|
APA APB
APA
ApexHi - Reviewed interim results and quarterly distribution declaration
ApexHi Properties Limited
(Incorporated in the Republic of South Africa)
(Registration number 1999/000238/06)
Share code: APA & ISIN: ZAE000033064
Share code: APB & ISIN: ZAE000033072
("ApexHi" or "the company")
REVIEWED INTERIM RESULTS FOR THE SIX MONTHS ENDED 31 DECEMBER 2005
AND QUARTERLY DISTRIBUTION DECLARATION FOR THE THREE MONTHS ENDED 31 DECEMBER
2005
These interim results have been reviewed by the independent auditors, Grant
Thornton. Their unqualified report is available for inspection at the company"s
registered office.
HIGHLIGHTS
B unit distributions increase by 10% to 64,35 cents
Total assets increase by 37% to R5,5 billion
Market capitalisation exceeds R6,5 billion
Financial review
ApexHi has continued to show growth with a distribution of 117,00 cents per
combined unit for the six months ended 31 December 2005 (2004: 109,50 cents), a
6.8% increase over the comparable period. Distribution to A unit holders
totalled 52,65 cents (2004: 51,00 cents) equating to a 3,2% increase and
distributions to B unit holders totalled 64,35 cents (2004: 58,50 cents)
equating to an increase of 10%.
A distribution of 25,88 cents per A unit and 31,62 cents per B unit was paid in
the first quarter. The board has approved a distribution of 26.77 cents per A
unit and 32,73 cents per B unit for the quarter ended 31 December 2005.
A unit holders are entitled to a quarterly distribution of 25,50 cents or 45%
of the total distribution, whichever is the greater. During the first quarter
of the 2006 financial year, and for the first time since the listing of ApexHi
in March 2001, ApexHi A unit holders participated in the increased
distributions. A unit holders now receive 45% of the distributable income
(provided that the annual distributions do not fall below R2.27 per combined
unit) and no longer the minimum of 25,50 cents per quarter.
Prima acquisition, other acquisitions and disposals
Prima acquisition
In a circular dated 26 September 2005, unit holders were advised that ApexHi
had agreed to acquire the entire property portfolio of Prima Property Trust
("Prima") with effect from 1 October 2005, subject to a number for regulatory
approvals, all of which have been obtained. The acquisition price of R1,1
billion was settled partly by cash (to settle Prima"s borrowings) and partly by
units (a swap ratio of 5,9 ApexHi A units and 5,9 ApexHi B units for every 100
Prima units held, issued at a price of R20,00 per combined unit).
The Prima portfolio was acquired at an average yield before gearing of 11,2%.
Other acquisitions
In addition to the 173 Prima properties referred to above, 21 properties were
acquired at an average yield, before gearing, of 12,5%. The purchase
consideration of R310 million was settled by the issue of 6 400 700 combined
units at an average combined price of R20,48 and R179 million cash.
Disposals
11 properties were disposed and the proceeds of R194 million were used to
reduce debt.
Property portfolio
The portfolio now comprises a total of 426 properties worth R5,1 billion, with
a gross lettable area of 2 376 475 m2, of which 205 124 m2 (9%) is vacant.
43% of the lettable area consists of retail, 40% offices and 17% industrial.
Valuation of property portfolio
In terms of the policy of the company the portfolio will be valued by external
valuers at 30 June 2006.
Core portfolio
The directors are of the opinion that the core portfolio has not changed
materially in the six months from 30 June 2005 and as a result, a directors"
valuation has not been performed on the core portfolio.
Prima acquisition
The price of the Prima acquisition was negotiated primarily with regard to the
projected forward distributions of Prima rather than on the value of the fund"s
assets. Net asset values are more conservative than the market ratings of
income- yielding property securities as is evidenced by the premiums to net
asset values at which both funds have traded. As a result, the price paid by
ApexHi exceeded the net asset value of the portfolio acquired by R365 million
and a fair value adjustment has been made to reflect this excess value.
MICC Property Income Fund ("MICC")
ApexHi acquired a further 3 078 895 MICC units plus R19,5 million in cash with
the sale of Protea Assurance building in Cape Town to Oasis Crescent Property
Fund, increasing its shareholding in MICC from 19% to approximately 24%.
