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PAP
PAP
PAP - Pangbourne - Reviewed interim results for the six months ended 31 December
2007
Pangbourne Properties Limited
(Incorporated in the Republic of South Africa)
Registration No. 1987/002352/06
Share code: PAP ISIN: ZAE000005252
("Pangbourne" or "the Company")
REVIEWED INTERIM RESULTS FOR THE SIX MONTHS ENDED 31 DECEMBER 2007
Issued share capital 297 561 759 (31 December 2006: 246 635 621) (30 June 2007:
262 939 169) ordinary shares of 1 cent each
Issued debentures 2 678 055 831 (31 December 2006: 2 219 720 589) (30 June 2007:
2 364 667 191) unsecured variable rate debentures of 50 cents each
Issued combined units 297 561 759 (31 December 2006: 246 635 621) (30 June 2006:
262 939 169)
Weighted average combined units 272 149 957 (31 December 2006: 242 963 325) (30
June 2007: 247 579 797)
ABRIDGED CONSOLIDATED INCOME STATEMENT
Reviewed Unaudited Audited
Six Six months Year
months
ended ended ended
R`000 31.12.07 31.12.06 30.06.07
Revenue 392 828 281 952 694 653
Straight-line operating 13 353 6 665 17 104
lease adjustment
406 181 288 617 711 757
Net building costs 52 108 30 024 84 686
Administration costs 74 816 47 013 103 399
Cost of trading and - 25 585 62 570
developed properties sold
Cost of investments held- - - 41 052
for-trade
Profit from rental income, 279 257 185 995 420 050
investment income and fees
received
Net revaluation of 102 728 54 036 278 383
investment properties
Attributable to straight - (6 665) (17 104)
line operating lease
adjustment
Gross revaluation of 102 728 60 701 295 487
investment properties
Net profit on disposal of - 7 249 -
investment held-for-trade
Goodwill - written off - (15 101) -
Net profit/(loss) on 864 (1 132) 8 343
disposal of investment
properties
Amortisation and (14 744) (2 273) (8 228)
impairment of intangible
asset
Fair value adjustment on - (3 986) (3 986)
units issued during the
year
Profit on dilution of - - 1 731
subsidiary
Profit before financing 368 105 224 788 696 293
costs and taxation
Interest received 27 878 9 458 32 859
Finance costs (137 011) (77 251) (201 764)
Movement in fair value of (5 979) 29 856 81 050
interest rate swaps
Profit before taxation and 252 993 186 851 608 438
distribution to
unitholders
Debenture interest - debt (61 575) (55 964) (104 244)
portion
Total distribution to (61 575) (128 251) (265 591)
combined unitholders
Debenture interest -
equity portion, disclosed
in statement
of changes in equity - 69 773 156 139
Dividends - disclosed in - 2 514 5 208
statement of changes in
equity
Amortised debenture - (1 765) (3 671)
interest
Profit before taxation 191 418 129 122 500 523
Taxation (53 336) (14 985) (111 084)
Notional taxation reversed - (20 234) (45 280)
in statement of changes in
equity
Share of (loss)/profit (19 172) 38 802 186 653
including dilution gain
from associate
Profit for the period 118 910 132 705 530 812
Attributable to:
Equity holders of the 118 761 132 255 521 327
Company
Minority interest 149 450 9 485
118 910 132 705 530 812
RECONCILIATION BETWEEN EARNINGS AND HEADLINE EARNINGS
Profit before Taxation
taxation
Cents Cents
R`000 per unit R`000 per unit
Profit attributable to 172 097 62,23 (53 336) (19,59)
equity holders
Adjustments
