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SPEAR REIT LIMITED - Provisional Summarised Audited Consolidated Financial Statements For The Year Ended 28 February 2019

Release Date: 15/05/2019 07:05
Code(s): SEA     PDF:  
 
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Provisional Summarised Audited Consolidated Financial Statements For The Year Ended 28 February 2019

SPEAR REIT LIMITED
Incorporated in the Republic of South Africa
Registration number 2015/407237/06
JSE share code: SEA
ISIN: ZAE000228995
(Approved as a REIT by the JSE)
("Spear" or "the group" or "the company")

Provisional Summarised Audited
Consolidated Financial Statements
for the year ended 28 February 2019


Highlights

- FY2019 distribution of 86.42 cents per share

- FY2019 distribution growth of 10%

- Occupancy rate of 98%

- Asset value R3.8 billion

- Asset value increased 22% from FY2018

- Loan to value ("LTV") 39%

- Fixed debt ratio of 65%


Nature of the Business


Spear REIT Limited ("Spear" or "the
group" or "the company") listed as a
Real Estate Investment Trust ("REIT")
on the main board of the Johannesburg
Stock Exchange ("JSE") and is the only
regionally-focused REIT listed on the
JSE which predominantly invests in
high-quality income-generating assets
in the Western Cape.

Spear obtains its diversification through
asset type rather than geographical
investment.

The company conducts its business
directly and through a number of
subsidiaries, collectively referred to as
the "group".

The group's property and asset
management functions are internally
and directly managed by the Spear
executive management team.


Consolidated Statement of
Financial Position
                                                                             Group
                                                                      Audited        Audited
                                                                   Year ended     Year ended
                                                                  28 February    28 February
                                                                         2019           2018
                                                                        R'000          R'000
ASSETS
Non-current assets
Investment property (including straight-line accrual)               3 737 352      2 912 417
Property, plant and equipment                                           3 352          1 785
Financial assets                                                       60 943         55 810
Deferred taxation                                                       6 780          5 838
                                                                    3 808 427      2 975 850
Current assets
Investment properties held for sale                                    74 000        221 492
Financial assets                                                        9 863          6 466
Loans to related parties                                                  109              -
Trade and other receivables                                            10 527         13 132
Cash and cash equivalents                                              13 792         10 220
Insurance claim receivable                                                  -            178
                                                                      108 291        251 488
TOTAL ASSETS                                                        3 916 718      3 227 338
EQUITY AND LIABILITIES
Shareholders' interest
Share capital                                                       1 794 067      1 547 407
Share-based payment reserve                                            10 850          4 394
Accumulated income                                                    490 615        365 517
Total attributable to owners                                        2 295 532      1 917 318
Non-controlling interest                                               54 155         54 155
                                                                    2 349 687      1 971 473
Liabilities
Non-current liabilities
Financial liabilities                                               1 335 853      1 053 434
                                                                    1 335 853      1 053 434
Current liabilities
Financial liabilities                                                 186 463        152 536
Loans from related parties                                                  -          8 411
Trade and other payables                                               44 715         40 840
Deferred revenue                                                            -            644
                                                                      231 178        202 431
TOTAL LIABILITIES                                                   1 567 031      1 255 865
TOTAL EQUITY AND LIABILITIES                                        3 916 718      3 227 338
Number of ordinary shares in issue                                188 888 709    165 190 689
Treasury shares                                                       (24 550)    (1 424 139)
Net ordinary shares in issue                                      188 864 159    163 766 550
Gearing ratio                                               (%)         39.58          38.48
Tangible net asset value per share                      (cents)         1 212          1 157


Condensed Consolidated Statement of
Comprehensive Income
                                                                     Group
                                                              Audited        Audited
                                                           Year ended     Year ended
                                                          28 February    28 February
                                                                 2019           2018
                                                                R'000          R'000
Property revenue
- Contractual rental income                                   319 509        232 896
- Tenant recoveries                                            98 801         54 179
- Straight-line rental income accrual                           7 812         16 980
                                                              426 122        304 055
Other income                                                    8 607         12 540
Total revenue                                                 434 729        316 595
Property operating and management expenses                   (139 200)       (87 422)
Net property-related income                                   295 529        229 173
Administrative expenses                                       (22 668)       (17 530)
Net property operating profit                                 272 861        211 643
Fair value adjustment - Investment properties                 111 702        252 535
Depreciation                                                   (2 943)          (441)
Annual listing fee                                               (262)          (314)
Share-based payment expense                                    (6 456)          (455)
Profit from operations                                        374 903        462 968
Net interest                                                 (100 111)       (76 044)
- Finance costs                                              (109 202)       (82 297)
- Finance income                                                9 091          6 253

Profit before taxation                                        274 792        386 924
Taxation                                                         (244)          (695)
Profit for the year                                           274 547        386 229
Other comprehensive income                                          -              -
Total comprehensive income for the year                       274 547        386 229
Attributable to:
Equity owners of the parent                                   270 389        383 186
Non-controlling interest                                        4 158          3 043
Total comprehensive income for the year                       274 547        386 229
Basic earnings per share                        (cents)        149.86         271.60
Diluted earnings per share                      (cents)        149.86         271.60
Distribution per share                          (cents)         86.42          78.50
Interest cover ratio                            (times)          2.65           2.56


Consolidated Statement of
Cash Flows
                                                           Group
                                                   Audited         Audited
                                                Year ended      Year ended
                                               28 February     28 February
                                                      2019            2018
                                                     R'000           R'000
Cash generated from operations
Profit before tax                                  274 792         386 924
Adjustments for:
Straight-line revenue accrual                       (7 812)        (16 980)
Fair value adjustments - Investment property      (111 702)       (252 535)
Depreciation                                         2 943             441
Finance income                                      (9 091)         (6 253)
Finance cost                                       109 202          82 297
Rental loss credits                                   (644)         (2 059)
Share-based payment reserve                          6 456             454
Reclassification of trade receivables               (3 397)         (4 752)
Changes in working capital
Trade and other receivables                          2 605          (5 040)
Trade and other payables                             3 875          19 288
Cash generated from operating activities           267 227         201 785
Finance income                                       4 825           1 602
Finance cost                                      (108 261)        (82 297)
Distribution paid                                 (145 292)        (83 000)
Taxation (paid)/received                              (244)             11

