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SYC
SYC
SYC - Sycom Property Fund - Audited group results and declaration of the final
distribution for the year ended 31 March 2009
Annual distribution increases by 11.1%
Net property income up by 12.0%
SYCOM PROPERTY FUND
A Collective Investment Scheme in property registered in terms of the Collective
Investment Schemes Control Act, No. 45 of 2002 and managed by Sycom Property
Fund Managers Limited (Registration number 1986/002756/06)
JSE Share Code: SYC
ISIN NO: ZAE000019303
Audited group results and declaration of the final distribution for the year
ended 31 March 2009
The directors of Sycom Property Fund Managers Limited, the management company of
Sycom Property Fund (Sycom) or (the Fund), submit their report on the audited
results of Sycom for the year ended 31 March 2009.
Audited year Audited year
to 31 Mar to 31 Mar
2009 2008
(R`000) (R`000)
CONDENSED INCOME STATEMENT
Revenue
437,666 390,087
Rental income
430,995 389,823
Straight-line rental income
accrual (4,997) (6,252)
Dividend income
11,668 6,516
Expenditure
92,117 88,705
Administrative expenditure
1,257 1,161
Auditors` remuneration
767 935
Property management Fees
14,558 13,002
Property expenses
56,132 52,517
Service charge
19,403 21,090
Operating income
345,549 301,382
Net finance cost
43,157 40,231
Net income before fair value
adjustments 302,392 261,151
Realised (deficit) / surplus
on disposal of investment (64) 22,949
property
Unrealised (deficit) /
surplus on revaluation of (33,543) 6,372
interest rate swap
Straight-line rental income
accrual 4,997 6,252
Unrealised surplus on
revaluation of investment 79,091 833,038
property
Unrealised (deficit) /
surplus on revaluation of (44,240) 101,941
investment in securities
Net income before taxation
308,633 1,231,703
Taxation
(1,513) 6,662
Earnings
310,146 1,225,041
Number of units in issue (`000)
205,107 205,107
Number of weighted average units in
issue (`000) 205,107 196,703
Diluted earnings per unit - cents
151.21 597.27
Earnings per unit - cents
151.21 622.29
RECONCILIATION OF EARNINGS, HEADLINE EARNINGS AND DISTRIBUTABLE
EARNINGS
Earnings
310,146 1,225,041
Realised deficit / (surplus)
on disposal of investment 64 (22,949)
property
Unrealised surplus on
revaluation of investment (79,091) (833,038)
property
Unrealised deficit /
(surplus) on revaluation of 44,240 (101,941)
investment in securities
Straight-line rental income
accrual (4,997) (6,252)
Taxation -
6,662
Headline earnings
270,362 267,523
Straight-line rental income
accrual 4,997 6,252
Unrealised deficit /
(surplus) on revaluation of 33,543 (6,372)
interest rate swap
Distribution clawback
- 9,333
Taxation (1,513) -
Distributable earnings
307,389 276,736
Headline earnings per unit -
cents 131.82 130.43
Weighted average headline earnings per
unit - cents 131.82 136.00
Distribution per unit - cents
149.87 134.92
Distributions per unit
No. 45 of 64.15 cents per
unit - 131,576
No. 46 of 70.77 cents per
unit - 145,160
No. 47 of 70.63 cents per
unit 144,868 -
No. 48 of 79.24 cents per
unit 162,521 -
307,389 276,736
CONDENSED BALANCE SHEET
Audited Audited
as at as at
31 Mar 2009 31 Mar 2008
(R`000) (R`000)
ASSETS
Non-current assets
Investment property
4,576,339 4,426,016
Investment property under
development 96,890 72,162
Investment in securities
316,012 360,252
Total non-current assets
4,989,241 4,858,430
Current assets
Rental and other receivables
33,766 32,373
Other financial assets
- 11,136
Dividend receivable
6,350 6,516
Cash and cash balances
139,815 108,838
Total current assets
179,931 158,863
Total assets
5,169,172 5,017,293
UNITHOLDERS` FUNDS AND LIABILITIES
Unit holder`s funds
Unit holders` capital
1,661,828 1,661,828
Non-distributable reserves
2,592,931 2,590,174
Total capital and reserves
4,254,759 4,252,002
Non-current liabilities
Unsecured borrowings
685,879 562,087
Total non-current liabilities
685,879 562,087
Current liabilities
