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OAS
OAS
OAS - Oasis - Correction - Interim results for the six months period ended 30
September 2009
Oasis Crescent Property Fund
(Incorporated in the Republic of South Africa)
(Registration number 2003/012266/06)
Share code: OAS
ISIN: ZAE000074332
("Oasis" or "the fund")
Correction - Interim results for the six months period ended 30 September 2009
Unitholders are referred to the interim results announcement for the six months
ended 30 September 2009 which was released on SENS on Wednesday, 21 October 2009
("the results announcement"). Unitholders are hereby advised that certain line
items of the statement of changes in unitholders` funds and statement of cash
flows were inadvertently omitted in the publication process. Details regarding
such omitted line items are set out in note 6 to this announcement.
Unitholders are furthermore referred to the update to unitholders released on
SENS on Wednesday, 21 October 2009 in regards to the income distribution
declaration of which the updated declaration information has been incorporated
in this announcement.
For ease of reference the full, results are issued herewith.
Condensed statement of comprehensive income
for the 6 months ended 30 September 2009
Reviewed Reviewed Audited
6 months to 6 months to 12 months to
30 September 30 September 31 March
2009 2008 2009
R`000 R`000 R`000
Revenue 26,079 23,656 50,940
Rental and related income 23,005 20,120 43,140
Income from investments 2,512 2,808 5,772
Straight-lining of lease income 562 728 2,028
Expenses 8,304 7,929 17,015
Property expenses 6,967 6,781 14,559
Service charges 1,063 784 1,749
Other operating expenses 274 364 707
Net income from rentals and 17,775 15,727 33,925
investments
Realised gain on sale of available- - - 2,897
for-sale investments
Fair value adjustment to (562) 24,824 31,964
investment properties excluding
Straight-lining of lease income
Fair value adjustment to - 25,552 33,992
investment properties
Straight-lining of lease income (562) (728) (2,028)
Operating profit for the period 17,213 40,551 68,786
Net non-permissible investment 342 1,035 1,678
income
Non-permissible investment income 353 1,041 1,692
received
Interest paid (11) (6) (14)
Net profit for the period 17,555 41,586 70,464
Other Comprehensive Income
Fair values on available for sale 14,767 (11,118) (21,657)
financial assets
Total Comprehensive Income for 32,322 30,468 48,807
the period
Additional Information 50.8 142.3 224.6
Basic earnings per unit including
non-permissible income (cents)
Headline earnings and diluted 52.4 57.3 113.5
headline earnings per unit
including non-permissible income
(cents)
Distribution per unit including 50.8 54.8 107.0
non-permissible income (cents)
Distribution per unit excluding 47.1 51.3 99.5
non-permissible income (cents)
Weighted average units in issue 34,561,279 29,233,153 31,366,369
Units in issue at end of the 34,947,835 32,828,290 33,981,444
period
Headline earnings and distri-
bution income reconciliation
Net profit for the period 17,555 41,586 70,464
Adjusted for:
Realised gains on sale of - - (2,897)
available-for-sale investments
Fair value change to investment 562 (24,824) (31,964)
properties
Headline earnings 18,117 16,762 35,603
Less: Straight-line-lease accrual (562) (728) (2,028)
Distribution income including non- 17,555 16,034 33,575
permissible income
Non-permissible rental income (956) - (781)
Non-permissible investment income (328) (1,041) (1,574)
Distribution excluding non- 16,271 14,993 31,220
permissible income
Interim distribution per unit 47.1 51.3 51.3
(cents)
Final distribution per unit(cents) - - 48.2
Condensed statement of financial position
As at 30 September 2009
Reviewed Reviewed Audited as at
30 September 30 September 31 March
2009 2008 2009
R`000 R`000 R`000
Assets
Non-current assets 454,938 391,838 412,511
Investment properties 347,543 316,449 345,436
Property plant and equipment 47 - 53
Straight-line-lease accrual 8,427 6,565 7,865
Available-for-sale financial 98,921 68,824 59,157
assets
