|
VKE
VKE
Vukile Property Fund Limited - Audited Results For The Year Ended 31 March 2006
Vukile Property Fund Limited
(Incorporated in the Republic of South Africa)
Registration number 2002/027194/06
JSE code: VKE
ISIN: ZAE000056370
AUDITED RESULTS for the year ended 31 March 2006
* Second-half distribution up 14.3% to 36 cents
* Full-year distribution up 11.4% to 68.5 cents
* Net profit for year up 30% to R223 million
* Total capital and income return to unitholders for the year 99.2%
ABRIDGED GROUP INCOME STATEMENT
for the year ended 31 March 2006
2006 2005
R000 R000
Property revenue 567 688 400 954
Straight-line rental income
accrual 19 144 27 062
Gross property revenue 586 832 428 016
Property expenses (201 174) (137 992)
Net profit from property
operations 385 658 290 024
Administrative expenses (21 598) (9 320)
Investment and other income 4 355 2 438
Operating profit before
finance costs 368 415 283 142
Finance costs (144 978) (110 865)
Net profit before debenture
interest 223 437 172 277
Debenture interest (200 632) (149 582)
Net profit before fair
value changes 22 805 22 695
Fair value adjustment 449 311 262 177
Gross change in fair value of
investment properties 468 455 289 239
Straight-line rental income
adjustment (19 144) (27 062)
Net profit before taxation 472 116 284 872
Taxation (127 659) (87 554)
Net profit 344 457 197 318
Attributable to:
* Linked unitholders of the
company 317 631 186 469
* Minority 26 826 10 849
344 457 197 318
2006 2005
Reconciliation Cents Cents
of net profit per per
to headline 2006 linked 2005 linked
earnings R000 unit R000 unit
Attributable
profit after
taxation 317 631 118.25 186 469 84.30
Adjusted for:
Change in fair
value of investment
properties (468 455) (174.39) (289 239) (130.76)
Straight-line
rental accrual
net of deferred
taxation and net
of minority
interest 13 370 4.98 19 473 8.80
Deferred taxation
on fair value
adjustment of
investment
properties 125 754 46.81 88 202 39.88
Debenture interest
net of minority
interest 184 859 68.82 145 721 65.88
Minority interest
in revaluation
surplus net of
deferred tax 25 984 9.67 10 635 4.81
Headline earnings
of linked units 199 143 74.14 161 261 72.91
Straight-line
rental accrual
net of deferred
taxation and net
of minority
interest (13 370) (19 473)
Pre-acquisition
distribution
receivable from
MICC 7 844 9 084
Less: Cost of
investment in MICC (7 844) -
Retained income
from prior year 4 853
Available for
distribution 190 626 70.97 150 872 68.21
Distributions
for year ended
31 March 185 236 68.5 146 018 61.5
Total number of
linked units in
issue at
31 March 272 429 490 268 189 490
Weighted
average number
of linked units
in issue 268 619 298 221 192 473
First Second
Cents Cents
Distributions per per
to Vukile Total First linked Second linked
unitholders R000 R000 unit R000 unit
Interest
distribution
to linked
unitholders 184 859 86 984 32.43 97 875 35.93
Dividend
distribution
to linked
unitholders 377 177 0.07 200 0.07
Total
distribution 185 236 87 161 32.50 98 075 36.00
ABRIDGED GROUP BALANCE SHEET
as at 31 March 2006
2006 2005
R000 R000
ASSETS
Non-current assets 3 177 967 3 200 673
Investment properties 3 053 773 3 112 518
Investment properties -
at fair value 3 094 470 3 141 623
Straight-line rental income
adjustment (40 697) (29 105)
Other non-current assets 124 194 88 155
Straight-line rental income
asset 40 697 29 105
Furniture, fittings and
computer equipment 274 461
Goodwill 83 223 58 589
Current assets 99 357 41 029
Trade and other receivables 19 680 16 968
Cash and cash equivalents 79 677 24 061
Non-current assets held for
sale 574 256 -
Investment properties 566 704 -
Investment properties at
fair value 574 256 -
Straight-line rental income
adjustment (7 552) -
Straight-line rental income
asset 7 552 -
Total assets 3 851 580 3 241 702
EQUITY AND LIABILITIES
Equity and reserves 482 739 207 621
Share capital 2 724 2 682
Share premium 13 354 13 009
Reserves 456 188 165 538
Minority interest 10 473 26 392
Non-current liabilities 2 995 529 2 869 235
Linked debentures and
premium 1 351 708 1 391 463
Interest bearing borrowings 1 315 974 1 300 815
Interest rate swap
liabilities 47 166 20 562
Deferred taxation 280 681 156 395
Current liabilities 373 312 164 846
Trade and other payables 68 947 57 001
Short-term bank finance 183 993 -
Tenant deposits 17 739 15 760
Vendor loans 2 030 6 985
Taxation payable 2 528 620
Linked unitholders for
distribution 98 075 84 480
Total equity and liabilities 3 851 580 3 241 702
ABRIDGED GROUP CASH FLOW STATEMENT
for the year ended 31 March 2006
2006 2005
R000 R000
CASH FLOW FROM OPERATING
ACTIVITIES 26 300 132 762
Cash generated from operations 347 802 306 700
Investment and other income 4 355 2 438
Finance costs (144 978) (110 865)