Trade and other payables
43,375 51,382
Taxation payable
231 6,662
Other financial liabilities
22,407 -
Unit holders for
distribution 162,521 145,160
Total current liabilities
228,534 203,204
Total liabilities
914,413 765,291
Total unit holders` funds and
liabilities 5,169,172 5,017,293
Net asset value per unit -
cents 2,074 2,073
Weighted average net asset value per
unit - cents 2,074 2,162
CONDENSED STATEMENT OF CHANGES IN CAPITAL AND
RESERVES
Capital Non Retained Total
distributable earnings
reserve
(R`000) (R`000) (R`000) (R`000)
Balance as at 31 March 1,632,536
2007 1,281,486 - 2,914,022
Units issued
382,084 - - 382,084
Units issue cost
(1,742) - - (1,742)
Prepaid distribution
- - 9,333 9,333
Earnings
- - 1,225,041 1,225,041
Transfer to non- 957,638
distributable reserve - (957,638) -
Unit holders
distribution - - (276,736) (276,736)
Balance as at 31 March 2,590,174
2008 1,661,828 - 4,252,002
Earnings -
- 310,146 310,146
Transfer to non- 2,757
distributable reserve - (2,757) -
Unit holders -
distribution - (307,389) (307,389)
Balance at 31 March 2009 2,592,931
1,661,828 - 4,254,759
CONDENSED CASH FLOW STATEMENT
Audited Audited
year year
31 Mar 2009 31 Mar 2008
(R`000) (R`000)
Cash generated from operating
activities
Cash generated from operating 344,146
activities 300,750
Interest received
16,167 18,992
Interest paid
(67,157) (63,315)
Dividends received
11,834 -
Distribution paid
(290,028) (241,828)
Taxation paid
(4,918) (13,239)
Net cash inflow from operating
activities 10,044 1,360
Cash flows from investing
activities
Additions to investment and
development property (102,859) (254,030)
Additions to investment in
securities - (258,311)
Proceeds on disposal of
investment property - 98,657
Net cash outflow from investing
activities (102,859) (413,684)
Cash flows from financing
activities
Increase in issued capital
- 380,342
Increase in borrowings 123,792
32,789
Net cash inflow from financing 123,792
activities 413,131
Net increase in cash and cash
equivalents 30,977 807
Cash and cash equivalents at 108,838
the beginning of the year 108,031
Cash and cash equivalents at the end of
the year 139,815 108,838
NOTES
1. ACCOUNTING POLICIES
This abridged report complies with IAS 34 - Interim Financial
Reporting, Schedule 4 of the South African Companies Act, the
disclosure requirements of the JSE Limited`s Listings Requirements
and the Collective Investment Schemes Control Act of 2002. The
abridged report has been prepared using accounting policies that
comply with International Financial Reporting Standards. The
accounting policies are consistent with those applied in the
financial statements for the prior year.
2. PRIMARY OPERATIONAL SEGMENTS FOR THE YEAR ENDED 31 MARCH 2009
Retail Office Fund Total
(R`000) (R`000) (R`000) (R`000)
Rental income
241,770 189,225 - 430,995
Straight-line rental
income accrual (699) (4,298) - (4,997)
Dividend income
11,668 - - 11,668
Total revenue
252,739 184,927 - 437,666
Expenditure
42,951 27,800 21,366 92,117
Net finance cost
(833) (720) 44,710 43,157
Net operating income
210,621 157,847 (66,076) 302,392
Fair value adjustments
6,241
Taxation
1,513
Earnings
310,146
Investment and 2,143,291
development property 2,529,938 - 4,673,229
Investment in
securities 316,012 - - 316,012
Current assets
11,591 18,979 149,361 179,931
Total assets 2,162,270
2,857,541 149,361 5,169,172
Unsecured Borrowings - - 685,879
685,879
Current liabilities
5,726 27.258 33,029 66,013
Unit holders -
distribution - 162,521 162,521
Total liabilities
5,726 27,258 881,429 914,413
Total capital and 2,135,012
reserves 2,851,815 (732,068) 4,254,759
3. PRIMARY OPERATIONAL SEGMENTS FOR THE YEAR ENDED 31 MARCH 2008
Retail Office Fund Total
(R`000) (R`000) (R`000) (R`000)
Rental income
218,973 170,850 - 389,823
Straight-line rental
income accrual 15,476 (21,728) - (6,252)
Dividend income -
6,516 - 6,516
Total revenue
240,965 149,122 - 390,087
Expenditure
