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APA APB
APA
Apexhi - Audited 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")
AUDITED RESULTS FOR THE YEAR ENDED 30 JUNE 2006 AND QUARTERLY
DISTRIBUTION DECLARATION FOR THE THREE MONTHS ENDED 30 JUNE 2006
HIGHLIGHTS
* 10% growth in distributions (A unit 8%; B unit 11%)
* Total return of 28% for the year to 30 June 2006, compared to the
property loan stock average of 23%
* Property portfolio has grown from R4,0 billion to R6,7 billion
* Net asset value increased by 32% to R20,90 per combined unit
Results
The fourth quarter"s distribution on the A unit has been increased by
2,25 cents to 29,70 cents and the distribution on the B unit has been
increased by 2,75 cents to 36,30 cents. The total distribution per A
unit for the year is 109,80 cents (7,65% increase from 30 June 2005) and
134,20 cents (11,37% increase from 30 June 2005) per B unit. The
combined distribution for the year to 30 June 2006 is 244,00 cents
(9,67% increase from 30 June 2005).
2006 % change 2005
R"000 R"000
Operating profit: 704 541 31 537 505
Investment Properties
Core portfolio 578 707 28 453 392
Additions during the year 107 266 151 42 772
Disposals during the year 9 903 10 109
Disposals post balance 8 665 31 232
sheet
Corporate costs and (49 463) 35 (36 656)
administrative expenses
Profit from operations 655 078 31 500 849
Finance costs (134 734) 13 (119 244)
Interest income 27 476 32 20 851
Investment income 9 241 30 7 133
Distributable profits 557 061 36 409 589
Weighted average number of 228 303 184 085
units in issue 737 061
Distribution per unit 244,00 10 222,50
(cents)
A unit 109,80 8 102,00
B unit 134,20 11 120,50
The 31% increase in profits from investment properties is attributable
to the acquisition of R1,7 billion of properties acquired at an average
yield (before gearing) of 11,9%, combined with organic growth within the
`core" portfolio. Acquisitions include the R1,0 billion Prima portfolio
of 171 properties (yielding 11,5%) acquired in October 2005, the
acquisition in November 2005 of the Glenrand MIB building in Randburg
for R155,0 million (yielding 12,1%) and the acquisition of nine MICC
properties for R136,5 million in May 2006 (yielding 12,8%).
The `core" portfolio, representing properties held for a full year and
not sold since year end, increased by 28% as a result of net rental
growth and also as a result of R500 million of acquisitions during the
2004/2005 financial year (at an average yield of 14% before gearing)
included for the full financial year.
Fifteen properties were disposed of including three high yielding
Johannesburg inner city office properties (37 Sauer Street, Sage Life
Towers and 30 Simmonds Street) transferred to the Government in
September 2005. The proceeds of R219,5 million were used to reduce
floating debt currently bearing interest at 10% per annum. A surplus on
carrying value of R6,4 million and R45,5 million on the original cost
was recorded.
The 35% increase in corporate costs is as a result of the increased
asset management fee due to the R1,7 billion acquisitions during the
year and the strengthening of the ApexHi unit price for the major part
of the financial year. The asset management fee is based on the market
capitalisation plus borrowings.
Finance costs increased by 13% and borrowings increased by 34% from
R1,162 billion to R1,556 billion, of which 88% - or R1,365 billion - has
been fixed. The floating debt of R191 million currently bears interest
at an average rate of 9,97% per annum. The weighted average all
inclusive rate of the borrowings decreased from 10,74% at 30 June 2005
to 9,97% at 30 June 2006 as a result of the restructuring of R700
million of debt through a debt capital market finance arrangement with
Standard Bank.
Interest income increased as a direct result of the expansion of the
portfolio. Included in interest income is R2,8 million accrued on an
R84,5 million loan advanced between March 2006 and May 2006, to Matemeku
Property Acquisitions 104 (Pty) Limited, a BEE company. Matemeku used
this loan to acquire a 40,6% interest in Calulo Property Fund Limited.
The loan to Matemeku was made with a view to ultimately acquiring
properties in Calulo or if opportune for Matemeku to sell the Calulo
units at a profit to be shared with ApexHi. Matemeku has reached
agreement with a third party to acquire its Calulo units at a profit and
as a result, the loan to Matemeku will be repaid by October 2006. On
repayment of the loan ApexHi will record a distributable surplus of
approximately R15 million. The R84,5 million loan has been included in
receivables on the balance sheet.