Net revaluation of
investment properties (102 728) (37,75) 26 981 9,92
Impairment of
intangible asset 9 792 3,60 (2 840) (1,05)
Net (profit)/loss on
disposal of investment
properties (864) (0,32) 125 0,05
Adjustments for
associates 925 0,33 - -
Cumulative tax effect
on adjustments - - - -
Headline earnings for 79 222 29,09 (29 070) (10,67)
shareholders
Debenture interest
- debt portion 61 575 22,63 (17 857) (6,57)
Headline earnings for 140 797 51,72 (46 927) (17,24)
combined unitholders
RECONCILIATION BETWEEN EARNINGS AND HEADLINE EARNINGS (CONTINUED)
Six months to
31.12.06
(Restated and
unaudited)
Profit
after taxation
Cents Cents
R`000 per unit R`000 per unit
Profit after share of 118 761 43,64 132 255 54,43
profit from associates
Adjustments
Net revaluation of
investment properties (75 747) (27,83) (54 036) (22,24)
Impairment of
intangible asset 6 952 2,55 15 101 6,22
Net (profit)/loss on
disposal of investment
properties (739) (0,27) 1 132 0,47
Adjustments for
associates 925 0,33 (30 033) (12,36)
Cumulative tax effect
on adjustments - - 16 078 6,62
Headline earnings for 50 152 18,42 80 947 33,14
shareholders
Debenture interest
- debt portion 43 718 16,06 39 734 16,35
Headline earnings for 93 870 34,48 120 231 49,49
combined unitholders
RECONCILIATION BETWEEN EARNINGS AND HEADLINE EARNINGS (CONTINUED)
Year ended
30.06.07
(Restated)
Cents
R`000 per unit
Profit after share of profit from 521 327 210,57
associates
Adjustments
Net revaluation of
investment properties (278 383) (112,44)
Impairment of
intangible asset - -
Net (profit)/loss on
disposal of investment
properties (8 343) (3,37)
Adjustments for
associates (223 955) (90,46)
Cumulative tax effect
on adjustments 113 578 45,88
Headline earnings for shareholders 124 224 50,18
Debenture interest
- debt portion 74 013 29,89
Headline earnings for combined unitholders 198 237 80,07
Reveiwed Unaudited Audited
Six Six months Year
months to to
to
31.12.07 31.12.06 30.06.07
Diluted and non-diluted earnings 43,64 54,43 210,57
per combined unit (cents)
Diluted and non-diluted headline 34,48 49,49 80,07
earnings per combined unit
(cents)
Distribution per combined unit 57,50 52,00 114,00
(cents)
Diluted and non-diluted earnings 59,70 70,79 240,46
per share (cents)
Diluted and non-diluted headline 18,42 33,14 50,18
earnings per share (cents)
Distribution per share (cents) 0,00 1,03 2,10
R`000
Distributions to combined
unitholders
Debenture interest debt portion 61 575 55 964 104 244
Debenture interest equity - 69 773 156 139
portion
Dividends - 2 514 5 208
Total distribution 61 575 128 251 265 591
ADDITIONAL INFORMATION FOR INVESTORS (Unaudited)
for the period ended 31 December 2007
Compliance with International Financial Reporting Standards (IFRS) and their
application on the property loan stock structure, which is unique to South
Africa, has made it difficult for users to interpret these financial statements.
The information set out in the table below has been disclosed to assist readers
to determine the basis on which the interim distribution per weighted average
number of combined units in issue was calculated.
A reconciliation has been included showing the accounting adjustments that were
not taken into account in calculating the interim distribution.