37,860 28,271 22,574 88,705
Net finance cost
(904) (2,313) 43,448 40,231
Net operating income
204,009 123,164 (66,022) 261,151
Fair value adjustments
970,552
Taxation
(6,662)
Earnings
1,225,041
Investment property 1,935,162
2,563,016 - 4,498,178
Investment in
securities 360,252 - - 360,252
Current assets
15,846 22,249 120,768 158,863
Total assets 1,957,411
2,939,114 120,768 5,017,293
Unsecured borrowings
- - 562,087 562,087
Current liabilities - -
10,411 29,714 17,919 58,044
Unit holders
distribution - - 145,160 145,160
Total liabilities
10,411 29,714 725,166 765,291
Total capital and 1,927,697
reserves 2,928,703 (604,398) 4,252,002
4. MAJOR PROFIT GENERATING
PROPERTIES*
Rental Net
Income Income
(R`000) % (R`000) %
Somerset Mall* (50% 14.8% 14.3%
undivided share) 63,634 52,752
Vaal Mall* (77.86% 12.5% 12.1%
undivided share) 53,994 44,692
Harrowdene Office Park* 12.1% 12.7%
52,134 46,830
The Woodlands Office 11.8% 11.5%
Park* (40% undivided 50,953 42,224
share)
Other Properties 48.8% 49.4%
210,280 181,970
Total 100.0% 100.0%
430,995 368,468
*Properties contributing more than 10% to Rental
Income
5. BASIS OF PREPARATION AND AUDIT OPINION
The independent auditors, Deloitte & Touche, have issued their opinion on the
Group financial statements for the year ended 31 March 2009. The audit was
conducted in accordance with International Standards on Auditing. They have
issued an unmodified audit opinion. A copy of their audit report is available
for inspection at the Fund`s registered office. These abridged financial
statements have been derived from the Group financial statements and are
consistent in all material respects with the Group financial statements.
COMMENTARY
1. REVIEW OF RESULTS AND OPERATIONS
The board of SPFM is pleased to announce an increase in distribution for
the year ended 31 March 2009 of 11.1% over that of the prior year. Seen
together with a 3.4% growth in the value of the property portfolio, these
results demonstrate how good quality South African real estate assets have
held up in the current economic climate, relative to many other property
markets in both developed and emerging economies.
2. PORTFOLIO ACTIVITIES
The major activity in the retail portfolio over the last 12 months has been
the installation of back-up generators at Vaal Mall, Somerset Mall and
Paarl Mall. Integrated Building Management Systems (BMS) have been
installed at the same time to improve efficiency in energy use and reduce
power consumption.
In the office portfolio, activity centred around the Veld Estates
development in the 114,000m2 Woodlands Office Park. Veld Estates comprises
19,842m2 of new office space, with the initial phase of 12,038m2 completed
and handed over at the end of May 2009. It has been fully tenanted by
Deloitte & Touche. Negotiations are in progress to let the remaining
7,804m2, which is due for completion by July 2009.
3 BORROWINGS
Sycom has an approved facility of R950 million. The facility is subject to
renewal in November 2014. At 31 March 2009, R686 million of this facility
had been utilised, with 85% of borrowings subject to interest rate swaps,
as tabulated below. The weighted average borrowing cost is 10.68%.
Type Maturity Date Effective Value % of
total
Rate R`000
SWAP 1 June 2009 9.56% 14.6%
100,000
SWAP 1 June 2011 9.67% 14.6%
100,000
SWAP June 2012 9.54% 14.6%
100,000
SWAP 17 Mar 2014 11.92% 29.2%
200,000
SWAP 9 April 2014 11.63% 14.6%
100,000
87.5%
600,000
Floating 25 November 2014 10.50% 12.5%
85,879
10.68% 685,879 100.0%
4. PROPERTY PORTFOLIO VALUATION
Sycom`s property portfolio, excluding Southgate Mall and Value Mart,
was independently valued by Quadrant Properties at 31 March 2009,
as set out in the table below. The Southgate properties were revalued
by One Focus Property Consultants. Increased net rental income compensated
for higher capitalisation rates, and the result was a 3.4% increase in the
overall value of the portfolio.
