Wrap Text
Unaudited results for the six months ended 28 February 2019
REBOSIS PROPERTY FUND LIMITED
(Rebosis or the company)
(Registration number 2010/003468/06)
(Approved as a REIT by the JSE)
JSE share code Rebosis A share: REA
JSE share code Rebosis Ordinary share: REB
Alpha code: REBI
ISIN Rebosis A share: ZAE000240552
ISIN Rebosis Ordinary share: ZAE000201687
UNAUDITED RESULTS for the six months ended 28 February 2019
Highlights
Tangible NAV B Shares*
R8.82
Retail trading density growth
3.9%
Total Assets
R17.5bn
UK investment cross currency
(R75m)
Net Property Income growth
(3.0%)
Vacancy
6.4%
UK Asset Write-down
(R2bn)
UK income impact
(R96m)
* The reported tangible NAV attributable to the REB shares is the net asset value excluding goodwill after netting off market cap of REA shares
RETAIL
6 high quality dominant malls
Baywest, Hemingways, Forest Hill,
Mdantsane, Sunnypark and Bloed Street
Strong national tenant profile
Secure, escalating income streams
Weighted average lease expiry of 3.8 years
Average contractual escalation of 6.9%
Portfolio by GLA 326 008 m2
Portfolio by value 47%
Number of properties 6
Portfolio valuation R'000 8 100 000
Gross lettable area - m2 326 008
Value per m2 - R 24 861
OFFICE
36 predominantly A and B grade well-located properties in nodes attractive to government tenants
6 properties were sold as part of the Boxwood transaction
Let primarily to National Department of Public Works
Weighted average lease expiry of 1 year
Average contractual escalation of 7.2%
Shielded from private sector e.g. tenant cash flow
and insolvency related default
Portfolio by GLA 496 612 m2
Portfolio by value 52%
Number of properties 36
Portfolio valuation R'000 8 800 000
Gross lettable area - m2 496 612
Value per m2 - R 17 724
INDUSTRIAL
Single tenanted industrial warehouse in Johannesburg
Industrial warehouse acquired in March 2013
Lease underpinned by international listed parent company
Weighted average lease expiry of 7.3 years
Contractual escalation of 6.8%
Portfolio by GLA 18 954 m2
Portfolio by value 1.0%
Number of properties 1
Portfolio valuation R'000 183 000
Gross lettable area - m2 18 954
Value per m2 - R 9 637
STATEMENT OF COMPREHENSIVE INCOME
Group
Unaudited for the Unaudited for the
six months ended six months ended
28 February 2019 28 February 2018
R'000 R'000
Investment property income 970 763 1 043 381
Net income from facilities management agreement 14 941 13 854
Management fees received - 4 833
Listed property securities and related income - 33 183
Straight-line rental adjustment (32 387) 100 435
Revenue 953 317 1 195 686
Property expenses (282 926) (255 500)
Net property income 670 391 940 186
Other operating expenses (70 062) (65 142)
Operating profit 600 329 875 044
Finance income 38 902 81 397
Finance cost amortisation (19 532) (9 265)
Finance costs (479 317) (367 342)
Net operating income 140 382 579 834
Other income 3 194 -
Changes in fair values (1 093 570) (236 721)
Changes in impairments (1 073 629) -
Profit before income tax (2 023 623) 343 113
Income tax expense - -
Profit/(loss) for the period (2 023 623) 343 113
Total comprehensive income for the period
attributable to equity holders (2 023 623) 343 113
STATEMENT OF FINANCIAL POSITION
Group
Unaudited as at Audited as at
28 February 2019 31 August 2018
Restated
R'000 R'000
ASSETS
Non-current assets 15 959 303 19 620 370
Investment property 14 966 231 16 682 000
Fair value of property portfolio 14 608 059 16 266 788
Straight-line rental income accrual 358 172 415 212
Property, plant and equipment 7 513 8 595
Investment in associates 108 590 992 774
Loans to associates 180 473 180 473
Other financial assets 180 499 1 246 995
Goodwill 499 331 499 331
Derivative instruments 16 666 10 202
Current assets 328 907 564 995
Trade and other receivables 266 902 445 556
Short term portion of derivatives 15 624 5 826
Cash and cash equivalents 46 381 179 943
Investment property reclassified
as held for sale 2 128 329 1 403 000
Total assets 18 416 539 21 654 695
EQUITY AND LIABILITIES
Equity 7 953 675 10 329 420
Stated capital 9 015 068 9 015 068
(Accumulated loss)/retained earnings (1 061 393) 1 314 352
Total equity attributable to
equity owner of the parent 7 953 675 10 329 420
