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ACP
ACP
ACP - Acucap Properties Limited - Unaudited Condensed Interim Results for the 6
months ended 30 September 2011
Acucap Properties Limited
Reg no 2001/021725/06
Share Code: ACP
ISIN: ZAE000037651
("Acucap" or "the fund" or "the company")
Unaudited Condensed Interim Results for the 6 months ended 30 September 2011
Condensed consolidated statement of financial position
30 31 March 30
September 2011 September
2011 2010
Unaudited Audited Restated *
Assets
Property Assets 6 872 530 6 926 761 6 271 805
Investment properties 6 359 625 6 351 984 5 729 547
Non-current receivable 91 314 91 242 112 045
Current receivable 27 128 30 259 28 627
Investment properties 6 478 067 6 473 485 5 870 219
and related receivables
Investment properties 40 000 147 250 100 752
held for sale and
related receivables
Investment properties 282 517 234 023 230 542
under development
Owner-occupied property 9 632 9 870 10 106
Property development 62 314 62 133 60 186
inventory
Other non-current 1 553 755 1 534 948 1 435 315
assets
Loans in respect of 331 575 331 383 274 103
unit purchase scheme
Equipment 1 533 1 385 1 573
Listed investments 870 427 834 276 788 552
Interest in jointly 123 52 -
controlled entities
Intangible assets and 295 273 308 052 320 832
goodwill
Deferred tax assets 54 824 59 800 50 255
Other current assets 232 610 221 043 301 491
Trade and other 223 415 214 629 246 194
receivables
Tax receivable 415 437 -
Cash and cash 8 780 5 977 55 297
equivalents
Total assets 8 658 895 8 682 752 8 008 611
Equity and liabilities
Shareholders` interest 3 228 488 3 313 077 2 720 334
Share capital and share 1 837 783 1 832 561 1 717 855
premium
Non-distributable 1 688 111 1 699 847 1 244 523
reserve
Accumulated loss (297 406) (219 331) (242 044)
Non-current liabilities 4 767 531 4 500 737 4 087 144
Debentures 1 633 130 1 630 633 1 583 119
Financial liabilities 2 666 787 2 423 093 2 071 137
BEE instrument 116 294 84 042 94 736
Financial instruments 82 064 90 199 150 865
Deferred tax 269 256 272 770 187 287
liabilities
Current liabilities 662 876 868 938 1 201 133
Trade and other 125 835 127 658 143 761
payables
Financial liabilities 300 000 514 591 832 081
Tax payable - - 8 583
Debenture interest 237 041 226 689 216 708
payable
Total equity and 8 658 895 8 682 752 8 008 611
liabilities
* Prior year financial statements were restated due to early adoption of
IAS 12 amendment:
Prior year Restatement Restated
2010 prior year
2010
Statement of
Financial position
Non-distributable 1 092 668 151 855 1 244 523
reserve
Accumulated loss (242 044) - (242 044)
Deferred tax 339 142 ( 151 855) 187 287
liabilities
1 189 766 - 1 189 766
Condensed consolidated statement of comprehensive income
For the six months ended 30 September 2011
6 months year 6 months
ended ended ended
30 31 March 30
September 2011 September
2011 2010
Unaudited Audited Unaudited
R`000 R`000 R`000
Revenue 317 594 624 298 294 696
- Contractual 320 345 636 827 288 022
- Straight lining (2 751) (12 529) 6 674
Net operating expenses (24 440) (64 616) (20 423)
Loss on sale of properties (1 310) (205) (200)
Loss on sale of jointly - (948) (948)
controlled entity
Amortisation of intangible (12 780) (25 151) (12 371)
assets
Profit before fair value
adjustments,
interest and taxation 279 064 533 378 260 754
Fair value adjustment to 3 222 524 940 (6 474)
investment properties
Fair value adjustment to BEE (32 252) (7 495) (18 189)
instrument
Fair value adjustment to (19 188) 3 927 (18 564)
government bonds
Profit before interest and 230 846 1 054 750 217 527
taxation
Interest income 52 600 134 001 53 023
Interest expense
- Debenture holders - interim (237 041) (216 708) (216 708)
- Debenture holders - final - (226 689) -
- Financial institutions and (118 824) (252 008) (108 938)
other
(Loss)/ profit before taxation (72 419) 493 346 (55 096)
Taxation 4 302 (65 765) (3 688)
(Loss)/ profit for the period (68 117) 427 581 (58 784)
Other comprehensive (expense)/
income