PROPERTY CAP RATE MARKET GROSS VALUATION
2009 VALUATION - LETTABLE PER SQUARE
SYCOM AREA - METRE
OWNERSHIP 100% OF
R`000 PROPERTY
Fourways Crossing : 50% 8.75%
333,250 47,231 14,111
Somerset Mall : 50% 8.25%
689,000 64,531 21,354
Paarl Mall : 70% 9.00%
329,000 36,125 13,010
N1 City, Cape Town : 42% 8.50%
378,840 64,705 13,940
Vaal Mall : 77.86% 8.50%
580,058 49,239 15,130
Southgate Mall : 16.61% 9.00%
196,626 69,030 17,151
Southgate Value Mart : 10.00%
16.01% 23,165 19,205 7,536
RETAIL
2,529,939 350,066 15,683
Woodlands Office Park 9.00%
642,400 95,568 16,805
Harrowdene Office Park 9.00%
528,000 36,888 14,314
Advocates Chambers 9.75%
110,800 7,143 15,512
Riverwoods Office Park 10.00%
93,300 10,649 8,761
Georgian Crescent 9.75%
84,400 6,312 13,371
Discovery House 8.75%
333,500 22,526 14,805
ENS House, Cape Town 8.75%
254,000 18,065 14,060
OFFICES
2,046,400 197,151 15,267
PORTFOLIO TOTAL
4,576,339 547,217 15,533
5 Stenham European Shopping Centre Fund (`SESCF`)
SESCF owns a single asset, the 96,000m2 Nova Eventis shopping centre
situated in Leipzig, Germany. At the time Sycom acquired its 22.509%
interest in SESCF in June 2007, Nova Eventis was valued at Euro365.6m.
The property was revalued at the end of December 2008 at Euro351.3m, an
annualised decline since acquisition of 2.6%, and yet a relatively good
performance in a difficult market for physical property. This outcome is
partly due to the comparative strength of the German economy and its
property sector, seen in the context of Europe and the UK as a whole, and
partly because net rental cash flows have held up well at Nova Eventis
itself.
At 31 March 2009, Sycom`s investment in SESCF was valued at R316m compared
with its March 2008 value of R360.2m. The decline in value over this period
was due principally to the lower property valuation referred to above,
amplified by the effect of gearing in SESCF at 69% of asset value. Compared
to its initial cost of R256.6m, the investment has appreciated by 23% as a
result of the decline in the exchange rate of the Rand, from R9.55 to the
Euro at the end of June 2007 to R12.57 to the Euro at the end of March
2009.
In terms of income, the dividend from SESCF for the year ended 31 March
2009 was R11.67m compared to R6.52m earned since acquisition in the prior
year. Net rental income from Nova Eventis is expected to remain under
pressure in the next financial year, and the dividend received from SESCF
is likely to remain flat.
6 SOUTH AFRICAN RETAIL PORTFOLIO PERFORMANCE
The eight defined segments in Sycom`s South African retail portfolio
contributed to total retail turnover as shown in the chart below, with
food and apparel making up nearly 60% of all turnover.
Food majors 27.0%
Apparel 30.8%
Home & Furniture 5.0%
Electronics & Music 9.6%
Mass Discounters 5.7%
Health & Beauty 8.7%
Food Service & Entertainment 7.5%
Other 5.7%
Total 100.0%
Annual turnover in Sycom`s retail portfolio grew by 5.64% over the prior
year, and by 4.54% for the quarter ended 31 March 2009 over the same
quarter last year. The performance of the March quarter is largely due to
Easter falling in April this year, and turnover growth for the month of
April bears this out, with a 6.25% growth over the same month in 2008.
Overall, the turnover growths show a sound performance from Sycom`s
retail portfolio in a weakening market. The health and beauty segment
was the best performer, and food majors showed annual growth of 8.5%.
The home and electronics segments, in which Sycom has limited exposure,
showed the poorest performance annually, although both segments improved
in the last quarter of the year, at the expense of the mass discount
segment, which moved into negative growth for the first time.
The lagged effect on consumers of high interest rates is revealed in the
weakness of spend in discretionary segments, and although consistent rate
reductions will gradually bring relief, the effects may be dampened by a
contracting economy and job losses.