DISTRIBUTABLE EARNINGS
Six months Six months Year
ended ended ended
R`000 31.12.07 31.12.06 30.06.07
Revenue 392 828 271 768 616 756
Rentals received 274 189 182 297 428 843
Financing fees received 28 917 20 084 46 917
Promoters` fees received 30 000 - -
Management fees received 13 002 12 445 24 810
Interest 46 720 37 926 88 953
Profit on sale of trading - 3 615 11 832
properties
- Selling price of trading - 29 200 56 829
properties
- Realisation of prior year`s - - 17 573
unrealised revaluation
- Cost of trading properties - (25 585) (62 570)
Profit on sale of investments - 15 401 15 401
held-for-trade
- Selling price of investments - 43 301 48 301
held-for-trade
- Realisation of prior year`s - 8 152 8 152
unrealised revaluation
- Cost of investments held-for- - (41 052) (41 052)
trade
Net building costs (52 108) (30 024) (84 686)
Administration costs (74 816) (47 013) (103 399)
Interest received 27 878 9 458 32 859
Finance costs (137 011) (77 251) (201 764)
South African normal taxation (1 960) (602) (7 487)
and STC
Minority interest 499 (450) (259)
Consolidation adjustment for 16 754 6 086 22 906
BEE finance costs
Share of loss from associate - - (12)
Consolidation adjustment for (4 011) - 7 487
Monyetla Property Fund
Distributable earnings 168 053 131 972 282 401
Investors` distributable
earnings per combined unit
Weighted average number of 272 150 242 963 247 580
combined units in issue (`000)
Distributable earnings per 61,75 54,32 114,05
combined unit (cents)
Opening share price (cents) 1 480 1 200 1 200
Closing share price (cents) 1 705 1 435 1 480
Distribution (cents) 57,5 52,0 114,0
Total return (%) 19 24 33
RECONCILIATION TO PROFIT FOR THE PERIOD
Six months Six Year
months
ended ended ended
R`000 31.12.07 31.12.06 30.06.07
Distributable earnings 168 053 131 972 282 401
Revaluation of investment 102 728 54 036 278 383
properties
Straight-line operating lease 13 353 6 665 17 104
adjustment
Realisation of prior year - (8 152) -
revaluation of listed
investments held-for-trade
Goodwill written off - (15 101) -
Net profit/(loss) on disposal 864 (1 132) 8 343
of investment properties
Amortisation of intangible (14 744) (2 273) (8 228)
asset
Movements in fair value of (5 979) 29 856 81 050
interest rate swaps
Fair value adjustment on units - (3 986) (3 986)
issued during the period
Non-cash portion of profit from - 38 802 -
associates
Profit on sale of portion of - - 1 731
subsidiary
Profit before taxation and 264 275 230 687 656 798
distribution to combined
unitholders (excluding normal
taxation, STC and equity
earnings)
Debenture interest (61 575) (55 964) (265 591)
Amortised debenture interest - (1 765) (3 671)
Dividends - disclosed in - - 5 208
statement of changes in equity
Debenture interest - equity
portion, disclosed in statement
of changes in equity - - 156 139
Profit before taxation
(excluding normal taxation,
STC and equity earnings) 202 700 172 958 548 883
Taxation (51 376) (14 383) (103 597)
Notional taxation reversed in - (20 234) (45 280)
statement of changes in equity
Consolidation adjustment for 4 011 - (7 487)
Monyetla Property Fund
Minority interest (499) 450 259
Consolidation adjustment for (16 754) (6 086) (22 906)
BEE finance costs
Realisation of prior year`s - - (25 725)
unrealised revaluation relating
to sale of trading properties
and sale of investments held-
for-sale
Share of (loss)/profit (19 172) - 186 665
including dilution gain from
associates
Profit for the period 118 910 132 705 530 812
Net asset value per unit with 1 321 1 225 1 357
iFour and Siyathenga investment
carried at market value
including debenture debt
portion (cents)
ABRIDGED CONSOLIDATED BALANCE SHEET
Reviewed Unaudited Audited
As at As at As at
R`000 31.12.07 31.12.06 30.06.07
ASSETS
Non-current assets
Direct and indirect 6 556 560 3 810 317 5 245 080
investment in property
Investment properties* 4 894 771 3 118 829 4 317 530