Current assets 13,771 51,199 28,469
Trade receivables 3,569 4,998 4,063
Other receivables 836 433 2,733
Trade receivables from related - 633 -
parties
Cash and cash equivalents 9,366 45,135 21,673
Total assets 468,709 443,037 440,980
Condensed statement of financial position
As at 30 September 2009
Reviewed Reviewed Audited as at
30 September 30 September 31 March
2009 2008 2009
R`000 R`000 R`000
Unitholders` Funds and Liabilities
Unitholders` funds 446, 917 420,992 419,817
Capital of the fund 372,702 348,889 360,931
Non-distributable reserve 90,151 81,149 89,589
Fair value loss on available-for- (15,936) (9,046) (30,703)
sale assets
Retained income - - -
Current liabilities 21, 792 22,045 21,163
Trade payables 3,825 2,666 2,607
Provisions 388 1,081 359
Other payables 357 840 791
Trade payables to related parties 51 255 239
Unitholders for distribution 16, 956 17,042 17,113
Non-permissible income available 215 161 54
for dispensation
Total unitholders` funds and 468,709 443,037 440,980
liabilities
NAV (in cents per unit) 1 279 1 282 1 235
Condensed statement of changes in unitholders` funds
For the period ended 30 September 2009
Capital Non- Available- Retained Total
of the distribu- for-sale income
fund table reserve
reserve
R`000 R`000 R`000 R`000 R`000
Balance at 1 April 2008 281,629 55,597 2,072 - 339,298
Net profit for the period - - - 41,586 41,586
ended 30 September 2008
Other Comprehensive Income
Fair value loss on available-- - (11,118) -
(11,118)
for-sale financial
assets
Total Comprehensive Income - - (11,118) 41,586 30,468
for the period 30 September
2008
Issue of units for cash 60,000 - - - 60,000
Issue of units in lieu of 9,279 - - - 9,279
distribution
Transaction costs for issue (174) - - - (174)
of new units
Distribution received in (1,845) - - 1,845 -
advance
Transfer to non- - 25,552 - (25,552) -
distributable reserve
Distribution to unitholders - - - (16,838)
(16,838)
Dispensation of non- - - - (1,041) (1,041)
permissible income
Balance at 30 September 2008 348,889 81,149 (9,046) - 420,992
Net profit for the period - - - 25,981 25,981
ended 31 March 2009
Other Comprehensive Income
Fair value loss on available-- - (21,657) -
(21,657)
for-sale financial assets
Transfer of realised gain on - - (2,897) 2,897 -
available-for-sale financial
assets to income statement
Transfer to available-for- - - 2,897 (2,897) -
sale reserve
Total Comprehensive Income - - (21,657) 25,981 4,324
for the period ended 31
March 2009
Issue of units in lieu of 12,915 - - - 12,915
distribution
Transaction costs for issue (103) - - - (103)
of new units
Transfer to non- - 8,440 - (8,440) -
distributable reserve
Distribution received in (770) - - 770 -
advance
Distribution to unitholders - - - (16,997)
(16,997)
Dispensation of non- - - - (1,314) (1,314)
permissible income
Balance at 1 April 2009 360,931 89,589 (30,703) - 419,817
Net profit for the period - - - 17,555 17,555
ended 30 September 2009
Other Comprehensive
Income
Fair value gain on available-- - 14,767 - 14,767
for-sale financial assets
Total Comprehensive Income - - 14,767 17,555 32,322
for the period ended 30
September 2009
Issue of units in lieu of 12,080 - - - 12,080
distribution
Transaction costs for issue (127) - - - (127)
of new units
Distribution received in (182) - - 182 -
advance
Transfer to non- - 562 - - 562
distributable reserve
Distribution to unitholders - - - (16,453)
(16,453)
Dispensation of non- - - - (1,284) (1,284)
permissible income
Balance at 30 September 2009 372,702 90,151 (15,936) - 446,917
Condensed statement of cash flows
For the 6 months ended 30 September 2009
Reviewed 6 Reviewed 6 Audited 12
months to months to months to
30 September 30 September 31 March
2009 2008 2009
R`000 R`000 R`000
Net profit for the period 17,555 41,586 70,464
Adjusted for:
Non-permissible investment income (353) (1,041) (1,692)
Interest paid 11 6 14
Depreciation 6 - 5
Bad debt provision 136 341 810
Straight-line-lease accrual (562) (728) (2,028)
Fair value adjustment to investment
properties
excluding straight-lining of lease 562 (24,824) (31,964)
income