Distributions paid (179 411) (65 399)
Taxation paid (1 468) (112)
CASH FLOW UTILISED IN
INVESTING ACTIVITIES (204 419) (2 236 890)
CASH FLOW FROM FINANCING
ACTIVITIES 233 735 2 128 189
Net increase in cash and
cash equivalents 55 616 24 061
Cash and cash equivalents at
the beginning of the year 24 061 -
Cash and cash equivalents at
the end of the year 79 677 24 061
ABRIDGED GROUP STATEMENT OF CHANGES IN EQUITY
for the year ended 31 March 2006
Non-dis-
tribu-
Share Share table
capital premium reserves
R000 R000 R000
Linked units issued in
acquiring properties 2 051 7 334 -
Linked units issued in
acquiring MICC 631 5 675 -
Acquisition of business
combination - - -
Net income recognised
directly in equity - - (20 562)
Cash flow hedges - - (33 391)
Transferred to income
statement - - 12 829
Net profit for the year - - -
Transfer from non-
Distributable reserves - - (46 563)
Change in fair value
of investment properties - - 289 239
Deferred tax on change
in fair value of
investment properties - - (38 063)
Allocation of change
in fair value of
investment properties
to minorities - - (14 210)
Minorities" share of
post acquisition
distribution - - -
Transfer from pre-
acquisition reserves - - (9 084)
Other - - (72)
Dividend distribution - - -
balance at 31 March 05 2 682 13 009 160 685
Balance at 31 March 05
as previously stated 2 682 13 009 207 248
Prior year adjustments - - (46 563)
Deferred taxation on
straight-line rental
accrual - - (7 590)
Change of rate in
deferred taxation - - (38 973)
Linked units issued in
Acquiring property 42 345 -
Net increase in business
combination acquired
previously - - -
Net income recognised
directly in equity - - (26 604)
Novation of original
interest rate swaps - - 20 562
Cash flow hedges - - (59 702)
Transferred to income
statement - - 12 536
Profit for the year - - -
Change in fair value of
investment properties - - 449 311
Deferred taxation on
change in fair value of
investment properties - - (120 135)
Allocation of change in
fair value of investment
properties in respect
of minorities - - (25 984)
Straight-line rental
adjustment net of
deferred taxation - - 13 525
Minorities" share of post
acquisition distribution - - -
Dividend distribution - - -
Balance at 31 March 06 2 724 13 354 450 798
ABRIDGED GROUP STATEMENT OF CHANGES IN EQUITY
for the year ended 31 March 2006 (CONTINUED)
Retained Minority
income interest Total
R000 R000 R000
Linked units issued
in acquiring
properties - - 9 385
Linked units issued
in acquiring MICC - - 6 306
Acquisition of
business combination - 11 682 11 682
Net income recognised
directly in equity - - (20 562)
Cash flow hedges - - (33 391)
Transferred to
income statement - - 12 829
Net profit for the
year 186 469 10 849 197 318
Transfer from non-
distributable
reserves 46 563 - -
Change in fair value
of investment
properties (289 239) - -
Deferred tax on
change in fair
value of investment
properties 38 063 - -
Allocation of change
in fair value of
investment properties
to minorities 14 210 - -
Minorities" share of
post acquisition
distribution - 3 861 3 861
Transfer from pre-
acquisition reserves 9 084 - -
Other - - (72)
Dividend distribution (297) - (297)
Restated balance at
31 March 05 4 853 26 392 207 621
Balance at 31 March 05
as previously stated 4 853 44 564 272 356
Prior year adjustments - (18 172) (64 735)
Deferred taxation on
straight-line rental
accrual - (339) (7 929)
Change of rate in
deferred taxation - (17 833) (56 806)
Linked units issued
In acquiring property - - 387
Net increase in business
combination acquired
previously - (47 111) (47 111)
Net income recognised
directly in equity - - (26 604)
Novation of original
interest rate swaps - - 20 562
Cash flow hedges - - (59 702)
Transferred to income
statement - 12 536
Profit for the year 317 631 26 826 344 457
Change in fair
value of investment
properties (449 311) - -
Deferred taxation
on change in fair
value of investment
properties 120 135 - -
Allocation of
change in fair
value of investment
properties in
respect of
minorities 25 984 - -
Straight-line
rental adjustment
net of deferred
taxation (13 525) - -
Minorities" share of
post acquisition
distribution - 4 366 4 366
Dividend distribution (377) - (377)
Balance at
31 March 06 5 390 10 473 482 739
COMMENTS
1 BASIS OF PREPARATION
The results for the year ended 31 March 2006, as well as the comparative
information, have been prepared in terms of International Financial Reporting
Standards (IFRS). The results also comply with the relevant sections of the
South African Companies Act 1973, as amended. The financial statements have
been audited by Grant Thornton, whose unqualified audit report is available for
inspection at the company"s registered office.