Net cash generated from operating activities        18 255          38 101
Cash flows from investing activities
Acquisition of investment property                (542 470)     (1 278 255)
Cost incurred on developments                      (99 913)              -
Proceeds on sale of investment property            223 522          15 968
Acquisition of subsidiary                          (60 420)              -
Acquisition of property, plant and equipment        (1 984)         (1 734)
Proceeds from insurance receivable                     178          18 508

Net cash used in investing activities             (481 086)     (1 245 513)

Cash flow from financing activities
Proceeds from share issue                          150 442         482 168
Proceeds from financial liabilities                390 211         761 214
Repayment of financial liabilities                 (74 806)        (33 696)
Loan advanced to minority shareholder                  (72)            (48)
Advance from related party                               -           4 530
Repayment of related party loan                     (8 520)              -
Loan advanced to tenant                             (5 869)              -
Repayment of finance lease                               -            (112)
Proceeds from tenant loan                              915               -
Purchase of treasury shares                         (4 859)        (16 669)
Proceeds from sale of treasury shares               18 961           7 613

Net cash generated from financing activities       466 403       1 205 000
Total cash movement for the period                   3 572          (2 412)
Cash at the beginning of the period                 10 220          12 632
Cash at the end of the period                       13 792          10 220


Consolidated Statement of
Changes in Equity

                                         Accu-                      Total         Non-
                             Share     mulated      Equity   attributable  controlling       Total
                           capital      profit     reserve      to parent     interest      equity
Group                        R'000       R'000       R'000          R'000        R'000       R'000
Balance as at
28 February 2017           917 538      65 331       3 939        986 808            -     986 808
Changes in equity: 
Sale of investment in
subsidiary                       -           -           -              -       54 155      54 155
Profit for the period            -     383 186           -        383 186        3 043     386 229
Distribution to
minority shareholder             -           -           -              -       (3 043)     (3 043)
Issue of shares            638 926           -           -        638 926            -     638 926
Acquisition of treasury
shares                      (9 057)          -           -         (9 057)           -      (9 057)
Distributions to
shareholders                     -     (83 000)          -        (83 000)           -     (83 000)
Share-based
payment expense                  -           -         455            455            -         455
Balance as at
28 February 2018         1 547 407     365 517       4 394      1 917 318       54 155   1 971 474
Changes in equity:
Investment in
subsidiary                  52 500           -           -         52 500            -      52 500
Profit for the period            -     270 389           -        270 389        4 158     274 547
Distribution to
minority shareholder             -           -           -              -       (4 158)     (4 158)
Issue of shares            180 058           -           -        180 058            -     180 058
Disposal of treasury
shares                      14 102           -           -         14 102            -      14 102
Distributions to
shareholders                     -    (145 292)          -       (145 292)           -    (145 292)
Share-based
payment expense                  -           -       6 456          6 456            -       6 456
Balance as at
28 February 2019         1 794 067     490 614      10 850      2 295 531       54 155   2 349 686


Operating Segment
Information
Year ended 28 February 2019

                                Industrial     Commercial        Retail    Hospitality
                                     R'000          R'000         R'000          R'000
Segment revenue                    124 589        167 704        77 646         44 089
Profit from operations             128 495        179 825        92 177        (11 627)
Fair value adjustments              49 391         68 125        43 028        (42 666)
Net property operating profit       79 411        112 651        50 252         31 203
Finance income                         411            212           258            754
Finance costs                      (24 492)       (27 650)      (14 594)        (8 908)
Investment property                955 832      1 481 039       559 065        504 897
Investment property held for
sale                                     -              -             -              -
Investment property under
construction                             -        213 381             -              -
Total assets                     1 023 315      1 669 899       626 056        532 042
Total liabilities                 (333 309)      (657 511)     (168 335)      (101 909)


                                                                Straight-
                                                       Non-     lining of
                                Residential        property        leases          Total
                                      R'000           R'000         R'000          R'000
Segment revenue                       8 658           4 233         7 812        434 730
Profit from operations                  484         (22 262)        7 812        374 903
Fair value adjustments               (6 177)              -             -        111 702
Net property operating profit         6 661         (15 128)        7 812        272 862
Finance income                           44           7 412             -          9 091
Finance costs                            (2)        (33 556)            -       (109 202)
Investment property                       -              42        23 097      3 523 972
Investment property held for
sale                                 75 657               -        (1 657)        74 000
Investment property under
construction                              -               -             -        213 381
Total assets                         77 833         (33 866)       21 439      3 916 718
Total liabilities                      (272)       (305 695)            -     (1 567 031)


Selected Explanatory Notes
to the Results

1.   Earnings per share

     This note provides the obligatory information in terms of IAS 33 Earnings Per Share and SAICA
     Circular 4/2018 for the group and should be read in conjunction with note 2, where earnings are
     reconciled to distributable earnings. Distributable earnings determine the distribution declared
     to shareholders, which is a meaningful metric for a stakeholder in a REIT.

     1.1 Basic earnings per share
                                                                                Group
                                                                          Audited          Audited
                                                                       Year ended       Year ended
                                                                      28 February      28 February
                                                                             2019             2018
                                                                        Number of        Number of
          Shares in issue                                                  shares           shares
          Number of shares in issue at the end of
          the year net of treasury                                    188 864 159      163 766 550
          Weighted average number of shares
          in issue                                                    180 427 720      141 084 847
          Diluted weighted average number of
          shares in issues                                            180 427 720      141 084 847
          Basic earnings per share
          Earnings (profit attributable to owners
          of the parent)                                  (R'000)         270 389          383 186
          Basic earnings per share                        (cents)          149.86           271.60
          Diluted earnings per share                      (cents)          149.86           271.60

     1.2 Headline earnings per share

          Reconciliation between basic earnings and
          headline earnings:
          Earnings (profit attributable to owners of
          the parent)                                     (R'000)         270 389          383 186
          Adjusted for:
          Fair value adjustments to investment
          properties:
          Gross                                           (R'000)        (111 702)        (252 535)
          Tax                                             (R'000)               -                -
          Headline earnings                                               158 687          130 651
          Headline earnings per share
          Headline earnings per share                     (cents)           87.95            92.60
          Diluted headline earnings per share             (cents)           87.95            92.60


2.   Reconciliation between earnings and distributable earnings

     2.1 Distributable earnings
                                                                                       Group
                                                                              Audited            Audited
                                                                           Year ended         Year ended
                                                                          28 February        28 February
                                                                                 2019               2018
         Earnings (profit attributable to owners of the parent)               270 389            383 186
         Adjusted for:
         Fair value adjustments to investment properties                     (111 702)          (252 535)
         Straight-lining of leases adjustment                                  (7 812)           (16 980)
         Equity-settled share-based payment reserve                             6 456                455
         Deferred tax realisation                                                   -                695
         Less: Profit not distributed                                               -             (2 483)
         Antecedent dividend*                                                   4 443             16 348
         Distributable profit                                                 161 774            128 686

         *In the determination of distributable earnings, the group elects to make an adjustment for the
          antecedent distribution arising as a result of the capital raises on 11 June 2018 and 16 November
          2018 respectively, as well as the acquisition issue of shares for the acquisition of Webram Four
          Proprietary Limited during the period for which the company did not have full access to the cash
          flow from such issues.