Investment income represents distributions received from the MICC
investment. This yielded an annualised return of 12,35%. On 28th
February 2006, the MICC units were disposed of for R136,5 million and
the proceeds used to acquire properties from MICC. A profit of R25,2
million on the sale was transferred to a capital reserve.
53% of R705 million generated from investment properties is derived from
retail properties, 39% from office and 8% from industrial. In 2005, 47%
was generated from retail, 45% from office and 8% from industrial. The
change has arisen mainly from the acquisition of the predominately
retail portfolio from Prima and the disposal of the three large
Johannesburg inner city office properties to Government.
There has been a reduction in the exposure to inner cities. In 2005, 44%
of the operating profit from investment properties was generated from
major metropolitan inner cities. This has reduced to 33%.
The ratio of property expenses to property income has reduced from 29%
to 26% as a result of effective and continued cost control and as a
result of the growth in market rentals experienced during the last year.
Valuation of properties by external valuers
The portfolio has been valued by external registered valuers at 30 June
2006. The revaluations have resulted in a fair value adjustment in the
income statement of R690,6 million. The valuation of the R6,7 billion
property portfolio (comprising 444 properties) represents an average
forward yield of approximately 13%. A deferred taxation liability of
R240,2 million was provided as a consequence of the fair value
adjustment. The liability was determined at a `blended rate", most being
at the income tax rate of 29% and a portion at the capital gains tax
rate ("CGT") of 14,5%. The net asset value ("NAV") excluding deferred
tax on the fair value adjustment has increased by 32% to R20,90 per
combined unit, representing a 20% (2005: 36%) premium to market value.
Letting activity
ApexHi concluded 1 411 leases worth more than R1 billion, covering a
total of 458 657m2 in the financial year. Renewals on 286 812m2 valued
at R611,8 million were achieved and new leases were concluded on 171
845m2 valued at R453,4 million. The average rental per month at which
leases were concluded has increased by 27,5%, with an average rental of
R40/m2 in 2006, compared to R31,50/m2 in 2005 when a large amount of
industrial space was renewed which lowered the average rental.
Vacancies
Vacancies have reduced from 10,1% to 9,5% for the year, which equates to
a decrease of 15 337m2. Inner city office space constitutes the majority
of the 239 734m2 vacancy.
Liquidity and trading volumes
ApexHi"s units continue to maintain high trading volumes, with 52% of
the company"s units in issue having traded during the year. 123,1
million A units, equating to 54% and 112,3 million B units, equating to
49%, of the weighted average units in issue, were traded.
Post balance sheet events
Acquisitions
Building Location Sector Price Cash
R"000 R"000
Old Mutual 137 000 137 000
properties*
Freeway Wynberg, Retail
Centre Johannesburg
SentraKor Pretoria Office
inner city
Oudehuis Somerset Office
Centre West
5 Girton Road Parktown Office
Fabric Park Midrand Industrial
President Pretoria Office
Centre inner city
Kempton Kempton Park Retail
Square
Pepsi Johannesburg Industrial
Steyns Arcade Pretoria Office
inner city
Ellerines Kempton Park Retail 5 500 5 500
Denver Denver Industrial 11 913 3 573
Industrial
Park
16 & 18 Forge Spartan Industrial 3 625 1 088
Road
7 Dartfield Eastgate Industrial 5 114 1 534
Road
77 & 78 Plane Spartan Industrial 12 199 3 660
Road
Erf 34462 Kimberley Retail 550 550
(vacant stand)
175 901 152 905
Initial
Number yield
of units Issue before
Building Location Sector issued price gearing
R %
Old Mutual 11,8
properties*
Freeway Wynberg, Retail
Centre Johannesburg
SentraKor Pretoria Office
inner city
Oudehuis Somerset Office
Centre West
5 Girton Road Parktown Office
Fabric Park Midrand Industrial
President Pretoria Office
Centre inner city
Kempton Kempton Park Retail
Square
Pepsi Johannesburg Industrial
Steyns Arcade Pretoria Office
inner city
Ellerines Kempton Park Retail 11,1
Denver Denver Industrial 295 765 28,20 12,5
Industrial
Park
16 & 18 Forge Spartan Industrial 89 982 28,20 11,0
Road
7 Dartfield Eastgate Industrial 126 943 28,20 10,6
Road
77 & 78 Plane Spartan Industrial 302 812 28,20 11,1
Road
Erf 34462 Kimberley Retail -
(vacant stand)
815 502 11,6
* Approval of Competition Commission required.