2 FINANCIAL RESULTS FOR VUKILE
Vukile"s net profit before tax, debenture interest and fair value adjustment
amounted to R223 million for the year ended 31 March 2006 compared to the R172
million for the previous year, an increase of 30%. MICC contributed R71 million
to net profit before tax, debenture interest and fair value adjustment for the
year ended 31 March 2006. For the year ended 31 March 2005, only 3 months of
MICC"s post acquisition income was reflected in the group accounts and hence any
comparison with the prior year is not meaningful. These results have been
achieved on the back of a strong performance by the underlying properties,
reduced finance costs and a decrease in the overall vacancy of the Vukile
portfolio as a percentage of gross rentals, from 4.1% at 31 March 2005 to 3.6%
at 31 March 2006 with a similar decrease in the overall vacancy of the MICC
portfolio as a percentage of gross rentals from 6.9% to 5.9%.
SUMMARY OF FINANCIAL PERFORMANCE
Mar 06 Mar 05 %
Net asset value attributable
to equity holders of Vukile
per linked unit 670 cents 586 cents 14.3
Distribution per linked
unit 68.5 cents 61.5 cents 11.4
Loan to value ratio 41% 41.5% (1.2)
The board has approved a final distribution of 36.0 cents per linked unit for
the period from 1 October 2005 to 31 March 2006, an increase of 14.3% over the
comparable period and an increase of 11.4% for the full year ended 31 March
2006.
3 ACQUISITION OF MICC PROPERTY INCOME FUND LIMITED ("MICC")
Vukile owned 98.9% of MICC"s issued linked units at 31 March 2006 and gave
notice to invoke section 440K of the Companies Act to compulsorily acquire the
remaining linked units in MICC. The company issued a SENS announcement on 4 May
2006, advising that a linked unitholder owning 9 825 MICC linked units
(representing 0.01% of MICC"s total issued capital), filed an application with
the High Court on Friday 28 April 2006 opposing Vukile"s notice to invoke
section 440K. Vukile intends opposing such application. A date for the hearing
of the application has not yet been determined. Accordingly, the listing of
MICC"s linked units on the JSE and the Namibian Stock Exchange was not
terminated on Friday, 5 May 2006, but will continue to be suspended until
further notice.
4 BORROWINGS
The salient terms of the bank and securitised debt funding are as follows:
DETAILS OF INTEREST BEARING BORROWINGS - 31 Mar 06
VUKILE
Fixed Rate Loans
Total facility available from
Vukile Investment Property
Securitisation (Pty) Ltd
("VIPS") R770m
Facility utilised R436m R290.6m
Date of repayment November 10 November 12
Fixed interest rate 9.95% and 10.06% (NACQ)
all-in-rate for 5 yr and
7 yr loans respectively
Repayment terms Interest only, quarterly
in arrears.
Capital on maturity
Overall financial covenants
Loan to investment property
valuation ratio 65% (currently 38%)
Interest cover ratio 2.0:1 (currently 3.32:1)
Security Secured by way of mortgage
bonds over securitised
investment properties and a
pledge of rentals receivable
Variable Rate Loans
ABSA Bank
Total facility available R450m
Facility utilised R53.4m
Date of repayment November 10
Variable interest rate Prime less 1.5%
Repayment terms Interest only,
monthly in arrears.