17,355 15,340 35,609
(Increase)/decrease in current assets
Trade receivables 358 (3,002) (2,536)
Other receivables 1,897 103 (2,197)
Trade receivables from related party - (510) 123
Increase/(decrease) in current
liabilities
Trade payables 1,218 95 36
Provisions 29 824 102
Other payables (434) (282) (331)
Trade payables to related parties (188) (8) (24)
Cash generated from operations 20,235 12,560 30,782
Interest paid (11) (6) (14)
Non-permissible investment income 353 1,041 1,692
Unitholders` for distribution (4,530) (3,091) (7,101)
Non-permissible income dispensed (1,123) (2,517) (3,939)
Net cash inflow from operating 14,924 7,987 21,420
activities
Cash flows from investing
activities
Acquisition of available-for-sale (24,997) (34,955) (49,842)
financial assets
Acquisition of property, plant & - - (58)
equipment
Acquisition of investment (2,107) (362) (22,209)
properties
Net cash flow from investing (27,104) (35,317) (72,109)
activities
Cash flows from financing activities
Proceeds from issue of units - 60,000 60,000
Transaction cost on issue of new units (127) (174) (277)
Net cash flow from financing (127) 59,826 59,723
activities
Net (decrease)/increase in cash and (12,307) 32,496 9,034
cash equivalents
Cash and cash equivalents
At beginning of period 21,673 12,639 12,639
At end of period 9,366 45,135 21,673
Segmental information 6 months ended 30 September 2009
Retail Offices Industrial Investments Corporate Total
R`000 R`000 R`000 R`000 R`000 R`000
Segment revenue
Property income
Rental and related 10,922 3,537 8,546 - - 23,005
income
Income from
investments
Dividend income - - - 2,464 - 2,464
offshore
Permissible - - - - - -
investment income
offshore
Permissible - - - 48 - 48
investment income
domestic
10,922 3,537 8,546 2,512 - 25,517
Segment expense
Property expenses 4,925 957 1,082 - 3 6,967
Service charges - - - - 1,063 1,063
Other operating - - - - 274 274
expenses
Segment result 4,925 957 1,082 - 1,340 8,304
Operating profit 5,997 2,580 7,464 2,512 (1,340) 17,213
Net finance income
Non-permissible - - - 342 - 342
investment income
Net profit/(loss) 5,997 2,580 7,464 2,854 (1,340) 17,555
before straight-
line-lease income
and fair value
change to
investment
properties
Straight-lining of (228) (194) 984 - - 562
lease income
Fair value change 228 194 (984) - - (562)
to investment
properties
Net profit/(loss) 5,997 2,580 7,464 2,854 (1,340) 17,555
after straight-
line-lease income
and fair value
change to
investment
properties
Segment assets
Investment 161,898 52,581 133,064 - -
347,543
properties
Property plant and 47 - - - - 47
equipment
Straight-line- 2,672 698 5,057 - - 8,427
lease accrual
Available-for-sale - - - 98,921 - 98,921
financial assets
Trade receivables 758 52 256 2,503 - 3,569
Other receivables 308 - 427 - 101 836
Trade receivables - - - - - -
from related
parties
Cash and cash - - - 9,366 - 9,366
equivalents
165,683 53,331 138,804 110,790 101 468,709
Segment
liabilities
Trade payables 2,788 99 441 - 497 3,825
Provisions - - - - 388 388
Other payables 10 - - - 347 357
Trade payables to 4 5 23 - 18 51
related parties
Unitholders for - - - - 16, 956 16,
956
distribution
Non-permissible - - - - 215 215
income available
for dispensation
2,802 104 464 - 18,421 21,792
Net segment assets 162,881 53,227 138,340 110,790 (18,320)
446,917
Segmental information
6 months ended 30 September 2008
Retail Offices Industrial Investments Corporate Total
R`000 R`000 R`000 R`000 R`000 R`000
Segment revenue
Property income
Rental and 10,136 3,416 6,568 - - 20,120
related income
Income from
investments
Dividend income - - - 2,165 - 2,165
offshore
Permissible - - - 70 - 70
investment income
offshore
Permissible - - - 573 - 573
investment income
domestic
10,136 3,416 6,568 2,808 - 22,928
Segment expense
Property expenses 4,878 926 977 - - 6,781
Service charges - - - - 784 784
Other operating - - - - 364 364
expenses
4,878 926 977 - 1,148 7,929
Segment result
Operating 5,258 2,490 5,591 2,808 (1,148) 14,999
profit/(loss)
Net finance
income
Non-permissible - - - 1,035 - 1,035
investment income