Disposals
Surplus/
Net (deficit) Selling
selling
Building Location Sector price on cost yield
R"000 R"000 %
66 Smal Johannesburg Office 21 600 4 000 -
Street inner city
(office
component)**
BMW Craighall Retail 19 630 (3 640) -
Lyndhurst
African City Johannesburg Office 15 900 1 100 -
(office inner city
component)**
50 Fox Johannesburg Office 9 000 6 728 -
Street inner city
(vacant)
Protea Johannesburg Retail 8 900 (492) 8,8
Furnishers inner city
TBWA Houghton Office 8 700 (8 350) 9,9
TML House Randburg Office 8 600 16 7,1
Kelhof** Johannesburg Office/retail 8 500 4 802 12,9
inner city
Checkers Harrismith Retail 7 800 (870) 10,5
Centre
Du Barry Johannesburg Industrial 7 000 2 997 7,7
inner city
Nedbank Port Office/retail 6 303 364 13,2
Building Elizabeth
Biccard Braamfontein Office 5 050 500 -
House**
Ellerines Pretoria Retail 4 600 1 132 8,9
inner city
40 Bath Rosebank Office 3 625 (565) 11,0
Avenue
Prospecta Randburg Office/retail 3 750 1 673 10,3
House
Nedbank Benoni Retail 2 700 1 151 14,7
Ellerines Uitenhage Retail 2 000 (312) 2,8
176 Schoeman Pretoria Office 1 500 (500) 8,1
Street inner city
18E Goldman Florida Office 1 200 16 4,3
Street
Palm Street Phalaborwa Retail 600 (989) 7,9
2
146 958 8 761 5,0
** The office component of these buildings has been or is in the process
of being converted into residential units to be held for rental and will
be sold into a newly formed company in which ApexHi will acquire 10% and
the remaining 90% will be held by Aengus Property Holdings.
Prospects
ApexHi expects to deliver increasing distributions per unit to unit
holders, applying its strategy with regard to the existing portfolio,
the acquisition and disposal of properties and its conservative approach
to debt.
BASIS OF PREPARATION AND ACCOUNTING POLICIES
The annual financial statements have been prepared in accordance with
International Financial Reporting Standards ("IFRS") and the Companies
Act of South Africa, 1973. IFRS 1, First-time adoption of International
Financial Reporting Standards has been applied.
In order to comply with IAS17 - Leases, total revenue reflects rental
income recognised on a straight-line basis. 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 year 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 amortised portion of
debenture premium has been transferred to non-distributable reserves.
Deferred taxation on the fair value adjustment of investment properties
was previously provided at capital gains tax rates. In terms of IAS12, a
blend of the income tax and capital gains tax rates has now been
applied. This is based on the manner in which each property is expected
to be realised.
Comparative figures in respect of the above changes have been restated
accordingly.
The changes above will have no effect on current or future
distributions.