Agreement has been reached to acquire 9 MICC properties in exchange for
ApexHi"s undertaking to accept the offer made by Vukile Property Fund Limited
("Vukile") to minority unit holders in MICC. As the largest minority unit
holder, ApexHi has undertaken to accept Vukile"s offer to acquire the 15 837
754 MICC units currently held by ApexHi for a consideration of 862 cents per
unit.
The properties are primarily retail centres and the acquisition will be yield
enhancing.
The Vukile offer is subject to approval by the regulatory authorities, and the
acquisition of properties by ApexHi is subject to approval by the MICC funding
banks of the disposal and to the successful implementation of the Vukile offer.
Letting activity (m2)
Total Unlettable Lettable Vacant
Portfolio as at 1 July 2005 2 006 204 32 517 1 973 687 221 208
Property acquisitions 504 290 504 290 25 568
Property disposals (101 502) (101 502) (9 215)
2 408 992 32 517 2 376 475 237 561
Net letting position (32 437)
Leases expired during period 178 872
Total lettings during period - - - (211 309)
- Renewals (125 967)
- New occupations (85 342)
Portfolio at 31 December 2005 2 408 992 32 517 2 376 475 205 124
% Let %
Portfolio as at 1 July 2005 11 1 752 479 89
Property acquisitions 5 478 722 95
Property disposals 9 (92 287) 91
10 2 138 914 90
Net letting position 32 437
Leases expired during period (178 872)
Total lettings during period 211 309
- Renewals 70 125 967
- New occupations 85 342
Portfolio at 31 December 2005 9 2 171 351 91
Vacancies have reduced by approximately 32 000 m2 and now represent 9% of the
lettable area. The improved position is mainly as a result of a five-year lease
having been concluded with the Department of Public Services and Administration
for 14 300 m2 in Zanza.
Gearing
Total borrowings amount to R1,5 billion equating to 29% of the property and
listed security portfolio. R1,36 billion of the debt (90%) is currently fixed
at a weighted average all - inclusive rate of 10,21% and for an average period
of six years.
Liquidity
Liquidity continues to be one of the highest in the sector, with 28% of the A
units and 29% of the B units traded in the first six months of the financial
year, amounting to trading volumes of approximately R1 billion.
Post-Balance Sheet events
Acquisitions
Property Location Sector Price
R"000
ABSA Krugersdorp Office 6 600
Aroma Place Stellenbosch Retail 17 500
Fedsure Forum Pretoria Office 68 650
Caseys Auto Springs Retail 9 900
Caseys Auto Benoni Retail 6 600
West Building Bethal Office 14 000
179 Loop Street Pietermaritzburg Office 14 500
135 Pietermaritzburg Street Pietermaritzburg Office 10 600
Aliwal Noord Edgars Aliwal North Retail 2 580
African Magnets Vereeniging Industrial 3 500
Sanlam Centre Bethal Retail 6 640
Moreletta Plaza Pretoria Retail 46 064
Checkers Rustenburg Retail 28 009
Sanlam Centre Rustenburg Retail 13 171
MICC portfolio * 136 481
Hosken House Witbank Office 2 486
WJM House Cape Town Office 4 499
SAP Middelburg Office 7 048
Sanlam Building Welkom Retail 11 850
Hi Tech Mini-Units Strydompark Industrial 3 387
Boxer Store Mkuze Retail 21 753
Taung Forum Taung Retail 24 888
Ermelo Forum Ermelo Retail 34 570
Middelburg Plaza Middelburg Retail 26 000
384 795
Initial yield
before
Property Cash gearing
R"000 %
ABSA 6 600 14,7
Aroma Place 17 500 11,7
Fedsure Forum 68 650 12,0
Caseys Auto 9 900 12,0
Caseys Auto 6 600 11,1
West Building 14 000 13,0
179 Loop Street 14 500 11,8
135 Pietermaritzburg Street 10 600 11,6
Aliwal Noord Edgars 2 580 13,0
African Magnets 3 500 12,3
Sanlam Centre 6 640 13,9
Moreletta Plaza 46 064 10,5
Checkers 28 009 12,0
Sanlam Centre 13 171 12,0
MICC portfolio * 136 481 12,8
Hosken House 2 486 13,6
WJM House 4 499 19,2
SAP 7 048 17,4
Sanlam Building 11 850 13,3
Hi Tech Mini-Units 3 387 13,3
Boxer Store 21 753 13,2
Taung Forum 24 888 12,5
Ermelo Forum 34 570 11,0
Middelburg Plaza 26 000 12,4
384 795 12,2
* Subject to the conditions referred to earlier.