Net profit/(loss) 5,258 2,490 5,591 3,843 (1,148) 16,034
before straight-
line-lease income
and fair value
change to
investment
properties
Straight-lining 473 (1) 256 - - 728
of lease income
Fair value change 16,346 1 8,477 - - 24,824
to investment
properties
Net profit/(loss) 22,077 2,490 14,324 3,843 (1,148) 41,586
after straight-
line-lease income
and fair value
change to
investment
properties
Segment assets
Investment 145,395 50,034 121,020 - -
316,449
properties
Property plant - - - - - -
and equipment
Straight-line- 2,623 1,045 2,897 - - 6,565
lease accrual
Available-for- - - - 68,824 - 68,824
sale financial
assets
Trade receivables 1,933 160 139 2,612 154 4,998
Other receivables 164 43 220 - 6 433
Trade receivables 633 - - - - 633
from related
parties
Cash and cash - - - 45,135 - 45,135
equivalents
150,748 51,282 124,276 116,571 160 443,037
Segment
liabilities
Trade payables 1,984 228 437 - 17 2,666
Provisions 791 - - - 290 1,081
Other payables 374 28 86 - 352 840
Trade payables to 105 8 40 - 102 255
related parties
Unitholders for - - - - 17,042 17,042
distribution
Non-permissible - - - - 161 161
income available
for dispensation
3,254 264 563 - 17,964 22,045
Net segment 147,494 51,018 123,713 116,571 (17,804)
420,992
assets
Commentary
1. Basis of preparation and accounting policies
The interim results of the fund have been prepared in accordance with
International Financial Reporting Standards (IFRS), International Accounting
Standard 34 (IAS 34) and the requirements of the Collective Investment Schemes
Control Act of 2002. The non-permissible income is dispensed to the Crescent
Fund Trust which is a registered public benefit organisation.
The accounting policies are consistent with those applied in the most recent
annual financial statements of the fund except for the adoption of IAS 1
(revised), `Presentation of financial statements`. The revised standard
prohibits the presentation of items of income and expenses (that is `non-owner
changes in equity`) in the statement of changes in equity; instead `non-owner
changes in equity` are required to be shown in a performance statement. Entities
can choose whether to present one performance statement (the statement of
comprehensive income) or two statements (the income statement and statement of
comprehensive income). The fund has elected to present one statement, the
statement of comprehensive income. The interim financial statements have been
prepared under that revised disclosure requirements.
The fund`s investment manager follows the guidance of IAS 39 to determine when
an available-for-sale asset is impaired. The determination requires significant
judgment. In making this judgment, the fund`s investment manager evaluates,
among other factors, the duration and extent to which the fair value of an
investment is less than cost and the financial health and business outlook for
the investee, including factors such as industry and sector performance.
PricewaterhouseCoopers Inc. has reviewed the financial information set out in
this report. Their unqualified review report is available for inspection at the
fund`s registered office.
2. Financial results
6 months to 30 6 months to 12 months to
September 2009 30 September 31 March 2009
2008
Distribution per unit including 50.8 54.8 107.0
non-permissible income (cents)
Non-permissible rental income per (2.8) - (2.5)
unit (cents)
Non-permissible investment income (0.9) (3.5) (5.0)
per unit (cents)
Distribution per unit excluding 47.1 51.3 99.5
non-permissible income (cents)
Property portfolio valuation (Rm) 355 323 353
Investments in Offshore Listed 99 69 59
Properties (Rm)
Cash and cash equivalents (Rm) 9 45 22
Net asset value per unit (cents) 1 279 1 282 1 235
Listed market price (cents) 1 240 1 120 1 210
0.96 million additional units were issued for an amount of R12.08 million at an
issue price of 1 250 cents per unit on the 10th of June 2009.
The Ridge foot count was up by 2.1%, 0.6% and 1.8% on a 3 months, 6 months and
12 months rolling basis. The turnover at the Ridge was up by 11.4% year to date
August 2009.