Non-current liabilities 4 842 110 4 926 245
Interest bearing borrowings 4 813 748 4 899 095
Derivative instruments 28 362 27 150
Current liabilities 5 620 754 6 399 030
Current portion of interest bearing borrowings 5 262 296 5 856 984
Short term portion of deferred payment liability 124 889 124 936
Short term portion of derivative instruments 51 461 65 311
Trade and other payables 182 108 351 799
Total liabilities 10 462 864 11 325 275
Total equity and liabilities 18 416 539 21 654 695
Number of A ordinary shares in issue 63 266 012 63 266 012
Number of ordinary shares in issue 699 253 200 699 253 200
Treasury shares (2 408 326) (2 408 326)
Number of ordinary shares in issue
(net of treasury shares) 696 844 874 696 844 874
Net asset value per A ordinary - REA ( R) 20.65 22.75
Net asset value per ordinary - REB ( R) 9.54 12.76
Gearing % 57.3% 57.9%
Loan to value (%) 57.1% 51.6%
Loan to value calculated in terms
of REIT best practice
Net debt 10 029 663 10 576 136
Interest bearing borrowings
(excluding derivatives) 10 076 044 10 756 079
Less: cash and cash equivalents (46 381) (179 943)
Property assets 17 564 121 20 505 241
Investment property 14 966 231 16 682 000
Investment property held for sale 2 128 329 1 403 000
Listed securities 108 590 992 774
Loan receivable 180 499 1 246 995
Loans to related companies 180 473 180 473
Loan-to-value 57.1% 51.6%
Available borrowing capacity - -
CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
Group
Unaudited for the Unaudited for the
six months ended six months ended
28 February 2019 28 February 2018
Restated
R'000 R'000
Balance at 31 August 10 461 731 11 847 850
Prior period restatement - 01 September 2016 (132 311) (132 311)
Balance at 31 August - Restated 10 329 420 11 715 539
Change in accounting policy - 01 September 2018 (66 328) -
Issue of shares - 350 000
Profit for the year (2 023 623) 343 113
Dividend paid (285 794) (508 416)
Balance at 28 February 7 953 675 11 900 236
CONDENSED CONSOLIDATED STATEMENT OF CASH FLOW
Group
Unaudited for the Unaudited for the
six months ended six months ended
28 February 2019 28 February 2018
R'000 R'000
Cash flow from operating activities 16 924 122 224
Cash generated from operations 490 080 374 990
Dividend received - 33 179
Net finance charges paid (473 156) (285 945)
Cash flow from investing activities 844 345 (333 266)
Capex and tenant installations (22 101) (113 828)
Acquisition of listed securities and investments (518) (292 995)
Acquisition of property, plant and equipment (1 036) (276)
Proceeds on sale of assets 868 000 73 833
Cash flow from financing activities (994 831) 139 454
Proceeds from issue of shares - 1 451
Proceeds/(repayments) in financial liabilities (696 437) 497 937
Derivative instruments (12 600) -
Loans repaid/advanced to related party - (81 110)
Decrease in other financial assets - 229 592
Dividend paid (285 794) (508 416)
Net movement in cash and cash equivalents (133 562) (71 588)
Cash and cash equivalents at the
beginning of the period 179 943 104 642
Cash and cash equivalents at
the end of the period 46 381 33 054
COMMENTARY
INTRODUCTION
Rebosis is a JSE listed real estate investment trust (REIT) with a high quality diversified portfolio across commercial and retail assets. The majority of the commercial
income enjoys a sovereign underpin from leases to national government departments across 36 buildings. Its retail portfolio has a mix of dominant and newly built shopping
centres set to dominate in their nodes in Port Elizabeth (Baywest Mall) and Centurion (Forest Hill City).
FINANCIAL RESULTS
Difficult trading conditions in the retail sector, the uncertainty around Brexit and the National and Provincial elections influenced the environment in which the company
operated during the first six months of the financial year.
Distributable income decreased by 61% from R504 million to R195 million for this reporting period of which R96 million was as a direct result of New Frontier Properties.
In addition, finance costs increased by R97 million due to lower income from cross currency swaps, higher average debt levels and higher borrowing costs. The loss of
rental warranty income of R42 million and rate rebates of R24 million reduced the distributable income further.