Disposals
Net
selling
Property Location Sector price
R"000
Technotron Centurion Office 13 800
Ellerines Bree Street Johannesburg Retail 2 650
40 Bath Ave Rosebank Office 3 800
Matimba Centre Ellisras Retail 2 400
22 650
Surplus/
(Deficit) on Selling
Property original cost yield
R"000 %
Technotron 362 0,0
Ellerines Bree Street 194 9,5
40 Bath Ave (390) 9,5
Matimba Centre 650 10,4
816 3,8
Proceeds will be used to repay debt.
Portfolio after post-balance sheet acquisitions and disposals
After the post-balance sheet acquisitions and disposals referred to above, the
portfolio will comprise 445 properties valued at R5,6 billion with gearing of
R1,9 billion (equating to 34% of the value of the portfolio).
44% of the 2 525 294 m2 lettable area consists of retail, 39% offices and 17%
industrial.
Capital structure
ApexHi proposes amending its A and B unit capital structure to recreate the
original distinction between low risk fixed coupon debentures and high risk
high growth variable rate debentures. Details will be contained in a SENS
announcement on 8 February 2006 and in a press announcement on 9 February 2006.
Prospects
Distributions in the second half of the year are expected to exceed those of
the first half and ApexHi expects to increase its combined distribution for the
year ending 30 June 2006 by at least 8% over that of the previous 12 months.
This forecast has not been reviewed or reported on by ApexHi"s auditors.
DISTRIBUTION
The board has resolved that unit holders are entitled to receive interest
distribution number 19 in respect of the quarter 1 October 2005 to 31 December
2005 of 26,77 cents (2004: 25,50 cents) per A unit and 32,73 cents (2004: 29,50
cents ) per B unit.
- Last date to trade cum interest Thursday, 23 February 2006
- Units will trade ex interest Friday, 24 February 2006
- Record date Friday, 3 March 2006
- Payment of interest distribution number 19 Monday, 6 March 2006
There may be no dematerialisation or re-materialisation of the A and B units
between Friday, 24 February 2006 and Friday, 3 March 2006, both days inclusive.
By order of the Board
G G L Leissner
Chief Executive Officer
Johannesburg
8 February 2006
BASIS OF PREPARATION AND ACCOUNTING POLICIES
The interim financial statements have been prepared in terms of International
Financial Reporting Standards ("IFRS"). The results also comply with IAS34
(Interim Financial Reporting) and relevant sections of the South African
Companies Act, 1973, as amended. In order to comply with international
interpretation of IAS17 - Leases, total revenue reflects rental income
recognised on a straight-line basis. The comparitives have been restated
accordingly. To retain comparability with prior periods, the rental income
charged to tenants and the straight-line rental income accrual have been
separately disclosed. To avoid double counting, the change in fair value of
investment properties in the income statement has been reduced by the
straight-line rental income accrual. In the balance sheet the fair value of
investment properties has been reduced by the cumulative straight-line rental
income accrual. The opening balances on prior period reserves have been
adjusted by the deferred taxation on the straight-line rental income accrual.
In terms of IAS39, part of the share premium has been reclassified as debenture
premium. Debenture capital previously recognised and subsequently measured at
cost, is now recognised at fair value and subsequently measured at amortised
cost. The comparitive period income statements, balance sheets and reserves
have been restated accordingly and the amortised portion of debenture premium
has been transferred to non- distributable reserves.
The two prior period adjustments referred to above will have no effect on
current or future distributions. All other accounting policies are consistent
with those used in the annual financial statements for the year ended 30 June
2005.