Net change in fair value of 31 090 (51 826) 181
listed investments, net of
taxation
Net change in fair value of (52 784) (714) (44 393)
cash flow hedge recognised
directly in equity, net of
taxation
Other comprehensive expense for (21 694) (52 540) (44 212)
the period, net of income tax
Total comprehensive (expense)/ (89 811) 375 041 (102 996)
income for the period
Reconciliation of (loss)/
profit for the period to
headline loss
(Loss)/ profit for the period (68 117) 427 581 (58 784)
Fair value adjustment to (3 222) (524 940) 6 474
investment properties
Loss on disposal of investment 1 310 205 200
properties
Tax effects (117) 71 430 -
Headline loss - shares (70 146) (25 724) (52 110)
Interest paid to debenture 237 041 443 397 216 708
holders
Headline earnings - linked 166 895 417 673 164 598
units
Cents Cents Cents
Basic and diluted (loss)/ (41.67) 272.64 ( 38.45)
earnings per share
Headline earnings per linked 102.11 266.32 107.65
unit
Interest Distribution per 145.00 275.63 136.75
linked unit
- Interim 145.00 136.75 136.75
- Final - 138.88 -
Condensed consolidated statement of changes in equity
For the six months ended 30 September 2011
Shares Share Share
issued capital Premium
Number R`000 R`000
Balance at 31 March 2010 * 149 752 754 150 1 535 783
Total comprehensive expense for the
period
Loss for the period - - -
Other comprehensive income/ (expense)
Net change in fair value of listed - - -
investments
Net change in fair value of cash flow - - -
hedge recognised directly in equity
Total comprehensive expense for the - - -
period
Transactions with owners, recorded
directly in equity
Issue of 8 717 627 shares in July 2010 8 717 627 9 181 913
Transfer to non-distributable reserve - - -
Total transactions with owners 8 717 627 9 181 913
Balance at 30 September 2010 158 470 381 159 1 717 696
Total comprehensive expense for the
period
Profit for the period - - -
Other comprehensive income/ (expense)
Net change in fair value of listed - - -
investments
Net change in fair value of cash - - -
flow hedge recognised directly in
equity
Total comprehensive (expense)/ - - -
income for the period
Transactions with owners, recorded
directly in equity
Issue of 2 471 153 shares in 2 471 153 2 59 613
December 2010
Issue of 1 685 000 shares in 1 685 000 1 40 601
January 2011
Issue of 600 000 shares in January 600 000 1 14 488
2011
Transfer to non-distributable - - -
reserve
Total transactions with owners 4 756 153 4 114 702
Balance at 31 March 2011 163 226 534 163 1 832 398
Total comprehensive expense for the
period
Loss for the period - - -
Other comprehensive income/
(expense)
Net change in fair value of listed - - -
investments
Net change in fair value of cash - - -
flow hedge recognised directly in
equity
Total comprehensive expense for the - - -
period
Transactions with owners, recorded
directly in equity
Issue of 250 000 shares in April 250 000 1 5 221
2011
Transfer to non-distributable - - -
reserve
Total transactions with owners 250 000 1 5 221
Balance at 30 September 2011 163 476 534 164 1 837 619
Condensed consolidated statement of changes in equity
For the six months ended 30 September 2011 (continued)
Non Accumulated Total
Distributable loss
Reserve
Balance at 31 March 2010* 1 307 786 (202 311) 2 641 408
Total comprehensive expense
for the period
Loss for the period - (58 784) (58 784)
Other comprehensive
income/(expense)
Net change in fair value of 181 - 181
listed investments
Net change in fair value of (44 393) - (44 393)
cash flow hedge recognised
directly in equity
Total comprehensive expense (44 212) (58 784) (102 996)
for the period
Transactions with owners,
recorded directly in equity
Issue of 8 717 627 shares in - - 181 922
July 2010
Transfer to non-distributable (19 051) 19 051 -
reserve
Total transactions with owners (19 051) 19 051 181 922
Balance at 30 September 2010 1 244 523 (242 044) 2 720 334
Total comprehensive (expense)
/ income for the period
Profit for the period - 486 365 486 365
Other comprehensive (expense)/
income
Net change in fair value of (52 007) - (52 007)