The Board deemed it prudent to deleverage the fund and has therefore resolved to not declare an interim dividend, but rather intends to distribute a full year dividend at
the final distribution date, being after the conclusion of its year ending 31 August 2019.
The carrying value of the investment portfolio has been adjusted to reflect the values of the assets as per the sales transactions that were announced. The value of the
direct investment in New Frontier Properties and the loan to the BEE consortium has been written down to the underlying net asset value. The impairment of New Frontier
Properties of R1 957 million together with the valuation adjustments above, resulted in the loan to value increasing from 51.6% as at 31 August 2018 to 57.1%.
PROPERTY PORTFOLIO
The consolidated property portfolio of Rebosis is illustrated in the following graphs in terms of sectoral and geographical splits.
As at 28 February 2019
Sectoral spread
Value
Retail 48%
Office 51%
Industrial 1%
GLA
Retail 39%
Office 59%
Industrial 2%
Net Income
Retail 35%
Office 64%
Industrial 1%
Geographic spread
Value
Eastern Cape 4 728 852.97
Gauteng 10 881 732.09
Kwa-Zulu Natal 254 052.51
Mpumalanga 167 393
North West 139 594.85
Western Cape 701 916.37
GLA
Eastern Cape 197 384
Gauteng 553 928.31
Kwa-Zulu Natal 18 768.38
Mpumalanga 14 950
North West 11 665
Western Cape 44 878
Net Income
Eastern Cape 136 035 792.1
Gauteng 470 126 683.6
Kwa-Zulu Natal 11 429 674.78
Mpumalanga 8 158 635.99
North West 5938934.71
Western Cape 36 078 527.64
Our South African retail portfolio consists of six high-quality, dominant shopping malls with strong anchor national tenants delivering income streams escalating at a
weighted average of 6.9%. The office portfolio consists of 36 buildings in nodes attractive to government tenants. These buildings are mainly single-tenanted buildings let
to the National Department of Public Works, providing for a weighted average escalations of 7.2%. The office portfolio represents a defensive sovereign underpin, shielding
the group from private sector risks such as tenant insolvency and default which are material risks in the context of sluggish economic growth and constrained consumer
spend.
The group's expiry profile by gross lettable area is as follows:
After
Monthly Vacant 28 Feb 28 Feb 28 Feb 28 Feb 28 Feb
2020 2021 2022 2023 2023
Retail 7% 7% 14% 16% 10% 5% 40%
Office 27% 7% 38% 16% 3% 2% 7%
Industrial 0% 0% 0% 0% 0% 0% 100%
Total portfolio 18% 7% 28% 16% 6% 3% 22%
FUNDING
At 28 February 2019, Rebosis' borrowings decreased to R10.1 billion from R10.8 billion as 31 August 2018 due to the utilisation of the proceeds from the Boxwood disposal,
partially offset by the distribution payment.
The weighted average cost of debt for the six month period increased from 9.3% to 9.5%, largely due to the increase in the Prime rate as well as the refinancing of some of
the 3m Jibar facilities to Prime facilities.
There are currently hedge arrangements in place for 83.9% of the debt.
The loan to value increased from 51.6% to 57.1% mainly resulting from the write down of New Frontier Properties, the revaluation of assets held for sale and the
distribution.
Group
Unaudited for the Unaudited for the
six months ended six months ended
28 February 2019 28 February 2018
R'000 R'000
EARNINGS AND HEADLINE EARNINGS
Number of REA shares in issue at period end 63 266 012 63 266 012
Weighted average number of REA shares in
issue used for the calculation of earnings
and headline earnings per share 63 266 012 63 266 012
Number of REB shares in issue at period end 696 844 874 670 881 453
Weighted average number of shares in issue
used for the calculation of earnings
and headline earnings per share 696 844 874 648 121 956
CONTINUING OPERATIONS R'000 R'000
Profit attributable to ordinary equity
holders of the parent entity (2 023 623) 343 113
Adjusted for:
Change in fair value of investment properties 227 375 (36 051)
Change in fair value of investment
in listed securities 884 184 -
Changes in impairments 1 073 629 -
Headline profit attributable to shareholders 161 565 307 062
Basic and diluted earnings per REA share (cents) 132.75 126.43
Basic and diluted earnings per REB share (cents) (302.45) 40.60
Basic and diluted headline
earnings per REA share (cents) 132.75 126.43
Basic and diluted
headline earnings per REB share (cents) 11.13 35.04
SEGMENT REPORT
The group classifies segments based on the type of property i.e. Commercial, Retail, Industrial, and Other. Properties can be mixed use properties. In this instance the
property will be classified according to its principle use. Accordingly, the group only has three reporting segments as set out below. Some of the buildings do have a
small retail component (normally at street level), but seldom exceeds 10% of the total GLA per building
These operating segments are managed separately based on the nature of the operations. For each of the segments, the group's CEO (the group's chief operating decision-
maker) reviews internal management reports monthly. The CEO considers earnings before taxation to be an appropriate measure of each segment's performance.