Capital on maturity
Facility utilised R43.4m
Date of repayment May 06
Variable interest rate 3 months JIBAR plus 160 bps
Repayment terms Interest only,
quarterly in arrears.
Capital on maturity
Facility utilised R140.6 million
Date of repayment June 06
Variable interest rate Prime less 1.5%
Repayment terms Interest only,
monthly in arrears.
Capital on maturity
Overall financial covenants
Loan to investment property
valuation ratio 50% (currently 38%)
Interest cover ratio 2.0:1 (currently 3.32:1)
Security Secured by way of
mortgage bonds over
non-securitised investment
properties and a pledge
of rentals receivable
MICC
Fixed Rate Loans
Nedbank
Amount R251m
Date of repayment September 08
Term 3 yrs - extendable to 5 yrs
Fixed interest rate 11.51 %(NACM)
Repayment terms Interest only,
monthly in arrears.
Capital on maturity
Standard Bank
Amount R251m
Date of repayment September 06
Term 3 yrs - extendable to 5 yrs
Fixed interest rate 11.22 % (NACM)
Repayment terms Interest only,
monthly in arrears.
Capital on maturity
Financial covenants
Loan to investment property
valuation ratio 51% (currently 44%)
Interest cover ratio 1.8:1 times
(currently 2.2:1) after
intercompany adjustment
Security Secured by way of
mortgage bonds over the
investment properties
VIPS
Variable rate loans
Amount owing to note holders R770m
Date of repayment R462m November 10
R308m November 12
Variable interest 3 months JIBAR plus
note margins
Repayment terms Interest only,
quarterly in arrears.
Capital on maturity
Overall financial covenants
Loan to investment property
valuation ratio 65% (currently 38%)
Interest cover ratio 2.0:1 (currently 3.32:1)
Security Secured by way of mortgage
bonds over securitised
investment properties and rentals
receivable
SUMMARY (Rm) Vukile MICC VIPS Group
Long-term borrowings
Standard Bank (1) 251.2 251.2
Nedbank (1) 251.2 251.2
Loans from
noteholders (2) 770.0 770.0
Loan from VIPS (1) 726.6
ABSA access
account (2) 53.4 53.4
780.0 502.4 770.0 1 325.8
Less: Debt raising
fees offset against
borrowings (9.8) (9.8)
770.2 502.4 770.0 1 316.0
Short-term borrowings
ABSA access
account (2) 43.4 43.4
ABSA (to fund
acquisition of MICC
minorities) (2) 140.6 140.6
184.0 184.0
(1) Fixed rate loans
(2) Variable rate loans
As additional security, 66.2 million MICC Property Income Fund Limited linked
units held by Vukile have been pledged to ABSA Bank in respect of the R140
million advance. An overdraft of R30 million and a hedging facility of R112.5
million have been provided by ABSA Bank to the company. These facilities are
also secured by mortgage bonds over the non-securitised investment properties.
5 INTEREST RATE SWAPS
Group
At 31 March 2006, VIPS had entered into interest rate swaps whereby the variable
rate loans had been converted to fixed rate debt at an all-in rate of 9.95% and
10.06%(NACQ) respectively as follows:
Swap 1 Swap 2 Total
Nominal value (R000) 462 000 308 000 770 000
Swap period 5 yrs 7 yrs
Maturity date Nov 10 Nov 12
JIBAR - Johannesburg Interbank Agreed Rate
NACM - Nominal Annual Compounded Monthly
NACQ - Nominal Annual Compounded Quarterly
6 SECURITISATION
Vukile launched a R2 billion commercial mortgage backed securitisation (CMBS)
programme on 7 November 2005, to refinance its existing bank debt and reduce the
cost of funding its property investments. The overall cost of the company"s
long-term debt, taking all upfront, ongoing and hedging costs to implement the
programme into account, has reduced from 11.28% to 9.99% (NACM). A key feature
of the programme is that the securitised property portfolio, comprising 39 of
the 53 Vukile properties, is owned directly by Vukile and not by a special
purpose vehicle. Consequently, there was no need to transfer properties,
resulting in a reduction in overall costs of implementation. The first issuance
under the programme comprises five and seven year floating rate notes for a
total amount of R770 million. The floating rate notes are converted into fixed
rate exposure by way of interest rate swaps. The securitisation notes were
rated by Moody"s Investor Services, as follows:
Moody"s rating 5 Year 7 Year %
AAA.ZA 261 030 174 020 56.5
AAZ.ZA 64 680 43 120 14.0
AZ.ZA 136 290 90 860 29.5
462 000 308 000 100.0
7. PROPERTY PORTFOLIO
7.1 The Vukile property portfolio currently comprises 53 properties with a
gross lettable area of 689 379m2. MICC owns 38 properties with a gross lettable
area of 390 897m2.