The effect of the adjustments referred to above on the prior period earnings,
headline earnings and net asset value per combined unit is as follows:
Reviewed Audited
Six months ended Year ended
31 December 30 June
2004 2005
Earnings - as previously reported (cents) 353,53 497,08
Prior period adjustments -
Amortisation of debenture premium (IFRS) 4,70 10,22
Deferred taxation differential on
straight-line rental income accrual (1,23) (2,38)
Earnings - restated 357,00 504,92
Headline earnings - as previously reported
(cents) 109,53 222,50
Prior period adjustments -
Amortisation of debenture premium (IFRS) 4,70 10,22
Straight-line rental income accrual - net
of taxation 5,59 12,52
Headline earnings - restated 119,82 245,24
Net asset value - as previously reported (R) 14,74 15,33
Prior period adjustment -
Deferred taxation differential on
straight-line rental income accrual (0,07) (0,07)
Net asset value - restated
14,67 15,26
INCOME STATEMENT
Reviewed Audited
Six months ended Year ended
31 December 31 December 30 June
2005 2004 2005
R"000 R"000 R"000
Conventional rental income 440 152 364 503 763 710
Straight-line rental income
accrual 19 457 14 338 32 475
Revenue 459 609 378 841 796 185
Property expenses (117 253) (103 367) (217 613)
Administrative expenses (21 464) (15 389) (36 656)
Letting cost amortisation (5 890) (4 004) (8 592)
Profit from operations 315 002 256 081 533 324
Finance costs (65 146) (57 444) (119 244)
Interest income 10 467 10 358 20 851
Investment income 5 741 1 838 7 133
Profit before debenture
interest 266 064 210 833 442 064
Debenture interest (246 450) (196 443) (409 589)
Profit before capital items 19 614 14 390 32 475
Capital items (366 188) 505 460 569 127
Change in fair value of
investment properties (365 141) 510 929 574 678
Straight-line rental income
accrual (19 457) (14 338) (32 475)
Net surplus on disposal of
investment properties 1 314 438 8 113
Amortisation of debenture
premium 17 096 8 431 18 811
(Loss)/profit before
taxation (346 574) 519 850 601 602
Taxation 24 167 (75 835) (81 701)
Net (loss)/profit after
taxation (322 407) 444 015 519 901
Reconciliation between
earnings, headline
earnings and distributable
earnings:
Net (loss)/profit after
taxation (322 407) 444 015 519 901
Adjusted for:
Debenture interest 246 450 196 443 409 589
Earnings - units (75 957) 640 458 929 490
Adjusted for:
Change in fair value of
investment
properties - net of taxation 354 788 (425 057) (469 920)
Net surplus on disposal of
investment properties (1 314) (438) (8 113)
Headline earnings - units 277 517 214 963 451 457
Straight-line rental income
accrual - net of taxation (13 814) (10 037) (23 057)
Amortisation of debenture
premium (17 096) (8 431) (18 811)
Distributable earnings 246 607 196 495 409 589
Weighted Headline
average Distribution Earnings earnings
number of units per unit per unit per unit
cents cents cents
A unit 210 640 935 52,65 (24,62) 59,29
B unit 210 640 935 64,35 (11,44) 72,46
Total
- 6 months to
December 2005 117,00 (36,06) 131,75
A unit 179 400 563 51,00 169,59 51,00
B unit 179 400 563 58,50 187,41 68,82
Total
- 6 months to
December 2004 109,50 357,00 119,82
A unit 184 085 061 102,00 231,84 102,00
B unit 184 085 061 120,50 273,08 143,24
Total
- year to June
2005 222,50 504,92 245,24
CONDENSED BALANCE SHEET
Reviewed Reviewed Audited
31 December 31 December 30 June
2005 2004 2005
R"000 R"000 R"000
ASSETS
Non-current assets
Investment properties 5 025 436 3 689 053 3 949 487
Investment properties - at
valuation 5 145 448 3 771 472 4 050 042
Less: Straight-line rental
income accrual (120 012) (82 419) (100 555)
Straight-line rental income
accrual 120 012 82 419 100 555
Listed investment 136 521 70 827 101 433
Current assets 287 173 210 949 227 268
Total assets 5 569 142 4 053 248 4 378 743
EQUITY AND LIABILITIES
Share capital and reserves 418 012 607 018 694 494
Non-current liabilities 4 862 672 3 238 348 3 465 568
Debenture capital and premium 3 258 797 2 070 525 2 200 790
Deferred taxation 78 274 94 389 102 441
Interest bearing borrowings 1 525 601 1 073 434 1 162 337
Current liabilities 288 458 207 882 218 681
Total equity and liabilities 5 569 142 4 053 248 4 378 743