listed investments
Net change in fair value of 43 679 - 43 679
cash flow hedge recognised
directly in equity
Total comprehensive (8 328) 486 365 478 037
(expense)/income for the
period
Transactions with owners,
recorded directly in equity
Issue of 2 471 153 shares in - - 59 615
December 2010
Issue of 1 685 000 shares in - - 40 602
January 2011
Issue of 600 000 shares in - - 14 489
January 2011
Transfer to non-distributable 463 652 (463 652) -
reserve
Total transactions with owners 463 652 (463 652) 114 706
Balance at 31 March 2011 1 699 847 (219 331) 3 313 077
Total comprehensive income for
the period
Loss for the period - (68 117) (68 117)
Other comprehensive
income/(expense)
Net change in fair value of 31 090 - 31 090
listed investments
Net change in fair value of (52 784) - (52 784)
cash flow hedge recognised
directly in equity
Total comprehensive expense (21 694) (68 117) (89 811)
for the period
Transactions with owners,
recorded directly in equity
Issue of 250 000 shares in - - 5 222
April 2011
Transfer of non-distributable 9 958 (9 958) -
reserve
Total transactions with owners 9 958 (9 958) 5 222
Balance at 30 September 2011 1 688 111 (297 406) 3 228 488
Condensed cash flow statement
For the 6 months ended 30 September 2011
6 months year 6 months
ended ended ended
30 31 March 30 September
September 2010 2010
2011
R`000 R`000 R`000
Cash flows from operating activities
Cash generated by operations 285 994 567 686 250 209
Changes in property development (180) 12 835 979
inventory
Income tax paid (1 552) (28 850) (24 058)
Interest received 52 600 134 001 53 023
Interest paid (345 (664 233) (325 646)
513)
Net cash (outflows)/ inflows (8 651) 21 439 (45 493)
from operating activities
Cash inflows/ (outflows) from 52 461 (884 209) (569 972)
investing activities
Cash (outflows)/ inflows from (41 830 835
financing activities 007)
632 850
Net cash inflows/ (outflows) 2 803 (31 935) 17 385
for the period
Cash and cash equivalents at 5 977 37 912 37 912
beginning of period
Cash and cash equivalents at 8 780 5 977 55 297
end of period
Condensed Segmental results
for the 6 months ended 30 September 2011
6 months 6 months
ended ended
30 30
September September
2011 2010
R`000 R`000
Retail Segment revenue (external 213 064 194 285
customers)
Net operating expenses (27 196) (22 215)
Fair value adjustment to (1 308) (1 267)
investment properties
Loss on disposal of (652) -
investment properties
Segmental results 183 908 170 803
Offices Segment revenue (external 87 287 81 813
customers)
Net operating expenses (5 602) (2 953)
Fair value adjustment to 5 149 (5 307)
investment properties
Loss on disposal of (653) (200)
investment properties
Segmental results 86 181 73 353
Industrial Segment revenue (external 8 952 6 953
customers)
Net operating expenses (1 309) (809)
Loss on disposal of (5) -
investment properties
Fair value adjustment to (619) 100
investment properties
Segmental results 7 019 6 244
Property Segment revenue (external 8 291 11 645
development customers)
Net operating expenses (5 632) (7 077)
Segmental results 2 659 4 568
Reconciliation to profit before interest and taxation
for the period in the income statement
Revenue 317 594 294 696
Allocated operating (39 739) (33 054)
expenses
Unallocated operating 15 299 12 631
expenses
Loss on disposal of (1 310) (200)
investment properties
Loss on sale of jointly - (948)
controlled entity
Amortisation of intangible (12 780) (12 371)
assets
Fair value adjustment to 3 222 (6 474)
investment properties
Fair value adjustment to (19 188) (18 564)
government bonds
Fair value adjustment to (32 252) (18 189)
BEE instrument
Profit before interest and 230 846 217 527
taxation
Basis of preparation
The interim condensed financial statements are prepared in accordance with
International Financial Reporting Standards (IFRS) and IAS34, as well as the
requirements of the Companies Act in South Africa and the JSE Limited Listings
Requirements, and on a basis consistent with the company`s most recent annual
financial statements.