The investment in offshore listed properties provides scalability, geographical,
currency and income diversification to the portfolio, which significantly
reduces its overall risk profile. We note the tendency in the current economic
climate for listed property companies to retain their income to strengthen their
balance sheets, rather than to pay 100% of profits out as dividends. Whilst
these cash retention measures reduce the dividend income to investors such as
ourselves, these companies are well placed to take advantage of opportunities
which present themselves.
The fund is in a strong position, with 22% of the capital invested offshore. It
is in a net cash position of R9 million.
Related party transactions and balances
Identity of the related parties with whom material transactions have occurred
Oasis Crescent Property Fund Managers Limited is the management company of the
fund in terms of the Collective Investment Schemes Control Act.
Eden Court Property Fund (Pty) Limited is the entity which up to 31 October 2008
owned conventional property portfolios. Expenses are paid and recovered by Oasis
Crescent Property Fund Managers Limited on behalf of Eden Court Property Fund
(Pty) Limited.
Oasis Group Holdings (Pty) Limited is a tenant at The Ridge@Shallcross.
As disclosed in the prospectus of Oasis Crescent Global Property Equity Fund
(OCGPEF) a management fee is charged for investing in OCGPEF by Oasis Global
Management Company (Ireland) Limited, the manager of the fund.
There are common directors to Oasis Crescent Property Fund Managers Limited,
Eden Court Property Fund (Pty) Limited, Oasis Group Holdings (Pty) Limited and
Oasis Global Management Company (Ireland) Limited. Transactions with related
parties are executed on terms comparable to those arranged with third parties.
Types of related party transactions and related party balances
The fund pays a service charge and a property management fee on a monthly basis
to Oasis Crescent Property Fund Managers Limited.
6 months to 30 6 months to 12 months to
September 2009 30 September 31 March 2009
2008
Related party transactions R`000 R`000 R`000
Service charge paid to Oasis 1,063 784 1,749
Crescent Property Fund Managers
Limited
Property management fees paid to 448 367 799
Oasis Crescent Property Fund
Managers Limited
Expense recoveries from Eden - 504 596
Court Property Fund (Pty)
Limited
Rental, related income and 142 196 325
deposit paid by Oasis Group
Holdings (Pty) Limited
Service fee rebate received from - 113 170
Oasis Crescent Global Property
Equity Fund
As at As at As at
30 September 30 September 31 March 2009
2009 2008
Related party balances R`000 R`000 R`000
Trade (payables)/receivables (10) 633 -
from Eden Court Property Fund
(Pty) Limited
Trade (payables) to Oasis Group (33) (44) (122)
Holdings (Pty) Limited
Trade (payables) to Oasis (8) (211) (117)
Crescent Property Fund Managers
Limited
Trade deposit received from 64 64 64
Oasis Group Holdings(Pty)Ltd
Segment Information
Segment profile based on net 30 September 30 September 31 March
operating revenue* 2009 2008 2009
Retail 32% 32% 31%
Office 14% 15% 12%
Industrial 39% 36% 38%
Investments 15% 17% 19%
Total 100% 100% 100%
*Net operating revenue represents gross rentals/investment income less directly
attributable costs.
Segment profile based on assets 30 September 30 September 31 March
employed 2009 2008 2009
Retail 35% 34% 31%
Office 11% 12% 12%
Industrial 30% 28% 38%
Investments 24% 26% 19%
Total 100% 100% 100%
As at 30 September 2009 the vacancy at the portfolio level is 2.6% (September
2008: 1.5%).
At The Ridge@Shallcross 1,635 mSquared (September 2008: 1,081 mSquared) was
vacant resulting from the initiative to improve the tenant mix and consolidate
space for the larger stores. An ongoing programme is in place to ensure that
vacant space is filled with the appropriate
tenants.
Outlook
Strong demand, combined with supply constraints, increasing replacement cost and
land cost continue to provide a positive
outlook for rental growth. Going forward, the outlook for the fund remains
positive.