The effect of the above changes on prior year earnings, headline
earnings and net asset value per combined unit is as follows:
Year ended
30 June
2005
(cents)
Earnings - as previously reported 497,08
Prior year adjustments -
Amortisation of debenture premium (IFRS) 9,11
Change in rate of deferred taxation (44,05)
Earnings - restated 462,14
Headline earnings - as previously reported 222,50
Prior year adjustments -
Amortisation of debenture premium (IFRS) 9,11
Straight-line rental income accrual - net of 12,53
taxation
Headline earnings - restated 244,14
(R)
Net asset value - as previously reported 15,33
Prior year adjustment -
Change in rate of deferred taxation (0,51)
Net asset value - restated 14,82
CONDENSED BALANCE SHEET
2006 2005
R"000 R"000
ASSETS
Non-current assets 6 484 875 4 120 434
Investment properties 6 330 173 3 920 002
Straight-line rental income accrual 116 660 69 514
Tenant installations 38 042 29 485
Listed investment - 101 433
Current assets 446 597 258 309
Non-current assets held for sale 146 958 -
Total assets 7 078 430 4 378 743
EQUITY AND LIABILITIES
Share capital and reserves 1 152 032 607 468
Non-current liabilities 5 610 796 3 552 594
Debenture capital and premium 3 630 584 2 205 841
Deferred taxation 424 306 184 416
Interest bearing borrowings 1 555 906 1 162 337
Current liabilities 315 602 218 681
Total equity and liabilities 7 078 430 4 378 743
NAV per unit
excluding
NAV per unit deferred tax
Net asset value (NAV) Number of R R
units in issue
A unit 249 120 898 10,50 11,35
B unit 249 120 898 8,70 9,55
Total - 30 June 2006 19,20 20,90
A unit 189 776 988 8,31 8,80
B unit 189 776 988 6,51 7,00
Total - 30 June 2005 14,82 15,80
INCOME STATEMENT
2006 2005
R"000 R"000
Conventional rental income 963 363 763 710
Straight-line rental income accrual 53 339 32 475
Revenue 1 016 702 796 185
Property expenses (247 579) (217 613)
Administrative expenses (49 463) (36 656)
Tenant installation - depreciation (11 243) (8 592)
Profit from operations 708 417 533 324
Finance costs (134 734) (119 244)
Interest income 27 476 20 851
Investment income 9 241 7 133
Profit before debenture interest 610 400 442 064
Debenture interest (557 061) (409 589)
Profit after debenture interest 53 339 32 475
Capital and other items not 710 716 567 086
distributed
Change in fair value of investment 690 625 574 678
properties
Straight-line rental income accrual (53 339) (32 475)
Amortisation of debenture premium 41 898 16 770
Net surplus on disposal of listed 25 154 -
investment
Net surplus on disposal of investment 6 378 8 113
properties
Profit before taxation 764 055 599 561
Taxation (242 076) (158 415)
Net profit after taxation 521 979 441 146
Reconciliation between earnings,
headline earnings and distributable
earnings:
Net profit after taxation 521 979 441 146
Adjusted for:
Debenture interest 557 061 409 589
Earnings - units 1 079 040 850 735
Adjusted for:
Change in fair value of investment (410 678) (393 206)
properties - net of taxation
Net surplus on disposal of investment (6 378) (8 113)
properties
Net surplus on disposal of listed (25 154) -
investment
Headline earnings - units 636 830 449 416
Straight-line rental income accrual - (37 871) (23 057)
net of taxation
Amortisation of debenture premium (41 898) (16 770)
Distributable earnings 557 061 409 589
Weighted
average Headline
number Distribution Earnings earnings
of units per unit per unit per unit
(cents) (cents) (cents)
A unit 228 303 109,80 223,29 126,44
737
B unit 228 303 134,20 249,34 152,50
737
Total - year to 244,00 472,63 278,94
30 June 2006
A unit 184 085 102,00 219,32 110,32
061
B unit 184 085 120,50 242,82 133,82
061
Total - year to 222,50 462,14 244,14
30 June 2005
STATEMENT OF CHANGES IN EQUITY
for the year ended 30 June 2006
Non-
distribut-
Share Share able
capital premium reserve
R"000 R"000 R"000
Balance at 1 July 2004 as 34 409 781 -
previously reported
Prior year adjustments -
Reclassification of share (389 292)
premium
Amortisation of debenture 18 652
premium
Change in rate of deferred
taxation
Balance at 1 July 2004 34 20 489 18 652
restated
Issue of ordinary shares 4 7 578
Net profit for the year
Realised accumulated net
write-up of investment
properties sold
Net surplus on disposal of
investment properties
Revaluation of listed
investment (net of deferred
capital gains tax)
Amortisation of debenture 16 770
premium transferred to non-
distributable reserve