COMMENTARY
1. REVIEW OF RESULTS AND OPERATIONS
Acucap`s board is pleased to report a distribution of 145 cents per unit (cpu)
for the six months ended 30 September 2011, 6.03% higher than the same six month
period last year.
Particularly pleasing was the high level of leasing activity that took place in
the current period. Nearly 74,000m2 of leases expired and were renewed or re-let
during the six months to 30 September 2011, with the result that over 50% of
Acucap`s contractual revenue is attributable to the period from March 2015
onwards.
At the retail level, leases for 53,049m2 expired, and there were renewals and
new leases signed for 53,914m2, the positive difference representing a decline
in vacancies. At R97/m2 on average, renewal rentals were 10% lower than expiring
rentals, but excluding the effects of the Checkers Hyper lease at Festival Mall,
which expired after a 20 year lease term, renewal rentals were R105/m2 on
average, 12% higher than expiring rentals.
Leases for 24,427 mSquared of retail space are due to expire in the next 6
months of the 2012 financial year, at average rentals of R132/m2, and are
expected to be renewed at an average of R146/m2. Vacancy rates remained low
across Acucap`s retail portfolio, ending the period at 2.4% of retail GLA.
Acucap`s high quality office portfolio performed well in the period under
review. Of the 20,907m2 that expired during the six months to 30 September 2011,
19,858m2 was renewed or re-let. Average renewal rentals of R119/m2 net reflect a
negative reversion of 8%, with only a marginal increase in vacancy to 4% at the
end of September 2011.
The last development profits from Helderberg Village came through in the six
months to 30 September 2011 with the sale of the final two units, and there will
be no further income from this source.
The declining trend in bad debt write-offs continued. Bad debts written off
across Acucap`s portfolio amounted to R468,000 (0.15% of revenue), compared to
R562,000 in the comparative period, (0.2% of revenue)
There were no acquisitions in the period under review, and capital expenditure
of R25m has been incurred on the expansion and refurbishment of Bayside Mall
which is now complete and showing strong growth in turnovers.
On the basis of individual assets and asset segments, Acucap`s net income is
attributable as follows :
Contractual % of Net % of total
rental total property
income income
R`000 R`000
Festival 17.8% 17.7%
55 489 49 300
Key West 9.9% 10.1%
30 938 28 032
Bayside Centre 10.2% 9.9%
31 813 27 595
Gardens Centre 5.9% 5.9%
18 390 16 377
Other retail 24.1% 22.8%
75 126 63 256
Retail 67.9% 66.4%
211 756 184 560
Offices 91 965 29.5% 86 363 31.1%
Industrial 2.6% 2.5%
8 333 7 024
TOTAL 100.0% 100.0%
312 054 277 947
2. SIMPLIFIED FINANCIAL INFORMATION
Simplified financial information is presented to eliminate the effects of IFRS
and accounting adjustments that do not form part of Acucap`s distribution.