                                                                                                 Number
                                                                                              of shares
         Number of shares in issue at period end                                            188 888 709
         Less: Treasury shares                                                                  (24 550)
         Number of shares in issue net of treasury shares                                   188 864 159

         Distribution declared and distribution per share
         Distributable earnings (cents per share)                              FY2019            FY2018
         Interim distribution                                                   41.73             36.95
         Final distribution                                                     44.69             41.55
         Total distributions for the period                                     86.42             78.50
         Year-on-year growth                                     (%)            10.09


Introduction

Spear REIT Limited (JSE share code: SEA) is the only regionally specialised Real Estate Investment
Trust listed on the Johannesburg Stock Exchange ("JSE"). Its main business is investing in high-
quality income-generating real estate across all sectors within the Western Cape, predominantly
in the Cape Town region.

Spear's mission statement is to be the leading Western Cape-focused REIT and to consistently
grow its distribution per share ahead of inflation and within the top quartile of its peer group.
Management's proximity to assets remains excellent and its acute understanding of the Western
Cape real estate market truly makes Spear a regional specialist with access to excellent investment
pipelines and development opportunities to further enhance an already high-quality real estate
portfolio.

During the year both the regional economy of the Western Cape along with the national economy
of South Africa has faced various headwinds ranging from severe droughts, which negatively
impacted the tourism and hospitality sector in the Western Cape, to national economic challenges
leading to low overall growth and a declining business confidence environment. Management
has remained resolved to stay focused on business continuity through its early engagement and
tenant-centric approach resulting in sustainable revenue and the achievement of its results despite
an underperforming hospitality sector.

Growing cash flows and distribution growth will remain a primary Spear objective, which
management believes clearly displays management and shareholder alignment.

Financial results

The board of directors is pleased to announce a final distribution of 44.69 cents per share for the
six months ended 28 February 2019.

Total distribution for the year ended 28 February 2019 is 86.42 cents per share, being a 10.09%
growth from the prior year.

Spear's results are in line with the forecast as disclosed during the results presentation on
17 May 2018 and a testament to Spear's focus, active asset and property management along with
prudent financial management of the going concern.

Spear's tangible net asset value per share increased by 4.71% from FY2018 to R12.12 in FY2019.
The increases are a result of acquisitions and a small fair value adjustment performed during the
financial year.

The like-for-like income growth delivered by the underlying portfolio for the reporting period was
26%. The significant increase is due to R1 billion worth of assets being owned for 12 months during
the 2019 financial year versus an average of 7 months in the 2018 financial year. This is a clear
testament to the significant asset growth since listing in 2016.

The financial results achieved are attributable to the high-quality nature of Spear's assets, strong
contractual income and recoveries together with cost containment and savings on finance costs.
Despite increasingly tougher trading conditions particularly within the hospitality sector, which
has underperformed the rest of the Spear portfolio, distributable income targets were achieved.
Positive rental reversion on lease renewals and re-lets has been a key contributor to the financial
results for the period.

Group gearing increased to 39.58% (FY2018: 38.48%) during the year as a result of cash reserves
being utilised for refurbishment work and increased gearing on the Northgate Park transaction.
There is no immediate debt refinancing concerns within the business. A detailed debt expiry
schedule is provided within this report.

Property portfolio

Spear's current property portfolio consists of 30 high-quality assets with an average value per
asset of R127 million, being a 35.23% increase during the year (FY2018: R94 million) and a total gross
lettable area ("GLA") of 402 652m2 valued at R3.81 billion.

The portfolio's income stream is underpinned by average contractual escalations of 8.07%, a
weighted average lease expiry ("WALE") of 30 months (FY2018: 33 months) together with a high
percentage of A-grade tenants (listed and large nationals) comprising 62% of the portfolio's GLA.
Vacancies across the portfolio are significantly below the national average and reported IPD
statistics with an overall vacancy of 1.98% at the end of the period (FY2018: 1.95% portfolio vacancies).

Top 10 properties by value
                                            Value
                                        including                       Gross
                                            lease                    lettable        % of
                                            asset                        area       total    Valuation
     Property                               R'000    Sector                m2       value         R/m2
1.   Mega Park, Bellville                 441 022    Industrial        86 095       11.58        5 123
2.   2 Long Street, Cape Town             426 034    Commercial        25 115       11.18       16 963
3.   Sable Square Shopping Centre         416 400    Retail            31 100       10.93       13 389
4.   UES DoubleTree by Hilton,
     Woodstock                            322 139    Hospitality       18 761        8.46       17 171
5.   Northgate Park, Brooklyn             314 302    Commercial        17 002        8.25       18 486
6.   15 on Orange, Cape Town              310 191    Hospitality       16 726        8.14       18 545
7.   MWEB Head Office, Bellville          154 000    Commercial        11 195        4.04       13 756
8.   Blackheath Park, Blackheath          134 000    Industrial        37 334        3.52        3 589
9.   1 Waterhouse Place,
     Century City                         125 434    Commercial        11 030        3.29       11 372
10.  No 2 Estuaries, Century City         102 833    Commercial         4 199        2.70       24 490
                                        2 746 356                     258 557       72.09       10 622

Sectoral split and vacancy profile

                             Value
                 Number  excluding                                   Gross      Gross
                     of      lease                                lettable   lettable   Vacant
                proper-      asset   Value    Revenue    Revenue      area       area     area    Vacancy
                   ties      R'000       %      R'000          %        m2          %       m2          %
Industrial            8    955 832      25    124 589         30   207 354         51    2 432       1.17
Commercial           13  1 481 039      39    167 704         40   109 667         27    2 689       2.45
Retail                4    559 065      15     77 646         18    34 648          9    1 462       4.22
Hospitality           2    504 897      13     44 089         10    28 153          7    1 410       5.01
Residential           1     75 657       2      8 658          2     8 000          2        -          -
Under
development           2    213 381       6          -          -    14 830          4        -          -
                     30  3 789 871     100    422 685        100   402 652        100    7 992       1.98


Sectoral performance

Industrial

Performance remains healthy and strong with continuous demand for our rental opportunities
by prospective tenants across the industrial portfolio. The industrial portfolio offers a diversified
industrial offering situated in well-established industrial nodes consisting of mini, mid-size and large
industrial units. The industrial portfolio has continued to operate with high occupancy rates and in
line with management's expectations during the reporting period with no major tenant movements
or lease expiries.

