurisdictions.
Tax implications
In accordance with Delta's status as a REIT, shareholders are advised that the cash 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"). An announcement informing shareholders of the tax treatment of the
distributions will be released separately on SENS.
Basis of preparation and accounting policies
The unaudited condensed consolidated interim results have been prepared in accordance with the International
Financial Reporting Standards (IFRS), IAS 34: Interim Financial Reporting, the SAICA Financial Reporting
Guides as issued by the Accounting Practices Committee and Financial Pronouncements as issued by the Financial
Reporting Standards Council, the JSE Listings Requirements and the requirements of the Companies Act of South
Africa. The accounting policies applied in the preparation of these interim results are in terms of IFRS and
are consistent with those applied in the previous annual financial statements.
The condensed consolidated interim results have been prepared under the supervision of the Chief Financial
Officer, Mr Shaneel Maharaj CA(SA)/HDip Tax, and have not been reviewed nor audited by the independent
external auditor BDO South Africa Incorporated. Delta has complied with IFRS and JSE Listings Requirements by
disclosing earnings and headline earnings per share, with distribution per share being disclosed voluntarily.
By order of the Board
JB Magwaza SH Nomvete
(Chairman) (Chief Executive Officer)
2 November 2018
Consolidated statement of financial position
as at 31 August 2018
Unaudited for Unaudited for Audited for
the half- the half- the year
year ended year ended ended
31 August 31 August 28 February
2018 2017 2018
R'000 R'000 R'000
Assets
Non-current assets
Investment property 10 561 140 10 124 585 10 535 000
Fair value of investment property 10 383 457 9 934 190 10 342 418
Straight-line rental income accrual 177 683 190 395 192 582
Property, plant and equipment 2 069 3 090 2 557
Investment in Grit 453 468 398 304 381 868
Total non-current assets 11 016 677 10 525 979 10 919 425
Current assets
Loans due from related parties 46 995 45 497 55 243
Loan receivable 45 835 21 364 48 465
Derivative financial instruments - 164 -
Current tax receivable 526 526 526
Trade and other receivables 409 068 285 123 338 845
Cash and cash equivalents 22 648 60 772 100 177
Total current assets 525 072 413 446 543 256
Non-current assets held for sale 974 727 1 205 844 972 600
Fair value of investment property 959 558 1 187 128 957 466
Straight-line rental income accrual 15 169 18 716 15 134
Total assets 12 516 476 12 145 269 12 435 281
Equity and liabilities
Total equity attributable to equity holders
Share capital 4 866 080 4 845 248 4 854 032
Reserves 139 425 141 906 144 230
Retained income 2 079 279 1 933 494 2 160 330
Total equity 7 084 784 6 920 648 7 158 592
Liabilities
Non-current liabilities
Interest-bearing borrowings 2 981 210 3 039 048 2 688 755
Derivative financial instruments 4 527 39 989 31 475
Total non-current liabilities 2 985 737 3 079 037 2 720 230
Current liabilities
Interest-bearing borrowings 2 140 744 1 996 696 2 263 935
Derivative financial instruments 42 410 34 094 11 426
Trade and other payables 166 237 109 880 183 983
Bank overdraft 96 564 4 914 97 115
Total current liabilities 2 445 955 2 145 584 2 556 459
Liabilities associated with disposal
groups held for sale
Total liabilities 5 431 692 5 224 621 5 276 689
Total equity and liabilities 12 546 476 12 145 269 12 435 281
Consolidated statement of comprehensive income
for the period ended 31 August 2018
Unaudited for Unaudited for Audited for
the half- the half- the year
year ended year ended ended
31 August 31 August 28 February
2018 2017 2018
R'000 R'000 R'000
Revenue
Rental income 794 506 782 341 1 562 033
Straight-line rental income accrual (14 863) (699) 2 020
779 643 781 642 1 564 053
Property operating expenses (254 083) (205 266) (414 168)
Net property rental and related income 525 560 576 376 1 149 885