7.2 ACQUISITIONS AND DEVELOPMENTS
Vukile has concluded agreements for new investments totalling approximately R230
million as part of its continuing drive to build its portfolio of quality
properties.
New acquisitions and developments include:
* R80 million expansion and upgrade of its Phoenix Plaza and Dobsonville
shopping centres at an average initial yield of 10.7%. The expected date of
completion is October/November 2006. This project is managed by Sanlam
Properties (Pty) Ltd.
* Purchase of Parktown Erf 915, Oakhurst, an office complex of 9 085m2 for
R34.6 million at an initial yield in excess of 10.5%. Transfer was effected on
30 March 2006.
* Acquisition, on completion, of a 50% undivided share in a new value type
retail development in Kings Road Pinetown, of 8 450m2, for R28 million, at an
initial yield of 10.3%. The expected date of completion is November 2006.
* Purchase of No. 50, Sixth Road, Hyde Park, an office complex of 4 181m2 for
R57.2 million at an initial yield of 9.7%. The anticipated date of transfer is
May 2006.
* Co-ownership development of 23 860m2 mini warehouses on the company"s vacant
land in Allandale at a total cost of R80 million, generating an initial yield of
9.5%.
7.3 DISPOSALS
Expected
Purchase Sale /actual
price price transfer
Name of Property R000 R000 date
Vukile Property Portfolio
OK Bazaars Phalaborwa 22 500 26 000 Certain
conditions
OK Bazaars West Street precedent
Durban 35 000 45 000 still to
be met
MICC Property Portfolio
9 Fredman Drive 60 100 60 250 Apr 06
Overport City 33 200 45 000 May 06
Hoskens House* 2 336 2 486 Jun 06
Hi Tech Mini Units* 5 050 3 387 Jun 06
WJM House* 8 350 4 499 Jun 06
Middelburg SAP* 9 000 7 048 Jun 06
Middelburg Plaza* 24 363 26 000 Jun 06
Welkom Sanlam* 6 500 11 890 Jun 06
Mkuze Boxer Stores* 15 900 21 753 Jun 06
Taung Forum* 16 800 24 888 Jun 06
Ermelo Mall* 15 000 34 570 Jun 06
Luderitz Pep Stores 3 600 3 000 Apr 06
Concor House 3 392 3 800 Feb 06
* Portfolio sold to ApexHi
8 VALUATION OF PORTFOLIO
The directors have valued the Vukile property portfolio at R2.5 billion as at 31
March 2006. The entire portfolio was also valued as at 31 March 2006 by sworn
independent appraisers, JHI Real Estate and Old Mutual Properties. The
directors" valuation for the entire portfolio is R41.5 million (1.7%) lower than
the external valuation as at 31 March 2006.
The MICC portfolio has been valued by the directors of MICC and Vukile, at R1.15
billion as at 31 March 2006. Approximately 50% of the MICC portfolio was valued
at 31 March 2006 by sworn independent appraisers, Derrick Griffith and Peter
Parfitt, at R11 million (1.9%) higher than the directors" valuation of the
relevant properties.
9 SEGMENTAL ANALYSIS
Indus- Com- Cor-
trial mercial porate
R000 R000 R000
Group income for the
year ended 31 March 06
Rental income 96 932 213 890 256 866
Straight-line
income adjustment 3 269 7 213 8 662
Property expenses (37 441) (69 578) (94 155)
Net profit from
Property operations 62 760 151 525 171 373
Group balance sheet at
31 March 06
Non-current assets 535 716 1 167 743 1 350 314
Investment properties 21 787 47 491 54 916
Non-current assets
held for sale 100 740 219 595 253 921
Current assets 3 347 10 721 16 547
Trade and other
receivables 1 957 2 953 2 902
Cash and cash
equivalents 1 390 7 768 13 645
Current liabilities 4 620 8 769 10 097
Trade and other payables 4 620 8 769 10 097
Linked unitholders - - -
9 SEGMENTAL ANALYSIS (CONTINUED)
Corporate Total
R000 R000
Group income for the year
ended 31 March 06
Rental income - 567 688
Straight-line income adjustment - 19 144
Property Expenses - (201 174)
Net profit from property
operations - 385 658
Group balance sheet at 31 March 06
Non-current assets - 3 053 773
Investment properties - 124 194
Non-current assets held for sale - 574 256
Current assets 68 742 99 357
Trade and other receivables 11 868 19 680
Cash and cash equivalents 56 874 79 677
Current liabilities 349 826 373 312
Trade and other payables 251 751 275 237
Linked unitholders 98 075 98 075
Segment assets and liabilities
Segment assets include all operating assets and consist principally of
investment properties, receivables and cash. Assets not directly attributable
to a particular segment are allocated to the corporate segment. Segment
liabilities include all operating liabilities of a segment and consist
principally of outstanding accounts. Segment assets and liabilities do not
include goodwill, deferred and other taxes.