The industrial portfolio (207 354m2) occupancy rate was at 99% at year-end.

Commercial

The commercial sector's performance has exceeded management's expectations with robust
vacancy reductions as a result of a front-footed and aggressive letting strategy across the
commercial portfolio. Commercial vacancies at year-end were at 2%, translating to 2 689m2 of
unlet GLA. Office sector lease renewals continue to be concluded with positive rental reversions
achieved in the vast majority of renewals concluded during the reporting period.

It remains our view that the general commercial office sector within the Western Cape and nationally
may experience headwinds in the form of increased vacancies as a result of low economic growth,
aggressive cost cutting and companies looking to significantly reduce operating overheads through
space optimisation. Although the latter has not been experienced within the Spear commercial
portfolio yet, management believes that a strong focus must continuously be placed on early tenant
engagement and hands-on asset management to mitigate such effects without delay.

The commercial portfolio (109 667m2) occupancy rate was at 98% at year-end.

Retail

The retail portfolio consists of two convenience retail centres, both offering an ultra-convenience
retail experience with ample parking. Spear's retail assets are located in high-growth nodes servicing
the Century City and Northern Suburbs market. During the reporting period 48% (16 772m2) of retail
GLA (34 648m2) was occupied by national retail tenants. Management has been gratified at the
positive performance of its retail assets in addition to key retail tenants showing positive growth in
store revenue and footfall.

Spear's retail assets will remain attractive locations for retailers to trade from given their high-quality
tenant mix geared towards a convenience retail offering, ample shopper parking, ease of access
and egress along with plum geographical locations offering easy access to all significant arterial
transportation routes.

The retail portfolio (34 648m2) occupancy rate was at 96% at year-end.

Residential

Spear's residential portfolio for the reporting period continued to perform to the satisfaction of
management with 100% occupancy rates. Currently only 2% of GLA is exposed to the residential
sector. Management has stated its intention to increase Spear's residential holdings closer to 15%
of GLA and 12% of portfolio value in the medium term with the development of approximately 200
residential units at Sable Square and 200 residential units in Paarden Island as part of its mixed-use
development plans.

Hospitality

The current performance of the domestic economy and environmental impact continue to present
challenges to the hospitality sector as both transient and group business have been severely
impacted by the drought experienced in the Western Cape. The hospitality sector over the reporting
period has continued to operate under extremely tough trading conditions. The drought in the
Western Cape has been broken and a strong focus now is to rebuild on hospitality occupancies and
room rates as a key recovery metric to the overall hospitality sector. The pace at which the recovery
of the hospitality sector will take place at this stage remains uncertain due to the shift in interest
by dominant markets to other destinations during this time. At best management is of the opinion
that some green shoots on the recovery path have already started to show, however, meaningful
recoveries will most likely only start to emerge towards the start of 2020.

Weakened local currency and volatile emerging and competing markets to our destination might aid
our recovery in building buyer confidence in our overall offering. We have seen positive movement
with the removal of prohibitive travel regulations to South Africa and further change to ease access
to our shores has been tabled for consideration.

Although occupancies have shown better recovery signs, the biggest challenge will remain in
recovering lost rate strength experienced during the downturn. As with most industries the
hospitality sector is largely reliant on a positive election result, which will encourage economic
growth and will contribute to the resurgence in Cape Town's image as one of the top destinations
in the world for Leisure and Meetings, Incentives, Conventions and Exhibitions ("MICE").

The hospitality portfolio (28 153m2) occupancy rate was at 95% at year-end.

Tenant grading
                                                Gross             Gross                        Number
                                             lettable          lettable          Number            of
                                                 area              area              of       tenants
                                                   m2                 %         tenants             %
A - Large nationals, large listed and
    government tenants                        252 269                63             111            28
B - Smaller international and national
    tenants                                   101 804                25             204            51
C - Other local tenants and sole
    proprietors                                25 757                 6              84            21
Development                                    14 830                 4               -             -
Vacant                                          7 992                 2               -             -
                                              402 652               100             399           100

Letting activity

Spear began the period with an opening vacancy of 6 334m2 and with 91 359m2 expiring during the
year. Management has successfully renewed and re-let 96 560m2 at a positive reversion of 8.03%.

The table below reflects the letting activity of the period:

                                             Gross                        Gross      Gross
               Expiries and         Gross   expiry    Renewals/       rental at        new     Rental
              cancellations     rental at   rental     New lets       renewals/     rental  reversion
                        GLA        expiry     R/m2          GLA        New lets       R/m2          %
Commercial           17 409     2 378 813      137       20 487       3 016 016        147       7.74
Industrial           68 930     2 483 248       36       69 433       2 708 842         39       8.29
Retail                5 020       392 901       78        6 639         563 408         85       8.43
                     91 359     5 254 961       84       96 560       6 288 265         90       8.03

Spear's lease expiry profile remains defensive with a WALE of 30 months.

Spear's asset and property management team has a hands-on approach to tenant retentions
and actions tenant engagements well in advance of expiry to ensure business continuity and risk
management for the business.