Property portfolio Admin and
For the six months ended 28 February Retail Office Industrial Total corporate costs Total
2019 R'000 R'000 R'000 R'000 R'000 R'000
Property portfolio 418 532 528 092 6 693 953 317 - 953 317
Investment property income 406 152 555 573 9 038 970 763 - 970 763
Net income from facilities management - 14 941 - 14 941 - 14 941
Straight line rental income accrual 12 381 (42 422) (2 345) (32 387) - (32 387)
Property expenses (170 304) (112 363) (259) (282 926) - (282 926)
Net property income 248 229 415 729 6 434 670 391 - 670 391
Other operating expenses - - - - (70 062) (70 062)
Operating income 248 229 415 729 6 434 670 391 (70 062) 600 329
Net interest - - - - (459 947) (459 947)
Net operating income 248 229 415 729 6 434 670 391 (530 009) 140 382
Other income - - - - 3 194 3 194
Changes in fair values - (327 027) - (327 027) (766 544) (1 093 570)
Changes in impairments - - - - (1 073 629) (1 073 629)
Segment profit before taxation 248 229 88 702 6 434 343 364 (2 366 989) (2 023 623)
Investment property 8 105 031 6 678 545 182 655 12 565 873 - 14 966 231
Investment property held for sale - 2 128 329 - 4 307 669 - 2 128 329
Other assets 126 895 154 229 16 281 140 1 040 840 1 321 979
Total assets 8 231 926 8 961 102 182 671 17 154 681 1 040 840 18 416 539
Total liabilities 64 807 51 705 - 116 512 10 346 352 10 462 864
Property portfolio Admin and
For the six months ended 28 February Retail Office Industrial Total corporate costs Total
2018 R'000 R'000 R'000 R'000 R'000 R'000
Property portfolio 527 753 602 869 27 048 1 157 670 38 016 1 195 686
Investment property income 450 154 584 782 8 445 1 043 381 - 1 043 381
Net income from facilities management - 13 854 - 13 854 - 13 854
Management fees received - - - - 4 833 4 833
Listed security income - - - - 33 183 33 183
Straight line rental income accrual 77 599 4 233 18 603 100 435 - 100 435
Property expenses (121 132) (134 127) (241) (255 500) - (255 500)
Net property income 406 621 468 742 26 807 902 170 38 016 940 186
Other operating expenses - - - - (65 142) (65 142)
Operating income 406 621 468 742 26 807 902 170 (27 126) 875 044
Net interest - - - - (295 210) (295 210)
Net operating income 406 621 468 742 26 807 902 170 (322 336) 579 834
Changes in fair values (205 631) 263 285 (21 603) 36 051 (272 772) (236 721)
Segment profit before taxation 200 990 732 026 5 203 938 219 (595 109) 343 113
Investment property 8 772 200 8 597 000 170 000 17 539 200 - 17 539 200
Investment property held for sale - 1 403 000 - 1 403 000 - 1 403 000
Other assets 153 808 277 836 - 431 645 3 391 336 3 822 981
Total assets 8 926 008 10 277 836 170 000 19 373 844 3 391 336 22 765 181
Total liabilities 60 276 64 861 200 125 338 10 602 297 10 727 635
Distributable Income
Non-IFRS information 2019 2018
Reconciliation of profit before tax
to distributable earnings: R'000 R'000
Total profit before taxation (2 023 623) 343 113
Taxation - -
Profit for the period (2 023 623) 343 113
Adjusted for:
Changes in fair value 1 093 570 236 721
Changes in impairments 1 073 629 -
Straight line rental accrual 32 387 (100 435)
Amortisation of structuring fees 19 532 9 271
Corporate transaction costs - 2 699
Antecedent interest - 14 499
Dividend income distributed in previous periods - (33 183)
Anticipated distribution from listed REIT subsidiaries - 31 500
Distributable earnings attributable to
shareholders/owners of the parent 195 495 504 185
Distributable income per REA share (cents) 132.75 126.43
Distributable income per REB share (cents) 16.00 63.23
Year-on-year distribution growth REA (%) 5.0% 5.0%
Year-on-year distribution growth REB (%) -74.7% 4.0%
ACCOUNTING POLICIES, CHANGES IN ACCOUNTING ESTIMATES AND RESTATEMENTS
i) Change in accounting policy
During the year, the Group adopted the New IFRS 9 Financial Instruments standard. IFRS 9 replaces the "incurred loss" model in IAS 39 with a forward-looking "expected
credit loss (ECL) " model. This requires a loss allowance to be recognised at the amount equal to the lifetime ECLs. Lifetime ECLs result from all possible default events
over the expected life of a financial instrument.