Land held for development - 27 984 16 085
Investment properties - (229 535) (142 512)
held for sale
Trading stock - 308 852 - -
development projects
Investments in and loans 1 352 937 893 039 1 053 977
to associates
Equipment, furniture and 12 388 11 369 12 917
fittings
Goodwill 45 693 - 45 693
Intangible asset 9 180 15 835 23 924
Long-term loans 16 199 4 083 19 137
Deposits held 7 984 6 291 7 414
Deferred taxation assets 8 057 1 056 4 892
Fair value of interest 53 640 7 840 59 619
rate derivatives
Loans to participants of 282 638 150 738 165 540
the Unit Purchase Trust
Current assets
Trading properties - 43 895 -
Investment properties - 229 535 142 512
held for sale
Receivables 189 662 160 750 197 505
Pre-payments 48 622 23 326 43 245
Other receivables 46 721 65 950 46 383
Current portion of long- - 720 -
term loans
Bank and cash 13 200 23 226 25 615
Total assets 7 290 544 4 554 931 6 039 476
EQUITY AND LIABILITIES
Capital and reserves 2 538 605 1 601 223 1 969 133
Debenture debt portion 1 072 439 905 680 937 445
Minority interest 225 247 2 089 222 471
Other interest-bearing 3 006 546 1 640 375 2 260 942
borrowings
Deferred taxation 210 338 97 911 155 005
liabilities
Current liabilities
Payables 70 706 143 640 110 792
Current portion of 101 518 35 000 188 248
interest-bearing
borrowings
Taxation 1 522 2 223 43 964
Unitholders for 63 623 126 790 151 476
distribution
7 290 544 4 554 931 6 039 476
Net debt excluding 45,09 39,21 32,72
debenture debt portion:
income earning assets (%)
Net asset value per unit 1 214 1 032 1 105
and including debenture
debt portion (cents)
*The effect of the straight-line operating lease adjustment of
R13 353 (June 2007: R17 104) is included in the value of investment properties.
The cumulative effect of the straight-line operating lease adjustment included
in investment properties is R68 075 (June 2007: R58 450).
ABRIDGED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
Reviewed Unaudited Audited
Six months Six months Year
ended ended ended
R`000 31.12.07 31.12.06 30.06.07
Balance at beginning of 1 983 105 1 471 055 1 472 694
period
Minority interest - 1 639 -
Arising on issue and - 43 891 14 436
repurchase of treasury
shares during the period
Arising on issue of units 423 171 - 193 016
during the period
Arising on purchase of - - (120 165)
shares by subsidiary company
Fair value adjustment on - 3 986 3 986
units issued during the
period
Dividends paid to minority - - (2 795)
Acquisition of subsidiary - - 7 188
Profit for the period 118 910 132 705 530 812
Reversal of notional - 20 234 45 280
taxation on debenture
interest - equity portion
Distribution to unitholders: - (69 773) (156 139)
debenture interest - equity
portion
Distribution to unitholders: - (2 514) (5 208)
dividend portion
Group share of movement in 13 419 - -
associates` company reserves
Balance at end of period 2 538 605 1 601 223 1 983 105
ABRIDGED CONSOLIDATED CASH FLOW STATEMENT
Reviewed Unaudited Audited
Six months Six months Year
ended ended ended
R`000 31.12.07 31.12.06 30.06.07
Cash flows from operating (41 188) 55 405 (46 854)
activities
Cash flows from investing (1 188 266) (278 182) (718 480)
activities
Cash flows from financing 1 217 039 220 701 765 647
activities
Net (decrease)/increase in (12 415) (2 076) 313
cash and cash equivalents
Cash and cash equivalents at 25 615 25 302 25 302
beginning of period
Cash and cash equivalents at 13 200 23 226 25 615
end of period
SEGMENTAL INFORMATION
Listed Pro-
invest- perty
Property ments Trading stock
manage- stock proper- invest-
R`000 ment trading ties ments
December 2007 (Reviewed)
Primary segment
Revenue
Rentals 274 189 - - -
Financing fees - - - -
Management fees 13 002 - - -
Interest distributions - - - 46 720
Development fees 30 000 - - -
Total revenue 317 191 - - 46 720
Segment results
Profit before taxation
and distribution to 206 082 - - 27 548
unitholders after share