Across Sycom`s malls, total foot counts have decreased by 3.9%. It is
clear that turnovers will remain under pressure as long as this trend
continues, and to arrest the trend, increasing proportions of the retail
marketing budgets are now being allocated to a number of initiatives
aimed at retaining customers and also attracting new feet to the fund`s
malls.
7 LEASE EXPIRY AND RENEWALS OVER THE LAST 12 MONTHS
The pattern of lease expiries and renewals for the South African portfolio
over the last 12 months is shown in the table below. In the office
portfolio, the opening vacancy was 1,766m2, new space of 3,797m2 was added
to the portfolio, and 8,659m2 expired during the year. Renewals and new
leases for 11,573m2 were concluded, leaving a vacancy of 2,649m2, or 1.9%
of office GLA. The expiring leases terminated at an average rental of
R57.98/m2, and were renewed at an average of R100.92/m2.
In the retail portfolio, 24,306m2 or 15% of that portfolio expired during
the year at an average rental of R183/m2. Of this, 23,413m2 was let or
renewed at an average of R192.80/m2, with the retail vacancy increasing
from 0.95% to 1.5% by GLA.
Offices Retail Total
31-March-08 Let m2 159,670
134,247 293,917
Vacant m2
1,766 1,544 3,310
Total m2 161,214
136,013 297,227
Additions m2
3,797 - 3,797
Expiries m2
8,659 24,306 32,965
Ave R/m2 57.98 183.01 150.17
New lets & m2
renewals 11,573 23,413 34,986
Ave R/m2 100.92 192.80 162.41
31-March-09 Let m2 158,776
137,161 295,937
Vacant m2
2,649 2,438 5,087
Total m2 161,214
139,810 301,024
8 FORWARD LEASE EXPIRIES
Sycom`s lease expiry profile shows relatively high office expiries
in the 2010 financial year, and particular emphasis will be placed on
leasing and tenant retention in the office portfolio over the next 12
months. Average office gross rental on expiry, excluding parking,
is R116.04/m2, and market-related renewal level is estimated to be
R106.74/m2 on average. This is an 8% negative reversion, and there
is also an inherent risk of increased vacancy as the fund lets into a
softening office market.
In the retail portfolio, expiring leases offer potential for meaningful
upward reversion over the next 12 months, as tabulated below.
Expiring next Expiry rent Market rent % change
12 months (m2) (R/m2) (R/m2)
Retail 22,140 188.89 235.55 24.7%
Offices 35,467 116.04 106.74 (8.0%)
Total 57,607 144.04 156.25 8.5%
Portfolio
Over the next 5 years, the retail portfolio shows a consistent and
relatively low expiry profile. There will be negligible office expiries
in 2011, but another relatively high expiry year in 2012, by which time
an expected improvement in the economic climate should facilitate
leasing activities at around exit rental levels.
Office Retail TOTAL
2010 13.9% 8.3% 22.2%
2011 4.2% 13.2% 17.5%
2012 14.0% 13.4% 27.4%
2013 10.4% 5.7% 16.1%
2014 1.8% 6.2% 8.0%
2015+ 1.2% 7.6% 8.8%
9 MAJOR TENANTS BY AREA AND INCOME
The table below reflects the contribution to income by Sycom`s 10
largest tenant groups. The four largest are all office tenants, and
contribute 22.4% of Sycom`s annual rental. The next six are all retail
groups, contributing 15.6% of rental income.
Income contribution
Hatch Africa 7.1%
Discovery Health 6.9%
Deloitte & Touche 4.8%
Edward Nathan Sonnenbergs 3.6%
Pepkor Group 3.1%
Foschini Group 3.1%
Edcon 3.1%
Mr Price Group 2.4%
Pick `n Pay 2.5%
Truworths 1.4%
38.0%
10. VACANCIES AND BAD DEBTS
The table below provides full details of Sycom`s vacancies for the
2008 and 2009 financial years, expressed by area and by income. Average
through rentals for both the retail and office portfolios are also
shown. By income, the vacancy has declined slightly from 1.75% in 2008 to
1.71% at the end of March 2009.
Average through rentals for the retail portfolio are relatively low,
at R120.70/m2 and offer upside growth on renewal. For the office
portfolio, the average is considered close to market for the portfolio
as a whole, although any softening in office rentals will expose
potential over-rents, with the associated reversionary risk.