Other income 1 103 19 20 287
Administration expenses (46 672) (45 949) (53 329)
(Loss)/gain on foreign exchange differences (35 589) 1 664 16 881
Net operating profit 444 402 532 110 1 133 724
Fair value adjustments 72 370 (86 698) 104 759
Profit from operations 516 772 445 412 1 238 483
Finance costs (248 604) (235 967) (482 179)
Interest income 12 698 12 840 19 696
Share of profit in associate - 19 225 43 970
Impairment of investment in associate - (21 900)
Profit before tax 280 866 241 510 798 070
Taxation - - -
Profit for the period 280 866 241 510 798 070
Other comprehensive income:
Items that may be reclassified
subsequently to profit or loss
Share of foreign currency translation reserve
of associate transferred to profit or loss (4 805) 2 127 4 451
Total comprehensive income for the period 276 061 243 637 802 521
Profit for the period attributable to:
Owners of the parent 280 866 241 510 798 070
Total comprehensive income attributable to:
Owners of the parent 276 061 243 637 802 521
Basic and diluted earnings per share (cents) 39.51 33.99 112.26
Consolidated statement of changes in equity
for the period ended 31 August 2018
Foreign Deferred
currency con-
Share translation sideration Total Retained Total
capital reserve reserve reserves income equity
R'000 R'000 R'000 R'000 R'000 R'000
Balance at 1 March 2017 4 845 248 354 139 425 139 779 2 056 589 7 041 616
Profit for the year - - - - 798 070 798 070
Other comprehensive income - 4 451 - 4 451 - 4 451
Total comprehensive
income for the year - 4 451 - 4 451 798 070 802 521
Dividend reinvestment 8 784 - - - - 8 784
Distribution paid - - - - (694 329) (694 329)
Balance at 28 February 2018 4 854 032 4 805 139 425 144 230 2 160 330 7 158 592
Profit for the period - - - - 280 866 280 866
Other comprehensive income - (4 805) - (4 805) (4 805)
Total comprehensive
income for the year - (4 805) - (4 805) 280 866 276 061
Dividend reinvestment 12 048 12 048
Distribution paid - - - - (361 917) (361 917)
Balance at 31 August 2018 4 866 080 - 139 425 139 425 2 079 279 7 084 784
Consolidated statement of cash flows
for the period ended 31 August 2018
Unaudited for Unaudited for Audited for
the half- the half- the year
year ended year ended ended
31 August 31 August 28 February
2018 2017 2018
R'000 R'000 R'000
Cash generated from operations 377 960 505 583 1 132 324
Finance costs (246 971) (232 772) (475 899)
Interest received 4 992 12 194 12 158
Taxation refund - 627 627
Dividends received 17 080 14 062 18 587
Net cash from operating activities 153 061 299 694 687 797
Acquisition of property, plant and equipment (68) (430) (498)
Capital expenditure on investment
property and assets held for sale (40 197) (90 143) (185 436)
Proceeds of disposal of
property, plant and equipment 12 - -
Proceeds on disposal of assets held for sale - 105 526 205 200
Gross movement in loans with related parties 25 049 28 835 26 223
Decrease/(increase) in loan receivable 5 534 - (48 465)
Net cash from investing activities (9 670) 43 788 (2 976)
Dividend reinvestment 12 048 - 8 784
Dividends paid (361 917) (364 650) (694 329)
Repayment of derivative financial instrument - (9 024) -
Increase in interest-bearing borrowings 180 000 42 037 220 358
Repayment of interest-bearing borrowings (50 500) (108 825) (360 385)
Repayment of other financial liabilities - - (9 025)
Net cash from financing activities (220 369) (440 462) (834 597)
Net movement in cash and cash equivalents (76 978) (96 980) (149 776)
Cash at the beginning of the period 3 062 152 838 152 838
Total (overdraft)/cash at the end of the period (73 916) 55 858 3 062
Reconciliation of earnings, headline earnings and distributable earnings
for the period ended 31 August 2018
Unaudited for Unaudited for Audited for
the half- the half- the year
year ended year ended ended
31 August 31 August 28 February
2018 2017 2018
R'000 R'000 R'000
Profit for the period 280 866 241 510 798 070
Fair value adjustment to investment
properties - 57 399 (148 562)