of loss from associate
206 082 - - 27 548
December 2006
(Unaudited)
Primary segment
Revenue
Rentals 182 297 - - -
Financing fees - - - -
Management fees 12 445 - - -
Interest distributions - - - 37 926
Sale of trading
properties - - 29 200 -
Total revenue 194 742 - 29 200 37 926
Segment results
Profit before taxation
and distribution to 130 134 7 249 3 615 76 728
unitholders after share
of profit from associate
130 134 7 249 3 615 76 728
SEGMENTAL INFORMATION (continued)
Transfer Agents
duty Bridging com-
R`000 finance finance mission
December 2007 (Reviewed)
Primary segment
Revenue
Rentals - - -
Financing fees 4 186 12 464 5 775
Management fees - - -
Interest distributions - - -
Development fees - - -
Total revenue 4 186 12 464 5 775
Segment results
Profit before taxation
and distribution to unitholders 549 1 632 757
after share of loss from associate
549 1 632 757
December 2006 (Unaudited)
Primary segment
Revenue
Rentals - - -
Financing fees 3 349 10 898 4 547
Management fees - - -
Interest distributions - - -
Sale of trading
properties - - -
Total revenue 3 349 10 898 4 547
Segment results
Profit before taxation
and distribution to unitholders 1 480 4 817 2 010
after share of loss from associate
1 480 4 817 2 010
SEGMENTAL INFORMATION (continued)
Bond
aggre- Corpo-
R`000 gation rate Total
December 2007 (Reviewed)
Primary segment
Revenue
Rentals - - 274 189
Financing fees 6 492 - 28 917
Management fees - - 13 002
Interest distributions - - 46 720
Development fees - - 30 000
Total revenue 6 492 - 392 828
Segment results
Profit before taxation
and distribution to unitholders 1 082 (3 829) 233 821
after share of loss from associate
1 082 (3 829) 233 821
December 2006 (Unaudited)
Primary segment
Revenue
Rentals - - 182 297
Financing fees - - 18 794
Management fees - 1 290 13 735
Interest distributions - - 37 926
Sale of trading
properties - - 29 200
Total revenue - 1 290 281 952
Segment results
Profit before taxation
and distribution to unitholders - (380) 225 653
after share of loss from associate
- (380) 225 653
SEGMENT REVENUE AND EXPENSES
Revenue and expenses that are directly attributable to a segment are allocated
to those segments.
Expenses not directly attributable to a segment are allocated to the corporate
segment.
NOTES TO THE FINANCIAL STATEMENTS
1. BASIS OF PREPARATION
The reviewed interim financial report has been prepared in accordance with IAS
34 - Interim Financial Reporting and the requirements of the South African
Companies Act 1973, as amended and the JSE Listings Requirements. The accounting
policies and methods of computation are consistent with those applied for the
year ended 30 June 2007. The Company has adopted IFRS7 - Financial instruments,
disclosure of which will be presented in the annual report. The directors have
changed the group`s frequency of revaluing investment property from director`s
internal valuations being performed at 31 December and 30 June each year (with a
third of the portfolio being revalued externally over a three year period) to an
annual external revaluation at 30 June for the entire portfolio and a fair value
assessment at 31 December.
2. RELATED-PARTY TRANSACTIONS
Related-party transactions concluded during the reporting period were concluded
at arm`s length terms as would be negotiated between unrelated willing parties.
Transactions between the Company and its subsidiaries, which are related parties
to the Company, have been eliminated on consolidation and are not disclosed in
this note. The Company has management agreements in place with group companies.
Pangbourne owns stakes in, and advances monies to associates. These do not
eliminate on consolidation and are accounted for in the interim income
statement. In addition to the traditional management fees and interest earned,
Pangbourne accrued a R30 million development fee from Siyathenga Property Fund
during the period.