Sector 31 March 2009 31 March 2008
Lettable Vacant Vacant Lettable Vacant Vacant
(m2) (m2) (%) (m2) (m2) (%)
Retail 161,214 2,456 1.52% 161,214 1,677 1.04%
Offices 139,810 2,631 1.88% 136,013 1,633 1.20%
Total 301,024 5,087 1.69% 297,227 3,310 1.11%
Sector 31 March 2009 31 March 2008
Lettable Vacant Vacant Lettable Vacant Vacant
(R) (R) (%) (R) (R) (%)
Retail 19,457,932 350,055 1.80% 18,813,674 385,535 2.05%
Offices 16,231,448 259,942 1.60% 13,030,045 170,267 1.31%
Total 35,689,380 609,997 1.71% 31,843,719 555,802 1.75%
Sector 31 March 2009 31 March 2008
Lettable Vacant Lettable Vacant
(R/m2) (R/m2) (R/m2) (R/m2)
Retail 120.70 142.53 116.70 229.83
Offices 116.10 98.80 95.80 104.3
Total 118.56 119.91 107.14 167.91
Bad debts written off for the 2009 financial year represent 0.49% of
rental income and amount to R2,119,924. The comparative write-off for
2008 was 0.38% of rental income, or R1,472,500.
11. COST TO INCOME
There has been a reduction in the cost to income ratio to 13.9% of
contractual rental income from 15.6% in the prior year. Of this 1.7%
reduction, 0.4% relates to an asset management fee saving as a result
of a lower average Sycom unit price for the year, and 1.3% represents
real reductions in operating costs. Acucap and Parkdev, as joint asset
managers, will continue to focus on efficiencies in this area.
12. UNIT HOLDER SUMMARY
Sycom`s major unit holders at 31 March 2009 are shown below, with a
comparison to the prior year. The most significant change has been
Acucap`s acquisition of the major part of Attfund`s former holding.
Major unit holders
2009 2008
Hyprop 36.7% 35.8%
Attfund - 20.5%
Acucap 18.3% 0.7%
Redefine 3.2% 3.2%
Investec 5.5% 0.1%
PIC 3.4% 1.2%
Nedbank 2.8% 2.8%
Old Mutual 2.9% 3.2%
Standard Bank 2.5% 3.0%
Coronation 0.1% 3.2%
75.3% 73.7%
13. PROSPECTS
Whilst the economic outlook remains uncertain, the performance of Sycom`s
portfolio over the last 12 months has shown its defensive qualities in a
weakening market. The fund`s strategy remains one of delivering consistent
real growth in distributions, and whilst there is no doubt that there are
still significant challenges ahead for property managers in South Africa,
the board is of the view that this can be achieved in the year ahead,
provided there is no unexpected deterioration in the economic climate.
14. PAYMENT OF INTEREST
Notice is hereby given of the declaration of distribution number 48 in
respect of the six months to 31 March 2009. The distribution is paid out
of property income which is classified as interest from a unit holder`s
perspective for SARS reporting purposes The final distribution of 79.24
(seventy nine comma two four) cents per unit has been approved in respect
of the six month period ended 31 March 2009. The last date to trade the
units cum distribution is Friday, 19 June 2009 and the record date will
be Friday, 26 June 2009. The units will start trading ex-distribution
from 22 June 2009. Distributions will be made to unit holders on Monday
29 June 2009.
Unit certificates may not be dematerialised or rematerialised between
Monday 22 June and Friday 26 June 2009 both days inclusive.
On behalf of the Board
T E SEWELL PA THEODOSIOU
(Chairman) (CEO)
4 June 2009
Registered Office
Suite A11 Westlake Square
Westlake Drive
Westlake
CAPE TOWN
Transfer secretaries:
Computershare Investor Services (Proprietary) Limited
70 Marshall Street
JOHANNESBURG
http://www.sycom.co.za
Share Code: SYC
ISIN : ZAE 000019303
Directors: TE Sewell (Chairman), FM Berkeley, JPD Flanagan, GA Nelson, L Norval
*, NFJ Haasbroek*, SJ Wentzel*, PA Theodosiou* (CEO), GR Jones*
Company Secretary and CFO: CB Marlow
* Executive
Sponsor
Nedbank Capital
Date: 04/06/2009 16:41:01 Produced by the JSE SENS Department.
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