Number of units 234 498 359 182 474 885 189 776 988
Net asset value per combined
unit (R) 15,68 14,67 15,26
STATEMENT OF CHANGES IN EQUITY
Non-
Share Share distributable Capital
capital premium reserve reserve
R"000 R"000 R"000 R"000
Balance at 1 July 2004
as previously reported 34 409 781 - 5 614
Prior period
adjustments -
Reclassification of
share premium (389 292)
Amortisation of
debenture premium 21 634
Deferred taxation
differential on
straight-line rental
income accrual
Balance at 1
July 2004 restated 34 20 489 21 634 5 614
Issue of ordinary shares 2 3 648
Net profit for the
period
Realised accumulated
net write-up of
investment properties
sold 9 893
Net surplus on disposal
of investment properties 438
Revaluation of
listed investment
Transfer to
non-distributable
reserve 8 431
Transfer to fair value
reserve
Balance at 31 December
2004 36 24 137 30 065 15 945
Balance at 1 July 2005 38 561 337 - 15 216
Prior period
adjustments -
Reclassification
of share premium (533 242)
Amortisation of
debenture premium 40 445
Deferred taxation
differential on
straight-line
rental income accrual
Balance at
1 July 2005 restated 38 28 095 40 445 15 216
Issue of ordinary shares 9 35 403
Net loss for the period
Realised accumulated
net write-up of
investment properties
sold 44 927
Net surplus on disposal
of investment properties 1 314
Revaluation of
listed investment
Transfer to
non-distributable
reserve 17 096
Transfer from
fair value reserve
Balance at 31 December
2005 47 63 498 57 541 61 457
Fair value Accumulated
reserve loss Total
R"000 R"000 R"000
Balance at 1 July 2004
as previously reported 128 756 (12 221) 531 964
Prior period adjustments -
Reclassification of
share premium (389 292)
Amortisation of
debenture premium 21 634
Deferred taxation
differential on
straight-line rental
income accrual (10 212) (10 212)
Balance at 1
July 2004 restated 128 756 (22 433) 154 094
Issue of ordinary shares 3 650
Net profit for the period 444 015 444 015
Realised accumulated
net write-up of
investment properties sold (9 893) -
Net surplus on disposal
of investment properties (438) -
Revaluation of
listed investment 5 259 5 259
Transfer to
non-distributable reserve (8 431) -
Transfer to fair value reserve 437 244 (437 244) -
Balance at 31 December 2004 561 366 (24 531) 607 018
Balance at 1 July 2005 637 501 (12 221) 1 201 871
Prior period adjustments -
Reclassification
of share premium (533 242)
Amortisation of
debenture premium 40 445
Deferred taxation
differential on
straight-line
rental income accrual (14 580) (14 580)
Balance at
1 July 2005 restated 637 501 (26 801) 694 494
Issue of ordinary shares 35 412
Net loss for the period (322 407) (322 407)
Realised accumulated
net write-up of
investment properties sold (44 927) -
Net surplus on disposal
of investment properties (1 314) -
Revaluation of
listed investment 10 513 10 513
Transfer to
non-distributable reserve (17 096)
Transfer from
fair value reserve (338 152) 338 152 -
Balance at 31 December 2005 264 935 (29 466) 418 012
CONDENSED CASH FLOW STATEMENT
Reviewed Reviewed Audited
31 December 31 December 30 June
2005 2004 2005
R"000 R"000 R"000
OPERATING ACTIVITIES
Cash from operating activities 323 496 267 635 528 574
Finance costs (65 146) (57 444) (119 244)
Interest income 10 467 10 358 20 851
Investment income 5 741 1 838 7 133
Debenture interest paid (217 300) (190 036) (395 008)
Net cash generated from operating
activities 57 258 32 351 42 306
INVESTING ACTIVITIES
Purchase of investment properties
including capitalised
improvements,
transaction and letting costs (1 657 673) (394 275) (646 376)
Proceeds on disposal of
investment properties 194 014 107 435 149 011
Purchase of listed investment (24 575) (65 568) (86 358)
Net cash utilised in investing
activities (1 488 234) (352 408) (583 723)
FINANCING ACTIVITIES
Issue of A units and B units 1 110 515 150 951 295 556
Interest bearing borrowings raised 363 264 189 810 278 713
Net cash generated from financing
activities 1 473 779 340 761 574 269
Net increase in cash at bank 42 803 20 704 32 852
Cash at bank at the beginning of
the period 172 314 139 462 139 462
Cash at bank at the end of the
period 215 117 160 166 172 314