3. CONTINGENT LIABILITIES
The group has signed surety ships in favour of banks in respect of loans of R452
million (June 2007: R463 million).
4. CAPITAL COMMITMENTS
There are contracted commitments for capital expenditure of R1 291 million (June
2007: R741 million). These will be funded from the group`s resources.
- R 219 million of the capital expenditure of R 1 291 million has been incurred
to 31 December 2007
5. SUBSEQUENT EVENTS
In management`s opinion there has been no material adjusting or non-adjusting
events that have occurred after 31 December 2007. Please also refer to the SENS
announcements dated 5 February, 14 February and 25 February 2008 and the
commentary regarding the resignation of Mr C M Hutchison.
6. INVESTMENTS
During the current period, the group acquired a 70% investment in the jointly
controlled Realty Dynamix 73 (Pty) Limited (Enigma Property Fund). The group has
equity accounted its 70% share from 1 October 2007. Please also refer to the
SENS announcement dated 17 January 2008.
7. REVIEW CONCLUSION
Deloitte & Touche have reviewed the interim financial report for the period
ended 31 December 2007 and their unqualified review opinion is available for
inspection at the company`s registered office.
COMMENTARY
RESULTS
Pangbourne has declared an interim distribution of 57,5 cents per unit (June
2007: 62,0 cents, December 2006: 52,0 cents) which represents a growth in
distributions of 10,58% against the comparative period.
PROPERTY PORTFOLIO
The property portfolio is 97,5% occupied. Of total leases by value, 21,8% expire
in the next 12 months. Income growth therefore will come from maintaining
existing occupancy levels and focusing on increased rentals for these lease
expiries.
The fundamentals of the rental growth in the property market are driven by the
lack of available space, increasing development costs and availability of
municipal services. These fundamentals are expected to continue in the property
market for the foreseeable future.
DEVELOPMENT PIPELINE
Pangbourne`s involvement in development projects has contributed to the quality
of its portfolio. In anticipation of property market trends, as well as the risk
of the availability of municipal services for developments, Pangbourne is
following very selective criteria in participating in future development
projects.
Pangbourne currently has eight development projects in progress valued at R605
million. These projects are expected to be completed over the next two years.
A development fee of R30 million was recognised on the Boardwalk shopping centre
phase II which was being developed on behalf of Siyathenga Property Fund. The
development is an extension of the existing Boardwalk shopping centre in
Richards Bay of approximately 40 000 m2. Transfer is to take place in the first
quarter of 2008 and the extension should be completed by the end of April 2008.
Our relationships with prominent reputable developers ensure that Pangbourne is
at the forefront of the market in obtaining high quality property stock at
attractive yields.
ACQUISITIONS
Pangbourne acquired 11 buildings during the course of the first half of the
financial year at an acquisition cost of R813 million. Of the 11 properties,
only five, at a cost of R484 million, had transferred into Pangbourne`s name at
31 December 2007. All the new acquisitions are situated in popular growth nodes
which attract strong tenants. These acquisitions are expected to positively
impact on the distribution growth for the fund into the future.
DISPOSALS
Pangbourne continues to actively asset manage the property portfolio. Properties
that no longer meet the investment criteria of Pangbourne are disposed of to
ensure that the fund maximises investor returns.
BORROWINGS
Pangbourne refinanced R490 million of bank funding through a mortgage backed
securitisation programme. The programme has been a success and represents 22%
of total borrowings. The entire programme was hedged prior to recent increases
in interest rates and Pangbourne will thus benefit from this over the five year
term of the programme. The interest rate for the first three years is 8,74% and
increases to 10,34% for years four and five.
Currently only 48% of direct borrowings are hedged. The current hedge profile
takes into account the group`s de-gearing strategy and the effect of hedged
indirect borrowings from investments in the underlying specialised funds.