Simplified distribution income statement for the six months ended 30 September
2011
6 months to year to 31
March
30 Sep 2011 2011
R`000 R`000
Revenue 312 054 608 738
Net operating expenses (39 414) (73 951)
Profit before interest and 272 640 534 787
taxation
Income from investment in 20 654 28 587
Sycom Property Fund Managers
Development profits 7 183 8 937
Interest received 5 771 18 636
Income from Listed 34 695 61 046
Investments
Interest received on Unit 12 726 21 884
Purchase Trust
Notional Interest received 347 11 308
on units issued
Interest paid (104 769) (218 571)
Profit for the period 249 247 466 614
Distribution per unit
145.00 275.63
Interim 145.00 136.75
Final - 138.88
Simplified Balance Sheet at
30 September 2011
30-Sep-11 31-Mar-11
R`000 R`000
Assets
Property assets 6 770 216 6 717 378
Listed property investments 905 003 868 186
Investment in Sycom Property 295 272 308 052
Fund Managers
Other non-current assets 388 056 392 620
Current assets 298 787 285 288
Total assets 8 657 334 8 571 524
Equity and liabilities
Shareholders` interest 5 196 928 5 242 769
Non-current liabilities 2 817 353 2 691 258
Deferred tax 269 256 272 770
Current liabilities 373 797 364 727
Total equity and liabilities 8 657 334 8 571 524
NAV
30.23 30.54
3. PORTFOLIO PERFORMANCE
Retail portfolio
The table below shows the segmental contribution to turnover within Acucap`s
retail portfolio. As in prior years, over 60% of turnover at Acucap`scentres is
generated by the food and fashion majors.
Segment Segment: % of Turnover
Food Majors 37.7%
Apparel 24.8%
Home Decor & Improvement 4.6%
Electronics & Music 3.8%
Discounters 7.4%
Health & Beauty 10.5%
Food Service & Entertainment 6.4%
Other 4.8%
100.0%
The growth in contribution from Acucap`s major retail segments is reflected
below. For the six months to 30 September 2011, the discount, electronics and
food service segments showed strong growth of between 7.1% and 8.8% over the
prior year. The home segment showed a resurgence in the last quarter to 5%
growth over the same quarter in the prior year. The health and beauty and
apparel segments gave steady turnover growth of between 4.3% and 5%, but once
again supermarket spend remained relatively flat.
Segment Quarter-on-Quarter Interim
Total Turnover 6.2% 6.1%
Food Majors 0.8% -0.8%
Apparel 2.1% 4.3%
Home 5.0% -1.1%
Electronics -1.0% 7.8%
Discounters 8.9% 8.8%
Health & Beauty -1.2% 5.0%
Food Service 7.7% 7.1%
The segmental movements in rent-to-turnover ratios are reflected below. The rent
to turnover ratios for all segments remain within market norms, and rental
levels can be comfortably sustained by tenant turnovers across all segments in
the Acucap retail portfolio.
Segment Rent Ratio 2011 Rent Ratio 2012
Food Majors 2.6% 2.8%
Apparel 4.9% 5.1%
Home 9.8% 9.9%
Electronics 3.6% 3.8%
Discounters 3.1% 3.0%
Health & Beauty 2.2% 2.4%
Food Service 8.2% 8.2%
Office portfolio
Leases totalling 20,907mSquared expired during the year at an average net rental
of R129,52/ mSquared, and were renewed or re-let at an average of R118.87/
mSquared, as weakness in the office cycle persists. Leases for only 5,906
mSquared are due to expire in the remainder of the 2012 financial year at an
average rental of R137.17/ mSquared, and all are expected to be renewed, so that
the vacancy rate is likely to remain around its current level of 3 to 4%.