Lease expiry profile

Lease expiry profile based on GLA

                          Industrial  Commercial   Retail  Hospitality  Residential   Total
                                   %           %        %            %            %       %
Vacant                             2           3        3            2            -       2
Monthly                            -           -        -            -            -       -
Expiries for 03/2019
- 02/2020*                        12          24        6            -            -      13
Expiries for 03/2020
- 02/2021                         40          31       17            1            -      31
Expiries for 03/2021
- 02/2022                         17          15       25            1          100      18
Expiries for 03/2022
- 02/2023                          8          10       11            -            -       8
Expiries for 03/2023
and onwards                       21          17       38           96            -      28
                                 100         100      100          100          100     100

*Including No 2 Estuaries

Lease expiry profile based on revenue

                          Industrial  Commercial   Retail  Hospitality  Residential   Total
                                   %           %        %            %            %       %
Monthly                            1           1        -            -            -       1
Expiries for 03/2019
- 02/2020                         13          26        6            -            -      17
Expiries for 03/2020
- 02/2021                         40          32       18            8            -      30
Expiries for 03/2021
- 02/2022                         20          16       22            2          100      19
Expiries for 03/2022
- 02/2023                          9           9       11            -            -       9
Expiries for 03/2023
and onwards                       17          16       43           90            -      24
                                 100         100      100          100          100     100


Weighted average in force escalations and yields
                                                                               Escalation              Yield
                                                                                        %                  %
Industrial                                                                           8.61                8.6
Commercial                                                                           7.77                8.6
Retail                                                                               7.95                8.6
Residential                                                                          8.00                9.0
Hospitality                                                                        Note 1                6.1
Group average                                                                        8.07                8.3

Note 1:

- DoubleTree by Hilton is operated by a third-party operator and the lease is based on a fixed (60% of budgeted
  EBITDA) and variable (95% of actual EBITDA less fixed rental) rate, which is agreed annually.
- 15 on Orange Hotel is operated by a third-party operator and the rental is based on a blended rate of 18%
  on all revenue generated by the hotel.


Acquisitions and disposals

The group acquired the following properties during the year ended 28 February 2019:

                                    Acquisition           Debt           Cash     Acquisition   Acquisition
                       Transfer           value        funding        funding           issue         yield
                           date           R'000          R'000          R'000           R'000             %
Island Business      08/03/2018          24 000              -         24 000               -          9.31
Park, Paarden
Island
Blackheath Park,     12/04/2018         110 500         49 725         60 775               -         10.43
Blackheath
Old Mutual           12/07/2018          98 000              -         98 000               -          9.22
Private Wealth,
Century City
1 Waterhouse         24/07/2018         114 500              -         62 500          52 000         12.22
Place, Century 
City
Talana Close,        12/11/2018          52 800         25 000         27 800               -          9.16
Bellville South
Northgate Park,      25/02/2019         313 000        180 000        133 000               -          9.26
Paarden Island
                                        712 800        254 725        406 075          52 000          9.93

The group disposed of the following properties during the year ended 28 February 2019:

                                                                              Cash
                                                          Disposal         payment       Disposal
                                          Transfer           value           value          yield
                                              date           R'000           R'000              %
Tyger Manor, Tyger Valley               20/06/2018          75 000          75 000           8.00
142 Bree Street, Cape Town CBD          18/07/2018         150 000         150 000           3.00
Plum Park, Southern Suburbs             07/02/2019          30 200          30 200           8.60
Tanker Services, Atlas Gardens          07/02/2019          20 900          20 900           8.60
Biella Building, Rosendal               07/02/2019          31 500          31 500           8.60
Burger King, Strand                     07/02/2019           4 600           4 600           8.60
Virgin Active George, George            07/02/2019          22 300          22 300           8.60
                                                           334 500         334 500           7.71


Capital expenditure and redevelopment

Spear embarked on a number of capital expenditure projects during the period:

- 78 on Edward, Tyger Valley

  Management actioned the redevelopment of two assets into a consolidated A-grade office
  building on Edward Street, Tyger Valley off the back of increased tenant demand and low overall
  area vacancies. The overall development costs of 78 on Edward on completion will be R89 million
  with a completion date being end of July 2019.

  The initial yield on cost will be 9% based on all vacant units being let in line with the approved
  development feasibility. At the end of the period management had concluded negotiations with
  users for 2 650m2 of the available 3 500m2 being developed.

  The development comprises of 1 500m2 of prime high street retail space, 2 500m2 of AAA-grade
  office space and a parking ratio of four bays per 100m2 let.

- 1 Waterhouse Place, Century City

  The property is located in the sought-after Century City precinct. The building is made up of
  10 500m2 of office space over four levels with a parking ratio of four bays per 100m2 let.

  The property was acquired vacant at R10 000/m2 with a two-year head lease in place from the
  seller. Management has embarked on a full refurbishment project on this property with a capital
  expenditure allocation of R90 million. Based on management's feasibility and projected net
  income stream on completion a target yield will be in the region of 9.1%.

  At the end of the reporting period significant leasing interest had been shown with a 2 000m2
  user already secured.

  Completion date of the 1 Waterhouse Place project will be July 2019.

- 15 on Orange Hotel and Spa, Cape Town

  Management had undertaken a critical assessment of the product offering at 15 on Orange and
  concluded that the hotel was not a beneficiary of the leisure market given certain limitations
  to the property at the time. Furthermore, the conference offering presented itself as detached
  from the food and beverage offering in the hotel, which hampered synergies between the two
  key components that typically should operate hand in hand. In consultation with Marriott it was
  agreed to relocate certain portions of the conference offering to the main hotel public area levels.
  Management has embarked on key enhancements to the pool area, food and beverage areas and
  conference areas allocating R44 million as capital expenditure on this property. The project is in
  its final stage of completion with the addition of a wellness spa to add to the product mix on site.

Capital allocation and strategic focus

Management acknowledges the vital role capital allocation plays in the formation of a high-quality
real estate portfolio and will continue to use its capital to invest in high-quality assets within the
Western Cape.

In the year under review Spear acquired R713 million of new assets at an average yield of 9.93%.
A total of seven buildings were sold for R335 million at an average yield of 7.71%. The net disposal
proceeds have been redeployed into the acquisition of four new assets for a gross consideration
of R578 million (including debt, acquisition issues and vendor placements) at a blended yield of
9.97% and the reduction of bank debt of R74 million.

Management will furthermore deploy capital into yield-enhancing assets through acquisition or
development with a primary focus on convenience retail, logistics-focused industrial and mixed-
use assets. An amount of R50 million has been spent of committed capital expenditure for the
refurbishment of two properties, being 15 on Orange and 1 Waterhouse Place.

Management will in addition to capital allocation continuously evaluate the disposal of portfolio
assets where management believes maximum shareholder value can be achieved or where
management believes the assets have reached the end of their life cycle within the portfolio.
Disposal proceeds will be redeployed into larger, higher quality assets or debt reduction. It is
commendable how management has shown its ability to prudently recycle capital into higher
yielding and higher quality assets to unlock deep shareholder value. Management remains of the
view that it will only seek investor funding when absolutely necessary and will only raise capital for
its needs if acceptable placement pricing is achieved in the market.