CHANGE IN STRATEGY
For a number of years Pangbourne followed a strategy of holding strategic stakes
in specialised funds ("the Octopus strategy"), as well as directly holding a
significant property portfolio, predominantly in the industrial sector. All the
property and financial management for the underlying funds and the directly held
portfolio was undertaken by Pangbourne. Pangbourne earned fees by utilising its
balance sheet to assist the underlying specialised funds to acquire and develop
properties.
In October 2007 the board of Pangbourne was reconstituted. The reconstituted
board believes that the Octopus strategy is inappropriate and instead will focus
on de-gearing and focused asset management with external property
administration. The new strategy will allow the group, in time, to move away
from reliance on fee income, development and other capital profits and non-
recurring income.
CHANGES TO MANAGEMENT
Mr Craig Hutchison, has resigned as CEO of the company and director, effective
29 February 2008. Mr Barry Stuhler has been appointed in his stead, effective
from 1 March 2008. Mr Hutchison has agreed to provide any assistance necessary
to facilitate the hand over. The board recognises and appreciates Craig`s
dedication and contribution to the company. Pangbourne`s asset base increased
materially during Craig`s three year tenure as CEO.
PROSPECTS
Cost savings resulting from synergies and a simplified corporate structure will
be of benefit to the company. The new strategy is expected to appeal to
investors whilst de-gearing enhances sustainability of distribution growth in
the current interest rate environment. A focused asset management approach to
the realignment of the quality of the property portfolio will largely hedge the
income-stream in the event of a downturn in the economy.
Pangbourne will continue to benefit from its many functionally flexible
industrial properties in established growth nodes.
The changed strategy restructures the company in line with National Treasury`s
working document on a proposed REIT structure. The proposed REIT structure will
formalise the flow through of pre-tax investment income to unitholders.
Management is committed to deliver to investors on the opportunities likely to
arise through the changed strategy.
DISTRIBUTION DECLARATION
Notice is hereby given of the declaration of 57,5 cents per combined unit,
comprising dividend number 43 of 1,127 cents per share and interest on
debentures calculated at 56,373 cents per combined unit.
DISTRIBUTION TIMETABLE
Last date to trade cum distribution Wednesday, 19 March 2008
Combined units trade ex distribution Thursday, 20 March 2008
Record date for unitholders to
participate in the distribution Friday, 28 March 2008
Combined unit certificates may not be
dematerialised Thursday, 20 March 2008 to
or rematerialised between Friday, 28 March 2008
(both days inclusive)
Payment of distribution to
unitholders Monday, 31 March 2008
On behalf of the board
Dr I Abedian C M Hutchison
Chairman Chief Executive Officer
29 February 2008
2nd Floor, Pangbourne House, 382 Jan Smuts Avenue, Craighall, 2196
Directors:
Dr I Abedian (Chairman), C M Hutchison (CEO)*, D De Beer (alternate: V S
Majija), R J Falkenberg, B D Hopkins, L W Maasdorp (alternate: Y P Narsing), A L
Manickum, Y K N Molefi, N Shongwe, T S Sishuba, B L Stuhler*, J J van Wyk*, R N
Wesselo*
(*Executive)
Secretary:
J M Parratt
Transfer Secretaries: Computershare Investor Services (Proprietary) Limited, PO
Box 61051, Marshalltown, 2107
www.pangbourne.co.za
Sponsor
Java Capital (Proprietary) Limited
Date: 29/02/2008 16:57:02 Produced by the JSE SENS Department.
The SENS service is an information dissemination service administered by the
JSE Limited (`JSE`). The JSE does not, whether expressly, tacitly or
implicitly, represent, warrant or in any way guarantee the truth, accuracy or
completeness of the information published on SENS. The JSE, their officers,
employees and agents accept no liability for (or in respect of) any direct,
indirect, incidental or consequential loss or damage of any kind or nature,
howsoever arising, from the use of SENS or the use of, or reliance on,
information disseminated through SENS.
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