This requires considerable judgement over how changes in economic factors affect ECLs, which will be determined on a probability-weighted basis.
The new impairment model applies to the following financial instruments that are not measured at Fair value through profit and loss (FVTPL):
- financial assets that are debt instruments;
- lease receivables; and
- loan commitments and financial guarantee contracts issued (previously impairment was measured under IAS 37 Provisions, Contigent Liabilities and Contingent Assets).
Under IFRS 9, no impairment loss is recognised on equity investments.
Impact of assessment
The most significant impact on the Group's financial statements from the implementation of IFRS 9 is expected to result from the new impairment requirements. Impairment
losses will increase and become more volatile for financial instruments in the scope of the IFRS 9 impairment model.
The Group has estimated that, on adoption of IFRS 9 at 1 September 2018, the net financial impact of the change in classification and measurement after tax is a reduction
in opening retained earnings of R66million.
ii) Prior period restatement
The Group had incorrectly accounted for a portion of the Goodwill amounting to R132million arising from the acquisition of Billion Property Developments, Baywest City
Mall, Billion Asset Managers and Billion Property Services on 1 September 2016. This amount was reflected under the short-term portion of other financial assets in the
annual financial statements for the year-ended 31 August 2018.
This should have reduced the gain on bargain purchase which was recognised in the 2017 financial year. Accordingly the asset of R132million has been written off against
the retained earnings of 2017.
Impact of assessment
The Group has estimated that the net financial impact of the change in classification and measurement after tax is a reduction in opening retained earnings of R132million.
Adjustments
As reported 2018 Restated
R'000
Company statements of financial position
Short-term portion of other financial assets 132 311 (132 311) -
Total assets 21 787 005 (132 311) 21 654 694
Total equity 10 461 730 (132 311) 10 329 419
Opening retained income - 2018 1 446 662 (132 311) 1 314 3517
SIGNIFICANT RELATED PARTY TRANSACTIONS
Parties are considered related if one party has the ability to exercise control or significant influence over the party making financial or operational decisions. Related
parties with whom the Group transacted with during the period were:
Group
2019 2018
R'000 R'000
Loans accounts- owing (to)/by related parties
New Frontier Properties Limited 180 473 151 810
Billion Group Proprietary Limited (4 889) (52 780)
Abacus Property Fund (70 000) -
Amounts included in trade and other receivables
Mthatha Mall Proprietary Limited - 7 982
Interest received from related parties
New Frontier Properties Limited - 8 125
Rental warranty income
Billion Group Proprietary Limited - 40 373
Asset management fee income
Mthatha Mall Proprietary Limited - 2 908
DECLARATION AND PAYMENT OF CASH DIVIDEND
The Rebosis Board has resolved not to declare an interim dividend but to distribute a full year dividend at the final distribution date.
RETAIL DISPOSAL SUBSEQUENT TO 28 FEBRUARY 2019
Shareholders are referred to the Sens announcement dated 12 May 2019 dealing with the disposal of retail assets.
The Company has entered into a sale of rental enterprise agreement with Vukile Property Fund Limited, dated 12 May 2019 to dispose of the Mdantsane City Shopping Centre,
the Sunnypark Shopping Centre and the Bloedstreet Mall together with rental enterprises conducted thereon. The properties and the rental enterprises will be sold, as a
going concern, for a purchase consideration of R1,777 billion, which represents a 9% yield on the twelve month forward net income of the properties. This transaction is
subject to due diligence and regulatory processes.
BASIS OF PREPARATION
The unaudited results for the six months ended 28 February 2019 have not been reviewed or reported on by the company's independent auditors, BDO South Africa Incorporated.