Transfer to fair value
reserve (net of deferred tax)
Balance at 30 June 2005 38 28 067 35 422
Balance at 30 June 2005 as 38 561 337
previously reported
Prior year adjustments -
Reclassification of share (533 270)
premium
Amortisation of debenture 35 422
premium
Change in rate of deferred
taxation
Balance at 30 June 2005 38 28 067 35 422
restated
Issue of ordinary shares 12 35 461
Net profit for the year
Realised accumulated net
write-up of investment
properties sold (net of
deferred tax)
Net surplus on disposal of
investment properties after
deferred tax reversal
Revaluation of listed
investment (net of deferred
capital gains tax)
Realised accumulated net
write-up of listed investment
sold (net of deferred capital
gains tax)
Net surplus on disposal of
listed investment
Amortisation of debenture 41 898
premium transferred to non-
distributable reserve
Transfer to fair value
reserve (net of deferred tax)
Balance at 30 June 2006 50 63 528 77 320
Fair Accumu-
Capital value lated
reserve reserve loss Total
R"000 R"000 R"000 R"000
Balance at 1 July 2004 5 614 128 756 (12 221) 531 964
as previously reported
Prior year adjustments -
Reclassification of (389 292)
share premium
Amortisation of 18 652
debenture premium
Change in rate of (15 473) (15 473)
deferred taxation
Balance at 1 July 2004 5 614 113 283 (12 221) 145 851
restated
Issue of ordinary shares 7 582
Net profit for the year 441 146 441 146
Realised accumulated net 1 489 (1 489) -
write-up of investment
properties sold
Net surplus on disposal 8 113 (8 113) -
of investment properties
Revaluation of listed 12 889 12 889
investment (net of
deferred capital gains
tax)
Amortisation of (16 770) -
debenture premium
transferred to non-
distributable reserve
Transfer to fair value 416 263 (416 263) -
reserve (net of deferred
tax)
Balance at 30 June 2005 15 216 540 946 (12 221) 607 468
Balance at 30 June 2005 15 216 637 501 (12 221) 1 201 871
as previously reported
Prior year adjustments -
Reclassification of (533 270)
share premium
Amortisation of 35 422
debenture premium
Change in rate of (96 555) (96 555)
deferred taxation
Balance at 30 June 2005 15 216 540 946 (12 221) 607 468
restated
Issue of ordinary shares 35 473
Net profit for the year 521 979 521 979
Realised accumulated net 27 749 (27 749) -
write-up of investment
properties sold (net of
deferred tax)
Net surplus on disposal 17 712 (17 712) -
of investment properties
after deferred tax
reversal
Revaluation of listed 8 619 8 619
investment (net of
deferred capital gains
tax)
Realised accumulated net (21 507) (21 507)
write-up of listed
investment sold (net of
deferred capital gains
tax)
Net surplus on disposal 25 154 (25 154) -
of listed investment
Amortisation of (41 898) -
debenture premium
transferred to non-
distributable reserve
Transfer to fair value 437 215 (437 215) -
reserve (net of deferred
tax)
Balance at 30 June 2006 85 831 937 524 (12 221) 1 152 032
CASH FLOW STATEMENT
2006 2005
R"000 R"000
OPERATING ACTIVITIES
Cash generated from operations 588 308 528 574
Finance costs (134 734) (119 244)
Interest income 27 476 20 851
Investment income 9 241 7 133
Debenture interest paid (500 814) (395 008)
Net cash (utilised in)/generated from (10 523) 42 306
operating activities
INVESTING ACTIVITIES
Purchase of investment properties (2 149 661) (646 376)
including capitalised improvements,
transaction and letting costs
Proceeds on disposal of investment 219 458 149 011
properties
Proceeds on disposal of listed 136 521 -
investment
Purchase of listed investment (25 008) (86 358)
including transaction costs
Net cash utilised in investing (1 818 690) (583 723)
activities
FINANCING ACTIVITIES
Issue of A and B units 1 502 114 295 556
Interest bearing borrowings raised 393 569 278 713
Net cash generated from financing 1 895 683 574 269
activities
Net increase in cash and cash 66 470 32 852
equivalents
Cash and cash equivalents at beginning 172 314 139 462
of year
Cash and cash equivalents at end of 238 784 172 314
year
SEGMENTAL INFORMATION
Office Retail Industrial
R"000 % R"000 % R"000 %
Conventional rental 399 347 41 497 881 52 66 135 7
income
Straight-line 16 535 31 33 604 63 3 200 6
rental income
accrual
Revenue 415 882 41 531 485 52 69 335 7
Property expenses (112 155) 45 (122 781) 50 (12 643) 5
Administrative
expenses
Tenant installation (9 131) 81 (1 752) 16 (360) 3
- depreciation
Segment profit from 294 596 39 406 952 54 56 332 7