10 COMMITMENTS
Guarantees
Guarantees in lieu of municipal service deposits amount to R7.4 million. (2005:
R7.2 million)
Capital Expenditure
The company is authorised and contracted to redevelop its Phoenix and
Dobsonville shopping centres, to acquire a 50% undivided share in Kings Road
Pinetown, a 50% undivided interest in a mini warehouse development on its vacant
land in Allandale at an overall cost of R192.8 million.
Capital expenditure authorized but not contracted for amounts to R19.8 million.
It is intended that this capital expenditure will be funded by bank facilities
and by the issue of new linked units.
11 SHARE CAPITAL AND DEBENTURES
Each linked unit comprises one share of one cent (and a share premium of nine
cents) linked to one debenture of 490 cents. Interest payable on one debenture
is 490 times greater than the dividend payable per share. The company had 272
429 490 linked units in issue at 31 March 2006.
12 DIRECTORS
It is with regret that we note Keith Bothongo"s resignation, for personal
reasons, effective 6 October 2005. The board appreciates the excellent
contribution by Keith to the company"s affairs during his period as a director.
13 PROSPECTS
Vukile has delivered growth in distributions of 14.3% for the 6 month comparable
period and 11.4% for the full year. It is unrealistic to expect this kind of
performance on a sustainable basis going forward. However, the directors are of
the opinion that the expected continued strong performance of the underlying
properties and the savings in debt costs generated by the securitisation project
for the full period will reflect positively in the distribution for the six
month period ending 30 September 2006, barring any unforeseen occurrences.
14 RELATED PARTY TRANSACTIONS
During the period, the group, in the ordinary course of business, entered into
various transactions with related parties. These transactions occurred on terms
that are no more favourable than those arranged with third parties.
At
31 March 06
Year Amounts
ended owing to
31 March 06 related
Nature of expenses parties
Group transaction R000 R000
Sanlam Asset management
Properties fees/lease rentals
(Pty) Ltd /IT costs 11 856 1 525
Sale of Oakhurst
property 34 400 -
Gensec Property Property
Services Ltd management/
lease commissions
and other fees 20 123 2 477
Kuper Legh
Property Property
Services Group management
(Pty) Ltd and other fees 2 192 217
15 PAYMENT OF DEBENTURE INTEREST AND DIVIDEND
Notice is hereby given of a distribution amounting to 36.0 cents per unit, for
the six month period to 31 March 2006. The distribution comprises interest on
debentures of 35.93 cents per unit and a dividend of .07 cents per unit.
Last date to trade cum distribution Thursday 15 June 06
Linked units trade ex distribution Monday 19 June 06
Record date for unitholders to
participate in the distribution Friday 23 June 06
Payment of distribution to unitholders Monday 26 June 06
Linked unit certificates may not be dematerialised or re-materialised between
Monday 19 June 2006 and Friday 23 June 2006, both days inclusive.
On behalf of the board
A D Botha G van Zyl
Chairman Chief Executive
Roodepoort
29 May 2006
Sponsor: Bridge Capital Services (Pty) Limited, Woodmead, Johannesburg
Executive directors: G van Zyl (CEO), MJ Potts (Financial Director)
Non-executive directors: AD Botha (Chairman), S Bernic, HSC Bester, PJ Cook, PS
Moyanga and M Serebro
Registered office: 2nd floor Meersig Building, Constantia Boulevard, Constantia
Kloof, 1709
Company Secretary: M Blakeway
Transfer secretaries: Computershare Investor Services 2004 (Pty) Limited,
Ground Floor, 70 Marshall Street, Johannesburg
Investor and media relations: Contact Helen McKane on vukile@dpapr.com, or Tel:
011 728-4701
Website: www.vukileprops.co.za
Date: 29/05/2006 12:22:20 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 ] | |||||||||||||
|
|||||||||||||