These results have been prepared in accordance with International Financial Reporting Standards (IFRS), IAS 34, Interim Financial Reporting, the SAICA Financial Reporting
Guides issued by the Accounting Practices Committee and Financial Reporting Pronouncements as issued by the Financial Reporting Standards Council, JSE Listings
Requirements and the requirements of the Companies Act of South Africa.
All amendments to standards that are applicable to Rebosis for its financial year beginning 1 September 2018 have been considered. Based on management's assessment, the
amendments do not have a material impact on the group's condensed consolidated interim financial statements with the exception of IFRS 9. The impact of IFRS 9 has resulted
in the restatement of certain items in the Statement of Financial Position.
The accounting policies are consistent with those applied in the previous consolidated annual financial statements except for the adoption of the new standard - IFRS 9
Financial instruments. According to the new standard, Rebosis has applied the "credit loss" model for the measurement of financial assets, specifically to trade
receivables. These financial results have been prepared under the supervision of the Chief Financial Officer, I King, (CA) SA.
The directors are not aware of any matters or circumstances arising subsequent to 28 February 2019 that require any additional disclosure or adjustment to the financial
statements, other than as disclosed in this announcement.
CHANGE IN DIRECTORATE
There has been no changes in directors since the last reporting period.
PROSPECTS
The trading conditions will remain challenging for the remainder of this year. Rebosis will have a strong focus on operations with an accelerated focus on renewing the
remaining office leases. The office portfolio has delivered a 5.3% net property income growth in the reporting period. Filling up the remaining vacancies at Forest Hill
will continue to be an area of importance to the team.
The main focus will be on the successful completion of the announced disposals and the disposal of the second tranche of the retail portfolio. This in turn will also serve
to reduce the loan to value to below 40%.
The company incurred high levels of financing costs as a result of the high debt levels, this is expected to reduce significantly following the reduction in the expected
loan to value level and should have a positive impact on the earnings.
The prospects statement is issued by the board and has not been reviewed or reported on by the company's external auditors.
By order of the Board
13 May 2019.
Corporate Information
Ordinary A share code:
REA and ISIN: ZAE000240552
Ordinary B share code:
REB and ISIN: ZAE000201687
JSE sector: Real Estate -
Real Estate holdings and development
Listing date: 17 May 2011
Number of shares
A ordinary shares: 63 266 012 (2018: 63 266 012)
Ordinary shares: 696 844 874 (2018: 673 289 779)
Company registration number: 2010/003468/06
Country of incorporation: South Africa
Website: www.rebosis.co.za
DIRECTORS
ATM Mokgokong* (Chairperson)
SM Ngebulana (Chief Executive Officer)
RP Becker (Chief Investment Officer)
I King (Chief Financial Officer)
Z Kogo
WJ Odendaal*
NV Qangule*
TSM Seopa*
M Mdlolo*
F Froneman*
*Independent Non-executive
REGISTERED OFFICE AND COMPANY SECRETARY
2nd Floor, Roland Garros Building
The Campus
Corner Sloane and Main streets,
Bryanston,
2191
Private Bag x21
Bryanston
2021
Tel: 011 575 4835
BANKERS
First National Bank
(a division of FirstRand Bank Limited)
6th Floor, First Place
Corner Simmonds and Pritchard Streets
Johannesburg
2001
Box 1153, Johannesburg, 2000)
INDEPENDENT AUDITORS
BDO South Africa Incorporated
Wanderers Office Park
52 Corlett Drive, Illovo
Johannesburg
2196
(Private Bag X10046, Sandton, 2146)
TRANSFER SECRETARIES
Computershare Investor
Services Proprietary Limited
Rosebank Towers
15 Biermann Avenue
Rosebank Towers
2196
(PO Box 61051, Marshalltown, 2107)
SPONSOR
Nedbank Corporate and Investment Banking
LEGAL ADVISERS
Bowman Gilfillan
165 West Street
Sandton, 2146
(PO Box 785812, Sandton 2146)
Cliffe Dekker Hofmeyer Inc.
11 Buitengracht Street
Cape Town
8001
Box 695, Cape Town, 8000)
RELATED QUERIES
Mr RP Becker (Chief Investment Officer)
robb@rebosis.co.za
Date: 14/05/2019 09:00:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE').
The JSE does not, whether expressly, tacitly or implicitly, represent, warrant or in any way guarantee the truth, accuracy or completeness of
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