Balance sheet and risk management

Active and prudent focus on our balance sheet will provide Spear with the ability to take advantage
of opportunities that are presented in the market. Management maintains strong and unblemished
relationships with its key funding partners, which result in advantageous funding arrangements.
Management aims to maintain gearing levels within a range of 38% to 42% loan to value ("LTV") on
group debt together with an acceptable hedging policy to provide income certainty in challenging
economic times.

Spear's debt portfolio remains actively managed with an all-in cost of debt at the end of the reporting
period of 9.01%. Currently 64.57% of Spear's interest-bearing debt is hedged at an effective all-in
rate of 9.05%. Spear's cost of debt has decreased by 24 basis points since the start of the financial
year. The group's gearing level at the end of the reporting period was at 39.58%, translating to a
2.85% increase from FY2018.

Cost-to-income

Net total cost-to-income for the period was 21.59%, increasing from 18.51% as at 28 February 2018.
The increase is directly related to the significant increase in utility rates and property expenses.

Management will consistently endeavour to reduce the portfolio cost-to-income ratio. Any reduction
in consumption charges, repairs and maintenance and portfolio operating costs will result in the
cost-to-income ratio reducing towards the 20% level.

Administrative cost-to-income for the period was 5.92%, increasing from 5.85% as at 28 February
2018. The increase is directly related to the employment of additional staff with the increase in the
property portfolio.

Distributable earnings

The board approved and declared distribution number 5 of 44.69 cents per share on 15 May 2019.

Total distribution for the year ended 28 February 2019 is 86.42.

The distribution declared is an increase of 10.09% over the distribution for the year ended 28 February
2018.

Borrowings and funding

The group obtained funding for property acquisitions through capital raises and an increase in bank
borrowings as disclosed under acquisitions.

During the year R235.3 million worth of equity placement took place:

                                Number of      Price              Value
Share issue date                   shares        ('R)         R million
1 May 2018                   3.15 million       9.52               30.0   Acquisition issue
11 June 2018                11.85 million      10.00              118.5   Vendor consideration/
                                                                          private placement
24 July 2018                  5.2 million      10.10               52.5   Acquisition issue
16 November 2018              3.5 million       9.80               34.3   Vendor consideration/
                                                                          private placement


Group gearing
                                                                          Gearing          Variance
                                                                                %                 %
31 August 2017                                                              37.23                 -
28 February 2018                                                            38.48              3.36
31 August 2018                                                              36.01             (6.43)
28 February 2019                                                            39.58              9.92

                                                                          Average
In force cost of                        Average          Variance      fixed cost          Variance
debt for period                               %                 %               %                 %
31 August 2017                             9.23                 -            9.51                 -
28 February 2018                           9.25              0.22            9.45             (0.60)
31 August 2018                             9.04             (2.30)           9.09             (3.84)
28 February 2019                           9.01             (0.28)           9.05             (0.48)

As at year-end prime linked loans bear interest at an average rate of prime less 1.13% and the average
fixed rate is 9.05% for the next 12 months of operation. The rate does not include any potential
interest rate increases from SARS.

                                                                                             Amount
                                                                                              R'000
Variable borrowing                                                                          539 359
Fixed borrowings                                                                            982 957
Total gross debt                                                                          1 522 316
Percentage fixed                                                                  (%)         64.57


Debt expiry                                                                 R'000                 %
FY2019                                                                          -                 -
FY2020                                                                    186 463                12
FY2021                                                                    512 957                34
FY2022                                                                    667 002                44
FY2023                                                                    155 894                10
                                                                        1 522 316               100

The weighted average expiry of the group debt is 25 months from 28 February 2019.

Tangible net asset value
                                                                           Tangible net asset value
                                                                             Rands       Growth (%)
31 August 2017                                                               10.49
28 February 2018                                                             11.57           10.31
31 August 2018                                                               11.63            0.49
28 February 2019                                                             12.12            4.20


Receivables

Amid increasingly tougher trading conditions, receivables represented 2.47% of total revenue
excluding smoothing. Management has commended its debtors management team for the prudent
collections and low receivables. Management is cognisant of the fact that as South Africa continues
to be negatively impacted by the weak macroeconomic environment the probability of a higher
percentage receivables cannot be discounted, however, a concerted effort is made to guard against
receivables creep.

Provisions for bad debt cover all debtors greater than 90 days with adequate provisions made for
doubtful receivables.

Sustainability

PV solar power rollout

As part of Spear's sustainability strategy, a renewable energy rollout has commenced with the
first PV solar installation at Sable Square Shopping Centre in the Century City area. The PV solar
installation is an 800kWh system at a cost of R9 million with a payback period of four years. The latter
installation was commissioned on 1 October 2018. A further 12 assets have been earmarked as part
of the phase one rollout, which would result in an additional 4.2MWp of renewable energy generated
from alternative sources on property rooftops. Total earmarked expenditure for FY2020 will be
R49 million with an average payback period of four years. On completion and full commissioning
40% of the Spear portfolio will be equipped with a PV solar solution.

Water continuity

Spear's water continuity programme continues to be implemented across key parts of the portfolio.
Capital expenditure on water continuity projects have amounted to R5 million ranging from
additional boreholes, water tanker trucks, water filtration systems and water storage tanks. The
UES, home to the DoubleTree by Hilton Hotel in Woodstock, post the implementation of the water
continuity plan is generating 90 000 litres of potable water daily to service both the hotel and the
balance of the mixed-use scheme. Water usage across the portfolio has been reduced with the
implementation of tap aerators, waterless urinals and hand sanitisers where applicable. Pre-diluted
cleaning materials have been deployed across the portfolio and where possible greywater is used
for exterior cleaning and irrigation.

Board appointments

Shareholders were advised that Dr. Rozett Phillips had been appointed as a non-executive
director with effect from 17 July 2018 and was approved by shareholders at the last AGM held on
10 August 2018.

Roze holds the position of Group Executive: People and Culture for Absa Group Limited, a large
Pan-African bank.

Prior to joining Absa, Roze held the position of Management Consulting lead and Geographic
Council member for Accenture Africa and Board member of Accenture South Africa. She served
this organisation for 18 years. During her time there, she also served as the Middle East, Africa, Russia
and Turkey Innovation lead, creating the enablers for Accenture to lead Innovation in the region,
working at the intersection of business and technology.

Roze is Executive Sponsor for BornToSucceedWomen, a public benefit organisation dedicated to
helping young South African women with the necessary skills and mentorship to prepare for the
workplace and find employment.