Change in fair value of Delta's
investment properties - 55 390 (146 611)
Change in fair value of associate's
investment properties - 2 009 (1 951)
Headline earnings 280 866 298 909 649 508
Fair value adjustment to financial
instruments (net of deferred taxation) (72 370) 31 308 290
Change in fair value of financial instrument (72 370) 31 308 290
Deferred taxation - - -
Fair value adjustment to investment in joint
venture (net of deferred taxation) - - 41 562
Fair value adjustment on disposal of Baystone - - 41 562
Deferred taxation - - -
Straight-line rental income accrual
(net of deferred taxation) 14 863 699 (2 020)
Unrealised foreign exchange loss/(gain) 35 640 (1 923) (16 881)
Antecedent dividend 476 - 257
Share of profit in associate - (19 225) (43 970)
Impairment of investment in associate - - 21 900
Change in fair value of associate's
investment properties - (2 009) 1 951
Dividend income from investment in Grit 21 747 18 587 35 666
Prior year retained distribution - 3 378 3 378
Distributable earnings attributable
to owners of the parent 281 222 329 724 691 641
Less: Distribution declared 281 222 329 724 691 641
Interim 281 222 329 724 329 724
Final (declared after 28 February 2018) - - 361 917
Distributable earnings retained - - -
Shares in issue at the beginning of the year 711 844 486 710 632 183 710 632 183
Distribution reinvestment 1 948 980 - 1 212 303
Number of shares in issue 713 793 466 710 632 183 711 844 486
Shares in issue at the beginning of the year 711 844 486 710 632 183 710 632 183
Distribution reinvestment weighted 309 701 - 295 603
Weighted average number of shares in issue 712 154 187 710 632 183 710 927 786
Basic and diluted earnings per share (cents) 39.51 33.99 112.26
Basic and diluted headline
earnings per share (cents) 39.51 42.06 91.36
Distribution per share (cents)
Distribution per share - interim 39.40 46.40 46.40
Distribution per share - final - - 50.84
Distribution per share declared for the full year 39.40 46.4 97.24
The Fund has no dilutionary instruments in issue.
Condensed consolidated segmental analysis
for the period ended 31 August 2018
Admini-
stration
and
Office Office corporate
Retail government other Industrial costs Total
R'000 R'000 R'000 R'000 R'000 R'000
Unaudited for the half-year
ended 31 August 2018
Revenue 19 738 560 328 183 672 15 905 - 779 643
Net property rental
and related income 12 311 393 641 107 818 11 790 - 525 560
Total assets 338 282 8 444 722 2 913 492 191 669 628 311 12 516 476
Total liabilities 173 620 4 336 336 1 842 247 94 192 (1 014 703) 5 431 692
Unaudited for the half year
ended 31 August 2017
Revenue 24 210 606 507 138 036 12 889 - 781 642
Net property rental and
related income 17 348 464 913 84 927 9 188 - 576 376
Total assets 325 484 8 037 049 3 051 269 221 972 509 495 12 145 269
Total liabilities 200 798 5 180 337 2 098 833 115 463 (2 370 810) 5 224 621
Audited for the year
ended 28 February 2018
Revenue 42 635 1 133 798 362 545 25 075 - 1 564 053
Net property rental and
related income 28 835 879 238 223 414 18 398 - 1 149 885
Total assets 360 252 8 358 595 2 926 852 190 656 598 926 12 435 281
Total liabilities 187 411 4 696 358 1 947 170 105 236 (1 659 486) 5 276 689
The segmental report has been populated based on a per building classification which is in accordance
with the majority tenant.
Corporate information
Directors
JB Magwaza^ (Chairman), SH Nomvete* (CEO), S Maharaj* (CFO), ON Tshabalala* (COO), N Khan~,
DN Motau^, ID Macleod^, MJN Njeke^#, NN Afolayan^, MCR Rampheri~
*Executive ^Independent non-executive ~Non-executive #Lead independent director
Registered office
Silver Stream Office Park, 10 Muswell Road South, Bryanston
(Postnet Suite 210, Private Bag X21, Bryanston, 2021)
Transfer secretaries
Computershare Investor Services Proprietary Limited
Sponsor
Nedbank Corporate and Investment Banking
www.deltafund.co.za
Date: 05/11/2018 07:05:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE').
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