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DIPULA INCOME FUND LIMITED - Change statement, posting of notice of annual general meeting and update on B-BBEE compliance report

Release Date: 15/12/2021 14:00
Code(s): DIB DIA     PDF:  
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Change statement, posting of notice of annual general meeting and update on B-BBEE compliance report

DIPULA INCOME FUND LIMITED
(Incorporated in the Republic of South Africa)
(Registration number 2005/013963/06)
JSE share code: DIA      ISIN: ZAE000203378
JSE share code: DIB      ISIN: ZAE000203394
(Approved as a REIT by the JSE)
(“Dipula” or “the Company”)


CHANGE STATEMENT, POSTING OF NOTICE OF ANNUAL GENERAL MEETING AND UPDATE ON
BROAD-BASED BLACK ECONOMIC EMPOWERMENT COMPLIANCE REPORT


Change statement and availability of annual report

Shareholders are advised that Dipula’s integrated annual report, incorporating the audited annual financial statements
for the year ended 31 August 2021 (on which the Company’s auditors expressed an unmodified audit opinion) (the
“financial statements”), is now available on the Company’s website at:
https://www.dipula.co.za/index.php/investors/integrated-reports.

The financial statements are the same as the reviewed provisional condensed consolidated financial statements that were
published on 17 November 2021 except for an adjustment to the statement of cash flow, resulting in an increase to cash
generated from operations of R 87.2 million, with the corresponding adjustment being a decrease to interest-bearing
liabilities raised of R87.2 million. The adjustment was required due to an unintended accounting error.

The full statement of cash flow and notes thereto can be found on pages 108 and 158 of the integrated annual report.

The statement of cash flow, before and after the change referred to above, is as follows:

 CONDENSED CONSOLIDATED STATEMENT OF CASH FLOW
 for the year ended 31 August 2021
                                                                      Audited           Reviewed
                                                               31 August 2021     31 August 2021        Change
                                                                        R'000              R'000         R'000

 CASH FLOWS FROM OPERATING ACTIVITIES
 Cash generated from operations                                       850 360            763 159        87 201
 Finance income                                                        14 449             14 449             -
 Finance cost                                                       (272 174)          (272 174)             -
 Dividends paid                                                     (302 122)          (302 122)             -
 Taxation paid                                                       (85 996)           (85 996)             -
 Net cash generated from operating activities                         204 517            117 316        87 201

 CASH FLOWS FROM INVESTING ACTIVITIES
 Capital expenditure on investment property                          (68 852)           (68 852)             -
 Acquisition of property, plant and equipment                           (366)              (366)             -
 Acquisition of business combination                                 (19 989)           (19 989)             -
 Net movement in loans receivable                                      31 697             31 697             -
 Proceeds on disposal of investment properties                         28 350             28 350             -
 Net cash utilised in investing activities                           (29 160)           (29 160)             -

 CASH FLOWS FROM FINANCING ACTIVITIES
 Repayment of lease liabilities                                       (7 642)            (7 642)             -
 Net movement in interest-bearing liabilities                       (154 496)           (67 295)      (87 201)
 Interest-bearing liabilities (repaid)/raised                        (57 496)             29 705      (87 201)
 Permanent repayment of borrowings                                   (97 000)           (97 000)             -
 Net cash utilised in financing activities                          (162 138)           (74 937)      (87 201)

 Net increase in cash and cash equivalents                             13 219             13 219             -
 Cash and cash equivalents at the beginning of the year                49 357             49 357             -
 Cash and cash equivalents at the end of the year                      62 576             62 576             -

There was no change to earnings per share, headline earnings per share, dividend per share nor to the statement of
financial position or the statement of comprehensive income.

Notice of annual general meeting

Shareholders are further advised that a notice of annual general meeting, including the relevant supporting
documentation, was dispatched to shareholders today, 15 December 2021. The annual general meeting of shareholders
of Dipula will be held at 09:00 on Monday, 21 February 2022. Due to the restrictions on gatherings imposed as a result
of the Covid-19 pandemic, the annual general meeting will only be accessible through electronic participation, as
permitted by the provisions of the JSE Listings Requirements, the Companies Act No. 71 of 2008, as amended, and the
Company’s memorandum of incorporation. To this end, the Company, together with its company secretary, Acorim
Proprietary Limited, shall host the annual general meeting on an interactive electronic platform, to facilitate remote
participation by shareholders.

The last day to trade in order to be eligible to participate in and vote at the annual general meeting is Tuesday, 8 February
2022 and the record date for voting purposes is Friday, 11 February 2022.

Broad-Based Black Economic Empowerment annual compliance report

Shareholders are advised that the Company’s Broad-Based Black Economic Empowerment annual compliance report
for the year ended 31 August 2021 is currently being verified and a further announcement in respect of the publication
thereof will be released in due course.

15 December 2021


Sponsor
Java Capital

Date: 15-12-2021 02:00:00
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