Distribution announcement
Notice is hereby given that an income distribution, after non-permissible income
in respect of the 6 months ended 30 September 2009 of 47.08 cents per unit (in
aggregate) has been declared payable to unitholders recorded in the register of
Oasis at close of business on Friday, 13 November 2009, and the concomitant
unit distribution of 3.77 cents per unit (in aggregate) for every 100 units so
held, which such unitholders may elect to receive in lieu of the aforementioned
income distribution, and which income distribution comprises of the following
three payments, namely:
Income Category Cents per Cents per Scrip election
unit 100 units (per 100 units)
(i) Property income 40.3344 4 033.44 3.23
(ii) Offshore dividend income 6.6145 661.45 0.53
(iii) Domestic permissible 0.1306 13.06 0.01
investment income
Total 47.0795 4,707.95 3.77
((i) - (iii) collectively referred to as the "income
distribution" and / or the "unit distribution" as the case may be.)
Unitholders should take note of the corporate action timetable as set out below
in respect of the above income and unit distribution and the election in terms
thereof.
Salient dates and times
Declaration announcement on SENS of income Wednesday, 21 October 2009
distribution and right of election to receive
unit distribution
Circular and form of election posted to Friday, 30 October 2009
unitholders
Finalisation announcement on SENS in respect Friday, 30 October 2009
of income distribution and right of election
to receive unit distribution
Last day to trade in order to be eligible for Friday, 6 November 2009
the income distribution / unit distribution
Trading commences ex-entitlement Monday, 9 November 2009
Listing of maximum possible number of Monday, 9 November 2009
distribution units at commencement of trade on
Closing date for the election of unit Friday, 13 November 2009
distribution or scrip issue at 12:00 pm
Record date for income distribution Friday, 13 November 2009
Income distribution cheques and/or unit Monday, 16 November 2009
certificates posted and CSDP/broker accounts
updated
Announcement of the results of the income Monday, 16 November 2009
distribution on SENS
Adjustment of number of new units listed on or Wednesday, 18 November 2009
about
Notes:
1. Units may not be dematerialised or re-materialised between Monday, 9 November
2009 and Friday, 13 November 2009 both dates inclusive.
2. The above dates and times may be subject to change. Any changes will be
released on SENS.
3. All times quoted are South African times.
4. Dematerialised unitholders are requested to ascertain from their broker or
CSDP as to the cut-off time required by them in order to advise the transfer
secretaries of their election.
5. If no election is made, unitholders will receive the income distribution.
A circular will be posted out to unitholders on or about Friday 30 October 2009
in respect of the income and unit distribution.
6. Note of correction
The following line items were omitted from the results announcement issued on 21
October 2009:
Condensed statement of changes in unitholders` funds
Capital Non- Available- Retained Total
of the distribu- for-sale income
fund table reserve
reserve
R`000 R`000 R`000 R`000 R`000
Issue of units in lieu of 12,080 - - - 12,080
distribution
Transaction costs for issue (127) - - - (127)
of new units
Distribution received in (182) - - 182 -
advance
Transfer to non- - 562 - - 562
distributable reserve
Distribution to unitholders - - - (16,453)
(16,453)
Dispensation of non- - - - (1,284) (1,284)
permissible income
Balance at 30 September 2009 372,702 90,151 (15,936) - 446,917
Condensed statement of cash flows
For the 6 months ended 30 September 2009
Reviewed 6 Reviewed 6 Audited 12
months to months to months to
30 September 30 September 31 March
2009 2008 2009
R`000 R`000 R`000
Interest paid (11) (6) (14)
Non-permissible investment income 353 1,041 1,692
Unitholders` for distribution (4,530) (3,091) (7,101)
Non-permissible income dispensed (1,123) (2,517) (3,939)
Net cash inflow from operating 14,924 7,987 21,420
activities
Cash flows from investing
activities
Acquisition of available-for-sale (24,997) (34,955) (49,842)
financial assets
Acquisition of property, plant & - - (58)
equipment
Acquisition of investment (2,107) (362) (22,209)
properties
Net cash flow from investing (27,104) (35,317) (72,109)
activities
Cash flows from financing activities
Proceeds from issue of units - 60,000 60,000
Transaction cost on issue of new units (127) (174) (277)
Net cash flow from financing (127) 59,826 59,723
activities
Net (decrease)/increase in cash and (12,307) 32,496 9,034
cash equivalents
By order of the Board
Cape Town
22 October 2009
Cape Town
Designated Advisor
PSG Capital
Date: 22/10/2009 15:41:38 Produced by the JSE SENS Department.
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