Roze holds both Bachelor of Medicine and Surgery (MBChB) (1995) and Master's of Business
Administration (MBA) (1999) degrees from the University of Cape Town and a postgraduate diploma
in Future Studies (2016) from the University of Stellenbosch Business School.

Roze proudly mentors young black African men and women to unleash their full potential and is
a frequent public speaker and blog writer on the topics of the Workforce of the Future, New Skills
Now and Empowerment of women, young people, the poor and marginalised.

Outlook

The core portfolio of Spear remains defensive in nature underpinned by strong lease covenants
and high-quality tenants. Management is confident given the diversified mix of assets, tenant profile
and its own hands-on asset management approach that Spear will deliver on its guidance for
the 2020 financial year. The macroeconomic environment in South Africa together with sluggish
economic growth remains a general concern for management. It is our firm belief that a positive
election outcome will position South Africa on the right growth trajectory presenting further growth
and investment opportunities for both local and international investors. Spear is committed to do
its part in job creation and skills development in the Western Cape to reduce the burden that
unemployment places on South Africa and its people. To this end:

-  Management will focus on improving the core portfolio through the acquisition of yield-enhancing
   assets within the Western Cape

-  Management will continue to focus on prudent capital management

-  Management remains heavily invested in Spear and has committed to the retention of respective
   investments within Spear to reinforce its alignment with shareholder interests

-  Management is confident that Spear is trading on a stable management platform, which will
   ensure that the company's growth objectives are achieved, both in the form of assets and
   human capital

-  The company will continue its tenant-centric approach, which has created strong customer
   loyalty and high tenant retention rates within the core portfolio.

Prospects and guidance

The Western Cape property sector has proven to be more resilient than most other provinces in
South Africa as demand for its real estate has notably been higher than in most other parts of South
Africa. Western Cape infrastructure in our view is of a superior standard to the majority of South
Africa in the form of roads, telecommunication and other key infrastructure facilities, which makes
doing business across the entire Western Cape possible. Spear remains committed to its Western
Cape only strategy with its regional specialisation management's single-minded focus - allowing
for it to be first out the blocks to take advantage of portfolio and earnings enhancing opportunities.
Spear continues to have a healthy pipeline of greenfield and brownfield development opportunities
within the portfolio, which will unlock further value for the group in time.

Management remains confident that demand for its high-quality rental properties across the various
sectors within the Western Cape will continue given its tenant-centric approach and hands-on
asset management skills.

The political and tough economic environment remains a concern as business sentiment continues
to deteriorate and the increased cost of living places continued pressure on the general population.
Within a low-growth economic environment increased pressure on general business may result
in undue pressure on the commercial office market as companies move to cut overheads and
optimise their trading space. The potential for an upward trend in commercial office vacancies in a
low-growth economy may be a tough reality that lies ahead.

Trading conditions within the hospitality sector have started to improve, but not at the rate
management would have preferred with early green shoots becoming evident in hotel occupancies
and bookings, but the recovery in room rates lagging behind the occupancy growth experienced
since the end of the water crisis in the Western Cape.

Management has to the best of its ability forecast its earnings with the above in mind, having taken
the necessary steps to best mitigate against any further downturn.

Management's guidance for the 2020 financial year is a distribution growth of 6% to 8% per share.

The guidance is based on the following assumptions:

-  That a relatively stable macro-economic environment will prevail

-  That lease renewals are concluded as per the company forecast

-  That no major tenant failures will take place

-  That tenants will successfully absorb rising costs associated with utility consumption charges
   and municipal rates

-  The trading conditions continue to improve in the overall tourism sector directly related to hotel
   occupancies and room rates

-  That stage 3 and 4 load shedding do not become a regular occurrence in South Africa during
   the year.

Any changes in the above assumptions may affect management's forecast for the year ending
29 February 2020.

The information and opinions contained above are recorded and expressed in good faith and are
based on reliable information provided to management.

No representation, warranty, undertaking or guarantee of whatsoever nature is made or given
regarding the accuracy and/or completeness of such information and/or the correctness of such
opinions.

The forecast for the period ending 29 February 2020 is the sole responsibility of the directors and
has not been reviewed and reported on by Spear's independent external auditors.

Subsequent events

The directors are not aware of any events, other than those listed below, which have occurred since
the end of the financial period and have a material impact on the results and disclosures in the
provisional summarised audited consolidated financial results for the year ended 28 February 2019.
The group took transfer of the following properties after period end:

                                                          Acquisition            Debt          Equity
                                            Transfer            value         funding         funding
                                                date            R'000           R'000           R'000
26 Marine Drive, Paarden Eiland           07/03/2019           39 300          15 300          24 000

The group disposed of the following subsidiary after period end:

                                                                                             Disposal
                                                                            Disposal            value
                                                                                date            R'000
Pacivista Proprietary Limited                                             01/04/2019           74 000

The group entered into an agreement after period end to acquire Radnor Road, Tygerberg Business
Park, for R112 million at a 9.1% yield. Expected transfer is 1 June 2019.

Basis of preparation

The provisional summarised consolidated financial statements are prepared in accordance with
the JSE Listings Requirements for provisional reports and the requirements of the Companies
Act of South Africa. The JSE Listings Requirements require provisional reports to be 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 and Financial Reporting Pronouncements as issued
by the Financial Reporting Standards Council and to also, as a minimum, contain the information
required by IAS 34 Interim Financial Reporting. Except for the adoption of revised and new standards
that became effective during the year, IFRS 9 and IFRS 15, all accounting policies applied in the
preparation of these provisional summarised consolidated financial statements are in terms of IFRS
and are consistent with those applied in the previous consolidated financial statements. There was
no material impact on the annual financial statements as a result of the adoption of these standards.

The auditors, BDO Cape Incorporated, have issued their opinion on the group's consolidated and
separate financial statements for the year ended 28 February 2019. The audit was conducted in
accordance with International Standards on Auditing. They have issued an unmodified audit opinion.
The provisional summarised consolidated financial statements have been derived from the group
financial statements and are consistent, in all material respects, with the group financial statements,
but is itself not audited. The directors take full responsibility for the preparation of the provisional
summarised consolidated financial statements and for ensuring that the financial information has
been correctly extracted from the underlying audited annual financial statements. The auditor's
report does not necessarily report on all of the information contained in this announcement.
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 that report together with the accompanying
financial information from Spears' registered office.

Christiaan Barnard CA (SA), in his capacity as Chief Financial Officer, was responsible for the
preparation of the provisional summarised consolidated financial statements for the year ended
28 February 2019.