operations
Finance costs (42) (49) (52)
Interest income 347 578 76
Investment income
Segment profit 294 901 39 407 481 54 56 356 7
before debenture
interest
Debenture interest
Segment profit 294 901 407 481 56 356
after debenture
interest
Change in fair 221 599 454 482 14 544
value of investment
properties
Straight-line (16 535) (33 604) (3 200)
rental income
accrual
Amortisation of
debenture premium
Net surplus on
disposal of listed
investment
Net surplus on 4 402 2 150 (174)
disposal of
investment
properties
504 367 36 830 509 59 67 526 5
Other information
Investment 2 277 971 3 662 439 389 763
properties
Other assets 207 892 171 962 32 120
Total assets 2 485 863 37 3 834 401 57 421 883 6
Total liabilities 36 659 51 020 8 597
Total
investment Corporate
properties costs Total
R"000 R"000 R"000
Conventional rental 963 363 963 363
income
Straight-line 53 339 53 339
rental income
accrual
Revenue 1 016 702 - 1 016 702
Property expenses (247 579) (247 579)
Administrative - (49 463) (49 463)
expenses
Tenant installation (11 243) (11 243)
- depreciation
Segment profit from 757 880 (49 463) 708 417
operations
Finance costs (143) (134 591) (134 734)
Interest income 1 001 26 475 27 476
Investment income 9 241 9 241
Segment profit 758 738 (148 338) 610 400
before debenture
interest
Debenture interest - (557 061) (557 061)
Segment profit 758 738 (705 399) 53 339
after debenture
interest
Change in fair 690 625 690 625
value of investment
properties
Straight-line (53 339) (53 339)
rental income
accrual
Amortisation of - 41 898 41 898
debenture premium
Net surplus on - 25 154 25 154
disposal of listed
investment
Net surplus on 6 378 6 378
disposal of
investment
properties
1 402 402 (638 347) 764 055
Other information
Investment 6 330 173 6 330 173
properties
Other assets 411 974 336 283 748 257
Total assets 6 742 147 336 283 7 078 430
Total liabilities 96 276 5 830 122 5 926 398
RELATED PARTY TRANSACTIONS
During the year, the company, in the ordinary course of business,
entered into various transactions with related parties.
2006 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 trustees of the trust.
Asset management fee (0,5% p.a. of the 37 914 22 649
market capitalisation plus borrowings of
the company)
The beneficiaries of the trust at 30 June
2006 are:
Madison Property Fund Managers* 100% 76%
ApexHi Executive Directors - 24%
* Shares held by ApexHi directors in
Madison Property Fund Managers at 30 June
2006:
M Wainer 13,16% 25%
W E Cesman 13,16% 25%
D J Feinblum 0,63% -
C van Wyk 0,63% -
All of the above were directors of ApexHi throughout the year.
The agreement between the company and the trust will remain in force
until 30 June 2012, after which either party may give six months" notice
of termination. There are no performance-based incentive fees paid to
the trust. The trust bears all salary and related costs of the staff
employed by the company, with the exception of the chief executive
officer.
Madison Property Fund Managers
Promoter"s fee - Capital portfolio, 1 505 -
Checkers Nigel, Wynberg acquisitions
Compensation for cancellation of Prima 12 000 -
Property Trust Managers agreement
Commission paid - Shops for Africa - 375
acquisition
DISTRIBUTION
The Board has resolved that unit holders are entitled to receive
interest distribution number 21 in respect of the quarter 1 April 2006
to 30 June 2006 of 29,70 cents (2005: 25,50 cents) per A unit and 36,30
cents (2005: 31,50 cents) per B unit.
- Last date to trade cum interest Friday, 18 August 2006
- Units will trade ex interest Monday, 21 August 2006
- Record date Friday, 25 August 2006
- Payment of interest distribution number 21 Monday, 28 August 2006
There may be no dematerialisation or re-materialisation of the A and B
units between Monday, 21 August 2006 and Friday, 25 August 2006, both
days inclusive.
By order of the Board
G G L Leissner
Chief Executive Officer
Johannesburg
2 August 2006
DIRECTORS: M Wainer (Chairman), G G L Leissner *(Chief Executive
Officer), D H Rice* (Managing), J F Bihl+, W E Cesman, D J Feinblum*, W
M Kirchmann+, A Rehman+, C van Wyk* * Executive + Independent
These results have been audited by the independent auditors, Grant
Thornton.
Their unqualified report is available for inspection at the company"s
registered office.
www.apexhi.co.za
Date: 02/08/2006 04:08:35 PM Produced by the JSE SENS Department
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