SEGMENTAL INFORMATION
Office Retail Industrial
R"000 % R"000 % R"000
Conventional
rental income 186 150 42 224 131 51 29 818
Straight-line
rental income
accrual 6 530 11 514 1 413
Revenue 192 680 235 645 31 231
Property expenses (53 254) 46 (58 039) 49 (5 960)
Administrative
expenses
Letting cost
amortisation (4 733) 80 (1 025) 18 (132)
Segment
operating result 134 693 40 176 581 53 25 139
Finance costs (11) (26) (57)
Interest income 158 761 41
Investment income
Segment
operating results
before debenture
interest 134 840 40 177 316 53 25 123
Debenture
interest
Segment operating
results before
capital items 134 840 177 316 25 123
Change in fair
value of investment
properties (109 542) (200 828) (54 771)
Straight-line
income rental
accrual (6 530) (11 514) (1 413)
Net surplus on
disposal of
investment properties 953 187 174
Amortisation of
debenture premium
19 721 (34 839) (30 887)
Other information
Investment
properties 1 947 174 2 741 078 337 184
Other assets 76 219 94 842 21 506
Total assets 2 023 393 39 2 835 920 54 358 690
Total liabilities 42 129 49 648 7 620
Total
investment Corporate
properties costs Total
% R"000 R"000 R"000
Conventional
rental income 7 440 099 53 440 152
Straight-line
rental income
accrual 19 457 19 457
Revenue 459 556 53 459 609
Property expenses 5 (117 253) (117 253)
Administrative
expenses (21 464) (21 464)
Letting cost
amortisation 2 (5 890) (5 890)
Segment
operating result 7 336 413 (21 411) 315 002
Finance costs (94) (65 052) (65 146)
Interest income 960 9 507 10 467
Investment income 5 741 5 741
Segment
operating results
before debenture
interest 7 337 279 (71 215) 266 064
Debenture
interest (246 450) (246 450)
Segment operating
results before
capital items 337 279 (317 665) 19 614
Change in fair
value of investment
properties (365 141) (365 141)
Straight-line
income rental
accrual (19 457) (19 457)
Net surplus on
disposal of
investment properties 1 314 1 314
Amortisation of
debenture premium 17 096 17 096
(46 005) (300 569) (346 574)
Other information
Investment
properties 5 025 436 5 025 436
Other assets 192 567 351 139 543 706
Total assets 7 5 218 003 351 139 5 569 142
Total liabilities 99 397 5 051 733 5 151 130
RELATED PARTY TRANSACTIONS
During the period, the company, in the ordinary course of business, entered
into various transactions with related parties.
These transactions occurred under terms that are no more favourable than those
arranged with third parties.
Six months ended Year ended
31 December 30 June
2005 2005
R"000 R"000
ApexHi - Manco Trust
The trust is the asset manager of the
company.
Certain of the directors of the company are
beneficiaries and/or trustees of the trust.
Asset management fee (0.5% p.a.of the market
capitalisation plus borrowings of the
company) 16 247 22 649
The beneficiaries of the trust at 31
December 2005 are:
Madison Property Fund Managers * 76% 76%
ApexHi Executive Directors 24% 24%
* The shareholders of Madison Property Fund
Managers are:
Standard Bank Properties 30% 30%
M Wainer 25% 25%
W E Cesman 25% 25%
S Shaw-Taylor 20% 20%
M Wainer and W E Cesman were directors of
ApexHi
throughout the period under review.
Madison Property Fund Managers
Promoter"s fee - Capital portfolio,
Checkers Nigel,
Wynberg acquisitions 1 505 -
Commission paid - Shops for Africa
acquisition 375
Compensation for cancellation of Prima
Property
Trust Managers agreement 12 000 -
Standard Bank Properties
Finance costs 61 274 118 389
Bond administration fees 546 2 262
Borrowings 1 525 601 1 162 337
DIRECTORS:
M Wainer (Chairman), G G L Leissner *(Chief Executive Officer), J F Bihl #,
W E Cesman, D J Feinblum *, W M Kirchmann #, A Rehman #, C van Wyk *
* Executive # Independent
www.apexhi.co.za
Date: 08/02/2006 05:24:17 PM Produced by the JSE SENS Department
| Profile Group (Pty) Ltd. has taken care in preparing all information on this website, but does not accept any liability for errors or out-of-date information. | |||||||||||||
| Other Profile Group sites: FundsData Online (unit trust data) | Profile Group corporate site | |||||||||||||
| [ Terms of Use | Privacy Policy | PAIA manual | FAQs/Help | Site Map | © Copyright Reserved 2026 ] | |||||||||||||
|
|||||||||||||