Final distribution for the year ended 28 February 2019

Notice is hereby given of the declaration of final distribution number 5 of 44.69081 cents per share
for the year ended 29 February 2019 from income reserves.

As Spear is a REIT, the distribution meets the definition of a "qualifying distribution" for the purposes
of section 25BB of the Income Tax Act, No. 58 of 1962 (Income Tax Act). Qualifying distributions
received by South African tax residents will form part of their gross income in terms of section
10(1)(k)(i)(aa) of the Income Tax Act. Consequently, these distributions are treated as income in the
hands of the shareholders and are not subject to dividends withholding tax. The exemption from
dividends withholding tax is not applicable to non-resident shareholders, but they may qualify for
relief under a tax treaty.

South African tax residents

The dividend received by or accrued to South African tax residents must be included in the gross
income of such shareholders and will not be exempt from income tax (in terms of the exclusion to
the general dividend exception, contained in paragraph (aa) of section 10(1)(k)(i) of the Income Tax
Act) because it is a dividend distributed by a REIT. The dividend is exempt from dividend withholding
tax in the hands of South African tax resident shareholders, provided that South African tax resident
shareholders provide the following forms to the Central Securities Depository Participant ("CSDP")
or broker in respect of uncertificated shares, or to the company, in respect of certificated shares:

a) a declaration that the dividend is exempt from dividend tax; and

b) a written undertaking to inform the CSDP, broker or the company, should the circumstances
   affecting the exemption change or the beneficial owner ceases to be the beneficial owner, both
   in the form prescribed by the Commissioner for the South African Revenue Service.

Shareholders are advised to contact their CSDP, broker or the company to arrange for the above-
mentioned documents to be submitted prior to payment of the dividend, if such documents have
not already been submitted.

Non-residents shareholders

Dividends received by non-resident shareholders will not be taxable as income and instead will be
treated as an ordinary dividend, which is exempt from income tax in terms of the general dividend
exemption in section 10(1)(k)(i) of the Income Tax Act. It should be noted that up to 31 December
2013, dividends received by non-residents from a REIT were not subject to dividend withholding
tax. Since 1 January 2014, any dividend received by a non-resident from a REIT will be subject to
dividend withholding tax at 20%, unless the rate is reduced in terms of any applicable agreement
for the avoidance of double taxation ("DTA") between South Africa and the country of residence of
the shareholder concerned. Assuming dividend withholding tax will be withheld at a rate of 20%,
the net dividend amount due to non-resident shareholders is 35.75265 cents per share. A reduced
dividend withholding tax rate in terms of the applicable DTA may only be relied on if the non-resident
shareholder has provided the following forms to their CSDP or broker in respect of uncertificated
shares, or the company in respect of certificated shares:

a) a declaration that the dividend is subject to a reduced rate as a result of the application of
   DTA; and

b) a written undertaking to inform their CSDP, broker or the company, should the circumstances
   affecting the reduced rate change or the beneficial owner ceases to be the beneficial owner,
   both in the form prescribed by the Commissioner for the South African Revenue Service.

Non-resident shareholders are advised to contact their CSDP, broker or the company to arrange
for the above-mentioned documents to be submitted prior to payment of the dividend, if such
documents have not already been submitted.

The number of ordinary shares in issue on declaration date is 188 888 709.

The company's tax reference number is 9068437236.

Holders of uncertificated shares have to ensure that they have verified their residence status with
their CSDP or broker. Holders of certificated shares will be asked to complete a declaration to the
company. The distribution is payable to shareholders in accordance with the timetable set out
below:

                                                                                             2019
Declaration date                                                                Wednesday, 15 May
Last day to trade cum-dividend distribution                                       Tuesday, 4 June
Shares trade ex-dividend distribution                                           Wednesday, 5 June
Record date                                                                        Friday, 7 June
Payment date                                                                      Monday, 10 June

Share certificates may not be dematerialised or rematerialised between Wednesday, 5 June 2019
and Friday, 7 June 2019, both days inclusive.

In respect of dematerialised shareholders, the distributions will be transferred to the CSDP account/
broker accounts on Monday, 10 June 2019. Certificated shareholders' distribution payments will be
paid to certificated shareholders' bank accounts on Monday, 10 June 2019.

On behalf of the Board
Spear REIT Limited

Cape Town
15 May 2019

Abubaker Varachhia                 Quintin Rossi                Christiaan Barnard
Non-executive Chairman             Chief Executive Officer      Chief Financial Officer


Directorate and
Administration

SPEAR REIT LIMITED                             
Incorporated in the Republic of South Africa   
Registration number 2015/407237/06
JSE share code: SEA                            
ISIN: ZAE000228995                             
(Approved as a REIT by the JSE)                
("Spear" or "the group" or "the company")      
                                               
Directors of Spear                             
Abubaker Varachhia*
(Non-executive Chairman)                       
Michael Naftali Flax                          
(Executive Deputy Chairman)                    
Quintin Michael Rossi                          
(Chief Executive Officer)                      
Christiaan Barnard                             
(Chief Financial Officer)
Brian Leon Goldberg*#
Jalaloodien Ebrahim Allie*#
(Lead Independent Director)
Niclas Kjellstrom-Matseke*#                    
Cormack Sean McCarthy*
Dr. Rozett Phillips*#
                                               
* Non-executive                                
# Independent                                  


Registered Office  
                            
16th Floor                                     
2 Long Street                                  
Cape Town, 8001                                
(PO Box 50, Observatory, 7935)


Contact Details

info@spearprop.co.za
www.spearprop.co.za


Company Secretary

Rene Cheryl Stober


Transfer Secretaries

Computershare Investor Services Proprietary Limited
Rosebank Towers, 15 Biermann Avenue,
Rosebank, 2196
(PO Box 61051, Marshalltown, 2107)


Independent Reporting Accountants
and Auditors

BDO Cape Incorporated
6th Floor, 123 Hertzog Boulevard,
Foreshore, Cape Town, 8001
(PO Box 2275, Cape Town, 8000)


Sponsor

PSG Capital Proprietary Limited
1st Floor, Ou Kollege Building,
35 Kerk Street, Stellenbosch, 7600
(PO Box 7403, Stellenbosch, 7599)


Legal Adviser

Cliffe Dekker Hofmeyr
11 Buitengracht Street, Cape Town, 8001
(PO Box 695, Cape Town, 8000)


Bankers

Nedbank Limited
Investec Limited
Standard Bank Limited


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