Sycom
Distributions received from Acucap`s investment in Sycom Property Fund were 5%
up on the same period last year at 81.05 cents per unit. With the office vacancy
fully in the base, this pleasing turn-around in distribution growth reflects the
solid performance of Sycom`s high quality portfolio. The office vacancy has
started to reverse more quickly than expected, and Sycom`s growth is expected to
accelerate accordingly both in the second half of the current period and into
the 2013 financial year.
Sycom`s retail portfolio showed turnover growth for the six months of 5.9%. The
malls remain well-let, with low arrears. During the period under review, Sycom
reached agreement with its co-owners at Paarl Mall to acquire their 30% stake of
the property at a yield of 8%.
Dividends from Sycom`s investment in the Stehnam European Shopping Centre Fund
(`SESCF`) were higher in the second half of the financial year, with the result
that total dividends received for the six months to 30 September 2011 were 14%
higher in Rand terms than the previous six months.
4. HELDERBERG VILLAGE
Acucap sold the last 2 remaining units in the period under review and the
development activities at Helderberg are now complete. Net development profits
for the six months were R7.1m, compared to R8.9m in the prior period, and income
growth from Sycom should more than compensate for the absence of development
profits from Helderberg.
5. BORROWINGS
The company has total borrowings of R2.78 billion (excluding BEE funding).
Interest rates are hedged on 40% of total borrowings, at a weighted average rate
of 10.4% and a weighted average maturity of 5 years. Acucap`s gearing ratio at
30 September 2011 was 36%, up from 34% at the end of March 2011.
A new 5 year facility of R700m has been granted by Nedbank at an interest rate
of prime less 1.7%. This takes Acucap`s total long term facilities up to R3.426
billion, on terms as shown below :
Facility Amount Rate Expiry
Nedbank A R719m Prime less 2.3% 31 May 2016
Nedbank B R791m Prime less 2.3% 30 April
2013
Nedbank C R260m Prime less 1.65% 31 May 2016
Nedbank D R700m Prime less 1.7% 31 May 2016
Standard Bank R746m Jibar plus 1.65% 30 November
2012
Omsfin R210m Jibar plus 1.75% 30 June 2014
Total long term R3 426m
facilities
Omsfin overnight R300m
facility
6. HISTORICAL LEASE EXPIRIES OVER THE LAST 6 MONTHS
The table below shows a summary of all leasing activity in the Acucap portfolio
over the last six months.
Expiries Average New Average
and Average escalation leases Average escalation
terminations through rate at and through rate for
mSquared rent at expiry renewals rent for new leases
expiry mSquared new
R/ leases
mSquare R/
d mSquared
Regional 45 8.3% 45 7.0%
retail 203 108.15 566 93.28
Other 7 8.4% 8.4%
retail 846 105.70 8 348 117.51
Offices 20 907 129.52 8.1% 19 858 118.87 8.8%
Storage 2
357 84.48 3 091 84.58
Acucap successfully renegotiated over 80% of expiring leases during the year, a
high retention ratio that indicates the quality of the portfolio. Retail leases
were renewed at a weighted average net rental that was 10% lower than the
expiring rental, but excluding the effects of the Checkers Hyper renewal at
Festival mall, retail renewals showed an increase of 12% on renewal. Office
leases were renewed with a negative reversion of just over 8%.
7. FORWARD LEASE EXPIRIES
Over the next 6 months to the end of the 2012 financial year, leases for
30,333m2 will expire, representing 6.8% of the portfolio GLA. For offices, there
is an expected negative reversion of 7%, and for retail, an increase of 11%.
Area terminating Net rental R/ m2 Net expected rental
to 31-3-2012 m2 at expiry date R/ m2 on renewal
Offices 5,906 137.17 127.40
Retail 24,427 132.45 146.90
Acucap`s successful leasing activities have maintained its long-dated lease
expiry profile, and the high level of contractual revenue will continue to
underpin distribution growth.
Total vacancy Mar- Mar- Mar- Mar- Mar- thereafter
12 13 14 15 16
Retail 68.4% 2.2% 6.7% 12.4% 10.6% 14.4% 8.0% 14.1%
Office 29.0% 0.8% 1.7% 4.4% 8.0% 6.7% 2.9% 4.5%
Industrial 2.6% 0.5% 0.7% 0.0% 0.2% 0.2% 0.6% 0.4%
Total 100.0% 3.5% 9.1% 16.8% 18.8% 21.3% 11.5% 19.0%
8. VACANCIES
Total vacancies by rental area have reduced from 3.6% at the end of March 2011
to 3.3% at the end of September 2011.
The table below shows the vacancy attributable to each segment of the Acucap
portfolio by GLA :
Vacancy profile by sector by GLA
% of Total GLA
Industrial vacancy 1.7%
Office vacancy 1.0%
Retail vacancy 0.6%
GLA let 96.7%
9. COST TO INCOME
Acucap has derived meaningful scale benefits from managing both the Acucap and
Sycom portfolios off a common administrative platform. As a result, the cost to
income ratio has remained low, with minimal cost drag on distribution growth.
2012 2011 2010 2009 2008 2007
Net cost to income 11.8% 11.6% 11.5% 11.1% 14.2% 12.6%
10. UNIT HOLDER SUMMARY
A summary of Acucap`s unit holder profile is set out below. Annualised trade in
Acucap`s linked units was 22.2% of the total number of units in issue, and in
June 2011 the JSE marked Acucap`s free float up from 75% to 100%, leading to an
up-weighting of Acucap in the J256 index .
Sept-11 Mar-11
Government Employees 13.2% 13.3%
Pension Fund
Investec 10.6% 9.3%
Directors and employees 9.2% 9.2%
Stanlib 7.9% 9.1%
Coronation 6.7% 7.9%
Old Mutual 7.0% 6.6%
Nedbank 6.1% 6.1%
Thesele Group (Pty) 4.9% 4.9%
Limited
65.6% 66.4%
Other shareholders 34.4% 33.6%
100.0% 100.0%
Number of unitholders 3
750 3 282
Weighted average units 171 859 277 165 250 787
Units traded 19 105 776 41 989
078
Annualised liquidity 22.2% 25.4%
11. PROSPECTS
The Acucap property portfolio has demonstrated its defensive strength and
quality in adverse conditions, and it remains well-positioned to continue
delivering real distribution growth. The board expects full year distribution
growth to come in marginally ahead of that achieved for the half year.
The above information has not been reviewed or reported on by Acucap`s auditors.
12. PAYMENT OF DEBENTURE INTEREST
Notice is hereby given that a interim distribution number 22 of 145 cents per
linked unit has been approved in respect of the six month period ended 30
September 2011. The last date to trade the linked units cum distribution is
Friday 2 December 2011 and the record date will be Friday 9 December 2011. The
linked units will start trading ex-distribution from Monday 5 December 2011.
Distributions will be made to unit holders on Monday 12 December 2011.
Linked unit certificates may not be dematerialised or rematerialised between
Monday 5 December and Friday 9 December 2011 both days inclusive.
On behalf of the Board
BS KANTOR PA THEODOSIOU
(Chairman) (Managing Director)
17 November 2011
Registered Office
Suite A11 Westlake Square
Westlake Drive
Westlake
CAPE TOWN
Transfer secretaries:
Computershare Investor Services (Proprietary) Limited
70 Marshall Street
JOHANNESBURG
http://www.acucap.co.za
info@acucap.co.za
Share Code: ACP
ISIN : ZAE 000037651
Directors: Prof BS Kantor (Chairman), PA Theodosiou*# (Managing Director), FM
Berkeley, RC Frolich, N Mandindi, C B Marlow *, M S Moloko, JH Rens*, B Stevens,
NDC Whale
* Executive # British
Company secretary: HHO Steyn
Date: 17/11/2011 07:06:56 Produced by the JSE SENS Department.
The SENS service is an information dissemination service administered by the
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